BusinessMirror July 18, 2022

‘Look beyond China to fund rail projects’ ‘Close borders, cut Omicron exposure risk’

By Jovee Marie N. dela Cruz

@joveemarie

By Cai U. Ordinario

T C

@caiordinario

WO leaders of the House of Representatives on Sunday LOSING the country’s borders said the Marcos administrais one of the most immediate tion should pursuing Chinese ficourses ofstop action the governnancing for three big railway ment must take to prevent theprojects, latsaying Japan andOmicron, the private sector est Covid-19 variant, from could fund these projects. reaching Philippine shores, accordHouse Committee on Ways and ing to local economists.

Means Salceda T he newChairman var iant Joey is a Sarte threat, Rufus e s p eand c i a l Deputy l y w it hSpeaker t he hol id ayRodris guez,up in separate statements, said the coming and more foreigners simply beingPhilippine a llowedgovernment to travelshould to the look for other funders for the projects Philippines, De La Sa lle Univerplanned by the Duterte government. sit y economist Mar ia Ella Oplas According to Salceda, opening told BusinessMirror. the project portfolio to more The holidays usually bring publicin private partnerships will also open Overseas Filipino Workers (OFWs) the country new funders, such as who are eager totospend Christmas

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Singapore, which has been investing the Philippine private withheavily their inloved ones, while for-sector. eigners living in temperate regions think it’s time the Unitusually“I want to also relax in for tropical ed States putPhilippines. its money where countries liketothe This its mouth is about the strategic imporyear’s influx of OFWs is expected to tance of the Philippines.

South Korea be heavier since many of them were even gave us more aid and unable to come home forforeign the holidays grants than China did last year,” he in December 2020. said.

“My recommendation is to protect “Japan has just provided the trains the borders.

Do not allow people with for theofnew North-South Commuter a history travel to countries with Railway Project a fewOplas months positive cases to enter,” said.ago.

And our countries are closer than “We should be more restrictive. [We ever.

I think Japan will be very happy have to be] more protective in terms to take over financing a project that of our measures.”

China has vacated,” said.

Oplas said that whilehethis will be Salceda said the Philippines a setback to some industries, this not tryconsidering to persuadethat China is a should fair measure backhelp up the country again, the but to thisto could prevent placing simply look for other country in another strictfunders. lockdown,

n Monday, July 18,29,2022 17 17 No.No.52 283 Monday, November 2021Vol.Vol.

“Our development should not be used as diplomatic leveragecan among which, she said, the economy no supposed friends.

If they want to filonger afford. nance our development they “It is better that we doprojects, protective are welcome to, at the right But preventive measures thanterms. get exif they don’t want to, we can always posed again. We have a lot to lose,” findsaid. others,” said. do it now so Oplas “Wehe should “I will try my line both [Transthat we can open justwith before Christportation] Secretary Jaime Bautista mas. If it gets contained, we can open and my network as former Green Cliit again.” mate Fund chairfor andEconomic current adviser Ateneo Center Reto theand Incheon Metropolitan City in search Development (ACERD) Korea to see which countries would Associate Director Ser Percival be happy to take China’s place.

K. Peña-Reyes said closing China the was not the only proponent fundcountry’s borders would be of effecingbut railway projects in the country, tive should still adhere to the after all,” he added. standards set by the World Health Salceda said “If China wants to Organization (WHO). build stronger ties, they aretold welWhat is needed, Peña-Reyes come to try, asis allfor other nations are. this newspaper, travel restricThis doesswiftly not achieve tions towithdrawal be put in place and

that objective. If anything, it compels the Philippines seek closer for government to betoproactive in ties with other friends—countries imposing them. that may notinstances necessarilywhen be China’s Previous the friends,had too.” country the opportunity to im-

pose travel restrictions did not preFunding options vent the spread of Covid-19. That was FOR his part, Rodriguez said the mainly because the decision wasPhilnot ippines has other funding options, made immediately, he said. which new national “Kungthepapatay patay leadership [If we’re should explore. slow] and we get caught flat-foot“Such options include multied, [that’s risky] We were too relateralinstead institutions like thebefore.

World active of proactive Bank and Asian Bank, We should learnDevelopment from that,” Peñainternational assistance agencies Reyes said. “It’s a delicate balancing such as need the USAID, JICA of Japan, act.

We to push testing and Korean agency and EU [European tracing to be properly informed Fund, theBlanket/shotgun local banking and ofUnion] our decisions. business community the approaches could haveand direeven conseannual national budget,” he said. quences on the economy.”

Continued on A4 See “Omicron,” A2

P25.00 P25.00 nationwide nationwide || 22 sections sections 18 20 pages pages ||

NATL BORROWINGS DEBTGOVT PAYMENTS SURGE FOR 10 MOS DIP TO P2.75T BY 52% IN MAY—REPORT T

By Bernadette D. Nicolas

By Cai U. Ordinario @BNicolasBM

n

Omicron risk spurs revival of quarantine rules in PHL

@caiordinario

HEnational country’s debt payments HE government’s jumped by 52 percent in May, gross according to the latest data borrowings as of of the Treasury from the Bureau end-October shrank (BTr). by almost 6 percent year-on-year to Figurestrillion. from the BTr showed P220.46 billion from P178.61 bilP2.75

that the country’s debt payments reached P57.44 billion in May 2022, nearly P20 billion than Latest data fromhigher the Bureau ofthe the P37.8 billion posted a year ago.

Treasury showed that the governHowever, debt payments in the ment’s gross borrowings during the January to May period reached 10-month period fell by 5.99 percent P414.07 billion, 33.6 percent from P2.92 trillion a year ago.lower than last year's P623.6 billion in With only two months left for 2021.

BTr data showed that interest this year, the latest figure is already payments May went up by nearly equivalentinto 89.6 percent of its 17 percent to P33.83 billion in 2022 P3.07-trillion borrowing program. from P28.93 year ago.borBroken down,billion gross adomestic In January to May, rowings from January to interest October payments bytrillion, 23.43 percent to settled at rose P2.23 down by

5.08 percent from P2.35 trillion in 2020.

The bulk of the amount was sourced from Fixed Rate Treasury Bonds (P1.19 trillion), followed by short-term borrowings from Bangko Sentral ng Pilipinas or BSP (P540 HEPhilippines oneofeight billion), Retail Treasury is Bonds/Precountries that are expected myo Bonds (P463.3 billion), Retail to drive more than halfbilof Onshore Dollar Bonds (P80.84 the growth of the world’s populalion). In the same period, there was by 2050, according the think alsotion a net redemption oftoTreasury of the United Nations.

Billstank amounting to P43.94 billion. the redemption latest World PopulaNetIndebt means tion Prospects 2022, thecomUN there were more debts repaid Department of Economic and pared to the amount borrowed durSocial Affairs (Undesa) said the ing the period. world’s population could grow to Meanwhile, gross foreign boraround 8.5 billion in 2030 and 9.7 rowings in the same period also billion in It is projected to contracted by2050.

9.7 percent to P518.7 hitfrom a peak ofyear’s around 10.4billion. billion billion last P574.4 people 2080s global and to This wasduring raisedthe through remain at that level until 2100. bonds (P146.17 billion), program The population of the eight loans (P139.98 billion), euro-decountries, including the Philipnominated bonds (P121.97 billion), pinesloan and India, arebillion), expected to a project (P86.41 and

By Samuel P. Medenilla @sam_medenilla

I

NTER NATIONA L concerns over the possible spread of the lion in 2021. more infectious Omicron CoAmortization payments, meanvid-19 variant prompted the govwhile, surged 166.3 percent in May ernment to reimpose mandatory to P23.61 billion in 2022 from P8.87 facility-based quarantine for all billion a year ago. arriving passengers in the country.

The data also showed there was a Acting Presidential spokesper56.49-percent contraction in amorson Karlo B. Nograles announced tization payments to P193.61 bilon Sunday that the Inter-Agency lion in 2022 from P444.99 billion Task Force for the Management in 2021. of Emerging Infectious Diseases For this year, the government (IATF) suspended the implemenprogrammed debt payments to tation of its Resolution No. 150reach P1.298 trillion.

A (s.2021), effectively imposing Continued on A4 stricter protocols for all inbound travelers.

To note, IATF Resolution 150A had allowed fully vaccinated PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. non-visa travelers from Green List The country will celebrate the 158th birth anniversary of Filipino revolutionary areas to enter the country withhero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO out the need for facility-based TIME FOR FANTASY Cosplayers make their way to the Anime and Cosplay Expo 2022 at a mall in Pasay City at the weekend. Favorite sources of charactersquarantine for cosplayersas arelong animeas cartoons, comic they secure grow between 2 and 3 percent books, TV series, video games and manga. NONIE REYES negative Reverse Transcriptionannually between the 2022 and Polymerase Chain Reaction (RT2050 period. India is projected to PCR) test within 72 hours prior surpass China as the world’s most to their departure. populous country next year.

By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see programs as President Duterte “Except for countries classified “More than half of the pro@jearcalas enactment of the Coconut Farmwho are listed in the registry and if is expected to sign the industry as ‘Red,’ the testing and quarantine jected increase in the global

By Malou Talosig-Bartolome ment response request for ects forward.plan China is open Carlos G. Dominguez III had said ers and Industry Trust Fund law. farmerindoesn’t see histoname then he development in early 2022.for protocols for all inbound internapopulation up to 2050 will be & Butch Fernandez comments from media on the technical discussions over our Gthe Beijing-based Export-Import ORE than 3 million Rosales explained that about shall coordinate with the PCA imRosales said the PCA will not tional travelers in all ports of entry concentratedcoconut in eight countries: @butchfBM statement made

by Transportato-Gupdating [government-to-government] Bank Chinawith (Ceximbank) would farmers and 500,000 coconut farmers and mediately,” he explained at a recent stop its list of coconut shall of comply the testing and the Democratic Republic of the tion Undersecretary Cesar Chavez projects, and is ready to carry our have imposed at least a 3-percent workers are now regisworkers were added to the PCA’s dialogue with coconut farmers. farmers and enjoined them to regquarantine protocols for ‘Yellow’ Congo, Ethiopia, India, regMathat“On China backed out talks cooperation in benefits close cominterest rate onNograles the three railway teredEgypt, with the government’s 2018HE listChinese that hadEmbassy about 2.5 in million thehas other hand, if of people ister in order forward, to reap the list countries,” said, citing Nigeria, Pakistan, the Philipnila said China is still open for the funding of three railway munication with the Philippine projects, as Ceximbank had indiistry, which serves as the basis coconut farmers and farm workers. would see names on the list and of the decades-long idled coconut the provision of IATF Resolution pines and the United Republic to renegotiating deals on the projects—the Philippine Nationnew administration,” the Embassy cated that it intends to recover “at for the number of people to be The PCA’s next step is to conthey think they are not coconut levy fund. “We will not stop at 3.1 No. 151-A. of Tanzania. of sub-of the “Build, Build, Build (BBB)” projects alfarmers Railway (PNR) BicolareProject, spokesman said in a statement. least funding cost.”

If this covered byCountries the utilization duct an exclusion-inclusion proor their details incormillion.

We hope that more indiHemarginal noted Hong Kong, which has Saharan Africacoconut are expected to initiated by making the Duterte adminSubic-Clark and Thewill Embassy claimed China has deal pushedathrough, would have P75-billion levy fund. cedure by the updated rect, they canRailway report itProject to the PCA viduals register in our coconut confirmed case of it the Omicron contribute more than half of the istration and that it is confident the first phase of the Mindanao “comprehensive strength” in the been way higher than the 0.1 Philippine Coconut Authority farmers’ registry public, providfor immediate action,” he added. farmers registry,” he said. variant, will also fall under theperYelincrease anticipated through that the new administration would Railway Project. area of infrastructure development cent being offered by the Japanese (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that The updating of the coconut low list countries.

2050,” Undesasaid said. the veracity continuity needed to two sidesofhave and it “isregistry well-known for its quality government for other infrastrucM. Rosales about 3.11 million provide check the of the list, Rothe“Our completion the been initialnegolist farmers is mandated by The suspension of the rules for further boost bilateral relations. tiating technical issues and made and speed.’’ ture loan projects.

See “8 nations,” A2 coconut farmers and farm worksales added. of coconut farmers registry would Republic Act (RA) 11524 or the “Green List” countries will be in The Embassy issued positive progress to move the projFor mer FinaTrust nce Fund Secret ary SeeNovember “Beijing,” A2 ers have been registered with the “The list will be postedainstatepublic be just in time for the expected Coconut Industry Act. effect from 28, 2021 to government since it started upspaces where people can easily see rollout of coconut levy-funded See “3-M farmers,” A2 December 15, 2021.

8 NATIONS TO DRIVE GLOBAL POPULATION GROWTH–U.N.

T

yen-denominated samurai bonds (P24.19 billion).

OVER 3-M FARMERS P75-B COCOdeals LEVYon FUND BeijingLISTED willingFOR to renegotiate big-ticket projects

M

“Borrowings,” A2 PESO See EXCHANGE RATES n US 56.2420

T

on A2 n JAPAN 0.4047 n UK 66.5287 n HK 7.1648 n CHINA 8.3222 n SINGAPORE 40.0813 n AUSTRALIA 37.9296 n EU 56.3545 n KOREA 0.0427 n SAUDI ARABIAContinued 14.9827 Source: BSP (July 15, 2022)

PESO EXCHANGE RATES n US 50.4600

n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531

Source: BSP (November 26, 2021)

News

BusinessMirror

A2 Monday, July 18, 2022

OWWA to launch program for kids of overseas workers

By Malou Talosig-Bartolome

T

@maloutalosig

HE Overseas Workers Welfare Administration (OWWA) is forming an OFW Children’s Circle for 200,000 children who were left behind in the Philippines by their OFW parents.

OWWA chief Hans Cacdac said the OWWA Board of Trustees,

chaired by Labor Secretary Bienvenido Laguesma, together with

Beijing...

Continued from A1

“China will tap its own advantage and support the Philippines to improve its infrastructure,” the Chinese Embassy said.

It noted that during the past six years of the Duterte administration, the Philippines and China have “fruitful results and delivered tangible benefits” under the Belt and Road Initiative of China and BBB projects of the Philippines with the completion of 17 projects. More

than 20 G-to-G project deals have yet to be finalized.

“Over the past two years, Covid-19 has impacted implementation of some projects, hindering the site availability, causing delays of procurement, affecting goods mobility, and so on. Despite those difficulties and challenges, our two sides have worked tirelessly to push the projects forward and yielded rich outcomes, spanning from anti-

Migrant Workers Secretary Susan “Toots” Ople approved OWWA Resolution No. 7 last Friday for the formation of OFW Children’s Circle.

“Several studies and reports disclosed that separation from a parent has shown to have a negative effect on the well-being of the children, particularly their mental health,” the resolution reads.

As the country transitions to a new normal, children left behind by their parents need psychological intervention. The OWWA board approved the proposal to conduct a series of activities such as arts and culture, sports and recreation, civic involvement, values reorientation, entrepreneurship, financial literacy, and health and wellness.

These programs will be initially implemented by the OWWA Regional Welfare Office in Metro Manila, Ilocos, Calabarzon, Central Visayas and Northern Mindanao regions.

The board has approved the allocation of P15 million for the initial implementation of the program, to be sourced from the existing budget of the Family Development Support Program.

OWWA is a national government agency vested with the special function of developing and implementing welfare programs and services that respond to the needs of its member-OFWs and their families.

It is endowed with powers to administer a trust fund to be called the OWWA Fund.

pandemic response, disaster relief to infrastructure, agriculture, and other fields,” the Embassy said.

The Embassy said that based on the phone conversation between Chinese President Xi Jinping and President Marcos Jr. and the recent high-level visits, both governments are “dedicated to further enhancing friendship and mutual trust.”

“China’s policy towards the Philippines has always been and will continue to be consistent and stable as ever. It is also believed that continuity would be secured in our relations as well as the bilateral practical cooperation. Looking for-

ward, China will build on the past fruition and further our cooperation in agriculture, infrastructure, energy, people-to-people exchange, and other fields,” it added.

Poe’s warning

SENATOR Grace Poe, airing concerns over rushing the “renegotiation of China loan deals,” stressed the Philippine panel should ensure the Filipinos paying for the loans would “not be on the losing end.”

The senator, in a statement over the weekend, viewed President Marcos Jr.’s directive “presents an auspicious opportunity to go back to the drawing board and craft deals that are fair and will produce tangible benefits to the Filipino people.”

She said that “renegotiation should iron out issues that saddled the previous agreements, including interest rates and payment terms.”

At the same time, Poe pointed out that the need to boost the Philippines’s infrastructure “should not compromise the best interest of our country.”

“It is the Filipino people who will ultimately repay such loans and we must ensure that they are not on the losing end,” the Senator reminded the country’s negotiators.

www.businessmirror.com.ph

8 nations...

Continued from A1

Based on the mid-year population projection released by the Philippine Statistics Authority (PSA), there were a total of 111.57 million Filipinos as of July 1. By the same time next year, the population will grow to 112.89 million.

In 2024, the PSA expects the country’s population to reach 114.16 million by July 1 and register a population of 115.378 million on the same date in 2025. No projections beyond 2025 are available.

The Commission on Population and Development (Popcom) said maintaining a 1 percent increase in the country’s population annually will allow the administration to attain its goal of a single-digit poverty incidence by 2028. (Full story here: https://businessmirror.com. ph/2022/07/04/1-populationincrease-seento-temper-rise-inpoverty-rate/) For Popcom, young Filipinos who comprise about 20 percent of the Philippine population and women will play a crucial part in the attainment of the country’s much-aspired demographic dividend in the near future, as they will belong to a vital segment of the local workforce and employment, as well as contribute to national economic gains.

“The role of young people and women in national progress cannot be overemphasized. They make up a large human resource, whose participation as effective workers will serve as drivers for the country’s further economic growth in the coming years, while we march toward the fulfillment of Ambisyon 2040 built on this administration’s eight-point socioeconomic agenda,” Undersecretary for Population and Development Juan Antonio Perez III. “I anticipate the new administration to build on the current gains of our population programs and agenda, while fully harnessing the potential of our young people and women by heavily investing in their education and professional upskilling,” he added. The enactment and full implementation of laws and policies are also key to addressing development challenges and the empowerment of young people.

In the country, the Philippine Legislators’ Committee on Population and Development works with multiple stakeholders, most notably legislators from the Senate and House of Representatives, in cham-

pioning advocacies and advancing laws relevant to population and human development.

Significantly, these include the issues of sexual and reproductive health and rights, prevention of adolescent pregnancies, and prevention of violence against women and girls.

Legislators, the committee said, have an important role in addressing demographic challenges and contributing to the empowerment of Filipinos, especially women, girls, and marginalized groups.

“Legislators have remarkably contributed to helping our country harness demographic dividend and attain our goals by advancing and legislating notable laws that have a positive impact on the empowerment of the Philippine population of 110-plus million people, with the hopes of tapping their potential to be instrumental towards the nation’s development,” Representative Bernadette Herrera of Bagong Henerasyon Party List said in her message of support during the 2022 World Population Day meeting.

“In particular, the Adolescent Pregnancy Prevention Bill, and to prepare a future with ‘No More Children Having Children,’ will be a high priority and commitment of myself and fellow legislators,” she added.

Global life expectancy at birth reached 72.8 years in 2019, an improvement of almost 9 years since 1990. Further reductions in mortality are projected to result in an average global longevity of around 77.2 years in 2050. However in 2021, Undesa said life expectancy for the least developed countries lagged 7 years behind the global average.

Impact of Covid-19

THE Covid-19 pandemic has affected all three components of population change. Global life expectancy at birth fell to 71 years in 2021.

“The relationship between population growth and sustainable development is complex and multidimensional” said Liu Zhenmin, UN UnderSecretary-General for Economic and Social Affairs. “Rapid population growth makes eradicating poverty, combating hunger and malnutrition, and increasing the coverage of health and education systems more difficult.”

In some countries, Undesa said successive waves of the pandemic may have produced short-term reductions in numbers of pregnancies and births, while for many other countries, there is little evidence of an impact on fertility levels or trends.

The pandemic severely restricted all forms of human mobility, including international migration.

The share of the global population at ages 65 and above is projected to rise from 10 percent in 2022 to 16 percent in 2050. At that point, it is expected that the number of persons aged 65 years or over worldwide will be more than twice the number of children under age 5 and about the same as the number under age 12.

Undesa said countries with ageing populations should take steps to adapt public programs to the growing numbers of older persons, including by establishing universal health care and long-term care systems and by improving the sustainability of social security and pension systems.

“Further actions by governments aimed at reducing fertility would have little impact on the pace of population growth between now and mid-century, because of the youthful age structure of today’s global population. Nevertheless, the cumulative effect of lower fertility, if maintained over several decades, could be a more substantial deceleration of global population growth in the second half of the century,” added John Wilmoth, Director of the Population Division of the United Nations Department of Economic and Social Affairs.

Based on the latest PSA data, there were a total of 147,692 births in the first quarter while there a total of 97,042 Filipinos died during the period.

Going by the explanation of Perez and using PSA data, a total of 50,650 Filipinos have already been added to the country’s population in the first three months of the year.

In 2021, there were a total of 1.31 million Filipinos were born while 853,074 died during the period. This means a total of 456,527 Filipinos were added to the country’s population. Cai U. Ordinario

www.businessmirror.com.ph

The Nation BusinessMirror

Pinoy captain missing while ship on voyage

By Malou Talosig-Bartolome @maloutalosig

A

FILIPINO captain was declared missing while the container ship he was supposed to be leading was on voyage in the high seas of the Mediterranean Sea. Reports reaching the Philippine Overseas Employment Administration (POEA) identified the missing Filipino as Lucio Cabading Sablas, captain of Algeciras Express.

The principal foreign manning agency of Algeciras Express, Conbulk Ship Management Corporation, informed the POEA last July 3 through email that Sablas was missing while “onboard.”

That Sunday, Algeciras Express was halfway between Malta and Pantelleria Islands in Italy, while en route from Yalova, Turkey to Tanger Med Port, Morocco, when the crew said they realized their captain was missing.

“Already conducted four times (sic) full-detailed search of the vessel, but still Master (captain)

has not been found,” the report to POEA Administrator Bernard P. Olalia said.

According to the safety4sea website, Algeciras Express was prevented from reaching the port in the Spanish town of Algeciras until a new captain joined and commanded the vessel.

Upon reaching the Algeciras port on July 7, Spanish authorities searched the ship, entered the cabin of the missing captain and took the statement of the first officer and 28 other crew members.

“The agents did not find anything abnormal; while they also found the navigation plan for the following day designed by the captain,” ship4sea. com reported.

Olalia said Sablas’s local manning agency, Crew and Ship Management International Inc., has been instructed to submit a full report on the incident.

Since Algeciras Express is a Liberian-flagged vessel, Spanish authorities have also reported the incident to Liberia. The container ship operates under charter to Hapag-Lloyd.

More PHL destinations get back-to-back intl accolades

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

S

EVERAL destinations in the country including the idyllic Boracay Island and energetic Manila received back-to-back accolades from international travel publications and online entertainment sites.

The prestigious Travel+Leisure magazine named Boracay Island (with a score of 90.89), Palawan (90.81) and Cebu (90.12) among the World’s Best Islands, ranking them 9th, 11th and 16th, respectively. The list was topped by a new entry, Ischia in Italy.

Boracay and Palawan also was ranked number 4 and 5, respectively among the Best Islands in Asia. T+L noted, “Two and a half miles of Boracay’s 4-mile length consist of the aptly named White Beach, which is dotted with restaurants and lodgings for visitors looking for easy access to ideal snorkeling and diving.” It added, Palawan along with Bali, “offer blissful beachfront experiences.”

Just last week, Boracay made it to TIME magazine’s World’s Greatest Places list for 2022. (See, “Boracay land’s on TIME’s 2022 World’s Greatest Places,” in the BusinessMirror, July 13, 2022.)

The Philippines was among the first destinations in Asia to reopen to foreign tourists, postCovid.

Unsung food destination

ALSO, Conde Nast Traveler (CNT) recognized Pampanga among the “Unsung Food Destinations to Travel for Now” for its morcon, tocino, sisig and burn, from recipes handed down for generations, “making Pampanga one of country’s most exciting and consistent foodie scenes.”

Writer Maryam Jilani cited restaurants like Everybody’s Cafe and Aling Lucian’s Sisig as “can’t-miss, no-frills joints, which you’ll want to make reservations in advance for. All meals should end with traditional sweets like turrunos de casoy, a crunchy wafer-like treat prepared with cashew nuts and the historian, Atching Lillian’s famous heirloom Pan de San Nicolas cookies.”

Last June, CNT included the Philippines among the Most Beautiful Countries in the World. “The Puerto-Princesa Subterranean River National Park in Palawan

encompasses mangrove forests, one of the world’s most impressive cave systems and an underground river. The Chocolate Hills of Bohol Island consist of an estimated 1,776 grass-covered domes that are mysteriously uniform in shape. The rice terraces of both Banaue and the Philippine Cordilleras provide panoramic views of every shade of green imaginable,” wrote the publication.

Other Southeast Asian countries that made the list were Indonesia, Thailand, Malaysia and Vietnam.

Underrated hub for art, culture

MEANWHILE, the London-based Time Out ranked Manila among the top 53 cities in the world, based on a survey among 20,000 city-dwellers worldwide.

“The legacy of Chinese, Spanish and American influences makes Manila an underrated hub for art and culture, with unique customs and cuisine to boot,” said artist and writer Shirin Bhandari, who regularly travels between India and Manila. After the government’s pandemic response, “Manila was voted the third most resilient in this year’s survey and not a single respondent described the city as rude—instead, it was admired by many for the welcoming and infectious smiles of its people.”

She encourage travelers to visit Manila now because, “The city really is thriving again. Let Manila entertain you as it has before with its high-end shopping malls, eclectic contemporary art galleries and the edgy music venues of the south.” She added, “100 percent of respondents in Manila didn’t describe locals as rude, making it the least rude city in this year’s Index. Sixty percent said the city was resilient, while 78 percent raved about its nightlife and party scene.”

In a text message, Tourism Congress of the Philippines president Jose C. Clemente III told the BusinessMirror, these accolades “are testaments to the country’s desirability as a tourist destination from travelers around the globe.

These again prove that the Philippines possesses the natural and sustainable areas to compete with the world’s best, along with its vibrancy, as with Manila. Coupled with the warmth of our people, these destinations will continue to be choices for discriminating travelers.”

Editor: Vittorio V. Vitug • Monday, July 18, 2022 A3

Marcos asks Filipinos to get booster shots

By Jovee Marie N. Dela Cruz

W

@joveemarie

HILE there is no law requiring Filipinos to get Covid-19 booster shots, President Ferdinand R. Marcos Jr. has renewed his appeal to the public to get booster shots.

In a video posted last Saturday, the president, who recovered from his second Covid-19 bout, asked Filipinos to get vaccinated.

“There is no need to legislate it

because we are still free to choose for our own health. But as time goes on it becomes clearer what science, the data, and the studies say that vaccination is of great help against

Covid-19,” he said in Tagalog.

“I will also take this opportunity to reiterate the importance of vaccination and especially booster shots. This is my second Covid [fight] but I think if it wasn’t for the vaccine and booster shot, my symptoms would have been worse,” he added.

But with the booster shot, Marcos said he only experienced a slight fever and itchiness in his throat.

The President tested positive for Covid-19 last July 8. The first time that Marcos tested positive for Covid-19 was in 2020.

The President also renewed his appeal for booster shots in preparation for face-to-face classes this year.

“It is also in preparation for the return of face-to-face classes and the relaxation of other safety protocols,” Marcos said.

According to Marcos, the Department of Health (DOH), Department of the Interior and Local Government (DILG) and Department of Education (DepEd) would conduct a massive campaign for booster shots and vaccinations in the coming days.

The Philippines has administered a total of 163 million doses, which include first and second doses or 71.6 million fully vaccinated Filipinos.

But government data showed that only 15.4 million people have availed booster doses as of last week.

Bill seeks to form Sierra Madre Devt Authority

T

O help protect its forest cover and prevent flooding in areas in Luzon, a lawmaker is pushing for the passage of a bill creating a government body tasked with the conservation and management of the 500-kilometer-long Sierra Madre Mountain Range.

In filing House Bill (HB) 1972, Rizal 4th District Rep. Juan Fidel Felipe F. Nograles said the bill seeks to establish the Sierra Madre Development Authority (SMDA). The measure was also filed during the 18th Congress.

Nograles said the need to protect the Sierra Madre region, which includes the majority of the country’s 68 Protected Areas, consisting of national parks, watershed forest re-

PHL-US military to hold second leg of exercises

By Rene Acosta @reneacostaBM

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HE heliborne training involving the Philippine Marine Corps (PMC) and the US Marine Corps (USMC) will begin today and it will be conducted in Zambales and Taguig City as both forces strengthened their interoperabitily operations.

Marine Spokesman Major Emery Torre said the 4-day exercise will include helicopter rope suspension and aeromedical evacuation as the PMC and the USMC undertakes the second part of the Marine Aviation Support Activity 2022 (Masa 2022) 22.2.

Through the Masa, both forces rehearsed and refined tactics, techniques and procedures for command and control of an aircraft. The activity is purportedly “in support of mutual defense and a free and open Indo-Pacific” region.

Brig. Gen. Raul Jesus L. Caldez, acting Commandant of the PMC and Masa 2022 Exercise Director, said that everything was set for the bilateral exercise and he looks forward to the successful conduct of the activity.

The PMC and the USMC concluded exactly a month ago the first part of Masa (Masa 22.1), which was held for 12 days in Laoag City, Ilocos Norte, and the Antonio Batista Air Base in Palawan.

The bilateral exercise increased the PMC and USMC’s interoperability and improved aviationrelated capabilities in support of US-Philippine mutual defense, a document from the Armed Forces of the Philippines read. Units from the Philippine Air Force and Philippine Naval Air Wing also participated in the exercise.

The Masa 22.1 also included integrated and joint interoperability activities such as coastal defense, forward arming and refueling, and subject matter expert exchanges (SMEE) for small unmanned aviation systems and engineering.

serves, natural monuments, marine reserves and protected landscapes and seascapes.

Under the bill, the SMDA would be tasked to conduct a comprehensive survey of the Sierra Madre region’s physical and natural resources and draft a comprehensive plan to conserve and utilize them to promote the region’s social and economic development.

The measure said the SMDA shall also provide the machinery for extending the necessary planning, management and technical assistance to prospective and existing investors in the region; It also provides recommendations to the proper agencies regarding the financing and technical support to

be given to agricultural, industrial and commercial projects.

The bill also mandates the SMDA to assess and approve all plans, programs and projects proposed by local government offices/agencies within the region related to the development of the mountain range.

The SMDA would be tasked to plan, program, finance and undertake infrastructure projects such as river, flood and tidal control work, wastewater and sewerage work, dams and water supply, roads, irrigation, housing and related work.

It should also undertake studies on the conservation, improvement, exploration, development and maintenance of the Sierra Madre Mountain Range.

According to HB 1972, the SMDA would also spearhead the government’s campaigns to stop illegal logging and promote reforestation, prevent construction of unwarranted and illegal infrastructure, enhance and develop indigenous resources in the areas that can be utilized for development and educate people on the importance of the mountain range.

“The onset of the rainy season should serve as a stark warning for us in Congress that climate change is not an issue that will go away,” Nograles said. “We need to confront it head-on and seek to craft legislation that would comprehensively address the myriad issues surrounding it.”

Jovee Marie N. Dela Cruz

A4 Monday, July 18, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

‘₧528-B output gap requires stimulus spending in 6 years’

By Cai U. Ordinario @caiordinario

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HE pandemic has cost the economy P528 billion and the government can help address this output gap through stimulus spending in the next six years, according to a local economist.

In a recent forum by Ayala Corp. and the University of the Philippines School of Economics (UPSE), local economist Renato E. Reside Jr. estimated that every peso spent by the government creates half a peso or P0.49 of value to the country’s economy, measured by gross domestic product (GDP).

With this, Reside said the national government needs to spend P1.09 trillion in order to plug this gap. But the amount cannot be spent in one tranche simply because it is too large.

“A one-time stimulus (P1.093 trillion) may not be feasible; too large.

(This) will not stabilize growth of debt (and) it is also not feasible to raise additional resources for it,” Reside said. “So, try spreading it

over several years. Maybe sources can be found to finance more modest amounts that will help stabilize our debt.”

This modest amount, Reside said, could be in increments of P100 billion or 0.5 percent of GDP annually.

He said spending this in the next six years would be a feasible and conservative approach to addressing the output gap.

Reside said this can be financed by creating enough fiscal space. It is possible to borrow but only for “productive expenditures” while monitoring increases in interest rates.

He also told the BusinessMirror last Sunday that the government’s plan to right size the government is already a step in the right direction. Reside added that considering additional tax bases would also be among the preferred ways to create the needed fiscal space.

Further, the recent surprise move of the Central Bank to raise interest rates by 75 basis points augurs well with the need to address the country’s output gap.

“As long as the BSP takes incremental steps in raising its policy rate to help bring down inflation—which is good for growth—it also helps prevent the peso from depreciating more. So it really doesn’t change things too much at the moment,” Reside explained.

“Right now, based on my calculations, I see the government able to run a very slight primary balance deficit with also a slight stimulus.

So we can afford to spend, grow and still bring down our debt for now,” he added.

The economist also said it is important for the government to adopt a “conservative economic strategy” and avoid “risky programs and gambles.”

These “programs and risky gambles,” Reside said, include pushing for a P20 per kilo of rice. Before such a move can be done, it must be carefully studied.

“Rashly rushing into P20 per kilo of rice. Doing that has to be very well thought out. Same with other credit programs of the government.

History shows these are very costly to the taxpayer in the end,” Reside stressed on Sunday.

In the first few days into the new administration, the President’s economic team disclosed that it is now expecting the Philippine economy this year to grow 6.5 percent to 7.5 percent—slightly lower than the projection of the previous administration.

Despite this, Finance Secretary Benjamin E. Diokno said the Philippines is still projected to have the highest growth in the region not only for this year, but also next year among members of the Association of Southeast Asian Nations (Asean) Plus Three despite the risks posed by “elevated” inflation.

Citing figures from their Medium Term Fiscal Framework that the economic team submitted on Tuesday to President Marcos Jr., Diokno said they expect the economy to grow 6.5 to 7.5 percent this year as he expects the country to grow at a faster pace in the second quarter, compared to the first quarter’s 8.3 percent on the back of the full reopening of the economy.

Pascual wants e-vehicles included in CARS scheme

By Andrea San Juan

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RADE Secretary Alfredo E. Pascual is pushing for the inclusion of electric vehicles in the Comprehensive Automotive Resurgence Strategy (CARS) program.

However, Pascual took into consideration the economic challenges associated with the deployment of EVs in the country, noting that “fundamental issues” must be addressed first.

“In other countries, the deployment of EVs have become rapid. In the Philippines, of course, there’s a lag; it’ll take time to set up charging stations,” Pascual said noting that prices of electricity and fuel remain high in the country.

There’s a need to address these fundamental issues, the Trade chief added.

At the recent high-level dialogue

on Asean-Italy Economic Relations, Pascual said the Philippines could be Italy’s partner in supplying critical minerals needed for the Italian electric vehicles and battery production sector as the country has abundant resources of nickel, cobalt and copper.

Apart from this, the Trade Secretary stressed that the Philippines is also a dominant supplier of nickel ore, not only in Asia but the rest of the world. He said the country accounts for 31 percent of global exports.

Butofcourse,Pascualsaid,thecountrynowwantsto have greater “value addition” locally for its mineral resources.

Ever since assuming the post as Trade chief, Pascual has emphasized that the Philippines can be a vital partner for these critical minerals not only as exporters of ore minerals but as processors and producers of semi-finished and finished products.

Last week, the Department of Trade and Industry (DTI) offices in China, together with partners from the private sector, have encouraged Chinese electric vehicle makers to invest in the Philippines.

In his presentation, Philippine Trade and Investment Center in Guangzhou Vice Consul (Commercial) Froilan Emil D. Pamintuan cited public utility vehicle modernization programs are already in place in the Philippines. Pamintuan also said that incentives await investors in green ecosystems under Tier II of the Strategic Investment Priority Plan (SIPP).

In a statement issued last week, the Trade department said that incentives already in place under the SIPP are for activities that include the following: assembly of EVs; manufacture of parts and components; establishment and operation of EV

infrastructure such as charging stations; renewable energy; energy efficiency and conservation projects; energy storage; and, integrated waste management, disposal and recycling.

Former Trade Secretary Ramon M. Lopez had pushed for the rechanneling of funds for the third participant of the CARS program to e-vehicle manufacturing. But with the absence of a third participant, Lopez proposed to transfer the budget to the manufacturing of e-vehicles instead.

The CARS program is an initiative to boost local automotive production.

Under the program, participants are given six years to manufacture at least 200,000 units and to produce body shells and large plastic parts. In return, each enrolled model will be provided a fiscal support of P9 billion. The program, signed in 2015, has a total allocation of P27 billion.

Flood control projects seen to protect San Leonardo, Nueva Ecija residents

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HE Department of Public Works and Highways (DPWH) is building three new flood control structures in in San Leonardo, Nueva Ecija, that agency officials said would protect the town from threats of flooding come rainy season.

Currently in the works are two flood mitigation structures in Barangay Tabuating along Pampanga River and Barangay San Roque along Peñaranda River measuring 222.4 lineal meters and 180 lineal meters, respectively.

DPWH Regional Office 3 Director

Roseller A. Tolentino said in a statement that the projects’ accomplishment rates are recorded at 82.87 percent for the Pampanga River flood control structure rehabilitation and 79.39 percent for the revetment wall construction along Peñaranda River.

Tolentino added that the ongoing flood control projects are being fasttracked to complement the 135.2-linear meter flood control structure also in Barangay Tabuating along Tabuating Creek, which is built months ahead its target completion in August 2022.

THIS Thursday, May 19, 2022 photo, shows work on a flood control project in San Leonardo, Nueva Ecija.

DEPARTMENT OF PUBLIC WORKS AND HIGHWAYS

‘Look beyond China to fund rail projects’ “The old saying ‘beggars cannot be choosers’ cannot apply to us in this case and other projects. The problem with loans from China is that there will be strings attached which will sacrifice our full sovereign rights over our West Philippine Sea,” Rodriguez added.

Rodriguez also expressed sadness over the decision of the previous government to discontinue the three railway projects specially the first Phase of the Mindanao railway “that have been six years in the making.”

“Sad especially for Mindanao, the home region of our former president.

Our island deserves its first railway system,” he said.

He said the failure of Beijing to approve the Duterte administration’s loan application prompting the latter to withdraw it, “shows that we cannot rely on our so-called Chinese friends.”

The affected projects are the first package of the Philippine National Railways-Bicol line, from Calamba in Laguna to Daraga, Albay, with a cost of P142 billion; the 71-kilometer, P50-billion link between Clark Freeport Zone in Angeles City and Subic Freeport; and the P83-billion first phase of the Mindanao railway covering 102 kilometers.

Rodriguez said the Marcos administration could ask the international financial institutions and even the business community to finance these infrastructure projects.

“We can request RSA [Ramon Ang of San Miguel Corp.], MVP [Manuel V. Pangilinan of the PLDT group], Enrique Razon (ICTSI) and Sabin Aboitiz (Aboitiz Group) to consider financing the Mindanao railway,” he said.

He said the government could

even use the annual national budget to undertake the projects. “What is P83 billion for the people of Mindanao? We have a national budget of P5.2 trillion,” he added.

Alternatives

MEANWHILE, Salceda is requesting President Marcos and Bautista to explore alternative financing options for the Calamba-Bicol railway after the suspension of the financing agreement between China and the Philippines for the 380-kilometer line.

“It was clarified by former Finance Secretary Sonny Dominguez that the Duterte government pulled out of applying for financing, after China failed to act on certain processes. We were, as the young would say, ghosted, so Sec. Dominguez pulled us out rather than leave us hanging,” Salceda said.

continued from a1

“The interest rate for the loans appears to be on the high end, at 3 percent per annum, when Japan offers a 0.1 percent per annum rate. Of course, the Chinese yuan is generally a more stable currency than the Japanese yen, but factoring exchange rate parity, the Japanese offer would still be significantly more attractive, by around 2.5 percentage points, even taking the worst peso performance versus the yen and the best peso performance versus the yuan,” he added.

If China wants to continue the deal, he said they should offer more competitive rates.

“I understand PBBM has instructed Secretary Jaime Bautista to go back to the negotiating table on this issue. We would be at a stronger negotiating position if there are alternative financing optionswithinourgrasp,”Salcedaadded.

www.businessmirror.com.ph

Labor chief to public servants: Don’t worry about rightsizing

By Jovee Marie N. Dela Cruz @joveemarie

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ABOR Secretary Bienvenido E. Laguesma has called for “calmness” among public servants who fear losing jobs due to government’s rightsizing plan as this may not actually mean downsizing the bureaucracy.

In a statement, Laguesma encouraged state workers not to be rattled by the government’s rightsizing plan.

Such can involve transfer of human resources from one office to another to make a system more effective, said Laguesma, a corporate executive until his appointment by President Ferdinand Marcos Jr. to head the Department of Labor and Employment (DOLE).

In the private sector where he came from, Laguesma said rightsizing means streamlining of processes and structural reforms.

“When you talk of streamlining, it’s all about making work in a business easier and fruitful. On the other hand, structural reforms imply changes to the way the government works. I don’t see downsizing of the workforce in those definitions,” he added. “Let’s be more positive with rightsizing where the possibility of transferring or even hiring of more people by a government with lots of tasks to perform is very high.”

Pushed by the Department of Budget and Management last week, the rightsizing proposal triggered speculations of massive retrenchment among government workers, immediately drawing the ire of labor groups describing the plan as ill-timed and ill-motivated.

At any rate, Laguesma said the DOLE would remain faithful in its mandate to promote the welfare of workers both in the private and public sectors.

“Whatever happens, [the] DOLE would always champion the security and safety of our workers, whether they are government servants or employees of private institutions,” the Labor Secretary added.

Think deeper

FOR his part, Albay Rep. Joey Sarte Salceda, sponsor of a comprehensive rightsizing in the proposed Government Modernization Act in the Lower Chamber, said the government has to think deeper about the idea of a “right size.”

“Size has to follow volume and complexity of work. What can be automated should be automated; and we can save on personnel costs there,” Salceda said. “But, if we force costcutting on places that need government workers, service delivery will suffer. Sometimes, the right size is bigger, not smaller.”

For downsizing, the lawmaker said the national government can look at government-owned and -control led cor porations

(GOCCs). He said that there are around 200 GOCCs that receive subsidies from the national government for their operations.

The lawmaker noted that the financial services GOCCs have already been consolidated to a large extent.

“We have our own independent pharmaceutical importing GOCC, several obscure realty development GOCCs and several development corporations for sectors where we have directly mandated government agencies,” Salceda said. “So, we can certainly cut down personnel costs by rationalizing the functions of these GOCCs.”

Savings seen

ACCORDING to Salceda, when agencies undergo rightsizing, “we have to assess the volume of work, the complexity of transactions undertaken, the costs and benefits of more personnel in certain agencies, among other factors.”

“I would certainly want a bigger complement of experts on the digital economy within the BIR. They will probably rake in more in incremental collections than we will need to pay for their salaries,” Salceda said. “I would like to see greater capacity to inspect agricultural imports. These are national priorities where the right size is probably bigger staff.”

According to the lawmaker, rightsizing has to balance both the fiscal objective and the ultimate public objective of the civil service, which is effective public service delivery. “ R ight si zi ng c a n’t ju st be downsizing.”

Meanwhile, Deputy Speaker Rufus B. Rodriguez supported the Palace initiative to right-size the bureaucracy to save almost P15 billion a year in taxpayers’ money.

According to Rodriguez, there are many redundant agencies, councils, offices, task forces, and similar executive and legislative creations that could be abolished or merged without sacrificing the functions of the surviving entities.

Frictions created

RODRIGUEZ pointed out that overlapping of functions has created friction between or among government agencies.

He cited the recent tug-of-war between the Department of Labor and Employment under then Labor Secretary Silvestre H. Bello lll and the newly created Department of Overseas Filipino Workers.

Rodriguez called on Congress to go slow in acting on proposals to create new agencies until the executive branch has determined the “right size” of the bureaucracy and its proposed streamlining program is enacted into law.

The lawmaker said the affected personnel should be offered additional retirement and separation benefits in addition to what they are entitled to under existing laws.

Debt payments surge by 52% in May–report continued from a1 The figure is higher than the P1.204 trillion that the government shelled out in 2021 to repay its debts.

Last year, the government’s debt payments jumped by 25.1 percent year-on-year to P1.2 trillion from P962.47 billion as it had to pay more for both interest and amortization.

However, the government’s debt service bill in 2021 was below the P1.29 trillion programmed for the year by 6.6 percent.

To recall, the national government ended 2021 with an P11.73-trillion outstanding debt and a 16-year-high debt-to-GDP ratio of 60.5 percent.

In 2021, amortization outpaced interest payments.

Amortization payments last year surged by 33.1 percent to P774.73 billion from the previous year’s P582.05 billion as both domestic and foreign amortization obligations grew.

Meanwhile, interest payments grew by 12.89 percent to P429.43 billion from P380.4 billion in 2020.

The national government’s debt-to-GDP ratio as of the first quarter of the year rose to a 17-year-high of 63.5 percent, above the internationally recommended 60-percent threshold by multilateral lenders for emerging markets like the Philippines. It is also the highest since the country’s debt-to-GDP ratio hit 65.7 percent in 2005 under the Arroyo administration.

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, July 18, 2022 A5

Lawmaker wants local salt farmers to get perks

By Jovee Marie N. Dela Cruz @joveemarie

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LAWMAKER is pushing for the passage of a bill seeking to revitalize the local salt industry by creating an inter-agency body to be called ASInDeRO, or Administration for Salt Industry Development, Revitalization and Optimization.

In House Bill 1976, Kabayan partylist Rep. Ron Salo said he filed the measure to revive the “dying” local salt industry and at the same time prevent the country’s dependence on imported salt.

Salo said in a statement over the weekend that the bill will create a comprehensive plan for the development of the local salt industry and the grant of incentives to salt farmers and exporters.

To ensure the successful implementation of the law, he said an inter-agency body to be called ASInDeRO shall be established.

It shall be co-headed by the Depar tment of Ag r icu lture and the Department of Trade and

Industry, with members from Executive agencies concerned, and shall engage with relevant industry stakeholders.

When passed into law, Salo said the measure not only aims to revitalize the local salt industry, but it also seeks to attain increased income for salt farmers and salt producers, allowing the country to achieve salt self-sufficiency and become a net exporter of salt.

“The Philippines used to be salt self-sufficient. Today, it is a huge importer of salt. Import is estimated at around 550,000 metric tons of salt every year which constitutes around 93 percent of the country’s salt requirement.

This is ironic considering that the Philippines has 36,000 kilometers of shoreline—the fifth longest shoreline in the world—which can be utilized for massive salt production,” Salo said.

“Thus, unless the government undertakes immediate steps to address this sad state of the salt industry, the Philippines will soon be completely dependent on imported salt.”

PHOTO BY NONIE REYES

The lawmaker said the proposed legislative measure employs

a whole-of-nation, whole-of-society and whole-of-government ap-

proach as it seeks to revitalize the salt industry.

He said it also acknowledges the indispensable role of the private sector, but ensures that the government takes the lead in developing the industry. It clearly outlines the specific role of various departments and agencies of the government toward salt self-sufficiency and mandates the provision of necessary funding.

The bill also tasks the government to provide technical, physical and financial assistance to salt farmers, including artisanal salt farmers, to develop and improve their craft.

It also mandates the government to invest in the identification and construction of salt farms for lease to qualified salt farmers, whether individuals, associations, cooperatives or corporations.

The measure seeks to promote indigenous salt-making technology, just as it seeks to harness current technological advances in salt-making.

It also protects artisanal salt farmers by providing avenues where they will be able to market their products, including un-iodized salt.

Group: Polymer bills threaten local abaca industry Cotabato’s corn, peanut farmers receive aid from DAR

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HE Federation of Free Farmers (FFF) has warned against the production and issuance of more polymer banknotes, saying this threatens the viability of the local abaca sector.

FFF said the decision of the Bangko Sentral ng Pilipinas (BSP) to discontinue the use of abaca in making P1,000 bills has reduced the market and incomes of 2000,000 abaca farming families in 56 provinces.

“The Federation of Free Farmers has joined the growing clamor to stop the production and issuance of polymer P1,000-notes by the BSP,” FFF President Dioscoro A. Granada said in a statement posted on the group’s Facebook page.

Granada also said he has thrown his support behind a resolution filed recently by Senator Aquilino Pimentel III to investigate the reasons and alleged lack of transparency behind the BSP’s shift to polymers and its

consequent impact on the average citizen, the abaca industry, and the business sector.

FFF noted that the Philippines earns about $100 million yearly from the manufacture and export of abaca-based products.

In April, the Philippine Fiber Industry Development Authority (PhilFida) said local abaca production in the first two months of the year declined by 13.7 percent to 8,693.38 metric tons (MT) from 10,076.41 MT as the output of Bicol region—the country’s top abaca producer—continued to fall.

Despite the double-digit decline, PhilFida Executive Director Kennedy T. Costales said he remains confident that the agency’s 70,000-MT production target this year would still be achieved. The target this year is 3.72 percent higher than the 67,488.11 MT recorded last year.

In January, Costales said the

downward trend in Bicol’s abaca production is “very alarming.” He went to the extent of saying that abaca production in the Bicol region could disappear in six to seven years if this continues.

Costales said the practice of “bacbac” or “umbak” and “pojada” in harvesting led to the spread of diseases and the decline in the Bicol region’s abaca output.

PhilFida data also showed that abaca production in other key regions, such as Northern Mindanao and Davao, declined during the twomonth period.

Abaca output in Northern Mindanao fell by 13.2 percent to 1,137.5 MT from 1,310.83 MT while production in Davao region plunged by 21.8 percent to 1,705.14 MT. The Philippines produces 85 percent of the world’s abaca fiber supply, and 1.5 million Filipinos depend on it for their livelihood.

Tesda vows to prioritize agriculture Indonesia waives in training and livelihood programs palm oil export

By Claudeth Mocon-Ciriaco @claudethmc3

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HE Technical Education and Skills Development Authority (Tesda) on Sunday vowed to continue providing various skills training programs for Filipino rice farmers under its Rice Extension Services Program (RESP).

“We’ve always made the agriculture sector a priority in our scholarship programs. We’ll continue to work with government agencies and the private sector for the provision of skills training and livelihood opportunities for our rice farmers,” Tesda Officer in Charge, Deputy Director General Rosanna Urdaneta said.

She said upskilling the country’s farmworkers will help the country achieve food security and sufficiency.

The agriculture sector, Tesda said, is one of the top priorities of the new Marcos administration and that it has trained its sights on boosting local production of farm products and limiting the importation of food.

In the first half of this year, a total of 25,494 rice farmers have already enrolled in various Tesda courses under RESP. Most of them are still undergoing training in their respective courses.

Tesda trains rice farmers in line with the implementation of Republic Act (RA) 11203, or the Rice Liberalization Act. The implementing guidelines were issued in September 2019 on RESP

activities to be carried out by the agency through its regional and provincial offices.

For his part, Deputy Director General for TESD Operations Aniceto Bertiz III said the agency has allotted over 50,000 scholarship slots under RESP for 2022.

“I encourage rice farmers and their dependents to avail programs under RESP as it will help the country to achieve food security,” he said.

In 2020 and 2021, Tesda trained a total of 64,421 rice farmers nationwide, of whom 25,904 and 38,517 finished their respective trainings in 2020 and 2021, respectively.

Under the RESP, Tesda offers agriculture-related courses such as Farm Field School on Production of High-Quality Inbred Rice and Seed Certification and Farm Mechanization, Rice Machinery Operations, Drying and Milling Plant Servicing NC III, Agro-entrepreneurship NC II, Pest and Nutrients Management, and Digital Agriculture Course in the Farm Field School (FFS) nationwide.

To date, there are 399 public and private FFS which provide applicable agricultural technologies and thereby help improve the farming capabilities of farmers from traditional to modernized farming.

The agency had directed all its field offices to establish FFS in their respective Tesda institutions, particularly those located in 57 provinces that are recipients of Rice Competitive Enhancement Fund created under RA 11203.

levy to cut bloated stockpiles

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NDONESIA will waive its palm oil export levy until the end of August in a fresh attempt to boost shipments and reduce its overflowing stockpiles.

The export levy is cut to zero from $200 a ton for crude palm oil starting from July 15, according to a rule posted on finance ministry web site.

The waiver also applies to other palm oil products.

T he lev y, which is payable to Indonesia Oil Palm Plantations Fund Management Agency, will retur n to $240 a ton if pr ices exceed $1,500 a ton by September 1.

The world’s biggest palm oil producer is seeking a way out of the impact of its decision to ban palm oil exports in April to rein in domestic food inflation. The halt in shipments, one of the biggest acts of crop protectionism since Russia’s invasion of Ukraine, led to overflowing stockpiles even after the government reversed course weeks later.

Since then, the government has taken steps to speed up exports and drain local supplies, but the resulting surge in shipments has sent global palm-oil prices plunging almost 50 percent from a record close in April. Palm is the most consumed of all edible oils and its price has a huge impact on the cost of rivals like soybean oil.

Bloomberg News

By Jonathan L. Mayuga @jonlmayuga

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O boost the production of corn and peanuts in the province of Cotabato, the Department of Agrarian Reform (DAR) recently turned over livelihood support facilities to two agrarian reform beneficiaries (ARBs).

Members of the Sitio New Alimodian Peace Zone Multipurpose Cooperative (SNAPZMPC) in Banayal, Tulunan received common service facility and production inputs for their peanut and corn production worth P450,000.

The same cost in the form of support services, composed of one unit of corn sheller, four units of collapsible dryers, and 10 bags of organic compost,

corn seeds and training went to the Cadiis Farmers’ Association, from Barangay Cadiis, Carmen.

DAR Cotabato Provincial Agrarian Reform Program Officer II Charish Paña said in a statement that the facilities were provided to help improve the farm productivity and increase the income of the members of the two ARBOs in a sustainable manner through their organizations.

“We hope that you will do your best to take good care of what DAR has provided you.

May these facilities inspire you to work harder to improve the quality of your living,” Paña said in her message during the turnover ceremony.

The support services projects were provided through Climate Resilient Farm Productivity

Support Project (CRFPSP)Sustainable Livelihood Support.

CRFPSP Regional Pointperson Maria Cecilia Machan said the projects would help address food security issues by providing livelihood support in the form of farm machines and equipment, farm inputs, and capacity development interventions.

“The DAR will continue to monitor this project and we expect that the ARBs will fulfill their responsibilities as stated in the trust agreement we have established,” Machan said.

“We will strive harder to manage and make all the machines and inputs become instruments in making our lives better,” SNAPZMPC President Jessie Capasgardo said for his part.

The World BusinessMirror

A6 Monday, July 18, 2022

Editor: Angel R. Calso

Russia steps up attacks across UN decries rising death toll, rights violations in Haiti Ukraine’s north, east, and south U

K

By Cara Anna The Associated Press

RAMATORSK, Ukraine— Russian forces fired missiles and shells at cities and towns across Ukraine on Saturday after Russia’s military announced it was stepping up its onslaught against its neighbor.

Ukraine reported at least 17 more civilians killed.

Russian Defense Minister Sergei Shoigu gave “instructions to further intensify the actions of units in all operational areas, in order to exclude the possibility of the Kyiv regime launching massive rocket and artillery strikes on civilian infrastructure and residents of settlements in the Donbas and other regions,” his ministry said Saturday.

Russia’s mi litar y campaig n has been focusing on the eastern Donbas, but the new attacks hit areas in the north and south as well. Kharkiv, Ukraine’s secondlargest city, has seen especially severe bombardments in recent days, with Ukrainian officials and local commanders voicing fears that a second full-scale Russian assault on the northern city may be looming.

At the same time, President Volodymyr Zelenskyy urged Ukrainians not to fall for Russia’s attempts to scare them with warnings of horrendous missile attacks to come, which he said were aimed at dividing Ukrainian society.

“Sometimes, information weapons can do more than regular weapons,” he said in his nightly video address to the nation.

“It’s clear that no Russian missiles or artillery will be able to break our unity or lead us away from our path” toward a democratic, independent Ukraine,” he said.

“And it is also clear that Ukrainian unity cannot be broken by lies or intimidation, fakes or conspiracy theories.”

In the Kharkiv region, at least three civilians were killed and three more were injured Saturday in a pre-dawn Russian strike on the city of Chuhuiv, which is only 120 kilometers (75 miles) from the Russian border, the police said.

Serhiy Bolvinov, the deputy head of the Kharkiv region’s police force, said four missiles presumably fired

from the Russian city of Belgorod hit an apartment building, a school and administrative buildings at about 3:30 a.m. Writing on Facebook, he said the three bodies were found under the rubble.

Lyudmila Krekshina, who lives in the apartment building that was hit, said a husband and wife were killed, and also an elderly man who lived on the ground floor.

Another resident said she was lucky to have survived.

“I was going to run and hide in the bathroom. I didn’t make it and that’s what saved me,” said Valentina Bushuyeva. Pointing up at her destroyed apartment, she said: “There’s the bathroom—explosion.

Kitchen—half a room. And I survived because I stayed put.”

In the neighboring Sumy region, one civilian was killed and at least seven were injured after Russians opened mortar and artillery fire on three towns and villages not far from the Russian border, regional governor Dmytro Zhyvytsky said Saturday.

In the embattled eastern Donetsk region, seven civilians were killed and 14 wounded in the last 24 hours in Russian attacks on cities, its governor said Saturday.

Later in the day, on the outskirts of Pokrovsk, a city in the Donetsk region, a woman said a neighbor was killed by a rocket attack Saturday afternoon. Tetiana Pashko said she herself suffered a cut on her leg and one of her family’s dogs was killed.

She said her 35-year-old neighbor, who was killed in her front yard, had evacuated earlier this year as authorities had requested but had returned home after being unable to support herself. Several homes on the quiet residential street were damaged, with doors and roofs ripped away.

“We can rebuild but we can’t bring her back,” said another neigh-

local man stands in front of his destroyed house after Russian shelling in a residential area in Chuhuiv, Kharkiv region, Ukraine, Saturday, July 16, 2022. AP Photo/Evgeniy Maloletka

bor, Olha Rusanova.

In the neighboring Luhansk region, however, Ukrainian troops repelled a Russian overnight assault on a strategic eastern highway, said Gov. Serhiy Haidai, adding that Russia had been attempting to capture the main road between the cities of Lysychansk and Bakhmut for more than two months.

The Luhansk and Donetsk regions make up the Donbas, an eastern industrial region that used to power Ukraine’s economy and has mostly been taken over by Russian and separatist forces.

In southern Ukraine, two people were wounded by Russian shelling in the town of Bashtanka, northeast of the Black Sea city of Mykolaiv, according the regional governor, Vitaliy Kim. He said Mykolaiv itself came under renewed Russian fire before dawn Saturday. On Friday, he posted videos of what he said was a Russian missile attack on the city’s two largest universities and denounced Russia as “a terrorist state.”

In Odesa, a key port city on the Black Sea, a Russian missile hit a warehouse, engulfing it in flames and sending up a plume of black smoke, but no injuries were reported, local officials said.

Two people were killed and a woman was hospitalized after a Russian rocket strike on the eastern riverside city of Nikopol, emergency services said. Dnipropetrovsk Gov. Valentyn Reznichenko said a five-story apartment block, a school and a vocational school building were damaged.

On Friday, cruise missiles fired

by Russian bombers struck Dnipro, a major city in southeastern Ukraine on the Dnieper River, killing at least three people and wounding 16, Ukrainian officials said. On Saturday, Russian defense officials

claimed that strike had destroyed “workshops producing components for, and repairing, Tochka-U ballistic missiles, as well as multiple rocket launchers.”

The Ukrainian air force said Russian forces fired six more cruise missiles Saturday from strategic bombers in the Caspian Sea, and two hit a farm in the Cherkasy region along the Dnieper River.

No one was hurt, but agricultural equipment was destroyed and some cattle were killed, regional Gov. Ihor Taburets said. The Ukrainian air force said the other four missiles were intercepted.

The deadliest Russian attack this week came Thursday, when a Russian missile strike killed at least 24 people—including three children—and wounded more than 200 in Vinnytsia, a city southwest of Kyiv, the capital, far from the front lines. Three of those missing after the attack were found alive in the rubble Saturday and one person remained missing, the emergency service said.

Russia claimed the Kalibr cruise missiles hit a “military facility” that was hosting a meeting between Ukrainian air force command and foreign weapons suppliers. Ukrainian authorities insisted the site, a concert hall, had nothing to do with the military.

Ukraine’s Interior Ministry says Russian forces have conducted more than 17,000 strikes on civilian targets during the war, killing thousands of fighters and civilians and driving millions from their homes.

Russia’s invasion of Ukraine has a lso r ippled t hrough t he world economy, hiking energy and food prices and crimping exports of key Ukrainian and Russian products such as grain, fuel and fertilizer.

UK gets ready for travel disruptions as temperatures seen hitting 104 F

By Danica Kirka The Associated Press

L

ONDON—T he Br it ish government held an emergency response meeting Saturday to plan for record high temperatures next week after weather authorities issued their first-ever “red” warning for extreme heat.

The alert covers large parts of England on Monday and Tuesday, when temperatures may reach 40 degrees Celsius (104 Fahrenheit) for the first time, posing a risk of serious illness and even death among healthy people, the UK Met Office, the country’s weather service, said Friday.

The British heat record is 38.7C (101.7F), set in 2019.

After chairing the meeting, Cabinet Office Minister Kit Malthouse warned that transport services will be significantly affected.

“The heat will affect rails, for example, so the trains have to run slower.

There may be fewer services,” he told the BBC. “People need to be on their guard for disruption. If they don’t have to travel, this may be a moment

A matrix sign over the A19 road towards Teesside displays an extreme weather advisory as the UK braces for the upcoming heatwave, in England, Saturday, July 16, 2022. Owen Humphreys/PA via AP to work from home.”

Rail passengers and users of the London Underground subway system were being advised not to travel on Monday and Tuesday unless it’s absolutely necessary. With children and older people considered particularly vulnerable to high temperatures, schools and nursing homes have been

urged to take steps to protect students and older residents. Most schools in England are still in session until the end of next week.

The alert comes as scientists say climate change is increasing the likelihood of exceptional heat waves in Britain, a country unaccustomed to such temperatures. Few homes,

apartments, schools or small businesses in the country have air conditioning.

Britain usually has moderate summer temperatures. Across the UK, average July temperatures range from a daily high of 21 C (70 F) to a low of 12 C (53 F).

London Mayor Sadiq Khan met with representatives of the National Health Service, police, fire and other emergency services on Friday to review plans to deal with the heat emergency.

One doctor warned that the upcoming heat wave and a surge in Covid-19 infections were causing a nightmare for health workers.

“A lot of hospital buildings are very old, particularly in London, and many don’t have air conditioning and windows that don’t open—so they are extremely hot,’’ said Dr. Claire Bronze, 38, an emergency room consultant in London. “Some staff still have to wear PPE—so plastic gowns, masks, gloves—on top of their normal uniform which, as you can imagine, means people are quickly going to get very hot and dehydrated.” AP

NITED NATIONS—The UN human rights office on Saturday expressed concern about rising violence around Haiti’s capital, saying 99 people have been reported killed in recent fighting between rival gangs in the Cite Soleil district alone.

The warning came hours after the U.N. Security Council unanimously approved a resolution renewing the mandate of a UN office in the troubled Caribbean nation and calling on all countries to stop the transfer of small arms, light weapons and ammunition to anyone there supporting gang violence and criminal activity.

UN humanitarian agencies said they were ready to help embattled communities once it is safe to do so, and Jeremy Laurence, spokesperson for the UN’s High Commissioner for Refugees, laid out those dangers.

“We have so far documented, from January to the end of June, 934 killings, 684 injuries and 680 kidnappings across the capital,” he said Saturday. In addition, “Over a five-day period, from 8-12 July, at least 234 more people were killed or injured in gang-related violence in the Cite Soleil area of the city.”

He said most of the victims “were not directly involved in gangs” but were targeted by them.

Separately, the UN’s humanitarian affairs office reported that 99 of the recent casualties in Cite Soleil were deaths.

Laurence called on gangs to halt the violence, while also urging Haitian authorities to ensure that fundamental human rights are “placed at the front and center of their responses to the crisis. The fight against impunity and sexual violence, along with the strengthening of human rights monitoring

and reporting, must remain a priority”, he said.

The Security Council resolution drafted by the United States and Mexico was approved 15-0 Friday.

It demanded an immediate cessation of gang violence and criminal activities—a point stressed

by China.

“The heavily armed gangs are becoming increasingly sophisticated in their actions, conducting simultaneous, coordinated and organized attacks in different areas,” Laurence said.

The government, he said, has a duty to protect citizens’ right to life even from threats that come from private entities.

The UN agencies said some gangs even deny access to drinking water and food in order to control the population, aggravating malnutrition.

US Deputy Ambassador Richard Mills said the new resolution will allow the UN mission to promote political dialogue and bolster the capacity of the Haitian National Police to control gang violence and protect human rights.

A year after the unsolved assassination of President Jovenel Moïse, gang violence has grown worse and many Haitians have tried to flee a country that seems to be in economic and social freefall. Attempts to form a coalition government have faltered, and efforts to hold general elections have stalled.

The United Nations has been involved in Haiti on and off since 1990, and the last UN peacekeeping mission was in the country from 2004 until October 2017. The political mission now there advises Haiti’s government on promoting political stability and good governance. AP

Wildfire rages in Bordeaux; fire pilot killed in Portugal

By Joseph Wilson & Angela Charlton The Associated Press

P

A R IS — Strong w inds a nd hot, dry weather frustrated French firefighters’ efforts Saturday to contain a huge wildfire that raced across pine forests in the Bordeaux region for a fifth straight day, one of several wildfires scorching Europe this week.

Among the worst fires have been in Portugal, where the pilot of a firefighting plane died Friday when his plane crashed while on an operation in the northeast. It was the first fire fatality in Portugal this year but the blazes have injured more than 160 people this week and forced hundreds to be evacuated.

Fire season has hit parts of Europe earlier than usual this year after an unusually dry, hot spring that left the soil parched and which authorities attribute to climate change.

As the worst French fire moved closer to inhabited towns, some of the 11,000 people who evacuated in the region described fear and uncertainty about what they’d find when they get back home. Images shared by firefighters showed flames shooting across a mass of pine trees and black smoke stretching across the horizon.

Firefighters focused efforts Saturday on using fire trucks to surround villages at risk and save as many homes as possible, Charles Lafourcade, overseeing the French firefighting operation, told reporters.

Some 3,000 firefighters backed by water-dumping planes are battling the blazes in southern France, the president said, and Greece sent firefighting equipment to help.

French firefighters managed to contain one of the worst fires overnight, near the Atlantic coast resort of Arcachon that is popular with

tourists, the regional emergency service said Saturday. But it said “tough meteorological conditions” thwarted efforts to contain the biggest fire in the region, which started in the town of Landiras, south of a valley of Bordeaux vineyards. Regional prosecutors suspect arson.

The two fires have burned at least 9,650 hectares (23,800 acres) in recent days.

In Portugal, more than 1,000 firefighters worked Saturday alongside ordinary citizens desperate to save their homes after a long week of battling multiple blazes around the country. The fires have been fanned by earlier-than-usual extreme temperatures and drought conditions.

Portuguese state television RTP reported Friday that the area burned this year—more than 30,000 hectares (74,000 acres)—has already exceeded the total for 2021. Most of it burned in the past week.

Across the border, Spain was struggling to contain several fires, including two that have burned about 7,400 hectares (18,200 acres).

In southern Andalusia, 3,000 people were evacuated from villages in danger from a blaze that started near the village of Mijas in the province of Malaga. Around 200 firefighters supported by 18 aircraft tried to contain the fire. Authorities were investigating its cause.

For a sixth day, firefighters were also trying to bring under control a fire started by a lightning strike in the west-central Las Hurdes area.

Some 400 people from eight villages were evacuated Friday as the flames approached their houses and threatened to spread into the nearby Monfrague National Park.

Croatia and Hungary have also fought wildfires this week, as have California and Morocco.

Many European countries are facing exceptional heat this month also attributed to climate change.

www.businessmirror.com,ph

The World BusinessMirror

Monday, July 18, 2022 A7

China Covid cases jump; still ‘severe’ in Shanghai

N

ew Covid cases in China continued to climb as outbreaks in some regions widened, with authorities in Shanghai saying the situation in the city remains severe.

T he countr y reported 580 loca l cases on Saturday, according to the National Health Commission. That’s the highest since May 23 and a jump from 450 the day before. New infections in the southern Guangxi autonomous region surged to 244 from 40 the day before and the number in northwestern Gansu rose to 158 from 113, according to the data.

Widespread lockdowns to stem the spread of the virus already cut economic growth to 0.4% in the second quarter as production and logistics activities were interrupted, making Beijing’s target of about 5.5% for the full year increasingly unattainable. The pace of expansion was the lowest since the country was first hit by the coronavirus outbreak two years ago.

The Covid situation in Shanghai remains “relatively severe,” with pressures

both from a rebound in local cases and imported ones, Zhao Dandan, deputy head of the city’s health bureau, said on Saturday. Shanghai detected a total of 11 new cases outside quarantine areas since July 3, Zhao said.

The financial hub, which recently emerged from a two-month lockdown, reported 26 new local Covid cases on Saturday, including two confirmed samples and 24 infections without symptoms, the local government said on its official WeChat channel on Sunday.

The city also added two high-risk and 12 medium-risk areas subject to lockdowns, and removed 41 such areas from the list effective July 17, the city government said.

New cases in eastern Anhui province and southern Guangdong dropped from the day before, according to the data.

Bloomberg News

IMF to cut global growth outlook at next review

By Yudith Ho & Michelle Jamrisko

T

he International Monetary Fund will cut its global economic growth outlook “substantially” in its next update, as finance chiefs grapple with a shrinking list of options to address the worsening risks.

Surging food and energy prices, slowing capital flows to emerging markets, the ongoing pandemic and a slowdown in China make it “much more challenging” for policymakers, Ceyla Pazarbasioglu, the IMF’s director for strategy, policy and review, said at a Sunday panel in Bali, Indonesia.

“It’s shock after shock after shock which are really hitting the global economy.”

She spoke after the Group of 20 finance ministers and central bank governors ended their meeting on Saturday without reaching a communiqué, underlining the difficulty in coordinating a global response to surging inflation and recessionary fears.

The IMF already downgraded its outlook for the global expansion this year

to 3.6%, from 4.4% before the war in Ukraine, in its April report. In a review due this month, “we will downgrade our forecast substantially,” Pazarbasioglu said.

Central bankers around the world are finding it tough to find the right response to price increases that are driven by supply issues.

“The path to a soft landing is narrowing; we think it is still a feasible path but certainly not a very easy one,” said Hyun Song Shin, head of research at the Bank for International Settlements, at the same panel. “Where central banks take monetary policy in a rapid and decisive manner and have a front-loaded response to inflation, that is more conducive to a soft landing.”

Bank Indonesia, as the host nation for the G-20 meeting, has become an outlier in keeping its policy rate at a record low.

Governor Perry Warjiyo has defended that view, saying that tightening too soon could risk plunging the country, fresh out of a pandemic-driven recession, into stagflation instead. Bloomberg News

India has chance to escape global inflation trap–RBI

By Anand Basu

I

nflation pressures may be peaking in India, putting it on track to be the world’s fastest growing economy, according to the central bank.

India’s economy is showing signs of resilience despite fears of recession and war globally, the Reserve Bank of India said in a monthly bulletin late Saturday.

Stronger agricultural activity and a pickup in manufacturing and services point to a high-growth trajectory over the medium-term, it said.

If recent moderation in commodity prices and an easing of supply chain pressures continue, “the worst of the recent surge in inflation will be left behind, enabling the Indian economy to escape the

global inflation trap,” the bank said.

“There are sparks in the wind that ignite the innate strength of the economy and set it on course to becoming the fastest growing economy in the world,” according to the bank.

India’s wholesale inflation eased from a three-decade high in June due to softening in prices of raw materials including crude and edible oils.

Higher recent rainfall and an increase in sowing activity is “raising expectations that rural demand will soon catch up with urban spending and consolidate the recovery,” the bank said. India’s JuneSeptember monsoon rains were 13% above average as of July 16, after hitting a deficit of 18% on June 17, according to India Meteorological Department. Bloomberg News

End of coal ban would stabilize China relations, Australia says

A

ny move by China to end a near two-year ban on Australian coal imports would be a key step in restoring ties between the nations, according to Australian Treasurer Jim Chalmers.

Chinese bureaucrats are proposing that senior leaders should authorize the resumption of purchases as tensions begin to ease, and on concerns global coal supply may tighten as Western-led sanctions on Russian energy exports kick in.

“An important part of stabilizing relations with China is to see some of those sanctions lifted on our exporters here in Australia,” Chalmers told Sky News television Sunday. “We would like to see it happen and we’d like to see it not stop there—it should extend to the restrictions that are placed on some of our other exports as well.”

A plan to end the ban will be handed to leaders who are in a position to authorize any change in policy, people familiar with the matter said last week. Australia has an opportunity to build “favorable conditions” for improvements in trade relations, Chinese Foreign Ministr y spokesman Wang Wenbin told reporters Thursday in Beijing.

China—which was previously a major consumer of Australia’s coal—implemented an unofficial ban in late 2020 as hostilities between Canberra and Beijing escalated over issues including thenPrime Minister Scott Morrison’s call for an independent probe into the origins of the coronavirus.

Curbs were imposed by China on a string of Australian imports—from coal to wine to beef and lobster. Bloomberg News

A8

Monday, July 18, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

Back to year 1353?

F

rom 1346 to 1353, a bubonic plague pandemic in Eurasia was devastating, causing the deaths of tens of millions. Modern estimates are that 30-60 percent of Europe’s population was wiped out as the illness spread from western Russia to Portugal.

The significance for us 670 years later is that this period marked the beginning of an economic revolution. The economic effects of the plague caused a rebalancing of wealth and both the increased value and productivity of labor.

One economic historian, Guido Alfani, states: “These effects include a useful reorganization of agrarian production towards greater efficiency and an eventual significant increase in real wages. In the aftermath of the plague, the richest 10 percent of the population lost their grip on between 15 percent and 20 percent of overall wealth. This decline in inequality was long-lasting, as the richest 10 percent did not reach again the pre-Black Death level of control on overall wealth before the second half of the 17th century.”

While the Black Death did not spare any social/economic class, the lower economic classes were most affected because of factors such as more crowded living conditions and general poorer health quality.

The labor force was reduced so significantly that for the first time in economic history, there was competition for “ordinary” laborers, including farmworkers. David Routt, a history professor, writes: “Before the plague, rising population had kept wages low and prices high, an economic reality advantageous to the lord in dealing with the peasant and inclining many a peasant to cling to demeaning yet secure dependent tenure.”

Now we move to the 2020s. The Covid pandemic and lockdowns created a somewhat similar situation to the plague of the 1350s. Neighboring cities had significantly different results. In Italy, Trento and Verona are close to each other but mortality in the former (80 percent) was double that of the latter (45 percent).

Back then, economic production was crushed. In England, estimated per capita GDP decreased by 6 percent. Similarly, in Spain, real wages were 9 percent lower in 1350 and estimated per capita GDP decreased by 3.3 percent.

But now as then, it was the ordinary worker who bore the brunt of the economic collapse. It is always better to be “rich.” During the 2008 recession in the US, unemployment peaked at 10 percent. But a more careful look shows something that is actually not surprising. People with high incomes—earning $100,000 plus (20 percent of US workers)—never had their rate of unemployment go above 3.2 percent. These are the target jobs that every college graduate wants.

During Covid, those with “Zoom jobs” suffered significantly less losses and were able to get up late, wear shorts all day, and start “cocktail hour” mid-afternoon.

Jeffrey A. Tucker, founder of the Brownstone Institute, a libertarian think tank, says as the US now heads into recession, “This time, we face something completely different. There is a huge shortage of workers willing to earn relatively lower incomes, show up to the office, actually work with their hands, drive the trucks, move the boxes, and make the food. There is, on the other hand, a huge surplus of workers demanding huge salaries to stare at screens, stay home, and gossip on social media. The “essential workers” are about to find out just how essential they really are.

Is this potentially the same for the Philippines? Government has been fully aware that those who need the most assistance in these difficult times are the ones who never took a Zoom meeting but are the backbone of the economy.

Get ready for SY 2022-2023

E cannot deny that due to the lengthy physical closure of schools and the limitations brought about by the pandemic, there are gaps in the education sector as far as learning goes. Filipino students, as well as their teachers, have to catch up to ensure quality in our education systems, both in the teaching and learning of lessons.

According to the education agency’s Order No. 34, series of 2022, the 5-day-a-week in-person classes should be implemented

by November 2. The period from August 22 to November 1 will serve as the schools’ transition phase. DepEd Undersecretary Diosdado San Antonio stressed the need to do double-time to have as many school days as possible to make up for what we lost amid the lockdowns.

To achieve quality education, there are necessary steps to take.

For example, it’s important to keep classes small so teachers can focus on the students. It’s easy to see why huge classes may be unsuccessful in terms of ensuring that learners are able to absorb the teachings. And if we have small classes, it also follows that we need more classrooms and more teachers. Given the current Covid situation in the country, it is also safer to have fewer students per class.

Teachers and teachers’ groups

that full face-to-face classes will be implemented this coming school year. Not everyone is happy about that. Some teachers argue that health measures are not in place and preparations are not complete; in short, the sector is not ready to go back to pre-pandemic status—especially not in our current national situation where Covid cases are actually rising. Furthermore, under DepEd’s new order, vaccinated and unvaccinated children will not be segregated.

Atty. Jose Ferdinand M. Rojas II

RISING SUN

W

have been requesting the current administration, particularly the Department of Education headed by VP Sara Duterte, to fill up the open teaching positions first and to issue assignments and ranks to teacherapplicants who have been waiting for years. They have also been asking the government to build more classrooms.

It’s crucial to undertake these preparations before August 22, DepEd’s target date for school reopening. VP Sara Duterte has said

Transport rationing to address the transportation crisis

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The previous school year ended on June 24, but some teachers are still going to school after that date.

The teachers’ group Alliance of Concerned Teachers was hoping that DepEd could give more time for rest and preparation—September would have been better, they said. But DepEd seems firm about its decision to open the schools next month.

According to the education agency’s Order No. 34, series of 2022, the 5-day-a-week in-person classes should be implemented by November 2. The period from August 22 to November 1 will serve as the schools’ transition phase. DepEd Undersecretary Diosdado San Antonio stressed the need to do doubletime to have as many school days as possible to make up for what we lost amid the lockdowns. The target is to cover 215 class days, which means the school year will end on July 7, 2023. Remedial and advanced summer classes will be scheduled from July 17 to August 26, 2023. There will be long breaks, of course, from December 19 to January 1 (Christmas break) and February 6 to 10 (mid-year break).

T

he opening of full face-to-face classes in August will put much stress on our already burdened transport situation.

With a pandemic-diminished public transport fleet, further affected by the current fuel hikes, the influx of more than 27 million students (3 million in Metro Manila alone) will require not just boxful of attention from our government but also out-of-the-box solutions as well. What happens when there is a shortage that needs to be addressed immediately and there are no supplies that can suffice in the short term? Rationing.

We lined up for gas with ration coupons during the oil crisis in the ’70s, and rice supply is normally rationed during major disasters. Power outages in the ’90s were a form of rationing electricity. Rationing happens when there is a crisis. We have one right now in the transport sector. With the influx of students, we need to note that 30 percent of the pre-pandemic numbers of public utility vehicles are most likely not to return. There are more commuters now with a lot of “shifters,” leaving their private vehicles at home because of high fuel costs. The “Libreng Sakay” program will help ease the pain, but will not address the shortage. And even if all jeepney routes are opened up, it will still not be enough. Rationing is a measure that we may need to

consider, albeit temporarily. Mind you, this is not a walk in the park.

It is bothersome and inconvenient.

Expect much opposition and criticism. But it’s a solution in the short term that will get things done given the dire situation.

What’s my rationing proposal?

Ration the time people are to travel. In other words, flexi time. Have commuters travel in batches and in schedules. By doing so, we can assume that the finite numbers of public vehicles will be able to accommodate the number of commuters at a given time.

But we know this is easier said than done. Imagine requiring the whole population to move at a specific time and place. Not only will that be a gargantuan task, it will most likely fail.

Not to mention it is a restriction on

Government officials ready to sacrifice, to come in early as part of road rationing and flexi time so that the public can be accommodated during regular hours, will help bring them closer to their constituents that they pledged to serve, especially during this transport crisis we are currently experiencing.

freedom that could result in litigation, or sorry results for our officials in future elections.

In any rationing scheme, there are those that will have to sacrifice more. In most cultures, leaders are expected to sacrifice more—the last one in the lines, the last one to eat that piece of bread or drink from the scarce water supply. In this case, my proposal is for the government—the public servants—to be the ones to sacrifice more. My proposal calls for the government as a whole—whether national or local—to take the higher road and sacrifice by coming to work early, before the rest of the general population. There is an estimated close to a million government workers in Mega Manila alone, a number that cannot be taken lightly. For starters, government personnel can be asked to report at 7:00-7:30 a.m., instead of the usual 9 a.m., and be dismissed at 3:00-3:30 in the afternoon. There will be exceptions, especially for frontline offices that

will have to be available at all times and will therefore require a different kind of scheduling. There will also be other government-led efforts such as government car-pooling and sharing with the public all possible government vehicles for free, not to mention a general interval scheduling of work at home/report to office schemes. But it would be the government’s flexi-time or road rationing that could spell the difference.

Extraordinary times call for extraordinary solutions and extraordinary sacrifices. Involving the government and making public servants share the pain is a form of leading by example. If the people see that government leaders are ready to sacrifice with commuters, they may be able to convey the message that times of uncertainty can also be times of great change. Road rationing/flexi time can bring much help to the transport shortage. The roads are reflective of our nation’s conduct.

That is why the “wang-wangs” of those in power leave a bad taste in us who cannot do anything in traffic.

Government officials ready to sacrifice, to come in early as part of road rationing and flexi time so that the public can be accommodated during regular hours, will help bring them closer to their constituents that they pledged to serve, especially during this transport crisis we are currently experiencing.

The author may be reached at tmo45@georgetown.edu

Opinion BusinessMirror

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Statutory and regulatory Punishment beckons accounting in the Siegfred Bueno Mison, Esq. electric power industry THE PATRIOT

Alfredo J. Non

DEBIT CREDIT Part Six

I

have been discussing the accounting issues in the electric rate setting process of the Energy Regulatory Commission (ERC) in the past weeks. I continue this discussion in this continuation of my series.

6. On the Matter of Asset Disposals Under statutory accounting, disposals are adjusted in the asset register by deducting from the current balance the net book value of the item(s) disposed of and, the difference between the net book value of the asset disposed and any proceeds from the sale is recognized as income or loss in the income statement.

For regulatory accounting, it is the net receipts from the disposal that is adjusted out of the roll forward. Of course, the impact of this approach is that the gain or loss on the disposal is reflected in the Regulatory Asset Base—not the income statement. So, if the disposal results in a gain, the value of the RAB decreases. If the disposal results in a loss, this remains as part of the RAB and becomes part of the pricing in future rate adjustments. Accounting wise, the more conservative approach then will be to include the gain or loss in the current income statement.

Customer-Funded Assets

IN accordance with the Distribution Services and Open Access Rule, the costs of non-standard connection facilities to connect the customers to the Distribution Unit’s distribution network and to provide the customers with ongoing access to the supply of electricity are funded by the customers. The DU assesses whether the constructed or acquired non-standard connection facilities meet the definition of an asset in accordance with Philippine Acccounting Standard 16. If the definition of an asset is met, the DU recognizes such asset at its acquisition or construction cost with an equivalent credit to the liability account. Such liability to the customers is included under “Other noncurrent liabilities” account in the consolidated statement of financial position, and is recognized as income over the average duration of relationship with the customer. Assets funded by customers do not form part of DUs’ regulatory asset base until amounts are refunded.

For regulatory purposes, customer funded assets generally are to be excluded from the RAB, unless the responsibility to replace it falls with the DU. In this case, the asset is included in the RAB so that appropriate depreciation may be accumulated in the fund for future asset replacement.

Goodwill

For statutory accounting purposes, goodwill may be recognized as an asset. However, for regulatory purposes, goodwill is excluded from the value of the RAB. There may be some compelling reasons why the value of the assets acquired during acquisition should be adjusted upward but there are no existing justifications to do so for regulatory purposes. Even if permitted by accounting rules, care should be observed in capitalizing the goodwill as part of the RAB because this added cost will form part of the rate to be charged to consumers.

Construction in Progress and Capitalized Interest During Construction

For financial or statutory ac-

For regulatory purposes, customer funded assets generally are to be excluded from the RAB, unless the responsibility to replace it falls with the DU. In this case, the asset is included in the RAB so that appropriate depreciation may be accumulated in the fund for future asset replacement. counting purposes, projects under construction are capitalized and reflected as such—assets under construction. If significant, the cost of financing the project during the period of construction are also allowed to be capitalized as part of the asset account.

For regulatory purposes, the accumulated costs of projects under construction are generally not included as part of the RAB since these do not fall within the criteria of used and usable assets.

These will normally be considered part of the RAB after its completion or at the time it is put in service. There are, however, varying opinions when it comes to interest incurred during the period of construction. Some regulators would allow capitalized interest to be part of the RAB while under construction while others would include this as part of the RAB only upon completion.

Price-Setting Mechanism and Revenue Recognition

R ate-setting under Performance Base Regulation of the ERC is governed by the Rules for Distribution Wheeling Rate. The RDWR applies only to privatelyowned DU that have commenced the Regulatory Reset Process and are therefore defined as Regulated Entities in terms of the RDWR. It determines the manner in which the maximum electricity distribution wheeling rates for providing Regulated Distribution Services may be charged by Regulated Entities and the Performance Incentive Scheme to be implemented under PBR. The PBR scheme sets tariffs once every Regulatory Period based on the regulated asset base of each DU, and the required operating and capital expenditures to meet operational performance and service level requirements responsive to the need for adequate, reliable and quality power, efficient service, and growth of all customer classes in the franchise area as approved by the ERC. PBR also employs a mechanism that penalizes or rewards a DU depending on its network and service performance.

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

This column accepts articles from the business and academic community for consideration for publication. Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

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O person shall be deprived of life, liberty, or property without due process of law” is the due process clause enshrined in our Constitution. Always used yet misused. Often quoted, yet abused. Due process can be as simple as giving notice and an opportunity to be heard before being punished. Of course, law schools will teach us that there are various elements when it comes to substantive and procedural due process. Constitutionalists will take more than half a day to explain what due process is all about.

In my 20 years of teaching, sadly, I flunked some students here and there. But before I did, due process required that I inform them of their class standing, give them a breakdown of their grades, and, most importantly, return their test booklets.

Such exercise is part of their legal education. Professors in law schools are encouraged to practice what they preach, which is due process.

Unfortunately, not all law schools and not all professors observe this fundamental requirement of notice.

Regardless of how bad they perform in class, students must still be notified of the “why” through the “how” before they retake the subject or get kicked out of school. No less than the Supreme Court has allowed the return of Bar exam booklets whenever students, especially those who failed, request for copies. That way, these students would know their pitfalls and prepare better for the next exam. Schools should weed out professors who do not follow this simple notice requirement!

Notice is just one part; the other portion, which is the opportunity to be heard, is just as important.

Patterned after the immortal cry

of Themistocles: “Strike, but hear me first!,” this simply connotes that before life, liberty, or property is taken away, the person to be sanctioned must have a chance to explain, defend, and sometimes even beg for mercy. In administrative cases, the Supreme Court has held that the standard of due process “allows a certain latitude as long as the element of fairness is not ignored.”

At the very least, the respondent is given a Notice to Explain, which should be taken positively in light of due process requirements. It’s much better to get an NTE instead of just receiving a Notice of Suspension/Termination. In criminal cases, a similar but more intricate requirement is observed due to the additional layer of presumption of innocence inasmuch as life or liberty is at stake. However, despite these, examples of miscarriage of justice where the innocent gets mistreated while the guilty goes unpunished abound in this country. The case of Senator Leila de Lima is one glaring example! Yes, she was given notice and the opportunity to be heard, but the evidence, or probable cause at the very least, to support such a

Monday, July 18, 2022

Those in government, past or present, or those in companies or in schools, who substitute their own standards for God’s specified due process are acting beyond the domain of God’s delegated authority. It is not only revolting, but it constitutes a sinful act.

Like it or not, punishment awaits these offenders. charge appears to be lacking, if not fabricated.

In his 1999 thesis entitled “Biblical Due Process: God’s Specification for Earthly Justice,” Dann McCreary said that our Almighty God requires those who administer justice—judges, prosecutors, and lawyers—to do so according to His Word. According to McCreary, the two or three legitimate witnesses requirement is the central element of biblical due process. The Bible tells us that there must be at least two witnesses to the violation of that law. “One witness is not enough to convict anyone accused of any crime or offense they may have committed. A matter must be established by the testimony of two or three witnesses.” (Deuteronomy 19:15).

When it comes to false testimony, there are standards for truth and penalties for falsehood. In the case of Senator de Lima, key witnesses may have perjured themselves as they recanted their testimonies, which were basically uncorroborated and inconsistent if not outright malicious! For any testimonial evidence to be valid, reliance upon two or three witnesses must be consistent, according to the Bible (Mark 14:55-59). The worst false witness is one who gave testimony maliciously.

While I am uncertain as to the motives of Ragos and Espinosa and the witnesses against de Lima in giving

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such incredible testimonies, I am certain of the punishment for false testimonies in the Bible—“A false witness will not go unpunished, and whoever pours out lies will perish.”

(Proverbs 19:9) In the Philippines, a country of many believers, miscarriage of justice stems from the improper application of Biblical principles. My pastor told me that whenever government ignores God’s blueprint for the administration of justice, oppression is the result. McCreary said that “because all justice is rooted in truth, the keystone of God’s blueprint for justice is His explicit requirement for two or three witnesses to establish the truth of any matter.” Whether defined in the Constitution or in a Company’s or School’s Code of Conduct, these elements of due process align with God’s concept of fairness found in the Bible in Acts 10:34 when Peter said, “Now I know for certain that God doesn’t show favoritism with people but treats everyone on the same basis.”

Those in government, past or present, or those in companies or in schools, who substitute their own standards for God’s specified due process are acting beyond the domain of God’s delegated authority. It is not only revolting, but it constitutes a sinful act. Like it or not, punishment awaits these offenders.

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.

Mexico’s capture of drug kingpin could be signal to US

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By María Verza & Mark Stevenson | The Associated Press

EXICO CITY—The United States’ motivation to find infamous drug lord Rafael Caro Quintero was never in doubt— hence the $20 million reward for information leading to his capture—there was less certainty about the commitment of Mexican President Andrés Manuel López Obrador, who had made clear his lack of interest in pursuing drug lords.

Yet on Friday, three days after López Obrador and US President Joe Biden met in the White House, the US Drug Enforcement Administration’s most wanted target was in Mexican custody.

The man allegedly responsible for the murder of a DEA agent more than three decades ago was rousted from the undergrowth by a bloodhound as Mexican marines closed in deep in the mountains of his native state of Sinaloa.

The arrest came at a heavy cost: Fourteen Mexican marines died and another was injured when a navy Blackhawk helicopter crashed during the operation. The navy said it appeared to have been an accident, with the cause under investigation.

Mexico’s Attorney General’s Office said in a statement late Friday that Caro Quintero was arrested for extradition to the US and would be held at the maximum security Altiplano prison about 50 miles west of Mexico City.

DEA Administrator Anne Milgram celebrated the capture of a man especially despised by US officials for the torture and murder of DEA agent Enrique “Kiki” Camarena in 1985. “Our incredible DEA team in Mexico worked in partnership with Mexican authorities to capture and arrest Rafael Caro Quintero,” she said in a message to the agency late Friday. “Today’s arrest is the result of years of your blood, sweat, and tears.”

Cooperation between the DEA and Mexico’s marines had led to some of the highest-profile captures during previous administrations, but not under López Obra-

dor, noted security analyst David Saucedo.

“It seems to me that in the private talks between President Joe Biden and Andrés Manuel [López Obrador] they surely agreed to turning over high-profile drug traffickers again, which had been suspended,” Saucedo said.

Both presidents face domestic pressure to do more against drug traffickers. With Caro Quintero’s arrest, “Narcos are being captured again and I believe that clearly it was what was in fact needed,” Saucedo said.

US Ambassador to Mexico Ken Salazar said in a statement Saturday that no US personnel participated directly in the tactical operation that led to the capture of the drug lord. “The apprehension of Caro Quintero was exclusively conducted by the Mexican government.”

Samuel González, who founded the organized crime office in Mexico’s Attorney General’s Office and now is a security analyst, said the capture may not have a major effect on the map of organized crime in Mexico, as Caro Quintero was not as powerful as decades ago, and it might even generate more violence in territories such as Sonora, at the US border.

But he said that to López Obrador’s benefit, the arrest “shows evidence that there’s no protection of capos” by his administration.

González believes Caro Quintero has long been a thorn in the bilateral relationship, but said that “without doubt” his capture was fruit of the recent negotiations in Washington.

“The Americans never stopped

The arrest came at a heavy cost: Fourteen Mexican marines died and another was injured when a navy Blackhawk helicopter crashed during the operation.

The navy said it appeared to have been an accident, with the cause under investigation.

pressing for his arrest,” González said.

US Attorney General Merrick Garland and Salazar expressed gratitude for Mexico’s capture of the man blamed for killing Camarena—a case that brought a low point in US-Mexico relations.

“This achievement is a testament to Mexico’s determination to bring to justice someone who terrorized and destabilized Mexico during his time in the Guadalajara Cartel; and is implicated in the kidnapping, torture and murder of DEA agent Kiki Camarena,” Salazar said in a statement late Friday.

Garland said the US government would seek his immediate extradition.

“My hope is that with the capture of Caro Quintero, that that will mend a lot of tensions between the DEA and Mexico,” said Mike Vigil, the DEA’s former chief of international operations.

Mexico’s navy and Attorney’s General Office led the operation deep in the mountains that straddle the border between Sinaloa and Chihuahua states, many miles from any paved road. They found Caro Quintero, with help of “Max,” hiding in bush in a place in Sinaloa called San Simon.

López Obrador said that the helicopter that crashed in the coastal city of Los Mochis had been supporting the operation against Caro Quintero. US officials expressed condolences for the marines who died.

Caro Quintero came from Badirag uato, Sina loa, the same township as Joaquin “El Chapo” Guzman, the former leader of the Sinaloa cartel, which formed lat-

er. Caro Quintero was one of the founders of the Guadalajara cartel and according to the DEA was one of the primary suppliers of heroin, cocaine and marijuana to the United States in the late 1970s and 1980s.

Caro Quintero had blamed Camarena for a raid on a huge marijuana plantation in 1984. The next year, Camarena was kidnapped in Guadalajara, allegedly on orders from Caro Quintero. His tortured body was found a month later.

Caro Quintero was captured in Costa Rica in 1985 and was serving a 40-year sentence in Mexico when an appeals court overturned his verdict in 2013. The Supreme Court upheld the sentence, but it was too late—Caro Quintero had been spirited off in a waiting vehicle.

Caro Quintero was added to FBI’s 10 most wanted list in 2018 with a $20 million reward for his capture.

López Obrador had previously seemed ambivalent about his case.

Last year, the president said the legal appeal that led to Caro Quintero’s release was “justified” because supposedly no verdict had been handed down against the drug lord after 27 years in jail. López Obrador also depicted a later warrant for his re-arrest as an example of US pressure.

“Once he was out, they had to look for him again, because the United States demanded he shouldn’t have been released, but legally the appeal was justified,” López Obrador said.

Presidential spokesman Jesús Ramírez said at the time, “The president was just saying that it was a legal aberration that the judge had not issued a verdict on Mr. Caro Quintero after 27 years...but he was not defending his release.”

Mexican reporter Anabel Hernandez twice interviewed the fugitive Caro Quintero in the mountains of northern Mexico without revealing the location. Caro Quintero claimed in those interviews that he was no longer involved in the drug trade.

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‘Economic impact of projects should exceed cost of loans’

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By Cai U. Ordinario

@caiordinario

S Manila carefully weighs its financing options amid the spike in borrowing costs, former Finance Secretary Carlos G. Dominguez said the prudent path to take is to ascertain that the economic return of projects will be higher than the cost of the loan.

Dominguez made the statement when a sked about h i s confirmation of the disclosure of Department of Transportat ion ( DO Tr) Undersec ret a r y Cesar Chavez that the loans extended by China to the country to finance rail projects had a 3 percent interest rate. The figure is higher than what has been considered as “concessiona l ”

financing from the countr y’s development partners.

“One way of avoiding a ‘debt trap’ is by ascertaining that the project financed has an economic return higher than the cost of the loan.

Another is to align the loan terms with those governing loans from respected international sources,” Dominguez told reporters over the weekend.

Dominguez, quoting Finance Undersecretary Mark Joven, said the China Eximbank (CEXIM) has not specified the terms for the loan being obtained by the Philippines for the infrastructure projects.

He also said “every effort” was exerted by the Philippine government to ensure that financing for these projects are based on “favorable terms and constitutionalities.”

“CEXIM has stated that it intends to extend loans while recovering at least marginal funding costs. At present, as US dollar benchmark interest rates have increased to around 3 percent, CEXIM will push to recover this funding rate at the very least,” Dominguez said.

Reports earlier indicated that Chavez announced the cancellation of loans for China-funded railway projects, such as the Philippine Na-

tional Railways Bicol project, the Subic-Clark Railway project, and the initial portion of the Mindanao Railway project.

In a statement, Chavez said the DOF had informed CEXIM that the submitted loan applications for the three rail projects will only be valid up to May 31 and that if the loan applications are not approved, then these will be automatically withdrawn.

“DOTr understands that this is in light of the upcoming transition of government, and in deference to the incoming administration,” Chavez said.

In June, the DOF advised CEXIM that the loan applications for the contracts related to the rail projects are deemed automatically withdrawn.

“In his text message to me... former Finance Secretary Sonny Dominguez said that he ‘cancelled

the application instead of keeping it in suspended animation,’” Chavez said.

The DOTr official said President Ferdinand R. Marcos Jr. will continue to encourage investments in rail and that the government wants to focus more on rail in transport.

In June, the Chinese government said it is eyeing to intensify infrastructure cooperation projects in the country during the administration of President Ferdinand R. Marcos Jr. At the sidelines of the turnover ceremony of the last batch of the P140-million broadcast equipment donated by the Chinese government to the Presidential Communications Operations Office, Chinese Ambassador to the Philippines Huang Xilian said this was among the salient points of the previous conversation between Marcos

and Chinese President Xi Jinping.

(Story here: https://businessmirror.com.ph/2022/06/07/ beijing-wants-to-ramp-up-infra-cooperation/) In 2020, the National Economic and Development Authority (Neda) said in its ODA Portfolio Review that China extended a total of $620.74 million in loans and grants.

This covered five projects including three loans worth $493.08 million and two grant projects worth $127.66 million. The total ODA extended by China to the Philippines accounted for 2.02 percent of the country’s total ODA portfolio in 2020.

The country’s total ODA portfolio covered 357 projects worth $30.69 billion. The bulk of the portfolio, which amounted to $29 billion, was composed of loans while the remaining $1.69 billion consisted of grants.

SENATORS WANT NEW GOV’T TO CLARIFY RIGHTSIZING PLAN

By Butch Fernandez @butchfBM

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HE Senate will seek a clearer policy definition of the new administration’s intent to “rightsize” the bureaucracy when President Ferdinand Marcos Jr. convenes a meeting with lawmakers after his State of the Nation Address on July 25.

This is according to Sen. Juan Miguel Zubiri, who is expected to be the next Senate President following

a declaration of support by a majority of the senators who will assume their seats when Congress opens.

The government rightsizing as well as other matters that the Marcos administration deems priority legislation should be clarified as soon as possible when the President calls the Legislative Executive Development Advisory Council (Ledac), Zubiri recently told reporters. This, after several colleagues raised issues on initial pronouncements by the Department

of Budget and Management (DBM), which is finalizing a rightsizing blueprint for Marcos to approve.

Among those who have raised issues and concerns about how rightsizing will be done are Senators Koko Pimentel—expected to be the new minority leader—and Joel Villanueva, the incoming majority leader, as well as Risa Hontiveros and Chiz Escudero.

The biggest alliance of government workers had also warned offi-

cials against rushing to abolish agencies or lay off people at a time when unemployment is high and most households are still reeling from the economic impact of the pandemic.

According to Zubiri, the Ledac is the best forum where lawmakers can seek clarity on Malacañang’s plans for rightsizing the government or dismantling certain agencies and laying off workers doing redundant functions.

Zubiri expects other priority matters for legislation to be pitched by the Executive at their Ledac meeting.

The President chairs Ledac and is the one who convenes its members, including the Vice President, the Senate President and three senators he or she will choose; the Speaker of the House and three members he or she will choose; and seven Cabinet members to be chosen by the President.

Key representatives of local governments, the youth and private sector comprise the rest of the membership.

The Ledac was created as a forum for forging a common legislative agenda for the Executive and Congress.

Senators’ concerns

ON Sunday, Pimentel reiterated in a radio interview his concern over the direction of the rightsizing initiative as undertaken by DBM. He reminded Budget Secretary Amenah Pangandaman that “rightsizing” is not simply cutting off units or people, but looking for ways to make workers in redundant units more productive by, among others, moving them where their expertise might be put to good use. This, given the fact that the government has had thousands of vacancies the past several years—a fact that Villanueva, the Labor committee chairman, had flagged earlier.

“Where should we put government workers so they can spend hours more productively?” Pimentel asked on Sunday, speaking partly in Filipino

in a radio interview.

He noted that some agencies have overlapping jurisdictions, which should be redressed. Those doing redundant jobs, however, should be given a chance to work in other units or agencies where their expertise may be needed.

Pimentel also frowned on plans to delegate to the President the power to abolish certain agencies. “Only legislation can repeal a law that created an agency,” he said.

Finally, he suggested that government researchers identify agencies, bureaus, offices, councils doing redundant work; as well as some agencies that continue to exist even after completing their mandate. The staff in these agencies may find room in other agencies that have plenty of vacancies, he added. The lawmaker had reminded the DBM that current efforts to finalize plans for the bureaucratic rightsizing must follow existing laws on the abolition or reorganization of government agencies.

Pimentel, a bar topnotcher, stressed that if an agency was created by law, it would require Congress to pass another law to abolish it.

He added that it will also require an enabling legislation to grant compensation and benefits to the employees of the agency being abolished.

The same is true in disposing of other assets of the agency.

Pangandaman was earlier reported to be in consultation with the economic team of President Marcos Jr. in crafting a rightsizing bill to carry out the streamlining of the bureaucracies functions and potentially cut operational costs.

According to Pimentel, the Executive identifies the agencies to be dismantled or reorganized but Congress makes the final decision.

For his part, Escudero said it was only right to implement rightsizing to generate savings for the government and also force agencies to be more ef-

ficient and provide better services.

Escudero said, however, that it requires thorough study on what positions or agencies are to be abolished and clear determination of the proper compensation for those who will lose their jobs.

The process is long, Escudero said, and he expects many parties will oppose it but he expressed the hope that Pangandaman will stand her ground.

Pressing issues

EARLIER, Villanueva said he supports moves of the national government to improve its efficiency and institutional capacity to deliver public service.

“Before we start discussing the issue of rightsizing of the government bureaucracy, we need to discuss two pressing questions,” he said.

“First, why is it that roughly 1 out of 10 [or 178,128 out of 1,899,925] authorized positions in the national government remain unfilled? We want to know how these unfilled positions will be filled up. There should also be a comprehensive study of the staffing pattern of government agencies to determine whether some existing plantilla positions are already obsolete, redundant or unnecessary.”

Villanueva noted that the Senate has been calling the attention of the Executive on this issue since 2016, but it has remained unaddressed.

“Second, why is there a significant number of government workers under Job Order [JO] or Contract of Service [COS]positionsinthegovernment,when there are a lot of unfilled positions?”

Citing data from the Civil Service Commission as of August 2021, the lawmaker noted that there are 100,895 JO and COS positions in the national government and more than 40,000 additional JO/COS positions are in government-owned and -controlled corporations and state universities and colleges.

ILOILO City Mayor Jerry Treñas releases 600 pieces of Koi fish at the La Paz Plaza Koi Lagoon in partnership with Global Business Power in La Paz, Iloilo City, on Friday (July 15, 2022), as part of efforts to provide residents with more healthy spaces for leisure.

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, July 18, 2022

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Prime Infra’s arm Ahunan pitches PSH to Meralco

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By Lenie Lectura

@llectura

SUBSIDIARY of Razon-led Prime Infrastructure Capital Inc. (Prime Infra) has submitted an offer to the Manila Electric Company for the supply of 500 megawatts (MW) of mid-merit power using pumped storage hydropower (PSH) as an energy storage system.

Meralco said Sunday that its Third-Party Bids and Awards Committee (TPBAC) has granted the original proponent status to Ahunan Power, Inc. (Ahunan) for its offer, which is subject to competitive challenge under the rules of the Department of Energy. This means that Ahunan has the right to match any comparative proposals.

“We are pleased to continue putting forward innovative solutions to Meralco and consequently having been granted the Original Proponent status to Ahunan. We look forward to the opportunity of further providing renewable energy sources that are reliable and sustainable,” said Prime Infra Chairman Enrique K. Razon, Jr. Ahunan has nominated two PSH

plants, either of which can supply the needed 500MW energy under its offer. The first is located in Laguna and is already undergoing predevelopment by Ahunan. The second is a PSH plant in Wawa, Rizal under pre-development by Olympia Violago Water & Power, Inc. (OVWPI).

Ahunan has entered into an agreement to acquire a controlling interest in OVWPI. Ahunan and OVWPI have a total hydro service contracts of 1,200MW and 500MW net dependable capacity, respectively.

This represents an additional 8 percent dependable installed capacity to the Philippine grid. The development of PSH plants also represents a move away from the traditional oil- or gas-based power for mid-merit and peaking. Lastly, the PS is an Energy Storage System, which allows greater penetration of renewable energy sources as it can both absorb and generate electricity to follow the variability of

wind and solar plants.

Ahunan’s PSH plants have a capability of a minimum guaranteed output of 12 hours per day covering the peak hours of Meralco.

“This project is a testament to our goal of integrating ESG (Environmental, Social, and Governance) in the critical infrastructure assets that we deliver. Prime Infra will continue to pioneer energy and other infrastructure projects that are environmentally resilient and socially relevant,” said Guillaume Lucci, Prime Infra’s President and CEO. PSH plants store and generate electricity by moving water between two reservoirs at different elevations. Water is pumped from the lower reservoir to the upper reservoir during off-peak hours to store underutilized energy. After which, it is then released from the upper reservoir to the lower reservoir to generate electricity in times of high demand.

Nlex: Viaduct bars heavy vehicles

By Lorenz S. Marasigan @lorenzmarasigan

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PART from immediate repairs, the Candaba Viaduct has to restrict the weight of vehicles plying its southbound portion, according to a recommendation by the engineering consultant of Nlex Corp., the company said at the weekend.

This recommendation comes as engineering consultancy firm AMH Philippines observed aging and continuous heavy loads to have affected the structure.

“The first factor is aging. Just like people, aged structures lose their strength over time. Also, subjecting the bridge to heavy loads more than what the bridge was designed for is causing continuous cyclical fatigue

FDA finds Lucky Me! safe for consumption

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HE Food and Drug Administration has declared local Lucky Me! products safe for consumption.

The FDA decision followed recent findings by an FDA-accredited international independent laboratory that Lucky Me! passed the standards for ethylene oxide (EtO).

“This result is consistent with our position that our products are and have always been safe. We are committed to being a source of high-quality food products and will remain so,” Monde Nissin Corporation said in a statement.

Monde Nissin a lso passed several rigid inspections by FDA teams sent to find out if EtO was present in the local Lucky Me! plants.

“We fully cooperated with the FDA in this effort at establishing food safety and were declared totally compliant with all the rules and requirements needed for the production of Lucky Me!,” it added.

stress. Fatigue makes the structure weak and if it continues, its health deteriorates. Here in the Philippines, the usual fatigue life of bridges is 5060 years, and the Viaduct is nearing that mark,” explained Roy Luna, director of AMH Philippines.

He noted that upon reassessment in June 2022, using structural models, AMH found out that trucks using the southbound viaduct should have a maximum of 10 wheels and must not exceed a gross vehicle weight of 33 tons. Repairs, he added, “should be done immediately so that the damage will not manifest or transfer in other areas of the bridge.”

Nlex Corp. President Luigi L. Bautista noted that the company has already engaged various stakeholders for the rerouting of trucks with 12 wheels or more.

“It has been our practice to conduct briefings and consultation meetings for our national and local government partners, customers in different industries, and host communities whenever we implement big projects like this so we can inform them on what’s going on and address any concern that they may have,” he said.

Truckers and local leaders, Bautista said, have raised issues on the rerouting, citing disruptions in business operations due to traffic congestion on local roads.

“While our truckers, who serve as lifeline maintaining supply chains, play a key role in the economy, the rerouting plan aims to balance the interests of the economy and public safety given the urgency and need to repair the structure,” Bautista said.

He assured them, however, that the company will “continue pursuing discussions with relevant national government agencies,” adding that the company “is expediting the construction of a third viaduct, which is expected to be completed by the fourth quarter of 2024.”

To better preserve the serviceability of the viaduct and ensure overall public safety, Bautista said Nlex “will intensify its drive against overloaded vehicles,” citing Republic Act No. 8794, the law prescribing the load limits.

The anti-overloading program aims to safeguard motorists by not allowing overloaded trucks and trailers from entering the expressways or by asking them to go to the nearest exit as extra load may affect vehicle control.

AI-driven tool to fast-track BPO recruitment in PHL

By Roderick L. Abad|

@rodrik_28

Contributor

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LOBAL talent analysis and remote proctoring solutions provider Mercer | Mettl has launched a new communication assessment tool in the Philippines that is powered by artificial intelligence (AI) to enable business process outsourcing (BPO) firms to make fast, reliable and data-backed hiring decisions.

SpeechX’s debut is timely given the growing demand for offshore talents from this country— among the biggest BPO markets worldwide—particularly in the voice business process management (BPM) segment. The capability of the majority of Filipinos to speak the universal language is also seen as a boon to this growth. “[The] Philippines is one of the largest English-speaking nations in the world with 70 percent of the population being able to converse in English,” said Anirban Barman Roy, chief revenue officer of Mercer | Mettl.

The industry and the information technology-BPM sector are significant contributors to the country’s economy, employing more than 1.35 million people.

In 2021 alone, they recruited as many as 50,000 employees.

Despite the outsourcing indust r y ’s resi l ience a m id t he pandemic with its cost-cutting measures, BPO companies still find it hard to fill roles brought about by high attrition rates of between 30 percent and 40 percent this year.

The introduction of SpeechX plugs a critical gap for evaluators to swiftly gauge the quality and clarity of a candidate’s speech to map the whole evaluation journey, using insights from seasoned BPO practitioners, voice and accent trainers and the industry’s subject matter experts. It can calculate an integrity score for each job applicant which ensures control against cheating and misconduct during the judgment process.

“We are excited to announce the launch of SpeechX that com-

bines the best of human and AI assessment abilities,” he said.

“In the age of digital economies, this will be a great asset for companies that want to assess the communication skills of all candidates, allow ing recruitment managers to speed up the hiring process.”

As employers move permanently into a hybrid state of work, it provides them with both the f lexibility and the advantages of remote hiring, allowing quick and credible hiring decisions backed by over two decades of communication and language research. “ By le verag i ng t he power of machine learning and data, SpeechX is an example of how technology can be used to cater to the specific hiring needs of the industry. We are delighted to offer this solution to clients to make their recruiting faster and more effective, and to ensure that they hire the right talent consistently,” Mercer Philippines Chief Executive Officer Maria Theresa Alday said.

APRI eyes 17MW Tiwi binary plant

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BOITIZ Power Corp.’s renewable arm in geothermal power, AP Renewables, Inc. (APRI), will build a 17-megawatt (MW) binary plant in Tiwi, Albay.

The plant will utilize excess heat from spent brine at the Tiwi geothermal facility, the country’s first geothermal power plant. APRI has signed an agreement with its steam provider for the supply of brine that will fuel the binary facility.

“The expansion of our Cleanergy portfolio isn’t solely hinged on acquisitions or the construction of big-ticket projects. At Aboitiz Power, and within the Aboitiz Group, we always seek ways to optimize available resources. This project is a testament to that,” Aboitiz

Power President and Chief Executive Officer Emmanuel V. Rubio said.

The Tiwi binary plant will be built from the ground up with an entirely new binary plant system, pipes, and transmission line. Construction on the project is targeted for completion at the end of 2023. Geothermal energy, which is a form of renewable energy, comes from the heat of the earth, produced by drilling holes into the ground to tap steam— or the hot water rising to the surface of the earth—from geothermal reservoirs.

Residual heat from the hot brine side of the geothermal production process that is otherwise discarded is harvested to produce electricity through the binary geothermal power plant. Lenie Lectura

B2

Companies BusinessMirror

Monday, July 18, 2022

Red Ribbon opens second branch in Illinois; 37th in US

L

By VG Cabuag

@villygc

OCAL bakeshop brand Red Ribbon, owned by Jollibee Foods Corp., said it expanded its presence in North America after opening its latest store in Bolingbrook, Illinois.

This is Red Ribbon’s second location in Illinois, and its 37th in the United States.

The new store is located at 753 East Boughton Road, Bolingbrook, Illinois, which is directly across The Promenade, a popular shopping complex in the area.

“We’re thrilled to finally open a location in Bolingbrook and to serve our delicious menu to everyone in this community,” Agnes Briones, vice president for operations of Red Ribbon Bakeshop Inc., said.

“It is an extraordinary feeling for us to see how much the brand continues to expand and to reach both loyal fans and new customers—we want everyone to experience the joy of biting into a Red Ribbon pastry,” she said.

Red Ribbon is known for its selection of crafted cakes and also has a line-up of both sweet and savory pastries, including mamon, ensaimada, empanada, ube cake and yema caramel cake.

Founded in the Philippines in

1979, Red Ribbon was fully acquired

by Jollibee in 2005.

“Its success story began with a single mission: to create delicious and beautiful cakes that make every family celebration truly special. Since then, the bakery brand has expanded its offerings to include both single-serve dessert items and an array of sweet and savory pastry treats intended for everyday snacking,” the company said.

To date, Red Ribbon has over 500 outlets all over the Philippines and more than 30 stores in the US. Jollibee earlier said it continued to perform well in the first quarter of 2022. System-wide sales of its businesses in China, North America’s Philippine brands, Europe, Middle East, Asia and Australia have already reached prepandemic levels, driven by continued store expansion, the company said.

It opened 107 new stores in the

first quarter of 2022—19 in the Philippines, 19 in China, 9 in North America and 13 in other regions. SuperFoods and CBTL also opened 19 and 28 stores, respectively.

Jollibee generated an operating income of P2 billion driven by the acceleration of profit growth in the Philippines. Attributable net income for the first quarter of 2022 reached P2.3 billion, or 14 times higher compared to P152.6 million last year.

“My positive outlook is based on our track record. We managed to be resilient in the face of adversity. Through consistent and disciplined execution of our fundamentals of serving great-tasting food at good value for money price points and continuous innovation and quick adaptation, we will reach our vision of becoming one of the top five restaurant companies in the world,” Jollibee CEO Ernesto Tanmantiong said.

PSE STOCK QUOTATIONS

Last week

SHARE prices resumed a downward trend last week, with the main index closing at 6,100 point level, following the higherthan-expected inflation rate in the United States that led to an off-cycle 75-basispoints increase of the key interest rates by the Bangko Sentral ng Pilipinas.

The benchmark Philippine Stock Exchange index fell 166.56 points to close at 6,195.26 points. The main index is now down 13 percent since the start of the year, and slowly inching toward the bear market territory of 20 percent.

The main index was up on Monday, but was down all the other trading days of the week. The fall of the main index, however, was not as deep when the surprise interest rate increase of the BSP was announced on Thursday.

Daily average trading for the week was low at P4.53 billion. Foreign investors, which account for 39 percent of the trades, were net sellers at P2.58 billion.

Most of the sub-indices closed on the red, led by the broader All Shares index that lost 65.03 points to close at 3,345.73 points; the Financials index gained a measly 0.59 to 1,502.18, the Industrial index climbed 60.02 to 9,374.83; the Holding Firms index plunged 285.68 to 5,751.13, the Property index lost 123.58 to 2,754.35; the Services index was down 44.98 to 1,626.85; and the Mining and Oil index retreated 326.50 to 10,723.85.

For the week, losers edged gainers 178 to 52, and 27 shares were unchanged.

Top gainers were iPeople Inc., Empire East Land Holdings Inc., Jackstones Inc., Manulife Financial Corp., SFA Semicon Philippines Corp., I-Remit Inc. and Oriental Petroleum and Minerals Corp. B Top losers, on the other hand, were Lorenzo Shipping Corp., Mabuhay Holdings Corp., Kepwealth Property Phils. Inc., Liberty Flour Mills Inc., Anchor Land Holdings Inc. and Filipino Fund, Inc.

This week

SHARE prices may continue falling this week, with volatile trading expected to persist in the market, as investors continue to digest last week’s surprise interest rate hike by the BSP. “While this (rate hike) damages the short-to-medium term outlook on practically any asset that takes on capital, the move should reassure long term holders that policymakers are not taking the risk of carrying over these pains in 2023,” broker 2TradeAsia said.

It said this move leaves room for the peso to depreciate against the dollar to P60 to $1, for corporate margins to deteriorate further in the third quarter and demand cooldown from lower liquidity. The broker said, however, that these issues are better taken head-on now than later.

“Meanwhile, we expect the US Fed to begin an easing cycle in 2023, but reassessment of the ‘central bank put’ for markets may be in order. The risk to our view is that stagflationary dynamics are stickier for longer, especially when we consider the historical patterns to investing under different regimes,” said Sue Trinh, head of global macro strategy for Asia of Manulife Investment Management.

“We maintain our view that the global economy could experience a significant growth slowdown in 2022. With global GDP (gross domestic product) falling further below trend and leverage having risen to record, investors should be more selective to find economies that are the least vulnerable to the potential demand and supply shocks,” she said.

Immediate support for the main index is seen at 6,000 points and resistance at 6,400 points.

Stock picks

BROKER Regina Capital Development Corp. gave a hold recommendation on the stock of Ayala Land Inc. as it is now

on its sixth-day losing streak and is not showing signs of slowing down anytime soon.

“Indicators are still picking up increasing selling momentum. ALI is already trading at its pandemic lows--a feat considering the rest of the property heavyweights are floating at a safe distance above the mid-March 2020 price shocks,” it said.

“We think the strongest support that we’re seeing right now is at P20,” it said.

Ayala Land shares closed Friday at P22.55 apiece.

Meanwhile, Regina Capital advised trading the range on the stock of BDO Unibank

Inc., the country’s largest lender, as its share price is “very clearly” range-bound between the support at P117.90 and resistance at P122 per share.

The broker said indicators are supportive of sustained sideways movement, despite the stock trading at significant lows relative to its major moving averages.

“It is highly likely that BDO will continue to trade within the said range in the next few sessions. The 4-peso spread is an attractive enough range-play if timed right,” it said.

BDO shares closed last week at P120.70 apiece. VG Cabuag

mutual funds

July 15, 2022

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 200.41 -8.73% -9.56% -6.18% -14.02% ATRAM Alpha Opportunity Fund, Inc. -a 1.2982 -9.4% -8.2% -4.37% -21.99% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7498 -9.47% -13.4% -8.81% -15.07% Climbs Share Capital Equity Investment Fund Corp. -a 0.6885 -10.34% -10.86% n.a.

-8.99% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6523 -14.09% -10.11% n.a.

-15.38% First Metro Save and Learn Equity Fund,Inc. -a 4.5431 -6.24% -6.78% -4.18% -12.34% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6724 -9.29% -6.99% -5.93% -14.16% MBG Equity Investment Fund, Inc. -a 75.27 -26.32% -14.74% n.a.

-20.29% PAMI Equity Index Fund, Inc. -a 41.2345 -8.29% -8.41% -4.72% -14.32% Philam Strategic Growth Fund, Inc. -a 429.66 -9.01% -8.36% -4.83% -14.19% Philequity Dividend Yield Fund, Inc. -a 1.2151 6.72% -3.67% -1.64% -10.41% Philequity Fund, Inc. -a 31.4609 -6.86% -7.59% -3.81% -14.03% Philequity MSCI Philippine Index Fund, Inc. -a 0.8159 -6.84% -8.86% n.a.

-13.33% Philequity PSE Index Fund Inc. -a 4.2715 -7.33% -7.78% -4.1% -13.89% Philippine Stock Index Fund Corp. -a 711.6 -7.79% -7.85% -4.18% -14.11% Soldivo Strategic Growth Fund, Inc. -a 0.6307 -10.73% -13.07% -7.06% -16.2% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1956 -9.16% -10.48% -5.63% -15.36% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.81 -8.09% -8.13% -4.43% -14.24% United Fund, Inc. -a 2.9789 -7.33% -7.97% -3.46% -13.34% Primarily invested in Peso securities (units) Philequity Alpha One Fund, Inc. -a 0.9903 -8.37% n.a. n.a.

-14.83% Philippine Stock Index Fund Corp. -a 866.48 n.a. n.a. n.a. n.a.

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 95.9391 -7.42% -7.64% -3.79% -13.94% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.9096 -26.72% -2.83% -2.05% -19.25% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4287 -21.5% 2.6% 4.08% -22.62% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.5428 -8.66% -4.49% -2.86% -8.82% ATRAM Philippine Balanced Fund, Inc. -a 2.0707 -6.78% -4.4% -2.74% -9.24% First Metro Save and Learn Balanced Fund Inc. -a 2.4806 -4.25% -2.86% -1.35% -7.82% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1924 -0.82% n.a. n.a.

-7.94% NCM Mutual Fund of the Phils., Inc. -a 1.8587 -4.47% -1.82% -0.58% -7.83% PAMI Horizon Fund, Inc. -a 3.3833 -7.73% -3.84% -2.07% -10.14% Philam Fund, Inc. -a 15.1622 -7.76% -3.99% -2.12% -9.99% Solidaritas Fund, Inc. -a 1.9433 -5.04% -3.89% -2.07% -8.4% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2471 -7.48% -6.37% -3.14% -10.97% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8455 -3.64% -5.98% -2.71% -11.39% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.8901 -9.45% -4.89% n.a.

-10.07% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.809 -10.08% -7.93% n.a.

-14.35% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.7962 -10.17% -8.32% n.a.

-14.74% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03308 -13.45% -4.02% -1.56% -12.81% PAMI Asia Balanced Fund, Inc. -b $0.9097 -18.96% -3.07% -1.43% -14.75% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9087 -18.25% 0.98% 2.6% -18.6% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.0091 -16.2% -2% -0.05% -15.81% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 373.79 0.39% 2.1% 2.28% -0.14% ATRAM Corporate Bond Fund, Inc. -a 1.8881 -1.76% -0.23% -0.01% 0.18% Cocolife Fixed Income Fund, Inc. -a 3.2307 -0.04% 1.89% 3.25% -0.41% -0.28% Ekklesia Mutual Fund Inc. -a 2.175 -3.82% 0.7% -3.4% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3969 -1.79% 1.15% 1.6% -1.2% Philam Bond Fund, Inc. -a 4.1885 -6.26% -0.05% 0.54% -4.71% Philam Managed Income Fund, Inc. -a 1.317 0.03% 2.66% 2.74% -0.16% Philequity Peso Bond Fund, Inc. -a 3.8766 -2.81% 1.7% 2.15% -2.25% Soldivo Bond Fund, Inc. -a 1.0071 -2.57% 2.37% 1.63% -2.05% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.126 -2.68% 1.73% 2.55% -1.93% Sun Life Prosperity GS Fund, Inc. -a 1.6932 -3.13% 0.91% 1.88% -2.16% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $480.96 1.55% 1.75% -1.76% -1.09% ALFM Euro Bond Fund, Inc. -a Є210.44 -4.39% -1.18% -0.09% -4.35% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0721 -10.38% -3.3% -0.95% -10.95% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0242 -7.28% -1.86% -0.57% -6.92% PAMI Global Bond Fund, Inc -b $0.8963 -14.46% -6.18% -3.55% -12.37% Philam Dollar Bond Fund, Inc. -a $2.1997 -12.25% -2.1% -0.2% -12.21% Philequity Dollar Income Fund Inc. -a $0.0606543 -3.75% 0.75% 1.16% -2.63% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7474 -13.69% -3.7% -1.69% -14.04% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 132.33 1.51% 2.27% 2.56% 0.87% First Metro Save and Learn Money Market Fund, Inc. -a 1.0642 1.03% 1.57% n.a.

0.61% Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3267 1.58% 2.1% 2.47% 0.84% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0642 0.6% 1.13% n.a.

0.34% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund Inc. -a 44.1643 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.2172 -8.57% n.a. n.a.

-11.98% Primarily invested in foreign currency securities (units) ALFM Global Multi-Asset Income Fund Inc. -a $0.8091 -19.09% n.a. n.a.

-16.59% a - NAVPS as of the previous banking day.

b - NAVPS as of two banking days ago.

c - Listed in the PSE.

d - in Net Asset Value per Unit

(NAVPU).

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

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

"While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa. com.ph to see the latest NAVPS/NAVPU."

July 15, 2022

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

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

44.05 119.9 8.05 87.85 26.8 6.8 47 6.65 16.08 17.76 55.45 19.48 89.05 75.35 1.7 3.44 0.62 4.6 0.73 0.23 0.6 174 2,320

44.5 120.7 8.44 88.6 26.85 6.83 47.2 6.8 17.72 17.78 56.85 19.78 90 76 1.78 3.45 0.68 6.99 0.79 0.28 0.65 175 2,400

44.85 122.5 8.48 90 26.85 6.9 47.75 6.99 16.02 18 55.5 19.48 88.4 77 1.8 3.44 0.68 4.51 0.8 0.221 0.61 175 2,320

44.95 122.7 8.48 90 26.9 7 48.15 7 16.02 18.1 55.5 19.48 90 77 1.8 3.45 0.68 4.51 0.8 0.28 0.61 177 2,320

44.85 119.5 8.37 87.75 26.8 6.79 46.95 6.8 16 17.72 55.5 19.48 88.2 75.35 1.7 3.44 0.68 4.51 0.8 0.221 0.6 174 2,320

44.95 120.7 8.46 88.6 26.85 6.84 47.2 6.8 16 17.78 55.5 19.48 90 75.35 1.78 3.44 0.68 4.51 0.8 0.28 0.6 174 2,320

13,600 3,787,850 5,500 1,577,980 78,900 235,500 1,811,600 220,000 3,700 153,100 820 39,100 365,050 23,200 22,000 30,000 20,000 300 1,000 140,000 30,000 1,700 15

611,115 459,330,326 46,491 139,985,045 2,116,775 1,613,979 85,686,115 1,510,900 59,240 2,737,634 45,510 761,668 32,497,912 1,762,056 38,870 103,210 13,600 1,353 800 38,180 18,160 296,570 34,800

INDUSTRIAL

AC ENERGY 8.08 8.15 8.05 8.23 8 8.15 5,044,300 40,765,448 ALSONS CONS 0.91 0.94 0.9 0.94 0.9 0.94 165,000 151,640 ABOITIZ POWER 30.95 31 31.45 31.5 30.8 31 469,400 14,569,535 1.83 1.84 1.85 1.85 1.75 1.83 9,262,000 16,392,140 RASLAG 0.375 0.38 0.38 0.38 0.375 0.38 1,220,000 459,550 BASIC ENERGY FIRST GEN 15.72 16 16.68 16.7 15.52 15.72 941,100 15,339,936 FIRST PHIL HLDG 62.8 62.9 62.9 62.9 61.5 62.5 2,450 152,395 MERALCO 353.8 363 353.8 363 350 363 240,530 86,876,782 MANILA WATER 15.88 15.9 16.1 16.14 15.86 15.9 909,800 14,483,602 2.98 3 2.99 3.02 2.98 2.98 1,030,000 3,085,970 PETRON 4.61 4.84 4.61 4.61 4.6 4.6 8,000 36,840 PETROENERGY PHX PETROLEUM 9.4 9.98 9.41 9.98 9.41 9.98 3,000 28,800 SYNERGY GRID 12.32 12.38 12.24 12.44 12.24 12.38 1,847,300 22,854,548 PILIPINAS SHELL 17.6 17.74 17.5 17.74 17.2 17.74 65,900 1,156,988 9.06 9.07 9.07 9.13 9.06 9.07 103,600 940,188 SPC POWER 1.57 1.59 1.58 1.6 1.55 1.59 17,293,000 27,147,980 SOLAR PH 14.26 18.48 14.22 14.22 14.22 14.22 200 2,844 VIVANT AGRINURTURE 5.46 5.5 5.44 5.54 5.44 5.5 2,626,500 14,475,160 AXELUM 2.05 2.1 2.17 2.18 2.09 2.1 1,355,000 2,846,370 CNTRL AZUCARERA 9.15 10 9.18 9.18 9.15 9.15 9,900 90,792 23.5 23.7 24.4 24.4 23.2 23.5 662,500 15,608,460 CENTURY FOOD 13.5 13.96 13.62 13.62 13.5 13.5 11,800 159,708 DEL MONTE DNL INDUS 6.92 6.93 6.9 6.96 6.88 6.93 389,600 2,694,874 EMPERADOR 18.3 18.4 18.1 18.54 18.1 18.4 3,158,600 58,009,458 SMC FOODANDBEV 44.55 44.9 44.9 44.95 44.6 44.6 53,000 2,375,005 0.62 0.63 0.63 0.64 0.62 0.63 6,926,000 4,363,140 FIGARO COFFEE ALLIANCE SELECT 0.55 0.56 0.55 0.55 0.55 0.55 5,000 2,750 FRUITAS HLDG 1.02 1.04 1.02 1.05 1 1.04 750,000 757,700 GINEBRA 96.3 98 100 100 98 98 470 46,145 JOLLIBEE 210.6 216 212 216 209 216 282,760 60,349,670 KEEPERS HLDG 1.05 1.07 1.08 1.08 1.04 1.07 3,993,000 4,228,640 17.6 20.65 21.6 21.6 17.62 17.62 2,400 43,078 LIBERTY FLOUR MAXS GROUP 4.22 4.24 4.24 4.33 4.24 4.24 116,000 496,780 0.107 0.121 0.107 0.107 0.107 0.107 40,000 4,280 MG HLDG MONDE NISSIN 14.02 14.1 13.98 14.2 13.9 14.1 11,771,400 165,356,718 SHAKEYS PIZZA 7 7.12 7.05 7.1 7 7.1 133,000 932,555 0.56 0.57 0.56 0.57 0.56 0.57 527,000 295,160 ROXAS AND CO 3.85 3.95 3.95 3.95 3.95 3.95 8,000 31,600 RFM CORP ROXAS HLDG 1.23 1.26 1.24 1.24 1.23 1.23 2,000 2,470 SWIFT FOODS 0.088 0.094 0.088 0.088 0.088 0.088 10,000 880 UNIV ROBINA 113 113.4 114.7 116 112.6 113.4 996,970 113,175,123 VITARICH 0.59 0.6 0.59 0.6 0.59 0.6 126,000 75,590 2.5 2.67 2.48 2.48 2.48 2.48 5,000 12,400 VICTORIAS CEMEX HLDG 0.6 0.61 0.6 0.61 0.58 0.6 2,952,000 1,751,680 12 12.34 12.02 12.1 12 12 103,400 1,241,230 EAGLE CEMENT EEI CORP 3.26 3.32 3.27 3.32 3.24 3.32 154,000 503,740 HOLCIM 5.07 5.1 5.07 5.1 5.07 5.07 212,300 1,082,664 4.26 4.33 4.35 4.39 4.25 4.33 60,000 259,740 MEGAWIDE 18.9 19.2 19.4 19.4 19.2 19.2 3,900 74,980 PHINMA VULCAN INDL 0.77 0.78 0.8 0.8 0.78 0.79 491,000 383,430 CROWN ASIA 1.66 1.69 1.69 1.74 1.66 1.66 416,000 701,690 PRYCE CORP 5.45 5.5 5.45 5.45 5.45 5.45 100 545 GREENERGY 1.57 1.58 1.57 1.58 1.54 1.58 9,766,000 15,239,810 6.02 6.05 6.04 6.05 6.02 6.05 46,600 281,514 INTEGRATED MICR 0.64 0.68 0.68 0.68 0.64 0.64 314,000 201,960 IONICS PANASONIC 5.4 5.77 5.82 5.82 5.2 5.77 29,400 162,687 SFA SEMICON 1.25 1.26 1.19 1.27 1.19 1.26 2,216,000 2,750,340 CIRTEK HLDG 2.57 2.64 2.74 2.74 2.53 2.65 499,000 1,299,020

HOLDING & FRIMS

STOCK-MARKET OUTLOOK

www.businessmirror.com.ph

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

1.7 575.5 50.25 9.44 8.39 0.71 0.395 4.39 8.76 6.87 440 3.44 50 7.5 0.62 2.9 8.27 3.75 2.2 2.07 2.9 0.9 770 104.7 0.25 0.153

1.71 577.5 51 9.55 8.5 0.75 0.4 4.4 8.79 7.07 442 3.56 51 9.65 0.65 2.91 8.36 3.76 2.25 2.1 3.17 0.92 775 106 0.27 0.159

1.72 606 50.85 9.81 8.51 0.75 0.395 4.4 8.94 6.87 445 3.44 50.35 7.51 0.64 2.91 8.48 3.76 2.25 2.31 2.9 0.94 775.5 105.5 0.24 0.153

1.72 615 51 9.81 8.51 0.75 0.395 4.45 8.94 6.87 453.2 3.44 51 7.51 0.66 2.91 8.48 3.78 2.25 2.37 2.9 0.95 780 106 0.25 0.153

1.68 575.5 50.05 9.44 8.4 0.75 0.39 4.38 8.71 6.87 422 3.44 49.3 7.51 0.52 2.91 8.26 3.71 2.25 2.05 2.9 0.92 758 103.8 0.24 0.153

1.71 575.5 51 9.55 8.5 0.75 0.395 4.4 8.76 6.87 442 3.44 51 7.51 0.62 2.91 8.36 3.76 2.25 2.07 2.9 0.92 775 106 0.25 0.153

13,812,000 576,810 311,420 2,676,800 8,900 123,000 680,000 229,000 2,440,900 7,900 160,220 16,000 1,595,470 9,000 226,487,000 17,000 2,056,600 4,698,000 2,000 690,000 5,000 271,000 355,480 170,020 9,810,000 1,900,000

23,466,560 338,408,395 15,829,069.50 25,554,302 75,459 92,250 267,850 1,007,220 21,421,875 54,273 70,248,780 55,040 80,727,969 67,590 117,894,010 49,470 17,098,172 17,614,070 4,500 1,481,800 14,500 251,580 273,462,065 17,999,324 2,452,400 290,700

PROPERTY ARTHALAND CORP 0.54 0.55 0.55 0.55 0.55 0.55 5,000 2,750 ANCHOR LAND 6.3 6.5 6.3 6.3 6.3 6.3 1,200 7,560 AYALA LAND 22.5 22.55 23.7 23.7 22.35 22.55 34,992,300 795,180,695 2.88 2.9 3.02 3.02 2.86 2.88 1,626,000 4,715,750 AYALA LAND LOG 13.04 13.3 13.04 13.04 13.04 13.04 100 1,304 ALTUS PROP ARANETA PROP 1.28 1.32 1.42 1.45 1.3 1.32 1,669,000 2,247,210 AREIT RT 36.6 36.7 36.5 37 36.5 36.7 207,800 7,644,965 A BROWN 0.73 0.78 0.73 0.73 0.73 0.73 20,000 14,600 CITYLAND DEVT 0.68 0.7 0.69 0.69 0.69 0.69 17,000 11,730 0.082 0.084 0.086 0.086 0.081 0.082 4,930,000 404,550 CROWN EQUITIES CEB LANDMASTERS 2.46 2.47 2.48 2.48 2.46 2.46 272,000 672,420 0.37 0.38 0.38 0.38 0.38 0.38 130,000 49,400 CENTURY PROP CITICORE RT 2.38 2.39 2.4 2.42 2.38 2.39 2,494,000 5,970,940 DOUBLEDRAGON 7.68 7.7 7.9 7.9 7.7 7.7 222,400 1,728,126 1.5 1.51 1.5 1.53 1.48 1.5 1,428,000 2,139,350 DDMP RT 6.81 6.83 6.85 6.85 6.8 6.83 23,600 160,700 DM WENCESLAO EMPIRE EAST 0.206 0.219 0.205 0.219 0.205 0.219 110,000 22,970 EVER GOTESCO 0.25 0.255 0.25 0.255 0.249 0.255 11,690,000 2,922,800 FILINVEST RT 6.75 6.78 6.8 6.8 6.69 6.75 2,510,200 16,909,460 FILINVEST LAND 0.86 0.87 0.88 0.88 0.86 0.87 2,639,000 2,295,220 0.83 0.88 0.84 0.88 0.83 0.83 1,029,000 859,050 GLOBAL ESTATE 8990 HLDG 9.9 10.06 9.92 10.1 9.9 10.06 20,000 199,986 645 669.5 646.5 670 646.5 670 280 185,030 GOLDEN MV PHIL INFRADEV 1.04 1.05 1.02 1.08 1.01 1.05 2,277,000 2,395,710 CITY AND LAND 0.7 0.72 0.7 0.72 0.7 0.72 19,000 13,510 2.17 2.18 2.18 2.22 2.16 2.18 5,409,000 11,816,790 MEGAWORLD 0.174 0.175 0.175 0.175 0.174 0.174 1,070,000 186,860 MRC ALLIED 15.74 15.76 16 16 15.64 15.74 762,500 11,997,176 MREIT RT PHIL ESTATES 0.365 0.385 0.37 0.385 0.365 0.385 4,010,000 1,521,800 PRIMEX CORP 1.87 1.9 1.92 1.92 1.86 1.9 997,000 1,878,510 RL COMM RT 6.29 6.3 6.3 6.4 6.26 6.3 1,052,400 6,618,585 16.4 16.66 16.8 16.8 16.24 16.4 2,275,700 37,230,048 ROBINSONS LAND 1.2 1.23 1.2 1.2 1.2 1.2 29,000 34,800 ROCKWELL SHANG PROP 2.49 2.55 2.49 2.55 2.49 2.55 19,000 47,610 STA LUCIA LAND 2.91 3.05 3.06 3.06 3.06 3.06 5,000 15,300 SM PRIME HLDG 36.5 37 37 37 36.1 37 6,292,900 230,612,830 1.95 1.99 1.96 2 1.95 1.99 224,000 439,330 VISTA LAND 1.72 1.73 1.76 1.76 1.71 1.73 730,000 1,260,500 VISTAREIT RT

SERVICES ABS CBN 8.9 9.1 9.14 9.14 8.9 9 116,400 1,049,824 GMA NETWORK 10.22 10.24 10.3 10.76 10.1 10.24 529,900 5,433,850 MANILA BULLETIN 0.325 0.34 0.33 0.34 0.33 0.34 30,000 10,000 7.2 8.1 7.2 7.2 7.2 7.2 600 4,320 MLA BRDCASTING GLOBE TELECOM 2,264 2,270 2,250 2,290 2,242 2,270 22,490 51,062,980 1,690 1,691 1,705 1,730 1,685 1,691 70,415 119,184,695 PLDT APOLLO GLOBAL 0.034 0.035 0.035 0.036 0.034 0.035 64,100,000 2,239,100 CONVERGE 20.2 20.25 21.25 21.3 19.9 20.25 11,187,900 226,799,091 DFNN INC 3.1 3.14 3.1 3.14 3.1 3.14 205,000 636,480 4.09 4.14 4.2 4.23 4.06 4.14 2,616,000 10,793,250 DITO CME HLDG 1.15 1.16 1.15 1.19 1.14 1.16 351,000 403,390 NOW CORP TRANSPACIFIC BR 0.275 0.28 0.28 0.28 0.275 0.275 1,470,000 405,100 2GO GROUP 6.32 6.9 6.31 6.95 6.31 6.95 700 4,485 ASIAN TERMINALS 13.52 13.8 13.8 13.8 13.8 13.8 2,200 30,360 1.23 1.29 1.31 1.31 1.23 1.29 182,000 231,210 CHELSEA 40.9 41 41.25 41.45 40.7 40.9 155,500 6,362,460 CEBU AIR 178 179.4 181 184 174.1 179.4 3,383,900 602,257,886 INTL CONTAINER LBC EXPRESS 18.1 21.95 18.12 18.12 18.1 18.1 2,600 47,072 MACROASIA 4.11 4.15 4.14 4.16 4.11 4.15 52,000 215,100 METROALLIANCE A 0.84 0.95 0.95 0.95 0.95 0.95 1,000 950 5.65 5.8 5.6 5.83 5.6 5.65 25,300 144,837 PAL HLDG HARBOR STAR 1 1.02 0.98 1.02 0.97 1.02 169,000 165,850 BOULEVARD HLDG 0.083 0.084 0.086 0.086 0.083 0.083 37,520,000 3,169,940 DISCOVERY WORLD 1.59 1.62 1.59 1.59 1.59 1.59 17,000 27,030 GRAND PLAZA 10.64 12.8 13.38 13.38 13.38 13.38 100 1,338 0.43 0.455 0.43 0.43 0.43 0.43 200,000 86,000 WATERFRONT STI HLDG 0.33 0.35 0.33 0.33 0.325 0.33 2,620,000 864,550 BELLE CORP 1.16 1.17 1.17 1.18 1.17 1.17 170,000 200,100 BLOOMBERRY 5.8 5.85 5.83 5.89 5.78 5.85 1,710,900 9,990,344 PACIFIC ONLINE 1.41 1.42 1.43 1.43 1.42 1.42 45,000 64,100 LEISURE AND RES 1.38 1.39 1.4 1.4 1.38 1.38 2,656,000 3,700,590 0.78 0.8 0.8 0.81 0.78 0.8 1,215,000 963,690 PH RESORTS GRP 0.395 0.4 0.4 0.4 0.395 0.4 10,930,000 4,371,750 PREMIUM LEISURE 3.44 3.45 3.82 3.84 3.34 3.44 4,856,000 17,270,690 PHILWEB ALLDAY 0.285 0.29 0.295 0.3 0.285 0.285 16,880,000 4,926,750 BERJAYA 5.63 6.15 6.15 6.15 6.15 6.15 1,200 7,380 4.25 4.29 4.3 4.3 4.29 4.29 69,000 296,090 ALLHOME METRO RETAIL 1.45 1.46 1.45 1.45 1.45 1.45 156,000 226,200 PUREGOLD 28.95 29 30.5 30.5 29 29 3,458,200 101,454,730 ROBINSONS RTL 52.7 53.2 53.95 53.95 52.7 53.2 66,380 3,530,589 PHIL SEVEN CORP 59.6 60 59 59.9 59 59.6 39,710 2,365,487 SSI GROUP 1.27 1.28 1.28 1.28 1.26 1.27 600,000 761,770 22 22.35 21.65 22.35 21.6 22.35 2,581,300 56,404,745 WILCON DEPOT 0.178 0.18 0.18 0.18 0.18 0.18 50,000 9,000 APC GROUP EASYCALL 3.88 4.69 4 4 4 4 1,000 4,000 MEDILINES 0.61 0.62 0.64 0.64 0.61 0.62 852,000 527,830 PRMIERE HORIZON 0.41 0.42 0.415 0.42 0.405 0.42 460,000 189,600 3.7 3.75 3.75 3.75 3.75 3.75 3,000 11,250 SBS PHIL CORP

MINING & OIL ATOK 6.7 6.8 6.85 7 6.59 6.7 207,400 1,446,460 APEX MINING 1.44 1.45 1.44 1.45 1.43 1.44 1,013,000 1,458,770 4.18 4.3 4.42 4.42 4.13 4.3 246,000 1,060,230 ATLAS MINING 5.15 5.45 5.4 5.4 5.35 5.4 23,800 127,820 BENGUET A BENGUET B 5.05 5.42 5.47 5.47 5.35 5.35 32,900 178,583 COAL ASIA HLDG 0.208 0.239 0.23 0.23 0.207 0.207 140,000 29,260 CENTURY PEAK 2.61 2.72 2.72 2.72 2.72 2.72 20,000 54,400 FERRONICKEL 2.16 2.17 2.23 2.23 2.14 2.16 7,536,000 16,396,480 0.171 0.18 0.17 0.17 0.17 0.17 10,000 1,700 GEOGRACE LEPANTO A 0.138 0.14 0.135 0.14 0.132 0.14 2,850,000 388,470 MANILA MINING A 0.0094 0.0095 0.0095 0.0097 0.0095 0.0095 25,000,000 238,500 MANILA MINING B 0.0093 0.0097 0.0093 0.0093 0.0093 0.0093 2,000,000 18,600 MARCVENTURES 1.26 1.27 1.28 1.31 1.23 1.27 4,269,000 5,410,390 0.9 0.92 0.9 0.9 0.9 0.9 87,000 78,300 NIHAO NICKEL ASIA 5.08 5.09 5.4 5.4 5.05 5.09 52,406,700 267,703,700 0.69 0.72 0.72 0.72 0.69 0.7 230,000 160,970 ORNTL PENINSULA PX MINING 3.13 3.16 3.18 3.18 3.12 3.13 969,000 3,039,140 SEMIRARA MINING 38.1 38.2 38.55 38.9 37.95 38.1 3,915,900 149,939,170 UNITED PARAGON 0.0059 0.0062 0.0063 0.0063 0.0062 0.0062 5,000,000 31,200 13.3 13.4 13.2 13.9 13 13.3 261,300 3,458,790 ACE ENEXOR ORNTL PETROL A 0.011 0.012 0.011 0.011 0.011 0.011 36,700,000 403,700 PXP ENERGY 5.5 5.68 5.69 5.75 5.4 5.68 263,900 1,482,495

PREFFERED AC PREF B2R 496.4 500 500 500 496.4 496.4 1,760 879,964 CEB PREF 40.5 41 41.15 41.15 41 41 17,900 734,180 DD PREF 98.5 99 99 99 99 99 70 6,930 103.5 106.5 106.5 106.5 106.5 106.5 20 2,130 EEI PREF B MWIDE PREF 4 76.1 99 98.5 98.5 98.5 98.5 1,150 113,275 99.6 100 99.8 100 99.6 100 1,110 110,698 PNX PREF 3B PNX PREF 4 970 975 969 975 969 975 2,180 2,114,640 PCOR PREF 3A 1,032 1,035 1,035 1,035 1,032 1,035 3,250 3,363,420 PCOR PREF 3B 1,045 1,050 1,050 1,050 1,050 1,050 2,000 2,100,000 75.75 76 75.7 76 75.7 75.75 8,310 629,345 SMC PREF 2F SMC PREF 2H 74.85 76.2 75.3 75.3 75 75 46,110 3,458,463 SMC PREF 2J 70 72 72.5 72.5 72 72 26,980 1,944,418.50

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 8.6 9.18 GMA HLDG PDR 10.4 10.9 10.9 11.1 10.4 10.4 12,300 133,730

WARRANTS TECH WARRANT 0.5 0.52 0.51 0.51 0.49 0.51 716,000 361,250

611,115 2,925,785 24,582,637.50 -2,690 -461,006 -45,688,735 -816,200 -701,628 7,394,717.50 -749,485.00 -35,000 34,800 13,206,472 1,880 -234,120 62,900 -11,782,714 -32,907 69,778,102 3,993,898 -2,455,210 -11,508,638 -212,880.00 185,102 74,320 241,112 -2,244,340 -2,597,580 -152,077 -22,994,762 -1,327,145 -45,145 14,155,680 1,242,080 -22,300 1,070 122,090,884 -503,795 16,800 -20,161,466 205,860 -98,850 -21,750 -675,740 -31,400 -213,765 -467,990 -390,000 17,691,950 -157,932,030 1,284,892.50 -15,944,285 16,800 -90,000 92,390 4,401,905 -29,583,354 55,040 31,426,335.50 -3,574,210 5,751,780 -112,621,525 -880,623 -333,648,255 -63,400 -203,675 10,350 374,320 11,920 -32,478 477,470 -25,500 -5,268,428 167,910 -78,254 -8,240 -2,696,740 -52,500 80,164 -194,710 -997,760 -11,639,412 27,390 -85,923,820 -127,700 231,320 13,371,810 -59,133,140 66,600 19,709,917 337,900 -32,900 90,750 -51,510 -861,590 -62,564,062 -301,920.00 -34,775 229,350.00 22,870 324,000 1,239,080 -261,800.00 -73,405,005 746,981 2,089,952 192,520 201,710 6,100 -12,300 -717,820 -210,700 2,300 54,400 -6,914,650 -18,600 369,900 86,777,816 -761,550 14,457,805 -12,600 11,300

SMALL & MEDIUM ENTERPRISES BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH MERRYMART

0.62 0.94 0.89 0.69 2.31 1.22

0.65 0.95 0.9 0.71 2.88 1.23

EXHANGE TRADE FUNDS FIRST METRO ETF

94.8

95

0.68 0.96 0.91 0.73 2.27 1.23

0.68 0.96 0.91 0.73 2.27 1.26

0.62 0.94 0.9 0.69 2.26 1.22

0.65 0.94 0.9 0.71 2.26 1.22

3,795,000 2,241,000 99,000 420,000 10,000 824,000

2,445,680 2,121,970 89,410 297,900 22,640 1,014,710

98,500 94,790 87,990 -19,000 7,200 -70,870 20,730

95.55 95.6 94.8 95 25,230 2,399,759 230,393.50

www.news.businessmirror@gmail.com

Banking&Finance

Data analytics may give unbanked credit access

By VG Cabuag

@villygc

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HE Yuchengco-led Rizal Commercial Banking Corp. plans to provide credit to the country’s unbanked population by using data analytics.

According to Bennett Clarence D. Santiago, head of RCBC’s Credit Management Group, the lender wants to address the challenges in evaluating loans to the unbanked in order to accelerate financial inclusion.

“From a credit perspective, we are trying to find ways to make credit available to the unbanked, based on how they spend government subsidies,” Santiago said during a webinar organized by Asian Bankers Association and the Association of Credit Rating Agencies in Asia.

According to Santiago, RCBC is developing a scorecard mechanism to assess the risk profile of the unbanked, challenged with having no credit and banking history. The score will be improved by utilizing external data such as personality, behavioral and public data, documents provided by the lender read.

There will be push for financial literacy and discipline to improve credit eligibility, it said.

Santiago said that the bank saw

the importance of data analytics during the pandemic.

“We needed to have a differentiated customer review. We couldn’t have a one size fit all type of monitoring. We should spend more time on high risk and low risk accounts, [and] this is where the possibility of digitization, automation, machine learning happens for credit risk management,” he added.

“Understanding delinquency drivers on a customer level was made possible through the use of data science and analytics. It has also helped improve collection strategy during the pandemic and enabled the business to implement data-driven decisions to mitigate risk,” Santiago further said.

The Credit Card Information Corp., the country’s public credit registry and repository of credit information, has recently classified RCBC as an accessing entity.

As such, RCBC can access borrowers’ credit information either directly from the CIC or through any of its accredited bureaus, such as CIBI Information Inc., CRIF Philippines and Transunion Information Solutions.

The bank said it can better assess its borrower’s credit history, and accelerate its loan approval process.

Perspectives Unlocking impactful change

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S we reach climate tipping points and global temperatures rise, consumers are looking to the businesses they interact with for help to do the right thing. The changing regulatory environment is also forcing hands. Investments are being made in decarbonization and offsetting emissions, in circular business models and sustainable and ethical supply chains.

Businesses that are focused on finding environmentally-favorable solutions are seeing greater business efficiency, profit, and growth. Understanding your operating model and how the various layers interact is key to unlocking long lasting, impactful change for your business, your people and the planet.

Confronting climate change.

Customers want to interact with environmentally responsible businesses that are working in alignment with their values and helping them to play their part. We also know that to stay in business we need to turn a profit.

Buying in to change. Whether you have been an early adopter, a market leader or have been forced to react, it is likely by now that you will have some form of sustainability activity underway—a business continuity plan and some level of investment to improve your environmental standing perhaps.

Understanding how all six components of your Operating Model layers relate to each other is key to leading the way on sustainability and ensuring real impact and returns on our investments are realized.

Service delivery layer—partnerships are key. The location and means by which your products and services get to market is arguably the biggest area for opportunity. As consumers themselves, businesses rely on other players to be environmentally responsible and ethical as their brands are interlinked.

People and culture—it takes a village. Sustainability and social good becomes a collective responsibility. The second leap to a regenerative business model is “how can I do more good.” The emphasis shifts to long term value rather than short term gain. Transparent and demonstratable values, strategies, and goals related to increased sustainability and climate considerations are also evolving as a key factor in talent attraction and retention. The relationship between sustainability and climate considerations and the recruitment and retention of top talent is increasingly being regarded as more than a challenge— it’s a key business risk.

Governance—the rise of the sustainability manager. The time is now to think beyond disclosure and ensure you have a license to operate. For those with limited resources, business

networks can plug gaps and first movers will be at an advantage. If you can support your sustainability leaders and staff to drive change in line with your strategy and goals, you are more likely to remain future focused, protecting and strengthening the resilience of your business and aligning your offerings to support a position of growth.

Performance insights—what gets measured gets done. It is a no brainer that the right incentives are needed to drive the right behaviors from within your organization and your partners across the supply chain.

Be clear about the outcomes you want to drive and what takes priority to help raise and resolve conflicts effectively.

Make sure goals don’t become their own individual “tick boxes” and processes and technology are in place to enable you to celebrate, communicate and build on your success.

Process and technology sustainability pays if you do it right.

The core principles of lean manufacturing and process improvement have been around for years. By identifying and removing waste, you can focus only on what adds value. By focusing on what is seen as value, to your customers and your business, you can run a business that is more efficient and less costly.

Focusing on sustainability can make your business more efficient to run and help you achieve a better bottom-line so you can invest sustainably and ethically for future generations.

In addition to lean processes, creativity is key to solving business challenges. Your investment in people and culture needs to be complemented by processes and technology that enable opportunities to be identified and acted on in the most efficient way.

For first mover advantage, ideas need to be well executed. Over time, the more people demanding sustainable ways of working will bring down costs for all.

KPMG’s Innovation Summit in the Philippines on July 20, July 21, July 26 and July 27, 2022, will feature innovation stories from stakeholders with an emphasis on sustainability, governance and technology, and will take place alongside the firm’s internal Ideation Challenge focusing on promoting ESG initiatives. Registration is free.

The excerpt was taken from the KPMG Thought Leadership publication: https://assets. kpmg/content/dam/kpmg/nz/pdf/2022/06/Unlocking%20impactful%20change.pdf © 2022 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG Intl. Ltd., a private English company limited by guarantee. All rights reserved.

For more information on KPMG in the Philippines, you may send a message via social media or visit www.home.kpmg/ph.

BusinessMirror

Editor: Dennis D. Estopace • Monday, July 18, 2022

B3

Bill seeks to mandate govt staff to waive bank secrecy

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By Butch Fernandez

@butchfBM

ENATOR Francis G. Escudero is reviving a bill obliging all government officials and employees to sign a waiver of the bank secrecy law.

Escudero’s move comes after an earlier version of an enabling legislation—requiring all government workers to be transparent by voluntarily allowing scrutiny of their private bank accounts—failed to

gain ground.

The latest proposal mandating waivers obliging both government officials and employees to allow scrutiny of private bank accounts was embodied in a recently filed bill.

Even as the enabling legislation’s similar version failed to muster majority support in the previous Congress, Escudero indicated the timely enactment of such a law is needed to oblige public officials and employees to be transparent in amassing their wealth.

The lawmaker added that once passed into law, “all government officials and employees will be required to submit a written permission allowing scrutiny of their deposits and investments.”

In filing the bill, Escudero explains it was intended to “lessen and wipe out graft and corruption,

as well as fast track investigation by authorities in cases involving money.”

“The proposal should be welcomed by those who are not hiding anything,” the senator said, adding “they should be at one with those promoting transparency and accountability.”

Moreover, he noted the growing number of banks willing to waive secrecy of bank deposits to facilitate investigation of cases involving “hidden wealth from illegal sources, funding from illegal activities, money laundering, tax evasion and other financial crimes.”

LandBank to lend ₧10B to banks affected by Odette

By Bianca Cuaresma @BcuaresmaBM

S

TATE-run Land Bank of the Philippines announced over the weekend that it is launching a P10-billion lending fund to help smaller banks affected by typhoon Odette to recover.

In a statement, LandBank said the new lending program, dubbed “Countryside Financial Institutions–Rehabilitation and Support to Typhoon Odette-Affected Areas” or “CFI-Restore,” is aimed at fasttracking the rehabilitation of countryside lenders particularly affected by the typhoon (international name Rai) in December 2021.

Under the program, LandBank will finance permanent working

capital and capital expenditures, including the repair and rehabilitation of buildings and facilities and the repair or purchase of equipment damaged by the typhoon.

The bank also said the lending program can also be used to supplement the funds of countryside financial institutions for relending to sub-borrowers affected by the typhoon.

“In the face of unprecedented financial challenges brought about by calamities, LandBank stands ready to assist countryside financial institutions to sustain their operations,” LandBank President and CEO Cecilia C. Borromeo was quoted in a statement as saying. “This is part of our commitment to advance local recovery and help build more resilient

communities nationwide.”

The program will cover affected countryside financial institutions in six regions previously declared by the National Government under a state of calamity due to typhoon Odette.

These include Mimaropa (Region IV-B), Western Visayas (Region VI), Central Visayas (Region VII), Eastern Visayas (Region VIII), Northern Mindanao (Region X) and Caraga (Region XIII).

The bank added that the lending program will also cater to countryside financial institutions in areas placed under a state of calamity by their respective local government units.

Eligible program borrowers include rural, thrift and cooperative banks which may borrow up to 85

percent of the actual need for permanent working capital and capital expenditure and up to 90 percent for the countryside financial institutions’ sub-borrowers’ agricultural loans and 85 percent for non-agricultural loans.

An interest rate of 4 percent per year shall apply, fixed for the first three years and subject to re-pricing thereafter and payable up to three years for working capital, ten years for capital expenditure and ten years for term loan rediscounting.

Countryside financial institutions with existing loans with Landbank may also avail of loan restructuring under the Program to rehabilitate and restore their operational cash flow, via extended repayment period.

Cebuana Lhuillier Bank opens 1st Cebu branch

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EBUANA Lhuillier Bank (CLB), one of the country’s fastest growing rural banks, has set its sights for further expansion in the Visayas region, beginning with the opening of its first branch in Cebu City.

The move is in line with the bank’s mission of providing financial inclusion to every Filipino, especially to clients from the countryside. CLB, in particular, is reaching out to mom-and-pop businesses and to micro-scale, small-scale and medium-scale enterprises (MSMEs) whose operations definitely needed a boost following the challenges brought to the economy these past two years.

“MSMEs have always been the backbone of our economy, with 99 percent of total businesses in the Philippines considered falling under this sector. They are also a major source of employment and also a major contributor in our total export revenues. However, in spite their huge contributions to the economy, MSMEs often lack financial resources that will help in their growth and development,” Cebuana Lhuillier Bank President Dennis O Valdes was quoted in a statement as saying. “True to the mission of becoming a partner for progress, CLB’s first-ever branch

This Friday, July 15, 2022, photo shows (from left) Cebuana Lhuillier Bank President Dennis O. Valdes; Amb. Philippe Jones Lhuillier’s spouse Edna D. Lhuillier; PJ Lhuillier Inc. Chairman and Founder Amb. Lhuillier; Camille Lhuillier-Albani; Andrea Albani; and, CLB Vice President Jimmy Ang, during the opening of CLB’s first branch in Cebu City. CREDIT: Cebuana Lhuillier Bank

here in Central Visayas is open to all, especially to the more than 65,000 MSMEs looking to further grow their business.”

Located within the business center of the city, CLB’s newest branch can be found in Acacia Street, Barangay Kamputhaw, Cebu City. The bank offers a wide variety of business loan products primarily aimed to provide financial assistance to MSME business owners for their working capital, business expansion and investment.

Depending on the business size and profile of the clients, CLB offers loan products such as microfinance loans, SME loans and corporate business loans.

“As a conglomerate, PJ Lhuillier

has always been guided by its mission of financial inclusion. We make sure that this is reflected in all the products we offer in our companies and a vital part of how we extend our services to the millions of Filipinos who rely on us for their micro financial needs,” PJ Lhuillier Group of Companies President and CEO Jean Henri Lhuillier was quoted in the statement as saying.

“Our banking arm, CLB is guided by this vision—from their groundbreaking micro savings product which empowered close to 6M Filipinos to start saving for their future, to their expansion plans to Visayas and Mindanao which will allow them to serve more of our kababayans

[compatriots] and MSMEs in rural communities.”

CLB currently offers housing loans and business loans in the province. With low interest rates, fast application process and flexible loan payments, CLB aims to empower MSMEs and business owners. Qualified CLB clients can get a maximum loan amount of P300,000 for a business loan.

Aside from business loans, CLB also offers housing loans and soon to be available in its Cebu branch, the Teachers Loan and Motorcycle Loan products.

To date, CLB already has five branches nationwide and is expected to reach Mindanao region before the year ends. As the banking arm of micro financial services giant Cebuana Lhuillier, CLB recently tapped the industry leader to serve as its cash agent, utilizing Cebuana Lhuillier’s more than 3,000 branches nationwide for its Micro Savings product.

The wide network presence provided the bank and its clients greater accessibility; while also enjoying wider connectivity thanks to the mobility provided by eCebuana app, which enables clients to conveniently access micro financial services such as micro-savings, money remittance, bills payment and e-load services among others.

Central bankers seek to balance cypto’s risks, rewards

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ENTRAL bankers are seeking to balance the opportunities offered by cryptocurrencies with the risk that slow progress on regulating them could mean more losses for consumers.

Chiefs of the Reserve Bank of Australia, Swiss National Bank and Hong Kong Monetary Authority admitted broad uncertainties on the future of digital currencies and hailed the underlying technology while speaking on a panel on the sidelines of the Group of 20 finance meetings in Bali, Indonesia.

“Privately backed money can work

for a while but it usually ends in disaster,” said RBA Governor Philip Lowe.

“Periods of innovation tend to be associated with periods of speculative behavior” as people fear missing out.

The central bank isn’t keen on issuing digital currencies for the retail market, but is considering a wholesale option to improve real-time gross settlements, he said.

Digital finance is a stated priority of the G-20 finance chiefs. On cryptocurrencies, policymakers have largely maintained a cautious tone as the plunge in the value of Terra and others exposed the markets’ fragil-

ity and raised questions about how to regulate them.

“We need a very globally coordinated approach in order for regulation to be effective,” said Eddie Yue, chief executive of the Hong Kong Monetary Authority. “We need to regulate the defi platforms early rather than later.

The question is how.”

Among questions he wanted to tackle on CBDCs was how to ensure sufficient liquidity and how to incentivize banks and businesses to switch from more traditional platforms, Yue said.

The central bank chiefs cited ques-

tions around anti-money laundering, data privacy and effects on broader financial stability as priorities for regulating cryptocurrencies, even as the tokens merited a different approach than traditional money.

The “fundamental challenge” in regulating crypto is in its nature— that, “if anything, crypto was conceived to undermine central banks,” said Tobias Adrian, director of the monetary and capital markets department at the International Monetary Fund. There’s no “one size fits all” approach for CBDCs, he added.

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B4 Monday, July 18, 2022

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The Unification Church’s ties to Japan’s politics

COUPLES from around the world attend a mass wedding ceremony at the Cheong Shim Peace World Center in Gapyeong, South Korea, on February 7, 2020. South Korean and foreign couples exchanged or reaffirmed marriage vows in the Unification Church’s mass wedding arranged by Hak Ja Han Moon, wife of the late Rev. Sun Myung Moon, the controversial founder of the Unification Church. AP/Ahn Young-joon

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By Mari Yamaguchi The Associated Press

OKYO—The assassination of former Japanese Prime Minister Shinzo Abe has unearthed longsuspected, little-talked-of links between him and a religious group that started in South Korea but has spread its influence around the world.

Police and Japanese media have suggested that the alleged attacker, Tetsuya Yamagami, who was arrested on the spot, was furious about Abe’s reported ties to the Unification Church, which has pursued relationships with politically conservative groups and leaders in the United States, Japan and Europe. The suspect reportedly was upset because his mother’s massive donations to the church bankrupted the family.

Many Japanese have been surprised as revelations emerged this week of the ties between the church and Japan’s top leaders, which have their roots in shared anti-communism efforts during the Cold War. Analysts say it could lead people to examine more closely how powerfully the ruling party’-=s conservative worldviews have steered the policies of modern Japan.

A look at the church and its deep ties to Japan’s governing party and Abe’s own family:

split between the totalitarian North and democratic South.

The church is perhaps best known for mass weddings where it paired off couples, often from different countries, and renewed the vows of those already married, at big, open places such as stadiums and gymnasiums.

The group is said to have a global membership of millions, including hundreds of thousands in Japan.

The church faced accusations in the 1970s and ’80s of using devious recruitment tactics and brainwashing adherents into turning over huge portions of their salaries to Moon. The church has denied such allegations, saying many new religious movements faced similar accusations in their early years.

In Japan, the group has faced lawsuits for offering “spiritual merchandise” that allegedly caused members to buy expensive art and jewelry or sell their real estate to raise donations for the church.

What’s the Unification Church?

What’s the church’s link to world leaders?

THE church was founded in Seoul in 1954, a year after the end of the Korean War, by the late Rev. Sun Myung Moon, the self-proclaimed messiah who preached new interpretations of the Bible and conservative, familyoriented value systems.

The church championed anti-communism and the unification of the Korean Peninsula, which has been

Throughout his life, Moon worked to transform his church into a worldwide religious movement and expand its business and charitable activities.

Moon was convicted of tax evasion in 1982 and served a prison term in New York. He died in 2012.

The church has developed relations with conservative world lead-

JAPANESE Prime Minister Shinzo Abe laughs while speaking at the Center for Strategic International Studies in Washington on February 22, 2013. The assassination of former Japanese Prime Minister Shinzo Abe has unearthed long-suspected, littletalked-of links between him and a religious group that started in South Korea but has spread its influence around the world.

Tomihiro Tanaka, head of the Japan branch of South Korea’s Unification Church, listens to a reporter’s question during a press conference in Tokyo, on July 11, 2022. Yohei Fukai/Kyodo News via AP

AP/Jacquelyn Martin

ers including US presidents Richard Nixon, Ronald Reagan and George H.W. Bush and more recently Donald Trump.

Moon also had ties with North Korea’s founder Kim Il Sung, the late grandfather of current ruler Kim Jong Un. Moon said in his autobiography that he asked Kim to give up his nuclear ambitions, and that Kim responded that his atomic program was for peaceful purposes and he had no intention to use it to “kill [Korean] compatriots.”

What was Abe’s link to the church?

Abe was known for his arch-conservative views on security and history issues and also was backed by powerful lobbies such as the Nippon Kaigi.

He appeared in events organized by church affiliates, including one in September 2021.

In a video shown on a big screen at the meeting of church-related Universal Peace Federation, or UPF, Abe praised its work toward peace on the Korean Peninsula and the group’s focus on family values. An emphasis on traditional, paternalistic family systems was one of Abe’s key positions.

“I appreciate UPF’s focus on family values,” he said in the video. “Let's be aware of so-called social revolutionary movements with narrow-minded

values.”

Reports of his appearance in the 2021 event drew criticisms from the Japanese Communist Party and cult watchers, including a group of lawyers who have watched the Unification Church activities and supported its alleged victims.

In a news conference Monday after the church’s connection to Abe’s assassination was revealed, the church’s leader in Japan, Tomohiro Tanaka, said Abe supported UPF’s peace movement but that he was not a member.

Police still have not publicly identified the group cited by the suspect, presumably to avoid inciting violence.

What does it mean for Japan’s governing party?

The ties between the church and Japan’s governing party go back to Abe’s grandfather, Nobusuke Kishi, who served as prime minister and shared worries with Washington over the spread of communism in Japan in the 1960s as labor union activists gained strength.

Kishi, who was arrested as a war criminal but never charged, was known for his right-wing political views, and the Unification Church’s anti-communist stance matched his views of Japan’s national interests, experts say.

Kishi’s close relationship with the church was publicly known. The

church headquarters at one point was housed in a building next to Kishi's Tokyo residence, and he was seen with Moon in photos taken at the church and published in group publications. Media reports say the suspect believed that Kishi brought the church to Japan.

“Japanese leaders at the time saw the church as a tool to promote anti-communist views in Japan,” said Masaki Kito, a lawyer and expert on religious businesses. For the group, showcasing close ties with prominent politicians was a way to get endorsement for its activity.

Ties between church-affiliated organizations and LDP lawmakers developed over decades since the church expanded, providing solid political support and votes for the governing party, experts say, though the group denied it.

A survey of 128 lawmakers obtained from police and published in the Weekly Gendai magazine in 1999 showed most attended events organized by the Unification Church's anti-communism affiliate, the International Federation for Victory Over Communism, also funded by Moon, and more than 20 LDP lawmakers had at least one church member in their offices as a volunteer.

What is being said by the church and its critics?

The church denied any favorable

treatment by Kishi when it opened a Japan branch. Tanaka said Abe supported current leader Hak Ja Han Moon's peace movement, but denied any movement of money between the group and the LDP. The church said Monday it had no records showing that Yamagami was a member. The church said it had no direct relationship with Abe, although it interacted with other lawmakers through an affiliated organization.

Members of the National Network of Lawyers Against Spiritual Sales, who watch the church, say they have repeatedly asked Abe and other LDP lawmakers to stop appearing or sending messages to the events organized by the Unification Church or affiliates while ignoring the long-standing church-related problems.

What does it mean for the party?

“The assassination is shedding a light on the Unification Church,” said Koichi Nakano, an international politics professor at Sophia University in Tokyo. “The church’s relationship with the LDP’s right-wing factions and its ultra-right-wing policies could come under close scrutiny," and lead to a reevaluation of Abe's legacy.

It could lead to revelations of how the party’s views have distorted postwar Japanese society, while stalling progress of gender equality and sexual diversity issues, Nakano said.

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Editor: Gerard S. Ramos

• Monday, July 18, 2022

B5

Flair and fantasy

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ROM disinformation to the Death March, the Binibining Pilipinas 2022 candidates delivered powerful messages using their national costumes. The sophisticated ternos, Maria Claras and trajes de mestizas were still on splendid display but wonderful additions to the patriotic themes now included a cowgirl, a vineyard and a tikbalang.

While my fellow pageant fanatics trooped to the New Frontier Theater on that rainy Saturday to witness the national costume competition, I watched it via livestream in the comforts of my House of Spirits. I missed the energy of the live event but onscreen, I was able to fully appreciate the astounding details of each costume as the 40 candidates flaunted their outfits with flair and flourish.

Miss InterContinental 2021 Cinderella Obeñita and The Miss Globe 2021 Maureen Montagne hosted the pre-pageant extravaganza.

The coronation night on July 31 at the Smart Araneta Coliseum will be presented by Catriona Gray, Nicole Cordoves, Samantha Bernardo and Edward Barber. It can’t be emphasized enough that the 2022 class is so unpredictable that a sensational national attire, though with no bearing on the preliminary scores, can help a delegate further captivate the judges and the crowd.

“The announcement of the Top 10 best in national costume will be on finals night. Quite interesting kasi first time all-out fantasy ang lumabas,” says fashion director Raymond Villanueva, a member of the executive committee of Binibining Pilipinas Charities Inc. “The costumes looked amazing, especially up close. The Filipino designers really worked hard on their creations.”

Here are some standouts: n BB. 7 GRACIELLA SHEINE LEHMANN—ORIENTAL MINDORO BY PAOLO BALLESTEROS. The host of Drag Race Philippines knows about what will stand out on the runway. The Tikbalang, a mythical creature of local folklore, stomped on everyone with its otherworldly presence. n BB. 28 GABRIELLE CAMILLE BASIANO—BORONGAN CITY, EASTERN SAMAR BY KEN BATINO AND JEVIN SALAYSAY.

Gabrielle’s delicate, immaculate features were framed to perfection in an “homage to the Padul-Ong Festival, a mythical presentation that tells the story of how the image of the Virgin Mary was mysteriously transported from Portugal to Borongan, celebrated every September 8.” n BB. 23 NICOLE BORROMEO—CEBU BY AXEL QUE. You’d think that the Sinulog will take centerstage once again, but the designer opted to highlight the perya, a “dreamlike melody of carousels to the joyous screams in the distance, a vibrant homage that comes alive when the perya arrives.” n BB. 13 PATRICIA ANN TAN—MASBATE CITY BY KENNEDY JHON GASPER. Here’s an image of the strong Pinay seldom celebrated: the cowgirl. The costume is an homage to the Rodeo Masbateño Festival, with “Filipiniana sleeves made of the twine and rope usually used in rodeos, showcasing the strength of a modern Filipina.” n BB. 40 ROBERTA ANGELA TAMONDONG—SAN PABLO, LAGUNA BY LANNY LIWAG. “Ahon” is inspired by the Seven Lakes and Buko Festival of the city. The intricate costume was created “using the Cavinti and Louisiana techniques.” n BB. 8 NICOLE BUDOL—ANGONO, RIZAL BY PATRICK ISORENA. Angono being the “Art Capital of the Philippines” and home of the Higantes Festival, the designer used the image of Miss Universe 2018 Catriona Gray as a higante. Herlene, known by fans as Hipon Girl, wore a bodysuit made of orange and gold crystals to symbolize the crustacean. n BB. 11 ESEL MAE PABILLARAN—MISAMIS ORIENTAL

BY JOSHUA CYRUS ORTEGA DOS. My hometown girl wore a ballgown called the “Laga Hu Kuyamis.” Kuyamis, the origin of the word Misamis, refers to the sweet golden coconuts abundant in the province. n BB. 5 KAREN LAURRIE MENDOZA—ILOILO CITY BY TATA BLAS-PINUELA. Karen literally wore a house as a headpiece, both alluding to her bayanihan spirit and the binukot, a beautiful maiden who is carried around town. A sentimental fave to snatch a crown, she “aspires to help other people lift what they heavily carry, so they can move forward in life,” just as she did after that disastrous “When is it not OK to not be OK” debacle by Boy Abunda. n BB. 17 CHELSEA FERNANDEZ—TACLOBAN CITY BY NICK GUARINO OF FESTIVALI. Call it a myth, urban legend or conspiracy theory but whoever is assigned the number 17 inevitably wins the top plum of Binibining Pilipinas International. Like Ahtisa Manalo, Patch Magtanong and Hannah Arnold in the past three editions. If so, Chelsea’s journey is paved by the San Juanico Bridge, The Bridge of Love, the inspiration for her costume. n BB. 33 MARY JUSTINNE PUNSALANG—CAVITE BY KLEVIN BARTOLABA. Together with Bb. 25 Anna Alencia

STANDOUTS

Justinne Punsalang, Cavite; Patricia Navea Tan, Masbate City; Graciella Sheine Lehmann, Oriental Mindoro; Esel Mae Pabillaran, Misamis Oriental; Nicole Borromeo, Cebu; Herlene Nicole Budol, Angono, Rizal; Karen Laurrie Mendoza, Iloilo City; Gabrielle Camille Basiano, Borongan City, Easter Samar; Roberta Tamondong, San Pablo, Laguna; Chelsea Fernandez, Tacloban City.

PHOTOGRAPHED BY BRUCE CASANOVA

Lakrini of Bataan, who courageously highlighted the Death March in World War II, Justinne took on the fight against disinformation. Ready to soar to achieve

her dreams, she is the “epitome of a modern Filipina who is brave and fights for what is right and true, but at the same time is inspiring.” n

CYNOS DEEP CLEANSING SHAMPOO I USE Cynos Deep Cleansing Shampoo in between medicated shampoos. This helps keep my scalp clean and prevents itchiness. If you have oily scalp, this shampoo will regulate the secretion of 5a-reductases which activate the sebaceous glands. This isn’t really for dandruff control but it does stop itching and won’t worsen your condition. If you have acne on the face, back and chest, this will help prevent that. Cynos Deep Cleansing Shampoo lathers well and is smooth on the hair. It cleans hair with drying it. The Cynos hair line has not disappointed me and I’ve always liked every product. This is not an exception.

them. n MEDICATIONS: If you see a board-certified dermatologist, they can prescribe medications such as topical steroids and antihistamines. But don’t selfmedicate as it could worsen your condition. n MASSAGE: Massaging your scalp with the ball of your fingertips can help loosen the flakes. Just be careful not to scratch and cause wounds.

What to do when you have scalp psoriasis redness. For intense flare-ups, though, you’d need something stronger like Scalpex.

Selsun Blue has selenium sulfide, an anti-infective that helps slow the growth of the infection-causing yeast. What I like about Selsun Blue is that it doesn’t dry the hair. I leave this on my scalp for a few minutes before rinsing. My favorite Selsun Blue variant is the Pro X.

FACT: If you have a scalp problem, there are many others like you. Some are just embarrassed to admit it because of some stigma attached to having dandruff, which can be perceived as contagious (it’s not).

I will not go into the different types of scalp problems but I will talk about the different shampoos and conditioners that have worked for my condition (psoriasis of the scalp).

Tar and salicylic acid are preferred ingredients for treating scalp psoriasis. Tar is anti-inflammatory while salicylic acid is an exfoliant so if your scalp is scaly, it could help.

The key is leave the products in contact with your scalp for 3 to 5 minutes so that they will work properly.

DERMAREST PSORIASIS MEDICATED SHAMPOO + CONDITIONER THIS is the real deal for those with scalp psoriasis, dermatitis and eczema. It has salicylic acid that removes scales and softens scalp psoriasis plaques. It also has zinc complex. Aside from that, it addresses redness, flaking and itchiness. What I love about this is that it feels like a normal shampoo. It’s also not drying on the hair and irritating on the scalp.

SCALPEX I USED Scalpex (ketoconazole zinc pyrithione) for years until I learned that my condition isn’t dandruff but scalp psoriasis. For proper diagnosis, it is best to see a board-certified dermatologist. For dandruff, however, this works really well.

Like most shampoos for scalp condition, Scalpex is not meant for everyday use and should be left on the scalp for a few minutes before rinsing. It should also be shaken before use.

Scalpex is very effective in controlling dandruff flakes but it can be very drying so you need to condition afterward. I used this for years and it was able to control psoriasis flare-ups.

SELSUN BLUE FOR dandruff and seborrheic dermatitis, this is very effective. It also helps reduce itching and scalp

PHOTO BY JULIANA MAXINE VASQUEZ

AVEDA INVATI ADVANCED INTENSIVE HAIR AND SCALP MASQUE THEY say you shouldn’t apply conditioner on your scalp but Aveda Invati Advanced Intensive Hair and Scalp Masque is meant to be applied that way. This hair and scalp masque is applied on the scalp up to the tip of the hair. Because it’s Aveda, the masque has no silicone, parabens, mineral oil, petrolatum, formaldehyde, animal ingredients, synthetic fragrance or gluten. It’s very gentle so it won’t be harsh on your scalp. It also helps to strengthen the hair aside from nourishing the scalp.

Here are some tips for scalp care if you have psoriasis: n MOISTURIZE: It helps when I apply an oil or cream on my scalp before I shampoo. I love The Body Shop Ginger Scalp Serum because it’s very refreshing. I also like Kérastase Spécifique Potentialisté. Leaving these serums and oils overnight is also helpful. n TRY TO AVOID STRESS: Psoriasis flare-ups are triggered by stress so it would help if you kept a diary of your severe psoriasis attacks and what caused

THE Denim Fashion Show opened the month with fashionable haute couture art pieces from some of the country’s well-known and budding designers.

DENIM IS IN THE SPOTLIGHT—AGAIN THE mighty versatile textile that is denim is getting the attention it deserves with the Newport Mall’s Denim Daze month-long event. For the month of July, the denim craze takes over the mall with an extra-ordinary sale. Top-notch quality denim apparel are up for grabs from True Religion, Tommy Hilfiger, 158 Designer Blvd., Guess, Giordano, Shoegame Manila and more.

True-blue denim fans and fashionistas also were treated to a Denim Haute Couture display featuring stylized denim creations by some of the country’s top designers. On view until last July 10, the exhibit featured some of the country’s budding and well-known designers including Carl Arcusa, Manny Marquez, Joseph Palma, Jian Lasala, MC Mikael Castillo and more.

Newport City promises exciting leisure activities besides the month-long Denim Daze deals. From the Newport Garden Wing’s retail options to the Newport Grand Wing’s hotels, the leisure options are endless.

More information can be found at www.rwmanila.com.

B6 Monday, July 18, 2022

Diversification offers opportunities for PH MSMEs

Celebrating infinite moments at the 8th edition of ‘Marry Me’ at Marriott

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FTER a three-year hiatus, Marriott’s signature event “Marry Me at Marriott” is back on its eight edition, aptly titled, ‘Infinite Moments’.

Aside from it signifying the number “8” and the infinity as the symbol of forever, Marry Me envisions to be the clear reminder that every life’s milestone is a mark of a beginning to endless moments worth celebrating.

Presented by the award-winning travel program Marriott Bonvoy, this year’s Marry Me at Marriott features 8 celebrated designers in the names of Albert Andrada, Andrea Tetangco, Debbie Co, Happy Andrada, Jazel Sy, Joe San Antonio, Julianne Syjuco, and Randy Ortiz showcasing their artistry in their 8 astounding designs.

Milestone Event Themes

THE event is also the first time six prominent event stylists collaborated together in making the country’s most sought-after bridal and fashion gathering of the year. Aside from coloring the runway very peri, the color of the year, Flower House by Gary Dacanay Weddings and Events, Amantefleurs Event Styling

by Julius Villamante, Blooms 2110 Event Styling by Allen and JP, Sabrosas Events and Talent Management by Elizabeth Palomares and Henry Reyes, Amelia Blossoms by Marinell Marcelo, and Jacqs Florals by Jacqueline Wong showcased their artistry and prowess in their own milestone booths.

From birthdays to weddings, each event stylist made sure that their creativity shone on that grand night with their excellently dressed up booths fit for every life’s breakthrough.

Sharon and Dodjie Fabian of Themes and Motifs with Archie Nicasio announced the upcoming Marriott Moments A Fair – Life’s Big Events Expo happening on July 23 to 24 at the newest convention hall in the Marriott Grand Ballroom—MGBX.

Culinary Extravaganza

HEAD of Marriott Hotel Manila’s culinary arts team, “The Big Chef”, Meik Brammer and his team once again showcased its gastronomic expertise with dishes fit for all occasions. For

HAPPY Andrada’s bride tribe in fun bridal robes led by Janeena Chan. couples who are into anniversary parties and gatherings, Chef Meik’s Vol au vent of Pacific Salmon, Spinach and Roquefort, Roasted Beetroot, Turkish Feta cheese and Candied walnuts, Shrimp Al Aljillo on Spanish Toast with Extra Virgin Olive oil and Garlic with Pepper Relish. Highlight of the food showcase is the Lechon de Leche.

Coming of age definitely deserves to be celebrated with sumptuous food like Louisianna Baked Lobster in Filo wrap and different sweets to wrap up the milestone, and the wide array of pasta choices fit for everyone’s liking.

Chinese cuisine was also a best bit with the Ting Hun dishes like Vegetable Dumplings with Black Truffle and Wok Fry Tiger Prawns Station. To cap off are desserts like Lychee Cremeux and Mandarin Orange Fruit.

Not to forget were the wedding food choices. Start of the ensemble is the US Angus Striploin Coated in Herb Crust with Mustard, Creamy horseradish, Pink Peppercorn, Sweet Corn hash, and Goose Liver Croquette.

Display of six towering intricately designed themed cakes added to the grandiosity of the pre-event celebration venue, serving as eye catching centerpieces, thus crafting that well simulated experience of different milestone moments.

Round cakes with swan details and hints of gold flakes for ting hun by Marriott Hotel Manila’s pastry team

Marriott Moments for a cause

IN partnership with Marriott Hotel Manila’s sister hotels Sheraton Manila Hotel, Clark Marriott Hotel, and Sheraton Manila Bay and in cooperation with Courtyard by Marriott Iloilo, Marry Me at Marriott is going beyond the glitz and glamor as they make every moment count with the upcoming “Marriott Moments A Fair” happening on July 23 and 24 at the brand new MGBX of the Marriott Grand Ballroom. A special upgrade on package is in store for those who will have confirmed bookings for all kinds of events made up to July 24. A portion of the proceeds will also go to the Save the Children Foundation.

Partners and more

SHOWING its appreciation to all the reputable partners who joined this year’s Marry Me, Marriott Philippines will launch its Marriott Moments Partners Compendium, a reliable reference of all reputable wedding and events suppliers in the country which became an integral part of the event. This compendium will become part of Marriott Philippines’ wedding website which will be released soon, where all the exclusive features and packages for all life’s milestones can be found.

To know more about Marriott Hotel Manila, call (632) 8988 9999 or visit www. manilamarriott.com. To keep up on their latest offerings, follow @manilamarriott at Facebook, Instagram and Twitter.

GrabNEXT Conference: ‘Dare, Dream, and Deliver’

THE GrabNEXT Conference featured insightful talks with GrabNEXT host Raphael Resus, Let’s Eat Pare’s Mark Del Rosario, media personality Christine Bersola-Babao, culinary artist and TV host Chef Jeremy Favia (left), and Grab Philippines Head for Deliveries Enterprise Martin Luchangco (right).

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N celebration of its 10th year anniversary, Grab Philippines recently held GrabNEXT - an annual merchant conference offering best-in-class learning and networking opportunities to tens of thousands of brands and MSMEs on the Grab platform.

Aptly themed Dare. Dream. Deliver, this year’s GrabNEXT Conference focused on helping more entrepreneurs on the Grab platform scale, succeed, and become Biga10s with the help of various tools, programs, and initiatives - all made accessible to them through the Grab superapp and platform.

Grab Philippines Head for Deliveries Enterprise Martin Luchangco unveiled several key programs and features to better support the continued growth of Grab merchant-partners.

Scan to Order is Grab’s latest feature allowing consumers to easily view and place their dine-in orders through the Grab app, help improve operationalefficiency while enhancing consumer dining experience.

GrabMerchant Community is an exclusive online community where best-practices, tips, and feedback are shared among Grab merchant-partners,

encouraging local businesses to empower and support each other.

With Mastercard Business Tool Kit, Grab has teamed up with Mastercard to produce 20 educational videos on financial literacy, digital marketing and business expansion, and will be available to all Grab merchantpartners through the GrabMerchant app this July 2022.

GrabMerchant Masterclass is exclusive learning opportunities carefully designed and tailored to meet the needs of merchantpartners covering courses on business management such as Cashflow and Budgeting, Digital Marketing, and Customer Service, as well as food safety certification courses in partnership with the Food Safety and Hygiene Academy of the Philippines (FoodSHAP) MSMEs need the right online visibility to help scale their businesses, and critical to this is finding the right mix of advertising and marketing solutions. GrabAds Philippines Client Partner Manager Rina Laurel shared how merchants can better maximize their online presence through several GrabAds solutions that can cater to any goal whether it's highlighting a specific product with the Banner Ads or gaining insights on brand visibility through Self-Serve Reporting.

Kickstart your BIGA10 journey by signing up to be a GrabFood merchant and going to https://www.grab.com/ph/ merchant/food/.

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ICRO, small and medium enterprises (MSMEs) can expand their operations while creating new products for new markets as they diversify to seize opportunities overseas and survive the pandemic.

Jezreel Joy Eufemio-Cristobal of the United Nations Industrial Development Organization- Philippine Office (UNIDO) underscored the importance for MSMEs to take advantage of economic diversification. “...Mainly because countries that depend on the production and export of small range products and services or those that sell products in only few overseas markets have found themselves growing at a slower pace compared to those peers who have been able to enter into a more diverse range of production activities and business operations,” she said in a webinar.

On the business side, EufemioCristobal said the low rate of diversification leads to missed opportunities especially in the global market, as well as unnecessary internal domestic competition brought about by similar operating enterprises in a limited business space.

She said businesses or firms’ capacity to diversify operations also results in higher resilience in facing economic shocks, such as the one brought about by the coronavirus disease 2019 (Covid-19) pandemic.

“Economic diversification will be key for countries to be able to move forward from the pandemic and take advantage of growth opportunities. It can prepare countries to face potential future events, bringing about higher resilience to socioeconomic shock,” she added.

Eufemio-Cristobal said diversification aims to move the economy away from a single income source towards multiple sources from the growing range of sectors and markets.

In efforts to diversify the Philippine economy, she said the country can look at

the manufacturing sector as there is a high potential to increase export activities.

Eufemio-Cristobal particularly cited agri-based industries that can create options and flexibility in business operations and allow for greater participation of MSMEs in various global value chains.

“Along these lines, the country needs to also strengthen its quality infrastructure, facilitating the adoption of standards and access to state-of-the-art testing laboratories especially for MSMEs,” she added.

Apart from economic diversification, Eufemio-Cristobal also highlighted the opportunities for MSMEs in the green economy and sustainable financing.

She said the green economy accelerates the adoption of green, circular, and climate-smart approaches in MSME operations.

Eufemio-Cristobal further said the UNIDO in its Industrial Development Report 2022 has highlighted that environmental sustainability and social inclusiveness must become the key component of the economy in the postpandemic period.

She said sustainable finance, on the other hand, involves investment decisions that take into account environmental, social and governance factors of an economic activity or project.

MSMEs who are ready to make these investments need to be supported by a responsive and sustainable financing system, Eufemio-Cristobal said.

“The road towards sustainability for MSMEs through economic diversification and green economy approaches and business model(s) will require investment, such as for instance putting cash into green energy projects or investing in companies that demonstrate social values, such as social inclusion on good governance,” she added.

SMFI holds medical mission at SM Center Muntinlupa

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M Foundation (SMFI) provided free medical consultation and medicines to more than 260 patients during its recent medical mission at SM Center Muntinlupa. Other diagnostic services were also offered including x-ray, sugar test, cholesterol test, uric acid test, and hemoglobin test. This social good initiative was made possible through collaboration with the Muntinlupa City Health Office, Philippine Red Cross-Muntinlupa Chapter, Jonelta Foundation, and SM Supermalls.

SMFI, through its Health and Medical Programs, upgrades public health centers in its host communities, complemented by its medical caravans across the country.

To date, it has renovated more than 170 health and wellness centers and served more than 1 million patients during its medical missions.

SeedWorks PH launches dry-direct seeding rice technology demonstration in Pangasinan

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EEDWORKS Philippines is putting the spotlight on another viable alternative farming technique that will be suitable for its versatile, yet high-yielding TH-82 Tatag Hybrid rice variety.

The agricultural seed company is launching dry-direct seeding technology demonstration in a rice farm in Barangay Cabatling in Malasiqui, Pangasinan and in Barangay Nelintap, in San Carlos City, Pangasinan on July 13, 2022. The rice farming demonstration will prove the reliability of TH-82 variety in bringing higher yields to farmers while significantly lowering the usual rice production costs—in irrigation and labor.

Dry-direct seeding is an emerging riceplanting technique that is designed to address scarcity in water especially in the uplands and other areas where water is scarce or irrigation could not be sufficiently maintained. It is also ideal when farming during drought.

Through this alternative rice-farming technique, rice seeds are directly sown into the soil. Through the process, labor cost is trimmed as the need to puddle-transplant or wet-sow rice plants is skipped. This is why this agricultural technique is starting to draw attention in some rice-producing countries in the region.

“Through this field demo, we want every farmer to realize that growing hybrid

rice may not require spending more,” says SeedWorks Philippines President Carlos Saplala. “Through using SeedWorks’ TH-82 hybrid rice variety, farmers can still get high yield while spending less in production cost using dry-direct seeding technology.”

SeedWorks’ TH-82 hybrid rice variety is best noted for its seed vigor, robust root system, and ability to bring about highyield despite unlikely climate conditions. It has already been proven to be the right rice variety of choice for direct-seeding and dryseeding techniques in dry and even wet rice field conditions.

SeedWorks PH’s dry-direct seeding technology demonstration comes as the administration of President Ferdinand Marcos Jr, who also assumes the role as Department of Agriculture chief, calls for higher rice production this planting season to help make the country produce more rice for national consumption as a forecast global food crisis looms.

“SeedWorks has always been supportive of the government’s efforts aimed at ultimately helping our local farmers achieve greater harvests despite the adverse soil and weather conditions,” said SeedWorks PH Vice President Remus Morandante.

“Our hybrid rice varieties have been proven to enable farmers to enjoy higher yields, producing the best quality of rice that consumers appreciate.”

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, July 18, 2022 B7

Good Manners and Right Conduct (GMRC)

may be our way back to decency “May you always live in interesting times.”

W PR Matters

By Joy Lumawig-Buensalido

E often come across t h i s e x pression that is said to be a traditional Chinese curse. In modern times, though, the sentiment is now considered to be a blessing.

In her book “Chinatown is not a Place,” author Jullie Yap Daza wrote: “In Mandarin, the singular written language of the Chinese, the word ‘crisis’ is composed of two characters—‘adversity’ [or danger] and ‘opportunity.’ To live in interesting times means to overcome adversity by seizing opportunity.”

We are, indeed, living in interesting times today, if one considers the war in Ukraine, the ongoing pandemic, the acts of violence in schools across the US, and the recurring hate crimes caused by racism in some states in America.

What about the assassination of the revered Shinzo Abe, former Prime Minister of Japan? Many are still shocked to know that this could happen in a country that has stringent gun control laws, and enjoys a reputation of being one of the safest in the world.

Why are all these happening?

Is the human race cursed? As a firm believer in God’s love and will, I would rather believe that such “interesting times” are but opportunities to overcome evil and wrongdoings.

What are the world’s problems?

A QUICK look at some of the current global issues facing us today reveals the following problems: climate change, extreme weather conditions, toxic waste and pollution, violence, security and well-being, lack of education, unemployment, government corruption, malnourishment and hunger, substance abuse and terrorism. This is according to the Borgen Project, a non-profit organization that addresses poverty and hunger and works towards ending them.

We in the Philippines are definitely saddled by the very same problems, especially in the more basic areas such as hunger and poverty. However, this article is not going to be about how we can possibly combat all these crises because that is the job of governments and organizations: how to make a difference in the fate of the world.

What I would like to focus on instead is how our own Philippine government can revive and strengthen our good, traditional Filipino values that, in turn, could

n Sustainability: She Talks Asia, Anthill collaboration funds mental health workshops for women MANILA, PHILIPPINES—Women empowerment platform and brand She Talks Asia just unveiled a collaboration with ANTHILL Fabric Gallery, a social enterprise working on preserving local weaves through circular & contemporary design.

Entitled KINAIYA, the capsule collection consists of six thought-

fully designed and sustainably made versatile pieces that will support the livelihood of ANTHILL’s partner weavers & artisans and help fund She Talks Asia’s mental health workshops for disadvantaged women.

Kinaiya is a Visayan word that means ‘inner being.’ The collection features different variations of the Binakol weave. She Talks chose the weave because of its intricate patterns, and the meaning behind them. Historically, tribes from the North wore them to ward off evil spirits, believing that the dizzying patterns will confuse them.

“We see these pieces not just as an expression of our pride and love for our culture, but as an armor that reflects our character, and

help prepare our young generation for any problems that may arise in their future.

This is because quite regretfully, we do live in interesting times.

In recent years, I have witnessed personal relationships and communications being replaced by rapidly evolving technology, virtual encounters, and the rise of fake news, misinformation, and disinformation.

However, we have the field of education, which has the strongest potential for keeping young children, students, and the rest of our youth grounded on some positive and traditional Filipino values that may have been lost in the process. It can restore decency and humanity in our daily lives. It can show that kindness, courtesy, and delicadeza may once again spur netizens to resolve issues without hurling insults at each other—and bring back a regard for ethical and moral values.

A wish list for Filipino values to be pushed

WHAT are some very basic Filipino values that can be instilled in our schools’ learning systems? What can strengthen the character of our children and provide them with a sense of propriety and national pride?

Love of country— One of the strongest and most admirable Filipino values is our love of family. If we could share a little of this love and loyalty with our country, it would make us a much stronger

strengthens our confidence to take on the challenges every day,” She Talks Asia CEO Lynn Pinugu said.

Each piece features She Talks Asia’s signature interwoven lips embroidered into the cloth.

Founded in 2017, She Talks Asia seeks to amplify messages of empowerment, diversity, and inclusion, by creating events, products, and experiences that focus on authentic connection, genuine dialogue, and equal representation. Through the KINAIYA workshop series, She Talks aims to help break the stigma of mental health, especially among women from low-income communities.

The Binakol fabrics in these limited edition pieces are heartwoven by the Mang Abel ti Abra,

nation, showing our love for the Philippines not only as families but as communities.

Respect—Filipinos show respect for the elderly and for their superiors.This is manifested not only in the way we defer to them but also in how young people say “po” and “opo” when talking to them. Could we also show respect and sensitivity to people whose opinions may differ from ours? Instead of engaging in vicious fights in social media under the guise of false names and as paid “trolls,” could we practice a little respect and decency? Can we desist from destroying other people’s reputation by watching our language whenever we write and speak?

Palabra de Honor—This is a Spanish term for “Word of Honor,” which simply means keeping one’s word and doing what one has promised. I would like to push this concept further and interpret it as the much-needed values of honesty, decency and loyalty. For example, when our elected government officials promise to do good deeds for the benefit of the country, they should stick to their promises with honesty and honor.

Palabra de Honor should also inspire them to speak honorably and behave in a manner expected of people to whom we have entrusted our well-being.

Good Manners and Right Conduct

MANY of us still fondly remember that time when GMRC was

ANTHILL’s very first partner community enterprise. Led by head weaver Natividad Quiday, the community of weavers and farmers founded back in 2009 had only six weavers to start.

They banded together to pursue this ancestral gift of weaving to contribute to household income.

Mang Abel was the first to benefit from ANTHILL’s Community Enterprise Development Program, which built their capacity to be independent entrepreneurs. The application of their weaves in contemporary and circular design grew their business and community grew their members to 50 weavers.

Since graduating from ANTHILL’s program in 2020, the moth-

as basic to the school curriculum as the three R’s: (reading, ‘riting, and ‘rithmetic.) It may not have seemed very important then, but I can attest to the fact that GMRC endowed my generation w ith those values inculcated in us by our teachers: respect for elders, love of country or patriotism, honesty, and keeping our word.

Perhaps this explains why many of those who succeeded or thrived in their professions, businesses or careers look back with gratitude for those lessons in GMRC. In 2013, GMRC was dissolved as a subject under the K-12 program.

Fortunately, in 2020, GMRC as a basic behavior code was restored through Republic Act 11476 and is now known as the Good Manners and Right Conduct and Values Education Act. That Act stated the following declaration: “The State recognizes the vital role of the youth in nation building and provides and protects their physical, moral, cultural, intellectual and social well-being. The State also recognizes the fundamental role of all educational institutions in the inculcation of patriotism and nationalism, foster love of humanity, respect for human rights, appreciation of the role of national heroes in the historical development of the country, teach the rights and duties of citizenship, strengthen ethical and spiritual values, develop moral character and personal discipline, encourage critical and creative thinking, broaden scientific and techno-

er artisans have used their savings to send their children to private schools, build their homes and invest in other entrepreneurial ventures. Sadly when the pandemic hit, they had to leave their looms and find other income opportunities. Sourcing Binakol from them for the KINAIYA collection will help enable the community to go back to weaving and continue to pass down this living tradition to the younger generations.

Ate Vema and Ate Belen are two hard-working mothers who are the independent makers of the Chaketa and Alitaptap blouses featured in the Kinaiya Collection. Both artisans have worked in ANTHILL for over three years.

Now working on her own busi-

logical knowledge, and promote vocational efficiency.”

As one who deeply appreciates these very values taught us in school, I applaud and support the institutionalization of GMRC again in the curriculum as part of the present K-12 program of the Department of Education.

Now that the Department of Education is under the leadership and priority of the newly elected Vice President, it is my hope that she can also give much-needed direction and support for values education as much as for the revival of ROTC training and other elements in the curriculum.

With this, the “ interesting times” that seem to be marked by adversity, challenges, and problems may yet manifest as multiple opportunities to build good, solid character and to instill positive values in our Filipino youth.

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. Joy Lumawig-Buensalido is the President and CEO of Buensalido PR and Communications. She was past Chairman of the Ipra Philippine chapter for two terms.

PR Matters is devoting a special column each month to answer our readers’ questions about public relations.

Please send your questions or comments to askipraphil@gmail.com.

ness, Ate Vema hopes to save from this project so she can loan a new sewing machine to replace her old one and take more jobs. Ate Belen found a new job in a new workshop but needs the extra income to save up for the graduation requirements of her son who is about to pursue his dreams of becoming a nurse.

“Change cannot be achieved by working alone. We are grateful for partnerships and collaborations where we are able to grow our work by weaving dreams together.

Collaborating with She Talks Asia for these story pieces expands our community among the She Talks tribe and gives more reason for everyone to wear their pride,” ANTHILL Founder Anya Lim said.

Sports

Obiena shutting off ‘distractions’ as he trains for worlds in Oregon

BusinessMirror

By Josef Ramos

T

B8

| Monday, July 18, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

CHEERS AT ST. ANDREWS: FROM TIGER TO RORY! S

T. ANDREWS, Scotland— Cheers from every corner of the Old Course that belonged to Tiger Woods for two days at St. Andrews switched over to Rory McIlroy in the British Open, and he certainly did his part to give them what came to see Saturday.

McIlroy holed a bunker shot for eagle on the 10th hole that he described as part skill and part luck, but it was pure magic. He showed discipline to know when to aim away from the flag, and to take bogey when he was stuck between a wall and a road behind the 17th green.

McIlroy now shares the stage at the home of golf with Viktor Hovland, the emerging Norwegian star who was every bit as good in making birdies and avoiding the blunders that cost so many other potential contenders.

Both made birdie on the final hole for a six-under 66. No one else was closer than four shots. They have the same score at 16-under 200, though the support is one-sided.

“They’re chanting his name out there. I think he’s definitely a crowd favorite,” Masters champion Scottie Scheffler said. “How can you not root for Rory?”

McIlroy is one round away from ending eight long years without a major. He wants to stay in his world

without ignoring the support raining down on him.

“I think it’s appreciating the moment as well and appreciating the fact that it’s unbelievably cool to have a chance to win The Open at St Andrews,” McIlroy said. “It’s what dreams are made of. And I’m going to try to make a dream come true tomorrow.”

Hovland, already with six victories worldwide in his four years since leaving Oklahoma State as a US Amateur champion, could appreciate the support for McIlroy and all he has done. He played mistake-free and sounded as though he were up for the task.

“I’m going against one of the best players in the world and I’m certainly not going to hold back, because he’s certainly not,” Hovland said.

It wasn’t a two-man race, even if it felt that way as the Old Course emptied and bagpipes began to skirl at the end of the day.

Cameron Smith, who started with a two-shot lead, took double bogey on the 13th hole when he tried a bold play with his feet in a pot bunker. Cameron Young went over the 16th green and then back down the other side for a double bogey on the 16th hole.

They were four shots behind, still in the game. Two-time major champion Dustin Johnson, the best candidate from the Saudi-funded LIV Golf league to claim this major,

putted across the green and into a bunker for one of three bogeys on the back nine. He fell six shots behind.

McIlroy and Hovland had no such trouble.

Hovland holed a pair of 40-foot putts on his way to four straight birdies on the front nine to seize the lead. McIlroy finally caught him by holing out from a pot bunker some 80 feet away for eagle on the 10th hole, setting off a roar that could be heard all the way back at the Royal & Ancient clubhouse.

McIlroy only a day earlier tipped his cap to Woods as he started his second round and Woods was on his way to missing the cut, crossing the Swilcan Bridge for what might have been last time. The R&A set the tee times that way so they would pass each other. AP

M

a group of 23 riders who broke from the pack after a frenetic start to the stage punctuated by a flurry of attacks on hilly ground from Saint-Etienne to Mende.

After spending the day at the front of the race, Matthews looked like he was about to crack when he was caught by Italian Alberto Bettiol on the last climb, but his grit helped him stay in contention and launch a counterattack that paid off.

“Matthews put on a show. He has days like that when he is very strong,” said French rider Thibaut Pinot, who completed the stage podium behind Matthews and Bettiol. “He really amazes me.

Doing the sprints he does, and climbing like he does, in his field he is the best.”

With its constant ups and downs, the stage profile through the Massif Central was ideal for a breakaway.

Not surprisingly, many riders with

RORY MCILROY now shares the stage at the home of golf with Viktor Hovland, the emerging Norwegian star who was every bit as good in making birdies and avoiding the blunders that cost so many other potential contenders. AP

no personal ambition in the general classification were on the attack from the off to tear apart the peloton.

More surprisingly, defending champion Pogacar was also on the move as he tried to upset his rivals just 10 kilometers into the 193-kilometer route, forcing Vingegaard to react and chase. AP

Son-daughter-father rule BMX freestyle nationals

A

THE Marianos—father Armand (right), son Guetler (left) and daughter Asianity Mariano—pose with their medals.

FAMILY of park riders—father Armand, son Guetler and daughter Asianity Mariano— lured the spotlight in Sunday’s PhilCycling National Championships for BMX Freestyle that started with a heated competition at mid-morning but wound up wet and cold—no thanks to a heavy early afternoon rain.

The son, 18-year-old Guetler, upstaged the father, 43-year-old Armand, but they wound up 1-2 in the men’s competition of the championships that featured tricks with varied degrees of difficulties with the BMX bikes.

Guetler Mariano collected 99.18 points for the gold and Armand got 96.10 points for the silver medal.

Paulo Diaz Jr. settled for the bronze with 95.18 points in the competitions

Modern Pandora’s Box PANDORA’S Box is an artifact in Greek mythology wherein the woman whose name is part of this metaphor opened a container that she was forbidden to do so. As a result, she lets out all these plagues and evils into the world.

It might be a Greek myth but there is one such thing today that can be equated to Pandora’s Box and in my opinion…that is social media.

I am not going to be a hypocrite and say that it is bad because I myself make use of it for a variety of purposes.

supported by Tagaytay City, now led by Philippine Olympic Committee (POC) and PhilCycling President Rep. Abraham “Bambol” Tolentino, POC and the Eighth District and Province of Cavite.

The daughter, Asianity, 19, also made their native Navotas proud by ruling the women’s contest with 94.80 points, winning by a mile over Rhea Marie Aldamar (77.40).

Georich Cardino and Angelina de Guzman, meanwhile, topped the flatland competitions, also by virture of the qualification round results.

Cardino, who flew all the way from Tagbilaran City along with five of his teammates, scored 66.005 points to bag flatland’s men’s gold medal, beating Deodes Tan (63.40) and Dwyne Lopena (62.75), who completed the podium.

Do I sound off and criticize? Yes, I do. Maybe once in a blue moon, but I do.

As a wise man told me online many years ago after a long rant, “Leave the bashing to the kids. Many people read you and follow you.”

That was a sobering reminder. Since then, I have been more responsible. If I haven’t then I have saved a few beanballs for Putin, this local bank that is said to find ways but instead finds ways to inconvenience and annoy you, and for spotty officiating in basketball.

Social media was on the news the other days when current men’s basketball coach Chot Reyes said that he switched off all his social media accounts in the wake of the Southeast Asian Games finals loss and the rout to Lebanon.

“I have a secret,” Reyes said. “I don’t read those comments. I have completely locked off my social media accounts. So I don’t see those comments. Of course, people tell me and they let me know.”

For someone who has brought us glory, the tables have been upside down and again since the 2013 Fiba Asia Cup Championships.

Recently, former athletics president Philip Ella Juico took a lot of heat and bashing with that long-running feud with pole vaulter EJ Obiena.

And that has spilled over into the current success of the

OBIENA Lafferty, in Chula Vista are Philippine Athletics Track and Field Association President Terry Capistrano and physiologist Nico Viscusi, as well as athlete Edward Lasquette, a former SEA Games gold medalist.

“They will fly to Eugene on the [July] 19th,” Lafferty said.

Competitions in the Eugere, Oregon, World Championships have been fever-pitch since Saturday with Team USA leading the gold medal haul with two and Asian squads China and Japan already winning a gold medal each.

Lafferty said that Obiena has been consistently jumping 5.85 meters for the past three days in Chula Vista, but cautioned his ward about the opposition.

“All world champions will be there, all the strong and elite pole vaulters will be there—that’s why EJ has to focus,” he said.

The men’s pole vault qualification at the fabled Hayward Field Track and Field Stadium inside the University of Oregon are set for July 22. There are 32 entries in the event hoping to advance to the final on July 24.

PHL athletes crash out in Birmingham

Matthews wins Tour’s Stage 14, Pogacar can’t drop Vingegaard ENDE, France—Michael Matthews soloed to victory on the 14th stage of the Tour de France on Saturday when defending champion Tadej Pogacar tried in vain to regain time on leader Jonas Vingegaard.

Matthews’s fourth stage win came five years after the Australian last tasted victory in France.

The one-day classic specialist was in

HE World Athletics Championships are so important to Ernest John “EJ” Obiena that he shut off all possible distractions—like putting a “Do Not Disturb” sign on his room’s door.

The reason? Perhaps he doesn’t want any more unnecessary incidents after he was uncomfortably detained

by US authorities upon his arrival in Los Angel es for suspicion that he’s escaping felony charges in the Philippines.

But that’s been swept under the rug.

Jim Lafferty, Obiena’s long-time adviser and mentor, confided to BusinessMirror on Sunday that the 26-year-old Asian men’s pole vault record holder is at the Olympic Training Center in Chula Vista in Southern California where he’s in deep training.

“EJ’s with his coach [Ukrainian] Vitaly Petrov for training camp and acclimatization,” said Lafferty, who’s in Alexandria in Egypt but remains in constant communication with the back-to-back Southeast Asian Games gold medalist Obiena.

“He has to focus on the preliminary competition in a few days, but he’s looking good at training,” Lafferty said.

With Obiena, according to

De Guzman, competing out of Tanay, scored 51.30 points to win gold by two-tenths point over Kristal Jane Hernandez. Sarah Melissa Diaz bagged bronze with 49.05 points.

PhilCycling freestyle coach Renz Viaje said heavy rain forced the cancelation of the finals that were set for 2 p.m. at the Tagaytay City Skate and BMX Park, which were built for the country’s hosting of the 30th Southeast Asian Games in 2019.

Officials went to the qualifications results to determine the winners in the first national championships for BMX’s freestyle and racing that were ruled on Saturday by former Asian junior champion and Olympic Solidarity scholar Patrick Coo (Under 23) and cross-downhill champion John Derick Farr (Elite).

F

ILIPINO athletes were blown away by the opposition in the Birmingham World Games with reigning US Open champion Carlo Biado failing to repeat as 9-ball champion and his compatriots experiencing misfortunes one after the other.

A gold medalist in the Wroclaw 2017 games, Biado succumbed to an 8-11 decision to Germany’s Joshua Filler in the semifinal on Sunday morning and suffered another heartbreaking 8-11 beating at the hands of Singaporean Aloysius Yapp in the bronze medal match later on.

Rubilen Amit, a double medalist at the Vietnam 31st Southeast Asian Games last May—was first to fall on Sunday after bowing to Germany’s Veronika Ivanovskaia, 8-9, in the quarterfinals of women’s 9-ball.

Philip Delarmino, also a gold medalist in Vietnam, crashed out in the the quarterfinals after losing to Ukraine’s Vladyslav Mykytas, 28-30, in men’s -57 kgs of muaythai. Leeana Bade also absorbed a 28-29 decision to Janejira Wankrue in the quarterfinal

phase of women’s -63.5 kgs.

Annie Ramirez, another gold medal winner in Vietnam, lost to France’s Laurence Fouillat, 0-14, in the bronze medal match of women’s 57 kgs Ne-Waza of jiu-jutsu.

Ramirez was relegated to the bronze medal match after losing to Galina Duvanova of Kazakhstan in the semifinals, 2-2, on Sunday morning.

In duathlon, Fernando Casares settled for 14th place among 30 participants in the men’s individual event at the Railroad Park early on Sunday. Frane’s Maxime HueberMoosbrugger won the event, followed by another Frenchman Benjamin Choquert and Italian Victor Zambrano.

Misfortune struck Kim Mangrobang as she was disqualified along with several others for making a wrong turn in the bike section of women’s individual duathlon. She said the route was poorly marked and there were hardly any directional sign.

The 10-athlete Philippine delegation is left with the duathlon relay for a possible medal that would add to Junna Tsukii’s gold in women’s 50 kgs of kumite in karate. Josef Ramos

Ukrainian athlete: I don’t want to see killers at the track

E

UGENE, Oregon—It took her three days by car to escape from Ukraine after the war started.

Champion high jumper Yaroslava Mahuchikh can only guess at how long it will take to get back.

On her way out, Mahuchikh heard gunfire and could sometimes see shells raining down miles away. Though her hometown of Dnipro was far from the front lines of the Russian invasion, she could never shake the fear that when she said goodbye to her mom and dad and grandfather and sister, it might have been for the last time.

“When a war is going on,” Mahuchikh said, “it’s highly complicated to say that any city is safe.”

Philippine national women’s football team. Because the final (last night, Sunday) was shown only on Facebook live and delayed on television as it was played at the same time as the Gilas Fiba Asia Cup Championship, fans sounded off.

And as usual, when another sport other than basketball does well, there is the ubiquitous statement that money should be instead given to another sport.

Many times I have wanted to wade in but I pull back from doing so.

I have this rule that I teach to my students. If you are goi ng to fire back, be sure you have the cojones to see it through the bloody end. If not, don’t even bother.

Sometimes, even voicing an opinion will lead to an attack. Or maybe even some “civilized budol budol” so to speak.

The other day, a friend of mine posted his unhappiness with his bank and explained why he pulled out his money.

Before he knew it, some 60 “people”—trolls or fake accounts from the looks of it—all answered. Not criticizing but explaining how they have had pleasant experiences.

No one engaged in long banter. Another sign of them being fake accounts because their accounts hardly have anything personal and few posts.

And we all know how these troll farms worked their witchcraft during the elections.

UKRAINE’S on high jumper Yaroslava Mahuchikh as she goes for a gold medal at the worlds. AP Four months after that harrowing trip to cross the border in Serbia, the 20-year-old is at the track and field world championships, a world away in Eugene, Oregon. AP

Even social media sites have no answer for such. They will suspend or even block accounts if they believe the post is not up to standards. And yet, so much fake news and fake accounts exist and they don’t do anything about that.

However, having this social media voice also can be good.

One time, I ordered for delivery and the utensils I was served (in sealed plastic) had a severed tail from a lizard.

And from the looks of it, very recent as there was still blood.

I got in touch with the fast food restaurant and patiently waited for a reply to no avail.

Peeved, I posted it online and within an hour, I received a call from the branch. I refused a replacement and even gift checks. That is not what I wanted. I needed to know how a bloody gecko’s tail was in a sealed plastic containing eating utensils. You will know that it wasn’t resealed because the plastic is flimsy and it will be a mess the moment you open it.

That isn’t the only positive thing. But you get my point.

Social media is wilder than the wild west. It is an untamed frontier for better or worse.

And that leaves me with one last thought…from the quotable Mike Tyson who said, “Social media made y’all way too comfortable with disrespecting people and not getting punched in the face for it.”

And I agree.