BusinessMirror July 03, 2023

ELIÁN GONZÁLEZ TWO DECADES ON: FROM FOCUS OF INTERNATIONAL TUG-OFWAR TO MEMBER OF CUBA’S CONGRESS

PHL to meet 50% digital payments goal in ’23

By Cai U. Ordinario @caiordinario

THE Bangko Sentral ng Pilipinas (BSP) said the country is poised to attain its digital payments target for the year.

B ased on the data, the share of monthly digital payments to total monthly retail payments volume in the Philippines rose to 42.1 percent in 2022 from 30.3 percent in 2021. The digital payments target for this year is 50 percent.

“ The latest results show that we are steering in the right direction as we move closer to our goal

of converting at least half of total retail payments volume into digital form by the end of 2023 under the BSP Digital Payments Transformation Roadmap,” former BSP Governor Felipe M. Medalla said in a statement over the weekend.

B SP said the top contributors for the increase are merchant payments, person-to-person (P2P) transfers, and salaries and wage payments.

Data showed merchant payments and P2P transfers were further digitalized by 35.6 percent and 91.2 percent, respectively.

Meanwhile, BSP said it is also noteworthy that salaries and wage payments grew by 41.1 per -

cent, from just 32 million transactions in 2021.

The numbers tell us that the deliberate reforms and initiatives we have been undertaking are responsive to the shifting

needs of the public towards more efficient payments services. Since the pandemic, which broadened digital payments adoption and acceptance, the upward trajectory of digital payment usage has been sustained. We need to carry on to maintain this trend, focusing on the overall valueadding experience of using digital payments,” Medalla said.

T hese results are aligned with the latest BSP Financial Inclusion Survey Report, which found a significant increase in ownership of transaction accounts, majority of which are e-money accounts, and that more of these accounts are now being used for payments.

BusinessMirror

PHL DEBT TRANSPARENCY RISES IN GLOBAL REPORT

By Cai U. Ordinario @caiordinario

THE country’s debt transparency ranking shot up nine notches in the 2023 IR (Investor Relations) and Debt

Transparency Report of the Institute of International Finance (IIF), according to the Bangko Sentral ng Pilipinas (BSP).

I n a statement, BSP said the country’s ranking improved to 3rd out of 41 in just one year. Last year, the country ranked 12th overall.

T he country scored 47.8 points out of 50 points. With an increase of 6.4 points from a score of 41.4 in 2022, the Philippines registered the most improved score among the top 10 countries on the list.

“ This makes the Philippines’ IR practices among the best in the 41 emerging markets and developing countries assessed by IIF and indicates the country’s effectiveness in engaging investors and transparency in giving public access to macroeconomic and environment, social, and governance [ESG] data and policy information,” BSP said.

T he Philippines follows Indonesia at 48.4 (1st) and Turkey at 48.3 (2nd), and precedes Colombia at 47.5 (4th) and Brazil at 45.5 (5th).

T he BSP said the country’s performance improved based on the BSP Investor Relations Group webpage that now features ESG information in response to investors’ growing interest in the Philippine government’s ESG agenda.

O ther areas include the dissemination of macroeconomic data; the dissemination of ESG data and policy information; and feedback and communication channels.

“ The IIF assessment highlights the success of the Philippines in communicating the strength and resilience of the country’s macroeconomic fundamentals and the continuity of sound structural reforms to investors and other stakeholders,” former BSP Governor Felipe M. Medalla said in a statement over the weekend.

PAPAL VISITS, POPEMOBILE, IN CATHEDRAL EXHIBIT

By Eunice A. Reyes

MEMORIES are often vague. We might remember details, or small parts of these memories, but as time goes on, we often forget.

S ouvenirs and memorabilia are objects that represent a certain memory, helping us remember every single fragment of an event. The small exhibit that opened last week at Manila Cathedral, titled, “The Popes in the Philippines,” is a Papal Visit Memorabilia Exhibit. But more than that, it is enough reason to warm the hearts of Filipinos, especially Catholics, who have followed with love the visiting popes everywhere they went.

T he opening of the exhibit was officiated by the Papal Nuncio, Archbishop Charles John Brown; with Jose Cardinal Advincula, the Archbishop of Manila; and Msgr. Rolly Dela Cruz, Rector of the Manila Cathedral. The opening was capped by

the celebration of holy mass.

T he exhibit, indeed, abounds with warm memories, comprising photos and memorabilia during the visits of various popes, the last of which was in 2015 by the current one, Pope Francis.

I n that most recent visit, one item that drew most interest was the vehicle used by Pope Francis, or the Pope Mobile.There are, in all, three Popes who graciously blessed our country with their visit; let us look back at them one by one.

Pope Paul VI was the first ever pope to visit the Philippines, in 1970. It was a very fortunate event, but marred by unfortunate circumstances. He had then just disembarked from a chartered plane at Manila airport when Benjamin Mendoza, a Bolivian surrealist painter who was disguised as a priest, stabbed the pope twice. Luckily, he was immediately subdued and arrested. Pope Paul VI survived his wounds, and went on

his trip as planned. At the exhibit, there were archival photos of his Papal Visit, showcasing a wellattended Eucharist celebrated by the pope himself.

T he second pope who went to our country, this time on an official Vatican visit, was Pope John Paul II. He arrived on February 17 of 1981.

H is visit was short yet very meaningful to Filipinos. Some of the archival photos from his visit may be seen at on the Manila Cathedral exhibit. Pope John Paul II actually revisited during World Youth Day 1995, where he attracted one of the largest crowds ever at a papal event—over 4 million people. One can see at the exhibit the chasuble he used during his second visit.

T he most recent papal visit was in 2015, wherein the record for 4 million people in attendance was broken. The last mass Pope Francis conducted gathered almost 6 million people on Luneta Park, and

Stakeholders, TPB shut out of new tourism drive decision

By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

THE Department of Tourism (DOT) claims no public funds have been paid to its advertising agency, DDB Philippines Inc., for the carrier video of its “Love the Philippines” brand campaign. The video is now being pilloried in social media for using stock footage of places and activities not shot in the country.

T his developed as tourism stakeholders said they weren’t actually consulted  before the new slogan and “enhanced” campaign was presented to the public, a commitment previously made to them by Tourism Secretary Christina Garcia Frasco.

was to be called “the largest papal gathering in history.”

“Lolo Kiko,” as he was fondly called by the faithful, was loved by Filipinos all over the country. He visited Manila, Tacloban, and Palo, Leyte.

A t the exhibit, the chalice he used, as well as the golden medal which he bestowed as a gift, are on display. Pope Francis actually gave us a chalice, as a token of gratitude for the warm welcome he received during his stay at the Philippines. It is safely stored at the exhibit, together with all the other objects he used during his visit.

Popemobile, big attraction

AT the exhibit, what most awed the people was the vehicle used by Pope Francis during his recent visit. The “Popemobile” is a specially designed vehicle for the Pope to use during his parade, allowing him to be more visible and safe, while greeting the crowd.

S eparate interviews with those who attended a DOT event with stakeholders on June 21, where the slogan was unveiled, said the agency didn’t ask for their feedback. “The presentation on June 21 was called a ‘launch.’ It was not a consultation,” said one tourism leader who spoke on background. There was no prior discussion/ consultation on this. First we heard of it [on June 21] and it looked like it was ready and poised for the Big Reveal on June 27 [the public launch],” said another industry veteran, speaking on condition of anonymity.

‘Not shot in the PHL’ EVEN the DOT’s own marketing arm, the Tourism Promotions Board, was left out of the decision-making process in the bidding, awarding, and pitching for the branding campaign, in reversal of previous practice. Insiders noted that the slogan and its logo were only showed to the TPB “last week” (the week of June 18), right before the public launch.

O ver the weekend, some netizens, including a popular Duterte administration influencer, alleged that DDB’s rider video for the “Love the Philippines” launch used several stock footage shot in Thailand, Indonesia, and Dubai to depict fishing in the Philippines, the Banaue Rice Terraces, and the sand dunes in Ilocos.

EXPLAINER »B4

MEDALLA

A NUN views the “Popemobile” used by Pope Francis in his 2015 trip to the Philippines. The Popemobile, donated by Isuzu Gencars, is among the items on display at the exhibit on papal visits to the Philippines, which opened at the Manila Cathedral late Thursday. Story below. NONIE REYES

Economy ‘firmly on track’ to high growth–Neda chief

By Andrea E. San Juan

‘SC didn’t bar Congress from deferring elections’

prosperous, inclusive, and resilient Philippine society, it must diversify the country’s sources of growth by expanding its markets, raising productivity, and enhancing the value added for the country’s products and services.”

A t the same time, in generating jobs, Balisacan said the country must prepare its workforce with the “needed skills, build its incomeearning ability, and ensure that these capabilities are protected from the adverse impact of various risks.”

AMID a recent Supreme Court ruling invalidating a law postponing the 2022 Barangay and Sangguniang Kabataan Elections (BSKE), Sen. Francis Tolentino still sees a possible future deferment of polls as long as Congress follows guidelines set by the SC.

It “remains a possibility,” Tolentino, chairman of the Senate Committee on Justice and Human Rights, said in a radio interview over the weekend, days after the Supreme Court struck down as unconstitutional the law postponing the 2022 BSKE.

tion that seeks to postpone and reschedule the conduct of any future barangay and SK polls.”

He added that what was clear is “the Supreme Court did not say that Congress is banned from postponing.” “ Yun naman po ang maliwanag dito. Hindi po sinabi ng Supreme Court na bawal kayo [Congress] mag-postpone. [That’s what’s clear here. The SC did not say that you, Congress, may not postpone],” Tolentino stressed.

S ocioeconomic Planning Secretary Arsenio M. Balisacan further attributed this optimistic projection to consumption and the services sector.

In recognition of the urgent need to regain lost ground, the decisive reopening of the economy reinvigorated the country’s main growth drivers, particularly, consumption on the demand side and the services sector on the supply side, as firms in the high-contact sectors in retail, transportation, and tourism benefited the most from the removal of mobility restrictions,” Balisacan said in a statement on Friday.

T he NEDA chief pointed out that the 2022 full-year growth average

was at 7.6 percent, which exceeded the government’s target for the year of 6.5-7.5 percent, while real gross domestic product (GDP) per capita surpassed pre-Covid-19 levels beginning in the fourth quarter of 2022.

B alisacan said, “These indicators paint a promising picture of a sustained recovery for 2023.”

P ointing to another growth driver, the Neda chief said the country’s strong economic rebound was likewise reflected in the labor force statistics, with the latest unemployment figure in April 2023 at 4.5 percent, down from 5.7 percent in April 2022.

Noted as well the improved quality of jobs, as underemployment

also fell to 12.9 percent in April 2023 from 14 percent in April 2022. These latest unemployment and underemployment rates, Balisacan noted, “are even lower than the prepandemic rates in April 2019.”

A s for the increase in the prices of commodities, the Socioeconomic Planning secretary said inflation has “steadily moderated” as it came from a peak of 8.7 pecent in January 2023 to 6.1 percent in May 2023.

With this trajectory, the Bangko Sentral ng Pilipinas [BSP] expects inflation to return to the 2 to 4 percent inflation target by the fourth quarter of 2023,” Balisacan said.

Moving forward, the Neda chief said the Marcos administration recognizes that “to effect economic and social transformation for a

A ccording to him, in 2022, Marcos’ assumption into office provided the “critical pivot” toward the country’s full recovery from the Covid-19 pandemic. Further, he said, “his leadership is charting for the Philippines a path that is resilient and inclusive.”

He cited the 8-point Socioeconomic Agenda, which he said Marcos used to address the immediate issues at hand. The said Agenda is a list of priorities that would guide the policies, programs, and initiatives of his presidency. “ The agenda not only focuses on pressing, short-term issues such as inflation, a tighter fiscal space, and socioeconomic scarring, but also on priorities for the medium term to reinvigorate higher-quality job creation and accelerate poverty reduction in the next six years,” Balisacan said.

Continued from A1

T he IR program of the BSP entails reaching out to stakeholders to disseminate continuously updated information on the Philippine economy and to solicit feedback from the investment community.

T he Economic Team’s proactive engagement with investors through regular participation in investor conferences, bilateral meetings, economic briefings, and non-deal roadshows have contributed to the Philippines’s improved ranking.

T he IIF IR and Debt Transparency Report features guidelines for emerging markets’ best practices on IR and data dissemination in conjunction with the Principles for Stable Capital Flows and Fair Debt Restructuring.

T he 2023 assessment was conducted through a combination of IIF’s desk research and a survey of countries with active IR programs.

Continued from A10

L abor violation incidents from previous administrations have drawn the attention and concern of the Committee on Application of Standards (CAS) of the International Labor Organization (ILO) during the 111th International Labor Conference (ILC) last month.

I n response to the CAS feedback, the Department of Labor and Employment (DOLE) earlier announced it is now crafting a tripartite road map to address the said FOA violations, which it hopes to submit to the CAS by September.     T he All Philippine Trade Unions (APTU), which also includes SENTRO, criticized the government efforts to address FOA violations.

APTU never lacked in offering the government its social partnership in improving the country’s dismal track record on labor rights. DOLE responded with various meetings, consultations, and forums just for show. In reality, meaningful constructive inputs from workers and employers fell on deaf ears,” APTU said in a statement. Samuel P. Medenilla

T he senator asserted that “despite the High Court’s ruling which declared Republic Act No. 11935— the law postponing the BSKE from its initial schedule of December 5, 2022, to the last Monday of October 2023—as “unconstitutional,” the decision was also clear that any future postponement must be in accordance with guidelines set by SC such as the presence of a public emergency and for as long the move to defer is “intended to safeguard other fundamental rights of the electorate.”

“Now it’s clear, there are guidelines set by the Supreme Court, but the Supreme Court decision did not say that postponing (the BSKE) is prohibited. As long as you follow the five guidelines, it will not prevent future Congresses from postponing—if these guidelines are followed,” said Tolentino, speaking mostly in Filipino.

In its ruling last week, the High Tribunal found it imperative to set forth guidelines and principles pertaining to any government ac -

The stock footage were taken from Storyblocks, an online resource for audio, video, and photos  that can be paid for by publishing and creative media companies.

Following this, DDB issued a news statement on Sunday “profusely apologiz[ing] to Secretary Frasco, the DOT, and the Filipino people for the apparent use of non-original/stock footage in the audio visual presentation [AVP] shown [at] the launch event….As DOT’s agency on record for the launch of this campaign, we take full responsibility over this matter.”

It admitted, “[The] use of foreign stock footage was an unfortunate oversight on our agency’s part. Proper screening and approval processes should have been strictly followed. The use of foreign stock footage in a campaign promoting the Philippines is highly inappropriate, and contradictory to the DOT’s objectives.” DDB described the situation an “isolated incident.” The video has since been taken down from DOT’s social media pages.

No public funds paid

HOWEVER , DDB failed to address earlier concerns that the slogan was copied from Barbados or patterned after the branding of Liloan, of which Frasco was mayor. (See, “Love Barbados or Love the Philippines,” in the BusinessMirror , June 29,

Continued from A1

T he two-cab Isuzu D-max was converted into a single cab to fit the Pope’s Italian leather-upholstered chair and two additional seats for his entourage. Because “Lolo Kiko” discouraged a bulletproof vehicle, the popemobile has both sides open and only a plexiglass cover in front, to shield the Pope from the weather. Strong rails were installed at the vehicle’s sides for the Pope and his security team to hold on as the popemobile is in motion. Another excellent aspect of the Isuzu Popemobile was the recessed overhead lighting which made it possible for onlookers to see His Holiness at all hours of the day and night.

T he Popemobile was assembled in record time through the efforts of Isuzu Gencars and donated for

Moreover, he stressed that the SC did also recognized Congress’ authority to legislate laws on future “hold overs” of incumbent barangay and SK officials, contrary to the argument of the petitioners that it can be branded as “legislative appointments.”

Tolentino said it is up to the leadership of both houses of Congress, especially the members of the majority bloc, on whether or not to appeal the SC decision.

T he senator also clarified that despite the High Court’s ruling, the tribunal still recognized the legal practicality and necessity of proceeding with the conduct of the BSKE under RA 11935 on the last Monday of October 2023, pursuant to the socalled “Operative Fact Doctrine.” “ This is also aligned with the 1971 decision of the Supreme Court—Agbayani vs. PNB—that recognizes that if a law already has an effect before it was declared unconstitutional, it does not become totally void. The preparations made by Comelec—yung printing the ballots, scheduling the exercise—that will push through,” Tolentino stressed. Butch Fernandez

Continued from A1

2023.)

DDB Philippines won the DOT bid for Consulting Services of an Agency for Philippine Tourism Branding worth P50 million. According to  the bid’s terms of reference, among the deliverables of the winning advertising firm are three to five AVPs, twothree 60-second TV commercials, as well as design and layout of the approved tourism branding. In a news statement issued at 11:18 pm Saturday, Frasco said, “During the various meetings and consultations held relative to the tourism brand enhancement, the DOT, for its part, repeatedly sought confirmation from DDB on the originality and ownership of all materials contained in the AVPs and key visuals presented to the Department. In ALL these occasions, DDB repeatedly assured the DOT that the originality and ownership of all materials are in order.”

S he added, “While no public funds have been paid for the AVP in question as this particular component of the launch was released on the account of DDB, the DOT holds the responsibility of promoting the country to the highest standard. Therefore, it will not hesitate to exact accountability and take the necessary action to protect the interest of the country even as it continues to exhaust all efforts to develop and promote the Philippine tourism industry.”

the pope’s visit by the family of the late businessman-philanthropist Ambassador Antonio L. CabangonChua, the former ambassador to Laos, popularly called ALC.  I n his remarks at the exhibit opening, the papal nuncio Cardinal Brown thanked all those who helped make the exhibit possible, citing the help of Isuzu Gencars, now led by ALC’s son D. Edgard A. Cabangon.

T he late ambassador was a known faithful servant of the church, and patron of numerous causes and advocacies of the Catholic Church. For four decades, he was the driving spirit behind the Catholic Mass Media Awards (CMMA), a cause he championed owing to his close friendship with the late archbishop of Manila, Jaime Cardinal Sin.

THE Philippine economy remains “firmly on track” as it returns to its “high-growth norm,” on the back of the “strong” labor market performance and a downward-trending inflation, a year into the presidency of President Ferdinand R. Marcos Jr., according to the National Economic and Development Authority (Neda).

BALISACAN

SC: PEMC may probe WESM violations

By Joel R. San Juan @jrsanjuan1573

THE Supreme Court has affirmed the Court of Appeals ruling declaring valid the memorandum of agreement (MOA) between the Energy Regulatory Commission (ERC) and the Philippine Electricity Market Corporation which allowed PEMC to investigate energy sector participants for possible breaches of the wholesale electricity spot market (WESM) rules and manuals.

In a 12-page decision penned by Associate Justice Marvic Leonen, the Court’s Second Division denied the petition filed by the Power Sector Assets and Liabilities Management Corporation (PSALM) seeking the nullification of the agreement and its accompanying protocol.

The Court’s ruling affirmed the 2009 CA findings which held that the PEMC has the power to investigate possible breaches of the rules governing WESM.

The CA also held that the ERC did not unduly delegate its powers in the assailed memorandum and protocol with PEMC.

The appellate court noted that under the rules and regulations of the Electric Power Industry Reform Act (Epira), the

Department of Energy together with the industry players, were mandated to formulate rules for WESM.

Citing the rules promulgated for WESM, the CA found out that PEMC’s investigative powers came from its designation under Epira as the autonomous group tasked to implement the electricity spot market and formulate rules.

It further noted that this was also made clear in the assailed protocol, which delineates the actions that the ERC and the PEMC may take.

“With the statutory basis for respondent Philippine Electricity Market Corporation’s power to investigate and sanction breaches of the Rules outlined and considering that petitioner failed to show how these acts encroach on the exclusive and original jurisdiction of respondent Energy Regulatory Commission, we deny the Petition,” the SC declared.

In affirming the CA decision, the SC pointed out that the power to investigate violations of the Rules is concurrently exercised by the ERC and PEMC.

The Court also explained that Epira provides for the establishment of a spot

market, whose rules are to be formulated by the DOE jointly with industry participants.

The spot market would also be implemented by a group to be constituted by the DOE with representation from industry players.

“Thus, Epira empowered the Department of Energy, together with the industry participants, to develop the governance structure of Wholesale Electricity Spot Market. This structure, as laid down in the Rules, empowered the Philippine Electricity Market Corporation to investigate breaches of the Rules and act accordingly to ensure the members comply with them,” the SC noted.

“The Philippine Electricity Market Corporation is likewise vested with the power to resolve disputes between market participants and the market operator and provide adequate sanctions in case of breaches of the Rules,” it added.

The case stemmed from the request of PEMC to then Energy Secretary Angelo Reyes to approve the conduct of a formal investigation by its Enforcement and Compliance Office (ECO) against petitioner for possible breach of WESM rules with respect to six power generating plants whose

Labor group hails SC ruling on ship cook

By Samuel P. Medenilla @sam_medenilla

THE recent landmark decision of the Supreme Court in favor of a seafarer who collected disability benefits for a “concealed” medical condition, will now mean better protection for other Filipino sailors, according to a labor group.

The Federation of Free Workers (FFW) welcomed the decision of the High Court in the case of Loue Mutia vs C.F. Sharp Crew Management Inc, et. al., which was released last Friday.

“FFW lauds the Highest Court for upholding the rights of a lowly worker and recognizing his benefit under their collective bargaining agreement [CBA],” FFW president Sonny Matula said in a statement on Sunday.

“ The SC decision has a force and effect of a law and should be followed by lower courts and quasi-judicial bodies, including the CA [Court of Appeals] and NLRC [National Labor Relations Commission] and LA [Labor Arbiters],” he added.

The case was filed by Mutia, who was hired as an assistant cook for MV Norwegian Jade in 2013.

Mutia was repatriated when he sustained a back injury after carrying a box containing 50 kilograms of chicken meat.

Upon his return, he was diagnosed by

Tulfo deplores old, damaged PUP facilities

INVITED by students to visit the facilities of the Polytechnic University of the Philippines (PUP) in Sta. Mesa, Manila, Senator Raffy Tulfo conveyed his disappointment after an ocular inspection validated some of the students’ mounting complaints.

Tulfo appeared at the PUP main campus on June 29 to fulfill the request of students who came to his program “Raffy Tulfo in Action.”

In a statement at the weekend, Tulfo said he was able to confirm the report of PUP students that “school facilities are old, damaged and not conducive for learning.”

“Maaari ngang de-kalidad ang edukasyon sa Polytechnic University of the Philippines [PUP] pero bulok mga pasilidad dito. [The quality of education at PUP may be good, but its facilities are rundown],” he observed.

He said he was dismayed by the appearance of classrooms and buildings. “The equipment at the engineering laboratory, for example, are so outdated. The heat in the hallways and classrooms is unbearable; ventilation is poor, and there are only a few electric fans. Their chairs are begging for replacement. All buildings are not PWD-friendly because

See “PUP,” A4

physicians, included from the Overseas Workers Welfare Administration (OWWA) to be suffering from neuromyelitis optica, an autoimmune disease, which affects the nervous system.

C.F. Sharp and Norwegian Cruise Lines halted their financial support for his treatment, saying Mutia was disqualified from claiming disability benefits for failing to disclose he was suffering from mild hearing loss in his pre-employment medical examinations (PEME).

Burden of proof

MUTIA filed in 2014 a complaint for disability before the Regional Arbitration Branch of the National Labor Relations Commission (NLRC), which was later elevated before the Court of Appeals (CA).

NLRC and C A ruled in favor of C.F. Sharp, as they noted the provision on concealment applies to all pre-existing illnesses or conditions with no exceptions.

The SC, however, reversed the decision in favor of Mutia, saying his back injury, which led to his repatriation, was work-related, and the failure of C.F. Sharp to issue a final medical assessment before it stopped paying medical treatment.

It also noted that the C.F. Sharp failed to present evidence that Mutia “willingly” concealed his hearing problems in his PEME

and that it was related to his work-related injury.

This led the High Court to order C.F. Sharp and Norwegian Cruise Line to pay Mutia US$100,000 worth of permanent disability benefit.

Long wait

MATULA hopes the experience of Mutia, who waited for nine years before receiving his permanent disability benefit, will convince lawmakers to scrap the escrow benefit from the bill creating the Magna Carta for Seafarers.

Under escr ow provision, any monetary award for a sick or deceased seafarer from the NLRC or Voluntary Arbitrator of the National Conciliation and Mediation Board (NCMB) will not be immediately available to the seafarer winning the case.

It will still be deposit ed to an escrow account until the “issuance of judgment by the appropriate reviewing court or when the employer or manning agency fails to perfect the appeal or petition for review.”

“ This [Mutia’s case] lengthy process is one of the main reasons why FFW and many seafarers’ unions are strongly objecting to the escrow provision on execution in the proposed Magna Carta for Seafarers,” Matula said.

The legislation creating the Magna Carta for Seafarers is still pending in Congress.

Centino visits Navy vessels in Subic, ‘northern frontier’

THE Armed Forces Chief of Staff General Andres Centino visited Subic Bay in Zambales over the weekend and checked three of the five Philippine Navy ships docked there.

Checking on the morale, capability and readiness of troops, the top military chief has spent the past days visiting units and military camps in Northern Luzon, including Itbayat in Batanes.

On Saturday, Centino, fresh from a visit to a Marine base in Ilocos Norte, went to Subic and inspected the modern warfare capabilities of the three vessels of the Navy’s Philippine Fleet.

The chief of staff boarded BRP Antonio Luna (FF-151), the Navy’s missile-armed frigate which recently gained anti-submarine warfare capability through the arrival of the AW159 ASW “Wildcat” helicopter.

The FF-151 conducts multi-role operations and is equipped with surface-toair missiles. It is the second ship of the Navy’s Jose Rizal-class, missile-guided frigates that is capable of anti-surface warfare (ASUW), anti-submarine warfare (ASW) and anti-air warfare (AAW).

Centino also checked on the equipment aboard BRP Conrado Yap (PS-39) and BRP Ramon Alcaraz (PS-16), and subsequen tly addressed all the sailors

electricity output is being traded in the WESM.

PSALM argued that the agreement signed on January 31, 2008 and its protocol constituted undue delegation of authority by the ERC of its exclusive powers under Epira to enforce the rules and regulations of the electricity spot market, investigate and act against any participant or player in the industry for violation of any law, rule or

regulation governing the same, including rules on cross-ownerships, anti-competitive behavior, abuse of market, positions and other similar acts.

It claimed the procedure adopted for investigation of breaches of the WESM rules under the protocol violates due process.

The ERC, however, posed no objection to PEMC’s conduct of investigation.

This prompted PSALM to file a suit for prohibition before the CA on May 5, 2008, seeking to enjoin PEMC from performing such function.

However, the CA denied PSALM’s urgent motion for the issuance of a temporary restraining order and/or writ of preliminary injunction and subsequently junked the main petition.

of the three warships and those aboard the two other vessels, BRP Andres Bonifacio (PS-17) and BRP Davao del Sur (LD602).

D uring his “talk to the troops,” the chief of staff underscored the military’s efforts in further developing the capabilities of its naval assets as it gradually shifts its focus from internal security to territorial defense operations.

“Being an adviser to the President and the Secretary of National Defense, it is important that I have firsthand knowledge of our ships’ capabilities by inspecting and visiting them myself,” he told the sailors.

“Even more important is seeing our competent and dedicated troops who continue to develop their skills to better perform their mission,” he added.

Centino commended the troops for their professionalism and dedication despite the challenges they are facing.

“Because of our continued presence and maritime patrols, we are able to deter intruders from entering our territorial waters, therefore keeping our people safe and our country protected,” he said.

On Friday, the chief of staff visited the headquarters of the 4th Marine Brigade

DICT: Strong digital backbone to hasten e-commerce growth

By Lorenz S. Marasigan @lorenzmarasigan

WITH the Philippine internet economy seen to hit $28 billion in the next three years, the Department of Information and Communications Technology (DICT) is implementing a “multi-pronged approach” to aid the e-commerce industry grow to its potential.

ICT Undersecretary Jocelle BatapaSigue said the department is taking on policy formulation to design rules and regulations that promote e-commerce together with other departments, “while ensuring a conducive environment for digital businesses by tackling regulatory issues and encouraging fair trade.”

“The foundation of a robust e-commerce sector is a reliable digital infrastructure, and DICT is at the forefront of this, striving to enhance the country’s digital backbone. This involves expanding broadband access, honing internet speed,

Navy. . .

Continued from A3 (MBde)located in Burgos, Ilocos Norte, considered as the military’s northernmost camp, and commended the unit for its role in territorial defense.

The 4th MBde deployed personnel to the different naval and marine detachments, including the ones in Itbayat, Mavulis, Fuga and Calayan Islands, in Batanes and Cagayan. The Marine brigade is tasked with maintaining territorial integrity and conducting peace and security operations and assisting in humanitarian assistance and disaster response in the provinces located at the edge of the country’s territory in the north.

“Thank you for your service. I hope that you also understand the importance of our mission here and in the islands further north of our borders,” Centino told the troops.

“What we are doing is of national significance. Our presence in those islands is very important to ensure that we monitor and identify those who enter and pass through those waters,” he said.

Before going to Burgos, Centino visited the soldiers deployed in various islands of Batanes, including Mavulis, dubbed the country’s “northern frontier.” Rene Acosta

and ensuring reliability, all of which are indispensable for seamless e-commerce operations and transactions,” she said.

Citing a report from Google, Temasek, and Bain & Co., Sigue said the Philippine Internet economy is expected to reach $28 billion in 2025, making it the “fastestgrowing market in Southeast Asia, with e-commerce as one of its key pillars.”

By 2030, Google, Temasek, and Bain & Co. forecast the Philippine Internet economy to balloon by as much as $150 billion from $20 billion last year.

This, according to Sigue, means that the e-commerce industry is an important sector that the government would like to develop, especially since the sector “has had a significant impact on both consumers and entrepreneurs in the Philippines.”

“E-commerce provides significant opportunities for micro, small, and even nano businesses. It allows these businesses to reach a broader customer base with lower operational costs compared to traditional brick-and-mortar

stores. This has led to an increase in entrepreneurship and the proliferation of home-based businesses, particularly amidst the Covid-19 pandemic,” she said.

E-commerce platforms like Lazada, she added, have created a ripple effect on other industries as well.

“The e-commerce sector in the Philippines has a pronounced ripple effect across numerous industries, significantly influencing the economy beyond its immediate sphere,” she said.

Aside from benefiting small businesses and entrepreneurs as it expands their reach beyond the brick-and-mortar stores, the sector had direct benefits to the logistics industry, creating job opportunities for delivery riders and warehouse staff.

It also created avenues for the rise of new jobs in the digital advertising, marketing, and IT sectors.

To an extent, the e-commerce sector also enhanced financial inclusion, Sigue explained, “by enabling access to financial services for previously unbanked

Marina wants to enhance training program for Filipino seafarers

or underbanked individuals, a notable achievement given the sizable unbanked population in the Philippines.”

“Overall, the impact of the e-commerce sector on consumers and entrepreneurs in the Philippines is substantial, transforming shopping habits, business models, and the broader economic landscape,” she said.

This pushed the DICT to further “expand its influence,” actively seeking collaborations and partnerships with other government agencies, private organizations, and international bodies.

“These collaborations aim to integrate e-commerce more effectively into the larger economic framework. Through these initiatives and more, DICT is working tirelessly to create a conducive environment for the growth of e-commerce. Its efforts contribute significantly to promoting economic development and steering the digital transformation in the Philippines,” she said.

‘New policies will help PHL hit RE goal’

By Lenie Lectura @llectura

POLICY enforcement will play a critical role in achieving the 35 percent and 50 percent target capacity for renewable energy (RE) share by 2030 and 2040, respectively.

According to Department of Energy (DOE) Secretary Raphael Lotilla, the government is committed to hit those targets. “That’s the reason why we initiated a number of policies,” he said.

He was referring to the Green Energy Auction (GEA), Renewable Portfolio Standards (RPS), and preferential dispatch of RE in the spot market, among others.

The GEA program was designed to continuously trigger the increase RE capacity in the country. The first round of GEA was conducted in June last year. It generated almost 2,000megawatts (MW) of capacities that were committed to deliver energy from 2023 to 2025 at a competitive price lower than or equal to the GEA prices.

For GEA2, the DOE has pre-qualified 118 bidders. The auction was supposed to be held

last June 19 but the DOE rescheduled this “to give bidders more time to deliberate.”

“The most recent among them is the GEA, which is scheduled to be held for this year, and that involves having 3,600MW for 204 and 2025, and 4,400MW by 2026. So all of these are designed towards attaining those targets.

Then you have the other policies that are in place, increasing the RPS required of distribution utilities [DUs] to source from RE from 1 percent to 2.52 percent starting this year. And then, of course, the preferential dispatch of renewable source of energy other than those that are already on must dispatch status. So we will continue to be working on those,” said Lotilla.

RPS requires DUs to source an agreed portion of their supply from eligible RE resources. It is a policy mechanism under Republic Act 9513 or the Renewable Energy Act of 2008.

Aside from the policies cited by the energy secretary, the agency will also be working on the transmission lines that are necessary in order to bring RE to the markets or where

they are needed, as well as the energy storage systems that are necessary to complement the particularly the variable RE sources.

“So there’s much that needs to be done especially in the implementation,” Lotilla said.

On offshore wind (OSW), Lotilla said his office would like to see this new technology succeed.

“The offshore wind was not part of the equation when the target of achieving 50 percent by 2040 was envisioned but then we have that as an additional source and the potential is also great even if the gestation period is even beyond the life of this administration. We hope we will be able to see already the fruits of using offshore wind before the end of the President’s term,” he said.

The DOE is planning to conduct an auction for offshore wind technology next year.

“We actually consulted with the OSW service contract awardees and they said next year would be a good time for them. So we plan to hold an auction that includes OSW by next year,” said DOE Undersecretary Rowena Guevara.

PHL food supply slightly higher in 2022–PSA

By Andrea E. San Juan @andreasanjuan

THE per capita food available for human consumption in the Philippines in terms of calories was recorded at 2,914 kilocalories in 2022, 0.4 percent higher than the level recorded in 2021, according to the Philippine Statistics Authority (PSA).

The PSA said in its latest report that cereals and products accounted for 63.4 percent of the total per capita supply of calories.

The agency’s Food Balance Sheets (FBS) showed that the annual per capita supply of cereals and products (excluding beer) available for food was recorded at 269 kilograms in 2022. This was an increase of 0.4 percent from the previous year’s level of 268 kilograms.

“This increase was attributed to the increase in imports. The increase in the

supply of sweeteners at 4 percent from 25 kilograms in 2021 to 26 kilograms in 2022 was also attributed to imports,” PSA said.

Increments in per capita food supply were also noted in pulses and products at 100 percent, oilcrops (excluding products) at 11.1 percent, alcohol (including beer and wine) at 9.1 percent, and meat (slaughtered) and products at 6.1 percent.

In contrast, PSA said the per capita supply of food available for consumption recorded contractions in the following food groups: beverage crops by 50 percent; vegetable oils and products by 25 percent; fruits and products (excluding wine) by 4.7 percent; vegetables and products by 4.5 percent; and fish, seafood and products by 3.6 percent.

As for increases in calories, the PSA data showed that in 2022, the total per capita supply of calories available from all the food products was recorded at

2,914.3 kilocalories per day. This indicates a 0.4 percent increase compared with the 2,901.3 kilocalories per day in 2021.

The increases were contributed by the higher supply of calories from the commodity food groups as follows: pulses and products by 56.5 percent; beverage crops by 31.1 percent; oilcrops (excluding products) by 18.1 percent; milk and products by 13 percent; meat (slaughtered) and products by 8.8 percent; eggs and products by 6.3 percent; edible offals by 4.3 percent; sweeteners by 3.4 percent; alcohol (including beer and wine) by 1.5 percent; cereals and products (excluding beer) by 0.4 percent; vegetables and products by 0.3 percent and starchy roots and products by 0.1 percent.

In contrast, reductions in the supply of calories were noted in the following: spices at 36.3 percent; vegetable oils and products, 26.2 percent; treenuts and products, 23.6 percent; sugar crops (excluding products),

THE Maritime Industry Authority (Marina) said it will include international labor best practices in the training of Filipino seafarers as part of the European Maritime Safety Agency‘s (EMSA) €4-million technical assistance.

Marina Executive Director Samuel Batalla said the Philippines will discuss this with their European Commission (EC) counterparts in Brussels this week, including the presentation of how Marina will use the technical assistance effectively.

Batalla said the €4-million technical assistance, which will be fully financed by the EU-Member States and be supervised by the EC Directorate General for Mobility and Transport (DG-MOVE) and DG for International Partnerships (DG-INTPA), will cover the implementation of the Standards of Training, Certification and Watchkeeping for Seafarers (STCW) Convention.

The technical assistance will also include aspects of the Maritime Labour Convention (MLC) 2006, specifically in areas of recruitment and placement of Filipino seafarers, Batalla added.

The inclusion of MLC 2006, according to Batalla, aims to “expand the program, which aims not only to ensure compliance

with the STCW Convention but also to share best practices relating to other international conventions concerning seafaring and the maritime industry in general.”

Batalla noted that the European Commission will evaluate the country’s “state of play” on the implementation of the corrective actions addressing the grievances noted by the commission before the start of the program of technical assistance in 2024, giving EC an opportunity to identify the specific assistance needed by the Philippines.

Earlier this year, the EC announced that it continues to recognize the Philippines to be generally compliant with the STCW System. However, the European Commission (EC) still found “issues to be addressed” in the country’s maritime industry.

This prompted the EC to extend a threeyear technical assistance to the Philippines to implement corrective actions.

Earlier, the Marina said it will establish a technical working group together with the Commission on Higher Education, the Overseas Workers Welfare Administration, and the Department of Migrant Workers to address pending issues, leveraging the EC’s funding aid. Lorenz S. Marasigan

By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

AIRSWIFT Airlines Philippines canceled all its flights from June 30 until July 3 due to the limited number of aircraft that could fulfill its schedules to several destinations.

In a statement issued on Friday, Ayala Land Inc. (ALI) said, “Due to recent technical issues, we are currently implementing safety checks and preventive maintenance on the rest of our fleet. As a voluntary safety precaution, AirSWIFT Airlines’ flights scheduled from June 30-July 3, 2023 have been cancelled.” From its hub in Manila, the carrier flies to El Nido and Coron in Palawan, Sicogon Island, Tagbilaran, and Clark. (See, “Ayala-owned carrier to expand fleet,” in the B usiness M irror , May 23, 2023.)

questions or concerns.”

Complaints from passengers and tour operators about the flight cancellations reached fever pitch on Friday, forcing the Civil Aeronautics Board (CAB) to step in and discuss with AirSWIFT its options. CAB officials, however, did not say if any penalties were levied on the carrier, which was also the subject of passenger complaints earlier this year. (See, “CAB still vetting passenger complaints vs AirSWIFT,” in the B usiness M irror February 14, 2023.)

The carrier initially advised clients late Thursday that only its flights on July 1 were affected and informed passengers that it will arrange “alternative flights.” Those booked on flights to Manila from El Nido received notice that they could take an alternative flight from Puerto Princesa to Manila. This would entail a four-five hour land trip from El Nido.

11.9 percent; animal fats and products, 5.8 percent; fish, seafood and products, 4 percent and fruits and products (excluding wine) at 2.9 percent.

For protein, PSA noted the available per capita supply of proteins went up by 2.4 percent to 86 grams per day.

Higher supplies of proteins were recorded in the following food groups: alcohol (including beer and wine) by 83.3 percent; pulses and products, 56.7 percent; oilcrops (excluding products, 26.4 percent; beverage crops, 16 percent; milk and products, 8.8 percent; meat (slaughtered) and products, 8.2 percent; eggs and products, 6.4 percent; edible offals, 4.3 percent; animal fats and products, 4.3 percent; and cereals and products (excluding beer), 0.4 percent.

The FBS also showed that the total per capita supply of fats reached 40 grams per day in 2022, or 0.6 percent lower compared with the previous year’s level.

This developed as Rajah Tours Philippines president Jose C. Clemente III appealed to ALI to allow other carriers to fly into its Lio Airport in El Nido. “Perhaps it’s about time to consider opening Lio Airport to other carriers considering the situation of AirSWIFT and its repeated rescheduling and flight cancellations. It has been escalating as of late and has caused grief for a good number of our guests,” he told the B usiness M irror

He added, “If there is a problem of capacity, it’s either they add equipment or allow others to service the route. Otherwise the destination loses momentum along with the country as El Nido remains one of our sought-after places to visit.”

ALI, parent firm of AirSWIFT apologized to passengers for the inconvenience due to the flight cancellations, and encouraged them “to contact our reservations and ticketing hotlines at (02)53185940 or +639178168763 or email us at info@air-swift.com for any

Continued from A3

no elevators are working,” the lawmaker lamented in Filipino.

At the same time, Tulfo shared that the laboratory equipment of the Engineering Department are “difficult to operate while some already appear like junk.”

Some buildings need to be renovated and equipment need to be upgraded, he said.

To make matters worse, Tulfo said there are electrical cables dangling inside the gym which can cause accidents.

The senator cited the lack of electricity in some of the buildings due to construction, sharing that there is, in fact, another project of the DPWH that has been under construction for almost a year and only a portion of it has been finished. Also worrying, he lamented, are the scattered heaps of discarded items in various places

As for those guests booked at its El Nido Resorts, ALI told this paper, “Affected guests will be able to either rebook or refund, depending on booking specifics.”

Shortly after the Department of Tourism launched its enhanced branding campaign anchored on a new slogan, netizens raised the frequent flight cancellations by the country’s carriers, passenger challenges with the Immigration department, along with planes in disrepair, among others, that can negate a tourist’s experience to “Love the Philippines.” El Nido continues to rate among the world’s most popular islands in international travel publications and web sites.

Global supply shortages for plane engines and other spare parts, according to Philippine carriers, have affected not just their fleet, but also those of airlines abroad. (See, “Carriers to cut flights, lease more planes to mitigate crisis,” in the B usiness M irror , June 22, 2023.)

on campus that can host mosquitoes and cause dengue.

According to University President Manuel M. Muhi and Vice President for Administration Adam V. Ramilo, whom Tulfo met, the university’s budget allotted by Congress yearly is being slashed by the Department of Budget Management (DBM), that is “why they don’t have enough funds to make necessary building improvement and buy modern equipment.”

Tulfo assured Muhi and Ramilo that he “will fight to ensure that PUP’s budget will not be slashed in the upcoming budget hearing at the Senate and improve the experience of students, most of whom are children of OFWs.”

Tulfo made other recommendations to improve the university, such as conducting structural integrity check and seismic retrofitting in old buildings considering that PUP is one of the highly populated universities in the country. Butch Fernandez

‘Open Lio Airport to other carriers to keep El Nido tourists coming’

Editor: Jennifer A. Ng

Davao ARBs keen on exporting durian–DAR

By Jonathan L. Mayuga @jonlmayuga

A total of 48 durian farmers attended the training which equipped them with skills and knowledge on how to produce highquality durian fruits that could pass the stringent food safety and quarantine measures, according to the Department of Agrarian Reform (DAR).

“GAP training aims to equip the durian growers here in Davao with advanced knowledge and

skills in durian production. The participants were also oriented on the exportation of their durian products as well as on the phytosanitary protocols that govern the production, marketing, and export of durian products,” said Joseph H. Orilla, DAR Davao regional director.

He said the training is part of the DAR’s effort in providing support services to make the

Big chocolate backs new deforestation law of the EU that risks pricier bars

BIG chocolate companies are welcoming new European Union rules that protect forests, but which risk further hitting consumer wallets.

The EU is introducing laws that ensure that commodities including cocoa, coffee and palm oil aren’t grown on deforested land—and is also putting in measures to tackle issues like child labor in supply chains. Firms like Lindt & Spruengli AG, Ferrero SpA and Unilever Plc say they back the move because it looks after the environment and those who grow the crops.

But for shoppers—who increasingly want to know where their food comes from and whether it was ethically produced—it could come at a cost. No. 2 cocoa grower Ghana has warned that buyers should be ready to pay more because of the investment needed to set up systems tracking beans back to farms. That may potentially raise prices of everyday items like chocolate bars and shower gel for European consumers struggling with a cost-of-living crisis.

“There is clearly an investment that needs to be made,” said Francesco Tramontin, vice president of EU institutional relations at Kinder maker Ferrero. He said the company already has full traceability of farms it buys cocoa from.

The prospect of having to pay more for commodities like cocoa comes as inflation remains a particular problem for indulgent treats because of supply constraints. For example, cocoa futures have soared to a multiyear high and coffee prices have also jumped in London.

Premium chocolate producer Lindt, which also welcomed the new regulation and had been working toward it, declined to comment on the potential impact on consumers. The new rules on deforestation come into force now, though companies have until the end of next year to comply. Ivory Coast and Ghana, the source of two-thirds

of the world’s cocoa, are having to set up special systems that adhere to the EU’s requirements—such as geotagging land on which those products were harvested.

Unilever, which uses chocolate for its ice creams and buys Ghanaian cocoa through processor Barry Callebaut AG, said the “planet desperately needs” the measures and that they’ll mean a level playing field in Europe.

“I think Ghana’s right to say for as a country, they will need everyone to pay more, just like we do,” said Unilever head of nutrition Hanneke Faber. She said the company pays extra to make sure the commodity is produced without deforestation or slavery.

Unilever said so far it’s been able to avoid passing on prices to consumers and that it hopes it’s the case for the entire industry going forward.

Tracing cocoa currently takes place through voluntary sustainability programs run by individual companies. Each program has different criteria and national governments have no oversight. Ferrero’s Tramontin says the industry needs sustainability standards at policy level.

“Otherwise you will have just companies that kind of seal their supply chain, which will be good for them in terms of getting the cocoa in Europe, but not necessarily the impact that say at scale that everyone wants to have,” he said.

Nestle SA has committed to deforestation-free cocoa sourcing by 2023. Unilever says by the end of this year the cocoa it buys will also be deforestation-free. Some firms say that compliance with the rules is already embedded into their systems, but analysts have warned of a hit to some profitability.

For example, Barclays Plc estimates that compliance processes related to the rules for Barry Callebaut in 2025 will impact around 9 percent of 2023 Ebitda. The processor declined to comment. Bloomberg

lands awarded to ARBs under the Comprehensive Agrarian Reform Program more “productive and market-driven.”

DAR noted that GAP is a certification system for agriculture and facilitates access to new markets.

Orilla said GAP ensures the quality of the food and the safety improvement of raw and processed

products to be produced by the farmers. It aims to help farm owners maximize yields and optimize business operations while minimizing production costs, and keeping high regard for environmental protection as well as health, safety, and welfare of the workers.

GAP, as defined by the Food and Agriculture Organization, are

a “collection of principles to apply for on-farm production and postproduction processes, resulting in safe and healthy food and non-food agriculture products, while taking into account economic, social and environmental sustainability.”

FAO said many importing countries as well as domestic buyers, especially organized retailers, are now requiring producers to implement GAP as a prerequisite for procurement to ensure the quality and safety of their produce.

The GAP training, stakeholders meeting for high-value crops, and other capability enhancement programs were spearheaded by DAR

Undersecretaries Jeffrey M. Galan of the Finance Management and Administration Office and Atty.

Milagros Isabel A. Cristobal of the Support Services Office.

Durian became one of Davao City’s top fruit exports after local growers sent 28 tons of the fruit on a chartered cargo flight to Beijing, China last April 6.

The first shipment was made after the General Administration of Customs of the People’s Republic of China (GACC), the headquarters of China Customs, confirmed Beijing’s approval to receive the durian from the Philippines after a series of farm inspection here and businessto-business negotiations since December 2022.

Abel James I. Monteagudo, director of the Davao regional office of the Department of Agriculture, said the initial shipment was bought at a farmgate price of between P65 and P80, already a big improvement from the much lower buying price in the past, when prices could fall to as low as P20 during harvest.

Davao City growers produce 41,145 metric tons (MT) of durian annually, accounting for slightly half of the country’s annual output of 79,000 MT. Other production areas are in the Davao Region and in North Cotabato.

NIA to undertake big-ticket irrigation projects via PPP

THE National Irrigation Administration (NIA) has given its nod to irrigation projects worth P37.9 billion that will be undertaken under the public-private partnership (PPP) scheme.

The NIA’s Board has approved the Ilocos Norte-Ilocos Sur-Abra Irrigation Project II (INISAIP II), Tumauini River Multipurpose Project (TRMP), and Upper Banaoang Irrigation Project.

The INISAIP II worth P22.7 billion intends to irrigate approximately 11,100 hectares of agricultural land with Palsiguan River as the main source of irrigation water.

The project will irrigate subareas of the Province of Ilocos Norte such as Nueva Era, Cura,

Madupayas, Pinili, Badoc-Sinait and Batac-Paoay through a network of link canals.

Meanwhile, the TRMP is worth P8.6-billion proposed project to expand the coverage of the existing Tumauini Irrigation System (TIS) to 32 barangays located in the Municipalities of Tumauini, Cabagan and the city of Ilagan, Isabela.

TIS was originally designed to potentially irrigate an area of 6,100 hectares. However, only around 3,000 hectares are currently being irrigated. This is because of insufficient water-river runoff, especially during the summer season, according to the NIA.

The agency also said the Upper Banaoang Irrigation Project worth P6.6 billion aims to construct an

impounding dam with Malapaao River as its water source.

With a potential service area of 5,000 hectares of agricultural land, the project is also designed to engage in fish culture and develop hydroelectric power projects.

NIA has set its sights on developing climate-smart, multipurpose irrigation systems. The agency believes that PPP will fast-track and expand irrigation development through private sector expertise.

In March, the NIA and the PPP Center signed an agreement that will allow the agency to maximize the utilization of its irrigation’s assets.

Guillen and PPP Center Executive Director Ma. Cynthia Hernandez signed a memorandum of

agreement (MOA) to obtain the optimal value of NIA’s resources through PPP.

The partnership is to engage on other financial and revenuegenerating activities that will strengthen the agency’s viability as a government-owned and -controlled corporation. With around 1 million hectares remaining to be developed, President Ferdinand Marcos Jr. aims to revitalize the country’s irrigation sector.

NIA data showed that the agency has identified 50 potential projects for PPP with seven revenue streams, namely, hydroelectric power, solar power, aquaculture, wind energy, bulk water supply, water treatment and carbon credits. Raadee S. Sausa

FAO, partner agencies to lead $115-M program to protect oceans

THE Food and Agriculture Organization of the United Nations (FAO), along with four partner agencies, will lead the Clean and Healthy Oceans Integrated Program.

The program is a source-tosea initiative that will direct up to $115 million in grants to help countries curb land-based pollution of coastal environments and Large Marine Ecosystems.

The decision was made at the 64th Council Meeting of the Global Environment Facility (GEF), a family of funds dedicated to confronting biodiversity loss, climate change, pollution, and strains on land and ocean health.

FAO will co-lead the program together with the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD) and the Development Bank of Latin America (CAF), in a strategic partnership with the Intergovernmental Oceanographic Commission of UNESCO (IOC-UNESCO).

“Transforming agrifood systems on land, in order to transform agrifood systems in our seas, is a win-win solution for people and the planet. We need to work collectively to protect marine biological diversity, and this new partnership will harness our strengths to safeguard our resources on land and under water,” FAO Director-General Qu Dongyu said in a statement.

FAO noted oceans have lost nearly 2 percent of their oxygen since the 1950s, resulting in “dead zones”—known as hypoxia—that cannot support marine life. Pollution from land-based sources, including the overuse of fertilizer,

organic waste from livestock, and untreated municipal and industrial wastewater, typically drive hypoxia worldwide.

Land-based pollution puts marine biodiversity, ecosystems, coastal economies and industries reliant on fisheries and the oceans’ resources at risk. Under long-term hypoxia, coral reefs may experience mass mortalities, valuable coastal fish species migrate to higher oxygen areas, and the growth and reproduction rates of many marine species plummet.

The Clean and Healthy Oceans Integrated Program aims to curb land-based pollution of the world’s oceans through policy and regulatory innovation, infrastructure investments, and nature-based solutions. It will also map landbased sources of ocean pollution to better understand the impacts on hypoxia and apply ocean science to develop solutions that improve human and ocean health.

Specifically, the program aims to improve sustainable practices on 200,000 hectares of landscapes and 14.3 million hectares of marine habitats (an area roughly the size of all of Thailand’s cultivable land). Additional aims include reducing pollution and improving management in more than three large marine ecosystems and mitigating 5.6 million metric tons of greenhouse gas emissions.

This is the first time that FAO, ADB, CAF, EBRD and IOC-UNESCO have teamed up under one program to deliver global environmental benefits, according to UN.

The partnership leverages the global and regional leadership of each organization in reducing ocean pollution from the source.

For example, the program will benefit from FAO’s expertise and convening power in the agricultural, fertilizer, livestock, and fisheries sectors. It will also build on initiatives and the investment portfolios of regional multilateral development banks on the Blue Economy, the Green

Economy, marine conservation, and wastewater infrastructure.

“The global ocean science and services of IOC-UNESCO will bolster the scientific basis of the program and strengthen linkages to the UN Decade of Ocean Science for Sustainable Development [2021-2030].”

AGRARIAN reform beneficiaries (ARBs) in Davao are keen on accessing the international market for durian after they completed the training on good agricultural practices (GAP).

CHOCOLATE production in the Philippines. BLOOMBERG CREATIVE PHOTOS/BLOOMBERG

The World

Wall Street’s ‘crystal ball’ shatters as S&P 500 stocks stage big rally

avoid a recession.

By Alexandra Semenova

With the S&P 500 i n dex staging an improbable 16% advance this year, being both bearish and wrong is making life awkward for the people paid to predict where equities will go next. a f ter being blindsided by the resilience of the US economy thus far, humility is the order of the day for the sellside pros that remain at loggerheads on what’s ahead.

Goldman Sachs Group i n c.’s David Kostin expects stocks will gain further, while Morgan Stanley’s Mike Wilson and JPMorgan Chase & Co.’s Marko Kolanovic have warned investors to stay away. a t B ank of a m erica Corp., there’s a disagreement under the same roof, with Savita Subramanian emerging as one of the most optimistic market voices as colleague Michael Hartnett says a renewed downswing is coming.

One thing’s for sure: t h e S&P 500 has already blown through its average year-end price target. Strategists are currently expecting the benchmark to end 2023 just below 4,100, with Friday’s 4,450.38 close leaving it 8.5% above that figure. t h e last time the gauge traded above the consensus target like this was in the

By Cara Anna, Angela Charlton & Christophe Ena

The Associated Press

Na N t e R R e , F rance—

Hushed and visibly an -

guished, hundreds of mourners from France’s i s lamic community formed a solemn procession from a mosque to a hillside cemetery on Saturday to bury a 17-year-old whose killing by police has triggered days of rioting and looting across the nation.

Underscoring the gravity of the crisis, President e m manuel Macron scrapped an official trip to Germany after nights of unrest across France.

t h e government deployed

45,000 police to city streets across the nation to head off a fifth night of violence. Overnight, i n terior

Minister Gerald Darmanin tweeted that the night had been calmer than previous ones, thanks to “the resolute action of security forces.”

He put the night’s arrest toll at 427.

Some 2,800 people have been arrested overall since the teen’s death on tu esday. Darmanin tweeted late Saturday that 200 riot police had been mobilized in the port city of Marseille, where t V s howed footage of police using tear gas as night fell.

Near the a r c de tr iomphe in Paris, hundreds of police with batons and shields stood restlessly along the Champs- e l ysées, several in front of the shuttered Cartier boutique. Posts on social media had called for protests on the grand boulevard but the police presence appeared to discourage any large gatherings.

e a rlier in the day at a hilltop cemetery in Nanterre, the Paris suburb where the teen identified only as Nahel was killed, hundreds stood along the road to pay tribute as mourners carried his white casket from a mosque to the burial site. Journalists were barred from the

pandemic mania of September 2020, according to data compiled by Bloomberg.

No wonder some equity analysts are sounding a little defensive, hoping their prognostications will be vindicated soon enough as hawkish Federal Reserve policy bites. Others are issuing words of humility to clients, expressing their temptation to nudge targets higher as the tech megacaps names surge higher.

t h ose who are getting things largely right are letting off steam, calling out naysayers for being too clever for their own good.

“Bears make you smart—but bulls make you money,” said BMO Capital Markets’ Brian Belski, who recently raised his end-year target to 4,550 from 4,300.

Narrow leadership, recession risk and downward earnings revisions are some of the key concerns leveled by skeptics. Plus, in the second half of the year something big could break in markets, or in the consumption and investment cycle—vindicating those currently cautious on risk assets. Yet, at least for now, the market continues to power higher and data suggests the economy can

“

i am certainly one of the investors who did not see it coming and did not expect it, even when it started, to last or go this far,” said l i z Young, SoFi’s head of investment strategy. “People that were cautious are kind of looking at the market and saying, am i m issing something?”

a t C itigroup i n c., Scott Chronert points to “a lack of concrete earnings revision support” in deciding not to jack up his target.

a s e nticing as it may be to follow the tape and nudge our yearend target higher, we just do not see the fundamental justification for this, yet,” he said.

i n these weird post-pandemic times—where the economic and market cycle upends conventional wisdom—bears who appeared to be geniuses one quarter risk looking like cranks the next. Meanwhile, those who’ve earned fame betting on the tech boom are more than a little paranoid that their bullish outlooks will seem bubblicious if things go south.

More broadly, when it comes to stock market calls, there are four quadrants: bullish, bearish, right, and wrong, according to a d am Parker, Morgan Stanley’s former chief US equity strategist.

“

t h e worst quadrant to be in when you work at one of those firms is bearish and wrong because you didn’t really enable your upside capture for clients,” said Parker, who now heads up tr ivariate Research. “ i ’ve been there, and i lived in all four quadrants—it’s a hard place to be.”

Piper Sandler’s Michael Kantrowitz is feeling the heat. He

satellite photos, reports suggest belarus building army camp for Wagner fighters

still sees the S&P 500 plunging to 3,225 by the end of this year, the gloomiest target out there. He has no plans to change his outlook, for now. i n h is view, the recent upward revisions to strategist targets resemble the momentum chasing in 2000 and 2007, when he says sell-siders pushed investors in front of a “proverbial bus”.

On the flipside, Oppenheimer a s set Management i nc .’s John Stoltzfus is enjoying better days.

a t o ne point last year he forecast the S&P 500 would end 2022 at 5,330. i t c losed at 3,839.5. t h is year he entered with a target of 4,400—and he’s thinking about raising it while awaiting further inflation and employment data after the Fed skipped on a June rate hike.

When the market bottomed out in October, “what we think happened at that point is a lot of the negative projection that had been put out by the bears in 2022 essentially took everything that was wrong or uncertain and projected it into infinity,” he said. t h at happens in bear markets.”

Meanwhile, Parker says it makes more sense to be cautious than it did seven months ago, given the rising stretch across US stocks and deteriorating credit. But abruptly shifting views risks undermining the credibility of a strategist’s framework.

i just don’t think you ever want to be a perma-anything,” he said. “Because data changes, and i think you have to react to and absorb the new data and fit that into your thesis.” With assistance from Matt Turner, Mark Tannenbaum and Jessica Menton / Bloomberg

By The Associated Press

Satellite images ana -

lyzed by t h e a s sociated

Press on Saturday showed what appeared to be a newly built military-style camp in Belarus, with statements from a Belarusian guerrilla group and officials suggesting it may be used to house fighters from the Wagner mercenary group.

t h e images provided by Planet l a bs P l C s uggest that dozens of tents were erected within the past two weeks at a former military base outside Osipovichi, a town 230 kilometers (142 miles) north of the Ukrainian border.

a satellite photo taken on Jun. 15 shows no sign of the rows of white and green structures that are clearly visible in a later image, dated Jun. 30.

underway near Osipovichi.

Up to 8,000 fighters from Wagner’s private military force may be deployed in Belarus, a spokesperson for Ukraine’s border force told Ukrainian media Saturday. Speaking to the Ukrainska Pravda newspaper, a n driy Demchenko said Ukraine would strengthen its 1,084-kilometer (674 mile) border with Belarus in response.

l u kashenko previously allowed the Kremlin to use Belarusian territory to send troops and weapons into Ukraine. He has also welcomed a continued Russian armed presence in Belarus, including joint military camps and exercises, as well as the deployment of some of Russia’s tactical nuclear weapons there.

ceremony and in some cases even chased away. Some of the men carried folded prayer rugs.

“Men first,” an official told dozens of women waiting to enter the cemetery. But Nahel’s mother, dressed in white, walked inside to applause and headed toward the grave. Many of the men were young and a r ab or Black, coming to mourn a boy who could have been them.

i n side the cemetery gate, the casket was lifted above the crowd and carried toward the grave. t h e men followed, some holding little boys by the hand. a s t hey left, some wiped their eyes. Police were nowhere to be seen.

t h e unrest was taking a toll on Macron’s diplomatic profile. German President Frank-Walter Steinmeier’s office said Macron phoned Saturday to request a postponement of what would have been the first state visit by a French president to Germany in 23 years. Macron had been scheduled to fly to Germany on Sunday evening for the visit to Berlin and two other German cities.

Macron’s office said he spoke with Steinmeier and, “given the internal security situation, the president (Macron) said he wishes to stay in France over the coming days.”

Nahel was shot during a traffic stop. Video showed two officers at the window of the car, one with his gun pointed at the driver. a s t he teenager pulled forward, the officer fired once through the windshield. t h is week, Nahel’s mother told France 5 television that she was angry at the officer who shot her son, but not at the police in general.

“He saw a little a r ab-looking kid, he wanted to take his life,” she said.

Nahel’s family has roots in a lge ria.

Race was a taboo topic for decades in France, which is officially committed to a doctrine of

doctrine has masked generations of systemic racism.

t h e officer accused of killing Nahel was given a preliminary charge of voluntary homicide, meaning that investigating magistrates strongly suspect wrongdoing, but need to investigate more before sending a case to trial. Nanterre prosecutor Pascal Prache said his initial investigation led him to conclude that the officer’s use of his weapon wasn’t legally justified.

Hundreds of police and firefighters have been injured in the violence that erupted after the killing. a ut horities haven’t released injury tallies for protesters. i n F rench Guiana, an overseas territory, a 54-year-old died after being hit by a stray bullet.

t h e reaction to the killing was a potent reminder of the persistent poverty, discrimination, unemployment and other lack of opportunity in neighborhoods around France where many residents trace their roots to former French colonies—like where Nahel grew up.

“Nahel’s story is the lighter that ignited the gas. Hopeless young people were waiting for it. We lack housing and jobs, and when we have (jobs), our wages are too low,” said Samba Seck, a 39-year-old transportation worker in the Paris suburb of Clichy-sous-Bois.

Clichy was the birthplace of weeks of riots in 2005 that shook France, prompted by the deaths of two teenagers electrocuted in a power substation while fleeing from police. One of the boys lived in the same housing project as Seck.

l i ke many Clichy residents, he lamented the violence targeting his town, where the remains of a burned car stood beneath his apartment building, and the town hall entrance was set alight in rioting this week.

“Young people break everything, but we are already poor, we

have nothing,” he said, adding that “young people are afraid to die at the hands of police.”

Despite the escalating crisis, Macron held off on declaring a state of emergency, an option used in 2005. But government ratcheted up its law enforcement response, with the mass deployment of police officers, including some who were called back from vacation.

France’s justice minister, Dupond-Moretti, on Saturday warned that young people who share calls for violence on Snapchat or other apps could face legal prosecution. Macron has blamed social media for fueling violence.

Finance Minister Bruno l e Maire promised government support for shop owners.

“ t h ere is no nation without order, without common rules,” he said.

Darmanin has ordered a nationwide nighttime shutdown of all public buses and trams, which have been among rioters’ targets. He also said he warned social networks not to allow themselves to be used as channels for calls to violence.

t h e violence comes just over a year before Paris and other French cities are due to host Olympic athletes and millions of visitors for the summer Olympics, whose organizers were closely monitoring the situation as preparations for the competition continue.

t h irteen people who didn’t comply with traffic stops were fatally shot by French police last year. t h is year, three more people, including Nahel, died under similar circumstances. t h e deaths have prompted demands for more accountability in France, which also saw racial justice protests after George Floyd’s killing by police in Minnesota. Charlton reported from Paris. Associated Press writers Jade le Deley in Clichy-sous-Bois, France; Claire Rush in Portland, Oregon; Jocelyn Noveck in New York: and Geir Moulson in Berlin, contributed to this report.

Wagner chief Yevgeny Prigozhin and his fighters escaped prosecution and were offered refuge in Belarus last week after Minsk helped broker a deal to end what appeared to be an armed insurrection by the mercenary group. t he abortive revolt saw Wagner troops who had fought alongside Russia forces in Ukraine capture a military headquarters in southern Russia and march hundreds of kilometers (miles) toward Moscow, seemingly unimpeded.

Belarus’ authoritarian president, a l exander l u kashenko, said his country, a close and dependent ally of Moscow, could use Wagner’s experience and expertise, and announced that he had offered the fighters an “abandoned military unit” to set up camp. a l iaksandr a z arau, leader of the anti- l u kashenko BYPO l g uerrilla group of former military members, told t h e a s sociated Press by phone on t h ursday that construction of a site for Wagner mercenaries was

Demchenko told Ukrainska Pravda on Saturday that as of this week, some 2,000 troops from regular Russian army units remained stationed in Belarus. a t a F riday evening gala marking the Belarusian i nd ependence Day, l u kashenko said that the Belarusian armed forces could benefit from training by Wagner members, and asserted that the mercenaries were “not a threat” to Belarusians.

He also declared that he was “sure” Belarus would not have to use the nuclear weapons deployed to its territory, and would not get directly involved in Moscow’s war against Ukraine.

“ t he longer we live, the more we are convinced that [nuclear weapons] should be with us, in Belarus, in a safe place. a n d i am sure that we will never have to use them while we have them, and the enemy shall never set foot on our soil,” l u kashenko said.

Bei R U t i s rael carried out airstrikes on areas near the central Syrian city of Homs early Sunday causing material damage but no casualties, the Syrian military said in a statement.

Syrian state media quoted an unnamed military official as saying the air defenses shot down some of the missiles fired by i sr aeli warplanes flying over neighboring l e banon.

i s raeli authorities did not comment on the airstrike on Homs but said one of the Syrian air defense missiles exploded over northern i s rael without causing any damage.

i s raeli army spokesman av ichay a d raee later said that i s rael’s military retaliated for the firing of the air defense missile that exploded over the country’s north

by attacking Syrian air defense batteries from where the missile was fired.

t h e warplanes also attacked other targets in the area,” a d raee tweeted without elaborating. i s rael, which has vowed to stop i r anian entrenchment next door, has carried out hundreds of strikes on targets in governmentcontrolled parts of neighboring Syria in recent years, but it rarely acknowledges them.

t h e last suspected i s raeli airstrike on Syria was on June 14, near the capital Damascus that left one soldier wounded.

i s rael has also targeted the international airports in Damascus and the northern Syrian city of a l eppo several times over the past few years, often putting it out of commission. AP

As the trillion-dollar AI rally gathers pace, pity the humans on Wall street trying to figure out this gravity-defying market.

This satellite image provided by Planet Labs PBC and taken on June 30, 2023 shows apparent recent construction of tents at a former military base outside the Belarusian town of Osipovichi. As part of a deal to end a rebellion in Russia by Wagner Group mercenaries, Belarus’s president says he offered the fighters an abandoned military unit to set up camp and the leader of an exiled Belarusian guerrilla organization told The AP it is near Osipovichi. Planet l abs Pb C v ia aP

Mourners bury slain teen in France as govt deploys 45,000 police to head off violence

Israel’s air force attacks Syria and Syrian air defense missile explodes over northern Israel

The World

www.businessmirror.com.ph

Dockworker strike at Canada’s biggest ports to fuel inflation

By Randy Thanthong-Knight & Robert Tuttle

Astrike at Pacific coast ports

threatens to disrupt millions of dollars of trade and add inflationary pressures to the Canadian economy.

t h e i n ternational Longshore and Warehouse Union representing more than 7,000 dockworkers went on strike s a turday morning after

federal-mediated negotiations overnight failed.

t h e strike is poised to affect activities at maritime hubs in British Columbia, including the Port of Vancouver and Port of Prince r u pert, the country’s No. 1 and No. 3 busiest. t h ese ports are vital to exports of natural resources and imports of raw materials and food products.

t h e stoppage shows workers are unbending in their demand to re -

coup purchasing power lost over the past two years. t h e unrest is adding to wage pressures and disrupting supply chains, driving up costs for businesses and prices for consumers, while potentially stalling progress in cooling inflation.

A quarter of Canada’s total traded goods flow through these western ports, representing more than C$800 million ($604 million) worth of cargo each day. t h e disruption

will have a knock-on effect to the rest of the economy, r o bin Guy, vice president of the Canadian Chamber of Commerce, said in an interview.  e v ery piece of Canadian industry if they’re moving products, chances are it’s going through the west,” Guy said. “ i t ’s going to fuel inflation, which is also going to make it harder on the economy and the pocketbooks of everyday Canadians.” t h e longer the work stoppage

drags on, the more impact it would have on the economy, according to Omar Allam, a global trade adviser and former Canadian trade official. i n 2021, a strike at the Port of Montreal, Canada’s second biggest, led to a loss of up to C$25 million per day, and this strike would have a bigger impact due to the scale of disruptions.  “ t h ere’s a lot of stake here, and there’s a lot of leverage that dock -

workers have at the negotiating table,” Allam said. “History shows that these negotiations are frequently difficult, and it includes service disruptions that could really impact supply chains and delivery schedule.”  t h e union announced their intention to strike earlier this week after talks with employers for a new contract failed, saying it “has run out of options at the bargaining table.” Bloomberg News

editorial

US sanctions will help create BRICS currency

Goldman Sachs chief economist Jim o neill coined the acronym BRIC in 2001—for Brazil, Russia, India, and China—to highlight these countries’ rapid economic expansion. Eight years later, the four countries established BRIC as a formal organization. The bloc became BRICS in 2010 when South africa was admitted.

To ramp up their bid for stronger global influence, BRICS countries are planning to increase membership. Reports said this is one of the major agenda in the August 22 to 24 summit of BRICS heads of state in Johannesburg, including the plan to create a BRICS currency.

“BRICS has acquired a very important stature in the world, with many countries across various continents of our world seeking to be part of it,” said South African President Cyril Ramaphosa.

China’s big agenda is to have all BRICS members back up the political diplomacy it has pursued in several parts of the world. For example, China achieved a huge diplomatic coup in March when it unveiled a rapprochement between longtime US ally Saudi Arabia and US target Iran that it had been quietly working on for months.

That breakthrough has already resulted in some valuable steps toward deescalation in the Middle East. It also drew the two countries and the United Arab Emirates, a key Saudi ally, closer to the non-US trading system being established by BRICS. In June, the foreign ministers of the three countries attended the BRICS meeting in Cape Town. There’s a strong possibility that these three countries will be among those admitted to full membership of BRICS in August.

Pundits said Saudi Arabia’s accession to BRICS would bolster Crown Prince Mohammed bin Salman’s attempts to diversify his nation’s economy, an effort that has brought it much closer to Russia and China in recent years. China is the kingdom’s most important oil customer, while Saudi relies on relations with Russia to help prop up crude prices through Opec+.

Other countries that reportedly expressed interest in joining BRICS include Afghanistan, Bangladesh, Belarus, Comoros, Cuba, the D.R. Congo, Gabon, Guinea-Bissau, Kazakhstan, Nicaragua, Nigeria, Pakistan, Senegal, Sudan, Syria, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe.

The founding impetus for the BRICS was to build economic coordination among its members. This thrust is expected to come into full play in their August summit when attending heads of state will start discussing the creation of a BRICS currency.

Some financial analysts said the creation of the euro in 1999 is a viable model for the proposed BRICS currency. However, this would require the establishment of a new central bank and an agreement among the BRICS nations to phase out their own sovereign currencies.

Central to the BRICS plan to establish a new reserve currency is the US trade war with China, as well as US sanctions on China and Russia. After Russia attacked Ukraine, Russian officials have been championing de-dollarization to ease the pain from sanctions, which prevented Russian banks to use SWIFT, the global messaging system that enables bank transactions. The West also froze Russia’s $330 billion in reserves last year.

Part of the shift away from the dollar is being orchestrated by China. President Xi Jinping is seeking to carve out a bigger role for the yuan in the global financial system, and his government has made expanding the currency’s use abroad a priority.

Mihaela Papa, a co-investigator on the Rising Power Alliances research project, said: “A BRICS version of the euro is unlikely for now; none of the countries involved show any desire to discontinue its local currency.” But she explained that building blocks for this already exist. “In 2010, the BRICS Interbank Cooperation Mechanism was launched to facilitate cross-border payments between BRICS banks in local currencies. BRICS nations have been developing ‘BRICS pay’—a payment system for transactions among the BRICS without having to convert local currency into dollars.”

The potential impact of a new BRICS currency on the US dollar remains uncertain, with experts debating its potential to challenge the dollar’s dominance. However, if the bloc succeeds in creating a BRICS currency, and this will stabilize against the dollar, it could weaken the power of US sanctions, leading to a further decline in the dollar’s value, which would pose significant implications for the global economy.

Working and learning with AI

RISING SUN

Th ERE are valid reasons why some people are afraid of a I because, in fact, according to the organization for Economic Cooperation and development (oECd), an estimated 1.1 billion jobs could be “radically transformed” by technology in the next 10 years. a report from the World Economic Forum states that by 2027, 43 percent of work tasks will be automated. It’s easy to see why people should invest in reskilling and upskilling, while there is still time.

It’s good to ask if the Philippines is spending and doing enough to promote adult learning and future-ready education. Needless to say, if we are not prepared, our GDP will suffer. If we insist on using outdated learning systems, our workforce will not be able to secure the jobs of the future. This will not only affect individual livelihoods but also the country’s economy as a whole.

Elsewhere, intense preparations are underway. For example, a group of 350 organizations is working together, under the WE Forum reskilling program, to make sure that 1 billion people will have better education, skills, and economic opportunities by the year 2030. This effort started early, before the pandemic hit in 2020. It’s a huge task being carried out by 64 CEOs, 32 ministers

It’s good to ask if the Philippines is spending and doing enough to promote adult learning and future-ready education. Needless to say, if we are not prepared, our GDP will suffer. If we insist on using outdated learning systems, our workforce will not be able to secure the jobs of the future. This will not only affect individual livelihoods but also the country’s economy as a whole.

from 16 countries, and organizations such as Coursera, Infosys, The Lego Foundation, LinkedIn, UNICEF, and hundreds of other groups. It’s a Reskilling Revolution that is being pushed forward by business members, chief learning officers, online learning providers, labor unions, NGOs, education practitioners, and philanthropic organizations.

It would be extremely beneficial for our local labor force if we are part of global efforts such as this one and if our public and private institutions

are creating similar opportunities to accelerate the reskilling and upskilling of our own workforce. There is quite a big skills gap to close and it will be tragic if we are to one day wake up and realize that we’ve been left behind. Collaboration with other nations will also offer great opportunities for sharing ideas and best practices.

Teaching and learning strategies must be evaluated to integrate improvements that support futureready education. We can begin by identifying where we’re lacking and accepting the flaws. There is research to prove that “investment in reskilling and upskilling of the workforce has the potential to boost GDP by $6.5 trillion by 2030, while investing in future-ready education for today’s generation of school children could add an additional $2.54 trillion over the same period.”

As many have already said, AI is here to stay and so, rather than fear it, we must work with it by taking advantage of the technology and making sure we are equipped and ready to grow along with it.

Maharlika, Grab showcase next PBBM economic stance

LITO GAGNI

PRESIdEnT marcos’s economic stance in his second year in office can be gleaned from his push for maharlika Investment Fund and for innovations in the economic field that can be showcased with the rise of the digital platform of Grab, which helps not only the drivers but the mSmEs or micro, small and medium enterprises.

For all the negative tirades on Maharlika that include imagined mishandling of its finances, the cool voice of reason from the country’s National Treasurer Rosalia V. de Leon drowns all of that. Ms. de Leon, who is now serving her third president, said the “agam-agam” (doubts) on the Fund have been “well covered” with safeguards all in place.

De Leon told a gathering of PR practitioners at the Westin Hotel last week the Fund “will be one way to generate resources and investments and it will free the treasury from having to raise funds for bigticket infra projects. The National Treasurer’s chutzpah on the Fund’s effect on the economic well being of the country can serve as a counterfoil to the “negatrons” that continue to waylay important economic thrusts of the government. Aside from De Leon’s assurances, Rep. Joey Salceda said that there are

De Leon told a gathering of PR practitioners at the Westin Hotel last week the Fund “will be one way to generate resources and investments and it will free the treasury from having to raise funds for big-ticket infra projects. The National Treasurer’s chutzpah on the Fund’s effect on the economic well being of the country can serve as a counterfoil to the “negatrons” that continue to waylay important economic thrusts of the government.

other ramifications that can come from the Fund’s eventual listing on the stock market that will allow for other sub-funds to be created aside from seeing the entry of Temasek Holdings, Singapore’s sovereign wealth fund, and other multilaterals that will create an impact on the financial standing of the Philippines whose stock market, the first in Asia, continue to languish side by side with its Asian neighbors.

Another impactful thrust of President Marcos is his directive for the government to embrace innovation. The need for new paradigms in business is something that the country needs for the success of the momand-pop operations, and this has been showcased by Grab, the delivery app that this year welcomed 7,000 MSMEs and 35,000 drivers.

Grab’s reach in fostering the success of micro-enterprises that later on become medium enterprises

showcase President PBBM’s take on the need for new business models to push for economic growth. We understand that Grab promised the President that the company would create half-a-million jobs. That will greatly reduce the ranks of the unemployed.

The embrace of technology such as digital platforms like the Grab delivery app has a positive impact on the economy. For instance, one additional Grab Transport Network Vehicle Service operator means a higher income stream for the family. Not only that, many mom-andpop operations can crop up that can benefit from this platform, which allows for a meaningful connection between, say, an emerging delicacy maker from a province and the netizens eager to try new food items.

What Grab has done is to craft marketing campaigns that promote

the availability of new delicacies that are happily consumed by their growing clientele. By helping the MSMEs, Grab is also vicariously helping in the President’s push for an economic recovery. In a way, this will shorten the country’s entry into a medium-level economy although that will mean higher interest rates for our loans.

Among others, Grab has also played a pivotal role in promoting digital inclusion and human capital development, providing tens of thousands of drivers and riders a means to make a decent living to provide for their families, and entrepreneurs to expand their businesses.

Through partnerships with organizations such as Microsoft, TESDA, BagoSphere, and PHINMA Education, Grab has further strengthened its upskilling initiatives that will redound to the benefit of its TNVS operators. These kinds of CSR activities or collaborative efforts spell better business partnerships and the fact that they happen just goes to show that old ways of doing business are being dispensed with.

Maharlika and Grab will provide the showcases for President Marcos’s next grading period and this early, we are predicting a higherthan-this-year’s performance. Maharlika represents the macro view of the economy, and Grab the micro perspective; the former is set to debunk the negatrons’ unyielding bias on novel ideas, the latter will provide the impetus for new ways of thinking.

Atty. Jose Ferdinand M. Rojas II

Is NGCP being treated unfairly? Chasing after the wind

Siegfred Bueno Mison, Esq.

THE PATRIOT

Alfredo J. Non

DEBIT CREDIT

Part two

People talk about risks—but has there been a recent study on the advantages and disadvantages of the use of nuclear plants after considering improvements in technology? There is a risk—true, but risks abound everywhere in any technology to be considered.

There may even be a greater risk in the political maneuverings to gain control in the power sector. At this time, this nonstop attack on electric Power Industry reform Act (ePIr A) and National Grid Corp.of the Philippines (NGCP) is a good example of political risks in business. There may be legitimate concerns, but are these being addressed properly?

So far, only Sen. Escudero seems to appreciate the need to temper the emotions of other politicians because we may be missing the bigger picture. How can we entice investors to put up additional capacities if the political risks can wipe out their investments once a new political administration takes over.The red and yellow alerts can be caused by anything—accidents or acts of sabotage to transmission facilities and by the consistent lack of available generation capacity.

For the most part, this lack of capacity has been the main reason, but the blame is intentionally or unintentionally attributed to NGCP for its alleged failure to contract the required ancillary capacities. However, the lack of ancillary services can also be traced to lack of capacity as well. After all, our energy demand and ancillary requirements come from only one source—the capacity market. If there is not enough margin (dependable capacity less peak demand), where will the ancillary come from? Furthermore, not all capacities included in the margin are eligible as ancillary service providers.

Question is, under EPIRA, who is responsible for the build up of capacities? Section 37 of EPIRA very clearly points to the Department of Energy. While it is true that the systems operator is responsible for acquiring ancillary services, it is also assumed that there is adequate capacity to serve both energy demand

and reserve requirements. Section 37(i) in particular states that the powers and functions of the DOE includes

“Develop policies and procedures and, as appropriate, promote a system of energy development incentives to enable and encourage electric power industry participants to provide adequate capacity to meet demand including, among others, reserve requirements.”

We have been in the same situation for a long time now. Stop finding faults and be Constructive, rather than putting the blame on others, or, even take back transmission operations—something planned and approved by previous administrations. These are also covered by a concession agreement and a congressional franchise. Even for the sake of argument that there were flaws in the agreement, are these such that we can no longer move forward without changing the players? If there was a crime involved, then by all means, bring a case forward. Otherwise, can we not work together and fix whatever is necessary to achieve a common goal?

To be continued.

Alfredo Non is a CPA by profession and a former Partner at SGV & Co. He served as Commissioner of the Energy Regulatory Commission till he completed his term in 2018. He also served as Director and Executive Officer of several private companies, and a former professor in Financial Management at the Ateneo Graduate School of Business.

Pakistan’s political stability key to deliver on new IMF aid program

By Faseeh Mangi

PAKISTAN won vital breathing space from a potential debt default thanks to a draft agreement with the International Monetary Fund, but political stability will prove key to the South Asian economy in coming months.

The political situation has been volatile in recent weeks, adding to more than a year of upheavals since the ouster of former premier Imran Khan in April 2022. Violence erupted across the country in May after the arrest of Khan, who has been facing more than 100 cases ranging from corruption to murder in various courts.

“Everything hinges on whether political stability returns,” Uzair Aqeel, a partner at London-based Nairang Capital, said in the wake of Pakistan clinching a draft agreement with the IMF for a $3 billion loan program.

As recently as last August, Islamabad had won IMF staff approval for a $1.1 billion loan, only to have the bailout program halted over failure to meet some conditions. Prime Minister Shehbaz Sharif was able to close a new deal after multiple hour-long phone calls and several meetings with IMF Managing Director Kristalina Georgieva.

“Under duress, the government has shown reforms can be initiated

GrowING up, my siblings and I were taught to always be the best version of ourselves. I think most of the generation Z was brought up that way. As such, we took the metaphor, “never rest on your laurels” quite seriously. The lifelong mission was to always strive for excellence and to accumulate as much recognition and awards in our professional lives.

Similarly, some organizations uphold “excellence” as an important corporate value to indicate that “satisfactory results,” though welcome, are not good enough. After all, there is always room for improvement in all things. Case in point is the United States Army, which has indoctrinated its troops in recent years, with a slogan that says, “Be All You Can Be.” However, becoming excellent can be life-consuming. Aristotle once said, “Excellence is a habit.” Reaching a certain pinnacle of excellence requires a sense of urgency and sometimes madness as it usually makes people fixated on managing their time, as if it is the only valuable resource in the world. Those with an excellence mindset pursue achievements like clockwork in keeping with their mantra—“our past is gone, and our future is yet to be born.”

In his book, “Becoming the Best Version of Yourself,” Matthew Kelly tells his readers that “the challenges that come our way in life are simply opportunities to change, to grow, and to become the best version of ourselves.” For Kelly, understanding that God wants us to become the best version of ourselves “is the fundamental principle of life, of Christianity, and spirituality.” Kelly said that reading life-changing books, among others, can help us bring out our best versions. It appears that both secular and non-secular writers, Aristotle

King Solomon, the author of Ecclesiastes, said that pursuing meaningless things—things that do not have eternal significance—is only chasing after the wind. People leave behind all they achieved in life when they are finally laid to rest.

and Kelly, for instance, encourage us to never settle and accept our “second best.” In contrast, chasing after the wind is a metaphor used to depict the pursuit of futility. Solomon, King David’s beloved son, and one of the richest and wisest men that ever lived, was an expert on chasing after the wind. In the Bible, Ecclesiastes 1:12-14 tells us, “I, the Teacher, was king over Israel in Jerusalem. I applied my mind to study and to explore by wisdom all that is done under the heavens. What a heavy burden God has laid on mankind! I have seen all the things that are done under the sun; all of them are meaningless, a chasing after the wind.” As we read his story, we discover that Solomon’s fame and stature grew but he stopped pursuing God and instead started chasing after the wind. Solomon chronicled everything he did in the Book of Ecclesiastes. Just as he built homes and wineries, gardens and parks, he also amassed wealth and harems of the world’s most attractive women. He worshipped other gods and religions along with his hundreds of wives. He sought laughter and joy through lavish parties and immersed himself in the study of scientific mysteries. In his own words, “I denied myself nothing my eyes desired; I refused my heart no pleasure. My heart took delight in all my work, and this was the reward for all my labor.” (Eccle-

siastes 2:10) Solomon chased after everything that was outside of God’s plans and design! Most of us can readily relate to his life, unfortunately, as we chase after expensive cars and grand homes. Power. Prestige. Money. Jewelry. Shoes. We pursue everything that worldly dreams are made of and nothing short of overabundance. We are lured by the beckoning of the wind, forgetting our spiritual connection with our Heavenly Creator. Eventually, when the lights are off and the music fades, we realize that we chased nothing except emptiness.

King Solomon, the author of Ecclesiastes, said that pursuing meaningless things—things that do not have eternal significance—is only chasing after the wind. People leave behind all they achieved in life when they are finally laid to rest.

“I hated all the things I had toiled for under the sun, because I must leave them to the one who comes after me. And who knows whether that person will be wise or foolish? Yet they will have control over all the fruit of my toil into which I have poured my effort and skill under the sun. This too is meaningless.” ( Ecclesiastes 2:18-19). So, there is no point of chasing after the wind when, in the process, we end in emptiness and futility.

However, from another perspective, the wind by itself is not a terrible thing to pursue. In one of his sermons, Samuel G. Candler, Dean of the Cathedral of St. Philip Atlanta, Georgia, explained that the word for wind in the Bible is the same word as Spirit. He said that from the book of Genesis to Jesus, the word for Spirit

is the same word as wind. So, if we compare the Holy Spirit to the wind we chase, then we should keep chasing after this kind of wind. “God is in the wind,” Candler says. In the Bible, Jesus, knowing the wind and wisdom as associated in the Book of Ecclesiastes, once told Nicodemus, “You should not be surprised at my saying, ‘You must be born again.’ The wind blows wherever it pleases. You hear its sound, but you cannot tell where it comes from or where it is going. So it is with everyone born of the Spirit.” ( John 3:7-8). The moment we accept Jesus Christ is the time we understand that the wind c hases us and not the other way around. And whenever we welcome the wind, we start growing to become our best.

Therefore, the “best version” for the believer does not come from any transformational power that comes from our own efforts. Our best version can only be achieved whenever we integrate ourselves into the life of Christ. Our best version can be attained through His grace after being reborn in Him. Our best version is achieved only when we surrender and submit our plans to Him. In this sense, we stop being wind chasers, for the wind (where God is), is always chasing us. Others can keep chasing after the wind, which can be a spiritual and deeply satisfying pursuit. I rather allow the wind to keep blowing at me in stark reminder that the wind is the Holy Spirit, which has invigorated me with comfort, even if I can’t see it and only sense its presence around me.

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

China is buying natural gas like there’s still an energy crisis

By Bloomberg News

ChINA is on a natural gas shopping spree, and officials are happy for importers to keep striking deals even after a global energy crisis has eased.

The government continues to back efforts by state-owned buyers to sign long-term contracts and even invest in export facilities, in order to bolster energy security through the middle of the century, according to people who have had meetings with policymakers.

imports dipped last year partly due to weaker demand amid Covid restrictions, Chinese buyers renewed the drive after the invasion of Ukraine cut pipeline gas to Europe.

China is looking well into the future to avoid a repeat of energy shortages, while also seeking to fuel economic growth. Longterm LNG contracts are attractive because shipments are promised at a relatively steady price compared to the spot market, where gas surged to an all-time after Russia’s invasion of Ukraine.

—now the question is whether they will stay on track and continue to systematically work through” the issues, Aqeel said.

The nine-month, so-called standby arrangement reached on Thursday will need approval by the IMF executive board, with a vote expected in mid-July.

With some $23 billion of external debt obligations coming due in the fiscal year starting July—more than six times the nation’s foreignexchange reserves—the fresh IMF support can assuage concerns about Pakistan’s ability to keep making payments.

Pakistan is going through its worst economic crisis with record interest rates and inflation that’s making it harder for people to buy fuel and put food on the table.

The government in June proposed a budget plan to shrink the fiscal deficit in part through tax hikes. But that will test the administration’s already frayed popularity ahead of a national election due no later than October.

“I don’t think the government is in a position right now to have serious reforms,” said Ruchir Desai, a co-fund manager at the AFC Asia Frontier Fund. That may indeed be why Pakistan has gone for a standby arrangement, he said. Ultimately a longer-term agreement with the IMF will be needed, he said. Bloomberg

The nation is on track to be the world’s top importer of liquefied natural gas in 2023. And for the third straight year, Chinese companies are agreeing to buy more of it on a long-term basis than any single nation, according to data compiled by Bloomberg News.

China is looking well into the future to avoid a repeat of energy shortages, while also seeking to fuel economic growth. Long-term LNG contracts are attractive because shipments are promised at a relatively steady price compared to the spot market, where gas surged to an all-time after Russia’s invasion of Ukraine.

“Energy security has always been a priority for China,” said Toby Copson, global head of trading and advisory at Trident LNG in Shanghai. “Having ample supply in their portfolio allows them to manage future volatility. I would expect to see more.”

The dealmaking efforts will help underpin global export projects, strengthening the role the seaborne fuel will play in the energy mix. And as suppliers move to woo Chinese importers, Beijing’s influence in the market is set to increase.

China began its push for longterm contracts in 2021, after relations with the US improved. While

The resulting high prices and global competition for the superchilled fuel provided a quick lesson in the need for stable supplies. Part of China’s push for energy security is to diversify imports among various countries as a cushion against further geopolitical disruptions.

Several other importers, including India, are also looking to sign more deals to avoid future shortages and curb dependence on spot deliveries, yet China is locking in contracts at a much faster pace. So far this year, 33 percent of longterm LNG volumes signed went to China, according to Bloomberg calculations.

In the last month, state-owned China National Petroleum Corp. sealed a 27-year deal with Qatar and took a stake in the exporter’s massive expansion project, while ENN Energy Holdings Ltd. inked a decades-spanning contract with US developer Cheniere Energy Inc. Supplies from both contracts are slated to begin as soon as 2026.

More deals are in the offing as negotiations span boardrooms from Singapore to Houston. Stateowned giants including Cnooc Ltd. and Sinopec are in discussions with the US, while smaller firms such as Zhejiang Provincial Energy Group Co. and Beijing Gas Group Co. are also searching for deals, according to traders. Qatar is in

talks with several Chinese buyers for sales contracts that could last more than 20 years, the traders said.

The deals will help feed the roughly dozen new import terminals that are slated to start construction across China’s coastal cities in this decade. The nation’s LNG imports could rise to as high as 138 million tons by 2033, about double current levels, according to Norwegian consultant Rystad Energy.

“Currently, over half of China’s LNG demand from 2030 to 2050 remains uncontracted,” said Xi Nan, a Rystad analyst.

The government isn’t forcing companies to sign deals, and traders will only ink agreements that have attractive prices, the traders said. Chinese buyers are also using the new LNG contracts to expand portfolios and unlock lucrative trading opportunities.

The bullish demand outlook isn’t certain, however, especially as China boosts gas production at home, while overland shipments from Russia could rise if new pipelines are constructed. An excess of supply increases the risk that LNG import terminals are likely to sit idle more frequently, Cnooc senior analyst Xie Xuguang warned last month.

Nevertheless, power outages and shortages over the last few

years have changed the thinking of China’s policymakers, who now favor energy security over fuel importers facing a possible oversupply, according to traders who are briefed on the government’s strategy.

A lack of coal—China’s mainstay fuel for power generation— triggered widespread electricity curtailments to factories for brief periods in 2021 and 2022, slowing economic growth. In response, the country vowed to increase mining capacity, and production has risen to record levels, keeping storage sites well-stocked and reducing imports.

Now, policymakers want to do the same with gas. Beijing is pushing the energy giants to also lift gas production at home, cutting drilling costs to increase self-sufficiency, according to people close to the government.

“Given that new pipelines are being discussed but have yet to be finalized, Chinese buyers are still looking to secure supplies” from the LNG market, said Michal Meidan, head of China Energy Research at the Oxford Institute for Energy Studies.

Plus, the more deals China signs, the more control the nation has over global LNG supply. China is already playing a key role in balancing the market, reselling its contracted shipment to the neediest buyers when demand at home is weak, with that trend set to expand as the new deals start this decade.

“Larger and more established buyers typically possess greater negotiation power compared to smaller or emerging players,” said Rystad’s Xi. “Continuing to sign long-term contracts is a logical decision.” With assistance from Ruth Liao, Anna Shiryaevskaya and Dan Murtaugh / Bloomberg

Govt subsidies down 4.33% in Jan-May period–Treasury

By Cai U. Ordinario @caiordinario

PHL LANDS ANEW ON TOP 10 WORST COUNTRIES FOR

THE Philippines has once again been included in the list of top 10 worst countries for workers by the International Trade Union Confederation (ITUC) due to persistent reports of abuses against trade unionists.

O n Friday, ITUC released its new Global Rights Index, which ranked 149 countries on a 1 to 5 scale, with 1 being the best and 5 being the worst, in terms of their respect for workers’ rights.

LABOR

(SENTRO), one of the local labor groups affiliated with the ITUC, said this was the seventh consecutive year the country was included in the list.  “ This should shake the government into action as it could seriously undermine the government’s efforts to invite more investors into the country,” SENTRO secretary Josua Mata told BusinessMirror in an SMS.

T he data showed total subsidies reached P37.654 billion in the first five months of 2023, lower than the P39.359 billion posted in the same period last year.

I n May, government subsidies reached P7.388 billion in 2023, a 7.28-percent contraction from the P7.968 billion posted in the same period in 2022.

Data showed the top three recipients of subsidies in May were the National Irrigation Authority (NIA), the National Food Authority (NFA), and the National Housing Administration (NHA).

N IA received subsidies worth P4.224 billion in May 2023, bringing its total received subsidies for

the first five months of the year to P18.286 billion.

L ast year, NIA received higher subsidies, which reached P6.262 billion in May 2022 and P15.263 in the January to May period last year.

T he NFA’s subsidies amounted to P849 million in May 2023 and total subsidies in the January to May period to P4.101 billion.

L ast year, NFA did not receive any subsidies in May and brought its five-month subsidies to P3.243 billion in 2023.

T he NHA, meanwhile, received P363 million worth of subsidies this year, bringing its total subsidies to P1.199 billion for the first

five months of 2023.

L ike the NFA, NHA did not receive any subsidies in May 2022; its total subsidies for the January to May period was P3.194 billion in 2022.

T he BTr data showed Major Non-Financial Government Corp. received subsidies of P5.54 billion in May 2023, bringing its total subsidies to P25.154 billion in the January to May period this year.

L ast year, the subsidies it received in May was at P6.498 billion, higher compared to the same period this year. However, its total subsidies for the January to May period was lower at P22.905 billion in 2022.

O ther Government Corporations received a total of P1.643

billion in subsidies in May 2023, bringing the total of that class to P12.151 billion in January to May 2023.

B Tr data showed subsidies for these public corporations reached P1.470 billion in May 2022 and P16.455 billion in January to May 2022. For the Government Financial Institutions (GFIs), the National Home Mortgage Finance Corporation (NHMFC) received subsidies worth P205 million in May, bringing the total subsidies received in the first five months of the year to P349 million.

L ast year, the GFIs did not receive any subsidies from the government in May, and in the January to May period of 2022.

T he Philippines, together with Bangladesh, Belarus, Ecuador, Egypt, Eswatini, Guatemala, Myanmar, Tunisia, and Turkey were among the countries with the lowest rating.

I TUC noted there was still no guarantee of labor rights in the country due to local incidents of violence and arrest of trade unionists as well as union busting.

Workers and their representatives in the Philippines remained particularly vulnerable to red-tagging, violent attacks, abductions and arbitrary arrests. Workers across many sectors still faced significant obstacles when attempting to form trade unions,” the 64page report said.   S entro ng mga Nagkakaisa at Progresibong Manggagawa

T he country is negotiating for the reauthorization of its Generalized System of Preferences (GSP) with the United States and the European Union.

B oth parties will consider the country’s compliance with international labor conventions in their decision for the reauthorization.

Laguesma: Let observers be judge SOUGHT for comment on the new ITUC report, Labor Secretary Bienvenido E. Laguesma told the BusinessMirror in a Viber message he will just let observers be the judge of whether the country deserves to be included in the list despite the current administration’s ongoing efforts to address the reported Freedom of Association (FOA) violations.

See “PHL,” A2

DESPITE the increase in support for agriculture and housing, government subsidies declined 4.33 percent in the first five months of the year, according to data released by the Bureau of the Treasury (BTr).

Editor: Jennifer A. Ng

Companies

B1

Monday, July 3, 2023

CPG to continue expansion

By VG Cabuag @villygc

Park holmes Inc. and its new subsidiary, Century Phirst Corp., the group’s vehicle for entering the socialized and economic housing segments, the mid-income market space and its venture into the mixed-use development format.

“We will continue to add more projects under our core product line which is the P1.5 million to P3.5 million product line,” Phirst Park President Ricky Celis said.

he said the company plans to launch two more developments in the third quarter, one of which will be in Lipa, Batangas, while the other one will be in Laguna.

Fortune Life celebrates Day of the Seafarer ’23

Batulao project in nasugbu, Batangas marks their entry into the P4 million to P8 million market space.

Meanwhile, Phirst Centrale hermosa in Bataan is a masterplanned mixed-use project that will showcase the group’s concept for its township product line.

“Combined, all of these offerings come to a total of about 3,000 units, initially, with a sales value of about P5.8 billion,” Celis said.

“Going forward, we will choose to remain prudent in terms of project launches and vertical development segment to mitigate the risks associated with long duration projects,” CPG President and CeO Marco Antonio said.

“We will calibrate our strategy for

vertical developments to have faster development cycles and less external financings required through more low rise buildings and medium rise buildings.”

The company will continue to expand and diversify its horizontal product offerings through Phirst

“Moreover, we are also preparing for the unveiling of our very first project in the Visayas region, which will kick off the execution of our VisMin expansion strategy,” Celis said.

The firm made its pilot run into the P650,000 to P1.4 million price points market in Laguna, while its

he said Phirst Park will now be able to provide first home buyers with the residential investment range of P650,000 to P8 million, which qualifies Filipino families earning monthly household incomes from P12,000 to P240,000. This spectrum also makes up the current 6.5 million Philippine housing backlog for 2023.

“Phirst will be able to launch an additional four projects. And that’s a fresh 5,800 units valued at close to P11.3 billion,” Celis said.

SMC power units receive ERC petition

The power units of conglomerate San Miguel Corp. (SMC) have received the petition filed by the energy Regulatory Commission (eRC) which seeks to nullify

an injunction order on the power deals with the Manila electric Co. (Meralco).

“South Premier Power Corp. [SPPC] and San Miguel energy Corp.

[SMeC], through their counsels, have received a copy of a Petition for Certiorari dated June 22, 2023 filed by the eRC with the Supreme Court to annul and set aside the January 25

and April 3, 2023 resolutions issued by the 13th Division of the Court of Appeals,” SMC said. The company did not say the next legal steps it would undertake. Lenie Lectura

In celebration of International Seafarers Day, Fortune Life Insurance Company participated as one of the sponsors of the Seafarer Fiesta organized by Propelme at the harbor Garden Tent, Sofitel Philippine Plaza Manila, on June 24, 2023. Propelme serves as a one-stop shop for maritime professionals, providing access to the best career opportunities.

To extend appreciation for the hard work and sacrifices of the seafarers, this event was organized to provide all attendees and their families with time to unwind and enjoy free food, live entertainment, remarkable performances from select

influencers, exciting games, raffle prizes, and a lot of freebies.

Recognizing the significant contribution of seafarers in helping the country toward economic recovery, Fortune Life offers to help Filipino workers secure financial protection for themselves and their families through their offered plans. hundreds of seafarers visited the Fortune Life booth and were rewarded with corporate giveaways, while 25 lucky seafarers won stylish Plethora appliances.

Fortune Life belongs to the umbrella of the ALC Group of Companies, founded by the late Ambassador Antonio L. Cabangon Chua.

Real estate developer Century Properties Group Inc. (CPG) said it will continue the aggressive expansion of its horizontal developments, including its push to other regions in the Visayas and Mindanao, as it recalibrates its plan for the vertical residential business.

Fortune Life supports the Seafarer Fiesta, celebrating International Seafarers Day organized by Propelme. In this photo, Fortune Life’s team, led by the SVP- oIC for Marketing and Sales, Virgilio Aquino (leftmost), stands alongside Propelme’s Chief Strategy o fficer, Peter Baek, and Coo and CoFounder, Stuart McKenna.

Banking&Finance

Domestic liquidity rises 6.6% to ₧16.28T

in May

Rate adjustments spur slow growth in May loans–BSP

LOANS extended to both residents and for production slowed in May compared to April due to policy rate adjustments, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP).

By Cai U. Ordinario @caiordinario

THE country’s domestic liquidity (M3) grew by 6.6 percent year-on-year in May 2023, according to the Bangko Sentral ng Pilipinas (BSP).

The data showed the country’s M3 increased to P16.28 trillion in May 2023 from P15.277 trillion in May 2022 and P16.26 trillion in April 2023.

The BSP said the growth rate posted by M3 in May 2023 was the same year-on-year increase posted in April 2023. On a monthon-month seasonally-adjusted basis, M3 increased by about 0.3 percent. “Looking ahead, the BSP will continue to ensure that domestic liquidity conditions remain consistent with the BSP’s price and financial stability objectives,” BSP said. Data showed that domestic claims rose by 11.4 percent yearon-year in May from 11.9 percent in the previous month.

Claims on the private sector grew by 9.3 percent in May from 9.8 percent (revised) in April, driven by the sustained expansion in bank lending to non-financial private corporations and households.

Net claims on the central government also expanded by 18.3 percent in May from 20.2 percent (revised) in April owing mainly to the borrowings by the National Government.

Net foreign assets (NFA) in peso terms grew by 2.7 percent year-on-year in May following the 0.2-percent contraction in April.

The BSP’s NFA position expanded by 4.2 percent in May after increasing by 2.5 percent in the previous month. However, the NFA of banks declined on account of higher bills payable. M3 may also be derived as Net Foreign Assets + Domestic Claims, net of Liabilities excluded from broad money and transferable and other deposits in foreign currency (FCDs-Residents).

BSP said resident loans slowed to 9.3 percent in May from 9.6 percent in April while production loans slowed to 7.9 percent in May from 8.3 percent in April.

Loans extended to residents reached P10.59 trillion in May 2023 from P10.547 trillion in April 2023 while loans for production reached

P9.498 trillion in May from P9.471 trillion in April this year.

“The moderation in bank lending activity reflects the impact of the BSP’s cumulative policy rate adjustments. Looking ahead, the BSP will continue to ensure that domestic liquidity and credit dynamics are in line with its price and financial sta-

bility mandates,” BSP said.

Compared to May 2022, loans to residents increased from P9.69 trillion while loans for production increased from P8.8 trillion.

BSP said consumer loans to residents grew at a slightly faster rate of 22.7 percent in May from 22.3 percent in April due to the increase in credit card, motor vehicle, and salary loans.

Outstanding loans to non-residents also went up by 13.2 percent in May from 12.2 percent in the previous month. These include loans by universal and commercial banks (UKBs) foreign currency deposit units (FCDUs) to non-residents.

For production loans, BSP data showed the growth was mainly due to the continued increase in

loans to major industries, specifically electricity, gas, steam, and air conditioning supply (14.1 percent). This was followed by real estate activities (5.5 percent); wholesale and retail trade, and repair of motor vehicles and motorcycles (8.6 percent); information and communication (15.9 percent); and financial and insurance activities (7.3 percent).Meanwhile, BSP said outstanding loans of UKBs, net of reverse repurchase (RRP) placements with the BSP, slowed to 9.4 percent year-on-year in May 2023 from 9.7 percent in April.

On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, increased by 0.7 percent.

Cai U. Ordinario

SSS, Burgos LGU ink MOA for creation of ‘SSS E-Center sa Barangay’

THE Social Security System and the local government unit (LGU) of Burgos, Pangasinan recently inked a Memorandum of Agreement (MOA) for the creation of SSS E-Centers in its 14 Barangays.

SSS Alaminos Branch Head Arch.

Jose Alvin M. Altre thanked the Burgos LGU for supporting the “SSS ECenter sa Barangay” Program.

“Most SSS transactions are already available online. However, we know that a large percentage of our population is having difficulty using digital platforms and are forced to visit the SSS branch office or engage with fixers. With the E-Center sa Barangay Program, we can bring

SSS services closer to the Barangay level. They can go straight to the barangay hall since IT resources are readily available for them to access various SSS digital platforms,” Altre said.

Burgos Mayor Jesster Allan B. Valenzuela said, the program “is a big help to our citizens, especially those who reside from far places. They usually travel to SSS Alaminos just to inquire or ask for help from the branch personnel since they do not know how to file their claims online. With this program, I believe it will be more convenient and faster to complete their transaction with the help of our focal point person

Perspectives Companies can’t wait to upskill their workforce

CHROs look to digital learning for cost and time-efficient upskilling in a tight labor market

TIME is of the essence for companies managing a combination of issues starting with the ongoing global shortage of workers and an imminent economic downturn. Organizations are hindered in their ability to transform, drive efficiency, lower costs and find and attract people with niche skills to meet business growth aspirations—all while competing with others for the same scarce talent.

The workforce is changing, our environment is changing, and for companies to stay competitive, they need to focus on their internal pipeline and people. Chief Human Resources Officers (CHROs) are tasked with helping the businesses they support to transition their employees to do more with less as quickly as possible.

Talent shortage has become a steady state ORGANIZATION need to move quickly to compete for employees in an increasingly shallow talent pool. When the economy reopened after the height of the Covid-19 pandemic, demand outpaced supply and continues to do so—a phenomenon economists refer to as “labor hoarding.” Baby boomers are retiring, and many workers never fully returned for a host of reasons, including ongoing physical and mental health issues. Costs to recruit and retain employees have only increased, and companies can’t simply wait out the talent shortage. According to KPMG Economics, labor market challenges will not easily subside, and the staffing squeeze may get worse before it gets better depending on the trajectory of a global recession.

Business leaders have turned to CHROs for help with finding talent that can keep pace with growing demands even as HR departments face the same talent shortages. Upskilling/reskilling as part of a talent development and retention program is business critical.

In the Philippines, talent attraction and retention are crucial considerations in a post-pandemic economy as businesses strive to recover and rebuild. The disruptions caused by the Covid-19 pandemic have significantly impacted the labor market and reshaped the dynamics of the workforce.

KPMG in the Philippines Chairman and CEO, and Head of People, Performance and Culture Sharon G. Dayoan shared that “in light of the rapidly changing landscape, businesses have recognized the importance of fostering an agile workplace that encourages flexibility and continuous improvement. By upskilling both technological and essential skills, organizations ensure that their professionals remain relevant and have the necessary tools to excel in their roles and contribute to the company’s success.”

fies the need for employees to expand their skills.

In the past, employees labored as cogs in a wheel, learning skills to complete a series of tasks and developing competencies around that same set of tasks. The world moves faster today. Needs are dynamic, and learning must be agile enough to meet changing demands. More workers are asked to expand skills outside their immediate tasks as well as take on additional responsibilities and think critically.

Trends driven by technology, generational dynamics and other factors also are likely here to stay and are bolstering the need for continuous rapid upskilling.

First, new demands on the business—including artificial intelligence and other technologies, shifting business models and new ways of working—require employees to think, interact and behave differently. Second, companies need to shift and train employees for where they are needed, often by enabling career mobility through an internal talent marketplace to respond to rapidly changing market conditions. Third, certain talent gaps and niche roles are often best filled with internal resources. And fourth, upskilling is an impor-

tant component of career development for attraction and retention strategies.

Meanwhile, employees increasingly seek more meaningful work that is aligned with their values and aspirations. On-the-job learning done well can keep employees excited and help them learn new skills to improve efficiency so that they focus on more creative and enjoyable work.

By 2025, more than 60 percent of the global workforce will comprise millennial and Gen Z employees who prioritize continuous skills development and meaningful growth opportunities at work.

Upskilling strategies for the CHRO UPSKILLING the existing workforce to expand capabilities can deliver what business leaders demand and CHROs need by improving employee engagement and retention, increasing productivity and lowering hiring costs. CHROs are the driving force behind upskilling for talent and, ultimately, growth. With so much to get done, this is how a CHRO can start organizing the effort:

n Build a skills strategy and integrate existing technologies across the talent ecosystem (e.g., learning, human capital management, recruitment).

n Determine what types of skills and critical roles are needed across the enterprise to enable business strategy.

n Rapidly assess current capabilities and identify gaps in addressing business upskilling needs.

n Develop specific learning interventions and programs to meet needs.

n Look outside to leading practices and adopt technology to innovate.

who SSS will train on the various SSS online transactions.”

Under the MOA, the SSS shall conduct orientations, training, and hands-on tutorials to the assigned LGU personnel and concerned barangays to man and supervise the operations of the E-Centers. SSS shall likewise provide timely and relevant feedback or updates on referrals and queries from representatives of partner offices.

On the other hand, the participating LGU and barangays are expected to create an E-Center within their Barangays with necessary IT logistics manned by competent personnel. SSS online services available at

the E-Centers are the application for Social Security (SS) Number; registration to the My.SSS Portal through the SSS Website; access to member’s membership records; update contact details; enroll disbursement account through members’ Disbursement Account Enrollment Module (DAEM); apply for salary loan and ConsoLoan, if with past due short-term member loans. Further, filing of various benefit claims such as sickness and maternity benefits for self-employed and voluntary members; and filing of retirement, funeral, disability, and death claims are also available through the members’ My.SSS account.

n Buy, not build for greater speed to market and predictable outcomes.

n Define and integrate critical skills as part of career paths.

n Create alternative career paths by providing mobility and cross-learning of skills.

n Integrate upskilling efforts with overall workforce planning to strategically plan for upcoming needs.

According to 57 percent of human resources leaders surveyed, understanding how the shape, size, skills and organization of the workforce need to change to meet future needs three years out is a critical capability; yet only 25 percent said they have such capabilities today.

Finally, CHROs recognize the value of upskilling for engagement, retention, productivity and savings, but many training techniques and programs are outdated, ineffective, and not scalable. The rush to virtual during Covid-19 led to haphazard and suboptimal learning technology implementation, resulting in increased costs and decision fatigue from learners.

Correcting these issues is one of the CHRO’s first tasks in launching an upskilling program. Planned and implemented well, digital learning enhances the employee experience, increases productivity and helps companies meet their business goals by driving overall cost efficiency through upskilling and realignment of learning resources and interventions.

As the demand for skilled professionals continues to outpace supply, businesses are recognizing the urgency of upskilling their workforce to remain competitive and drive growth.

KPMG in the Philippines’ In-

novation Summit this July 20 offers a unique opportunity to gain insights from industry experts and thought leaders on the critical importance of advancing skills in a post-pandemic and technology driven world. Learn about innovative approaches to advancing skills and leveraging on technology gains to drive productivity and meet business objectives. With the launch of the Digital Government Center (DGC), gain valuable insights and strategies on automating services and processes, utilizing emerging technologies, and delivering citizen-centric solutions that will aid in upskilling civil servants through relevant training programs.

Let’s unlock the full potential of your workforce and seize the opportunities that lie ahead.

Visit our website to know more: https://kpmg.com/ph/en/home/ events/2023/07/innovation-summit-2023.html

Registration is free but slots are on a first come, first served basis.

The excerpt was taken from the KPMG Thought Leadership publication: https://advisory.kpmg.us/blog/2023/companies-upskillworkforce.html?

© 2023 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent memberfirms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more information, you may reach out Chairman and CEO, and Head of People, Performance and Culture Sharon G. Dayoan through ph-kpmgmla@kpmg.com, social media or visit www.home.kpmg/ph.

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

The very nature of how and why we work has changed THE labor shortage only intensi-

BusinessMirror file photo

Elián González two decades on: From focus of international tug-of-war to member of Cuba’s congress

By Andrea Rodríguez The Associated Press

Now 29, González is stepping into Cuban politics. He recently entered his country’s congress with hopes of helping his people at a time of record emigration and heightened tension between the two seaside neighbors.

“From Cuba, we can do a lot so that we have a more solid country, and I owe it to Cubans,” he said during an exclusive interview with The Associated Press. “That is what I’m going to try to do from my position, from this place in congress—to contribute to making Cuba a better country.”

González has given only a handful of interviews since he was unwittingly thrust into the geopolitical spotlight as a boy. In 1999, at just 5 years old, he and his mother were aboard a boat of Cuban migrants headed toward Florida when the boat capsized in the Florida Straits. His mother and 10 others died while González, tied to an inner tube, drifted in open water until his rescue.

Granted asylum under US refugee rules at the time, González went to live with his great uncle, a member of the Cuban exile community in Miami that is often a center of fierce criticism of Cuba's government. In Cuba, his father begged then-President Fidel Castro for help. Castro led protests with hundreds of thousands of people demanding little Elián's return. Anti-Castro groups in Miami

pressed for him to stay in the US.

The tug-of-war quickly gained the world’s attention and became emblematic for the testy feelings between the two neighboring nations. Then-US Attorney General Janet Reno ruled the boy should be returned to his father, but González’s relatives refused. AP photojournalist Alan Diaz captured the moment when armed immigration agents seized González in a Miami home, and the photo later won a Pulitzer Prize.

“Not having my mom has been difficult, it has been a burden, but it has not been an obstacle when I have had a father who has stood up for me and been by my side,”

González told AP.

He is a father himself now, of a 2-year-old daughter. He works for a state company that facilitates tourism to the island nation his

mother left, underscoring the alternate track his life has followed since his homecoming.

What’s more, he recently became a lawmaker.

In April, González was sworn in as a member of Cuba’s National Assembly of People’s Power, effectively Cuba’s congress. He represents Cárdenas, a town in Matanzas province about 80 miles east of Havana where he lived until his mother took him to sea. He still lives in the province.

Dressed in black pants and T-shirt, with a discreet braided bracelet on his right hand and his

wedding ring on his left, González was interviewed in Havana’s Capitol, the renovated seat of congress.

“I think the most important thing is that I have grown up like other young people. I have grown up in Cuba,” he said.

For years, his father made it nearly impossible to get close to the child. From afar, the boy could sometimes be seen playing with other children or accompanying his father to political events. Castro would visit him on his birthday.

Over the years, González was a military cadet and later became an industrial engineer. Because

Cuba's congressional positions are unpaid, he will continue to work his tourism job.

The legislative body has faced criticism for lacking opposition voices and for carrying out the agenda set by the country’s leadership.

González's legislative term comes amid historic emigration from the crisis-stricken Caribbean island, as many young Cubans seek a new life in the US—just as his mother did.

It also comes at a moment of heightened tensions between the two nations. There have been alle -

gations that Cuba hosted a Chinese spy base, which Cuba adamantly denies. Meanwhile, Cuba claims Biden has yet to ease tough policies enacted by Donald Trump that target the island, while the US points to resumption of some flights and sending of remittances.

Amid a deepening political and energy crisis in Cuba, González cast blame on decades of American sanctions stifling the island's economy as the root of many of Cuba's problems, echoing many in the government. He said he believes in Cuba's model of providing free access to education and health services among other things, but acknowledged there is a long way to go for that to be perfected.

Despite harsh prison sentences doled out by Cuban courts, punishments defended by the communist government, González said his people have the right to demonstrate. But he added that the causes of current crises should be analyzed before condemning the state.

He also had kind words for the hundreds of thousands of Cubans who, like his mother, chose to emigrate.

“I respect all those who made the decision to leave Cuba, I respect those who do so today, just as I do my mom,” he said. “My message will always be that [those who leave] do all they can to ensure that Cuba has a status [without sanctions] equal to any country in the world.”

HAVANA—Elián González has the same big, expressive eyes he did 23 years ago when an international custody battle transformed him into the face of the long-strained relations between Cuba and the United States.

Elian GonzálE z poses for a portrait in front of the Capitolio in Havana, Cuba, Thursday, June 27, 2023. AP/R A mon EsPin osA

Elian GonzalE z is held in a closet by Donato Dalrymple, one of the two men who rescued the boy from the ocean, right, as government officials search the home of lazaro Gonzalez for the young boy, in Miami, Florida, april 22, 2000. AP/Al An DiA z

GonzalE

Elian GonzalE z bottom, his great-uncle lazaro Gonzalez and cousin Marisleysis celebrate with supporters after they arrived home in the l ttle Havana section of Miami, Florida, January 26, 2000, after Elian met with his grandmothers who had flown in from Cuba. AP/Al An DiA z

Elian GonzalE z holds a Cuban flag during the Union of Young Communists congress in Havana, Cuba, april 4, 2010.

Rico Hizon: Magnified

I know everyone now is into social media. Everyone has their vlog. Everyone has their podcast. But my commitment is to really uphold balanced and fair news on CNN Philippines. That already takes up a

Is there anyone else that you admire that you

I’ve interviewed a lot of personalities in politics, in business, in sports. Of course, there’s always somebody. I want to interview (US President) Joe Biden. I want to interview the UK Prime Minister Rishi Sunak or French Prime Minister Emmanuel

First and foremost, I’m a general news person. I’m also a business-news person. If I put on my business journalism hat, I have to interview Elon Musk. I’d also love to interview again Bill Gates. All the top CEOs,

I also love sports. If given the opportunity, I also want to interview Nikola Jokić of the NBA champion Denver Nuggets. Lionel Messi from Argentina. Novak

I’ve learned in my 35 years in broadcast journalism that you should not just focus on one topic. You shouldn’t just be a subject matter expert on one topic. You have to be very flexible in interviewing all kinds of personalities, from business to sports, to Just recently, I had my dream interview with

There is interest. We are empowering the younger generation to make the right decisions before it goes on air. Everyone has to be a responsible journalist.

What were the challenges during your transition from Singapore to the Philippines when you came home?

that a person like myself, an international journalist, would like to impart to you, then you can always be the best version of yourself.

Having worked with international news organizations, can you say that we are at par with world standards? Do we need something to

I just don’t have the time. Everyone has been asking me: Rico, why don’t you start your own vlog? Why not start your own podcast? But of course I’m full time with CNN Philippines and it is my commitment to deliver quality, responsible journalism to our viewers on a nightly basis. It is the most important thing for me.

Marian Rivera glows like a pro with new beauty endorsement

attain their goal of having good and healthy skin,” said Anicoche-Tan at the launch of BlancPro.

Beautéderm and BlancPro are sibling brands but they are vastly different from each other. While Beautéderm’s packaging is more sleek and streamlined, BlancPro has more vibrant colors, such as shades of purple and green. Aside from the lotions, the other products from BlancPro include Milk Body Wash, Sakura Body Scrub, Charcoal Foam, PhytoEmerald Moisturizing Soap, and Sleeping Mask.

colors welcomed guests to the vibrant summer of Criselda Lontok. Bringing to life its seasonal disposition of cheerful liberty, the homegrown Rustan’s brand saturated its signature sophisticated womenswear with propositions of modern shapes and vivid images of nature that spruced up the Criselda Lontok Boutique at the second level of Rustan’s Makati in May. In this coming together of foliage and fine art, it was truly an afternoon that gave credence to the promise of artistic expression, fun and freedom that guided the brand for spring/summer 2023.

While it was already breathtaking to appreciate these wearable works of art from a distance, the intimate experience was made even more special by a salon-style fashion show. Here, the canvases of soft, light and breezy fabrics, such as jersey, chiffon, georgette, silk, organza, and a Criselda Lontok staple, Mikado, were a sight to behold in graceful movement, where the elegant display of flowers, leaves and summer gardens, tastefully contrasted with curves, stripes and geometry, evoked that feeling of being free again.

the spring/summer 2023 collection of Criselda Lontok is available at all branches of Rustan’s Department Store.

YEARS ago, I interviewed Marian Rivera and asked her what beauty habits her mother and grandmother taught her and she said it was applying body lotion religiously. The actress said her mother, who worked abroad for a while, would send body lotions in balikbayan boxes and her grandmother, who helped raise her, would make sure Marian would always use them.

“I’m still a lotion user. It helps keep my skin soft and supple,” said the actress during the announcement of her being the endorser of BlancPro, a new Filipino brand that offers affordable and effective skin-care products.

Understandably, Marian’s favorite from the line is the Jeju White Brightening & Moisturizing Lotion, which comes in two variants (Honey Berry and Blooming Dale). She also had a hand in formulating it as samples were sent to her prior to manufacturing and she had her own inputs that were put into consideration.

Marian likes the finished product so much that she can go through a 100ml bottle quickly.

BlancPro is a new subsidiary under Beautéderm Corp. According to the company’s President and CEO Rhea Anicoche-Tan, BlancPro was inspired by Beautéderm’s success.

“Because Beautéderm is more expensive and is already established in the market, I wanted a brand that was more affordable but would still help people

“The brand’s promise is ‘Glow Like A Pro’ and with regular use of the products, you get glowing skin. BlancPro is tailored to cater to consumers who seek effective yet budget-friendly skin-care products. What sets BlancPro apart is its use of quality ingredients, carefully formulated to suit all skin types,” said Anicoche-Tan.

The AHA Body Wash contains glycerin, glycolic acid, niacinamide, and other ingredients that gently exfoliate skin. The wash also has brightening ingredients. The Milk Body Wash contains extracts of licorice and willow tree. The Milk Whitening Soap is a bleaching soap while the Phyto-Emerald Moisturizing Soap is for gentle cleansing. There is a foaming face scrub with charcoal and a body scrub with sakura. Those who are low maintenance when it comes to skin care can use the Clarifying Toner followed by the Sleeping Mask, a moisturizer with a light gel texture and a mild cucumber scent.

The line is compact with skin-care basics that will work for most skin types as BlancPro is committed to inclusivity, simplicity and affordability.

Even before BlancPro, Marian was already the official endorser of Beautéderm Home.

“Marian Rivera has been a dear friend for many years. Her effectiveness in representing the brand has been undeniable, leading my team and me to select her as the face of BlancPro. Marian embodies grace, confidence and beauty,” said Anicoche-Tan. Ate Rei [Anicoche-Tan] is an inspiration to everyone—especially to aspiring entrepreneurs. I

really admire her when it comes to business. She is the real deal. She knows what she’s doing, and she really knows her consumers. I am forever grateful for her trust and for the trust of her new company. I believe in the products,” said Marian.

All BlancPro products are FDA-notified (tinyurl. com/5nsma6du) so you can be sure they’re safe for you.

ClassIn: A hybrid digitized education solution is now in the Philippines

Gear up for school with Acer‘s bigger than ever Back-to-School promo with P2M raffle prizes

THE Acer High 2023 Back-to-School promo is bigger than ever with over P2 million worth of prizes at stake. This coincides with Acer’s 20th anniversary this year! Forty Acer customers will get a chance to win amazing overseas and domestic trips, Acer and Acerpure products.

Join Acer High 2023 Back-to-School ambassadors Donny Pangilinan and Belle Mariano in Acer’s biggest promo yet!

Customers earn a raffle entry with every purchase of participating Acer, Predator, and Acerpure products from June 15 to August 15, 2023. Participating products also come with a discount of up to P15,000 and Acer HighCare Warranty Upgrade which includes a 3-year coverage for parts, labor, and on-site or door-todoor service worth P5,060. The product must be registered for warranty at warranty.acer.com.ph within one week of purchase to qualify for the raffle.

There will be two winners each of trips for two to Japan, Taiwan, Singapore, Hong Kong, and Thailand, and ten winners of a barkada local travel package for four to Cebu, Bohol, Boracay, Siargao, El Nido, and Davao. All trips are inclusive of roundtrip airfare and accommodations.

CLASSIN, the leading global provider of hybrid digitized education solutions, announced its official launch in the Philippines at The Blueleaf Events Pavilion in McKinley Hill on June 16, 2023. The event was witnessed by an esteemed gathering of educators, edtech enthusiasts, government officials, and industry leaders who came together to celebrate the arrival of a groundbreaking platform in the country’s education landscape. With the increasing demand for innovative learning solutions, ClassIn offers a comprehensive platform that seamlessly combines the advantages of traditional classroom instruction with cutting-edge technology. The platform empowers educators and learners to bridge geographical barriers, create interactive and engaging virtual classrooms, and enhance the learning experience through advanced features and functionalities.

The launch event showcased the ClassIn platform’s unique features, including interactive whiteboards, realtime student-teacher collaboration, multimedia integration, and a robust

assessment system. Attendees were given hands-on demonstrations of the platform’s capabilities, highlighting its ability to foster a dynamic and immersive learning environment.

Ted Mo Chen, Vice President for Globalization, expressed his excitement about the company’s expansion into the Philippines. “We are delighted to bring ClassIn to the Philippines, a country known for its rich educational heritage and commitment to fostering a culture of learning. Our platform aims to revolutionize the education sector by providing a hybrid learning experience that combines the best of traditional and digital methods. With ClassIn, we empower educators to deliver personalized, engaging, and inclusive education to students, irrespective of their location.”

The global executives who flew in from different countries came to engage with media guests and partners, namely Yuekun Li, Business Development Lead, Aori Genle, Director of Global Operations, Chris Liu, Sales and Partnerships Manager, Zhengyang Cui, Director of Global Marketing, and

the Country Manager in the Philippines, who mostly made this event possible, Kerwin J. Presiados.

As part of its Philippine expansion plans, ClassIn also announced partnerships with prominent educational institutions and organizations to bring its advanced learning solutions to students and educators across the nation. These strategic collaborations will enable ClassIn to amplify its impact and offer its hybrid digitized education platform to a wider audience, benefiting learners of all ages and backgrounds.

ClassIn’s entry into the Philippines marks an exciting chapter in the country’s education landscape, where educators and students can embrace the power of technology to facilitate an engaging and inclusive learning experience. With its robust features and commitment to excellence, ClassIn is set to reshape education in the Philippines, ensuring that every learner has access to high-quality education, regardless of their geographical location. For more information about ClassIn and its hybrid digitized education platform, please visit www.classin.com.

QC officially opens first ever Quezon City Green Awards. calls for entries from barangays, youth, business owners

will be given to businesses and bar angays that have initiated outstanding practices that deal with the impacts of climate change and disasters.

To further discuss the mechanics of the awards, the city conducted Green Awards training to the target participants from June 3 to June 10.

Interested groups and organizations can register in the QC Green Awards microsite (greenawards.quezoncity.gov. ph). Entries must be submitted through the official Google form available on the same site, including all necessary Means of Verification and documents. The deadline for submission is July 15, 2023.

Each entry will undergo intensive assessment and field validation of selected city departments. Finalists will also have to present their programs to the Green Awards pool of judges.

THE Quezon City Government has called on barangays, Sangguniang Kabataan, youth-based organizations, and businesses to showcase their best practices on disaster resiliency and sustainability to be recognized in the first ever Quezon City Green Awards.

Launched in May, the Quezon City Green Awards recognizes and incentivizes groups and organizations that implement outstanding and inclusive programs on Disaster Risk Reduction and Management and Climate Action.

“Initiatives and solutions to the adverse effects of climate change and disasters should be people-centered and truly responsive to the challenges faced by and the circumstances of the

communities. Their ideas will help the city develop better programs for every QCitizen, particularly for those who are most vulnerable and marginalized,”

Mayor Joy Belmonte said.

The awards have three categories - Green Award, Resiliency Award, and Green and Resilient Champion.

The Green Award recognizes institutions that have made significant contributions in addressing climate change and advancing sustainable practices, while the Resiliency Award honors initiatives that demonstrate resilience, preparedness, and response in the face of natural- or human-madeinduced disaster. On the other hand, the Green and Resilient Champion award

A total of sixteen exemplary organizations and institutions will be awarded in October. They will receive a trophy and a cash grant that they can use in their current and upcoming climate action and disaster risk reduction and management projects.

For more information and inquiries about the QC Green Awards, visit greenawards.quezoncity.gov.ph or contact the Climate Change and Environmental Sustainability Department (CCESD) at 8988-4242 locals 8348/8349/8359/ 8360

They can also be reached through email at inquire.greenawards@ quezoncity.gov.ph.

There will also be one winner each of amazing Acer products such as the Aspire 7 worth P47,999, Aspire Vero worth P41,999, Swift Go worth P55,999, Predator Helios Neo worth P79,999, Acerpure Cool C2 worth P14,999, and Acerpure Clean V1 Cordless worth P10,999 among others!

The promo period is from June 15 to August 15, 2023. Participating products are available from Acer Concept Stores, Acer Philippines Online Store, or any of Acer’s authorized resellers. For more details about

the promotion, check posters, print ads, and Acer’s social media accounts. Taxes, including 20 percent withholding tax for prizes exceeding P10,000, and other expenses that will be incurred in relation to the prize shall be shouldered by Acer Philippines. A customer can win multiple prizes during the duration of the campaign. The deadline for submission of entries is on September 5, 2023 at 11:59 PM. The prizes are not convertible to cash but are transferable. Get your Back-to-School gear from Acer and have an amazing school year ahead!

Visit Acer’s official social media pages for more details - Facebook (@ acerPH), Instagram (@acerph), Twitter (@ acerphils), or through the official website www.acer.com.

DLSU moves up the QS World University Rankings

DE La Salle University remains as one of the world’s top HEIs (Higher Education Institution), according to global higher education analyst QS Quacquarelli Symonds.

DLSU improved its standing in the 2024 edition of the QS World University Rankings, placing in the 681 to 690 bracket after being in the 801 to 1,000 bracket for five consecutive years. The University is also the country’s top ranked HEI in the

citations per faculty indicator.  La Salle it also improved in both the academic reputation and employer reputation indicators this year.   According to Vice President for Research and Innovation Prof. Raymond Tan, “As we approach the 50th anniversary of our university charter in 2025, our Lasallian community remains steadfast in its commitment to contribute to nation-building through quality education and knowledge generation.”

Access to information now easier for clients with improved Inlife Chatbot and website

insurance, etc. may click on the InLife Products button. Employers who want to provide the best benefits for their employees through group life and health insurance may do so through Ella.

Customers who click on the Customer Portal will be directed to buttons that will help them unlock their account, reset their password, or sign up for a Customer Portal account. They may also avail of partial withdrawals, apply for a policy loan, switch funds or access the download link to the InLife App via the Apple Store or Google Play. The InLife App makes it more convenient to get information about their policies.

INSULAR Life (InLife) has implemented changes in the interface and design of its chatbot and website to improve user experience, making it easier for visitors to access information on its products and services.

“The enhancements we made were based on the interviews we conducted with our customers. We asked them how we could still improve their experience in using our digital facilities when they search for information and address their concerns. We listened, and we used their responses as our guide in introducing the changes we made to our chatbot and website,” said InLife Chief Marketing Officer Gae Martinez.

Ella, the InLife chatbot, now has a more user-friendly interface. Its menu of services has been updated to include buttons for InLife Products, Policy Payments, Policy Claims, and InLife Branches. They may be found alongside the Customer Portal, My InLife Policy, Schedule Appointment, and Application status buttons.

Those who want to know more about protection, savings, investments, health

“With Ella, you don’t need to wait for a customer service representative to become available to get answers to your questions. We equipped her with all the essential details about our products and services. You may even initiate transactions through Ella, such as if you would like to file a claim on your policy or pay premiums whenever and wherever you want,” Martinez said.

The InLife website has also been redesigned so that customers can access most-searched for information more easily.

“InLife knows the importance of keeping up with customers’ changing needs. We refreshed the design of our website to meet their current preferences, making it easier to navigate it and look up information about our products and services. We have also improved our content layout and optimized it for mobile users,” Martinez said.

She added, “With rapid changes in the digital landscape, the least we could do is to make the experience seamless and easy for our customers so they can have more time to dream of a better and financially secured future for themselves and their families. We want our fellow Filipinos to pursue A Lifetime for Good.”

Building media relationships in a foreign market

TikTok updaT es Family pa iring and es Ta blishes y o u T h Coun C i l

MANILA, PHILIPPINES—TikTok

has announced a new way caregivers can support their teen’s viewing experience through Family Pairing. Furthermore, the platform also shared information about the upcoming launch of its Youth Council. adding content filtering to family pairing

L A ST y ear, TikTok launched a content filtering tool to allow people

n back to basics

AS things open up, global communications are again growing. And it will not be unusual for PR pros to have the opportunity to work in a foreign market.

In an article in prnewsonline. com, Karnika Bahuguna, Associate Director of Communications at Dyninno India, shares with us some tips on Establishing Media Relations in a Foreign Market.

Interestingly, she relocated to the Philippines “with no connections in the media landscape.”

Initially skeptical and underconfident about her abilities in what she describes as a “new and unfamiliar market”, she eventually found her way to effectively engage in conversations and pitch relevant stories to senior media professionals.

Here’s how she did it.

to filter out videos with words or hashtags they’d prefer to avoid seeing in their For You or Following feeds. Since then, TikTok heard from parents and caregivers that they’d like more ways to customize the topics their teen may prefer not to stumble upon, as every teen is unique and caregivers are often closest to their teen’s individual needs.

Today, TikTok is bringing this tool to Family Pairing to empower caregivers to help reduce the likelihood of their teen viewing content they may uniquely find jarring.

To adapt this feature for Family Pairing, TikTok engaged with experts, including the Family Online Safety Institute, on how to strike a balance between enabling families to choose the best experience for their

W H EN s tarting out in a new market, you may have to return to the basics, says Bahuguna. Being a student for life, she acknowledges that, “I don’t know everything and there’s so much to learn from everyone we meet.” This humility, she adds, often helps in breaking the ice and striking engaging conversation.

This means being open to new things: checking out the media landscape in the place of your new assignment; and knowing the culture in the area which will be helpful in establishing contacts.

“It is essential to go beyond merely researching the journalists themselves,” she says. “Instead, delve into their work, the topics they cover, the stories they break and their writing styles. This level of understanding provides valu -

needs while also ensuring respect for young people’s rights to participate in the online world. Therefore, by default, teens can view the keywords their caregiver has added and TikTok believes this transparency can also help to prompt conversations about online boundaries and safety.

The keywords caregivers add will be a personalized layer on top of TikTok’s Content Levels system, which already helps to keep content with more mature or complex themes from reaching audiences between ages 13 to 17.

Forming TikTok’s youth Council L ISTENIN g t o the experience of teens is one of the most important steps TikTok can take to build a safe platform for teens and their families.

able insights into the individuals you will meet.” Her advice? Research. “Be a voracious reader of their work, exploring most recent articles, best pieces, most shared stories, and even their pinned articles on platforms like Linkedin,” she says. “Comprehensive research is your preparation for success.”

n it ’s about Them, not you

W H ERE v ER you go, newsworthiness is unchanging in pitching a story. We are sometimes tempted to believe our pitches and angles are exceptional, but Bahuguna says, “it is never about you.”

“Your research will reveal what constitutes news for journalists, and you must find newsworthy and relevant angles tailored to their interests,” she adds. If your story lacks newsworthiness, “it simply won’t resonate.”

n building relationships

Takes Time

R E LOCATIN g t o a new geography may entail that you start from scratch with realistic expectations. This means taking time and effort to build a relationship with the media.

Rather than expecting immediate results, “you will have to approach meetings with journalists as opportunities for relationship building,” says Bahuguna. This

It helps avoid designing teen safety solutions that may be ineffective or inadequate for the actual community they’re meant to protect, and it brings TikTok closer to being a strong partner to caregivers as it can better represent teens’ safety and wellbeing needs.

Later this year, TikTok will launch the global Youth Council, where it will listen to the experiences of those who directly use the platform and be better positioned to make changes to create the safest possible experience for its community.

TikTok is already working to engage with teens and act based on their feedback. For example, within Family Pairing, TikTok provides tips for caregivers that it developed in collaboration with teens.

means “taking time to know them as individuals, pitch story ideas, and listen to the feedback.

Always keep in mind that it is a collaborative process that requires mutual respect. While results may not be instantaneous, “the foundation of a strong relationship is being laid.”

n genuine interest and appreciative enquiry

E M BRACINg a genuine interest in the culture, cuisine, and history of your new country can go a long way in establishing rapport, says Bahuguna.

Dining out together in local restaurants, visiting historic sites, and viewing art exhibits, and enjoying tourist attractions can bring us closer to the media in our new place of assignment.

“Engage in conversations that demonstrate your curiosity, actively listen, and ask thoughtful questions,” she adds. With this, “you can foster meaningful connections that transcend professional interactions by showing appreciation for their expertise and perspectives.

n respect their Time and Follow up appropriately

ExCES SI v E me ssaging or follow ups can be extremely annoying to journalists, who may just disregard your materials. Instead,

These outline the support teens would like and their suggestions on how to approach conversations about digital literacy and safety.

In a similar way to how TikTok engages regularly with more than 50 academics and leading experts from around the world through the Content and Safety Advisory Councils, this new Youth Council will provide a more structured and regular opportunity for youth to provide their views. TikTok is looking forward to sharing more in the coming months about this forum and how teens can take part.

TikTok’s work to help create a safe place for teens and families has no finish line. In March, TikTok set every teen’s daily screen time to 60 minutes by default, with almost

Bahuguna recommends that its best to “respect their time and follow up in a reasonable and professional manner.”

As communicators, we have to recognize that journalists have their own story interests, and graciously accept it. We may even find a story they will find intriguing. Being open and respectful can lead to future opportunities. All in all, “establishing media relations in a foreign market requires persistence, research, genuine interest, and a collaborative mindset,” she says. And this holds true for any place we communicate. In the end, “building relationships and offering newsworthy angles” can allow you to navigate unfamiliar territories and succeed in your media outreach efforts.”

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (IPRA), the world’s premier association for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chair.

We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

three-quarters of teens choosing to keep the limit. For those who opt out of the default but spend more than 100 minutes on the platform in a day, TikTok continues to encourage these teens to use our screen time management tools. Also in March, TikTok started to prompt its community to learn more about Family Pairing and, so far, it has reached more than 400 million people with this information. TikTok is proud that through Family Pairing, it supports more than 850,000 teens and their families in setting guardrails based on their individual needs. As TikTok learns more, it does more to protect and empower its community and TikTok looks forward to sharing more about its progress in the future.

Sports

B8 Monday, July 3, 2023

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

JERMYN-JONEL-KIM SHOW IN TAGAYTAY

and Mayor Abraham “Bambol” Tolentino hosted in Tagaytay City.

P rado won the 15-km individual time trial (ITT) in 34 minutes and 43.80 seconds . She clocked 3:22:04 in the 104-km road race that was punishing and cruel in the final 15 kms where the riders almost yielded to the steep climb from Agoncillo in Batangas to Alfonso in Cavite toward the Praying Hands monument in Tagaytay City.

C arcueva was as unrelenting in the 127-km men’s road event punctuated by the same climb where majority of the riders had to dismount and push their bikes up the climb whose gradient ranged from 5 percent to as nerve-sapping as 28 percent.

Tuesday last week with the criterium races around a 2.2-km loop starting and ending at the Praying Hands with Prado and De Los Reyes providing a dramatic you-or-me showdown made story-book perfect by blinding fog and heavy rain.

The women raced eight loops with De Los Reyes and Prado forming the tip of the competition in the final four laps when a heavy downpour and fog made visibility difficult to 5 meters—and it was only close to 5 o’clock in the afternoon.

It was in the final 200 meters where De Los Reyes made a mad sprint to the finish to win gold and relegated Prado, the 2019 Southeast Asian Games gold medalist, to the silver medal.

Obiena targets ticket to Paris, PHL flag waves high in Sweden

By Josef Ramos

ERNEST JOHN “EJ” OBIENA is ready to fly and snatch a ticket to the Paris 2024 Olympics as the Philippine colors shared attention with the world No. 3 pole vaulter in Stockholm on Sunday.

The Philippine flag was raised for the first time at the historic 33,000-seat Stockholm Stadium in Lidingovagen and drew enthusiastic curiosity among athletes and fans attending the Diamond League series’ Bauhaus-Galan Meet.

“ Everyone’s talking about the Philippine flag flying at the historic Stockholm Stadium…it’s the first time ever,” said Jim Lafferty, Obiena’s long-time confidante. “If you want to know what EJ Obiena has done for his country and for Philippine sports, here is a powerful and tangible example.”

T he country’s colors waved proudly alongside 11 other powerhouse track and field countries, including Japan, Italy and France, at the stadium that hosted the 1912 Olympics.

“ There’s no American flag, no UK [United Kingdom] flag,” Lafferty said. “That’s what this young man [Obiena] does for his nation. He puts it on the map—showing the greatness of the Filipino for the world to see.”

JERMYN PRADO snatched two gold medals, Jonel Carcueva kept his throne and Kim Bonilla was hailed as a rising star in the recent PhilCycling National Championships for Road that was raced in what could be the most punishing and cruel road route in years.

P rado won the women’s individual time trial and criterium to remain queen of Philippine cycling—she lost the criterium gold medal going to Maura de los Reyes in the four-day championships Philippine Olympic Committee and PhilCycling president

He clocked 3:05:20 to lead a 1-2-3 finish by the Go For Gold team in the 120.85-km and 190-cyclist race presented by Standard Insurance and MVP Sports Foundation and supported by the POC, Philippine Sports Commission, supported by Chooks-to-Go and Excellent Noodles.

Rustom Lim submitted the best time of 36:21:50 in the 20-km Men Elite ITT, thus ending the reign of Mark John Lexer Galedo, who was 13 seconds slower at fifth place, while Excellent Noodles’s Ryan Tugawin dominated the Men Elite criterium to also share the spotlight.

The championships started

Arcilla targets sweep of Lanao tennis crowns

JOHNNY ARCILLA started chasing a second straight crown in the Lanao del Sur National Open which got going Sunday at the Mindanao State University courts in Marawi City.

A rcilla fashioned out a 6-3, 6-1 victory over Eric Jed Olivarez in the Lanao del Norte Open finals to herald his return to the top Open ladder after getting axed in the semifinals of the Malita Open in Davao Occidental last month that halted his dominant run in the country’s premier championships.

B ut while he’s confident of his chances for a sweep of the Lanao swing of the circuit under the Palawan Pawnshop-Palawan Express Pera Padala, the many-time Philippine Columbian Association Open champion and veteran Davis Cupper remains cautious of his fellow seasoned campaigners and a pack of young rivals ready to pounce on every opportunity.

A t stake in the Group A tournament—which also features Nilo Ledama, Eric Tangub, Jeleardo Amazona, Noel Salupado, John David Velez and John Alejandre— is the top P80,000 purse out of the total of P450,000 prize fund put up by Vice Governor Mohammad Khalid Raki-In Adiong, leader of the host province’s youth development program particularly tennis.

He also spearheaded the rehabilitation of the province of Lanao del Sur and the City Marawi after the five-month conflict in 2017 with Marawi now ready and capable of hosting top sports events at the newly-built Sarimanok Sports Stadium and Convention Center.

A side from Arcilla and Olivarez, others vying in the week-long event, part of the country’s longest talentsearch put up by Palawan Pawnshop president and CEO Bobby Castro and held as part of Lanao del Sur’s 64th founding anniversary celebrations, are Jude Ceniza, John Sonsona, Aslan Carbonilla, Evan Bacalso, Nicolas Gutierrez, Francisco Santos, Ibarra Ortega and Dave Mosqueda.

That Jordan-Pippen Fallout

IT has been weeks since National Basketball Association (NBA) great Scottie Pippen made the latest of his verbal tirades against former Chicago Bulls teammate Michael Jordan and its shockwaves are still being felt around the basketball world.

P eople are still talking about it. And like every other broadside since the telecast of The Last Dance, Pippen’s opinions have been outright outrageous and

B onilla? Only 17, the pride of Natividad in Nueva Ecija raced like a seasoned veteran and pedaled away with the Women Junior criterium and ITT gold medals.

She finished some half a minute behind Weniza Claire Vinoya (3:11:35.32) in the 86-km road race of the championships also backed by the POC, Philippine Sports Commission, 7-Eleven and CCN and staged in cooperation with Tagaytay City, Eighth District of Cavite, First District of Batangas, City of Calaca and the Municipalities of Nasugbu, Tuy, Balayan, Agoncillo, Laurel and Lian, as well as the

Philippine National Police and Batangas Red Cross.

The other winners were: Mathilda Krogg (Under 23), Angelica Mae Alta Marino (Junior) and Maria Louisse Crisselle Alejado (Youth) in women’s criterium; Farin Guill Aisaiah Abigania (Youth), Pepito Khalil (Junior) and Steven Nicolas Shane

Tablizo (Under 23) in men’s criterium; M aria Louisse Crisselle Alejado (Youth) and Phoebe Salazar (Under 23) in women’s criterium; Darius John Villasenor (Youth), Andrei Domingo (Junior) and Joshua Pascual (Under 23) in men’s ITT; and John Arwin Velasco (Junior) and Joshua Pascual (Under 23) in men’s road race.

ABANDO IMPRESSES IN UKRAINE GAME

RHENZ ABANDO showcased his offensive skills in Gilas

Pilipinas’s 70-61 victory over Ukraine’s under-20 team on Saturday at the Zalgirio Arena in Lithuania a nd drew praises from national team coach Chot Reyes.

The potential of Rhenz [Abando] and his upside is tremendous,” Reyes said on Gilas Pilipinas’s social media page. “He only needs to be able to defend better to understand our offense as well.”

A bando, Anyang KGC’s import at the Korean Basketball League (KBL), scattered 14 points as Gilas recovered from defeats to Estonia and Finland during the first week of its European training camp.

When Rhenz gets open and gets the opportunity, he is a scorer, a very explosive scorer,” Reyes added.

Abando averaged 8.2 points and 2.7 rebounds last season

when he helped his team win the KBL crown last season.

A bando, June Mar Fajardo, Dwight Ramos and naturalized player Justin Brownlee led Gilas to a close 3331 halftime lead over the relentless Ukranians, whose youth eventually yielded in the last two quarters.

R eyes remained unsatisfied with the outcome though.

“ This is a game we won but it still left a lot to be desired,” said Reyes as he emphasized the camp’s goal of developing team chemistry and adopting to the international brand of basketball.

Gilas will play three more tune up games before returning to Manila on July 10.

The national team is seeded into the August 25-September 10 International Basketball Federation World Cup as host country. Josef Ramos

Suarez fights Vasquez in Oklahoma

CHARLY SUAREZ—through Ilocos Sur Governor Luis “Chavit” Singson and the LCS Group—signed a fight contract with Top Rank Inc. on Saturday for a fight with Yohan “La Fiera” Vasquez of the Dominican Republic on August 26 at the Hard Rock Hotel and Casino in Tulsa, Oklahoma.

S uarez signed the deal with Luis Christian Singson, Rick Navalta and Delfin Boholst.

S uarez owns a record of 15 wins with nine knockouts. He is the current International Boxing Federation Asia super featherweight, International Boxing Organization Inter-Continental, World Boxing Association Oceania and World Boxing Council Asian Boxing Council super featherweight champion.

He competed at the London 2016 Summer Olympics.

Suarez thanked Singson and the LCS group for the deal with Top Rank as he emphasized his great love and gratitude to his father Antonio, who is also his coach, and cornerman.  Vasquez is fighting out of Bronx in New York and has a 25-3-0 (win-loss-draw) record.

inane; the warbling of a hurt man.

My question about The Last Dance—was it about Michael Jordan or was it about the Chicago Bulls?

My problem with The Last Dance is how the writing missed out on key players—Ron Harper, Toni Kukoc and Luc Longley. The oversight made the documentary unsatisfying. So ultimately, it looked like everything was from Jordan’s perspective. They could have added two more episodes to tell the complete story.

Now, the problem with The Last Dance is it had to tell the story of the Bulls from the time they drafted Michael Jordan. If you are going to go all the way back, then you should have included Doug Collins and other characters.

T hey should have concentrated on that 1997-98 season. By doing so, they would have avoided Pippen’s Migraine game, his being bullied by Xavier McDaniel, his being labeled as soft etc. That season alone was filled with a lot of drama and a multitude of sub-plots from the team trading away Jason Caffey to “give more responsibility to Dennis Rodman” to all the arenas being filled to the battles with the Miami Heat etc.

The dismantling of the Bulls should have been featured with the cast scattered to the four corners of the NBA.

I f the filmmakers concentrated on that season, they

P hilippine Olympic Committee (POC) president Rep. Abraham “Bambol” Tolentino praised Obiena for his accomplishments for the country.

That’s very big and EJ brought us there,” Tolentino said. “It’s really an honor for the country.”

O biena is competing against a powerhouse cast led by Olympic and world champion and record holder Armand Duplantis, who’s competing on home soil.

A lso on the list are Rio 2016 Olympics gold medalist Thiago Braz da Silva of Brazil,  Renaud Lavillenie of France, Ben Broeders of Belgium, Sondre Guttormsen and Pal Haugen Lillefosse of Norway and Kurtis Marschall of Australia.

‘Sen Tol’ has eyes on baseball

ENATOR Francis “Tol” Tolentino is pushing for a broader activation of baseball and softball games in the country. Tolentino made the pronouncement during a Facebook live while watching a local baseball game in the United States recently.

“ I believe it’s simple to [revive] baseball [and softball] in the counry. Baseball is easy to follow—what we need besides athletes are playing fields,” Tolentino said.

“Schools and local government units could provide these playing fields.”

A ccording to Tolentino, baseball and softball were popular in the country during the 1950s until 1970s, adding that the sports were once widely played in the

would have just zeroed in on Pippen’s late return to the season. Because by going back, it looks like the negatives of Scottie were highlighted.

W hile all of that truly happened, that is reopening old wounds. And it did happen. That is a startling poor judgement on the part of the filmmaker. Unless he was just there to please Jordan.

It is certainly false that Jordan and Pippen had a poor relationship when they played together with the Bulls. There is no supporting evidence during that time or in the decades after. All this vitriol came after…The Last Dance.

Seriously. The Last Dance was meant to remind the millennials and Gen Z who is Michael Jordan so he can rebut all these LeBron James talk about being the Greatest of All Time. Pure and simple.

I f it wasn’t then it should have been out in 2018, the anniversary of The Last Dance. So 2020 was an odd year to release it.

D id the filmmaker even bother to show this to a small audience who could have offered their take on that particular cut?

W hether Jordan approved it or not, this is why you need that other voice. It is to his credit that he didn’t answer back to the criticism coming from Pippen and even Luc Longley.

Sprovinces especially in Southern Tagalog.

“ What an athlete needs is training— the skill to bat and understanding of the game,” he said. “The Filipino’s height and physique are ideal for these sports.”

C onflicts among local baseball and softball officials in past decades led to the games’ decline, he said, although Filipinos remain a powerhouse in the region by bagging the gold medal in the 2019 Southeast Asian Games.

T he senator also stressed that obesity among Filipino youths could be addressed through sports like baseball and softball.

Data from the Department of Health last March revealed that one in 10 Filipino school-age children or 14 percent are overweight, while about 13 percent or 1 in 10 adolescents are considered obese.

W hile I am a Jordan fan (as a basketball player and not the person), the documentary succeeded in edging James out of that GOAT conversation. Let me get this straight too—I am a James fan, but really, as great as he is, he is not the GOAT.

Was Wilt Chamberlain considered the GOAT because of his far superior stats to Bill Russell? Why was Kareem Abdul-Jabbar not considered the GOAT? After all, he won six NBA titles—one with the Milwaukee Bucks and six with the Los Angeles Lakers.

I s it because he wasn’t the best player on the latter Laker squads? Or LA lost in three finals to the Philadelphia 76ers, the Boston Celtics, and the Detroit Pistons?

A nyways, it is sad to see this fallout or end of this relationship (Jordan and Pippen). In my opinion, it has gone past the point of no return with every derogatory and stupid thing Pippen has said. Plus, it is in his book. Making everything worse is his ex-wife Larsa Pippen has struck up a relationship with Marcus Jordan, Michael’s son.  The sad thing is—Pippen comes out the loser here. Even other NBA greats have teed off on him.

A s for The Last Dance, in my opinion, it is tainted. I cannot watch any documentary (from the one that was released by the NBA after that season) or anything since without thinking of its repercussions.

JONEL CARCUEVA poses with his men’s road race gold medal and so do Jermyn Prado, Kim Bonilla and Angelica Mae Altamarino on the podium.

CHARLY SUAREZ (seated right) signs the contracts in the presence of Ilocos Sur Governor Luis “Chavit” Singson (seated left) and (standing, from left) Christian Singson, Rick Navalta and Delfin Boholst.

ADIONG

TOLENTINO

ERNEST JOHN “EJ” OBIENA with (from left) Morgan Lafferty, Thiago Braz da Silva, Jim Lafferty and Kenji Lafferty in Stockholm.

Keeping prices steady: a Key pillar of central banKing

cumulative 75 bps hike from January to June 2023. This brought the combined rate adjustments to 425 bps, that is, increasing its policy rate by 4.25 percent. Compared with its peers in the region, the BSP was among the most aggressive in raising its policy rate. And similar to other countries, the BSP sold some of its reserves as part of its expanded toolkit.

The BSP maintains close relations with other government bodies, adopting a coordinated approach that allows it to factor in various macroeconomic perspectives when making decisions to contain inflation and protecting the purchasing power of Filipinos.

tions on scarce food items have begun to take effect. Based on estimates of the BSP in June 2023, headline inflation is seen to settle within the 3.0 to 4.0 percent target by the fourth quarter of 2023.

Price stability refers to managing and controlling inflation within an acceptable range to avoid drastic fluctuations in the price levels of goods and services in the economy.

For consumers, price stability protects their purchasing power and overall standard of living. For businesses, it reduces uncertainty and allows for more accurate planning. By fulfilling this role, the BSP fosters an environment conducive to the efficient operation of financial markets and the sustainable growth of the economy.

From 1993 to 2023, the BSP's strategy for maintaining price stability has evolved in line with the changing economic landscape, domestically and globally. In its early years, the BSP adopted a monetary targeting framework, under which it would target a certain level of money supply in the economy to manage inflation.

As many countries, including the Philippines, experienced a weakening relationship between inflation and money supply, however, the BSP shifted its framework in 2002. It adopted inflation targeting as its primary approach to monetary policy. Under this framework, the BSP directly targets a range of inflation. It publicly announces the target inflation range and uses its tools to meet the target.

Shift to inflation-targeting

InFlATIOn targeting refers to a monetary policy strategy where the central bank sets a specific inflation rate as its goal and implements monetary policy decisions, such as adjusting interest rates, to achieve and maintain this

The Bangko Sentral ng Pilipinas (BSP) and the Alliance for Financial Inclusion (AFI) have unveiled the logo for the 2023 AFI Global Policy Forum (GPF), which they will jointly host from September 12 to 15, in Manila. The Forum theme is “Stability, Sustainability, and Inclusivity for Shared Prosperity.” The theme emphasizes the transformational impact of technology on financial inclusion and sustainable development in the monetary and financial stability mandates of AFI members.

AFI is a global network of central banks, financial regulators, and other stakeholders from 76 countries working together to promote and develop policy solutions and regulations that improve the lives of the poor through financial inclusion.

The 2023 AFI GPF in Manila is expected to draw around 800 local and international participants, including heads and senior officials of

target. This approach is known for its transparency as the BSP explicitly states its inflation target, making its monetary policy decisions useful for planners and easier to understand for the public.

The transition to inflation targeting represented a significant shift in the BSP's approach to monetary policy. This framework offered the BSP more flexibility to respond to economic shocks, as it focuses on future rather than past inflation, allowing for preemptive measures. Moreover, the clear communication that characterizes inflation targeting—whereby the BSP regularly informs the public of its target, its outlook for inflation, and its assessment of the balance of risks—has helped anchor inflation expectations and thereby reduce inflation volatility.

Expanded toolkit

The BSP utilizes several tools alongside inflation targeting to ensure price stability. One key tool is the reserve requirement, which dictates the minimum reserves each bank must hold from its depositors' balances. By adjusting the reserve requirement ratio, the BSP can influence the amount of money circulating in the economy, thereby managing inflation.

In 2009, the BSP began incorporating banking regulations meant to help manage liquidity in the economy into its policy toolkit. Indeed, financial stability and price stability are intertwined. As part of its oversight function, the BSP sets the thresholds for key metrics, such as loan-to-value ratio (or the difference between the

loan amount and the current market value of a property) and capitalization. Stress testing exercises are also conducted. The objective is to protect the financial system from potential shocks and to prevent unsustainable credit growth.

The BSP also adopted an interest rate corridor system in 2009. Under this system, the BSP keeps a lower and an upper threshold for interest rates, which better guides banks in putting their own interest rates. This system aims to guide short-term market rates toward the BSP’s policy interest rate, further refining its ability to manage inflation expectations effectively.

Re-anchoring inflation expectations

hOw ever, 2022 saw an unprecedented challenge. Across the world, supply chain disruptions caused by the lingering effects of the Covid-19 pandemic and the Ukraine-russia conflict stoked inflation, triggering rate hikes, higher unemployment, and record-high debts. w hat made 2022 even more challenging was the US Federal reserve’s sudden pivot to tighter monetary policy. This narrowed the interest rate differential between the United States and the Philippines and weakened the peso.

To re-anchor inflation expectations, the BSP implemented a cumulative increase of 350 basis points (bps) in the policy rate in 2022, followed by a

Under the Tinbergen rule, policymakers need multiple tools to address several objectives. The BSP avoids overreliance on any single tool and, aside from the policy rate, has several weapons in its arsenal to bring inflation to a target-consistent path.

Meanwhile, the national government implemented non-monetary interventions to address the scarcity of essential food commodities and improve agricultural productivity in the country.

The combined effects of the BSP’s rate hikes and the national government’s move to relax import restric-

The BSP’s pursuit of its price stability mandate over the years demonstrates that it is a proactive and adaptive institution. Its transition from money supply targeting to inflation targeting, the adoption of innovative macroprudential measures, and its response to inflationary pressures reflect the BSP’s commitment to price stability amid changing and challenging economic conditions.

central banks, financial regulators, and other partner institutions.

The 2023 AFI GPF logo features a pearl-inspired design –based on the famous description of the Philippines as the “Pearl of the Orient Seas”—and represents an abstract visualization of the Philippine map. The dynamic shapes pointing to-

ward the pink dot, representing Manila, aim to convey the convergence of the event’s thematic areas of stability, sustainability, and inclusivity. The logo’s colors and shapes also echo agility and dynamism, some of the most vital values underpinning the pursuit of financial inclusion.

The New Central Bank Act of 1993 created the Bangko Sentral ng Pilipinas (BSP) and entrusted it with a pivotal task: maintaining price stability in the country.

Strengthening financial Stability:

Reforms that shaped the Philippine financial system

Bangko Sentral ng Pilipinas marks its 30th year with a banking system that is sound, stable and liquid.

By the end of 2022, the Philippine banking system’s assets stood at P23,047.7 billion, up by 10.7 percent year-on-year. Over the same period, gross total loan portfolio grew by 10.8 percent to P12,625.1 billion. The Philippine banking system also remained well capitalized and managed to keep its exposure to bad debts low. As of end-2022, capital adequacy ratio on solo and consolidated bases stood at 15.7 percent and 16.3 percent, higher than the 10-percent minimum requirement of the BSP and the 8.0 percent prescribed by the Bank for International Settlements. The non-performing loans ratio settled at 3.2 percent in December 2022 compared with 4.0 percent in the same period of the previous year.

Since its creation in 1993, the Bangko Sentral ng Pilipinas (BSP) has upheld its mandate of maintaining financial stability in the country.

Such is demonstrated by banks and other financial institutions that can effectively meet the ser-

vice requirements—such as savings, payments, fund transfers, and investments—of individuals, businesses, government institutions, and other stakeholders.

Financial stability is also exhibited when risks that affect the entire financial system, rather than just an individual bank or entity are properly managed. An example would be an economic shock that causes a rise in loan defaults.

Learning from the challenges of the past and adapting to the complexity of the present

In response to the 1997 Asian financial crisis, the BSP changed its approach to banking supervision. Instead of simply ensuring compliance, the BSP focused on the ability of banks to measure and manage risks. This new approach allowed financial institutions to take more informed risks, such as introducing products and services or expanding to new markets as long as they can assess and handle the potential impact of these offerings on their financial standing. In addition, the

central bank introduced the “consolidated supervision framework” in 1998. Under this framework, the BSP not only focused on the performance of individual banks but also on complex banking groups and on the effect of a bank’s dealings with the conglomerate to which it belongs.

In 2001, the BSP also adopted the “risk-based capital adequacy framework” in supervising banks. This required banks to set aside capital commensurate with their credit risks (i.e., risks of loan default by their borrowers). Banks were given guidelines on how to calculate “risk-based” capital that they ought to set aside. This supervisory approach is aligned with international best practices, particularly the “Core Principles for Effective Banking Supervision” issued by the Bank for International Settlements.

In 2006, the Philippines adopted the Basel II framework and provided guidelines for the use of derivatives in 2008. This framework encouraged banks to boost their risk management practices and strengthen their capital bases, which prepared them for the Global Financial Crisis of 2008.

Enhancing risk management

In 2013, relative to the Basel III framework, the BSP introduced guidelines for a risk-based capital

adequacy framework that included maintaining specific ratios and a capital conservation buffer. These measures are meant to foster responsible financial management, consistent with the overall goal of safeguarding financial stability.

Further, Republic Act No. 10641, or An Act Allowing the Full Entry of Foreign Banks in the Philippines, helped foreign banks enter the market, resulting in a more competitive banking environment.

To ensure banks are wellequipped to handle potential risks, the BSP mandated universal and commercial banks in 2019 to establish their internal capital adequacy assessment processes.

Embracing innovation, sustainability, and inclusion

Recognizing the potential of technology, the BSP partnered with RegTech for Regulators Accelerator (R2A) in 2017 to promote efficiency and gain more insightful information on financial supervision. The R2A is a pioneer project that provides technical assistance for financial sector regulators in developing and testing the next generation of digital supervision tools and techniques. Under this partnership, the BSP piloted two RegTech solutions: an application programming interface for supervisory reporting and the BSP Online Buddy, or BOB, a chatbot program found on the BSP website for complaints handling. At reduced costs, the R2A has helped the BSP gather information from banks promptly and detect patterns of behavior that negatively affect consumers.

The BSP has also advocated for financial reforms to enhance inclusivity, such as the creation of branch-lite banking units in 2017. This move has effectively brought banking services to underserved areas, making it easier for more people to participate in financial activities.

Digital platforms—supported by a regulatory environment that ensures responsible innovation and cyber resilience—play an important role in making financial products and services more accessible to underserved markets. Toward this end, the BSP has developed a framework for digital banks that serve

their customers via online channels with no physical branches.

To date, there are six digital banks operating in the country. Governance, stability, and consumer protection

The BSP highly values corporate governance and transparent reporting and promotes the same among financial institutions. The BSP issued Circular No. 456 in 2004, which promotes fairness, accountability, and transparency in the financial sector. The circular requires its supervised institutions to form audit, corporate governance, and risk management committees with clearly defined charters and reporting relationships. These committees are tasked to ensure oversight and evaluation of financial reporting, internal controls, risk management, corporate governance principles, and the effectiveness of the board itself.

One of the BSP's key objectives is managing systemic risks. This involves collaborating with financial authorities and utilizing macroprudential policy strategies to address interconnected risk behaviors.

In addition, the BSP places significant emphasis on consumer protection, considering it an integral component of corporate governance, culture, and risk management. To ensure effective supervisory oversight, the BSP adheres to global standards and constantly engages with stakeholders to implement reforms.

The BSP actively participated in the development and implementation of the Financial Products and Services Consumer Protection Act. In compliance with the law, the central bank issued the corresponding rules and guidelines, established a dedicated consumer protection department, and conducted consumer education campaigns for financial consumers.

The BSP also implemented regulations to enhance cybersecurity in the country’s financial system. Through its issuances, the BSP required financial institutions to establish robust information security management systems, manage technology risks, and implement cybersecurity risk management frameworks. These measures aim to protect both financial institu-

tions and consumers from cyber threats, ensuring the integrity and security of the financial system.

Relief measures during the global health crisis

The BSP provided temporary regulatory and rediscounting relief measures to its supervised institutions to ease the impact of the COVID-19 pandemic.

Some of the key measures include the extension of financial relief to borrowers, which allowed banks to stagger the booking of credit losses for individuals and businesses as well as capital relief for provisioning requirements.

The BSP also set an interest-rate ceiling for credit card transactions to ease the financial burden on consumers and small businesses. Incentives for lending were also introduced, such as reducing credit risk weights for loans to micro, small, and medium enterprises (MSMEs) and assigning a zeropercent risk weight to loans guaranteed by the Agricultural Guarantee Fund Pool and Agricultural Credit Policy Council.

The BSP also allowed the utilization of loans to MSMEs as an alternative form of compliance with reserve requirements. Other relief measures included the utilization of capital and liquidity buffers, increase in the Single Borrower’s Limit (SBL), relief from sanctions for breaches of the SBL by foreign bank branches, increase in the real estate loan limit, and relaxation of the guidelines on Real Estate Stress Test limits. The BSP also promoted continued access to financial services by waiving transaction fees, providing temporary regulatory relief for banks offering Basic Deposit Accounts, and supporting the delivery of financial services through operational relief measures.

Over the past 30 years, the BSP’s efforts have contributed to a robust and resilient financial system in the Philippines. The central bank has played a vital role in fostering a conducive environment for sustainable economic growth and financial well-being by prioritizing financial stability, risk management, financial inclusion, innovation, and consumer protection for the benefit of all Filipinos.

bSP inaugurates branch in Palawan

The

BANG kO Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla (fifth from left), Palawan Provincial Governor Victorino Dennis M. Socrates (fourth from left), and Puerto Princesa Mayor Lucilo R. Bayron (sixth from left) lead the ribbon-cutting

ceremony for the central bank’s newest branch in Puerto Princesa City on 15 June 2023. According to Governor Medalla, the BSP’s Puerto Princesa branch will further enhance access to clean banknotes and coins for Filipinos in the Mindoro, Marinduque, Romblon, and

Palawan regions. Also present during the inauguration were (from left) Puerto Princesa Vice Mayor Maria Nancy M. Socrates and Monetary Board Members V. Bruce J. Tolentino, Peter B. Favila, Anita Linda R. Aquino, and Antonio S. Abacan Jr.

Revolutionizing the payments and settlements system

The BSP’s journey toward financial digitalization

ter, this function was then institutionalized through the enactment of the amended BSP charter (Republic Act No. 11211). The law explicitly states that “the Bangko Sentral shall oversee the payment and settlement systems in the Philippines, including critical financial market infrastructures, in order to promote sound and prudent practices consistent with the maintenance of financial stability.”

ago before the COVID-19 pandemic hit. Making payments efficient, safe, and inclusive

The digitalization trend comes amid the BSP’s efforts to pursue a payments and settlements system that is efficient, safe, and inclusive.

In 2022, the share of monthly digital payments to total monthly retail payments volume in the Philippines reached 42.1 percent, up from 30.3 percent in 2021. Moreover, as of 2021, about 56.0 percent of Filipino adults owned a formal financial account compared with 29.0 percent in 2019.

Besides keeping prices stable, supervising banks, and maintaining the stability of the entire financial system, another crucial role of the BSP is overseeing the country’s payments and settlements system.

Broadly, this mandate of the BSP is centered on ensuring that payments and fund transfers of individuals, businesses, and other entities are completed on time and without issues. This requires monitoring the channels of banks, e-wallets, and clearinghouses through which financial transactions are made.

A robust payments and settlements system is essential for the effective implementation of monetary policy, efficient financial markets, and economic growth.

Payments and settlements system oversight: then and now

The enactment of the New Central Bank Act in 1993—which established the BSP to replace the old Central Bank of the Philippines—paved the way for a more sophisticated payments and settlements system. Since then, the BSP had established facilities for safe and fast electronic interbank payments and settlements for large-value, time-critical

transactions.

In 2002, the BSP, through its Payments and Settlements Office, operationalized the Philippine Payment and Settlement System (PhilPaSS). PhilPaSS is a real-time gross settlement system for the processing and settlement of high-value payment transactions of commercial and rural banks. In the succeeding years, other institutions, such as investment houses, thrift banks, and financing companies, joined the roster of commercial and rural banks that enjoy the benefits of interbank and interdealer transactions.

Amid innovations in the financial landscape, the BSP launched the National Retail Payment System (NRPS) in 2015, which accelerated digitalization in the country’s cashheavy retail payment system. The Philippine Payments Management Inc. (PPMI), which is recognized as the country’s payment system management body composed of industry players, was also established in 2017. PPMI supports the BSP in putting forward innovations toward a cash-lite retail payments system.

While the BSP has supervised the country’s payments and settlements system for years, additional regulatory powers were given to the BSP with the enactment of the National Payments and Systems Act (Republic Act No. 11127) in 2018. The act mandated the BSP to oversee payment systems in the country and exercise supervisory powers for the purpose of ensuring the stability and effectiveness of the monetary and financial system. A year af-

BSP, IMF hold Financial Stability Conference in Cebu

With its institutionalized role, the BSP established the Payments and Currency Management Sector (PCMS) in 2021 to lead the Bank’s supervisory work in this area. The BSP, through the PCMS, pioneered innovative strategies in the digitalization of payments and accelerated the operationalization of the Digital Payments Transformation Roadmap (DPTR) for 2020-2023. Under this three-year blueprint, the BSP aims to see half of the retail transactions in the country done electronically and at least 70 percent of Filipino adults owning transaction accounts, including e-wallets, by the end of 2023. The twin goals are well within reach. Latest BSP data show that in 2021, about 30.3 percent of financial transactions were done electronically, and 56 percent of Filipino adults had transaction accounts, up from 14.0 percent and 29.0 percent, respectively, only one year

On efficiency, the BSP has rolled out initiatives that make electronic fund transfers easy. An example is the establishment of the two interoperable clearinghouses PeSONet [Philippine eF T (electronic Fund Transfer) System and Operations Network] and InstaPay. Through these platforms, a person may electronically transfer funds to an intended recipient even if their accounts are lodged with different banks or e-wallets.

Another example is the creation of digital payment streams eGov Pay and QR Ph. The eGov Pay is an electronic payment facility that allows individuals and businesses to digitally pay taxes, licenses, permits, and other obligations to the government. QR Ph, the national QR (quick response) code standard, provides an interoperable platform that allows QR-enabled fund transfers even if the sender and the recipient have accounts from different banks or e-wallets.

On safety, the BSP issued regulations and carried out campaigns that promote consumer protection and cybersecurity. The BSP also supported the passage of the Financial Products and Services Consumer Protection Act when it was still being deliberated in Congress. This law provides better redress mechanisms for financial consumers who have complaints against their service providers.

On inclusivity, the BSP, through its Financial Inclusion Office, has implemented policies and programs that made financial services more accessible to low-income earners and encouraged more people to open transaction accounts. At the fore of these initiatives is the Paleng-QR Ph Plus program, under which the BSP partners with the Department of the Interior and Local Government to urge local governments to promote digital payments in local wet markets, public transport, and other retail establishments.

As the speed and breadth of digitalization gain momentum, the BSP continues to pursue more innovative and inclusive strategies toward an efficient, safe, and inclusive payments and settlements system attuned to the evolving needs of Filipinos.

The Bangko Sentral ng Pilipinas (BSP) and the International Monetary Fund (IMF) garnered another milestone after the successful regional dialogue on Financial Stability in Mactan, Cebu, on May 15 to 16, 2023.

With the theme, “The New Frontier of Financial Stability: Global Problems, Global Solutions, Local Challenges,” the conference brought together 14 central banks and financial authorities from the region, six international organizations, as well as 31 institutions representing the private sector, market players, and experts.

One of the conference highlights focused on Asia as a collective body in addressing systemic risk issues affecting the global economy. Although much work needs to be done, the conference moved the needle toward building resilience by creating bridges and molding behaviors across stakeholders.

In the photo are participants of the conference from the BSP led by BSP Governor Felipe M. Medalla (1st row, 7th from left), Monetary Board Member (MBM) Peter V. Favila (1st row, 5th from left), MBM Anto-

nio S. Abacan, Jr (1st row, 4th from right), MBM V. Bruce Tolentino (1st row, 3rd from left), MBM Anita Linda R. Aquino (1st row, 3rd from left), MBM e l i M. Remolona, Jr. (1st row, 2nd from left), Deputy Governor (DG) Chuchi G. Fonacier (3rd row, leftmost), DG Francisco G. Dakila, Jr. (3rd row, 3rd from right); Senior Assistant Governor (SAG) Maria Ramona Gertrudes T. Santiago (2nd row, 7th from left), SAG Dr. Johnny Noe e Ravalo (1st row, leftmost), SAG e d na

C. Villa (2nd row, 2nd from right); Managing Director Antonio Joselito G. Lambino II (2nd row, rightmost); the IMF led by Deputy Director Dr. Thomas he lbling (1st row, 6th from left); the Financial Stability Board (FSB) led by FSB Chairman and De Nederlandsche Bank President Klaas Knot (2nd row, 4th from left), ASe A N central banks, public and private sectors, media, and multilateral organizations including the Bank for International Settlements, Asian Development Bank, ASe A N+3 Macroeconomic Research Office, and Southeast Asian Central Banks Research and Training Center.

The Bangko Sentral ng Pilipinas (BSP) celebrates its 30th anniversary with significant milestones in the country’s payments and settlements system. With an enabling regulatory environment that leverages technology, the system has made payments and fund transfers efficient, fast, and safe for Filipinos.

LGUs, MUPs, police join SM Foundation medical and dental missions in Legaspi City, Sorsogon

Megaworld Lifestyle Malls’ Lucky Chinatown launches Transport Hub

MEGAWORLD Lifestyle Malls’

Lucky Chinatown launched the Lucky Chinatown Transport Hub to make travel easier for its customers going to and from the establishment, last Saturday, June 24, 2023 as part of the mall’s way of honoring Manila Day.

The mall, which is nestled in the heart of Binondo, has alleviated one of their customers’ concerns when it comes to its accessibility, as the Filipino-Chinese community’s hub did not have a direct line to one of the bigger transport centers which is in Cubao, Quezon City.

There is now a jeepney route from Lucky Chinatown going to Cubao thanks to the Lucky Chinatown Transport Hub, which will make it easier for mallgoers to visit. Aside from that, the transport hub has also included additional jeepney routes going to the Parañaque Integrated Terminal Exchange (PITX) via Taft avenue and from PITX to Lucky Chinatown via Mabini. A van service has also been provided in the transport hub that goes directly to Sucat via the Coastal Road and vice versa. Lastly, TokTok riders were also included in the hub who can drop off customers to any point in Manila.

The launch was graced by Manila Vice Mayor Yul Servo who was elated at the mall’s initiative to help address part of Binondo’s areas for improvement. Manila’s second-highest ranking official is looking forward to more initiatives led by Lucky Chinatown in improving the vicinity around the mall thanks to its presence.

“We believe it is part of our duty to provide safe passage and ensure that Lucky Chinatown is accessible to everyone. This transportation improvement also plays a huge part in our responsibility as members of the City of Manila. This may be a start to provide more routes from our end so that we will reach more customers who want to visit us here in Binondo,” shared Lucky Chinatown general manager Norico Mizoguchi.

This is the first transport hub launched in a Megaworld Lifestyle Mall to cater to commuters and customers who frequent Megaworld malls.

Megaworld Lifestyle Malls is the retail and commercial development arm of Megaworld Corporation, one of the Philippines’ largest real estate companies. The Retail Asia Awards 2023 Marketing

Initiative of the Year awardee’s mission is to make happiness and meaningful connections a lifestyle for its communities as the country’s premier developer of lifestyle destinations with exceptional designs, offerings and experiences.

There are currently 20 Megaworld Lifestyle Malls across the country. These include: Eastwood Mall, Eastwood Citywalk, Lucky Chinatown, Uptown Bonifacio, Forbes Town, Venice Grand Canal, Newport Mall at Newport World Resorts, Southwoods Mall, Festive Walk Iloilo, Three Central Mall, Paseo Center, San Lorenzo Place Mall, Arcovia City, California Garden Square, The Clubhouse at Temple Drive, Greenhouse at Village Square Alabang, Alabang West Parade, Twin Lakes Shopping Village, Mactan Alfresco, and Boracay Newcoast.

DA, Livestock Philippines 2023: Valuable partnership towards a vibrant livestock, poultry, aquaculture industry

THE SM Foundation once again mounted medical and dental missions to cover more areas in the country. This time, the medical and wellness team went to the Bicol region, Legazpi City and Sorsogon, for a twoday medical and dental mission. Aside from the local government units, the activities were supported by military uniformed personnel and the Philippine National Police.

SM City Legazpi, the first SM Supermall in Albay and the second in the region, was the venue of the medical and dental mission last June 20. The activity was able to provide 631 health services: medical (479), dental (70), x-ray (16), ECG (15), glucose test (14), cholesterol test (14), uric acid test (17), and hemoglobin test (six).

The medical and dental mission was supported by the Naval Forces Southern Luzon Medical Team, BJMP Medical Team, Legazpi City Health Office, PNP Regional Office 5 Medical Team, Naval Special Operations Unit 3, Tactical Operations Group 5, Regional Highway Patrol Unit 5, PNP RCCAD 5, Brgy Bitano Council and barangay health workers.

At the SM City Sorsogon, the medical and dental mission was the first to be conducted in the SM supermall. SM City Sorsogon is the 4th supermall in the Bicol region which opened in

October 2022. Services provided totaled 827: medical (610), x-ray (44), ECG (32), glucose test (50), cholesterol test (30), uric acid test (50), and hemoglobin test (11).

Partners for the undertaking were doctors and nurses from the Sorsogon Provincial Health Office; doctors, nurses, midwife, medical technologies, barangay health workers and barangay nutrition scholars from the Sorsogon City Health Office; and volunteers from Philippine Red Cross Sorsogon Chapter, 22nd IB, Phil. Army. DMIRIE Foundation, Inc., CSR Arm of MX3 Natural Supplements, supported the medical and dental missions in both venues.

Discover 7 of the Coolest New Food, Beverage Offerings Perfect for Dining In with Food Panda

and shakes made with 100 percent fruits and vegetables. From classic flavors of Mango and Banana to ice cream made of Coconut Milk, Big Chill has something for every fruit lover. Cool down and enjoy the natural sweetness of their drinks, packed with vitamins and antioxidants.

YOGOST - Healthy Yogurt Delights

THE Department of Agriculture (DA) extends its full support to Livestock Philippines 2023 which will be held from July 5 to 7, 2023, at the World Trade Center in Pasay City. Relative to this, the DA and Informa Markets, the organizers behind the Livestock Show series in ASEAN and Taiwan, invited the media for a press conference on June 26, 2023, at Novotel Manila Araneta City. Updates on the livestock and poultry industries were the highlights of the event which was attended by Agriculture Assistant Secretary for Operations Engineer Arnel de Mesa and Rungphech “Rose” Chitanuwat, Regional Portfolio Director – ASEAN of Informa Markets. Chitanuwat shared the show’s newest endeavors this year. Also present were the department heads of the Bureau of Animal Industry, National Meat Inspection, Philippine Carabao Center, National Dairy Authority of the Philippines, and the Philippine Council for Agriculture and Fisheries. They were there to show their support for the forthcoming Livestock Philippines.

In recognition of the valuable contribution of the local aquaculture sector to the country’s economy, Livestock Philippines 2023 will also hold the Aquaculture Philippines. Industry professionals and experts will lead various seminars, industry updates, and other important discussions on aquaculture on July 6, 2023.

Now on its sixth edition, Livestock Philippines, previously a bi-annual show, has become the main venue for state-of-the-art technologies, knowledge exchange, and innovative solutions for the livestock, aquaculture, and poultry industries. As the show coincides with the country’s celebration of nutrition month in July, Ms. Chitanuwat emphasized the importance of food safety and security with the initiatives of the DA and its affiliated participating agencies. To further underscore the health and well-being of consumers, the Batangas Egg Producers Cooperative (BEPCO) will have its Eggcellent Corner and Egg Forum wherein they invited the National Nutritional Council, SUN Business Network, and other poultry practitioners.

An agricultural cooperative registered under the Cooperative Development Authority, BEPCO is composed of egg farmers operating small to commercialscale layer farms and is the leading group towards innovative egg products such as liquid eggs, pasteurized eggs, and many others. During the event, BEPCO will discuss the future of the industry through the Philippine Egg Roadmap as well as showcase new and healthy preparations of egg-based products.

Livestock Philippines will also recognize individuals for their exemplary work in their respective livestock, aquaculture, and poultry

industries through Livestock Philippines Recognition 2023. This special accolade aims to uplift the farming community by paying tribute to their unwavering efforts to help improve the local agriculture industry.

A special business arrangement will also be conducted during the Match & Meet where suppliers and buyers will directly meet and discuss trade opportunities. This segment will give local and international stakeholders the opportunity to specifically discuss the needed market information such as pricing, quotation, and many others, paving the way for building lifelong business partnerships.

Livestock Philippines is the International Trade Fair for Innovative Production and Processing for Poultry and Livestock that brings together local and foreign exhibitors, as well as trade visitors including industry professionals, key stakeholders, owners, and integrators, farmers, feed millers, pre-mixers, meat processors, slaughterhouses, veterinarians, distributors, retailers, and others.

As the country’s highly regarded international trade fair for feed, livestock, and aquaculture since 2011, the show is expected to gather guests from 30 different nations aside from the scores of local visitors coming across the Philippines. Visit www.livestockphilippines.com for more information about the event.

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Discover Seven Mouthwatering Options You

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TO tantalize your taste buds further, here are a few of our personal Dine-in picks for you. Whether you’re in Manila, Cebu, or Davao, these culinary delights are sure to satisfy your cravings:

Cha Tuk Chak - Traditional Thai Milk Tea with a Twist

CHA Tuk Chak has taken traditional Thai milk tea and given it a modern twist. Their menu boasts a variety of flavors, including classic Thai Milk Tea, Thai Pink Milk, and Signature Milk Tea with Black & Honey Pearls. Sip on their refreshing drinks while savoring the perfect balance of sweetness and creaminess.

Big Chill - Fresh Fruit Smoothies and Shakes

IF you’re a fan of fresh fruit beverages, you got Big Chill. They offer a wide range of smoothies

YOGOST is a haven for yogurt enthusiasts who crave guilt-free treats. Their Greek yogurt is made fresh daily with natural and premium ingredients, offering a tangy and refreshing taste. Customize your own cup with a variety of toppings, such as fresh fruits, seeds, and nuts. Whether you prefer a classic yogurt flavor or want to try their unique options like AvocadoMelon or Blueberry - Pineapple, YOGOST will satisfy your yogurt cravings.

Chachago - Bubble Tea with a Twist BUBBLE tea lovers should not miss Chachago’s innovative take on this beloved beverage. Chachago offers a wide range of bubble tea flavors, including classics like Brown Sugar Pearl Milk Tea and Taro Milk Tea. You can customize your drink by adjusting the sweetness level and adding various toppings like boba pearls, pudding, or grass jelly. With Chachago, you can experience the perfect blend of tea, milk, and chewy pearls in every sip.

Hebrews Shebrews - Divine Brews for Soulful Moments BEYOND crafting the finest milk teas, Hebrews Shebrews is devoted to serving the Lord with every sip. Their heavenly concoctions include the irresistible Dark Chocolate Milk Tea and the tantalizing Wintermelon Milk Tea. Kickstart your week with their heavenly Coffee Series carefully crafted to awaken your spirit and energize your day. For a tangy and invigorating sip, try their Fruity Yakult creations, offering the perfect balance between fruity sweetness and probiotic goodness.

Golden Sugar - Savor Taiwan’s Flavors, One Cup at a Time EXPERIENCE the essence of Taiwan through Golden Sugar’s signature drinks like Roasted Milk Tea, Crème Brûlée, and Matcha Milk Tea. Golden Sugar not only offers exquisite milk tea creations but also delectable sandwich pairings to elevate your experience. These delectable options perfectly complement their signature milk teas, creating a harmonious fusion of flavors that will leave your taste buds craving for more.

Sulbing Dessert Café - Korean-Inspired Shaved Ice Delights

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A GROUP photo with Ms. Rungphech Chitanuwat, Engr. Arnel De Mesa and the members of the press.

MANILA vice mayor Yul Servo Nieto attends the inauguration of Explore Manila: Lucky Chinatown Transport Hub.