BusinessMirror July 12, 2021 by BusinessMirror

5-mo debt payments up 21.6% to ₧624B By Bernadette D. Nicolas

@BNicolasBM

HE national government’s debt payments for the first five months of the year hit P623.59 billion, a 21.57-percent surge from the same period in 2020. The government’s debt service from January to May this year rose from last year’s P512.96 bi l l ion a s a mor t i z at ion outpaced interest payments, data from the Bureau of the Treasury showed. Broken down, amortization grew by 26.11 percent to reach P444.99 billion from P352.85 billion in the same five-month period a year ago. Meanwhile, interest payments

from January to May 2021 also climbed to P178.6 billion, an 11.5-percent climb from P160.1 billion last year. Amortization refers to the repayment of loan principal over time, while interest payment refers to a payment determined by the interest rate of an account. Under domestic amortization, redemptions accounted for P291.8 billion, mainly comprising payments made to the government’s Bond Sinking Fund at P239.15 billion and domestic bond exchange at P51.54 billion. Amortization payments for a ssu med l i abi l it ies stood at P793 million while P331 million went to agrarian reform beneficiaries. O n t he ot her h a nd , foreig n

amor tization reached P153.18 bi l lion. For domestic interest payments, the bulk was spent for fi xed-rate Treasur y Bonds at P84.27 billion while P37.01 billion went to Retail Treasur y Bonds and P10.16 bi l l ion to Treasury Bills. Foreign entities were also paid P46.38 billion in interest payments during the period. For May alone, the government’s debt service bill spiked by 53.4 percent year-on-year to P37.8 billion from P24.64 billion, as interest payments grew at a faster pace than amortization. I nterest pay ment s soa red by 57.65 percent to P28.93 billion from P18.35 billion in May 2020.

Monday, July 12, 2021 Vol. 16 No. 271

In the same month, amortization amounted to P8.87 billion, 41 percent higher than last year’s P6.29 billion. This year, the government has programmed P1.79 trillion for its debt service, with P1.26 trillion allotted for principal amortization and P531.55 billion in interest payments. In 2020, the government spent P962.47 billion to service its debts as it needed to keep up with more financial obligations to fund its war chest against the Covid-19 pandemic. Outstanding debt of the national government as of end-May this year has already ballooned to a record P11.07 trillion, up by 13 percent from P9.795 trillion as of end-2020.

EXPORT GOAL REVIEWED AMID SHIPMENT DELAYS

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LEECHIU: OFFICE SPACE DEMAND EXPANDS IN Q2 By VG Cabuag @villygc

EMAND for office spaces grew during the second quarter of the year, its highest since the pandemic struck the country last year as investor’s sentiments continue to improve, according to data of Leechiu Property Consultants. Leechiu data showed office demand reached 169,000 square meters for the second quarter of the year, up 39 percent from the previous quarter’s 122,000 square meters and 77,000 square meters in second quarter of 2020. The company’s CEO David Leechiu said office demand is the highest in the second quarter it has been since the start of the pandemic. As of the first half, it is now at 291,000 square meters. “This is already 75 percent

The Metro Manila Development Authority (MMDA) has installed emergency lay-bys along major thoroughfares in the metropolis for motorcycle and bicycle riders to safely pull over and shelter during heavy rains. “We understand the plight of motorcycle riders when they have to stop in the middle of the road while waiting for the rain to stop, it’s very risky for them because they might get into a road accident. At least with the emergency lay-by, they can take cover during heavy rains,” MMDA Chairman Benjamin Abalos Jr. said at Friday’s unveiling of one such shelter beneath the Quezon Avenue Flyover on Edsa. He reminded riders that the emergency lay-by is for rain shelter only, and that MMDA personnel will enforce rules on illegal parking. NONIE REYES

By Tyrone Jasper C. Piad @Tyronepiad

HE Department of Trade and Industry (DTI) is assessing a possible downgrade of the Philippines’s export target this year amid the pandemic-induced shipment delays that have plagued local industry players for at least half a year already.

Trade Secretary Ramon Lopez said the DTI is looking into the current situation of the exportoriented companies to gauge the impact of the container imbalance

on their operations and revenues. “[We are] currently assessing impact and we shall revisit targets,” Lopez told the BusinessMirror. Continued on A2

PESO exchange rates n US 49.8700

of demand for the entire 2020. There is no doubt that the Philippines is back on the radar of global occupiers,” he said. The figure, however, is still far from the 845,000 square meters of office demand in the first half of 2019. Leechiu said the business process outsourcing industry accounted for 92,000 or more than half of the demand for the second quarter. It grew more than double from the first quarter’s 35,000 square meters driven by economic stability in the West, he said. “Even if they were relatively quiet in 2020, BPOs are back,” said Leechiu. “The same fundamentals that attracted BPOs to the Philippines during the financial crisis of 2008 are once again working for us,” Leechiu said. See “Office space demand,” A2

Bayanihan 2 mandates continue–Angara By Butch Fernandez

@butchfBM

HE chairman of the Senate Finance Committee on Sunday gave assurances that key provisions of the Bayanihan 2 for the pandemic response can continue to be implemented despite the June 30 expiry of the law. In particular, Senator Juan Edgardo Angara cited those items providing crucial support for medical frontliners; easing “permitting requirements” for vital infrastructure like telco towers; benefits for agrar-

ian reform clients; and support for pandemic-impacted transportation sector. Asked which provisions will remain in effect even after the June 30 expiration, Angara said in a radio interview the most crucial of these are benefits of medical frontliners “As long as there is that declaration of an emergency situation by President Duterte, until revoked, the provisions for our medical frontliners, including benefits for them should be continued,” Angara said in a mix of English and Fili-

pino, recalling that “these were in Bayanihan 1, and we repeated this in Bayanihan 2.” A nga ra added t here were “other provisions that did not expire, including the permitting requirements for large infrastructure projects,” or what are called measures for “streamlining” activities crucial to the pandemic response. For instance, the senator cited applications for cell site tower permits, as he pointed out this is a key ingredient in boosting connectivity. With the “internet being essential in a pandemic, only

minimal permitting requirements are imposed for building cell sites,” he explained. This streamlining measure is good for three years, he added. At the same time, Angara noted the transportation industry was also among the most adversely affected by the Covid-19 pandemic. “Whether for air, sea, land—everyone in this sector suffered,” he said, with “several businesses even filing for bankruptcy.” Thus, provisions meant to help them recover, will continue, Angara assured. See “Bayanihan 2,” A2

n japan 0.4544 n UK 68.7558 n HK 6.4201 n CHINA 7.6829 n singapore 36.8834 n australia 37.0484 n EU 59.0810 n SAUDI arabia 13.2969

Source: BSP (July 9, 2021)

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Mabuhay Lanes cleared as Skyway Stage 3 toll begins

By Claudeth Mocon-Ciriaco | Correspondent

ITH more motorists expected to use the Mabuhay Lane routes as the Skyway Stage 3 starts charging toll on Monday (July 12), Chairman Benjamin “Benhur” Abalos Jr. of the Metropolitan Manila Development Authority (MMDA) urged the seven local government units covered by these routes to effectively clear all routes from any form of obstruction. “Motorists who are coming from the northern part of Metro Manila and will travel southbound, and those who might want to avoid Edsa can take Mabuhay Lanes as alternate routes,” Abalos said as he inspected the Mabuhay Lanes over the weekend. He also expects additional vehicular volume on Edsa. Abalos inspected part of Mabuhay Lane Route 1 on Mother Ignacia, Sgt. Esguerra, and Scout Ybardolaza in Quezon City. He personally oversaw the installation of directional road signages to guide motorists. “We want to give them options on their travel without being stuck in traffic,” he added. He said the MMDA will only allow night-time repairs, including reblocking and other road construc-

tion, from 11 p.m. to 5 a.m. to ease rush-hour traffic. Despite the expected influx of motorists on Edsa, Abalos sees no need to re-implement the number coding scheme as traffic is still manageable. He said illegal parking will not be allowed on any of the Mabuhay Lane routes:

Routes from north to south:

■ From Edsa turn right at Mother Ignacia, left at Sgt. Esguerra, right at Sct. Ybardolaza straight to Judge Jimenez Street, right at E. Rodriguez Avenue, left at Gilmore, right at N. Domingo, left at Pinaglabanan, right at P. Guevarra St., left at L. Mencias, right at Shaw Boulevard, left at Martinez/Nueve de Pebrero, right

at Maysilo Circle, right at San Francisco, left at Coronado, take Makati-Mandaluyong bridge to Makati and or to destination ■ From Edsa: Turn right at West Avenue, right to Del Monte Ave., left at Sto. Domingo or Biak na Bato, right at Amoranto then left at Banawe or D. Tuazon, right at Maria Clara or Dapitan to destination ■ From North Luzon Expressway (Nlex): Exit at Mindanao Avenue Access Ramp, right at Mindanao Ave., left at Congressional, right at Luzon Avenue, take Bridge crossing Commonwealth Avenue, Katipunan Avenue, C-5 to destination ■ From Quezon City to Makati City: Take N. Domingo left to Blumentritt-Kalentong, left at Manalo St. Right at Mariano right at Luna Mencias, right at Shaw Blvd., left at Acacia Lane, right at F. Ortigas, left at Primo Cruz, left at F. Blumentritt, Coronado, take Mandaluyong-Makati Bridge to destination ■ From Quezon City to Makati City: Take N. Domingo left to Blumentritt-Kalentong, left at Manalo Street. Right at Mariano right at Luna Mencias, right at Shaw Blvd., left at Nueve de Febrero, straight to Martinez Ave, left at Maysilo Circle, left at Boni Ave., right at Sikap Street, right at Maria Clara street, left at Sgt. Bumatay Street,

cross at Pantaleon Street, straight to Mandaluyong-Makati Bridge to destination ■ From Quezon City to Makati City: From E. Rodriguez left at Matimyas-Plaza Nolito Fajardo, left at V. G. Cruz, right at Lardizabal, left at Dela Fuente, right at Ramon Magsaysay Blvd. Nagtahan to P. Quirino left at South Super Highway. ■ From North Luzon Expressway (Nlex): Right at Balintawak to Cloverleaf to Edsa going to Monumento, then left at A. De Jesus St. (8th St.), left at C-3, right at A. Bonifacio, take Mayon Ave. to Welcome Rotonda.

Route to Greenhills, San Juan City

■ From Edsa: Turn right at Banahaw street right at Makiling, left at Benitez, straight at St. Joseph, left at Ortigas Ave. to Greenhills Shopping Center. ■ From Edsa: Turn right at Annapolis, right at Eisenhower then left at Club Filipino to Ortigas Ave. to Greenhills Shopping Center.

Route to Baclaran, Parañaque City

■ From Edsa: Turn right at Connecticut to Ortigas Ave. to Greenhills Shopping Center ■ From Edsa: Take Edsa-Tramo flyover then right at Andrews Avenue straight to Airport road, right at Roxas Blvd. take Service road to Redemptorist. ■ From Manila Area: Along Roxas Blvd. take a U-turn at Airport road, take Service road to Redemptorist.

Route to Carriedo, Manila City

■ From Manila Area: From Taft Ave. take Ayala Blvd., left at Carlos Palanca (Echague) to Carriedo Street. ■ From Manila Area: From Padre Burgos take Jones Bridge, right at Muelle del Blanco Nacional to Plaza Lacson to Carriedo.

Route to Divisoria, Manila

■ From Dapitan Suki Market: Take A. H. Lacson Ave., turn left at Tayuman Street, then left at Dagupan Street to Divisoria. ■From Roxas Blvd. right at Claro M. Recto straight to Divisoria. ■ From R-10: Left at Moriones Street, then right at Dagupan Street to Divisoria.

LACSON-SOTTO TANDEM SETS AUG. 5 TIMELINE FOR DECISION Continued from A16

“In other words, bottom line, this is the consultative tour of Luzon,” he added. Sotto said while there are also plans to go to Mindanao “later,” this would likely be “in-between the sessions…because we return to session on July 26.” The Senate leader said he and Lacson reached a tentative August 5 deadline for officially announcing their tandem because they reckon that by then, “the consultations and the preparations and the information necessary that we want, by that time, will already be in our possession.” At the same time, Sotto assured they have “no problem” working in alliance with other political parties. “It just so happened that there are many incumbents now who are my partmates in NPC,” he said, referring to the Nationalist People’s Coalition founded by businessman Eduardo Cojuangco. Butch Fernandez

EXPORT GOAL REVIEWED AMID SHIPMENT DELAYS Continued from A1

The trade chief said no revisions have been made yet after officials downgraded the projections under the Philippine Export Development Plan in January, given the recent surge in export revenues. The Export Development Council, at the time, reduced the export target to at least $105 billion by 2022 from the original projection of $130 billion. Lopez explained that the revision was based on slowdown in production amid the mobility restrictions and dampened demand in the market. The council, meanwhile, expects exports to reach $91.7 billion this year. In addition, Lopez said that the impact of the lack of vessel space for shipments on relevant sectors is “not quite significant at this time.” Industry sources earlier told the BusinessMirror that the shipment delays amid a container imbalance started in the latter part of last year when demand started picking up. Delays in delivery range from two weeks to 45 days.

Philexport poll

In a recent survey by the Philippine Exporters Confederation Inc. (Philexport), 81.6 percent of the about 100 respondents said their products are ready for outbound shipments, but have remained pending amid container imbalances. The exporters, furthermore, identified the following as their top shipping challenges: lack of space on international shipping lines (90 percent), increased freight rates (56.3 percent) and shortage of containers (45 percent). The shipment delays are not only seen to consume time but to cut revenues of industry players as well, Philexport said previously. Garment industry leaders, for example, earlier told this newspaper they project as much as $600-million

losses—accounting for 40 percent of their 2021 revenue target—this year if shipment delays persist. The peak shipping season, which is the second half, is expected to exacerbate the current container crisis. The Supply Chain Management of the Philippines had previously warned that such delays will be experienced by the exporters even after Christmas.

Maintaining momentum

Lopez said exports are likely to continue improving after posting nearly 30-percent year-on-year growth in May. “We are very optimistic that we can sustain this upward exports performance trajectory as our major trading partners continue opening up their borders and easing travel restrictions, given the success rate in their vaccination drive, the same thing here in the country as we rollout the vaccination program,” the trade official said in a recent statement. He added that manufacturing has been allowed in the country even during the enhanced community quarantine (ECQ) and modified ECQ, which helped in boosting production. “As we focus our efforts on the key export sectors of our country, we hope to regain our lost opportunities due to the Covid-19 pandemic and maintain the momentum of accelerating our export growth,” Lopez added. Still, Philex port Chairman George T. Barcelon said earlier that the country’s rebound in trading is being threatened by the government’s Covid-19 response and supply chain concerns. He cited the slow vaccination rollout, mobility restrictions and shortage of raw materials in certain sectors, in addition to shipment delays.

Bayanihan 2… Benefits for agrarian reform beneficiaries “will continue,” he added The senator said he is among those keen on finding out how much exactly can still be used from Bayanihan 2, and awaits the report of the Department of Budget and Management (DBM) July 15. Meanwhile, he cited a possible “little awareness” of the loan window accounts for micro, small and medium enterprises (MSMEs) under the Department of Trade and Industry (DTI) as being behind the low availment, even as Angara noted that the loan windows of the Development Bank of the Philippines and the Land Bank of the Philippines did not expire.

Stimulus package

“Moving forward, if Congress (is) legislating similar measures, let us not repeat a project or measure if availment was very low. There is no stimulating effect from a provision if there’s no or minimal availment, because first of all, this is supposedly a stimulus package.” At the same time, Angara agreed with Majority Leader Juan Miguel Zubiri’s suggestion that, moving on, key provisions in the proposed

Continued from A1

in the 2022 budget bill. “Yes, that is very possible,” said Angara, asserting that in fact, some provisions that were intended for pandemic response were simply included in the 2021 budget. “Inclusion in the 2022 budget is a very real possibility,” he added, as he noted that, unlike in Bayanihan 1 and 2, there’s a cool reception to Bayanihan 3. “No meeting of the minds yet, so to speak,” between the Executive and Legislative branches, he added. “Perhaps it’s because of the apprehension that we might yet again see the spectacle of billions of Bayanihan 1 and Bayanihan 2 funds being unused despite having been legislated.” As for the national debt, now pegged “at P11 trillion already,” he reminded that senators expect the economic managers to soon give Congress a roadmap on the national fiscal situation. “We have reached 60 percent debt-to-GDP ratio already” as a result of pandemic, but Angara noted that in some countries the debt-to-GDP ratio reached 100 percent in the pandemic. “So the Philippines is more or less in the middle in the range of countries as far as debt to GDP ratio is concerned.”

Office space demand Investor sentiment has improved with the rollout of Covid-19 vaccines and the passage of Senate Bill 2232 which clarified tax concerns of Philippine Offshore Gaming Operators. With the reopening of international borders, POGOs are expected to revive their interest in the Phil-

Continued from A1

ippine office market and further prime the country’s economic recovery, he said. “All these events have aligned to support the Philippine office market. Its resurgence this quarter is a strong and clear indicator of recovery, the study concluded,” Leechiu said.

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Editor: Vittorio V. Vitug • Monday, July 12, 2021 A3

Firm to spend P998M for oil, gas exploration in BARMM By Manuel T. Cayon

@awimailbox Mindanao Bureau Chief

AVAO CITY—A multibillion peso-investment from two parties are awaiting notices to proceed with exploring for petroleum and natural gas deposits in the Liguasan Marsh and Sulu Sea, once the national government and the Bangsamoro autonomous government finalize the harmonization of rules and jurisdiction on mineral extraction within the Bangsamoro territory.

At least one local company, the Esmaulana Global Ventures Co. Inc. (EGVI) has filed with the Bangsamoro Board of Investments (BOI) a petroleum investment project in the Liguasan Marsh area and the Sulu

Basin, worth P998 million. Another project, a bigger one, comes from the Australia-headquartered Energy World Corp, which has applied for natural gas exploration in the Sulu Sea that would cost $1 billion.

Lawyer Ishak Mastura said the Bangsamoro BOI has granted provisional registration last month to EGVI. However, Mastura said the agency he heads has “held in abeyance” the granting of service contract to the company, A service contract would grant authority to a company to proceed with oil and mineral exploration. But Mastura said the Department of Energy (DOE) has already written the company that its service contract was yet to be granted pending the final outcome of the DOE-led discussion between representatives of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and the national government. He said he was unaware with the application of Energy World Corp. but suggested the company also file its registration. Mastura told the BusinessMirror “it would be good if they will start the process of registration with us considering that aside from the fiscal incentives, the Bangsamoro Organic Law (BOL) provides preferential rights to bona fide residents

of BARMM for natural resources, including petroleum, investments.”

Intergovernmental discussion

MASTURA said the DOE explained to EGVI that the awarding of the service contracts for BARMM areas were held in abeyance since the modality of processing and awarding of service contracts in the BARMM for petroleum investments still have to be worked out in the Intergovernmental Relations Body, as established under the BOL. EGVI’s proposed investment project covers the Liguasan Marsh and the Sulu Sea but the areas that fall within the BARMM jurisdiction “are subject to the joint determination by the BARMM regional government and the national government,” he added. “Nevertheless, EGVI registered with the RBOI-BARMM subject to the final approval of a service contract by the President in order that they can already prepare, recruit and train manpower, as well as, obtain capital equipment for future exploration, utilization and development of their target areas in the BARMM,”

according to Mastura. He, however, said that the registration of the investment project “doesn’t mean that EGVI can already proceed with their exploration, development and utilization, but the registration of their investment project could mean that they are recognized as a company operating in the BARMM area, since the [BOL] provides preference to BARMM residents in the exploitation of its natural resources, particularly petroleum.” No fiscal incentives were given to EGVI by the Bangsamoro BOI because petroleum companies have their own terms and conditions under a service contract, according to Mastura. “However, EGVI can, in the future, apply for reduced duties and taxes for importation of capital equipment should their oil and gas venture progress during their talks with the BARMM regional government and the national government.” Amildasa D. Annil, facilitator and coordinator of Energy World International Ltd., also said that its application in 2017 for an exploration

of natural gas deposits in the Sulu area remained on hold at the DOE. Annil said discussions on harmonizing the laws were still going on with the BARMM on oil and other mineral exploration. Annil said that Energy World Corp. has applied for exploration of the natural gas deposits in Lugus Island, about 32 miles southwest off the provincial capital of Jolo, and in Pearl Bank, another islet farther west of Lugus Graham Elliott, executive director of the company, estimated the project would cost about $1 billion but needs between $300 million to $400 million to start it. Nonetheless, Elliott expressed confidence the company has equity investors “to join us as soon as we have the permission from the DOE.” “I am also confident of the support from the Development Bank of the Philippines due to its impact to employment and the other investment that would be encouraged in this region, the BARMM, that really needed investments,” he said during an online briefing with business reporters here last April.

Govt to build more evacuation hubs as Taal continues magmatic unrest By Cai U. Ordinario @caiordinario & Jovee Marie N. Dela Cruz

HE Department of Human Settlements and Urban Development (DHSUD) announced it will build additional evacuation centers in Batangas to boost the province’s disaster preparedness efforts. The announcement came as the Philippine Institute of Volcanology and Seismology (Phivolcs) said Taal Volcano continues to show signs of magmatic unrest, with volcanic earthquakes and tremors, coupled by high levels of volcanic sulfur dioxide (SO2) gas emissions and steamrich plumes. Phivolcs continues to place the volcano under Alert Level 3 or “magmatic unrest.” In its 8 a.m. Volcano Bulletin issued last Sunday, Phivolcs said the Taal Volcano Network recorded 74 volcanic earthquakes, including 13 low-frequency volcanic earthquakes, and 61 volcanic tremors. Some of these volcanic tremors lasted for 1 to 25 minutes. The volcano’s main crater also spewed high levels of SO2 gas emissions and steamrich plumes that rose 1,000 meters before drifting west-northwest and southwest, the Phivolcs said. From July 10 to July 11, SO2 emission averaged 6,488 tonnes per day.

According to the lawmaker, Talisay is only 38 kilometers away from Batangas City, which is home to five large power plants that supply a combined 3,286 megawatts (MW) to the Luzon grid. These include natural gas and several geothermal, coal and biomass power plants. “We would urge them to adopt risk mitigation and disaster recovery plans to minimize disruptions and to quickly restart operations should temporary stoppages become unavoidable,” Campos said. “Our worry is volcanic ashfall, which could pose a hazard to Luzon’s power infrastructure, considering the high concentration of power plants in nearby Batangas City and the Municipality of Calaca,” he added. The northern half of the volcano island forms part of the Municipality of Talisay in Batangas province. Campos noted that Calaca, which is only 29 kilometers away from Talisay, is home to six other power plants that supply an additional 1,100 MW. “The entire power sector from generation, transmission to distribution should brace for the worst-case scenario wherein they might be overwhelmed by ashfall,” Campos said. “They should have operational plans that will enable them to run their critical functions, including maintenance work, even with ashfall,” the lawmaker added.

Power plants

Evacuation hubs

@joveemarie

MEANWHILE, last Sunday Makati City Rep. Luis N. Campos Jr. urged the power sector in Batangas to adopt risk mitigation and disaster recovery plans to minimize disruptions if a violent eruption occurs in Taal Volcano. Campos said in a statement that the stability of the Luzon grid’s power supply might be threatened by an “ashfall disaster.”

THE DHSUD said two more evacuation facilities will be built in the municipalities of Santa Teresita and Alitagtag. The DHSUD said the groundbreaking for the facilities occurred over a month after the signing of the Taal Commitment Agreement between the DHSUD and Batangas local government units (LGUs) affected by last year’s volcanic eruption.

“This is a very important project, especially for Batangas, because the Taal (Volcano) will always be like that. It is one of the most active volcanoes in the world. Kaya itong evacuation center ay kailangang maitayo [So this evacuation center needs to be built] because it will be used as long as it (Taal) still stands.” DHSUD Secretary Eduardo Del Rosario said. “I hope this building will provide shelter to evacuees for at least 50 years; so kailangan ang standard mapanatili natin [we need to maintain the standard].” Under the agreement between DHSUD and the Batangas LGU, three evacuation centers will be built by the DHSUD in the province. Apart from Santa Teresita and Alitagtag, another evacuation site will be built in Mataasnakahoy, which is intended for families displaced by the eruption of Taal last year.

Groundbreaking

THE groundbreaking for the evacuation facility to be built in Mataasnakahoy was conducted two weeks ago. The facility will be used by families displaced by the eruption of Taal Volcano last year. The DHSUD said the sites were deemed suitable locations for the facilities following a thorough assessment conducted by the DHSUD Regional Office 4A and other concerned government agencies. “What we are doing now is actually part of the preparation for the long-term. Kasi hindi naman ang bulkan ay paminsan-minsan lang (sumabog) or isa o dalawa sa isang taon. It will continue to be there and might explode anytime,” the housing czar said. Del Rosario said he instructed DHSUD Regional Office 4A Director Jann Roby Otero to conduct regular inspections “to ensure only the best standard for the facility situated in Barangay Calayaan.”

DENR, LGUs to produce, implement forest land use plan in Calabarzon By Jonathan L. Mayuga

@jonlmayuga

HE Department of Environment and Natural Resources (DENR) and concerned local government units (LGUs) are pushing for the formulation and implementation of a comprehensive forest land use plan (Flup) for individual LGUs in Region IVA or the Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) region. The DENR recently signed a memorandum of agreement with the San Pablo LGU in Laguna for the town’s Flup. The initiative aims to enhance the protection of the remaining forest lands in the region. As defined in the Forest Management Bureau Technical Bulletin 2, a Flup “is a participatory process of allocating forests and forest lands (FFL) as natural resource asset by the government under appropriate management, tenure arrangement and eventually putting these assets according

to their best uses to harmonize uses of FL and to attain a balance of production activities with forest protection and biodiversity conservation.” A Flup ensures a sustainable allocation and management of FFL that will provide environmental, social, and economic benefits to the public. A Flup also aims to identify open access areas and determine the best management and use for these open areas. Flups are formulated by LGUs with technical assistance provided by Field and Regional Offices. LGUs are given opportunities to formulate their Flups upon submission of their Letter of Intent (LOI). Moreover, municipalities with remaining open access areas within their forestlands are targeted for Flup formulation. In the Calabarzon Region, a Flup started in 2011 where a total of 47 plans have been formulated from 2011 to 2020. For CY 2021, there are nine targets for Flup preparation/

formulation and six targets for FLUP adoption. This 2021, Lobo, Batangas has started to implement their Flup. According to Tamoria, FLUP shall be done “beyond compliance”. It is coordination between the DENR and the LGU to create a comprehensive plan for our forest lands. Tamoria said LGUs who are interested in the formulation of FLUP for their respective areas of jurisdiction may coordinate with the nearest DENR Office. The signing of the MOA with the San Pablo LGU for the implementation of Flup last month included the following: Provincial Government Environment and Natural Resources Office-Laguna Ronillo L. Salac; Assistant Regional Director for Technical Services Alfredo C. Palencia; DENR Calabarzon Regional Executive Director Nilo B. Tamoria; Mayor Loreto S. Amante; Vice Mayor Justin G. Colago; and, ABC President Ariston A. Amante.

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Taal spews more gases anew, volcanic quakes still recorded

By Jonathan L. Mayuga

@jonlmayuga

AAL Volcano continues to show signs of magmatic unrest, with volcanic earthquakes and tremors, coupled with high levels of volcanic sulfur dioxide or SO2 gas emissions and steamrich plumes, the Philippine Institute of Volcanology and Seismology (Phivolcs) reported on Sunday. The volcano remains under Alert Level 3 or Magmatic Unrest. Phivolcs, in its 8 a.m. Volcano Bulletin issued on Sunday, said the Taal Volcano Network recorded 74 volcanic earthquakes, including 13 low-frequency volcanic earthquakes,

and 61 volcanic tremors. Some of these volcanic tremors lasted for 1 to 25 minutes. The volcano’s Main Crater also spewed high levels of volcanic sulfur dioxide or SO2 gas emissions and steam-rich plumes that rose 1,000

meters before drifting west-northwest and southwest. From July 10 to July 11, SO2 emission averaged 6,488 tonnes/day. While the volcano was relatively calm on Saturday with just eight volcanic earthquakes being recorded by the Taal Volcano Network, Taal showed imminent sign of danger on Friday, with a series of five short phreatomagmatic bursts occurring 6:30 a.m. to 3 a.m. the following day. On Friday, Phivolcs reported that it recorded a total of 58 volcanic earthquakes, and 27 short-lived volcanic tremor events. The SO2 gas emissions and steamrich plumes from the Main Crater on Friday rose one 1,200 meters before drifting northwest. Sulfur dioxide (SO2) emission averaged 6,095 tonnes/day on 08 July 2021. At Alert Level 3, magma extruding from the Main Crater could drive explosive eruption.

Phivolcs maintained that the entire Taal Volcano Island is a Permanent Danger Zone (PDZ), and entry into the island as well as into the high-risk barangays of Agoncillo and Laurel must be prohibited due to the hazards of pyroclastic density currents and volcanic tsunami should strong eruptions occur. “All activities on Taal Lake should not be allowed at this time. Communities around the Taal Lake shores are advised to remain vigilant, take precautionary measures against possible airborne ash and vog and calmly prepare for possible evacuation should unrest intensify,” Phivolcs said. Meanwhile, civil aviation authorities are advised to prohibit flying over Taal Volcano Island as airborne ash and ballistic fragments from sudden explosions and pyroclastic density currents such as base surges may pose hazards to aircraft.

NCR population growth rate slows–2020 Census Comelec expects By Cai U. Ordinario @caiordinario

ETRO Manila, the country’s capital region, may no longer have the same attraction for people, as the growth of its population slowed based on the 2020 Census of Population and Housing (2020 CPH). Popcom-NCR Regional Director Lydio M. Español Jr. said the decline is expected to continue in the coming years due to internal migration and the government’s family planning program. Philippine Statistics Authority (PSA) data showed the population of NCR was at 13.48 million in May 2020, higher than the 11.86 million posted in May 2010. In August 2015, the population of the megacity was at 12.877 million and in May 2000, it was at 9.93 million. “Our target for the country is a 2.1 total fertility rate or around 2 children per woman during her reproductive years. With this scenario and further promotion of use of modern contraceptives in all barangays, we could see a declining population growth rate in the next few years,” Español added. PSA said the population growth

rate between 2010 and 2020 slowed to 1.29 percent from the 1.78 percent posted between 2000 and 2010. The data also showed that the population growth rate of the megacity slowed to 0.97 percent between 2015 and 2020, slower than the 1.58 percent posted between 2010 and 2015. Popcom NCR said the slowdown was noted in most cities, particularly in Navotas City which posted a population contraction of 0.16 percent from a growth of 0.03 percent in 2015. The decline was also observed over a 10-year period. Navotas saw a contraction of 0.06 percent in its population between 2010 and 2020, slower than the growth of 0.78 percent between 2000 and 2010.

QC, Manila still most populous MEANWHILE, data showed Quezon City is still the most populated LGU with a total population count of 2.96 million followed by City of Manila with 1.847 million and Caloocan City with 1.66 million. PSA data, however, showed the population growth rate of Quezon City and Caloocan City slowed over a 10-year period.

Quezon City posted a growth rate of 0.7 percent between 2010 and 2020, slower than the 2.42 percent posted between 2000 and 2010. Caloocan, for its part, saw a population growth rate of 1.1 percent between 2010 and 2020, slower than the 2.37 percent growth between 2000 and 2010. “The decrease in population in most of the LGUs can be attributed to internal migration that has pushed many Filipinos to return to their provinces due to the pandemic,” Popcom-NCR also stated. In the previous population count, the municipality of Pateros recorded a negative growth rate of 0.09 percent but the population growth rate has increased to 0.45 percent in 2020. Other LGUs with a notable increase were San Juan, Malabon, Pasay, Pateros and Valenzuela. The latter reported an increase of up to 3.03 percent, the highest increase among all LGUs. In 2020, Popcom and its regional offices launched the Family Planning Helpline to reach individuals greatly affected by the quarantine restrictions. In Metro Manila, many of those who inquired about Family Planning were referred and served in barangay health centers and some in the Popcom Family Wellness Clinic in Mandaluyong City.

80 percent voter turnout in 2022

ESPITE the Covid-19 pandemic, the Commission on Elections expects a voter turnout of at least 80 percent in the 2022 National and Local polls. Comelec spokesperson James Jimenez cited the Palawan plebiscite as basis for their optimism. The voter participation in that exercise exceeded their expectations even with the quarantine protocols in place. “In the Palawan plebiscite last March, we were expecting a 40 percent turnout, but as it happened it reached 61 percent,” Jimenez said in an online forum last week. He said they also made a similar observation in countries, which held an election during the pandemic. Historically, Jimenez said voter turnout during a presidential election is higher compared to midterm polls. “We had a voter turnout of 80 percent in 2016 [presidential polls], which became 76 percent [during the 2019 midterm elections]. We think we are going to hit 80 percent despite the pandemic,” Jimenez said. Currently, Comelec said it has registered around 60 million voters, who could cast their vote in the 2022 polls. Samuel P. Medenilla

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DTI isn’t just standardizing Christmas lights these days; it’s rating your adobo, too By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

O what’s in your adobo? That question will probably garner a thousand and one answers with each province, region, and household in the country having their own versions of the well-loved Filipino dish. Which is exactly what happened over the weekend as netizens, opinion writers, and foodies lashed out at the plan of the Department of Trade and Industry-Bureau of Philippine Standards (DTI-BPS) to develop Philippine National Standards (PNS) on popular Filipino dishes such as adobo, sinigang, lechon, and sisig. According to a DTI news statement, the BPS has established BPS/TC 92, a technical committee on Filipino Dishes, mainly composed of local chefs and chefs association, to discuss these standards, taking into consideration variations in cooking techniques observed in various regions. Amy Besa, owner of The Purple Yam in Brooklyn, and the late Cendrillon in SoHo, which popularized Filipino fusion dishes in New York, said on her Facebook page, “Here’s my take: telling Pinoys how to cook and eat their comfort food is bound to be as successful as herding cats. It’s not like there are no Filipino cookbooks available and the government and some ‘experts’ have to step in not just to teach, but to CODIFY our culinary heritage. This brings to mind all those cookbooks from Enriqueta David Perez, Maria Orosa, Nora Daza, Gilda Cordero-Fernando, etc. They will always be the best source material along with our families.”

No penalties

THE BPS, created by Republic Act 4109 in 1964, is often heard of during the yuletide season, warning Filipinos to only use certified Christmas lights, as well as other products like imported safety belts, imported plugs and sockets, and the like. It also penalizes retailers which sell these products that don’t meet quality standards. Will restaurants not following the “standard” adobo recipe be penalized as well? Trade Secretary Ramon M. Lopez assures this won’t be the case. In a Viber message on Sunday, he told the BusinessMirror, “Not to worry on this. This is just among the many groundwork to develop more creative industry exports. There was a suggestion in the industry to have consultations among Chefs and what will be in a traditional recipe especially for international promotions (example your adobo won’t become

paksiw or humba, or your menudo won't become afritada), or we heard there’s also adobo from Mexico.” He said, following the standard recipe for these traditional Filipino dishes is “obviously NOT MANDATORY. ‘Standard’ because there are thousands or millions of different ‘lutong adobo’. The attempt is to define what we will promote internationally, and note redefining what it is to different people now. There’s a lot of creativity going on and must be encouraged.” Adobo or adobar is actually a cooking technique popularized by Spain and brought to many of its territories and colonies.

Establishing a baseline

CHEF Robby Goco (Cyma), who cochairs the BPS/TC 92, explained, “In the traditional recipe for carbonara, Italians use guanciale [as their protein]. Others use bacon. But that is the basic recipe for authentic carbonara. What we’re trying to do is just identify the basic ingredients in say Filipino adobo, which is meat, local endemic vinegar, garlic, salt and pepper. Then it’s up to you whatever else you want to add. But we need a baseline for these dishes so when others, especially those abroad, cook it, there won’t be such as fuss.” He recalled an experience in Canada when his father, Raul I. Goco, was ambassador, and had feted the diplomatic corps with traditional Filipino dishes cooked by a Filipino caterer. “You know what it had? Star anise and sugar. Of course the diplomatic corps was wowed by the dishes, but was that adobo?” BPS/TC 92’s standards development process is chaired by Chef Glenda Barretto, founder of Via Mare Corp., with Goco and Chef Myrna Segismundo as vice chairmen. Also in the committee are representatives from the University of the Philippines Diliman-College of Home Economics, Philippine Chamber of Food Manufacturers Inc., Philippine Association of Meat Processors, Inc., the Department of Science and Technology–Industrial Technology Development Institute, the Philippine Association of Food Technologists Inc., Le Toque Blanche (LTB) Chefs Association, Asia Society Philippines, National Commission for Culture and the Arts, and the Philippine Daily Inquirer Inc. The draft PNS on Philippine adobo will be circulated nationwide, once available, for review and comments of concerned stakeholders. For more information on BPS/TC 92, standards, and standardization activities of BPS, please visit the BPS Standards and Conformance Portal at www.bps.dti.gov.ph.

Gordon to unvaccinated: All vaccines effective

FTER reports reached their office that some unvaccinated people had severe to moderate symptoms of Covid-19 because they preferred to wait for a specific brand, the Philippine Red Cross (PRC) on Sunday urged the public to get vaccinated and not be choosy. “The best protection against Covid-19 is to get vaccinated. All vaccines work,” PRC Chairman and CEO Senator Richard Gordon stressed. The PRC said it continues to operate the isolation facilities and emergency field hospitals to combat Covid-19. Compared to the last

months, admission in the isolation facilities is decreasing. Gordon reminded the public not to let their guard down, as the virus is still dangerous to everyone’s health. “Even [if] vaccinated, you are still a possible carrier of Covid-19 and might affect the unvaccinated. Everyone should still wear a face mask, wash their hands, and maintain social distancing to slow the spread of the virus,” he said. PRC now has nine Bakuna Centers and has deployed its mobile vaccination buses to inoculate people even in far-flung areas.

It also strongly reiterated the need to “Test, Treat, Isolate, and Vaccinate” to beat Covid-19.

Covid cases

THE Department of Health on Sunday reported a total of 5,916 additional cases, bringing the total number of infections in the country to 1,473,025. There were 6,127 recoveries and 105 deaths. Of the recorded infections, 3.4 percent are active cases (49,701), 94.9 percent (1,397,403) have recovered, and 1.76 percent (25,921) have died. Ten duplicates were removed

from the total case count. Of these, six are recoveries. Moreover, 53 cases previously tagged as recoveries were reclassified as deaths after final validation. All laboratories were operational on July 9, 2021 while three laboratories were not able to submit their data to the Covid-19 Document Repository System. Based on data in the last 14 days, the three non-reporting laboratories contribute, on average, 0.7 percent of samples tested and 0.5 percent of positive individuals. Claudeth Mocon-Ciriaco

‘With policy tweaks, mining, manufacturing to lift economy’ continued from a16 “Value-added in mining will be export-oriented, so they will get more incentives, if we subdivide that as its own distinct classification in the SIPP. I recommend that the DTI take this direction when it finalizes the SIPP,” Salceda said.

Fiscal regime

MEANWHILE, Salceda revived calls

to pass a fiscal regime for the mining sector, following the lifting of the moratorium on the approval of new mining agreements through the issuance of Executive Order 130. “We still need a tax regime for mining, because the EO only clarifies who will negotiate with mining companies on the government’s take from their revenues. The baseline regime upon

which to negotiate is not yet there,” Salceda added. The House tax chief is also a principal sponsor of House Bill 6135, which creates a fiscal regime for mining As the government needs money for Covid-19 relief, Salceda has already recommended to the leadership of the House of Representatives and Department of Finance actions to improve

government revenues from mining under Executive Order 130. In separate aides memoire to Speaker Lord Allan Jay Velasco and Finance Secretary Carlos G. Dominguez, Salceda proposed to have the new agreements taxed at better rates for the government, and to ensure that Congress and the DOF have a stronger role in determining the mining agreements.

Economy BusinessMirror

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Editor: Vittorio V. Vitug • Monday, July 12, 2021 A5

Protection of OFWs vs Covid, Afghanistan conflict sought G OVERNMENT and nongovernment groups announced actions to ensure the protection of overseas Filipino workers (OFW) against the outbreak of the novel coronavirus disease (Covid-19) abroad and violence in Afghanistan. Advisory 86, series of 2021, issued by Philippine Overseas Employment Administration (POEA) official Bernard P. Olalia urged the recruitment and manning agencies to facilitate the vaccination of Filipinos overseas. Olalia, POEA administrator, said the immunization should be done

within four months prior to the departure of an OFW. “All Philippine recruitment agencies (PRAs) are enjoined to inform all their workers to be deployed for overseas employment to register themselves with their respective local government units for vaccination,” Olalia said. In the case of licensed manning agencies (LMAs), Olalia said they should coordinate with the Maritime Industry Authority (Marina), the agency in-charge with the vaccination of seafarers. “The PRAs and LMAs are, like-

wise, requested to provide assistance to their workers in the process of such registration,” Olalia said. He added that OFWs should be registered by their respective PRAs and LMAs using a QR code. The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) decided to include OFWs in the A1 category, the highest priority, in government’s vaccination drive due last May amid the rising cases of Covid-19 cases in some countries. It also considered reports that some foreign employers, particu-

larly in the maritime industry, are requiring their workers to be first vaccinated against Covid-19 before they could be employed. As of July 10, 2021, the Department of Foreign Affairs (DFA) reported around 21,000 Filipinos have been infected abroad.

Afghanistan

MEANWHILE, the Samahang Pilipino sa Afghanistan (SPA), an organization of Filipino professionals employed by several international organizations and offices for the development and assistance of Af-

ghanistan, is taking inventory of Filipinos who are in the country. According to recruitment consultant Emmanuel Geslani, the SPA is taking steps to ensure an orderly and safe repatriation protocols in coordination with embassy personnel in Islamabad, Pakistan. Geslani quoted SPA officials as saying that, so far, it is normal in the “Green Zone” but outside Kabul city, however, following the withdrawal of US troops and the closing down of the Bagram Airfield last July 2, there is ongoing apprehension on the growing presence of

Taliban in several provinces surrounding Kabul. About 500 OFWs previously employed in the abandoned US bases in Afghanistan were airlifted to Dubai, United Arab Emirates. Geslani said the shutdown of several US bases in Afghanistan has left behind in Dubai some 3,000 OFWs and are waiting for repatriation to the Philippines. However, the Duterte administration banned travel from countries with high risk of Covid cases, including Dubai and Abu Dhabi. Samuel P. Medenilla, Recto Mercene

Monday, July 12, 2021

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Indonesia short on oxygen supply, seeks help as virus infections soar

AKARTA, Indonesia—Just two months ago, Indonesia was coming to a gasping India’s aid with thousands of tanks of oxygen.

Today, the Southeast Asia country is running out of oxygen as it endures a devastating wave of coronavirus cases and the government is seeking emergency supplies from other countries, including Singapore and China. A shipment of more than 1,000 oxygen cylinders, concentrators, ventilators and other health devices arrived from Singapore on Friday, followed by another 1,000 ventilators from Australia, said Luhut Binsar Pandjaitan, the government minister in charge of Indonesia’s pandemic response. Beside those donations, Indonesia plans to buy 36,000 tons of oxygen and 10,000

People wait for their turn to refill their oxygen tanks at a refilling station in Jakarta, Indonesia on Friday, July 9, 2021. Just two months ago, Indonesia was coming to a gasping India’s aid with thousand tanks of oxygen. Now, the Southeast Asia country is running out of oxygen as it endures a devastating wave of coronavirus cases and the government is seeking emergency supplies from other countries, including Singapore and China. AP Photo/Tatan Syuflana

concentrators—devices that generate oxygen—from neighboring Singapore, Pandjaitan said. He said he is in touch with China and

other potential oxygen sources. The US and the United Arab Emirates also have offered help. “We recognize the difficult situation Indonesia currently finds itself in with a surge of Covid cases,” White House press secretary Jen Psaki said. In addition to sending vaccines, the US is working to increase assistance for Indonesia’s broader Covid-19 response efforts, she said, without elaborating. Overall, Indonesia, the world’s fourthmost populous country, has reported more than 2.4 million infections and 64,631 fatalities from Covid-19. Those figures are widely believed to be a vast undercount due to low testing and poor tracing measures. Indonesia reported the highest toll of 1,040 deaths on Wednesday and nearly 39,000 confirmed cases on Thursday and Friday. Hospitals are swamped, with growing numbers of the ill dying in isolation at home or while waiting to receive emergency care. On Java, Indonesia’s most populous island, hospitals began setting up makeshift intensive care units in mid-June. Many patients are waiting for days to be admitted. Oxygen tanks were rolled out onto sidewalks for those lucky enough to get them, while others have been told they have to find their own.

Emergency rooms at a public hospital in Bandung city closed earlier this week after running out of oxygen amid panic buying fueled by soaring infections in the West Java provincial capital, said Yaya Mulyana, the city’s deputy mayor. “Panicked people bought oxygen tanks even though they didn’t need them yet,” Mulyana said. “That has led to oxygen supplies running out.” At one hospital in Yogyakarta, in central Java, 63 Covid-19 patients died in one day—33 of them during an outage of its central liquid oxygen supply, though the hospital had switched to using oxygen cylinders, spokesman Banu Hermawan said. Indonesia donated 3,400 oxygen cylinders and concentrators to India when a brutal outbreak ravaged the country. As its own cases surged, Jakarta then canceled a plan to send another 2,000 oxygen concentrators to India in late June. The daily need for oxygen has reached 1,928 tons a day. The country’s total available production capacity is 2,262 tons a day, according to government data. “I asked for 100% of oxygen go to medical purposes first, meaning that all industrial allocations must be transferred to medical,” said Pandjaitan, the government minister. “We are racing against time, we have to work fast.” Given the rapid spread of the highly infectious Delta variant, he warned that Indonesia could face a worst-case scenario with 50,000 cases a day. The next two weeks will be critical, he said. The Ministry of Industry responded by issuing a decree that all oxygen supplies be sent to hospitals overflowing with coronavirus patients, and asked industry players to cooperate. Oxygen is used in making many products, including textiles, plastics and vehicles. Oil refiners, chemical manufacturers and steel makers also use it. But industry leaders have fallen in line in supporting government efforts to maximize supplies for hospitals. The government has redirected oxygen supplies from industrial plants in Morowali in Central Sulawesi, Balikpapan on Borneo island, and Belawan and Batam on Sumatra islands, Pandjaitan said. Smaller oxygen industries have also been directed to produce pharmaceutical oxygen. AP

HK pro-democracy group downsizes amid crackdown

ONG KONG — One of Hong Kong’s most established pro-democracy civic organizations said it is letting go its paid staff and halving the size of its steering committee after Beijing stepped up its crackdown on opposition activity in the semi-autonomous Chinese city. The Hong Kong Alliance in Support of Patriotic Democratic Movements of China is best known for organizing an annual rally and candlelight vigil remembering those killed in the bloody 1989 crackdown on pro-democracy protests in Beijing’s Tiananmen Square. The group said in a statement Saturday that seven of its 14 remaining steering committee members had decided to step down in the face of “growing political and legal risks.” Of the seven members remaining, three are currently in jail for protest-related activities — chairman Lee Cheuk-yan as well as vice chairmen Albert Ho Chun-yan and Chow Hangtung. Letting go of staff was to “ensure their safety” and would take effect at the end of the month, the statement said. While the 32-year-old group said the changes would affect its operations, it vowed that “regardless of whatever difficulties or challenges we face, the alliance will continue to grit our teeth and move onwards one step at a time.” Following months of anti-government protests in 2019, Beijing imposed a sweeping national security law on Hong

Kong last year. The criteria for elected officials has been narrowed to those who meet a loosely defined standard of patriotism. The Legislative Council has been reorganized to ensure an overwhelming majority for pro-Beijing delegates, while most of the city’s leading opposition voices have been jailed, intimidated into silence or have moved abroad to seek asylum. The city’s last remaining pro-democracy newspaper, Apple Daily, was forced to close after authorities arrested staff and froze assets. While the city is still a major business and financial hub, many Hong Kongers are leaving and some multinational companies have begun relocating their operations and staff due to legal concerns. The annual June 4 commemoration of the 1989 crackdown had been attended by tens of thousands, along with a July 1 pro-democracy march and rally marking Hong Kong’s handover from British to Chinese rule. Both have been banned for the past two years because of Covid-19 restrictions, and there is no indication whether authorities will allow them to be held in future. While China says the new restrictions are targeted measures aiming to restore order and ensure Hong Kong’s future prosperity, critics at home and abroad say they are a betrayal of Beijing’s commitment to maintain Hong Kong’s civil liberties for 50 years after the handover. AP

Editor: Angel R. Calso

Sydney lockdown ‘highly unlikely’ to be lifted as Covid infections rise

ydney’s lockdown is “highly unlikely” to be lifted as scheduled next week as virus cases continue to rise, authorities said Sunday. The Australia state of New South Wales recorded 77 new infections on Sunday, the highest daily tally reported in the current outbreak. State Premier Gladys Berejiklian said she expected cases to top 100 a day soon, as she again called on the community to respect lockdown rules. “Do not leave your home unless you absolutely have to,” Berejiklian said at a press conference Sunday. “We are at a critical point.” With the continuing rise in Covid-19 cases, it’s “highly unlikely” Sydney’s lockdown will be lifted as scheduled on July 16, Berejiklian said. The majority of new infections are linked to known cases, with the government particularly concerned about the spread of the virus within homes and between extended family households. The state reported its first death of the current outbreak—a woman in her 90s who acquired the virus in her home. This is Australia’s first reported death from the virus since Apr. 12 The total number of cases reported during the spread of the Delta variant is 566. With no swift end to the lockdown in sight, attention is turning to the economic damage caused by the lockdown. AMP Capital chief economist Shane Oliver said he estimates the city’s closure is costing A$1 billion ($749 million) a week. “If the Sydney lockdown is extended much beyond the current three weeks it will progressively cause more damage and take longer to recovery from,” he said in a note to investors Friday. “It will also require more government lockdown assistance.” Australia’s slow vaccine rollout, which has been dogged by a lack of supplies, means it is still largely unprotected against the virus. Just 26% of the country’s roughly 26 million people have received their first jab, compared with 68% in the U.K, according to Bloomberg’s Vaccine Tracker. Sydney’s virus outbreak means plans for an Australian-Singapore travel bubble have been delayed until at least the end of the year, the Australian Trade Minister said Sunday. International borders are expected to stay shut to most travel until mid-2022. Bloomberg News

Woman infected with 2 Covid variants highlights next risk

90-year-old woman died after becoming infected with two different strains of Covid-19, revealing another risk in the fight against the disease, Belgian researchers found. In the first peer-reviewed analysis of an infection with multiple strains, scientists found the woman had contracted both the alpha variant, which first surfaced in the UK, and the beta strain, first found in South Africa. The infections probably came from separate people, according to a report published Saturday and presented at the European Congress of Clinical Microbiology & Infectious Diseases. The woman was admitted to a Belgian hospital in March after a number of falls, and tested positive for Covid-19 the same day. She lived alone, receiving nursing care at home, and hadn’t been vaccinated. Her respiratory symptoms rapidly worsened and she died five days later. When her respiratory samples were tested for variants of concern, both strains were found in two tests. The researchers couldn’t say whether the co-infection played a role in her rapid deterioration. The idea of multiple infections isn’t completely new. In January, Brazilian scientists reported two cases of Covid-19 co-infection, but the study hasn’t yet been released in a scientific journal. Researchers have also previously found evidence of people becoming infected with multiple strains of influenza. The cases suggest co-infection might be more common than currently known. Bloomberg News

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California wildfire advances as heat wave bakes US West

AN FR ANCISCO—Firefighters struggled to contain an exploding Northern California wildfire under blazing temperatures as another heat wave blanketed the West, prompting an excessive heat warning for inland and desert areas. Death Valley in southeastern California’s Mojave Desert reached 128 degrees Fahrenheit (53 Celsius) on Saturday, according to the National Weather Service’s reading at Furnace Creek. The shockingly high temperature was actually lower than the previous day, when the location reached 130 F (54 C). If confirmed as accurate, the 130-degree reading would be the hottest high recorded there since July 1913, when Furnace Creek desert hit 134 F (57 C), considered the highest measured temperature on Earth. About 300 miles (483 kilometers) northwest of the sizzling desert, the largest wildfire of the year in California was raging along the border with Nevada. The Beckwourth Complex Fire—a combination of two lightning-caused fires burning 45 miles (72 kilometers) north of Lake Tahoe—showed no sign of slowing its rush northeast from the Sierra Nevada forest region after doubling in size between Friday and Saturday. Late Saturday, flames jumped Interstate 395 threatening properties in Nevada’s Washoe County. “Take immediate steps

to protect large animals and livestock,” the The Truckee Meadows Fire Protection District tweeted. The blaze, which was only 8% contained, increased dramatically to 86 square miles (222 square kilometers) as firefighters sweltered in 100-degree temperatures. It was one of several threatening homes across Western states that were expected to see triple-digit heat through the weekend as a high-pressure zone blankets the region. Pushed by strong winds, a wildfire in southern Oregon doubled in size to 120 square miles (311 square kilometers) Saturday as it raced through heavy timber in the Fremont-Winema National Forest near the Klamath County town of Sprague River. The National Weather Service warned the dangerous conditions could cause heatrelated illnesses, while California’s power grid operator issued a statewide Flex Alert from 4 p.m. to 9 p.m. Saturday to avoid disruptions and rolling blackouts. The California Independent System Operator warned of potential power shortage, not only because of mounting heat, but because a wildfire in southern Oregon was threatening transmission lines that carry imported power to California. Gov. Gavin Newsom issued an emergency proclamation on Friday suspending rules to allow for more power capacity, and the ISO requested emergency assistance from other states. On Saturday, Newsom issued

another proclamation allowing the emergency use of auxiliary ship engines to relieve pressure on the electric grid. Palm Springs in Southern California hit a record high temperature of 120 F (49 C) Saturday. It was the fourth time temperatures have reached 120 degrees so far this year, the Desert Sun reported. In California’s agricultural Central Valley, 100-degree temperatures blanketed the region, with Fresno reaching 111 degrees F (44 C), just one degree short of the all-time high for the date. Las Vegas late Saturday afternoon tied the all-time record high of 117 F (47 C), the National Weather Service said. The city has recorded that record-high temperature four other times, most recently in June 2017. NV Energy, Nevada’s largest power provider, also urged customers to conserve electricity Saturday and Sunday evenings because of the heat wave and wildfires affecting transmission lines throughout the region. In Southern California, a brush fire sparked by a burning big rig in eastern San Diego County forced evacuations of two Native American reservations Saturday. In north-central Arizona, Yavapai County on Saturday lifted an evacuation warning for Black Canyon City, an unincorporated town 43 miles (66 kilometers) north of Phoenix, after a fire in nearby mountains no longer posed a threat. AP

Monday, July 12, 2021 A7

G-20 ministers back plan to stop use of tax havens T op finance officials representing most of the world’s economy have backed a sweeping revision of international taxation that includes a 15% global minimum corporate levy to deter big companies from resorting to low-rate tax havens. Finance ministers from the Group of 20 countries endorsed the plan at a meeting Saturday in Venice. US Treasury Secretary Janet Yellen said the proposal would end a “self-defeating international tax competition” in which countries have for years lowered their rates to attract companies. She said that had been “a race that nobody has won. What it has done instead is to deprive us of the resources we need to invest in our people, our workforces, our infrastructure.” The next steps include more work on key details at the Paris-based Organization for Economic Cooperation and Development and then a final decision at the Group of 20 meeting of presidents and prime ministers on Oct. 30-31 in Rome. Implementation, expected as early as 2023, would depend on action at the national level. Countries would enact the minimum tax requirement into their own laws. Other parts could require a formal treaty. The draft proposal was approved July 1 in talks among more than 130 countries convened by the OECD. Italy hosted the finance minister’s meeting in Venice because it holds the rotating chair of the G-20, which makes up more than 80% of the world economy. The event also attracted around 1,000 protesters under the banner “We Are The Tide,” an umbrella

group of environmental and social justice activists, including opponents of large cruise ships and the hordes of tourists they bring to the lagoon city. A small group scuffled Saturday with police after breaking away from an approved demonstration area. The US already has a minimum tax on overseas earnings, but President Joe Biden has proposed roughly doubling the rate to 21%, which would more than comply with the proposed global minimum. Raising the rate is part of a broader proposal to fund Biden’s jobs and infrastructure plan by raising the domestic corporate tax rate to 28% from 21%. Yellen said she was “very optimistic” that Biden’s infrastructure and tax legislation “will include what we need for the United States to come into compliance” with the minimum tax proposal. Republicans in the Congress have expressed opposition to the measure. Rep. Kevin Brady of Texas, the top Republican on the tax-writing Ways and Means Committee, has blasted the OECD deal, saying, “This is an economic surrender to China, Europe and the world that Congress will reject.” The international tax proposal aims to deter the world’s biggest firms from using accounting and legal schemes to shift their profits to countries where little or no tax is due—and where the company may do little or no actual business. Under the minimum, companies that escape taxes abroad would pay them at home. That would eliminate incentives for using tax havens or for setting them up. AP

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BusinessMirror

Editor: Jennifer A. Ng • Monday, July 12, 2021 A13

PHL sugar production hits 2.134 MMT in June–report By Jasper Emmanuel Y. Arcalas @jearcalas

HE country’s sugar output as of June 27 reached 2.134 million metric tons (MMT), flat compared to the previous year’s output, latest Sugar Regulatory Administration (SRA) data showed. Nonetheless, the latest production estimate has slightly surpassed the revised sugar production projection of 2.101 MMT for crop year 2020-2021, which will end on August 31. SRA data also showed that the country’s total sugar supply inched up to 2.389 MMT from last year’s 2.385 MMT due to the higher mill balance of 254,839 MT at the start of the crop year last September 1, 2020. The volume of sugar canes milled in the current crop year reached a four-year high, according to data from the agency. The volume of sugarcane milled as of June 27 expanded by 8.32 percent to 25.142 MMT from last year’s 23.211 MMT while sugar yield dropped by 7.57 percent to 1.71 50-kilogram bag per ton cane (LKg/TC). SRA data showed that the volume of sugarcanes milled in the current

PILES of refined white sugar cubes. BLOOMBERG NEWS

crop year is the highest since crop year 2016-2017, when volume reached 28.005 MMT. The drop in sugar content in cane caused by La Niña forced the SR A to revise its sugar allocation for the current crop year last March and scrap any remaining volume of “A” sugar or those bound for the United States. The SRA decided to allocate all sugar production for the domestic market

and classify it as “B” sugar. (Related story: https://businessmirror.com. ph/2021/03/31/sra-allots-mostof-sugar-production-to-domesticmarket/) The drop in LKg/TC was also the reason behind the revision of the total sugar output forecast for the current crop year. Sugar production in the current crop year is just 11,053 MT away from matching the 2.145 MMT total output

recorded in the previous crop year. SRA data also indicated that demand for raw sugar and refined sugar was higher compared to the previous crop year. Raw sugar demand, as determined by withdrawals, rose by 11.1 percent to 1.856 MMT compared to the 1.671 MMT recorded in the previous crop year. Domestic withdrawals alone grew by 9.36 percent to 1.752 MMT while raw sugar withdrawals for export to the US expanded by 52.24 percent to 103,985 MT. SRA data also revealed that the country has exported 104,012 MT of raw sugar to the US. The figure is 75.28 percent of the Philippines’s allocation of 138,154 MT for the current fiscal year. As for refined sugar, data indicated that demand rose by 1.41 percent to 824,882.95 MT from the previous crop year’s 813,400.15 MT. Refined sugar withdrawal for domestic use alone expanded by 28.63 percent to 741,536.10 MT from last year’s 576,490.15 MT. However, total refined sugar production as of June 27 declined by 8.35 percent to 746,089.90 MT from last year’s 814,080.45 MT.

Govt opens facilities to prevent pest infestation in Calabarzon

HE Department of Agriculture (DA) has opened crop pest management facilities in Lipa City, Batangas to help the regional field office (RFO) prevent and control pest infestation in Calabarzon. The agency said the facilities, which cost P33.1 million, were financed by the Bayanihan to Recover as One Act or the Bayanihan 2. DA officials led by Agriculture Secretary William D. Dar inaugurated the facilities at the Lipa Agricultural Research and Experiment Station (LARES) Compound in Marawoy, Lipa

City, Batangas last July 8. The new facilities are Region 4A RFO’s upgraded Regional Crop Pest Management Center (RCPM) building, Plant Tissue Culture Laboratory, and Research and Development Training Dormitory, according to the DA. “This is what the department is doing to modernize our facilities so that the research conducted here in Lipa will bear fruit, which will benefit the whole Region 4A,” Dar said. He said the upgraded RCPM “can now strengthen monitoring, surveillance, control, and management activ-

ities to prevent grave pest infestation in the provinces of Cavite, Laguna, Rizal, Batangas, and Quezon.” The government spent P14.475 million to upgrade the RCPM. “The facilities are intended to provide plant pest diagnosis, plant pest field validation, pest management consultation, biological control agent production and quality assurance, as well as training on village-level production of bio-control agents and crops pest management,” the DA said. The DA said the P6 -million

training dormitory will serve as a “learning environment for farmers, agricultural extension workers, researchers, academicians, students, and other stakeholders.” “The Plant Tissue Culture Laboratory worth P12.63 million, on the other hand, is expected to enhance all year-round production of disease-free, affordable, and generic quality planting materials of tissue-cultured banana, coffee, macapuno, citrus, yam, and other high-value crops through in-vitro propagation,” the DA added. Jasper Emmanuel Y. Arcalas

Data-driven There’s a frenzy in plantation deals on back of palm oil rally, ESG worries farm programs

HARVESTED oil palm fruits are loaded into a trailer at a plantation in Kapar, Selangor, Malaysia, on May 3. Palm oil jumped the most in 11 months after its closest rival soyoil powered to fresh 2008 highs and as traders weighed tighter-than-expected supplies of the tropical oil in No. 2 grower Malaysia. JOSHUA PAUL/BLOOMBERG

BLISTERING palm oil rally is stoking a flurry of plantation deals as growers brace for stiffer challenges from environmental and labor risks. Higher prices of the tropical oil over the past year created a profit windfall for the industry, making the time ripe for cash-rich planters to snap up plantation assets. It’s also an opportunity to monetize estates for smaller-sized growers grappling with rising operational costs and worker shortages, as well as heightened scrutiny on environmental, social and governance issues.

Palm oil, used in everything from cooking oil to chocolate and detergent, is trading more than 40 percent above its five-year average amid a global rally in farm commodities, lower-thanexpected production and optimism over demand. Still, while vaccination efforts are picking up in some parts of the world, several countries are battling fresh infections and renewed lockdowns, complicating matters for an industry so heavily reliant on manual labor. “Sellers are bringing down prices to more reasonable levels because they see the challenges of labor

shortages, forced labor allegations, and sustainability issues,” said Ivy Ng, head of research at CGS-CIMB in Kuala Lumpur. “Buyers are more confident of striking a deal because palm oil prices have been pretty good for the last nine months.” Some companies are also looking to sell plantation assets to relieve debt burdens worsened by the Covid-19 pandemic, she said. “The high palm oil price means getting a better value. They have to sell those assets that are doing relatively well, and therefore plantations are the ones being transacted.” Malaysian conglomerate Boustead Holdings Bhd. is weighing options for its listed palm oil subsidiary including a sale, Bloomberg reported Wednesday, citing people with knowledge of the matter. Boustead Plantations Bhd., which has a market value of about 1.4 billion ringgit ($336 million), may be sold, or see its plantations leased to third parties or sold separately. The potential sale comes on the heels of Kuala Lumpur Kepong Bhd.’s takeover bid of IJM Plantations Bhd. for 1.5 billion ringgit last month. More deals may materialize in coming months. Listed plantation companies with high net gearing and financial commitments may consider offers from growers looking to expand. Buyers—especially palm giants with economies of scale to cope with higher ESG compliance costs—will be scrutinizing the quality of estates, the age profile of trees and sustainable certification. Bloomberg News

pushed in Borongan City

ACLOBAN CITY—The Borongan City government in Eastern Samar has tied up with a nongovernment organization to generate and consolidate local farming and fishing data for more effective planning. The city government announced on Thursday that it has signed a memorandum of agreement with Action for Economic Reforms (AER), a non-stock, non-profit organization with existing ties with the United States Agency for International Development to carry out the initiative. The AER will generate and consolidate data, related to the socioeconomic profile of rice farmers and fisherfolk, as well as data related to their production output and level of productivity for 30 months. “Basically, the health status of our farmers as it affects, directly or otherwise to their productivity, will likewise be included in the base data,” Jojito Acla, the city’s executive assistant, said in a statement. Dubbed “Coalescing Organizations towards Locally Led Actions to Boost Development (COLLABDev),” the 30-month project will deal with data analytics after gathering and consolidation. The COLLABDev is expected to provide the mayor, the vice mayor, and city councilors with research-based data and other relevant information that will guide them in decisionmaking, planning, and implementing programs and projects, especially for farmers and fishermen. PNA

A14 Monday, July 12, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Covid-19 infects freedom and rights

talian diplomat Niccolò Machiavelli wrote in his treatise The Prince, “Whether It Is Better to Be Loved Than Feared.” “It is much safer to be feared than loved, for love is preserved by the link of obligation which, owing to the baseness of men, is broken at every opportunity for their advantage; but fear preserves you by a dread of punishment which never fails.”

Yet, Machiavelli also writes, “Nevertheless a prince ought to inspire fear in such a way that, if he does not win love, he avoids hatred.” However, this was written in a time when the one with the biggest army—not the one with the most votes—was the ruler. Politicians during an election generally do not want to be characterized as “feared,” and would rather be “loved” to get the votes. After an election is another story. The kind and gentle candidate can quickly turn into the merciless ruler. Candidates have traditionally rarely campaigned on fear. They speak of the positive benefits of their plans, encouraging the voters by the “love” the candidate shows for the public’s well-being. But governments—and the leaders that run the governments— have always used fear to get what they want, and what they want is more power and control and less rights for the people. Executive Order 6102 was signed on April 5, 1933 by US President Franklin D. Roosevelt, “forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States.” The fearful justification: “The Great Depression will never end and you will be poor FOREVER unless we take away your gold.” Forty-five days after the September 11 attacks, President George W. Bush signed the “US Patriot Act.” The purpose of the law was “Providing Appropriate Tools Required to Intercept and Obstruct Terrorism.” An expanded list of activities that qualify to be charged with terrorism included money laundering. The FBI obtained 1 million financial records from the customers of targeted Las Vegas businesses. Government was allowed to “wiretap domestic and international phones without a search warrant or probable cause” and search and seize records from Internet Service Providers. The act absolutely breaches the Fourth (unlawful search) and the Sixth (speedy trial) Amendments of the US Constitution. “Osama bin Laden is going to kill you unless we can read your e-mails.” Expressing a politician’s “dream” going back to Machiavelli, US politician Rahm Emanuel said: “You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.” The current government of Spain is ruled by the Spanish Socialist Workers’ Party, defining itself as “social democratic, left-wing and progressive.” The party is a member of the “Progressive Alliance”— as is the Filipino Akbayan Citizens’ Action Party. The new proposed National Security Law legislation says that whenever the government declares a state of crisis for any reason, everyone must comply with the orders issued by the government. “The obligation of the media is to collaborate with the competent authorities in the dissemination of information.” “In the event that a state of crisis is declared, the authorities may also proceed to the temporary seizure of all types of property including bank accounts, businesses and residences.” Covid-19 is a good crisis, creating an opportunity for great fear mongering and less rights. Since 2005

On the side of caution Atty. Jose Ferdinand M. Rojas II

RISING SUN

ore people are getting vaccinated but, admittedly, we all have a long way to go before reaching herd immunity. In the Philippines, we are dealing with some resistance from the population as well as a shortage of supply in some places. For example, those people who are not being prioritized still need to wait for a few more months. One of the campaigns that caught my attention recently is the Ingat Angat campaign. It’s a good initiative being undertaken by the private sector. According to the Ingat Angat site, it “aims to restart the Philippine economy by empowering Filipinos with vigilance.” Businesses and organizations have come together to take action by spreading awareness and offering benefits to Covid-19 vaccination cardholders (Bakuna Benefits). There are downloadable templates that businesses can use for free, as well as a communication

Thomas M. Orbos

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BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

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Corp., McDonald’s Philippines, Goldilocks, BDO, BPI, Metrobank, Paymaya, Alaska, Champion, Century Pacific Food Inc., Coca Cola Philippines, Oishi Liwayway Marketing Corp., PepsiCo, Procter & Gamble Philippines, RFM Corp., Unilever, Petron/San Miguel Corp., Shell, Ayala Malls, Filinvest Development Corp., Robinsons Malls, SM Supermalls, Globe Telecom, Smart Communications, Angkas, and foodpanda. But while these businesses want us to get vaccinated so we can “once again enjoy activities outside the confines of our homes,” we need to be vigilant even as we decide to slowly embrace the “new normal” life outside. Our health and safety, along with the well-being of our

loved ones, should remain our top consideration. Keeping updated on the latest developments around the world is not only responsible, it can help us plan, decide, and act. With the ongoing surges related to the more transmissible Delta variant, as well as the looming risks from the new Lambda variant, it pays to know what safety protocols we need to practice both indoors and outdoors, whether we are fully vaccinated or unvaccinated. I believe that our local experts and authorities should disseminate information of the sort to serve as a guide for people who are now starting to travel, dine out, shop in stores, and spend more time with other people. It’s true that we all must work together to restore the economy and bring businesses back. We also need to manage our actions and decisions with correct information, caution, and rationality so we can avoid similar surges that are happening now in other parts of the world, like in certain parts of the US, Indonesia, Peru, etc. Another surge could bring us steps back and erase some of the accomplishments we have made thus far. It is too soon to let our guards down.

Road transport groups as one voice in 2022

BusinessMirror A broader look at today’s business Publisher

toolkit and other materials that can be used to educate more Filipinos about the vaccines and, consequently, drive up confidence in it and speed up our economic recovery. Those who wish to support or join the campaign, download materials, or find out what privileges are being offered by businesses to vaccination cardholders can check out www.ingat-angat.com. Big names have joined the campaign to offer support, including Aboitiz Equity Ventures, Alliance Global Group (Megaworld, Resorts World, Emperador), Jollibee Foods

With the ongoing surges related to the more transmissible Delta variant, as well as the looming risks from the new Lambda variant, it pays to know what safety protocols we need to practice both indoors and outdoors, whether we are fully vaccinated or unvaccinated.

mong the key issues that propelled then candidate Duterte to his presidency five years ago were transport problems that plagued the country at that time—the worsening traffic congestion and lack of transport, the metro rails that were breaking down constantly, the shortage of vehicle license plates, and the “laglag bala” incidents at the airports; all of which the Duterte administration committed to resolve. To be fair, all of these were indeed attended to successfully by this administration, adding to a long list of their other achievements in the field of transport: The many airports and seaports built, the many kilometers of rail lines added, the transport modernization program, among others. With this administration nearing the end of its term, there is much unfinished business on top of additional transport issues that have cropped up. The question is how can we be assured that these would be aptly addressed and that the continuity of such good programs, on top of the needed ones to be implemented, will be done by a new administration that is definitely on the horizon. I met with several public road transport leaders last week to precisely discuss these matters, and we were one in seeing the need for a united front to ensure that their resolution will be attended to by the next administration. Among them were

the Lawyers of Commuters Safety and Protection, the Federation of Jeepney Operators and Drivers Association of the Philippines, Alliance of Concerned Transport Operators, and the Motorcycle Philippines Federation. No, we were not planning to put up a party list and join the election fray. Transport party lists never really worked in past elections. Most of them started well but then ultimately revolved around the personas of those who became the designated representatives. I believe there are transport party lists that will join the political fray next year, and I do hope they will really be more successful in being truly the representatives

Elections had been for the most part of our history a one-off engagement between candidates and the transport stakeholders, wherein all the bells and whistles accompany many promises. This time around, the transport sector would like to be assured that the next set of leaders will have a better batting average in fulfilling the promises they made.

of the sector. What we have agreed on exactly is the opposite. Rather than try to join the political fray ourselves, we will make sure that the next administration will hear us out, at the very least. This we plan to do, as a group, by coming with a transport agenda for 2022 that will be presented to these candidates and for them to agree to implement the agenda once elected. For those who will agree, then definitely they can count on the votes of the many members of these transport groups. For so long, candidates would always woo leaders and members of the sector with dinners and giveaways, then they are left out in the cold after the elections. This time, we intend to turn the tables on them: Agree with our transport agenda, in writing; then our members will consider voting for you—also in writing. The transport agenda will be general agreements but important ones, and easily doable insofar as the new government by then is concerned,

with the needed political will, of course. Although the list will be finalized in a week, there are already some issues that we all agreed should be included. Among the most obvious ones: A more responsive Land Transportation Franchising and Regulatory Board and Land Transportation Office, where processes need to be hastened as well as voices of the sector be given room to be amplified and heard. An integrity mechanism for traffic enforcement, and credible traffic adjudication processes. Financial subsidies and more relaxed terms for the operators as part of the modernization program, indicative that all parties are supportive of the program but are held back by financial difficulties. Consolidation of policies that are made equitable. Rationalized routes, balanced among various transport modes. And a thorough consultation of the sectors on the issue of the proposed foreign ownership on public transport. Elections had been for the most part of our history a one-off engagement between candidates and the transport stakeholders, wherein all the bells and whistles accompany many promises. This time around, the transport sector would like to be assured that the next set of leaders will have a better batting average in fulfilling the promises they made.

The author may be reached via: thomasorbos@ gmail.com

Opinion BusinessMirror

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The G-20 faces three big tests

Run good guys run!

By Antonio Guterres | UN Secretary-General

ince the start of the Covid-19 pandemic, we’ve heard a lot about global solidarity. Unfortunately, words by themselves will not end the pandemic—or curb the impact of the climate crisis. Now is the moment to show what solidarity means in practice. As G-20 Finance Ministers meet in Venice, they face three crucial solidarity tests: on vaccines, on extending an economic lifeline to the developing world, and on climate. First, vaccines. A global vaccination gap threatens us all. While Covid-19 circulates among unvaccinated people, it continues to mutate into variants that could be more transmissible, more deadly, or both. We are in a race between vaccines and variants; if the variants win, the pandemic could kill millions more people and delay a global recovery for years. But while 70 percent of people in some developed countries are vaccinated, that figure stands at less than 1 percent for low-income countries. Solidarity means delivering on access to vaccines for everyone—fast. Pledges of doses and funds are welcome. But let’s get real. We need not one billion, but at least 11 billion doses to vaccinate 70 percent of the world and end this pandemic. Donations and good intentions will not get us there. This calls for the greatest global public health effort in history. The G-20, backed by major producing countries and international financial institutions, must put in place a global vaccination plan to reach everybody, everywhere, sooner rather than later. The second test of solidarity is extending an economic lifeline to countries teetering on the verge of debt default. Rich countries have poured the equivalent of 28 percent of their GDP into weathering the Covid-19 crisis. In middle-income countries, this figure drops to 6.5 percent; in least developed countries, to less than 2 percent. Many developing countries now face crippling debt service costs, at a time when their domestic budgets are stretched and their ability to raise taxes is reduced. The pandemic is set to increase the number of extremely poor people by some 120 million around the world; more than three-quarters of these “new poor” are in middleincome countries. These countries need a helping hand to avoid financial catastrophe, and to invest in a strong recovery. The International Monetary Fund has stepped in to allocate $650 billion in Special Drawing Rights—the best way to increase the funds available to cash-strapped

economies. Richer countries should channel their unused shares of these funds to low and middle-income countries. That is a meaningful measure of solidarity. I welcome steps the G-20 has already taken, including the Debt Service Suspension Initiative and Common Framework for Debt Treatment. But they are not sufficient. Debt relief must be extended to all middle-income countries that need it. And private lenders must also be brought into the equation. The third test of solidarity concerns climate change. Most major economies have pledged to cut their emissions to net zero by mid-century, in line with the 1.5-degree target of the Paris Agreement. If COP26 in Glasgow is to be a turning point, we need the same promise from all G-20 countries, and from the developing world. But developing countries need reassurance that their ambition will be met with financial and technical support, including $100 billion in annual climate finance that was promised to them by developed countries over a decade ago. This is entirely reasonable. From the Caribbean to the Pacific, developing economies have been landed with enormous infrastructure bills because of a century of greenhouse gas emissions they had no part in. Solidarity begins with delivering on the $100 billion. It should extend to allocating 50 percent of all climate finance to adaptation, including resilient housing, elevated roads and efficient early warning systems that can withstand storms, droughts and other extreme weather events. All countries have suffered during the pandemic. But nationalist approaches to global public goods like vaccines, sustainability and climate action are a road to ruin. Instead, the G-20 can set us on the road to recovery. The next six months will show whether global solidarity extends beyond words to meaningful action. By meeting these three critical tests with political will and principled leadership, G-20 leaders can end the pandemic, strengthen the foundations of the global economy, and prevent climate catastrophe.

IMF sees room to simplify global tax deal to boost participation By Eric Martin | Bloomberg Opinion

he International Monetary Fund is urging officials negotiating a global tax deal to simplify the rules so countries that currently have less sophisticated laws can comply and benefit. A total of 132 countries and jurisdictions have this month backed a two-part agreement aimed at making multinational companies pay tax in places where they operate, known as pillar one of the deal. The second pillar of the accord is a minimum tax rate, which nations have agreed will be at least 15 percent. About one third of the IMF’s 190 member nations have yet to sign on to the deal, with many of them not party to the talks led by the Organization for Economic Cooperation and Development. A key concern for some nations is that the rules be relatively simple, the IMF’s second-ranking official said after a meeting of Group of 20 finance ministers in Venice, add-

ing that the fund wants a system that works for all IMF members. “There is still scope for both pillar one and pillar two to be simplified,” Geoffrey Okamoto, the IMF’s first deputy managing director, said in a phone interview from Italy on Saturday. “There is still attention that needs to be paid for keeping this as simple as possible to get the job done, so that it’s easy and efficient to administer,” an argument that the IMF made “forcefully” at the G-20 meetings, he said. Ministers at the G-20 discussed the divergence in recoveries across countries, with most central banks viewing inf lation in some advanced economies as temporary, Okamoto said. Developed economies probably will need to tighten monetary policy before many emerging-market and developing economies, creating potential spillover effects, he said. The IMF will be prepared to help nations if financial conditions tighten earlier than people are expecting, Okamoto said.

Siegfred Bueno Mison, Esq.

THE PATRIOT

T times, I think about why people run for public office. While the best reason for doing so is to serve one’s constituents, there are some who run because of “family obligation” in an effort to preserve the stronghold of a supposed political dynasty. There are still others who want to capitalize on their fame or name while they still enjoy public attention. In the Mison family, save for an uncle who became a councilor and vice mayor of Quezon City decades ago, no one has tried to join the fray. Perhaps none of us mustered the wherewithal and the audacity to embark on an election journey. I find nothing wrong in family members following the footsteps of their elected relatives, as long as they are running for the right reasons. In Leyte, Dulag City Mayor Mildred Que is one of those family politicians who was practically compelled to run when her father’s third term ended. However, once elected, she made a difference in her municipality as her amiable leadership and work ethic led to many achievements that made her former professors in Ateneo Law School extremely proud! On the other hand, some friends in the military, recently retired or about to retire, are contemplating to join the list of many aspirants in the 2022 elections. For first timers like them, winning the hearts and minds of the people can be a difficult task. Most would not have the luxury of organized machinery, a tried and tested campaign team, and, of course, a war chest to finance a sustained campaign. Unless their family name is established among their constituents, some must hurdle their understandably low awareness rating. It takes much courage to try something out of their comfort zone. Running to win is one thing;

serving after winning is another. Baguio City Mayor Benjie Magalong is one of those former military officers who ran for office after serving the police force for more than 30 years. He won despite a shoestring budget. After being elected, he endeared himself to his constituents as his actions are grounded on doing good to others. He is one of the PMA graduates who exemplified the motto of Courage Integrity Loyalty, not only in Baguio but also in the entire Philippine archipelago. Senator Ping Lacson, whose integrity in office is unblemished with any whiff of corruption, is another such PMA alumnus who joined politics after

Monday, July 12, 2021 A15

retirement from the police force. Undaunted by this inherent handicap of not being a political animal, Senator Ping might, once more, pursue to do good in an arena bigger than the Senate. Doing good for others, like what Mayors Magalong and Que have done, is second nature for a believer of the power and grace of Christ. I was taught that while believers are saved by grace alone, they are still expected to do good works, not to boast about their accomplishments but to show their maturity in faith. If public servants are to press on to their divine calling, they should not lose heart in doing good. I consider them as “good guys,” not just because of their faith but also because of how they are showing their faith to others. Pasig City Mayor Vico Sotto is one “good guy,” who managed to continue to do good in the eyes of our Almighty God. Since Mayor Vico is in government not out of selfish interests, he never gets weary. In the Bible, Galatians 6:9-10 tells us, “Let us not become weary in doing good, for at the proper time we will reap a harvest if we do not give up. Therefore, as we have opportunity, let us do good to all people, especially to those who belong to the family of believers.” No matter the cost, those who want to serve others should muster the courage to run for public office! Others may find them crazy or naive, but for as long as they are running for office with the best intentions, their courage cannot be doubted. President Cory Aquino ran for office quite reluctantly after the death of her husband. President Noy Aquino did the same, not for purposes of establishing a political dynasty to

keep the power of the throne. I think, deep in their hearts, both Cory and Noy simply wanted to do good to others in keeping with the family ideals that the Filipino is worth fighting for. In contrast, some family members, from the Marcoses of decades ago to the Dutertes of today, may not have the same intentions as others like Que and Aquino. They seem to keep on running for office to preserve the power within the family. They run, quite reluctantly for strategic purposes, not because they have to, but just because they can win. Believers, who are wary to run for public office, need faith and courage, which can only come from Him. Some will lose and might try again. Others before them have lost but can still claim victory for just trying. After all, following a divine calling requires patient endurance, as the race is not a sprint but a marathon. I can sense quite a number of “good guys” thinking of running but are afraid to take that leap of faith. Edmund Burke once said, “The only thing necessary for the triumph of evil is for good men to do nothing.” Knowing fully well that our God is in control, I urge the “good guys” to run this 2022 elections. Not to run is a disservice to the country.

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.

Welcome to my dangerous country, the Philippines Angel R. Calso

EDITOR’S CORNER

lobal Finance is an international magazine with a circulation of 50,050 distributed in 163 countries. The magazine recently ranked the Philippines as most unsafe country out of 134 countries worldwide. This is the second time that the Philippines placed last in the magazine’s evaluation, after its 2019 rankings that listed 128 countries. Why do I get the feeling that my country is being singled out by a magazine that is trying to punch above its weight class? It’s not good to assume ill intent. But what do you do when somebody won’t stop painting a bad image of your country based on unreliable information? What to do when a writer won’t even attempt to get information from reliable sources so he won’t come out with a much more negative conclusion than the reality of the truth would present? The author wrote: “Global Finance magazine’s safety index factors in risks of natural disaster with crime, terrorism and war to present a more rounded analysis of the world’s safest countries.” We won’t hire a charlatan to tell us that things are actually the way we would like them to be when it comes to natural disasters. We are located along the typhoon belt in the Pacific, and the Philippines is visited by an average of 20 typhoons every year. But there are reliable sources that can discuss without bias the crime, terrorism and war situation in the Philippines. That’s why Philippine National Police Chief General Guillermo Eleazar is complaining about the Global Finance report. “Our crime statistics does not align with this ranking. Our fellows in the media can attest to this because we regularly release the crime situation in our country, where the huge drop in crime can be seen,” he said. Eleazar said the crime rate in the first five years of the Duterte administration is down 63 per-

cent, compared to the crime rate in the first five years of the Aquino administration. Why was that fact not factored in? “Nevertheless, we will take this latest ranking as a challenge to do more in terms of further improving the peace and order and security of our country,” the PNP Chief said. Malacañang earlier debunked Global Finance’s ranking of the Philippines at the bottom of the list of the safest countries in the world. “The opinion of Global Finance is but one among many varied points of view. While it is given that the Philippines is prone to natural hazards owing to its geographical location in the Pacific rim as well as due to climate change, our disaster management system continues to improve. The Filipino people are also growing more resilient and adaptive,” the Palace statement said. The Palace said it is noteworthy to mention that 86 percent of Filipinos are satisfied with the Duterte administration’s handling of the Covid-19 pandemic, as shown by Pulse Asia’s December 2020 survey. Global Finance may not believe in Philippine surveys, but they should have interviewed health experts. If they don’t want to talk to Filipino health experts, how hard is it to call Dr. Rabindra Abeyasinghe, the World Health Organization (WHO) Representative to the Philippines? In case Global Finance don’t like to read news about the Philippines that they didn’t write, here’s what Dr. Abeyasinghe said about the country’s Covid response: “The

Philippines has done a good job.” Dr. Abeyasinghe said the Philippines’s response to the pandemic, as compared to different countries from the perspective of its income capacity, population size, and topographical challenges, the number of people having died from Covid-19 in the Philippines is “comparatively lower than many other countries” despite its “very limited capacities.” “From that perspective, if you’re honest, it appears that the Philippines has done a good job,” Dr. Abeyasinghe said. He added that other countries have shut down their borders even to their own nationals amid the pandemic, whereas the Philippines has welcomed its overseas Filipino workers. “With those people coming in, the virus comes in. So, you have to take all of that humanitarian angle in addition to the response and weight,” he said. We want to give Global Finance the benefit of the doubt, because it can happen that they interviewed the wrong Philippine “experts.” This reminds us of the BBC incident in London on May 8, 2006. Guy Goma is a business studies graduate from the Republic of the Congo who was accidentally interviewed live on BBC News 24. Goma was mistaken for technology expert Guy Kewney when he went to the BBC for a job interview and was brought onto a BBC special regarding the case Apple Corps v. Apple Computer to provide insight on a subject he knew little about. From Wikipedia: “Goma was waiting in the main reception area of the BBC Television Centre in west London to be interviewed for a job as a data support cleanser in the corporation’s IT department. At the same time, Guy Kewney, a British technology expert, was in another reception area preparing for a live television interview on the subject of Apple Computer’s court case with the Beatles’ record label, Apple Corps. “The producer sent to fetch Kewney was told that Kewney was in the main reception area. When he asked the receptionist where Guy Kewney was, she pointed to Goma, even after he asked if she was sure

this was the right person. The producer had seen a photo of Kewney, but only had five minutes before the live interview was due to take place. He approached Goma and asked him if he was “Guy.” Hearing his first name, Goma answered in the affirmative. Goma was led to the News 24 studio. BBC staff put on makeup, and he was ushered to the television studio, where he was seated in front of the cameras and wired up with a microphone. Although he thought the situation was strange, he believed he was about to be interviewed for a job.” Strange things happen in real life. At least we can call the BBC faux pas an accident. While we can admire the guts of the wrong expert interviewed live on national television in London, these are the kinds of experts that must be shunned. We hope Global Finance has the competence to find the right participants in its studies. The last thing you want as a researcher is to pick the wrong guy to base your research on. Global Finance magazine said “these rankings and scores should be taken with a grain of salt” because they are based “on concise reports produced by NGOs and international organizations.” In other words, Global Finance has nothing to do with the reports where they based their conclusions. They seem to have relied on ultracrepidarians to tell them which countries are the safest in the world. Hospitality is the trademark of Filipinos. For us, it is a pleasure to accept foreigners as visitors and build genuine friendship with them. We hope the Global Finance author will have the chance to visit the Philippines after the pandemic so he can experience Filipino hospitality at its best. He may even be surprised to find out that the Philippines is a much safer destination for foreign visitors than some of the countries on his list. Surely, he will be warmly welcomed, and he might find new friends as a bonus. There’s just one group game he won’t be invited to participate—it’s a parlor game called “Truth or Consequence.” You can’t play this game if you have nothing truthful to tell.

A16 Monday, July 12, 2021

‘With policy tweaks, mining, manufacturing to lift economy’

By Jovee Marie N. dela Cruz

@joveemarie

OLLOWING “encouraging” growth numbers in export sales of the mining and manufacturing sectors, an economist-lawmaker said that with the right government policy and support, these sectors can help boost the country’s economic rebound.

House Committee on Ways and Means Chairman Joey Sarte Salceda made the comments in response to preliminary Philippine Statistics Authority (PSA) data showing merchandise exports in May went up by 29.8 percent year-on-year to $5.89 billion. “As I’ve always discussed in all my presentations to the business community, the manufacturing industry, particularly the electronics sector, and the minerals sector will be among our economic saviors during this pandemic. The demand for electronics, and the minerals that

make up their parts, has been impervious to the decline in overall consumption,” Salceda said. “These sectors will continue to be strong, as sales volumes increase even as prices remain elevated. Until the global semiconductor shortage is addressed—and it takes time to build new manufacturing capacity—we will continue to see both sectors have significant pricing power. The Philippines is a leading electronics manufacturer in the region, and is also among the most mine-rich countries in the world,” Salceda said.

Exports of manufactured goods grew by 35.2 percent to $4.96 billion in May. Manufactured goods accounted for 84.2 percent of total export sales over that period. Electronic products, comprising 69.1 percent of manufactured goods and 58.2 percent of total exported goods, expanded by 25.4 percent to $3.43 billion in May. Of these, semiconductors contributed $2.53 billion, an increase of 11.3 percent from last year. The sales of mineral products also increased by 23.4 percent to $460.83 million from $373.44 million. “Add to that the growing demand for electric vehicles, a trend that will only grow stronger as both China and the United States make major investments in the area,” Salceda added.

Enabling policy

However, Salceda said both the manufacturing and mining sectors need policies that enable growth and encourage them to make the right business decisions. According to the lawmaker, the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act is the best tool for growth in these

areas, as both the Mining and the Electronics export sectors are in the 2020 Investment Priorities Plan, all of which will be in the Strategic Investment Priorities Plan mandated by CREATE. However, Salceda said the Department of Trade and Industry (DTI) must consider adding “valueadded in minerals” as a higher tier in the grant of tax incentives. “Value-added in minerals should have more tax incentives than mere extraction. The problem with our metallic mining sector is that much of our extracted resources is transformed into higher-value goods in places like Hong Kong,” he said. We can do better by creating value-added here in the Philippines. That will create more jobs and generate more compensatory revenues to rehabilitate mining areas and protect communities,” Salceda added. Under the CREATE Law, domestic industries get 4-7 years of income tax holidays, and 5 years of enhanced deductions. Exporters get 4-7 years of ITH and 10 years of enhanced deductions or a special corporate income tax rate of 5 percent of gross income. Continued on A4

LACSON-SOTTO TANDEM SETS AUG. 5 TIMELINE FOR DECISION

ENATE President Vicente Sotto III revealed over the weekend a tentative August 5 deadline for completing nationwide consultations on the issues for the upcoming 2022 presidential elections and formally announcing their decision to proceed with a “Lacson-Sotto” ticket with Senator Panfilo Lacson as standard bearer Sotto III told DWIZ on Saturday he and Lacson are likely to “officially announce” their tandem by the first week of August. “Ang plano namin ni Sen. Lacson, officially mag-a-announce kami sa August 5, tentatively, August 5 ang target,” the Senate leader said. “Meron lang mga consultations pa kaunti na aasikasuhin. Plano naming mag Visayas, baka next week, [Our plan is to announce by August 5. That’s the tentative target. We just need to hold more consultations. We plan to go to the Visayas, maybe next week],” he added. The Senate President said they are still in the midst of their initial nationwide people-to-people consultations that he dubbed “Luzon tour,” to get a feel of the public pulse, and aim to reach out to also cover Visayas and Mindanao sorties. Speaking partly in Filipino to

DWIZ’s Cely Ortega-Bueno, Sotto said, “last Thursday we went to Bulacan, then proceeded to Pampanga, Tarlac, and then went to Zambales where we spent the night. The following day, we went to Ilocos Sur.” He indicated the Luzon sortie is just their initial consultationtour, before they formally decide to proceed with joining the 2022 presidential derby. Trips to other Luzon regions, and Visayas and Mindanao are planned as well. The senators are taking advantage of their break before the 18th Congress convenes its last regular session in late July. He said, “we want to feel the people’s pulse. We went to Pangasinan, where we spent a lot of time, because, as you know, we have many friends among the mayors and councilors in Dagupan and Lingayen.” They also want to know the sentiments and issues engaging “the private sector, the business community, local officials, even the religious sector, we are talking to them.” He said they want to find out how these people think of what’s going on, how the country is governed, where the nation is headed for, what more can be done, and what problems they see in governance. Continued on A2

Editor: Jennifer A. Ng

Companies BusinessMirror

Monday, July 12, 2021

San Miguel unit drops coal projects in Quezon, Cebu

By Lenie Lectura

@llectura

MC Global Power Holdings Corp. (SMCGP) has decided to drop new coal power projects to give way to renewable energy (RE) and gas power projects. Over the weekend, the power arm of conglomerate San Miguel Corp. (SMC) said it would no longer pursue three clean-coal power plants with a capacity of 1,500megawatts (MW) in favor of new facilities that utilizes cleaner, RE sources. Based on a July 1 letter from the Department of Energy (DOE), SMCGP said it discontinued the 600MW CFB (Circulating Fluidized Bed) coal-fired power plant in Pagbilao, Quezon; 600MW CFB coal plant in Sariaya, Quezon; and the 300MW coal plant in Malabuyoc, Cebu. Also, a 300MW coal expansion project in Malita, Davao Oriental of SMC Consolidated Power Corp., a wholly-owned subsidiary of SMCGP, was “delisted” by the DOE. Aside from the coal projects of SMCGP and its unit, the DOE said two more coal projects were delisted while one is being reviewed. “Most of these projects have al-

ready been discontinued, while some are being reviewed if they merit an exemption from the coal moratorium advisory,” said DOE Electric Power Industry Management Bureau Director Mario Marasigan. The DOE earlier declared a moratorium on endorsing new coal projects. Coal represents 57 percent of the country’s power generation mix last year, followed by RE at 21 percent, gas at 19 percent and oil at two percent. In terms of generating capacity, coal accounted for 42 percent, RE at 29 percent, oil at 16 percent and gas at 13 percent. “We’re executing on our plans to move away from building new coal facilities, despite new technologies that make them cleaner. It’s a company direction that is in line with all the major sustainability initiatives we have undertaken these past couple of years,” SMC President Ramon S. Ang said in a statement.

SMCGP will add more renewables into its power portfolio utilizing technologies that will significantly cut its carbon footprint while continuously addressing the country’s need for reliable and affordable power. “SMC has always maintained a diverse power portfolio utilizing renewables and traditional, but proven technologies. This is to ensure that as we transition to cleaner sources, we will not undermine our commitment to meet the growing demand for affordable and reliable energy,” added Ang. The company has already started its transition to cleaner energy with its ongoing construction of 31 Battery Energy Storage System (BESS) facilities all over the country. The BESS facilities—worth more than $1 billion—will have a total capacity of 1,000 MW and are set for completion this year until 2022. These, Ang said, represent SMC’s full-scale solution to fix power quality issues in the grid. More significantly, the project will allow for the integration of over 3,000 MW of intermittent renewable power sources to the grid. As such, Ang said SMCGP will put up solar plants in combination with battery storage facilities at 10 locations throughout the country. These will be operational by 2023. It has also lined up several hydroelectric power plants in Luzon.

ABB eyes deals with power firms

lobal technology leader ABB Philippines is expanding its reach in the country’s energy and transportation sectors by providing various digital solutions to be showcased in the upcoming ABB Philippines Digital Summit this month. ABB Philippines Country Managing Director and Local Business Manager for Electrification Division Olivier Coquerel said during a virtual press briefing that the company offers mobility solutions for electricity vehicles focusing on ABB E-mobility,

ABB Power Quality Solutions, ABB High Efficiency Motors, Digital Automation Solutions for Renewables, among others. “We’ll have a lot of collaboration with RE [renewable energy] companies like Aboitiz, Ayala, Solar Philippines. We’ll continue to work and provide solutions for them. We will have more and more digital solutions, whether it is to check the assets of the industry or monitor energy consumptions, we have a lot of solutions in that space,” said Coquerel. ABB Ltd. of Switzerland is now

working with SMC Global Power Holdings Corp. for a battery energy storage system project. “We are helping a lot of solar companies to basically inject their solar into the power grid, that’s one area where we’ll be very active,” he said, adding that aside from solar, ABB will also assist RE firms that are into hydro and geothermal. In the transportation sector, it is in discussions with Light Rail Manila Corp. (LRMC) to reduce its energy consumption by 30 percent. Lenie Lectura

Inc., Ever-Gotesco Resources and Holdings Inc., Bogo-Medellin Milling Co. Inc., Primex Corp., Manila Mining Corp. A and Omico Corp.

Stock picks

STOCK-MARKET OUTLOOK Last week

Share prices fell last week, with the main index returning to the 6,800-point level, as many investors decided to cash in on their gains after it touched the 7,000-point mark. The benchmark Philippine Stock Exchange index (PSEi) declined 167.34 points to close at 6,834.92 points. The main index sustained its 7,000-point level on Monday, but it went downhill from there as many decided to sell, while others stayed on the sidelines leading to a low volume of trade for the week. Total average value of trade for the week reached P5 billion. Foreign investors accounted for 36 percent of the total trades and were net sellers at P2.3 billion. All other indices ended in the red, led by the broader All Shares index that lost 60.43 points to close at 4,234.54 points, the Financials index shed 40.71 to 1,477.78, the Industrial index fell 108.49 to 9,592.99, the Holding firms index declined 185.90 to 6,840.68, the Property index was down 80.91 to 3,294.23, the Services index retreated 19.68 to 1,595.13 and the Mining and Oil index plunged 142.40 to 9,696.16. For the week, losers edged gainers 147 to 74 and 25 shares were unchanged. Top gainers for the week were the A and B shares of Oriental Petroleum and Minerals Corp., DFNN Inc., Petron Corp., Phinma Corp., Bloomberry Resorts Corp. and Macay Holdings Inc. Top losers were Greenergy Holdings

This week

Share prices are expected to slide on investors’ concerns about the possible eruption of Taal Volcano and the spread of the Covid-19 delta variant, which has prompted neighboring Southeast Asian countries to implement lockdowns. Broker 2TradeAsia said investors are also monitoring the peso-dollar exchange rate, which hit P49.91, as the local currency posted its most volatile quarter at 5 percent. “While this is due to confluence of mostly transitory factors such as higher imports and oil prices, it would be [an] interesting metric to follow as consumption is expected to recover by late 2021, in time for the widely speculated recordlevel remittance season owing to the base effects of 2020,” it said. It said the index needs to build a solid base around the 7,000-point level for it to reach 7,300 points in the next few months. “As the adage goes, slow and steady wins the race, and in times such as this when the market has run out of extra upward momentum that diversification with an emphasis on quality assets should be paramount.” Immediate support and resistance for the main index is seen at 6,800 points and 7,000, respectively.

Broker Regina Capital Development Corp. advised to trade the range on the stock of DITO CME Holdings Corp. as its price remains range-bound despite the relatively higher volumes the past few days. “In the previous trading session, it managed to reach an intra-day high of P9.18 before retreating to P8.94 at close. There doesn’t seem to be any momentum at this point, so the stock continues to consolidate. This nevertheless counts as DITO cementing its base near P8.50—meaning a run-up or rally will be more sustainable, should such an event occur. Still, in the next few days, we do not think DITO will trade out of its range anytime soon. All indicators are neutral and volatility is at new lows,” it said. Shares of DITO closed Friday at P8.86 apiece. Meanwhile, it advised to buy when its support price of P3.90 per share holds for the stock of Greenergy Holdings Inc. Shares of Greenergy may have shed some 10 percent in just two days last week, after days of failing to breach the resistance at P4.50. “Based on its indicators, GREEN is still far from its oversold levels. Should GREEN break the support at P4—highly likely, in our view—the level that could provide a bit of respite is at P3.65.” Greenergy shares closed at P3.78 apiece last week. VG Cabuag

The power firm is also gearing up to build a 1,300 MW liquified natural gas (LNG) combined cycle plant in Batangas City, which will provide clean and stable power to Meralco over the next 20 years, beginning 2024. The facility will provide power at a very competitive price, cheaper than what modern coal plants in the country currently offer. SMC is also set to build small-scale LNG plants in 8 to 10 islands in the Visayas and Mindanao regions to boost rural electrification. “For several years now, we have been articulating our plans to move into cleaner and renewable power, and we would like to report to the public that now, these plans have not only taken shape but we have actually started implementing them,” said Ang. In 2017, SMC discontinued it plastic bottled water business, effectively removing some 32 million plastic bottles a year, which would have ended up in landfills or bodies of water. That same year, SMC also committed to reduce the total water consumption across the entire San Miguel group of companies by half.

Nlex completes pavement repairs

lex Corp. said on Sunday it has completed the pavement repair of over 140,000 square meters of the expressway, an initiative aimed at ensuring “a safe and convenient driving experience for motorists.” Luigi L. Bautista, the company’s president, said the initiative, which started in February, involves comprehensive pavement repairs, including the asphalt overlay and patching works in 109,886-square meter section of the North Luzon Expressway (Nlex) and 31,600-square meter section of the Subic-Clark-Tarlac Expressway (Sctex). “Each year, we strive to fulfill our obligation to provide our customers with the best service. With the completion of the pavement repair program, we are optimistic that our motorists will have a safer and

smoother drive,” he said. Bautista said the expressway also undergoes regular repairs like crack mapping and sealing, pothole patching, among others, “to keep it in tiptop shape, guarantee a seamless travel experience and extend the road’s serviceable lifespan.” “All the enhancements that we are doing stemmed from our regular inspections and of course, from the feedback of motorists. It has been our practice to check the pulse of our customers so that anything that needs improvement must be implemented,” he added. Aside from this, Bautista said the company is also undertaking rehab works for the Meycauayan Bridge and Bigaa Bridge in Bulacan. This involves the replacement of girders and slabs to strengthen the structures. Lorenz S. Marasigan

Companies BusinessMirror

Monday, July 12, 2021

Shell hastens efforts to hit goal of net-zero emissions

By Lenie Lectura

@llectura

ilipinas Shell Petroleum Corp.’s Powering Progress strategy is gaining ground as Shell Global moves to accelerate its transition to becoming a net-zero emissions energy business by 2050 or sooner. The oil firm said it recently completed solar installations in about 70 of its mobility sites. It’s Shell Fleet Card, which tracks every liter of fuel consumed, allows the cardholder to offset resulting carbon emissions through Shell’s many nature-based projects around the world. In January this year, Pilipinas Shell signed global audio solutions market leader Knowles Electronics

Philippines Corp. as its first official customer for the launch of its voluntary carbon offset program for their fleet. The partnership allowed Knowles to offset 4.63 tons of carbon dioxide from vehicle emissions, making the entirety of the Knowles’ fleet carbon neutral. Also, the recently launched Shell Marilao Mobility Station in Bulacan was built using Shell Bitumen FreshAir, a recyclable ma-

terial which reduces the impact of the industry on local air quality levels. The mobility site is also equipped with rain catchers and solar panels, and its walls are made of eco bricks or reusable building materials formed out of plastic bottles filled with solid plastic to make them denser. Pilipinas Shell President Cesar Romero said he takes pride in the company’s strategic collaboration with its stakeholders, customers, and related communities to develop renewable energy sources and reduce the carbon footprint. “We are confidently looking forward to serving the country’s energy and mobility requirements. Shell’s refocused strategy is bringing customer-centric innovative offerings, backed by strong technical capability and resources, and world-class supply chain. We are here to power progress and make the future of energy for the Fili-

pinos. Pilipinas Shell is looking forward to our next century in the Philippines,” he said. Shell Global supports the Paris Agreement, which has been signed by 197 countries including the Philippines, and its goal of limiting global warming to 1.5 degrees Celsius. “We will ensure to respect nature and all its elements including biodiversity. It also means powering lives and socio-economic mobility, mindful of human rights and diversity and inclusion. As a business, we have to generate shareholder value. These are the core elements of powering progress,” said Dean Aragon, Shell Global Vice-President in the recent webinar “Europa Advocacy Series on Sustainability: Making the Case for Sustainability in Business.” Pilipinas Shell’s development of renewable energies also reflects its strong partnership with its many stakeholders, reflecting the core elements that Aragon mentioned.

Amazon.com wants to monitor you in your sleep

mazon.com Inc. has won United States permission to use radar to monitor consumers’ sleep habits. The Federal Communications Commission (FCC) on Friday granted Amazon.com Inc. approval to use a radar sensor to sense motion and “enable contactless sleep tracing functionalities.” Amazon on June 22 asked the FCC, which regulates airwave uses, for permission to market a device that uses radar. The technology captures movement in three dimensions, enabling a user to control its features through simple gestures and movements, the company said in a filing.

The capability, according to Amazon, could help people with “with mobility, speech, or tactile impairments,” and it could monitor sleep with a high degree of precision. “The use of Radar Sensors in sleep tracking could improve awareness and management of sleep hygiene, which in turn could produce significant health benefits for many Americans,” Amazon said in its filing. “Radar Sensors will allow consumers to recognize potential sleep issues.” Amazon didn’t immediately respond to a request for comment. The company didn’t fully describe the device in its filing, but did say it would not be a mobile device. The FCC earlier granted similar permission to Google for radar to enable touchless control of Pixel smartphones, the agency said in its letter approving Amazon’s request. Amazon is pushing into health and wellness with its Halo wristband. The device, which seeks to measure body fat and voice tones, has been crit-

icized by some reviewers as invasive and overly negative. The company has also long been developing technology designed to let customers control devices by

using hand or other gestures. That functionality was a selling point of the ill-fated Fire smartphone, and appears in patents related to Amazon’s Echo smart speakers. Bloomberg News

mutual funds

July 9, 2021 NAV

One Year Three Year Five Year

per share

Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

222.11

8.21%

-3.43%

-3.75%

ATRAM Alpha Opportunity Fund, Inc. -a

1.43

34.18%

0.02%

1.62%

8.91%

10.01%

-7.68%

-5.99%

-2.15%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7748 10.28%

-3.58% n.a.

-3.62%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7631 11.89%

-2% n.a.

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0656

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

4.8962

11.16%

First Metro Save and Learn Philippine Index Fund, Inc. -a,4

0.721 27.52%

-2.25%

2.9%

-1.23%

-2.01%

-0.91%

3.31%

-4.61%

-6.3%

-0.87% n.a.

1.7%

MBG Equity Investment Fund, Inc. -a

103.67

PAMI Equity Index Fund, Inc. -a

45.5601

9.85%

-1.42%

-2.61%

Philam Strategic Growth Fund, Inc. -a

477.7

8.37%

-1.61%

-3.03%

-2.31%

Philequity Alpha One Fund, Inc. -a,d,5

1.0892

21.13% n.a. n.a.

-0.74%

Philequity Dividend Yield Fund, Inc. -a

1.1564

11.12%

-1.34%

-1.97%

-1.01%

Philequity Fund, Inc. -a

34.1416

11.4%

-0.96%

-1.47%

-1.81%

9.17% n.a. n.a.

-2.88%

-2.75%

Philequity MSCI Philippine Index Fund, Inc. -a

0.8867

Philequity PSE Index Fund Inc. -a

4.6692

10.54%

-0.8%

-1.84%

-2.55%

Philippine Stock Index Fund Corp. -a

782.01

10.58%

-0.69%

-1.95%

-2.45%

Soldivo Strategic Growth Fund, Inc. -a

0.7123

10.61%

-4.96%

-5%

-0.92%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.538

8.83%

-3.28%

-3.33%

-2.37%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8929 10.02%

-1.07%

-2.1%

-2.7%

United Fund, Inc. -a

-1.66%

-1.09%

-1.96%

-0.48%

-1.37%

3.2541

10.35%

-5.11%

Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c

104.9828

10.57%

-2.39%

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

$1.245

22.03%

7.17%

8.29%

3.5%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.8184

27.87%

12.72%

13.04%

8.7%

Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a

1.6922

7.28%

1.3%

-1.54%

1.41%

ATRAM Philippine Balanced Fund, Inc. -a

2.2423

7.37%

0.42%

-0.83%

-1.89%

First Metro Save and Learn Balanced Fund Inc. -a 2.6086

6.3%

1.26%

-0.44%

-0.7%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1956

3.77% n.a. n.a.

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

5.03%

2.58%

0.4%

1.9585

-0.28%

PAMI Horizon Fund, Inc. -a

3.6929

4.2%

1.85%

-0.83%

-2.51%

Philam Fund, Inc. -a

16.5534

5.03%

1.97%

-0.8%

-2.26%

Solidaritas Fund, Inc. -a

2.0647

5.89%

0.61%

-0.5%

-1.4%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5241 5.65%

-0.35%

-1.78%

-1.37% -3.29%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.989

2.91% n.a. n.a.

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9092

4.41% n.a. n.a.

-4.21%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8968

5.89% n.a. n.a.

-3.89%

Sun Life Prosperity Dynamic Fund, Inc. -a

7.35%

-0.14%

0.8865

-0.68%

-1.99%

Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a

$0.03843

-0.23%

3.36%

1.37%

-1.76%

PAMI Asia Balanced Fund, Inc. -b

$1.123

10.99%

3.98%

4.68%

-2.36%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.7813 20.98%

9.71%

9.02%

5.95%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2241 10.7%

5.63%

4.99%

1.83%

-1.51%

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PSE STOCK QUOTATIONS

July 9, 2021

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG FILIPINO FUND IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

47.5 111.4 86.4 25 10.04 47.45 10.84 22.35 55.8 21.4 116.2 76.8 1.5 4.3 0.59 3.01 7.37 1.33 0.385 0.7 220.4 2,420

47.6 111.5 88.4 25.25 10.08 47.5 11.02 22.4 55.9 21.55 116.9 77 1.54 4.34 0.63 3.14 8.61 1.34 0.395 0.73 223.8 2,550

47.85 113.5 87 25.5 10.3 48.5 11.1 22.45 56 21.65 119 77.1 1.53 4.38 0.59 3.02 7.36 1.35 0.385 0.7 227.6 2,550

47.95 114 88.4 25.5 10.3 48.5 11.1 22.5 56 22.1 119.1 77.2 1.56 4.38 0.59 3.05 7.36 1.35 0.395 0.7 227.6 2,550

47.1 110.1 84.35 24.9 10.04 47.3 11 22.3 55.9 21.2 116 77 1.49 4.34 0.59 3.01 7.36 1.34 0.385 0.7 217 2,550

47.6 111.5 88.4 25 10.04 47.45 11 22.4 55.9 21.3 116.2 77 1.5 4.34 0.59 3.01 7.36 1.34 0.395 0.7 223.8 2,550

12,700 3,462,160 2,023,930 130,100 285,800 3,522,300 3,500 751,400 620 193,000 1,249,210 210 651,000 11,000 152,000 88,000 300 13,000 130,000 56,000 3,080 5

606,540 384,971,341 174,282,514.50 3,261,080 2,881,306 167,864,420 38,550 16,814,715 34,668 4,146,785 146,437,624 16,190 990,230 47,840 89,680 264,990 2,208 17,430 50,150 39,200 676,452 12,750

INDUSTRIAL

AC ENERGY ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE AXELUM CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT FRUITAS HLDG GINEBRA JOLLIBEE LIBERTY FLOUR MACAY HLDG MAXS GROUP MG HLDG MONDE NISSIN SHAKEYS PIZZA ROXAS AND CO RFM CORP SWIFT FOODS UNIV ROBINA VITARICH VICTORIAS CONCRETE A CONCRETE B CEMEX HLDG EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS CROWN ASIA EUROMED LMG CORP PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

8.69 1.31 24.7 0.73 29.2 77.85 275.2 18.1 3.57 4.02 12.6 20.85 12.9 6.04 2.87 14.12 23.1 14.9 8.3 12.6 83.75 0.63 1.36 97.9 203 29.2 7.57 6.77 0.28 16.96 7.96 1.02 4.62 0.152 143 0.83 2.45 52.25 59.9 1.32 15.6 8.25 7.3 6.65 14.8 1.03 1.72 1.96 4.27 5.38 21.4 3.78 9.91 1.08 5.8 1.37 5.48

8.7 1.32 25 0.74 29.3 77.9 275.4 18.12 3.6 4.11 13.04 20.9 12.94 6.14 2.9 14.6 23.15 14.96 8.4 12.64 83.8 0.66 1.37 98 203.6 31.35 7.99 6.85 0.285 17 8 1.03 4.74 0.153 144 0.84 2.48 55.4 62.8 1.33 15.7 8.26 7.4 6.66 15 1.05 1.73 2.03 4.28 5.48 21.7 3.79 9.93 1.1 5.93 1.38 5.52

8.59 1.3 25 0.74 29.4 78 280.6 18.1 3.63 4.12 13 20.85 13 6.18 2.9 14.9 23 15.16 8.4 12.14 84.75 0.65 1.38 98.45 210 29.6 7.55 6.85 0.285 16.7 8.1 1.02 4.51 0.146 142 0.84 2.48 52.05 59.9 1.36 15.7 8.25 7.36 6.9 14.9 1.03 1.76 2 4.31 5.44 21.9 4 10 1.1 5.98 1.37 5.46

8.71 1.33 25.05 0.75 29.7 78 280.8 18.38 3.63 4.12 13.04 21.05 13.02 6.2 2.9 14.9 23.55 15.16 8.41 12.76 84.75 0.67 1.39 98.45 210 31.45 7.99 6.85 0.285 17.06 8.1 1.04 4.75 0.156 144 0.84 2.52 52.05 59.9 1.36 15.72 8.25 7.42 6.91 14.9 1.03 1.76 2.03 4.31 5.48 21.9 4.08 10 1.1 5.98 1.38 5.52

8.5 1.3 24.6 0.73 29.15 77.85 275.2 18.08 3.55 4.12 13 20.7 12.84 5.97 2.87 14.5 22.85 14.7 8.15 12.14 83 0.65 1.36 97.45 202 29 7.55 6.5 0.28 16.4 7.94 1.02 4.51 0.146 138.4 0.83 2.4 52.05 59.9 1.31 15.6 8.1 7.01 6.65 14.8 1.03 1.72 1.94 4.28 5.42 21.4 3.67 9.9 1.07 5.9 1.36 5.3

8.7 1.32 25 0.74 29.2 77.9 275.2 18.1 3.6 4.12 13.04 20.9 12.9 6.15 2.87 14.5 23.15 14.9 8.4 12.6 83.8 0.66 1.36 98 203 29.05 7.99 6.85 0.285 17 7.96 1.03 4.74 0.152 144 0.83 2.45 52.05 59.9 1.33 15.7 8.25 7.4 6.65 14.8 1.03 1.73 1.96 4.28 5.48 21.75 3.78 9.91 1.08 5.94 1.38 5.52

27,244,600 151,000 2,597,600 14,695,000 1,003,900 234,080 404,030 1,140,900 1,916,000 2,000 3,800 635,100 163,000 3,134,400 333,000 1,500 3,274,300 115,900 2,202,000 5,455,300 104,370 787,000 2,477,000 26,190 1,334,730 9,300 6,100 611,600 910,000 16,747,000 649,900 1,784,000 7,000 53,800,000 837,330 1,127,000 148,000 200 180 5,030,000 1,571,600 640,800 1,820,200 2,026,500 72,900 30,000 206,000 60,000 20,000 118,000 2,200 26,247,000 1,247,800 372,000 4,100 480,000 6,901,400

-9,420 -156,843,797 -66,573,004.50 -339,820 -441,558 -90,302,755 -1,092,985 -35,103,141 -1,543 -15,500 23,100 2,200 -

235,486,514 197,640 64,557,760 10,870,810 29,365,170 18,224,747 111,465,724 20,689,106 6,871,040 8,240 49,524 13,289,305 2,108,412 19,007,055 959,590 21,850 76,414,875 1,724,108 18,292,967 68,471,392 8,738,983.50 519,420 3,386,100 2,561,828.50 272,308,216 273,115 46,099 4,070,454 258,200 279,879,050 5,195,815 1,823,130 32,730 8,179,290 117,615,726 937,750 361,690 10,410 10,782 6,668,370 24,656,274 5,257,253 13,296,486 13,650,975 1,082,180 30,900 359,040 119,950 85,950 640,512 47,930 100,081,440 12,400,557 402,850 24,262 657,690 37,375,720

20,387,190 -12,174,325 -142,080 -7,719,555 -56,940 -49,056,622 7,176,884 1,178,220 -2,576,890 -498,991 -52,042,725 141,590 -772,101 -4,788,434 3,416,593.50 -76,780 -241,783 -146,333,910 961,775 97,333,502 -3,342,920 4,740 -10,930 -39,788,875 -41,500 97,680 -2,352,620 -983,056 -1,801,069 132,626 138,300 639,970 -43,650 -7,276,640 66,160 27,200 -7,372,589

HOLDING & FRIMS ABACORE CAPITAL 1.03 1.04 1.03 1.05 1.02 1.03 8,947,000 9,222,130 7.06 7.28 7.3 7.3 7.22 7.29 400 2,903 ASIABEST GROUP AYALA CORP 780 784 802 804 773 784 341,610 267,367,490 41.5 41.55 42 42 40.4 41.5 1,662,600 68,028,580 ABOITIZ EQUITY ALLIANCE GLOBAL 10.14 10.2 10.38 10.4 10.1 10.14 5,044,800 51,268,026 4.2 4.21 4.2 4.21 4.02 4.21 6,845,000 28,116,570 AYALA LAND LOG ANSCOR 6.96 7.09 7 7.1 6.96 7.1 5,000 35,330 0.99 1 1.02 1.04 0.98 0.99 7,472,000 7,448,600 ANGLO PHIL HLDG 0.7 0.71 0.71 0.71 0.7 0.7 417,000 292,140 ATN HLDG A ATN HLDG B 0.7 0.71 0.71 0.71 0.7 0.71 47,000 33,160 5.18 5.2 5.3 5.3 5.15 5.18 968,600 5,039,201 COSCO CAPITAL DMCI HLDG 6.51 6.52 6.6 6.6 6.4 6.52 14,238,200 92,339,029 8.11 8.19 8.11 8.12 8.11 8.11 1,442,000 11,694,680 FILINVEST DEV FORUM PACIFIC 0.295 0.31 0.305 0.31 0.29 0.31 460,000 137,150 587.5 588 599 599 583 587.5 191,250 112,441,355 GT CAPITAL HOUSE OF INV 4.05 4.11 4.08 4.14 4.08 4.12 65,000 266,300 JG SUMMIT 59.5 60.4 61.8 62.2 59.1 60.4 1,999,460 120,031,710 5.7 5.83 5.62 5.7 5.62 5.7 2,600 14,812 JOLLIVILLE HLDG LODESTAR 0.83 0.84 0.87 0.87 0.8 0.84 1,152,000 949,500 3.36 3.43 3.36 3.36 3.36 3.36 634,000 2,130,240 LOPEZ HLDG LT GROUP 12.26 12.28 12.68 12.68 12.06 12.28 3,857,800 47,594,692 0.54 0.55 0.52 0.55 0.51 0.55 356,000 183,690 MABUHAY HLDG METRO PAC INV 3.75 3.76 3.86 3.9 3.75 3.75 28,787,000 109,179,050 3.57 3.65 3.66 3.67 3.61 3.62 30,000 108,490 PACIFICA HLDG 2.95 2.98 3 3 2.92 2.98 511,000 1,505,020 PRIME MEDIA REPUBLIC GLASS 2.87 2.88 2.87 2.87 2.87 2.87 3,000 8,610 1.28 1.29 1.29 1.29 1.29 1.29 17,000 21,930 SOLID GROUP SM INVESTMENTS 990 1,000 1,002 1,010 986.5 1,000 281,625 280,287,922.50 116.3 118 117.3 118 115.7 118 80,560 9,425,116 SAN MIGUEL CORP SOC RESOURCES 0.73 0.77 0.75 0.77 0.74 0.77 313,000 234,230 138 139.5 138 139.5 138 139.5 200 27,750 TOP FRONTIER 0.28 0.29 0.29 0.295 0.275 0.28 4,400,000 1,236,400 WELLEX INDUS ZEUS HLDG 0.235 0.239 0.23 0.24 0.23 0.24 1,260,000 290,200

4,220 -211,920,200 -37,006,695 -28,343,378 28,770 -71,280 -2,728,578 1,350,615 9,150 -33,948,565 82,500 -75,634,919.50 -29,851,666.00 -46,888,950 61,790 -99,181,850 -1,661,725 -

PROPERTY ARTHALAND CORP 0.67 0.69 0.7 0.7 0.68 0.69 99,000 68,120 35.75 36 36.1 36.3 35.15 36 13,774,000 491,108,965 AYALA LAND ARANETA PROP 1.17 1.23 1.18 1.23 1.17 1.17 209,000 245,350 36.25 36.35 36.4 36.5 36.25 36.25 1,430,300 51,984,250 AREIT RT BELLE CORP 1.45 1.46 1.45 1.46 1.45 1.46 521,000 759,670 0.91 0.93 0.93 0.94 0.91 0.92 1,370,000 1,258,940 A BROWN CITYLAND DEVT 1.05 1.07 1.06 1.07 1.05 1.05 1,219,000 1,292,240 0.133 0.135 0.132 0.136 0.132 0.135 3,510,000 465,940 CROWN EQUITIES 3.56 3.57 3.7 3.73 3.5 3.57 2,638,000 9,460,460 CEB LANDMASTERS CENTURY PROP 0.5 0.51 0.52 0.52 0.5 0.51 32,599,000 16,551,540 12 12.08 12.3 12.3 11.92 12.08 1,335,000 16,054,626 DOUBLEDRAGON DDMP RT 1.99 2 2.01 2.02 1.99 1.99 9,973,000 19,964,070 7.08 7.1 7.14 7.15 7.05 7.1 84,000 597,169 DM WENCESLAO EMPIRE EAST 0.295 0.3 0.3 0.305 0.295 0.3 1,840,000 552,000 0.465 0.47 0.475 0.485 0.45 0.47 81,110,000 37,627,300 EVER GOTESCO FILINVEST LAND 1.14 1.15 1.14 1.15 1.13 1.14 8,200,000 9,325,970 GLOBAL ESTATE 0.89 0.91 0.9 0.9 0.89 0.89 335,000 301,490 7.16 7.28 7.19 7.19 7.15 7.15 11,000 78,894 8990 HLDG PHIL INFRADEV 1.34 1.36 1.37 1.38 1.33 1.36 623,000 846,500 1.74 1.75 1.71 1.78 1.71 1.74 922,000 1,605,990 CITY AND LAND MEGAWORLD 3.14 3.15 3.23 3.23 3.13 3.15 37,090,000 117,246,820 0.38 0.385 0.385 0.385 0.375 0.38 21,920,000 8,286,000 MRC ALLIED PHIL ESTATES 0.66 0.67 0.7 0.7 0.64 0.66 40,981,000 27,010,880 2.82 2.9 3.07 3.14 2.81 2.82 1,820,000 5,334,330 PRIMEX CORP 17.44 17.5 18.04 18.04 17.44 17.5 4,535,800 79,821,952 ROBINSONS LAND PHIL REALTY 0.375 0.38 0.4 0.4 0.37 0.38 15,090,000 5,809,100 1.58 1.59 1.57 1.59 1.57 1.59 22,000 34,740 ROCKWELL SHANG PROP 2.65 2.7 2.68 2.7 2.68 2.7 8,000 21,520 2.95 2.98 3 3 2.9 2.98 291,000 859,180 STA LUCIA LAND SM PRIME HLDG 35.65 36 36.2 36.5 35.25 36 33,106,200 1,178,143,290 3.83 3.95 3.85 3.95 3.82 3.95 56,000 214,290 VISTAMALLS 1.62 1.67 1.68 1.68 1.62 1.67 21,000 34,950 SUNTRUST HOME VISTA LAND 3.7 3.72 3.83 3.83 3.68 3.7 4,628,000 17,278,240 SERVICES ABS CBN 12.24 12.38 12.76 12.76 12.2 12.38 141,500 1,751,644 13.96 13.98 13.7 14.1 13.62 13.96 2,145,300 29,925,688 GMA NETWORK MANILA BULLETIN 0.425 0.43 0.425 0.425 0.425 0.425 140,000 59,500 1,945 1,965 1,965 1,965 1,936 1,965 58,425 113,710,145 GLOBE TELECOM PLDT 1,286 1,300 1,302 1,302 1,281 1,300 146,750 189,307,470 0.17 0.171 0.172 0.173 0.168 0.17 264,840,000 45,096,710 APOLLO GLOBAL CONVERGE 22.6 22.7 22.85 22.85 22.25 22.7 4,103,100 92,664,710 4.7 4.75 4.73 4.8 4.7 4.75 618,000 2,927,900 DFNN INC 8.86 8.88 9 9.01 8.85 8.86 3,951,700 35,136,003 DITO CME HLDG JACKSTONES 2.23 2.25 2.23 2.23 2.23 2.23 1,000 2,230 2.48 2.49 2.47 2.55 2.44 2.48 1,319,000 3,239,480 NOW CORP TRANSPACIFIC BR 0.49 0.495 0.51 0.51 0.48 0.49 25,007,000 12,253,720 2.48 2.5 2.64 2.64 2.45 2.48 1,096,000 2,753,650 PHILWEB 2GO GROUP 8.38 8.45 8.39 8.41 8.38 8.38 20,500 172,015 14.78 14.8 14.66 14.78 14.6 14.78 10,100 147,834 ASIAN TERMINALS CHELSEA 3.05 3.1 3.06 3.1 3.05 3.05 669,000 2,044,270 CEBU AIR 49.7 49.8 51.9 51.9 49.7 49.7 439,220 22,177,524.50 159.7 160 164.2 164.3 158.5 160 3,109,700 497,206,267 INTL CONTAINER LBC EXPRESS 17.24 17.98 17.24 17.24 17.24 17.24 500 8,620 1.01 1.06 1 1.08 1 1.06 203,000 203,140 LORENZO SHIPPNG MACROASIA 5.22 5.23 5.34 5.36 5.2 5.23 2,841,400 14,950,754 2.12 2.15 2.14 2.23 2.11 2.15 270,000 578,400 METROALLIANCE A HARBOR STAR 1.21 1.23 1.29 1.29 1.21 1.23 253,000 315,460 1.92 1.97 1.92 1.97 1.9 1.97 214,000 411,750 ACESITE HOTEL 0.142 0.143 0.14 0.143 0.136 0.142 373,550,000 51,971,370 BOULEVARD HLDG DISCOVERY WORLD 3.02 3.06 3.02 3.16 3 3.16 99,000 298,900 0.57 0.58 0.57 0.57 0.56 0.57 1,489,000 840,350 WATERFRONT CENTRO ESCOLAR 6.49 6.94 6.5 6.5 6.49 6.49 24,000 155,761 581 634 581 581 581 581 4,910 2,852,710 FAR EASTERN U IPEOPLE 7.2 7.4 7.2 7.4 7.2 7.4 4,800 35,060 0.38 0.39 0.385 0.385 0.38 0.38 4,150,000 1,591,100 STI HLDG 5.25 5.5 5.25 5.5 5.25 5.5 16,400 88,073 BERJAYA BLOOMBERRY 6.78 6.8 6.99 6.99 6.73 6.8 6,279,600 42,837,210 2.05 2.1 2.1 2.1 2.05 2.1 52,000 107,200 PACIFIC ONLINE LEISURE AND RES 1.62 1.63 1.67 1.68 1.61 1.63 973,000 1,603,260 1.88 1.89 1.95 1.98 1.86 1.89 5,240,000 9,960,720 PH RESORTS GRP PREMIUM LEISURE 0.44 0.445 0.455 0.465 0.435 0.445 17,670,000 7,930,350 8.15 8.19 8.43 8.43 8.04 8.15 922,600 7,558,970 ALLHOME METRO RETAIL 1.39 1.4 1.4 1.4 1.38 1.39 1,649,000 2,298,060 PUREGOLD 39.75 39.95 40.6 40.6 39.6 39.95 2,011,700 80,316,260 55.2 55.3 55.3 55.3 54.05 55.2 608,010 33,312,146 ROBINSONS RTL PHIL SEVEN CORP 95.35 96 95.35 96 95 96 3,580 341,352.50 1.27 1.28 1.33 1.33 1.25 1.27 6,927,000 8,858,040 SSI GROUP WILCON DEPOT 20.9 20.95 20.5 21.1 20.25 20.95 1,284,900 26,794,385 0.38 0.39 0.39 0.39 0.38 0.39 3,700,000 1,413,550 APC GROUP EASYCALL 5.99 6.14 6 6 5.99 5.99 9,200 55,188 430 447 438 447 438 447 1,050 468,900 GOLDEN MV 5.7 5.8 5.8 5.8 5.8 5.8 300 1,740 IPM HLDG PRMIERE HORIZON 1.62 1.63 1.65 1.66 1.61 1.63 8,421,000 13,702,430 4.26 4.45 4.25 4.45 4.25 4.45 622,000 2,646,800 SBS PHIL CORP

17,250.00 -213,452,395 -13,088,320 18,860 191,720 16,880 7,980 203,460 308,040 -6,225,038 7,196,000 3,550 291,000 -568,900 -757,480 20,050 -14,190 -39,629,480 -208,550 194,710 114,910 3,665,126 -85,800 469,301,490 -6,680 -6,688,210 8,530,530 -63,630,875 -23,870 10,271,635 -285,910 -1,982,228 -327,780 -390,130 -84,850 -4,195 -127,226 -76,500 -3,003,229 -153,835,846 -816,546 1,220 -895,460.00 -6,260 144,727 5,810 38,000 -12,590,974 -53,440 -2,096,230 -45,500 -1,211,061.00 -36,400 -11,376,345 -5,014,730.50 -324,190 -13,400 2,592,445 22,950 556,080 -

MINING & OIL ATOK 8.1 8.15 8.3 8.39 7.99 8.15 1,185,900 9,643,263 -153,013 APEX MINING 1.64 1.65 1.65 1.68 1.63 1.65 4,104,000 6,780,630 2,024,700 6.32 6.37 6.38 6.38 6.28 6.37 721,900 4,557,944 -366,948 ATLAS MINING ALFM Peso Bond Fund, Inc. -a 372.6 1.65% 3.22% 2.43% 0.41% BENGUET A 5.5 5.76 5.75 5.8 5.48 5.76 139,000 781,358 5.33 5.65 5.33 5.65 5.33 5.65 5,200 27,748 BENGUET B ATRAM Corporate Bond Fund, Inc. -a 1.9225 -1.06% 1.1% 0.14% 1.17% COAL ASIA HLDG 0.3 0.315 0.305 0.315 0.3 0.315 1,590,000 479,150 6.41 6.49 6.41 6.55 6.41 6.41 10,100 64,755 DIZON MINES Cocolife Fixed Income Fund, Inc. -a 3.2311 1.18% 3.77% 4.31% 0.51% 2.42 2.44 2.48 2.5 2.41 2.42 4,392,000 10,722,600 962,130 FERRONICKEL Ekklesia Mutual Fund Inc. -a 2.2653 -1.6% 2.26% 1.25% -1.34% GEOGRACE 0.33 0.335 0.33 0.33 0.33 0.33 590,000 194,700 0.156 0.157 0.156 0.159 0.156 0.157 22,050,000 3,464,750 LEPANTO A First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4417 -0.46% 3.28% 1.67% -0.47% LEPANTO B 0.159 0.164 0.164 0.164 0.164 0.164 10,000 1,640 0.011 0.012 0.011 0.011 0.01 0.01 174,500,000 1,918,900 MANILA MINING A Philam Bond Fund, Inc. -a 4.4788 -3.32% 4.37% 1.16% -3.36% MANILA MINING B 0.011 0.012 0.011 0.012 0.011 0.012 100,100,000 1,101,200 Philam Managed Income Fund, Inc. -a,6 1.3191 1.45% 4.1% 2.72% -0.16% 1.17 1.18 1.19 1.22 1.17 1.17 836,000 992,930 MARCVENTURES NIHAO 1.47 1.48 1.52 1.52 1.47 1.47 403,000 595,240 14,800 Philequity Peso Bond Fund, Inc. -a 3.9817 0.25% 4.48% 2.01% -0.48% NICKEL ASIA 5.4 5.42 5.6 5.6 5.32 5.4 6,329,800 34,184,133 10,660,217 0.395 0.4 0.41 0.41 0.4 0.4 930,000 374,800 -262,800 OMICO CORP Soldivo Bond Fund, Inc. -a 1.0348 0.36% 4.68% 1.53% -0.69% ORNTL PENINSULA 0.96 0.97 1 1.01 0.95 0.96 4,005,000 3,834,600 19,200 6.49 6.5 6.48 6.5 6.35 6.49 1,319,600 8,445,809 159,523 PX MINING Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2162 1.22% 5.52% 2.24% 0.32% SEMIRARA MINING 16.6 16.66 16.9 16.9 16.26 16.6 2,590,400 42,668,604 -377,024.00 Sun Life Prosperity GS Fund, Inc. -a 1.7496 0.22% 4.78% 1.53% -0.31% 0.0093 0.0094 0.0093 0.0094 0.0093 0.0094 20,000,000 186,300 27,900.00 UNITED PARAGON ACE ENEXOR 17.48 17.8 17.86 17.86 17.2 17.8 307,700 5,399,406 52,998 Primarily invested in foreign currency securities 0.012 0.013 0.013 0.013 0.012 0.013 6,100,000 74,100 ORNTL PETROL A 0.012 0.013 0.012 0.013 0.012 0.013 3,300,000 39,700 ORNTL PETROL B ALFM Dollar Bond Fund, Inc. -a $486.45 2.51% 3.2% 2.15% 0.53% PHILODRILL 0.011 0.012 0.012 0.012 0.011 0.012 5,700,000 64,700 ALFM Euro Bond Fund, Inc. -a Є220.16 2.12% 1.12% 1.02% 0.45% 7.8 7.85 8 8 7.8 7.8 383,200 3,004,249 280,118 PXP ENERGY ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1994 -2.1% 2.58% 1.3% -6.33% PREFFERED HOUSE PREF A 100.5 101 101 101 101 101 900 90,900 First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0262 0.77% 1.98% 0.94% -1.5% 526 534 526 530 526 530 220 116,520 AC PREF B1 CEB PREF 48.6 49 50.6 50.6 48 49 150,660 7,453,163 -935,893 PAMI Global Bond Fund, Inc -b $1.0632 -0.82% 0.94% -0.79% -2.7% 100.9 102 100.9 100.9 100.8 100.8 7,400 746,320 342,720 DD PREF Philam Dollar Bond Fund, Inc. -a $2.5239 3.1% 5.59% 1.92% -0.46% FGEN PREF G 105.3 105.6 105.6 105.6 105.6 105.6 210 22,176 504.5 505 505 505 505 505 1,680 848,400 GLO PREF P Philequity Dollar Income Fund Inc. -a $0.0630128 3.9% 3.57% 2.18% 1.11% GTCAP PREF A 995 1,015 996 1,015 995 1,015 170 170,400 1,025 1,030 1,049 1,049 1,030 1,030 1,005 1,035,245 PREF B GTCAP Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2004 0.54% 3.59% 0.75% -0.72% 101 101.1 101.2 101.2 100.9 101 2,610 263,682 70,700 MWIDE PREF Money Market Funds MWIDE PREF 2A 100.1 107.6 108 108 108 108 30 3,240 -3,240 100.7 101.8 100.7 100.7 100.7 100.7 810 81,567 MWIDE PREF 2B Primarily invested in Peso securities PNX PREF 3B 106 106.7 106 106.7 106 106.7 300 31,940 1,003 1,005 1,003 1,006 1,003 1,004 95 95,410 PNX PREF 4 ALFM Money Market Fund, Inc. -a 130.35 1.62% 3.04% 2.53% 0.42% PCOR PREF 2B 1,020 1,030 1,020 1,030 1,020 1,030 20 20,500 1,115 1,116 1,115 1,116 1,115 1,116 10,125 11,289,385 PREF 3A PCOR First Metro Save and Learn Money Market Fund, Inc. -a 1.0533 1.07% n.a. n.a. 0.5% PCOR PREF 3B 1,149 1,170 1,169 1,170 1,148 1,170 615 717,885 Sun Life Prosperity Money Market Fund, Inc. -a 1.3057 1.68% 2.83% 0.7% 2.56% 78.85 78.9 78.95 79 78.9 78.9 108,410 8,555,821.50 SMC PREF 2C 76.8 77.8 76.95 76.95 76.8 76.8 1,300 99,846 SMC PREF 2E Primarily invested in foreign currency securities SMC PREF 2F 78.85 79.4 78.85 79.45 78.85 79.45 260 20,579 76.15 78.5 78 78.2 78 78 495,460 38,684,640 SMC PREF 2H Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0578 1.19% 1.66% n.a. 0.51% SMC PREF 2I 78.35 79.5 78.25 79.5 78.25 79.5 260 20,507.50 Feeder Funds 76.1 76.8 76 76.8 76 76.8 280 21,392 SMC PREF 2J SMC PREF 2K 75.95 76.2 75.95 75.95 75.95 75.95 2,500 189,875 - Primarily invested in Peso securities PHIL. DEPOSITARY RECEIPTS Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.3114 30.34% n.a. n.a. 16.09% ABS HLDG PDR 12 12.16 12.02 12.02 12 12 50,100 601,770 12,000 12.8 12.82 12.64 13.2 12.64 12.82 508,100 6,531,178 -26,000 GMA HLDG PDR Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.99 6.45% n.a. n.a. 1.02% WARRANTS LR WARRANT 1.8 1.85 1.89 1.9 1.8 1.85 598,000 1,094,560 - a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). SMALL & MEDIUM ENTERPRISES ALTUS PROP 16.8 17.4 17.46 17.46 16.8 17.4 242,200 4,112,308 -862,242 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 2.39 2.41 2.42 2.42 2.35 2.39 431,000 1,025,160 ITALPINAS 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. KEPWEALTH 5.06 5.24 5.1 5.1 5.04 5.1 130,000 655,352 3.97 3.98 4.02 4.08 3.96 3.98 7,505,000 29,955,840 -2,254,130 MERRYMART 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the EXHANGE TRADE FUNDS FIRST METRO ETF 103.8 104 105 105 103.2 103.8 32,650 3,391,872 -182,253 newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

Bond Funds Primarily invested in Peso securities

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ADB, World Bank commit to more climate financing By Cai U. Ordinario

@caiordinario

ULTILATERAL development banks, the Asian Development Bank (ADB) and World Bank, have committed higher climate financing as the V20 Group called on developed nations to deliver on their Paris Agreement climate assistance commitments. The V20 Group, composed of the most vulnerable countries to climate change—the Philippines included— demanded for a “2020-2024 delivery plan” for the missing $100 billion annual Paris Agreement climate assistance. During the recent V20 Ministerial Dialogue, V20 Chair HE AHM Mustafa Kamal appealed to multilateral banks to stand by the V20 and make financing more accessible. “As members of V20 countries, it is our responsibility to work out a sustainable solution to combat the adverse impact of climate change,” Kamal said. “In this regard, I request the representatives of the international financial institutions, multilateral development banks and development partners to stand beside our initiatives firmly, with the required technology and resources. Lives and livelihoods of 1.2 billion people of V20 countries could be saved through this initiative,” he added. In his remarks at last week’s first “Climate Vulnerables Finance Summit” and “V20 Ministerial Dialogue VII,” ADB President Masatsugu Asakawa said the bank will make every effort to achieve its climate finance goal. This goal is to provide at least $80 billion between 2019 and 2030 for climate finance. He also said the ADB plans to scale up its investments in adaptation and resilience to $9 billion between 2019 and 2024. Asakawa said the ADB also aims to fully align its sovereign operations by July 2023 and non-sovereign operations by July 2025 to the Paris Agreement. By July 2023, the ADB’s non-sovereign operations will be 85 percent aligned with the agreement, according to the bank. “ADB is partnering with countries in the region, not only to enable the implementation of their ‘Nationally Determined Contributions,’ but also to ensure that our own operations are aligned with the Paris Agreement,” Asakawa said. Meanwhile, World Bank President David Malpass said that over the next five years, the bank will allocate 35 percent of financing across the World Bank Group for climate investments. Malpass added that at least 50 percent of the Washington-based

lender’s climate finance will be dedicated for adaptation investments. Further, apart from direct finance, Malpass said the bank is also deploying concessional finance and political risk insurance to unlock private capital for climate investments. “We’re also thinking about how to have an impact beyond providing direct finance. Public budgets alone are not enough for the scale of climate investments we need, so we are also mobilizing private investment,” Malpass said. The V20 Communiqué urged individual developed countries that have failed their contributions towards ensuring the collective $100 billion per year in climate finance support to take urgent steps to fulfill their part of the agreed funding well prior to COP26, for the sake of international climate action and cooperation. The group said developed countries were called upon to indicate how and when they will catch up with a concrete ‘Delivery Plan’ outlining the way in which the entirety of the agreed financing will be met during and over the years 2020-2024. The V20 also urged developed countries to align their contributions under UN agreements by allocating public international climate finance to ensure at least 50 percent of resources for urgent adaptation needs as the climate crisis continued to disproportionately plague economies most exposed to its risks amid the Covid pandemic’s shocks. The Communiqué indicated that annual levels of loss and damage caused by climate consequences in the V20 were already more costly than any amount of climate finance received or promised by the richest, most responsible nations. Formed in 2015 with originally 20 members, the V20 Group of Finance Ministers of the member states of the Climate Vulnerable Forum is a dedicated cooperation initiative of economies systematically vulnerable to climate change. The V20 membership stands at 48 economies including Afghanistan, Bangladesh, Barbados, Bhutan, Burkina Faso, Cambodia, Colombia, Comoros, Costa Rica, Democratic Republic of the Congo, Dominican Republic, Ethiopia, Fiji, The Gambia, Ghana, Grenada and Guatemala. The list also includes Haiti, Honduras, Kenya, Kiribati, Lebanon, Madagascar, Malawi, Maldives, Marshall Islands, Mongolia, Morocco, Nepal, Niger, Palau, Palestine, Papua New Guinea, Philippines, Rwanda, Saint Lucia, Samoa, Senegal, South Sudan, Sri Lanka, Sudan, Tanzania, Timor-Leste, Tunisia, Tuvalu, Vanuatu, Viet Nam and Yemen.

Editor: Dennis D. Estopace • Monday, July 12, 2021

COA-flagged bank accounts of AFP ordered shut by DND

By Rene Acosta

@reneacostaBM

HE Department of National Defense (DND) has ordered the Armed Forces of the Philippines (AFP) to shut down accounts with at least four banking institutions after these were flagged by the Commission on Audit (COA).

The accounts containing a total balance of P1.813 billion, and one of which was used by the military in transactions in its ongoing modernization program, did not escape the scrutiny of the government auditor, calling them as “unauthorized.” “The DND has already issued its guidance to the AFP upon our receipt of advice from the Department of Finance and the findings by the COA,”

Defense Secretary Delfin Lorenzana said in a statement released through Arsenio R. Andolong, the DND spokesman. “The DND-AFP has been processing the closure of these accounts in adherence to the COA guidelines,” Lorenzana added. The defense chief, however, said that while the closure of some of the assailed accounts were already in the process, they cannot altogether shut

down all of the accounts, especially with deposits that have something to do with the modernization projects of the military. “However, some accounts cannot be closed outright as these are the depository accounts for our current projects, most of which are multi-year obligations,” Lorenzana was quoted in the statement as saying. Most of the big ticket items of the military, like purchase of ships and aircraft, were acquired and contracted through multi-year obligation agreements with the manufacturers of the platforms and with the states where these equipment have come from or have been inked with. The Philippine government signed these loan agreements through the DND because it and the military cannot simply acquire or shoulder the cost in a single billing. The COA flagged 20 accounts of the military as unauthorized with the Land Bank of the Philippines, the Philippine Veterans Bank, the

Development Bank of the Philippines and the United Coconut Planters Bank. It named several offices under the AFP like the AFP Modernization Act Trust Fund- Central Office, AFP Education Benefit System Office and the AFP General Headquarters as maintaining these deposits. “We have since informed both the DOF and the COA on the situation.,” Lorenzana said. “Further, future DND-AFP projects will be henceforth placed in the remaining authorized accounts.” The state auditor noted that the closure of these accounts was ordered by Finance Secretary Carlos G. Dominguez in his letter to Lorenzana last June 19. The accounts ordered closed by Dominguez included that of the modernization trust fund. The Finance chief’s instruction was for the DND to remit the money to the national treasury. The letter was immediately acted upon by Lorenzana, according to the DND chief’s statement.

More OFWs borrowing to build business–LandBank By Bianca Cuaresma @BcuaresmaBM

TATE-owned lender Land Bank of the Philippines Inc. said Filipino migrant workers are increasingly tapping the bank’s overseas Filipino workers (OFW) lending program for local business ventures since the start of the global health crisis. The bank said over the weekend that loan applications under the OFW Reintegration Program “in-

creased steadily” since the Covid-19 outbreak, with total approved loans reaching P219 million for 176 borrowers from mid-March last year to end-May this year. Under the program, eligible OFWs may avail of loans for working capital or acquisition of fixed assets at a minimum amount of P100,000 and up to P2 million for a single proprietor borrower and P5 million for a group of OFW borrowers, with a fixed interest rate of 7.5 percent per annum.

“We understand the financial difficulties being faced by many OFWs due to the ongoing pandemic that has affected overseas deployments,” LandBank President and CEO Cecilia C. Borromeo said. Borromeo added the bank is “closely working with OWWA in supporting OFWs to acquire their own businesses as an alternative source of income.” LandBank’s program for OFWs started in May 2011. Since then, the bank has approved loans worth a total of P1.89 billion for 1,297 borrow-

ers. Of this amount, P1.84 billion has been released as of end-May 2021. Latest data from the Bangko Sentral ng Pilipinas showed that cash remittances grew by 12.7 percent in April to reach $2.3 billion during the month. This is the strongest year-on-year growth in remittances in almost five years. Cash remittances expanded, following the increase in receipts from land-based workers by 15.2 percent to $1.779 billion and sea-based workers by 4.9 percent to $526 million.

Credit registry hikes fee for report on borrowers

HE Credit Information Corp. (CIC) announced it has issued a new pricing scheme for financial institutions using its credit report in assessing their borrowers to encourage more usage of the system. As approved by the Securities and Exchange Commission (SEC) en banc, financial institutions will be subject to a wholesale price of P10 per credit-report inquiry through the pre-purchase of a minimum of one million reports per year. Meanwhile, a retail price of P15 per credit report applies for all other cases of access to the CIC database.

The CIC is the country’s sole public credit registry and repository of credit information. “The new pricing scheme is intended to provide incentives to accessing entities and drive volume consumption of the CIC basic credit reports while ensuring improved revenue flow to sustain operations and enhance service quality,” CIC President and CEO Ben Joshua A. Baltazar said. The scheme will be effective starting August until 31 January next year. “As the economy tries to bounce back from the devastating effects of the pandemic, the CIC would like to offer more

flexible and competitive options for our financial institutions—big or small— to review loan applications and properly manage investment risks through the CIC Credit Report, which provides a comprehensive and a more balanced view of a borrower’s credit behavior,” Baltazar said. Financial institutions will still have the option to access either directly through the CIC or through its special accessing entities (SAEs) namely, CIBI Information Inc., CRIF D-B Philippines Inc. and TransUnion Information Solutions Inc., which provide value-added services such as credit scoring and port-

folio monitoring. Consumer credit scores may also be availed directly through CIBI Information Inc.’s myScore web portal. A “No Hit, No Pay” policy is being adopted by the credit registry under the new payment scheme to encourage lenders to use the CIC data with confidence. “Under this new policy, all types of credit report inquiries will not be charged if the result is a “No Hit,” which I believe is only fair for all our accessing entities and even our SAEs,” Baltazar said. The policy will begin August 1 and will remain in effect until further notice.

Bianca Cuaresma

Perspectives Low-code platforms deliver high rewards

AS the ‘need for speed’ ever been more profound than in today’s increasingly complex business environment? Businesses in every sector are pursuing the fastest and most-efficient response to the pressing need for modern work environments, digital capabilities and new business models. For a fast-growing number of organizations racing to accelerate innovation and enhance competitiveness in today’s new reality, low-code is the answer. The pressure to adopt gamechanging digital solutions is forcing businesses to speed up the pace of innovation amid ever-evolving challenges involving customers, employees, suppliers and partners. Low-code programming platforms, as many are discovering, emphasize simplicity and ease of use, bringing solutions from across the automation spectrum together under one fully configurable umbrella. With its remarkable drag-and-drop simplicity, low-code is helping businesses accelerate enterprise modernization, agility and efficiency in the race to

thrive and survive in the new normal. At KPMG, we see low-code as the future of application development and automation. Low-code platforms can dramatically speed creation of sophisticated enterprise-class applications that incorporate complex business logic, automate workflow, integrate with existing information systems, and enable a slick user experience.

Low-code is poised for rapid growth

ANALYSTS agree that low-code adoption is clearly on the rise. Gartner Research predicts that the global market for low-code development technologies will hit $13.8 billion this year— up about 23 percent from 2020—and that the market could be worth $46.6 billion by 2023. Gartner also predicts that low-code will be responsible for more than 65 percent of applicationdevelopment activity by 2024. And according to Forrester research, 100 percent of enterprises that have implemented a low-code development platform report satisfactory ROI. Meanwhile, KPMG research in-

dicates that since the pandemic’s 2020 outbreak, the number of executives naming low-code development platforms as their most important automation investment has nearly tripled. Businesses are realizing that implementing one automation technology is a short-term measure—it’s platforms that can be the key to seamless, end-to-end automation. Lowcode technology is essentially being embraced as a major enabler of true digital transformation and we view low-code platforms as the strategic ‘tool bench’ from which enterprises can increasingly drive large scale transformation. To illustrate low-code’s gamechanging advantages, consider the recent client case that saw KPMG in Canada collaborate with a healthsector company that supports hundreds of long-term-care facilities. The organization needed to implement automation and other emerging technologies to improve its scheduling and staffing amid the pandemic’s ongoing impact. Before the crisis, more

than 50 employees required 2 weeks to develop 2-week schedules for the client’s diverse operations. Turning to low-code, KPMG experts created a technology solution that helped the company schedule 8,000 employee shifts in a remarkable timeframe of just 20 minutes.

The ‘unifying fabric’ of today’s digital enterprise

WE view low-code as the ‘unifying fabric’ of the digital enterprise and leading organizations are already looking ahead to a connected future in which low-code platforms—powered by the adoption and convergence of emerging technologies— can unify front-, middle- and backoffice functions. In the front office, low-code helps enable harmonious multichannel user experiences across applications, plus faster time-to-market for new product and service offerings. In the middle office, low-code can improve the integration and automation of processes across the enterprise, adding a critical unifying “orchestration”

layer across diverse applications and bringing a digital user experience to legacy systems. In the back office, meanwhile, low-code can modernize legacy systems, automate routine or disconnected manual tasks, and reduce dependency on traditional, costly and lengthy custom-development projects. A KPMG firm’s work with a major global bank, for example, saw the bank complete a deep automation deployment using low-code to orchestrate complex processes across front-, middle- and back-offices. Low-code technology allowed us to modernize 70 percent of the bank’s core applications, as part of process automation and functionality enhancement, in less than half the time typically required without low-code. The agile and flexible enterprise architecture enabled by low-code and automation has significantly enhanced the bank’s operating model and streamlined operations. The bank can now innovate at speed and launch new digital channels and solutions to improve the experience for

customers and partners—in some channels, digital adoption increased by 80 percent. Low-code may be the most important technology investment your organization makes over the next few years. With the ability to deliver a graphical, drag-and-drop user interface and prebuilt functions—allowing for quick development of applications that automate workflows, integrate with other systems and fill gaps in off-the-shelf software systems— low-code platforms are the single most-versatile technology available to resolve pain points and orchestrate capabilities across an organization’s digital infrastructure. The excerpt was taken from the KPMG Thought Leadership entitled “Low-code platforms deliver high rewards.” © 2021 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

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How to successfully scale a flat organization

By Eero Vaara, Anni Harju, Mia Leppälä & Mickaël Buffart

Start-ups, in particular, often adopt a self-directed approach, but when they grow and scale up, many become more or less “normal”—which is to say their middle-management ranks swell as the companies develop increasingly large bureaucracies and hierarchies. The same risks hold true when self-directed companies are acquired by others, as was the case when Zappos was bought by Amazon.com. These are daunting challenges. How can self-directed companies develop new strategies and coordination mechanisms as they scale, while also retaining their culture, values and ethos? To answer these questions we studied a fascinating cluster of self-directed companies in Finland that are ahead of the curve. Among them were the game-development companies Supercell and Futureplay, the tech consultancies Futurice and Vincit, and the last-mile delivery company Wolt, all of which are based in the greater Helsinki area. This region, sometimes referred to as the “Silicon Valley of the North,” has in the past few years produced many self-directed companies that have had huge international success while innovating to retain their

self-directed values of equality and empowerment. We studied the case of Futurice (where one of us, Anni, has worked) as a representative example, and we found that the company, like others in our cluster, has focused on the following six factors as essential for retaining its edge while growing:

Organic modular design

Scaling up means getting bigger—and that tends to mean new hierarchies and control mechanisms, which reduce agility and flexibility. To avoid this problem, companies can divide themselves into smaller modules. Futurice has done this by dividing the teams and parts of its organization into “tribes” with a high degree of autonomy. Other companies in the cluster have made similar moves.

Coordination through enabling mechanisms

Growth creates a need for coordination, which can easily stifle autonomy. Companies can overcome this problem by developing enabling mechanisms. One such mechanism used at Futurice is a 3×2 framework that is designed to support strategic decision-mak-

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n recent years, we’ve seen a proliferation of companies whose operations are based on flat organizational structures, minimal hierarchy, self-management and empowerment. Such an approach, referred to as “self-direction,” has been shown to bring benefits such as agility, speed of learning and resilience, and it tends to make companies more democratic and inclusive.

ing throughout the organization. The idea is simple: You’re free to make a decision as long as you feel confident that it will benefit your clients, colleagues and numbers (the “3” component of the 3×2), and that it will do so both today and tomorrow (the “2”). The company collectively articulates objectives and key results but gives its tribes a high degree of freedom in figuring out how to achieve those. Formal rules and processes are out. Instead, to share learning and information across teams and functions, the company encourages active dialogue on Slack and in community gatherings—a minimal approach to coordination that several companies in our cluster refer to as “no nonsense.”

Transparency

Self-directed organizations are based on trust and expectations of equality and fairness, all of which demand transparency. At Futurice, all financial information—salaries, earnings, forecasts—is accessible to everyone. The weekly sales and finance

meetings are open for anyone to join, and upper management reports in real time on strategy meetings. All employees get their own credit card and can use it freely, the one constraint being that everybody in the organization can see what everybody else is spending—the CEO included.

The use of artificial intelligence to enhance knowledge sharing

Autonomy in a growing organization can make it hard to share information and knowledge. Especially at tech companies, technological solutions and AI are natural tools for enabling coordination and transparency, but they can be hard to adopt and can limit autonomy. Futurice has thoughtfully introduced AI to map experience, competences and knowledge, which is to say, to determine who knows what. To avoid the constraints of structured reporting or paperwork, the company has created a special search engine that draws on discussions in multiple existing channels, such as Slack, documents and calendar events. It uses a similar

method to track the development and implementation of strategic ideas and initiatives over time.

Agile learning

Scaling up means change, which can challenge the received wisdom and the ideas that got the company going in the first place. At Futurice, we observed a culture of constant organizational learning, which involves seizing opportunities but also tolerating and even celebrating failure in new ventures. Most of the companies in our cluster seem committed to the principle of “failing fast.”

The promotion of a living story

It is easy for a company to lose its founding ideas and values as it grows from a handful of likeminded people to a workforce in the hundreds or thousands. To preserve ideas and values, and to promote a sense of shared identity, Futurice and the other companies we observed work hard to remind everybody of their origin stories and to share stories of how they have developed as organizations. What we also observed,

however, was that these companies don’t just look back in time to create a sense of shared identity. They also tell “living stories”—of the new cultures that are developing, of what newcomers are doing and experiencing, and of the new ventures that they’re hoping to succeed in. Although each of the companies we observed is unique, with its own particular set of challenges and opportunities, we were able to derive four general principles that can guide all self-directed companies as they grow. First, self-direction is something that can easily be lost unless it is actively maintained and promoted. This requires that companies come up with solutions to the new challenges that arise as they grow (for example, through organic modular design) and that they work hard to maintain their spirit and values (for example, through stories that encourage a shared sense of identity). Second, it matters how coordination is organized and control exercised. Usually this requires a mix of enabling mechanisms that do the trick without undermining self-direction. Third, self-directed organizations need to share information in nonhierarchical ways. This requires that companies take transparency seriously and use AI to share data in novel ways throughout distributed organizations. Finally, the self-directed companies that succeed while they grow are those that invest in learning, celebration successes and failures, and updating their identities by promoting living stories. Eero Vaara is professor of organizations and impact at Saïd Business School, University of Oxford. Anni Harju is a leader in the area of strategy and execution. Mia Leppälä is a doctoral candidate at Aalto University School of Business, Helsinki, Finland. Mickaël Buffart is assistant professor in strategy and entrepreneurship at the Stockholm School of Economics.

Attracting talent during a worker shortage By Tino Sanandaji, Ferdinando Monte, Alexandra Ham & Atta Tarki

s of late April 2021, there were over 9 million open jobs in the US, a record high. Recent reports show employers across the country are scrambling for ways to fill their open requisitions. While it might sou nd cont rad ictor y, t he US is experiencing higher unemployment numbers and a labor shortage. Conversations with our clients indicate that filling low-wage and hourly positions in particular has been a challenge. How do you attract high-quality talent in a labor market that keeps defying previously established business patterns? Here are a few areas for you to start with:

What got you here, won’t get you there

In a piece we wrote for Harvard Business Review a few months after the shutdowns triggered by the pandemic, we cautioned against relying too heavily on old rules of thumb to predict how Covid-19 might affect hiring outcomes, arguing instead that the ensuing labor market would not be “like anything anyone has observed seen since the birth of modern capitalism.”

But a number of companies we have spoken to are still turning to conventional approaches when making their labor market predictions, which reduces the effectiveness of their hiring solutions. For example, a number of the corporate leaders have told us they expect most of their labor woes to be resolved once pandemic-related unemployment compensation benefits are rolled back. However, a recent working paper examining the impact of the Federal Pandemic Unemployment Compensation program shows that a 10% increase in unemployment benefits caused a 3.6% decline in applications. While this is a noticeable decline, few employers we have spoken to would argue that a 3.6% increase in applicants will solve all their hiring challenges. A successful recruiting strategy starts with acknowledging that you won’t solve your current hiring challenges by applying the solutions of the past. This is the time to revisit your previous underlying assumptions, submitting each of them to a stress test.

Make it easier for employees who commute

For hourly workers and lowersalaried positions, location is one of the biggest drivers of effective recruiting. Research has shown

that minor geographic differences in available talent and open jobs, even in the same city, can lead to higher unemployment. Many Americans moved for family and Covid-related reasons in the last year and more are actively considering relocating, which implies that recruiting challenges can increase for employers whose job sites have remained the same. But exactly how significant is this issue? Our own research indicates that a 1% increase in distance is associated to a 4.4% decrease in commuting f lows across US counties. One practical implication of this for hiring managers is that if you are able to recruit from a county that is 10% closer to you, you will find 44% more people who are already commuting to your location. In other words, obsessing about attracting local talent pays off. If the effectiveness of your local talent strategies is wearing off, look at ways of improving accessibility and other ways of reducing commuting time. Structuring your 40-hour workweek as four shifts of 10 hours each, instead of a regular five-day workweek, will reduce the time your workers spend commuting by 20%. Moving a shift’s starting time away from rush hour widens the set of home residences that can reach your establishment in a given driving

time. You might also consider providing ride services, offering reimbursement for lengthier commutes and relocation incentives, or opening satellite locations.

Break with market norms

Instead of focusing on past practices or what solutions other firms use, you can solve your talent problems by calculating what the right answers are worth to your organization. Adjusting your salaries to the cost of living is a good starting point. Since 2020 alone, real average hourly earnings have decreased by more than 3%. One organization we worked with had been offering their service representatives the same salary of $30,000 annually for the last 20 years. The organization’s CEO was shocked to realize that the current inflation-adjusted salary would be $45,000, and increased the wages to precisely that number. In the past months, some large employers like Amazon.com, Bank of America and McDonald’s have followed a similar approach, and by our estimates increased the salaries of well over 500,000 workers. Likewise, try to understand who your best recruits could be and creatively break with market norms in attracting them. For example, women tend to be more

reliable and loyal employees, yet as the burden of child care tends to fall on women, Covid-19 has made female workers less available to job opportunities. Employers could tap into this vast talent pool by partnering with providers of day care, after-school and pickup services to help employees with children juggle their work and home schedules.

Invest in Covid safety

As long as workers fear the impact of Covid-19 on their health, they will be hesitant to return to work. The good news is that we’ve learned a lot in the past year about how to keep workers safe. In a recent working paper, University of Chicago economist Casey Mulligan studied the impact of Covid-mitigation protocols on infection rates at schools, hospitals, nursing homes, food processing plants, hair stylists and airlines. While one might presume that the workplace is less safe, Mulligan argues, “infection rates in workplaces typically dropped from well above household rates to well below” as firms became better at implementing safety guidelines over time. That’s right, Covid-infection rates at workplaces are now lower than at home, maybe because many people don’t follow as strict mitigation protocols when

interacting with others outside of work. Unfortunately, just informing your workers of these statistics is unlikely to address their concerns. Employers can gain the trust of their workers by continuously following best practices to reduce exposure and hold themselves accountable. Companies might also partner up with providers to host in-house testing centers and vaccination events, increasing the confidence in a Covid-free environment. Convincing your organization to make significant changes to its recruiting strategy might be the hardest part of improving your hiring results. And some of the initiatives discussed above will be difficult to implement. But remember, if it were easy, you probably would have already done it— and so would have a number of the other companies scrambling for available workers in your market. Tino Sanandaji is a researcher at the Institute for Economic and Business History Research at the Stockholm School of Economics. Ferdinando Monte is an associate professor at Georgetown University, McDonough School of Business. Alexandra Ham is the founder and CEO of TalentCompass. Atta Tarki is the author of Evidence Based Recruiting.

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• Monday, July 12, 2021

In reboots and revivals, a fashion renewal T

OO early to tell if the 2021 Gossip Girl iteration has the style, vibe and essence of the 2007-2012 original. But I’m quite excited for this Generation Z reboot of a millennial classic because it retains Eric Daman as the resident fashion stylist. And just like that, the fashion lustheavy Sex and the City is also being revived. I wasn’t into the 90210 redo, the remade Dynasty nor the prequel The Carrie Diaries. I’m not spellbound by the new Charmed. Will & Grace should have been Jack & Karen (and Beverly). The Friends cast was right to do a reunion and not a revival. I have yet to investigate if Perry Mason is worth a binge. However, I’d watch every drop of Charlie’s Angels and every lap of RuPaul’s Drag Race in every language. I also support the fan clamor for a comedic take on GMA’s Encantadia with Rufa Mae Quinto as Ynang Reyna Mine-a, Pokwang as Danaya, Candy Pangilinan as Amihan, Ai-ai delas Alas as Alena and Eugene Domingo as Pirena. But, I would love Roderick Paulate to be Cassiopeia. ‘TEMPTATION ISLAND’ WHEN it comes to camp, this 1980 cult classic by Joey Gosiengfiao about spoiled brats competing for the Miss Manila Sunshine contest is incomparable. It starred actual pageant queens Azenith Briones (Miss Photogenic, Mutya ng Pilipinas 1975), Jennifer Cortez (Binibining Pilipinas-Universe 1978), Bambi Arambulo (Miss Maja Pilipinas 1977) and Dina Bonnevie (first runner-up, Miss Magnolia 1979). They get stranded in a desert island without food, water and shelter, slowly losing their sanity. (Also, the delectable Alfie Anido). The “faithful” 2011 “tribute”by Tony Martinez starred screen queens Heart Evangelista, Rufa Mae Quinto, Lovi Poe, Solenn Heussaff and Marian Rivera. What they lacked in comedic skills, they made up for in fashion thrills. Designer Ferdie Abuel was the main costumer for Heart, Ivarluski Aseron for Solenn, Louis Claparols for Marian, Eric de los Santos for Lovi, Veejay Floresca for Rufa Mae and Cherry Veric for Mikael Daez. ‘GOSSIP GIRL’ THE 2.0 version on HBO Max is an “extension” of the original, based on the books by Cecily von Ziegesar. It’s still about the dangers, trials and tribulations of entitled teens living their lives online but only less white and less straight. There’s more representation, more inclusivity and certainly more fashion.

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The OG launched the careers of Blake Lively, Penn Badgley, Leighton Meester, Chace Crawford and Ed Westwick. The reboot will surely catapult to stardom newcomers Emily Alyn Lind, Whitney Peak, Eli Brown, Johnathan Fernandez, Jason Gotay, Thomas Doherty, Zión Moreno, Adam Chanler-Berat, Jordan Alexander, Evan Mock, and Savannah Smith. Gossip Girl is still voiced by Kristen Bell. In the original, she is the “one and only source into the scandalous lives of Manhattan’s elite.” This time, she is the “one and only source for the truth behind the scandalous lies of New York’s elite.” Dan Humphrey (Badgley, in a WTF reveal) turned out to be the secret tattler GG. (I thought it was Dorota, Blair’s delightful maid.) The new version, however, GG is a group of teachers at Constance Billard led by Kate Keller (Tavi Gevinson) using an unverified Instagram account. “If your clothes were on Gossip Girl, that was a moment,” Alice + Olivia designer Stacey Bendet told fashionista.com. “It was like having your clothes in InStyle or Vogue.” For the Alice + Olivia’s Fall 2021 virtual presentation in February, Bendet consulted with Daman, the Gossip Girl stylist, saying, “We wanted it to feel true to what the original was, but also think forward to what is the next Gossip Girl. We wanted it to feel modern and now, but also wanted to reference some of the moments and characters of the past, and I think he helped us put a little bit of a spin on everything.” As Zoya Lott, Whitney Peak plays the less privileged outsider among the wealthy teens. But in real life, she is the first breakout style star. Whitney, born in Uganda and raised in Canada, is the latest US brand ambassador of Chanel. “Honestly, I never dreamed I’d get the attention of such a reputable house, let alone the pleasure of working with and representing them,” she told Vogue.com. “I’m looking forward to showing how versatile and timeless Chanel is.” ‘AND JUST LIKE THAT’ THIS is the title of the new chapter in the Sex and City saga, after the 1997 Candace Bushnell book, TV series (1998-2004), two movies (2008 and 2010) and a prequel (2013). Sarah Jessica Parker, Cynthia Nixon and Kristen Davis are reprising their roles as Carrie Bradshaw, Miranda Hobbes and Charlotte York, but Kim Cattrall as Samantha Jones is sadly not joining the reboot. Set against New York’s changing political and social climate in terms of calls for justice and racial equality, and in the midst of a pandemic, the currently filming reboot follows the three friends “as they navigate the journey from the complicated reality of life in their 30s to the even more complicated reality of life and friendship in their 50s.” Sex and the City is regarded as one of the most fashionable TV shows of all time, thanks largely to the genius that is costume designer Patricia Field. Makes me wonder: Will a show about friendship and fashion bedazzle in a viewing landscape dominated by zombies? ■

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Call it a beauty K-fest CELEBRATE Korean pop culture at SM Megamall’s K-Fest at the Mega Fashion Hall until July 18. Mallgoers can experience Korean culture through food and beauty products available at the K-Bazaar located at the hall. Inspired by the Myeongdong Shopping District in Seoul, South Korea, the bazaar showcases favorite Korean beauty brands including A’peiu, Banila Co, Esfolio, Face Republic, Innisfree, Laneige, Leaders and Nature Republic. BT21 created by BTS and Brown & Friends merchandise such as figures, hair brush, sling bags, and

bag charms are available at Line Friends Collection pop-up store. Get a taste of Korea as SM Markets offers Korean food products such as instant ramen, hot pepper paste, soju, Korean BBQ sauce, among others. Consumers have a chance to win exciting prizes from video-streaming app Viu Philippines when they scan the QR code and take a selfie with the standees of South Korean heartthrobs Lee Do-hyun, Cha Eunwoo, Park Bo-gum, Park Seo-joon and Gong Yoo. Kdrama fans can also pose together with their favorite couple from popular Korean TV series.

GOSSIP Girl

B6 Monday, July 12, 2021

Go Shopping Philippines, first Filipino mega e-commerce to launch on July 16

O Shopping Philippines (GSP) will be introduced to consumers in a soft launch on July 16, 2021. Also known as the GSP Mall, Go Shopping Philippines is the first all Filipino mega e-commerce platform that encompasses everything you find in a physical mall, and more. Although the soft launch will not cover all phases of the app yet it can already be downloaded, and the general functionality of the entire system is set for smooth access to would be shoppers. Merchants cutting across various industry sectors have already become GSP’s partners, and more are eyeing to be part of this gargantuan venture. Aside from the usual consumer goods such as apparels, fashion accessories, jewelries, and the likes, GSP also provides access to the other aspects of the Mall from furniture and home furnishings to food beverage, fresh produce, and other supermarket products, as well as essential services such as medical, dental, and veterinary services, architectural and interior design, carpentry, and upholstery services, sewing and embroidery, etc. Then, a huge travel Booking facility is ushered in by the Mall, in partnership with mega travel apps and tourism boards and reputable travel agencies. Even more exciting are the pioneering features of the Go Shopping Philippines E-Commerce which include entertainment application systems such as GFlix which is GSP’s movie on demand much like Netflix; CineFlex which is GSP’s virtual theater and movie house which will play “now showing” blockbusters and other movies as well as theater performances; and also, GoLive which is its live streaming feature showing all sorts of events such as meetings, conferences, exhibitions etc. on real time. Besides these, GSP has its own television channel called GoTV which will air a variety of TV programs on a 24/7 basis. Despite the surge of online stores in the marketplace due to the pandemic, Go Shopping Philippines (GSP) founder and CEO, Neil Garcia La-as, is confident there is a place in the virtual space for a huge E-commerce platform. “The competition excites me personally because despite all the odds, despite all the existing players in

the e-commerce industry, I still see the need for a much bigger platform that is responsive to the interest of the market for a more sophisticated digital lifestyle. La-as’ determination to pursue his dream of building a digital mall emanated from his frustrations in his personal experience with the existing online shopping platforms. He, oftentimes asked himself, when will people buying online be rest assured that they get their money’s worth– that they would not feel deceived as soon as they receive the product they paid for? He did not have to depend on the many tell tales he hears about how deceiving many online sellers are, about how many times people felt duped into buying what looked interesting and useful products as show cased online, only to receive a miniature of what was shown, or an imitation of the product brand displayed online. He himself, was a victim of these unscrupulous sellers. The fallacy and the consequential disappointment in buying online is what prompted Go Shopping Philippines to rise aiming to become a “force for good”. “In Go Shopping Philippines, we scrutinize brands and the legitimacy of their products so you are protected from fake items. You can shop in Mindanao, Manila, the US, Europe, the Middle East, and back to Mindanao and obtain exactly the product you have paid

for,” La-as expressed. The Company’s goals include establishing cooperation with government agencies, local government units, and NGOs to promote the culture and beauty of the Philippines and its people. According to GSP’s Brand Manager, Dan B. Sola, GSP always considers the past, present and future cultural milieu of our land and our people. We are linking up with government bodies and NGOs to establish cooperation in helping MSMEs promote quality original local products, elevating these to cater to both the local and global markets. In our brand identity standards, Go Shopping Philippines highlights the beauty of our country not only in our amazing natural resources but also in the beauty of our cultural diversities as a people. Here, not only are we able to target relatability of our content, but also enable us to address areas for the country’s growth which we can embody in our marketing efforts” Sola said. “Once completed later this year, consumers will have the cities, the countryside and the islands at their fingertips, and they can simply roam around and find what they are looking for,” Sola added. For further information on, visit: https://goshopping ph-corporate.com/ and htt p s: / / w w w. fa ce b o ok . com / GoShoppingPhils/

Pinoy-led diversified industrial company enjoys growth, success amid the pandemic crisis rehabilitation. We will also organize farmers cooperatives through the Ani at Kita Foundation as well as related entrepreneurial initiatives for farmers,” he explained.

Climate Reality PH, East-West Center open applications for Project Niche

HE Climate Reality Project Philippines, in partnership with the Hawaii-based East-West Center and youth-led environmental group Wavefarers, is inviting young climate advocates to submit project proposals to “Project Niche: Advocacy Pitch.” Launched last July 5, Project Niche aims to empower the youth to conceptualize and implement community-based projects on climate action and sustainability. It culminates the month-long campaign of the Youth Cluster entitled “Niche 2021: My Space in the Climate Space,” which aims to highlight the multidisciplinary nature of solving the climate crisis and help young climate advocates jumpstart their climate advocacies. Applications are encouraged from emerging young climate advocates who are high school or college students in groups of no more than three members who are eager to solve a local climate problem and willing to participate in pre-pitch and post-pitch activities Interested participants may submit their proposals for projects in the fields of Agriculture, Waste, Industry, Transport, Energy, and Youth Empowerment. One (1) winning team will be chosen from each of the six (6) above-mentioned sectors.

Each winning team will receive up to PhP 10,000.00 seed money for the implementation of the project. Aside from the seed money, successful applicants will also receive the following: Exclusive seminars and workshops from The Climate Reality Project Philippines Mentorship opportunities from climate experts and youth leaders Invitation to participate in the upcoming Global Training of The Climate Reality Project The East-West Center’s Innovation for Sustainable Development Fellowship Program will provide financial and capacitybuilding support for the development and implementation of the projects. Pre-registration will run until July 12, 2021 (Monday, 11:59 pm). For details, visit the Facebook (@climaterealityPH), Twitter (@ClimateRealPH), and Instagram (@ climaterealityph) accounts of the Climate Reality Project Philippines. For inquiries or concerns, please email youthcluster@climatereality.ph.

SSS implements mandatory use of PRN for loan payments starting July 1, 2021

HE Social Security System (SSS) reminds its members and covered employers that the mandatory use of Payment Reference Number (PRN) for Salary, Calamity, Emergency, and Restructured loan payment transactions started on July 1, 2021, covering the billing month of June 2021. SSS President and CEO Aurora C. Ignacio said the use of PRNs for loans was introduced in November 2020 as part of the state pension fund's Real-Time Processing of Loans (RTPL) Program. It facilitates the immediate and correct posting of loan payments to their matching loan accounts. The PRN for loans is a system-generated number corresponding to a loan billing statement of an individual member (selfemployed, voluntary, or Overseas Filipino Worker members) or employer. Every first to the sixth day of the month, the SSS generates loan billing statements and notices with PRNs and sends them to the registered email addresses and mobile numbers of individual members and employers. Should individual members need to modify the amount to be paid in their loan billing statement, they may do so by using their My.SSS account or at SSS branches. Employers, on the other hand, can make changes only through their My.SSS account, where they must also submit an electronic-Loan Collection List (e-LCL). They may download the e-LCL from their My.SSS accounts for offline

editing and afterward upload/submit the updated e-LCL also through their My.SSS. Once the updated e-LCL is uploaded, they can proceed to pay their employee's loans using PRN. The printout or screenshot of the loan billing statement with PRN and barcode or SMS of loans PRN received from the SSS must be presented upon payment. Short-term loan payments with PRN will only be accepted through SSS branches with Automated Tellering Systems (ATS) or RTPLcompliant collecting partners. Employers may course their payments through the BancNet eGov facility using accredited banks. SSS also announces that a facility to generate PRN for individual members is now available through the PRN-Loans module in their My.SSS account. It will serve as an alternative facility for recently separated employment members whose loan billing is still included in their employer's PRN but would like to continue paying their loans as individual members. Educational Assistance Loans (EALs), however, are not yet included in the PRN billing system. Members with EALs will still have to course payments through any SSS branch with ATS using the Payment Slip for Short-term Member Loans form. Further information about the RTPLPRN is posted on the SSS' Facebook page at https://bit.ly/PRNEmployers and https://bit.ly/ PRNIndividualMembers.

PhilHealth, PSA forge partnership on data sharing

His business strategies?

MII Founder and Chairman Jerome Mansibang

ANSIBANG Industrial Inc. (MII), a diversified industrial company engaged in trading, manufacturing, servicing and facility management that revolves around the following merchandise — MARS, sales of Japan surplus trucks and heavy equipment; CROPANI, sales of agrochemicals; LIFESPAN, animal feeds; LOGISTEX, transport and logistic services; HAULES, hauling and moving services; FARMO, farm management and COMMO, loan origination and services — is doing great even at the time of the global pandemic. MII Founder and Chairman Jerome Mansibang credits this success to grit and determination and past experiences. “My experiences with the grass roots level motivated me to open my business ventures - with the aim to help being my driving force. Brgy. Alang-Alang in Leyte, where I came from, is an example of a community with no basic services to speak

of - it was rough living for those who are accustomed to city living. But now, we helped them for the better,” shared the registered nurse turned entrepreneur. The Mansibang business group is also geared towards making technology (human + AI + clone) technology available to farflung areas. “We also do accounts management for collateralized creditor funding for trucking needs,” added finance manager Aldrey Dinoc, during a virtual meeting with media persons. “When you create a business, the primary consideration is to create a solution. We, at MII, provide back services support,” said Jerome, accomplished business person, and proud father of seven children. “Our very own Commo Holdings Corp, will do capitalization for starting businesses. There will also be savings, loan, and financing capacity for its subscribers, as well as support for consumers during

“YOU have to be a very good planner and calculate the risks. This is how my nursing training helped me in this undertaking. The critical components of a business include Process (this is what benchmarks success that others will follow), People (skill/knowledge development - finding the best match for certain positions), Technology (we are digitalizing MII and we've gone paperless in doing our transactions), Control (this includes human resource, finance, operations compliance because when these pre-set requirements are resolved, your business will be smooth-sailing.) You need to deploy services in the shortest span of time,” he stressed. Jerome also has the options to multiply or re-brand in the future. “We have plans to make MII a public company or merge with an international company. That's what we see for our future,” he concluded. For more information, visit the company headquarters at 19C Burgundy Corporate Tower, 252 Sen. Gil Puyat Avenue in Makati City. or visit the official website at www.mansibanggroup.co.

HE Philippine Health Insurance Corporation (PhilHealth) and the Philippine Statistics Authority (PSA) have recently formalized a joint undertaking on data sharing of death information records. The partnership agreement will help PhilHealth to fulfill its mandate of maintaining an accurate database of members in aid of expanding its benefit packages and improving service delivery while minimizing if not eradicating fraud in claims reimbursements all at the same time. Under the agreement, PhilHealth shall provide PSA with electronic lists of identified members and their dependents which would then be matched with the latter’s death records. The PSA will also develop a matching program called Decentralized Vital Statistics to validate the lists to be submitted by PhilHealth. In his message at the start of the simple virtual signing ceremony, PhilHealth

President and Chief Executive Officer Atty. Dante A. Gierran said that, “data sharing agreement also translates to data integrity that would further help PhilHealth to remain steadfast and committed to its vision, that is, “Bawat Filipino, Miyembro, Bawat Miyembro, Protektado, Kalusugan ng Lahat, Segurado.” For his part, Undersecretary of National Statistician and Civil Registrar General Dr. Claire Dennis S. Mapa declared, “We have been engaging in data sharing agreement with several agencies as the demand for accurate information increases. Despite the continuing challenges and constraints of the pandemic, we can still work together to improve the accuracy in our system, and extend our capacity to promote honest and integrity in public service.” To ensure the confidentiality of data, both agencies have committed to strictly abide by the provisions of Republic Act No. 10173 or the Data Privacy Act of 2012.

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STARBOOKS: A library project that became the face of Science For The People

PR Matters

By Richard P. Burgos, Director, DOST-STII

DOST Secretary Fortunato T. de la Peña (left) unveiled the marker of the STARBOOKS 1000th installation site at Dayap National High School in Calauan, Laguna.

STARBOOKS team at the 18th Philippine Quill Virtual Awards Night

EAD through to the last part of this article and get a chance to win a Lenovo notebook. It sounds like a popular coffee shop and brand but STARBOOKS or the Science and Technology Academic and Research-Based Openly Operated KioskS was actually conceived as an offline science libraryin-a-box. It contains thousands of digital resources on science, technology, engineering, and mathematics (STEM) that are easily retrievable.

Early beginnings

STARBOOKS was the brainchild of former DOST Assistant Secretary and DOST-STII officer-in-charge Raymund E. Liboro, now the commissioner of the National Privacy Commission. He noticed that only a few people were going to libraries. “STARBOOKS could just be the simple solution that we need in raising the level of our aptitude in science and mathematics,” Liboro said in one of his interviews. In a simple launch on June 24, 2011 at the lobby of DOST-STII, then DOST Secretary Mario G. Montejo proudly described STARBOOKS “as our humble contribution to the world of education and science.” In its early years, STARBOOKS had few first adopters, one of which was the DOST Regional Office IX that got funding to roll it out in the region. STARBOOKS made the public debut during the 2011 Regional Invention Contests and Exhibits in Davao City as one of the highlighted technologies during the weeklong invention contest. It was in the succeeding year that STARBOOKS had its first mass deployment in Region 8 through a partnership brokered by DOST Regional Office 8 and the Department of Education Leyte Division under the project titled, “Piloting of STARBOOKS in Selected Schools in Leyte.” The project benefitted 44 public schools in the province. The novelty of STARBOOKS was its selling point. By 2014, all regions of the country had their own STARBOOKS installed in various provinces. Soon, more digital library resources were added to the STARBOOKS system and its network had grown as many organizations in both private and public sectors opened their resources to STARBOOKS users.

1000th STARBOOKS

FROM its initia l r un in 2011, STARBOOKS had its 1,000th site installed in 2016 in Calauan, a second-class municipality in the province of Laguna. This milestone also marked the launch of Super STARBOOKS, a much-needed product upgrade. Dayap National High School was the first to have the Super STARBOOKS, marking the shift to upgraded contents and terminals for additional users. It now provides students, researchers, and S&T aficionados with thousands of free S&T related materials in text, audio, and video formats. Among these

STARBOOKS Online and mobile applications

were K-12 interactive courseware on mathematics and science developed by the DOST’s Science Education Institute, livelihood videos dubbed as “TamangDOSTkarte” that provides parents and entrepreneurial students a thing or two about various livelihood opportunities within their sphere of interest, and other engaging videos. The new DOST secretary, Prof. Fortunato T. de la Peña, shared how the Science Department through STARBOOKS “strives to cut boundaries so we can reach those who are in need of our services and assistance, alleviate poverty, and expand our local industries.” Several innovations were also introduced as the offline system rebooted with a new and improved interface design and additional contents. Moreover, the solar-powered STARBOOKS was also introduced in Patong Elementary School in Barangay Malibago, Cateel, Davao Oriental thus breaking through connectivity barriers. At present, with the prevailing pandemic that has changed the work and learning landscape, DOST-STII and STARBOOKS saw another opportunity—the need to develop mobile applications, engaging websites, and alternative ways of engaging the public and various stakeholders. As a result, it was able to nimbly pivot to the demands and challenges of the “new normal” by adding new and exciting mobile apps. Last year, two mobile applications were launched—the fun STARBOOKS Quiz Mobile App and the STARBOOKS Online App for easy access and navigation on an Android phone. It also produced four informational videos to provide additional information on STARBOOKS.

Local and international recognition

THE rollout was met with warm reception both from the government and private sectors as local government units recognized its impact on students of schools in the provinces and in remote areas that lacked books and other learning resources. Soon, several organizations took notice of STARBOOKS. Following Typhoon Yolanda’s devastation in 2013, STARBOOKS was presented at the World Library and Information Congress of the International Federation of Library Asso-

ciations and Institutions (IFLA) in Lyon, France. It became the darling of the congress. The presentation centered on STARBOOKS installation in public schools devastated by the typhoon as part of the government’s Building Back Better relief initiative. The following year, STARBOOKS received the Presidential Citation for Innovative International Library Projects from the American Library Association at the San Francisco Public Library in the United States for “making science and technology materials available to the general public in remote areas that have few information resources, no libraries and little or no Internet connectivity.” ALA is the world’s oldest and largest professional organization for librarians. It has played an active role in promoting access to information, opposing censorships and championing the libraries and librarians. Back home, it was awarded the Outstanding Library Program for 2015 by the Philippine Association of Academic and Research Librarians (PAARL) during their 43rd Annual General Assembly. After several deployments of the offline kiosks, DOST-STII leveled up and developed the online version to keep in step with the changing demand. This innovation improved its monitoring mechanism and made it easier to upgrade the content in each kiosk. As the years went by, more awards and recognition came to STARBOOKS. In 2017, STARBOOKS bagged two Anvil Awards from the Public Relations Society of the Philippines, namely, the Silver Anvil for Public Relations Tool and the Gold Anvil for Public Relations Program. Moreover, STARBOOKS made it to the final round among top 3 entries (out of 402) that vied for the Grand Anvil. That same year, STARBOOKS became a finalist in the 2017 Government Best Practice Recognition by the Development Academy of the Philippines. Also, in recognition of its being the first science and technology library-in-a-box that works offline, the Presidential Communications Operations Office recognized STARBOOKS with the FOI Special Award at the Freedom of Information Summit on December 12, 2019.

Recently, STARBOOKS was recognized for “Excellence in Government Communication Programs” in the 18th Philippine Quill Awards. The Awards organized by the International Association of Business Communicators (IABC) hailed its impact in bringing knowledge on science, mathematics, and technical fields directly to the people, especially to students in economically-challenged schools and communities. This year, for the fifth year in a row, STARBOOKS again makes it to the National Priority Program of the National Economic and Development Authority where donors get to enjoy a tax break equivalent to 100 percent of their donation to the STARBOOKS program. The biggest recognition, however, came from the Department of Education which agreed on February 14, 2020 to adopt STARBOOKS and include it in their learning portal and preload it on devices for distribution all over the country. The resources in STARBOOKS particularly the K-12 learning modules on science and math aligned with the competencybased instruction program of DepEd became a boon to teachers and students alike in the altered learning conditions under the pandemic.

International cooperation

THE US Peace Corps in 2015 visited STARBOOKS to learn more about this innovation. Volunteer Ji Yusi from Chengdu, China praised STARBOOKS for its user-friendly interface and the vast collection of information and available videos. Ji was surprised to see how STARBOOKS was able to integrate a library system into a standalone kiosk that was unheard of in her hometown. “We are learning from your experience,” Ji added. Meanwhile, Elizabeth Karr, a Peace Corps librarian, described it as cutting-edge and advanced as database resources are expensive to build and maintain. STARBOOKS was also invited to the Annual Kuala Lumpur Engineering and Science Fair (KLESF) in MINES International Exhibition and Convention Center at MINES Resort in Selangor, Malaysia as one of the Philippines’ exhibitors. The IBM Corporate Service Corps in 2018 sent a team from Russia, Poland and the USA to assess STARBOOKS and future-proof it,

creating a high-level strategy and roadmap, recommending scalable system solutions and hands-on training for the technical team. STARBOOKS is building and adapting for growth and the increasing demands for contents so it will be more widely accessible to students across the Philippines —both online and offline.

How to win a Lenovo laptop

ON its 10th year, with the theme STARBOOKS@10’To!, STARBOOKS is not slowing down nor resting on its laurels. It has set its eyes on a grand vision with plans that are already in store for the public. In the age of Artificial Intelligence and autonomous technologies, the public is assured that STARBOOKS will continue to outdo and reinvent itself and remain relevant for the next 10, 20 years or more. In celebration of this mi lestone, here is your chance to win a free Lenovo laptop. Simply join the #STARBOOKS10V logToWinIt contest on Facebook (https:// www.facebook.com/StarbooksPH/ posts/4770892302939185). All you have to do is to make a one-minute vlog that answers this question: “How would you use STARBOOKS today?” Top 10 best videos will be selected and receive prizes, and the very best will win the Lenovo laptop. E-mail entries to dost.starbooks@gmail. com. Winners will be announced on July 22 at the STARBOOKS Whiz App launch. Don’t forget to like the DOST-STARBOOKS and share the FB post for a valid entry. 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 communications professionals around the world. Richard P. Burgos is the director of the Science and Technology Information Institute of the Department of Science and Technology. A seasoned communicator, he has helped build some of the biggest brands in the information technology industry such as IBM, HP, Enchanted Kingdom and Sun Microsystems. PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.

Sports BusinessMirror

| Monday, July 12, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

BARTY PARTY IN LONDON B

RISBANE, Australia— Evonne Goolagong Cawley stayed up well past her usual bedtime on Saturday night. Not that she minded being tired when she woke up all-too-early on Sunday morning: her friend and protege Ashleigh Barty was the new Wimbledon champion. Barty completed a 6-3, 6-7 (4), 6-3 win over Karolina Pliskova in the women’s singles final at the All England Club on Saturday. It was just past 1 a.m. Sunday on Australia’s east coast when the match ended and Goolagong Cawley and her husband, Roger Cawley, may have woken up the neighbors with their noisy reaction at their home on the Sunshine Coast, north of Brisbane. There wasn’t much time to sleep before the phone calls started. “It was very emotional for me to be watching Ash,” Goolagong Cawley said Sunday. “I’m so proud of her and the way she handles herself on and off the court. She’s like a little sister to me, so it seems like a family win today.” Goolagong won Wimbledon twice—for the first time 50 years ago in 1971—and again in 1980. Until Barty’s victory, that had been the last time an Australian

woman won a singles title at Wimbledon. Barty’s wins and her career have been intertwined with Goolagong Cawley because of their Indigenious heritage—Goolagong Cawley is a Wiradjuri woman and Barty a Ngaragu woman. Their Aboriginal ancestors are from the same state—New South Wales, although the Wiradjuri people are mostly in the central areas, and the Ngaragu from the southeast. The two have known each other since Barty was 15. “Evonne is a very special person in my life,” said Barty, whose outfit was a tribute to the dress Goolagong Cawley wore when she won Wimbledon for the first time. “I think she has been iconic in paving a way for young indigenous youth to believe in their dreams and to chase their dreams. She’s done exactly that for me as well.” Goolagong Cawley made it clear in an interview Sunday that it was a mutual admiration society. “She made me proud from the first time I saw her,” Goolagong Cawley said. “She was 13 and after I saw her in a match, I knew she had all the skills—the slice, the volley, the smash, everything in one game! I looked at Roger (her husband Roger Cawley) and we thought ‘She’s

Mollema wins Tour de France hilly 14th stage

UILLAN, France—Tadej Pogacar will head into the final week of the Tour de France with a commanding advantage to retain cycling’s elite title after he was unchallenged on the 14th stage won by Bauke Mollema on Saturday. Pogacar’s remaining rivals—all well behind in the standings— held off from attacking the defending champion during the hilly stage that sets up more serious tests in the Pyrenees. Pogacar’s UAE Team Emirates stayed comfortable at or

near the front of the peloton through the 184-kilometer trek from Carcassonne to Quillan in southern France, content to let the breakaway group dispute the stage victory. The Slovenian holds a fourminute lead over Guillaume Martin. The French rider, who was in the breakaway group, moved from ninth overall to second. Rigoberto Uran, Jonas Vingegaard and Richard Carapaz are

Higher pay, ground Beneath their Feet RICK OLIVARES | bleachersbrew@gmail.com

BLEACHERS’ BREW READING about the Philippine Basketball Association’s (PBA) plan to increase the contracts of rookies… am not sure if it is the right thing or a knee-jerk reaction or that it leads to more problems. It could be all three. While it is beneficial to the rookies, it begs the question… so what about your veterans? For sure they will ask for more. Any increase here… in my knowledge of how these things run… you need to strike a balance with the rest of the team or even the league. The salary cap is there for a purpose. Supposedly for

parity but we all know there’s the under the table stuff. However, whether formality or not, the salary cap is there to save the league and the teams from bleeding. I guess you will be obligated to play the rookies because you will be paying them a lot. Obviously, this decision was arrived at because of some collegiate stars exploring overseas options. And why not? It isn’t like there are a lot of good paying options here. If players want to skip the draft and explore their options

BCDA President and CEO Secretary Vince Dizon (second from left) and CDC President and CEO PBGen. Manuel Gaerlan (left), along with BCDA Vice President for Corporate Services Group Arrey Perez (second from right) and two-time Marlboro Tour champion Renato Dolosa (right) flag off Bea Marie Quiambao for the women’s ITT. Behind is Tour multi-stage winner Neil Barlis.

Galedo, Velasco lead PhilCycling trials for road winners in Clark

ASHLEIGH BARTY comes from Down Under to win Wimbledon. AP

got it, she’s going to be a champion.’ So look at her now.” Australian tennis great Rod Laver chipped in with his congratulations to Barty on Twitter: “So happy for you (at) ashbarty, your dream comes true and what a fight. Congratulations on your Wimbledon victory, I hope you and your team celebrate well along with your many fans around the world and back in Australia. Rocket.” Barty’s parents—Rob and Josie Barty—said in an interview

with Australian Associated Press on Sunday that they he had no idea initially that the youngest of their three daughters would ever become a Wimbledon and French Open Grand Slam singles champion and world No. 1. “We weren’t tennis players. We were golfers,” Barty’s father, Rob, said. “We just thought she was one of these kids that could do everything. We had no idea. People used to say how good she was at tennis but we just thought she was a kid having fun. AP

all more than five minutes off Pogacar’s pace. Pogacar has kept the yellow jersey since he took control of the race on Stage 8 in the Alps. With 2020 runner-up Primoz Roglic and other potential contenders out of the race, Pogacar has had little trouble protecting his advantage in the general classification over the past week. Mollema, a rider for Trek, claimed his second career stage victory at the Tour when he broke away on the way down from the fourth of the day’s five climbs. Mollema’s other Tour stage win was in 2017. Mollema set off on the windy descent through sheer gorges from the Cote de Galinagues. He quickly powered away to build an insurmountable lead and rode all alone the final 42 kilometers up and down the category-two Col de Saint-Louis. With no opponent in sight when he crossed the line in just over four hours, Mollema had time to raise his arms and soak up the applause. Patrick Konrad

edged Sergio Higuita to finish second, over a minute behind. “I was feeling good so I thought let’s go from far,” Mollema said. “I had the confidence I could ride alone and keep going for a long time. Normally I can pace myself really well. When I got to the top of the last climb with 50 seconds I knew I could make it.” AP

elsewhere, why deny them that? Of course, provided they aren’t signed to a club. How about the stars who aren’t drafted? How about those drafted then let go? Right off the bat, you are closing their options. I do get how the league wants the young players to go to the big league and ensure a never-ending supply of talent. But do they really think they will be lacking talents? Not everyone will go abroad. And besides, maybe it’s time to let that bench play, right? Is there that huge demand for Filipino players in other leagues that the local clubs will be cleaned out of talent? If they want the talent, they should have more teams. The question is, are they willing to share the pie? Look...the league will go on and survive this. I think a kneejerk reaction to some college stars going abroad is not the answer.

While I understand that the PBA is a private entity and they can make their laws as they please, for the so-called liga ng bayan, it can be tone deaf. You need to look deep inside and ask what is the best scenario for us and everyone? Instead, the PBA has become a mostly two-horse race with some independents winning once in a blue moon. I understand why the league then allowed multiple teams owned by one corporation because they were in crisis at that point in their history when they were left with few teams. While it saved the league it was a stop gap measure that paved the way for super teams, super blocs, and the lack of parity. I certainly do not imagine them telling the two big groups, “Hey, you should have one team, okay?” It isn’t going to happen. With that as a stumbling

ARK JOHN LEXER GALEDO proved age doesn’t matter and Kate Jasmine Velasco provided a peek of the future in Day 1 of the PhilCycling National Trials for Road on Saturday at the Clark Freeport Zone Galedo, 35, was in his best in the men’s individual time trial (ITT), winning the gold medal in 32 minutes and 2.2 seconds over the 24.60-km course that started and finished at the Clark Parade Grounds. Velasco, on the other hand, made the Philippine NavyStandard Insurance team proud with her gold medal-clinching ride in women’s ITT, ruling the 17.1km race in 27:52.814. The 21-year-old Velasco beat teammate Marianne Dacumos, who finished 22.187 seconds behind for the silver medal and Maura Delos Reyes settled for third with 00:28:35.452. Navyman Jhon Mark Camingao (32:28.0) clinched silver and Joey delos Reyes (33:00.3) bagged the men’s ITT bronze in the event organized by the PhilCycling headed by Rep. Abraham “Bambol” Tolentino. Secretary Vince Dizon, president and CEO of copresentor Bases Conversion and Development Authority and Police

Lastimosa, Wilson power Clarin five

ARLO LASTIMOSA and John Wilson put on a show as Clarin trumped Petra Cement-Roxas, 72-66, in the Chooks-to-Go Pilipinas VisMin Super Cup at the Provincial Gymnasium in Ipil, Zamboanga Sibugay, on Sunday. Lastimosa dropped 22 points on 8-of-15 clip while Wilson tallied 15 markers, four dimes, four steals, and three rebounds to improve their winloss slate to 2-0 won-lost and take the early lead.

BGen. Manuel Gaerlan (Ret.), also president and CEO of the Clark Development Corporation, led the ceremonial flag off along with Arrey Perez, BCDA Vice President for Corporate Services Group. Galedo, riding for 7-Eleven Roadbike Philippines and gold medalist in the Myanmar 2013 Southeast Asian Games, however, missed a golden double after overshooting a sharp right-hand bend in the men’s criterium raced at the 2-3-km perimeter of the Clark Parade Grounds in the afternoon. Go For Gold’s Dominic Perez ruled the double points final 20th lap to pile up 13 points for the criterium gold medal of the event also presented by Smart and MVP Sports Foundation. Navyman Steve Hora (10) and Go For Gold Ronnel Hualda (10) settled for second and third place in the event supported by Go for Gold, Chooks-to-Go, GAC Motor, Gatorade, Versa, 7-Eleven, Le Tour de Filipinas, UBE Express Inc., Powerade, Wilkins, Coca-Cola, Shimano, Bike-X and MadCrank. Mathilda Krog, 19, also made her young presence felt in the women’s criterium, and with Velasco, made it 1-2 for Philippine Navy-Standard Insurance with 23 and 17 points, respectively. Avegail Rombaon of Devel was third with six points.

Down 52-63 with 3:23 left in the game, Roxas climbed all the way back to within three with 33.5 ticks left after a 12-4 run, 64-67. In the ensuing play though, Clarin’s Lastimosa went all the way to the hoop for the easy basket to make it a twopossession game, 69-64, with 27.4 seconds remaining. The Vanguards opened the fourth quarter with five unanswered points to trim their deficit to just two but Sto. Niño retaliated with a 12-3 blitz to

restore order, 63-52. Big man Joseph Eriobu also delivered for Clarin with 14 points and seven rebounds. Jhong Bondoc came through with 15 markers and eight boards while Lester Reyes added a doubledouble of 13 points and 10 caroms for the Vanguards, who fell to 0-2 to be at the bottom with Iligan. Vanguard Jordan Intic hit the showers early after being hit with a flagrant foul penalty 2 at the 3:24 mark of the third canto. Both Roxas and Clarin will next play opening day victors Basilan on Tuesday and Friday, respectively.

block, the league will constantly be plagued with these problems accusations of control by one block and some such. We’ve seen how they have been threatened by the arrival of the Metropolitan Basketball Association, the Fil-Sham controversy, the national team, and others. Let’s stick to the MBA in a nutshell because the other two that I mentioned are lengthier and separate columns by themselves. I remember the late Commissioner Jun Bernardino tell me that because the MBA was doing well in the provinces, then the PBA resorted to more out of town sorties. And they also played Ginebra at the top of the twinbill to make sure that people who came in for the first game stayed. Now the other clubs complained so if Ginebra was placed in the first game, then the majority of the crowd left after leaving a

sparse crowd for the second game. But the MBA collapsed under its own weight for different reasons. One of which was finances. You can point to ABSCBN for pulling the plug but nah, I’ll also say, finances. And it’s still an issue today. Having said all of this, I think, instead of the league being reactionary, why can’t they be visionary? In 1975, the PBA was created because of the stifling rules placed on the old MICAA by the old BAP. One such issue was players’ allowances that were small. The other was how the BAP would just get their players for the national team. Incredibly, 46 years later. These two issues are still plaguing them. Just from different points of view. I am sure you have heard the saying, “the more things change, the more, they stay the same.” C’est la vie.

Monday, July 12, 2021

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SCREENSHOT FROM CNN PHL

Being for others, Atenean honored by Diana Award for pandemic work

By Jasper Emmanuel Y. Arcalas

Nieto, a 25-year-old Ateneo graduate, was among the over 300 children and young people who received this year's Diana Award, which was established to perpetuate the Princess of Wales’ “belief that young people have the power to change the world.” The award was established in 1999 by the British government and became an independent charity in 2006, allowing the body to “develop into a fully fledged youth-led movement.” “We warmly congratulate our new Diana Award recipients from the UK and across the world who are changemakers for their generation. It is especially poignant as we mark what would have been Princess Diana’s 60th birthday,” said Tessy Ojo, chief executive of the Diana Award. The princess died in a car crash in Paris at the age of 36, but is constantly remembered for her advocacies in empowering young people, in calling for an active campaign to end land mines, and in humanitarian work for the poor and unschooled children and HIVAIDS victims, among others. “In a year that has seen

FROM SHAWNTEL NIETO LINKED-IN ACCOUNT

EN and women for others. That is the so-called “Atenean way” —a Jesuit value embodied by Shawntel Nieto, the first Filipina to receive the Diana Award, which recognizes young people who “selflessly create and sustain positive social change.”

young people’s lives disrupted by the pandemic it is even more important that we honor, celebrate but also invest in young people, from across the world, who through their selfless trailblazing efforts have changed lives in their communities,” Ojo added.

Over 100,000 Caintanos helped

NIETO was chosen to receive the prestigious award for the numerous programs and campaigns she built to "address the issues she saw around her" that ultimately benefited over 100,000 people in her hometown Cainta, Rizal, according to the 22-year-old award-giving body. “Shawntel has founded and co-founded several organizations to promote sustainable development, improve literacy and provide water, electricity, and food to over 100,000 people in Cainta,” the charity said. “When the pandemic left 50,000 people in her city unemployed, she initiated a program that has provided food for a thousand people each day,” the charity added. The charity also recognized Nieto’s passion and advocacy to help marginalized communities, which started in 2015, despite her seemingly “highflying corporate career.” Nieto is currently a corporate analyst for multinational JPMorgan Chase & Co., according to her LinkedIn account. “Following a steep learning curve to understand the dynamics of marginalization, Shawntel has established programs and campaigns to address the issues she saw around her,” the charity added.

A family effort

Nieto said that while she may be the one receiving all the sudden spotlight, the Diana Award is not for her alone: it is a recognition of the efforts made by her family to help their community in Cainta, Rizal. Nieto explained in a recent interview with CNN Philippines that the “Walang Iwanan sa One Cainta” food program was a family initiative that they immediately established during the very first nationwide lockdown declared by the government in March 2020. This, after realizing that thousands of Filipinos are at risk of losing their jobs and not earning anything due to mobility restrictions. “My family and I just realized the need there was present both in our town in Cainta and as well as across the Philippines. We understood even if it is just one-month worth of lockdown, [it] meant for a lot of our fellow Filipinos and we knew there was a need to do something to support them,” she said. “For our family, it is easier to do something instead of nothing. And so we started with whatever help we can give to our kababayan and that is the reason why up until now we are still distributing goods in communities within and outside Cainta as well as seven hospitals across Luzon,” she added. The food program, according to its web site, seek to provide food and relief to their immediate community as well as to frontliners. Continued on C5

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Being for others, Atenean honored by Diana Award for pandemic work Still running

The program, which is still running today, has helped over 400,000 unique individuals in Cainta and in six other cities (Caloocan, Pasig, Antipolo, Morong, Valenzuela and Bulacan) with over 1.1 million relief goods and 25,100 kilograms of rice. “This award is something I share with our entire family. I was not the only one who started this. It is a family initiative—my brothers have all played vital roles for the partnerships and my parents have been absolutely pivotal in our distribution,” Nieto told CNN Philippines. “All of these we have now is being celebrated as a family effort,” Nieto added. Nieto, a former co-captain of the Ateneo de Manila University varsity badminton team, shared that receiving the Diana Award is “a bit weird” but is “definitely fulfilling.” “I was not expecting any awards. Sometimes I feel weird saying thank you to the congratulations. I was an athlete for 10 years, and I was a student for more than 10 years, I know what it feels when you make it to honor roll,” she said. “But being congratulated for an award, for something I think should be natural to

everyone...it feels a bit weird sometimes but it is definitely fulfilling,” she added.

‘Won’t last a month’

Nieto revealed that she even joked with her family that their food program will not even last a month. But the sudden outpour of generosity and kindness helped their program to continue running until today. Nieto expressed gratitude for the opportunity she has to be able to help heer fellow Filipinos, and thanked the people who continue to support their food program. “All we are really trying to do is to help out as much as we can and yet the thanks, the gratitude and the love we receive, especially from the people in these communities ...it is absolutely life-changing. Honestly, it is one of the best feelings you can have in the world,” she said. “And I hope, I sincerely hope these programs like these will end up with a world someday [that] we won't even need to exist—the people themselves would have the food they need on a day-today basis,” she added.

Nomination

The One Cainta food program is just part of the programs and solutions put up by Nieto to address various urgent issues in

her immediate communities. Nieto disclosed that she was nominated for the Diana Award by her two colleagues: the Switzerland-based Global Changemakers Association and the Dalai Lama Fellowship housed in the University of Virginia. Nieto said she was nominated for her work during the pandemic, as well as for role in sustainability in the Philippines, which included the founding of BMB Solutions that provided electricity and water in her community. She also spearheaded numerous educational workshops and summits for various youths around the world that were supported and aided by organizations both nationally and internationally. According to the Diana Award web site, it is “the longest running award for young people through a retrospective nomination process only.” Nieto is the president and founder of the Society of Sustainability Practitioners as well as the host and founder of SUSTAINARUMBLE!, a podcast that tackles sustainability issues and development in the country. Nieto earned both her Bachelor’s degree in Management of Applied Chemistry and Master’s degree in Sustainability Management from Ateneo de Manila University.

FROM SHAWNTEL’S FB PAGE

Continued from C3