BusinessMirror July 19, 2022 by BusinessMirror

Fitch arm keeps PHL growth forecast for 2022

‘Close borders, cut Omicron exposure risk’ By Bianca Cuaresma @BcuaresmaBM

I C

By Cai U. Ordinario

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Ukraine’s Zelenskyy fires state secUrity chief and prosecUtor

NTERNATIONAL think tank @caiordinario Fitch Solutions retained its growth forecast of borders the PhilipLOSING the country’s pines despite new expectations is one of the most immediate of acourses more aggressive of action tightening the govern-cycle by the Bangko Sentral nglatPilipiment must take to prevent the nas (BSP). est Covid-19 variant, Omicron, from a research noteaccordpublished reachingInPhilippine shores, on Monday, Fitch Solutions, the ing to local economists. research arm of the Fitch Group, T he new var iant is a threat, the e s p e said c i a l lthey y w still it h expect t he hol idcountry ay s to grow at 6.1 percent—unchanged coming up and more foreigners their previous forecast before beingfrom a llowed to travel to the the surprise aggressive cut by the Philippines, De La Sa lle UniverBSP earlier this month. sit y economist Mar ia Ella Oplas “Our forecast is for GDP [gross told BusinessMirror. domestic product] growth come The holidays usually bringtoin in at 6.1 percent in 2022, as a result Overseas Filipino Workers (OFWs) of sustained of ecowho are eager to normalization spend Christmas

nomic activities after Covid-19 restrictions have been largely eased,” said. while forwithFitch theirSolutions loved ones, “The Philippine economy’s resileigners living in temperate regions ience should provide the BSP with usually want to relax in tropical room to step up the pace of policy countries like the Philippines. This tightening.... Indeed, at 53.8, manuyear’s influx of OFWs is expected to facturing PMI readings remain well be heavier since many of them were above the 50 level and the number unable to come home for the holidays of daily flights in December 2020. are only 26 percent below 2019 levels, compared to 49 “My recommendation is to protect percent in late March,” it added. the borders. Do not allow people with The however,with is now a history ofthink traveltank, to countries forecasting more rate hikes from positive cases to enter,” Oplas said. the BSP due to the country’s high “We should be more restrictive. [We inflation rate. have to be] more protective in terms “Elevated inflation will likely of our measures.” pave for further Oplas the saidway that while thisrate willhikes, be and we now expect the BSP hike a setback to some industries, to this by a further 100 basis points over is a fair measure considering that the coming months, which will take this could help prevent placing the the policy rate to 4.25 percent country in another strict lockdown, by

end-2022,” Fitch Solutions said. Just last week, the BSP hiked its interest rate by 75 which,policy she said, the economy canbasis no points to 3.2 percent at an unschedlonger afford. uled The decision “It is meeting. better that we latest do protective was largely driven by concerns preventive measures than get exabout a sharp and posed again. We rise haveina inflation lot to lose,” the movement of the local currency. Oplas said. “We should do it now so Fitch also raised that we canSolutions open justhas before Christ-its forecast for inflation in the country, mas. If it gets contained, we can open from 5.1 percent to 5.6 percent. it again.” “Despite a recent decline, we exAteneo Center for Economic Repect oil prices to remain well above search and Development (ACERD) pre-pandemic levels the near Associate Director Serin Percival term and this will be a significant K. Peña-Reyes said closing the source ofborders upwardwould price pressure country’s be effec-in the Philippines. Meanwhile, tive but should still adhere toongothe ing lockdowns in Mainland China standards set by the World Health could exacerbate ongoing global Organization (WHO). supply chain disruptions, further What is needed, Peña-Reyes told adding to upside inflation risks,” this newspaper, is for travel restricFitch said. swiftly and tions to Solutions be put in place

Outside the country, the think tank said the aggressive tightening cycle in the US will presfor government to put be further proactive in sure on the BSP to hike aggressively, imposing them. inPrevious order to preserve financial instances when and the currency stability. country had the opportunity to imUSrestrictions Federal Reserve’s pose“The travel did notsharp prehawkish shift over the few vent the spread of Covid-19. past That was months has caused the peso to demainly because the decision was not preciate sharply against the dollar, made immediately, he said. by“Kung aroundpapatay 7 percentpatay so far this year,” [If we’re Fitch Solutions said. slow] and we get caught flat-foot“Policy risky] rate hikes by the ed, [that’s We were tooBSP reshould help to offset the depreciaactive instead of proactive before. tory impact of hot money outflows, We should learn from that,” Peñaby ensuring that real interest rate Reyes said. “It’s a delicate balancing differentials do not shift too sharpact. We need to push testing and ly in favor US,” the think tank tracing to ofbetheproperly informed added. of our decisions. Blanket/shotgun The BSPcould is scheduled meet approaches have diretoconseagain for its monetary policy setquences on the economy.” ting decision on August 18. See “Omicron,” A2

CONGRESS, DOF EYEING NATL GOVT BORROWINGS FISCAL PLANDIP POST-SONA FOR 10 MOS TO P2.75T w w

n Tuesday, July 19,29,2022 284 Monday, November 2021Vol.Vol.1717No.No.52

risk The good, badOmicron news from spurs revival unfunded China ‘projects’

By Bernadette D. Nicolas

@BNicolasBM

HE national government’s gross borrowings as of end-October shrank by almost 6 percent year-on-year to P2.75 trillion.

By Lorenz S. Marasigan @lorenzmarasigan

Latest data from the Bureau of the Treasury showed that the government’s gross borrowings during the 10-month period fell by 5.99 percent from P2.92 trillion a year ago. With only two months left for this year, the latest figure is already equivalent to 89.6 percent of its P3.07-trillion borrowing program. Broken down, gross domestic borrowings from January to October settled at P2.23 trillion, down by FILL ‘ER UP Soap bottles are refilled at a booth in a bazaar put up by Plastic5.08 percent from P2.35 trillion Free Pilipinas collaborators Ecowaste Coalition, Greenpeace Philippines and Mother in 2020. Earth Foundation to celebrate #PlasticFreeJuly, as they demonstrate simple actions The bulk of the amount was PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass.that can be done to reduce one’s personal plastic footprint. ROY DOMINGO sourced from Fixed Rate Treasury The country will celebrate the 158th birth anniversary of Filipino revolutionary Bonds (P1.19 trillion), followed by hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO short-term borrowings from BangBy Jovee Marie N. dela Cruz @joveemarie ko Sentral ng Pilipinas or BSP (P540 billion), Retail Treasury Bonds/Premyo Bonds (P463.3 billion), Retail Onshore Dollar Bonds (P80.84 billion). In the same period, there was By Jasper Emmanuel Y. Arcalas dating registry following them. This allows everyone to see also a net redemption of Treasury By its Bernadette D. Nicolasthe program authorizing the Customs @jearcalas enactment of@BNicolasBM the Coconut Farmwho are listed in registry Bills amounting to P43.94 billion. Commissioner to the accept, as a and po- if tential priorthen dis-he ers and Industry Trust Fund law. farmermitigating doesn’t seefactor, his name Net debt redemption means closure by importers of the errors and HE Bureau of Customs ORE than 3 million Rosales explained that (BOC) about shall coordinate with PCA imthere were more debts repaid comomissions in he goods declaration that collected almost P838 milcoconut farmers and 500,000 coconut farmers and mediately,” explained at a recent pared to the amount borrowed durresult in deficiency in duties and in revenues its workers are now regisworkerslion were added tothrough the PCA’s dialogue withimportations. coconut farmers. ing the period. taxes on past post-clearance audits in the first tered with the government’s reg2018 list that had about 2.5 million “On the other hand, if people Meanwhile, gross foreign borThis may also include disclosures half of this year. istry, which serves as the basis coconut farmers and farm workers. would see names on the list and rowings in the same period also on royalties and other proceeds of any Bulk of the amount or P683.96 subsequent, disposal, or use for the number of people to be The PCA’s step is to conthey thinkresale, they are not coconut contracted by 9.7 percent to P518.7 million camenext from 64 Prior Discloof the imported goods thatare accrues sureanProgram (PDP) applications covered by the utilization of the duct exclusion-inclusion profarmers or their details incorbillion from last year’s P574.4 billion. directly or indirectly to the seller. of importers, while the remaining P75-billion coconut levy fund. cedure by making the updated rect, they can report it to the PCA This was raised through global For this year, the BOC hopes to P154.01registry million was sourced folPhilippine Coconut Authority farmers’ public, providfor immediate action,” he added. bonds (P146.17 billion), program hit its adjusted full-year revenue lowing the bureau’s issuance of 121 (PCA) Deputy Administrator Roel ing everyone the opportunity to TheofPCA noted that loans (P139.98 billion), euro-detarget P733official billion set by the Audit Notice Letters, the BOC said M. Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial list nominated bonds (P121.97 billion), Cabinet-level Development Budget in a statement on Monday. Under loan the plan, Albay Rep. Joey Military andfarmers Uniformed coconut andPersonnel farm worksalesOn added. of coconut farmers registry would a project (P86.41 billion), and Coordination Committee. top of this, the BOC still expects Sarte Salceda said the government Salaries. earlier expressed conto“The collect anwill additional P13.647 billion ers have been registered with the list be posted in public be Guerrero just in time for the expected yen-denominated samurai bonds will aim to grow the real GDP by 6.5 To optimize growth, Salceda said fidence hitting the full-year goal from the enforcement of 67 demand government since it started upspaces where people can easily see rolloutofof coconut levy-funded (P24.19 billion). to 8 percent of GDP annually until that the government will identify on the back of the improved import letters arising from post-clearance See “Borrowings,” A2 volume and the windfall from oil audits conducted in 2019, 2020, and 2028, and 5 to 6 percent of GDP in key economic priorities, such as agprice hikes and weaker peso which 2021—which have become final and infrastructure spending. ricultural development, reduction higher costs for imports. the failure of the audited USlogistics 50.4600 and n transport JAPAN 0.4374 n HK for 6.4722 n CHINA 7.9013 n meant SINGAPORE 36.8968 n AUSTRALIA Salceda added that they also n of costs,n re-UK 67.2329executory He added that the BOC still has importers to contest the same. aim to reduce national governduction of energy costs, sound fisa surplus of around P40 billion rela“The BOC, under the leaderment debt-to-GDP to 52.5 percent cal management, health, education, tive to their new collection target ship of Commissioner Rey Leonby 2028. social protection, and government for this year. ardo B. Guerrero, will continue to Last year, the BOC collected Salceda, whom the House majorefficiency. plug revenue leakages and promote P645.77 billion, exceeding its compliance of importers [with] ity leadership has blessed to retain Salceda said he and Finance P616.75-billion target by 4.7 percent. Customs laws through consistent his post as House Ways and Means Secretary Benjamin Diokno had Of the amount, P1.5 billion in post-clearance audit verifications chairman, said the goals will be discussions on the country’s fiscal additional revenues was raised and investigations,” it said. institutionalized through a Joint management strategy in a recent from its post-clearance audits durUnder Customs Administrative Resolution of Congress, similar to meeting. Order No. 01-2019, PDP refers to the ing the period. the Joint Resolution 1, 2018 on the See “Congress,” A2

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

HE cancellation of three massive railway projects due to a financial tussle between the governments of the Philippines and China may prove to be both good news and bad news for commuters and the economy. Experts interviewed by the BusinessMirror gave mixed responses, with one camp saying that the Philippines is better off without the projects, and another lamenting the wasted time and opportunity to get better funding deals. Last week, the new administration announced that the Philippines and China have canceled the loan agreements for the following projects of the Department of Transportation (DOTr): Philippine National Railway (PNR) Bicol Project, Subic-Clark Railway Project, and the first phase of the Mindanao Railway Project.

Good news and bad news

CUSTOMS NETS NEARLY P838M OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND FROM POST-CLEARANCE AUDITS

HE incoming 19th Congress and the Department of Finance have agreed on the need to craft a mediumterm fiscal plan and identify key economic priorities, which Congress will institutionalize in a Joint Resolution, a leader of the House of Representatives said on Monday.

PESO EXCHANGE RATES

PESO EXCHANGE RATES n US 56.3690

“THAT’S good news, actually. The benefit-cost ratios for Subic and Davao Railways are below one, meaning they are white elephants in the making. There are better uses for government’s programs as President Duterte limited funds,” Rene Santiago, a railis expected to sign the industry way expert, said in a text message. development plan in early 2022. He noted that rehabilitation Rosales said thethe PCA will not stop updating its list of coconut farmers and enjoined them to register in order to reap the benefits of the decades-long idled coconut levy fund. “We will not stop at 3.1 million. We hope that more individuals will register in our coconut farmers registry,” he said. The updating of the coconut farmers registry is mandated by Republic Act (RA) 11524 or the Coconut Industry Trust Fund Act. See “3-M farmers,” A2

of quarantine rules in PHL By Samuel P. Medenilla @sam_medenilla

NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory facility-based quarantine for all arriving passengers in the country. “That’s good news, actually. The benefitActing Presidential spokespercost ratios for Subic and Davao Railways son Karlo B. Nograles announced are below one, meaning, they are white on Sunday that the Inter-Agency elephants in the making. There are better Task Force for the Management uses for government’s limited funds.” of Emerging Infectious Diseases —Rene Santiago, railway expert (IATF) suspended the implementation of its Resolution No. 150of Bicol Railway “may be feasible, A the (s.2021), effectively imposing but not a complete replacement of sysstricter protocols for all inbound tem as contemplated by past DOTr.” travelers. For his part, Jose Regin F. RegiTo note, IATF Resolution 150dor, a research fellow the UniA had allowed fully at vaccinated versity oftravelers the Philippines-Diliman non-visa from Green List National Center for Transportation areas to enter the country withStudies, thefor cancellation of the out thesaid need facility-based three massive railway projects may quarantine as long as they secure prove to be insignificant within the negative Reverse TranscriptionMarcos administration. Polymerase Chain Reaction (RT“In the terms or PCR) testshort-to withinmedium 72 hours prior within six years, there probably will to their departure. be no significant effects since it takes “Except for countries classified quite some time for these types of as ‘Red,’ the testing and quarantine projects to be implemented,” he said. protocols for all inbound interna“China’s projects,” A2 tionalSee travelers in all ports of entry shall comply with the testing and quarantine protocols for ‘Yellow’ list countries,” Nograles said, citing the provision of IATF Resolution No. 151-A. He noted Hong Kong, which has confirmed a case of the Omicron variant, will also fall under the Yellow list countries. The suspension of the rules for “Green List” countries will be in effect from November 28, 2021 to December 15, 2021. Continued on A2

36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531

Source: BSP (November 26, 2021)

n JAPAN 0.4068 n UK 66.8931 n HK 7.1810 n CHINA 8.3411 n SINGAPORE 40.2636 n AUSTRALIA 38.2689 n EU 56.8481 n KOREA 0.0428 n SAUDI ARABIA 15.0129 Source: BSP (July 18, 2022)

News

BusinessMirror

A2 Tuesday, July 19, 2022

Chinese court OKs ₧25-M payment to stranded OFWs A By Malou Talosig-Bartolome

@maloutalosig

CHINESE maritime court has ordered the payment of over 3 million RMB (over P25 million) to 13 Filipino and two Greek seafarers who were stranded at sea in Guangzhou for almost a year after the owner of their ship got embroiled in a financial crisis at the start of global pandemic.

The Filipino sailors were crew members of the M/V Angelic Power, their local manning agency Magsaysay Maritime Corporation said in a statement. “A remarkable legal victory for our Filipino seafarers after a challenging year for them and their families, amid the backdrop of the global Covid pandemic,” Magsaysay said. The company did not say how much exactly the Filipino sailors would receive.

Congress...

However, a report from Guangzhou-based news portal, GD Today, said the Guangzhou Maritime court has approved the claims of seafarers for unpaid salaries during the months that they were stranded at sea. The claim is worth over 3 million RMB (over P25 million). The Guangzhou Maritime Court (GZMC) ruling was handed down on June 25, in time for the International Day of Seafarers. “GZMC gave priority to distrib-

Continued from A1

“Secretary Diokno and I have agreed on the need for a mediumterm fiscal plan that takes into account revenue as well as expenditure projections until 2028, the end of PBBM’s [President Marcos] term,”

Salceda said. “The medium-term fiscal program will basically be a path for revenues to go from 15.3 percent of GDP to 17.6 percent of GDP; and for expenditures to go from 22.9 percent of GDP

ute unpaid wages for the crews of the vessel of Angelic Power. It is to help these seafarers to get the salaries they deserve, to guarantee their lives and the stability of families,” Wang Yufei, Vice President of the GZMC, told GD Today. The Greek-flagged bulk carrier was initially detained by GZMC in Guishan Anchorage in July 2020 following the financial dispute between the receiver of the cargo, Guangzhou South China Coal Trade Center Co, and the ship’s owners, Angeliki Dynamic Investment Corp. Syrianos, the Greek captain of Angelic Power, said on February 2021, the owner of the ship abandoned the ship, and all his crew on board suffered tremendously for it—without food, medicines, support, supplies. On top of that, they were not paid their wages. GZMC said that during those times when the debt dispute was still being resolved, they provided help to Filipino and Greek crew by

sending professional repairers to check the ship’s maintenance, offered oil, daily supplies and common medicines. On July 2021, the crew was finally able to leave the ship and were repatriated. The seafarers’ principal, Marine Partners Monaco (MPM) hired a Chinese lawyer to represent the crew members in the court. In October 2021, the ship was auctioned off at 64 million RMB. The court ordered that priority be given to pay the unpaid salaries of the crew. Magsaysay thanked the Departments of Foreign Affairs and of Labor and Employment; the Overseas Workers Welfare Administration, the Philippine Overseas Employment Administration, and the Philippine Consulate General in Guangzhou for helping them negotiate for the release of the Filipino crew members and the settlement of their unpaid wages.

to 20.6 percent. In other words, the plan will aim to narrow the deficit to just 3 percent by the end of PBBM’s term,” Salceda explained. That, of course, Salceda said, will depend highly on the country’s growing its GDP, and outgrowing its debt. “It will commit the government to a set of specific objectives and targets, and will guide the fiscal and spending

policies of Congress and the national government,” he said. According to Salceda, the Committee on Ways and Means is also prepared to provide the needed legislative support for the revenue base under the Joint Resolution. “I have committed to file the Joint Resolution on the matter, awaiting the incoming Speaker’s instructions,” he added. Besides the Joint Resolution on the medium-term plan, Salceda also asked the incoming House leadership to immediately constitute the Committee on Rules and the House delegation to the Commission on Appointments, so that “the Cabinet could be confirmed as soon as possible, and so that they can get to work immediately.” He said the government is “in good, steady, competent hands, and will ride on strong economic reforms enacted under President Duterte.” “The new administration will be able to benefit from CREATE, the investment liberalization laws, and the investments made by PRRD in big ticket programs and projects, the useful life of a lot of which will begin during the Marcos administration,” he said. CREATE, or the Corporate Recovery and Tax Incentives for Enterprises, was enacted at the height of the pandemic to address the twin concerns of allowing the battered economy to recover while still pushing through tax reforms. “PBBM has also hired some of the best and the brightest in their respective fields. You have experts in crucial agencies such as Environment, Energy, and of course the economic team,” he added.

OSG...

Continued from A12

However, ICC’s Khan subsequently sought the reopening of the probe, as he expressed doubts on the sincerity

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China’s projects... However, he noted that the shelving of the loan agreements will create a dent in the long-term plans of the government. “This is bad news because this means the timetables for these projects will again be moved or delayed. This represents more backlog for projects like these that should have been implemented and completed so many years ago,” Regidor said. He added: “Since the costs for implementing these projects are always increasing, even escalating considering the current economic conditions affected by factors such as the war in Ukraine, it becomes more difficult to finance these projects, especially through foreign funding.” China has already signified its intention to renegotiate the deals, with its Embassy in the Philippines saying that it is open for “technical discussions.” Former Finance Secretary Carlos G. Dominguez III had said the Beijing-based ExportImport Bank of China (Ceximbank) would have imposed at least a 3-percent interest rate on the three railway projects. “Major infrastructure projects like these take time to develop and costs need to be updated and justified by the benefits. While the benefits are established, the costs are ever increasing, thereby somewhat diminishing the attractiveness of the project. That said, the impacts of these projects will not be felt in the immediate, short, or even medium term,” Regidor explained. Transport officials were sought for updates as to how the new administration intends to move forward with the projects, but they have yet to reply to the BusinessMirror’s queries. Some lawmakers have already chimed in and suggested the government look for other funding sources such as official development assistance (ODA) deals from jurisdictions other than China. They have also urged the government to consider placing the deals under the Public-Private Partnership (PPP) Program, the main infrastructure thrust of the administration of former president Benigno Aquino III.

Continued from A1

solutions to transport problems that can be implemented immediately or over a shorter period. These include reforms in public transport regulations and operations that focus on increasing the supply side of public transport while also attempting to improve quality of service particularly on improving travel times for commuters,” he said. Regidor noted that the previous administration’s Libreng Sakay (Free Ride) Program, an initiative that was adopted by the current administration, should not be part of the solutions list that the government should look into. “Libreng Sakay is not sustainable since there is the same poor quality of service and there [are] limited funds to cover most cities in the country. Perhaps exclusive lanes for public transport along most corridors—not just Edsa—can be considered, showing priority for public transport over private vehicles? Motorcycle taxis and bicycles can also help reduce dependence on private cars but safety concerns need to be addressed to encourage people to bike or use two-wheeler taxis for their regular commutes,” he explained. In the longer term, however, he still recommends the development of mass transit modes such as train systems.

False hopes

FOR now, Regidor suggested that DOTr focus on developing other modes of public transport to immediately address the increasing demand for mobility and the current transport crisis. “ T he ne w a d m i n i s t r at ion would be better off looking for

FOR his part, commuter group Komyut representative Toix Cerna lamented that the shelving of the three railway projects reflects how the previous administration deceived the public and gave them false hopes for better public transport systems. “A s com mute r s, t he most painful part of the cancellations is the feeling of being given false hopes through press releases that swayed the attention of the public from their daily crisis to grandiose projects that the Duterte government promised, which proved to be nonexistent,” Cerna said. He appealed to the new administration to “focus on the transportation crisis, especially the lack of public utility vehicles on the road.” “They should examine how traditional public utility jeepneys are being barred from plying their routes by the delayed issuance of permits from the Land Transportation Franchising and Regulator y Board. The public transport needs of today should have been addressed yesterday,” Cerna said.

of Philippine government agencies to investigate and prosecute those involved in the killings. He said the proceedings being undertaken by these agencies “fail to sufficiently mirror the authorized ICC investigation, as required by Articles 17 and 18 of the Rome Statute.” Khan said the Philippines has failed to show that it is investigating “any conduct occurring in Davao from 2011 to 2016, any crimes other than murder, any killings outside official police operations, any responsibility of mid- or high-level perpetrators, or any systematic conduct or State policy.” He also noted the “relatively small” number of cases cited by the Philippine government that falls

under the parameters of the ICC investigation. Guevarra earlier said Khan should have waited for the DOJ’s probe to produce more results before seeking the ICC’s reopening of its investigation. He noted that the investigation and prosecution of such cases would take longer than months. Prior to his appointment as solicitor-general, Guevarra, as justice secretary, led the DOJ’s probe on drug operations where deaths occurred. The justice department earlier said at least 150 policemen are under investigation for their involvement in 52 anti-illegal drug operations where deaths occurred. Guevarra earlier said 250 more cases of anti-illegal drug operations that resulted in deaths would be forwarded to the National Bureau of Investigation for investigation and case build-up.

Immediate solutions

The Nation BusinessMirror

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House ready for PBBM’s first Sona on Monday

TRICT security and health restrictions will be implemented to ensure the safety of the 1,365 guests who have been invited for the first State of the Nation Address (Sona) of President Ferdinand “Bongbong” R. Marcos Jr. on Monday, July 25, 2022 at the Batasang Pambansa Complex in Quezon City, an official of the House of Representatives said on Monday. House Secretary General Mark Llandro Mendoza said Vice President Sara Duterte, members of the Cabinet, former presidents, vice presidents, speakers, and Senate presidents, the diplomatic corps and justices are expected to attend the Sona. “So far, we are good. We’ve sent invitations. A total of 1,365 guests will be attending the first Sona of President Marcos. We will still conduct [few] minor meetings,” he said. Mendoza said the capacity of the plenary hall has been adjusted to accommodate 1,365 guests. According to Mendoza, strict health protocols and security guidelines will be implemented on Monday for the opening of the 19th Congress in the morning and Sona in the afternoon. Mendoza said mandatory RT-PCR testing would be conducted for those who will enter the plenary hall. The media office of the lower chamber said an antigen test will be required for those other attendees and staff entering the Batasang Pambansa but assigned outside the plenary hall. Like previous Sonas, Mendoza said the Batasang Pambansa complex would be placed on lockdown starting on Friday, as part of security protocols. Only the Presidential Security Group members are allowed inside the complex. “Total lockdown will be on Friday, but we may adjust it and implement an early lockdown as part of security preparations,” Mendoza said. According to the report of the Philippine News Agency, authorities have increased the number of security personnel to 21,800 for Marcos’s first Sona. They will guard the Batasang Pambansa in Quezon City and at least 30 border control points along the Metropolis for the event applying the same template utilized dur-

ing the inauguration of Marcos in Manila on June 30. It added that protesters are only allowed in designated freedom parks like the Quezon City Memorial Circle. They may also gather in some areas provided they secure permits from the Quezon City local government unit and adhere to guidelines of a peaceful assembly.

MMDA Sona traffic rerouting plan

A TRAFFIC rerouting plan will be implemented for President Marcos’s first Sona, the Metropolitan Manila Development Authority (MMDA) said. “Personnel assigned are tasked to manage both vehicular and pedestrian traffic; emergency response; clearing operations; assist in crowd control; and support the operations of the Task Force Sona 2022, Philippine National Police, National Capital Region Police Office, Quezon City Police District, Presidential Security Group, and Quezon City government to ensure a peaceful and orderly Sona,” Engr. MMDA Officer in Charge Baltazar Melgar said. Melgar said that 1,133 personnel from the Traffic Discipline Office, Road Emergency Group, Sidewalk Clearing Operations Group, Flood Control, and Metrobase will be deployed along Commonwealth Avenue and other roads leading to and within the vicinity of the Batasang Pambansa Complex in Quezon City, where the Sona will be held. Ambulances, tow trucks, fire trucks, mobile patrol units, motorcycle units, among others, will also be deployed at designated routes and staging areas. The MMDA shall implement a zipper lane or counterflow on the southbound portion of Commonwealth Avenue to give way to vehicles of government officials and guests going to the complex as needed. Ahead of Sona, Melgar said the MMDA Task Force Special Operations and Anti-Colorum Unit, in coordination with the Quezon City government, shall intensify clearing operations to remove all types of road obstructions, including illegally-parked vehicles, to ensure that alternate routes are passable. Jovee Marie N. Dela Cruz and Claudeth Mocon-Ciriaco

PHL logs 14,640 Covid-19 cases from July 11 to 17–DOH report By Claudeth Mocon-Ciriaco @claudethmc3

HE Department of Health (DOH) on Monday logged a total of 14,640 Covid-19 cases from July 11 to 17, or a 44 percent compared to cases recorded from July 4 to 10. This is an average of 2,091 cases per day, the DOH said. One death was also recorded.

H E G e r m a n - Ph i l ip pi ne Chamber of Commerce and Industry (GPCCI) is aiming to push for the amendment of the Dual Training System Act in the 19th Congress to promote the right competencies and skills of the Filipino work force. “We also want to push for the 19th Congress to look at reforms in the technical vocational track thereby introducing an enterprisebased education and training or amending the Dual System Act to promote the right competencies and skills of the Filipino work force,” said GPCCI Executive Director Christopher Zimmer in a tele-

vised interview on Monday. The Dual Training System Act of 1994 or Republic Act No. 7686 is a law which aims to strengthen manpower education and training in the Philippines so that the country may be assured of an evergrowing supply of an educated and skilled manpower equipped with appropriate skills, desirable work habits, and attitudes. Section 2 of the law underscores “the Dual Training System, as successfully tested in some highly developed countries, shall be adopted in duly accredited vocational and technical schools, in cooperation with accredited agricultural, industrial and business establishments, as one of the preferred means of creating a

By Butch Fernandez

@butchfBM

ITING an urgent need to review the K-to-12 educational system, Senator Sherwin Gatchalian joined the mounting clamor for educational reforms amid “growing dissatisfaction with the present setup.” The senator stressed, “Growing dissatisfaction with the K-to-12 system demands the urgency of conducting a review and formulating reforms.” Gatchalian, in a news statement, cited a Pulse Asia survey conducted from June 24 to 27 with 1,200 respondents that revealed 44 percent of adult respondents are dissatisfied with the program. He pointed out, “This is 16 percentage points higher compared to the results of a survey done in September 2019 showing only 28 percent of respondents were dissatisfied with the K-to-12 system.” The survey in June commissioned by Gatchalian likewise noted a drop of 11 percentage points in satisfaction rate with the K-to-12 program compared to a similar survey done in September 2019. This, while 50 percent of respondents in the September 2019 survey were satisfied with the program, with only 39 percent of respondents in the survey who said that they are satisfied. In filing Senate Resolution No. 5, Gatchalian paved the way for a Senate inquiry on the status of the implementation of the Enhanced Basic

dependable pool of well-trained operators, craftsmen and technicians for the economy.” Apart from the Dual Training System Act, Zimmer added that GPCCI is hoping to see reforms in labor and education in this administration as “Germany is a strong advocate of apprenticeship and dual training as we believe that this will solve issues and grueling unemployment in the country.” Further, the GPCCI executive director said that they have noted the filing of House Bill No. 20 under Apprenticeship Program Reform. In relation to this, Zimmer said that the GPCCI is keen on being part of the discussions so that they can share their recommendations.

DepEd chief: Students not required to wear uniform for SY 2022-2023 to cut expenses

ICE President and Education Secretary Sara Z. Duterte on Monday said learners are not required to wear their school uniform for school year (SY) 2022-2023. “Even before the pandemic, it is not a strict requirement for public schools to wear uniforms,” Duterte said citing Department of Education Order No. 065, Series of 2010. Duterte said this would help

avoid “incurring additional costs” to the families of our learners. “All the more that it will not be required this school year given the increasing prices and economic losses due to the pandemic,” Duterte added. In her first order as the education secretary, Duterte directed all public and private schools in the country to transition to five days of face-to-face classes

Severe and critical cases

OF the cases recorded from July 11 to 17, 35 were classified as severe and critical. The DOH said that on July 17, there were 589 severe and critical cases admitted in the hospitals. Of the 2,630 ICU beds for Covid patients, 481 (18.3 percent) are occupied.

Vaccination

ACCORDING to the latest report

from National Covid-19 Vaccination Operations Center as of July 18, the total number of fully vaccinated individuals is 71,322,848 while 4,636,010 are partially vaccinated. “Of the total eligible population of 65,340,001 we have boosted 15,592,533. Of these, there are 49,747,468 individuals left due for boosters,” the DOH said. Meanwhile, 6.7 million senior citizens or 77.81 percent of the A2

population have received their primary series. The DOH reminded the public not to be complacent and follow health protocols under Alert Level 1. “Always wear best-fitted face mask and if ever stay on well-ventilated places. If experiencing symptoms, isolate immediately,” the DOH said. The DOH is also encouraging the public to get vaccinated or boosted if eligible.

Solon gripes over lamentable K-to-12 educational system

GPCCI pushes for revision Dual Training System law to upgrade workers’ skills By Andrea San Juan

Editor: Vittorio V. Vitug • Tuesday, July 19, 2022 A3

beginning November 2. “Starting November 2, 2022, all public and private schools shall have transitioned to five days in-person classes. After the said date, no school shall be allowed to implement purely distance learning or blended learning except for those that are implementing Alternative Modes,” DepEd Order 34, Series of 2022, stated. Claudeth Mocon-Ciriaco

Education Act of 2013 or the K-to-12 Law (Republic Act No. 10533)—exactly 10 years from the time the enhanced curriculum for K-to-12 was initially implemented in school year 2012-2013. The proposed review is one of Gatchalian’s priority measures for the 19th Congress as the centerpiece of the senator’s commitments to Filipino voters during their senatorial campaign. Moreover, the senator commissioned a Pulse Asia survey last December 2019, which pointed out that among those who were dissatisfied with the K- to-12 program, additional financial burden was the top reason for dissatisfaction (78 percent).

Gatchalian acknowledged the people’s voice were clear that “they are not content with the K to 12 program.” “Malinaw sa boses ng ating mga kababayan na hindi sila kuntento sa programa ng K to 12,” he said, noting that this was “due to the unfulfilled promises and the additional burden passed on to students and their parents.” He recalled it was also shown in a 2020 discussion paper by the Philippine Institute for Development Studies that while the K-to-12 program promised to boost employability among senior high school (SHS) graduates, only a little over 20 percent of SHS graduates entered the labor force while 70 percent continue

with their education. The same discussion paper added that historically, the Filipino youths or those aged 15 to 24 have the lowest rates in terms of labor force participation in the Asean region. For example, 70 percent of Vietnamese youth are in the labor force but only less than 60 percent of their counterparts in the Philippines are in the labor force. Stressing there is a need to thoroughly assess the implementation of K-to-12 program, the senator suggested that this is intended to “ensure that the goals were being fulfilled to deliver quality education and promote competitiveness among the youth.”

A4 Tuesday, July 19, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

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‘Shrinkflation’: Lawmaker warns bread might shrink but cost more By Jovee Marie N. Dela Cruz @joveemarie

HE chairperson of the House Committee on Ways and Means on Sunday asked flour millers and bread makers to fortify their products with additional vi-

tamins and minerals in anticipation of what he called “shrinkflation,” or the reduction in serving size of certain goods instead of an increase in per serving price. Albay Rep. Joey Sarte Salceda said bread would probably be the hardest hit by shrinkflation.

“Wheat prices have increased by 165 percent. At that point, bread makers will probably both increase prices and shrink sizes,” Salceda said. In March this year, Salceda warned of higher bread prices as the Russia-Ukraine conflict affects the trade of wheat.

“Egg prices are also threatening to go out of control. Sugar supply is already problematic. What we are likely to see is shrinkflation. Goods getting smaller instead of higher prices,” he said. Salceda added that while the government continues to try to control price hikes and resolve supply issues, manufacturers and millers can “fortify their products with vitamins and minerals.” “[The Department of Science and Technology] also asked millers and bread makers to consider other alternatives and additives to maintain nutritional value without increasing

prices or reducing sizes significantly,” he said. “So, in the meantime, while we solve the structural issues affecting price and supply, we can adapt,” he added. Salceda already made the call to manufacturers in April. Salceda said he would work with the Food and Nutrition Research Institute to come up with a prescribed guide for bread makers to come up with bread at similar nutritional value but at a lower cost. “Nutrition should be part of Science for Change, which is the DOST’s flagship program. This should be one of the most relevant and immediate applications,” the lawmaker from Albay pointed out.

Oil companies roll back fuel pump prices By Lenie Lectura

@llectura

OCAL pump prices will go down again this week. Gasoline prices will be slashed by P5 per liter, diesel will be reduced by P2 per liter, and kerosene will go down by P0.70 per liter. This is the third consecutive oil price rollback for diesel and kerosene, and the second straight week for gasoline prices. Last week, gasoline products went down by P5.7 per liter, diesel by P6.1 per liter and kerosene by P6.3 per liter. These resulted to the year-todate adjustments to stand at a net

increase of P24.30/liter for gasoline, P36.80/liter for diesel and P30.05/ liter for kerosene. The price rollback takes effect at 6 a.m. on Tuesday, July 19, for Seaoil, Shell, Caltex, Total, PTT, and Phoenix. Cleanfuel’s price adjustment starts at 8:01 a.m. Oil firms adjust their prices every week to reflect movements in the world oil market. The DOE said Dubai crude prices kept falling as well as MOPS gasoline and diesel amid a wide market sell off on recession fears. Adding downward pressure to the prices was crude stock building in the US.

Corruption 2022 and beyond –Dreaming like children…

By Henry J. Schumacher

S I sit to formulate visions for the next 18 months, my mind is wordlessly scribbling ideas for that period, following the election of President Marcos—for those of us who dream like children, let’s look forward. Will we enjoy a level playing field from now on? Will we be tough and walk away from all corruption challenges? Unfortunately, every loud proclamation that corruption—as we know it—is “dead” is followed by something new. Let’s agree that there is plenty of resourcefulness out there to redefine and reinvent corruption. As I said in one of my earlier columns: corruption enablers are created daily. But we are dreamers and dreams are not progress reports. Under the new administration, we are attempting to reach a business environment free from corruption, giving businesses the opportunity to fulfill their potential in an ethical environment. We are daring to dream higher and encouraging others to do the same, knowing, however, that we have to be aware of four situations that can shatter our dreams: • The first condition necessary for the emergence and re-emergence of corruption is that there be rents associated with a government’s regulatory powers. Senator Cynthia Villar said: “If BBM can’t stop agri smuggling, no one can.” Allow me to add: “If BBM can’t stop corruption, no one can.” • The second condition requires that corrupt bureaucracies be somewhat independent within the remaining (if

honest) administrative structure of the government. External controls of the bureaucracy—whether imposed by the remainder of the administrative system or by society at large—must be weak. Let’s create strong Integrity Circles, composed of business and civil society, and hopefully LGUs. • The third condition requires the public institutions controlling corruption be weak and ineffective. These institutions include civic groups that exert moral pressures, political parties and the media that could expose the wrongdoing, and the legal system that would have the authority to prosecute and punish the guilty (in the Philippines, the poor have to go to jail but the rich can easily get away or delay processes). Without judicial reform, corruption will continue to blossom. Impunity is a close ally of corruption! • The fourth condition is a lack of whistleblower protection. It is obvious that strange deals between government and the private sector and private sector to private sector (price fixing, collusion in biddings, bribing technical and purchasing staff, etc.) will only become known if people inside those companies become whistle-blowers. This is the reason why we advocate the protection of whistle-blowers. At the present situation, I would not be courageous enough to be a whistle-blower. You? It’s time that companies and individuals commit to integrity. Do it now and let’s create the Integrity Nation. And remember, Integrity starts with I—meaning YOU. Let me close by saying: YOU are the final authority. Not the government. Not the president. Not Mom or Dad. YOU. No community of philosophers, scientists, priests, academicians, politicians, or generals—no school, legislature, parliament, or court— can bear responsibility for your life, or your words, or your actions. This authority is yours and yours alone. YOU can neither get rid of it nor escape from it. To all of those that have been with us during the anti-corruption journey, I say, it’s just the beginning, but progress toward the impossible dream makes us believe it could just be possible! Comments are more than welcome —email hjschumacher59@gmail.com

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Group pushes ‘ecolabelling’ to cut plastic litter in oceans By Rizal Raoul S. Reyes @brownindio

N environmental protection group has warned on the disastrous impact of plastic sachets in the environment, notably in the country’s marine resources. June Alvarez, Executive Director of the Philippine Center for Environmental Protection and Sustainable Development, Inc. (PCEPSDI) told the BusinessMirror that discarded sachets widely used in the packaging of consumer products in a “sachet economy” like the Philippines have found their way into oceans. A recent study, Alvarez said, have even indicated that some species of fish had microplastics in their bodies. At present, the Philippines had been ranked as the world’s third largest plastics polluter next only to China and Indonesia. Moreover, sachets and plastics have also been one of the major causes of flooding in urban centers, such as Metro Manila. “If these small packaging items are not all disposed of or recycled properly, it becomes mismanaged wastes and it also contributes to marine litter. Another aspect is that plastic packaging is fairly convenient and easy to use. The majority of the consumers still prefer plastics over paper bags,” Alvarez pointed out. Alvarez also deplored the low acceptance of sustainable alternatives in the country, citing the fact that majority of the population does not have access to environmentallyfriendly packaging such as cassava bags and other recyclable materials. Alvarez stressed that the government, in partnership with the private sector, should introduce programs and measures to make sustainable packaging products accessible and more affordable to the market, especially to the marginalized sectors. Nevertheless, Alavarez sees a silver lining as his group is seeing strong support from the govern-

ment, especially with the Department of Trade and Industry, in promoting ecolabelling. He added government and the private sector must also make a strong push against the practice of greenwashing by some other brands by unscrupulously labeling their products as eco-friendly and sustainable. Based on the market readiness survey conducted by the PCEPSDI for the Sustainable Packaging Project, Alvarez said the respondents showed a positive attitude towards sustainability and majority of them are willing to switch from single-use packaging to sustainable alternative packaging. “Generally, demand for environmentally-preferable packaging products in the country is growing over the years, especially that more brands and companies offering sustainably produced products. The products that National Ecolabelling Programme-Green Choice Philippines [NELP-GCP] has ecolabelled are priced competitively so consumers don’t have to worry about the price difference. Although, there is still a gap with the knowledge of the consumers on ecolabelling and how it relates to the environmental performance of a product,” he explained. Currently, the PCEPSDI has 42 ecolabelling categories ranging from consumer products, and restaurants to construction materials. So far, the NELP-GCP has awarded a total of 57 Green Choice Seal of Approval (licenses). He said ecolabelling recognizes the company’s environmental performance dedicated to protecting the environment. The NELP-GCP Seal of Approval offers enterprises reinforced corporate imaging, brand recognition, and product excellence. The product brand immediately gains a preferential position in the market, as the GCP ecolabel is synonymous with eco-friendly quality based on internationally recognized standards.

Tuesday, July 19, 2022 A5

Go Lokal: DTI launches #FlexPHridays drive at LRT 1, MRT 3 stations, trains By Andrea San Juan

HE Department of Trade and Industry-Bureau of Domestic Trade Promotion (DTI-BDTP) will promote the #FlexPHridays campaign in over 140 digital screens of LRT 1 and MRT 3 stations as it aims to boost micro, small, and medium enterprise (MSME) exposure and consumer base. A DTI news statement on Monday said this will be the first attempt of the #FlexPHridays campaign to go beyond digital advertising, making use of mass transport media to further raise awareness. With LRT 1’s daily average of commuters/riders that range between 400,000 to 500,000 and MRT 3 with 500,000 riders per day, DTI said, #FlexPHridays is bound to reach and

touch a wider audience. #FlexPHridays is an offshoot of the DTI’s Buy Local, Go Lokal campaign, which focuses on promoting the products and services of local MSMEs in the mainstream market. The said campaign, inspired by the Filipinos’ love for being up-to-date with the latest trends, has been promoting a healthy “flex” culture in social media to boost MSME exposure. The #FlexPHridays campaign is done through a Friday weekly habit of getting both brands and consumers to post photos or videos featuring any Filipino product or service, which may include food, fashion, and furniture, on social media using the hashtags #GoLokal and #FlexPHridays. To widen its reach, the campaign’s advertisement will be seen

in all 20 LRT 1 stations (Baclaran, Edsa, Libertad, Gil Puyat, Vito Cruz, Quirino Avenue, Pedro Gil, United Nations, Central Terminal, Carriedo, Doroteo Jose, Bambang, Tayuman, Blumentritt, Abad Santos, R. Papa, 5th Avenue, Monumento, Balintawak, Roosevelt). Meanwhile, in-train advertisement will be seen in both LRT 1 and all 13 MRT 3 stations (North Avenue, Quezon Avenue, Kamuning, Araneta Center-Cubao, Santolan-Annapolis, Ortigas Avenue, Shaw Boulevard, Boni, Guadalupe, Buendia, Ayala, Magallanes, and Taft Avenue). Commuters taking the light rail transit system in Metro Manila will see the Buy Local, Go Lokal campaign audio video presentation (AVP) and social media accounts of #FlexPHridays.

PBBM urged to certify aid bill for fishermen Davao City has P1M By Jonathan L. Mayuga @jonlmayuga

HE Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) on Monday urged the Marcos administration to certify as urgent a bill seeking P15,000 direct production subsidy to small fishermen amid rising inflation and increase in fishing production cost. The group said there are at least 1 million registered fisherfolk in the Philippines who are in dire need of government support. “We urge the Marcos administration to certify as urgent this doable and sound economic measure that will ease the impacts of staggering

prices of basic commodities that jack up the cost in the fishing production,” Fernando Hicap, Pamalakaya national chairperson said in a news release. Filed by Makabayan bloc legislators on July 18, House Bill 2024 stated that at least 1 million Filipinos employed in the fisheries and aquatic sectors, as recorded by the Philippine Statistics Authority (PSA), shall directly receive the amount of P15,000 for production and livelihood expenses. “If approved, this proposed bill will benefit our small fisherfolk who have been reeling from the economic impacts of pandemic and natural calamities that struck the country, particularly typhoons ‘Odette’ and ‘Agaton,’” Hicap,

former Anakpawis party-list lawmaker added. The group said that despite the two consecutive rollbacks on oil prices, small fishers are still unable to get back on their feet unless the government imposes a concrete measure to pull down further the pump prices, such as reversing the deregulation of the oil industry to prevent oil companies from controlling fuel prices. “We are not begging for alms, but we are demanding a sustaining and life-supporting subsidy for our ailing sector who are also food security frontliners. The government should’ve learned its lesson that food security during a crisis is an indispensable issue next to public health,” ended Hicap.

NEA: 87% DAR-ASSISTED FARMERS GET SUPPORT FOR VERMICAST BIZ Mindanao journalist Ajero writes 30 at 82 of 121 ECs get triple A rating By Lenie Lectura

@llectura

HE National Electrification Administration (NEA) on Monday announced that 87 percent of the country’s 121 electric cooperatives (ECs) received a tripleA rating, the highest possible grade, last year. Nine ECs, or 7 percent, were rated AA and five ECs, or 4 percent, were rated A. It placed under category B seven ECs; Category C, six ECs; and Category D, seven ECs. NEA Administrator Emmanuel P. Juaneza commended ILECO Ill and SIARELCO for being the highest performers in the 2021 overall operations for on-grid and off-grid operations, respectively. Nine ECs have improved categories across all performance levels with QUIRELCO as the most improved EC from Category B to AAA. Juaneza also commended Regions 6, 8 and Caraga for sustaining excellent performance as a region with all their ECs consistently rated AAA, and Region 3 as the most improved region having all their 14 ECs assessed as AAA for the first time. “The EC Overall Performance Assessment aims to measure the ECs’ financial, institutional and technical performance, thus determining credit worthiness, level of development, protection, empowerment and satisfaction of member-consumerowners [MCOs], and to promote accountability and responsibility in ECs’ compliances and fiduciary obligations. This also serves as a basis for crafting performance incentive mechanisms for the ECs,” NEA said in a news statement.

HE Department of Agrarian Reform (DAR) has recently turned over farm machinery and equipment to a group of farmers in Uyugan, Batanes who are in the vermicast production business. Vermicast is a mixture of castings of the lowly earthworm and uneaten bedding and feedstock harvested from worm beds. In the process, earthworms are placed in a container filled with compost. The combination of organic wastes and earthworms is recycled and transformed into natural fertilizer, thereby turning waste products into natural soil food and nutrients. Aside from farm machinery and equipment, the DAR-Batanes field office also provided inputs to the members of the Milagrosa Multi-

Purpose Co-operative located in Barangay Itbud, Municipality of Uyugan, Batanes. T he ver m ic a st produc t ion is a project being implemented through the Sustainable Livelihood Disaster Affected Area (SLDAA) program of DAR. It also aims to provide an alternative source of livelihood and as a means to restore and rehabilitate areas affected by the impacts of climate change. DAR-municipal agrarian reform program officer Jocelyn P. Flores said the initiative is part of the major cropbased block farm productivity enhancement project under the Climate Resilient Farm Productivity Support (CRFPS) and SLDAA project of DAR. The FME and agri inputs provided for the cooperative’s vermicast

production include one unit Power shredder (GR-1500, 35x350 with a cost of P375,000.00); one set grass cutter (UMK 435/4-stroke Honda worth P25,000.00); one unit four concrete paddocks of 3 feet x 10 feet worth P50,554.001; 4 kilos Vermi WormsworthP4,000.00;16packsplastic packaging worthP1,536.00; and 2 sets of training worth P33,000. “The farm machinery will be a great help because it will enhance and sustain the agricultural productivity of the ARBs [agrarian reform beneficiaries] and turn waste products into soil food,” Flores said. Milagrosa MPC Chairman Ms. Emily Balderas expressed her gratitude to the department on behalf of their association for exerting all efforts to help the farmers and the ARBs. Jonathan L. Mayuga

SC affirms education, training provisions of Philippine Psychology Act of 2009 By Joel R. San Juan @jrsanjuan1573

HE Supreme Court has declared “not unconstitutional” Section 16(c) of the Implementing Rules and Regulations (IRR) of Republic Act No. 10029, or the Philippine Psychology Act (PPA) of 2009, which provides the standards and the period within which practitioners may register as psychologists without examination. In a 16-page decision penned by Associate Justice Mario V. Lopez, the Court en banc unanimously affirmed the decision issued by the Court of Appeals on May 21, 2019 which denied the petition for review filed by Florentina Caoyong Sobrejuanite-Flores assailing

The DTI said that with this initiative, riders will learn how to become a BUYaning Pinoy, which are shown in three steps: Buy local products, snap a photo or video of your purchases, and flex it online by including the hashtag #FlexPHridays. By exploring a different approach to advertising #FlexPHridays, the trade department hopes that the campaign will reach a wider audience and further stimulate the demand for homegrown brands. Last month, the DTI tapped fast-food giant Jollibee Foods Corp. (JFC) to be its partner in promoting the #FlexPHridays campaign. With this partnership, Jollibee is set to create digital content across their social media channels and feature selected DTI-endorsed MSMEs in the campaign.

the validity of the administrative regulation. The CA upheld the findings of the Professional Regulatory Commission (PRC) and the Board of Psychology (BOP) that Flores was not qualified to avail of the exemption, or to register a as psychologist without examination pursuant to Section 16(c) of the PPA’s IRR. The assailed provision granted a period for practitioners to register as psychologists without examination and crafted sufficient standards on who may avail of the exemption measured in terms of educational attainment and work experience. Specifically, the law provides that applicants who have Bachelor’s Degree in Psychology may be registered

without examination if they accumulated a “minimum of ten [10] years of work experience in the practice of psychology…” and “updated their professional education in various psychology-related functions.” The SC noted that “the clear legislative intent” or PPA is to regulate the practice of psychology and to protect the public from incompetent individuals offering psychological services. “The Code of Ethics for Philippine Psychologists enjoins to develop and maintain competence in caring for the well-being of the patient which requires the application of knowledge and skills that are appropriate for the nature of a situation as well as the social and cultural context,” the SC explained.

VETERAN journalist Antonio Movera Ajero

AVAO CITY—A veteran journalist looked up by many as their father in the profession succumbed to a “lingering illness” on Sunday. Antonio Movera Ajero, 82, was chairman of the board of Edge Davao Review Publishing Inc. and and editor in chief of the local daily, Edge Davao. In many posts among friends, associates and news sources, a common outpouring of comments was his fatherly mentoring through the decades and providing the opportunity to stay longer in the profession. He was already a known fixture and icon in the local media industry, especially when he was at the helm at Peryodiko Dabaw, a competitor to the old newspapers in the city. The newspaper was later bought as the city edition of the national SunStar group of publications. The SunStar Davao said Ajero, “who was called ‘AMA’ by his colleagues, also served as publisher and editor in chief of SunStar Davao from 1995 to 2002 and as the newspaper’s publisher from 2002 until his retirement in 2008.” He was also a host of “Brainstorm,” a public affairs TV program in the city way back in 1987, said Peter Lavina, also a veteran journalist who later dabbled with political and government consultancy. Manuel T. Cayon

more in aid to co-ops and micro-entreps By Manuel T. Cayon

@awimailbox Mindanao Bureau Chief

AVAO CITY—The city government has still more than P1 million for ready assistance to cooperatives and micro-entrepreneurs as it prefers new clients to avail of the financial aid. The Davao City Cooperative Development Office (DCCDO) announced that the ready money “is still available for loan disbursement to Davao City cooperatives this year.” Donna España, supervising cooperative development specialist of DCCDO’s Planning Monitoring and Evaluation Unit, said the office would focus on new clients “while still catering to all beneficiaries of the office’s programs and projects.” The DCCDO was mandated to prioritize small and micro cooperatives under the Enhanced Livelihood and Enterprise Assistance Program (ELEAP). Small and micro cooperatives made up 80 percent of the total number of existing cooperatives in the city. Of the 400 active cooperatives in Davao City, 264 have been assisted by the DCCDO as of the second quarter of this year. These cooperatives were given various education and skills training. Aside from capacity-building activities, the office also granted loan assistance to small and micro cooperatives and individual entrepreneurs. In the second quarter alone, the Cooperative Financial Assistance Program granted P300,000 to three cooperatives. The loan is payable within three years with no interest. Twenty-six small and microentrepreneurs were awarded capital assistance under the DCCDO’s Start-Up Capital Assistance program during the same period. Under this grant, entrant small businesses may avail of the start-up capital loan assistance amounting from P10,000 to P20,000 payable within a year at zero interest while operating businesses may avail of the working capital loan assistance ranging from P30,000 to P50,000 payable within three years with no interest. Beneficiary cooperatives were those catering to indigenous peoples, person with disabilities, disadvantaged women, farmers and fisher families. From 2014 to June 30 of this year, 72 cooperatives were granted loan assistance ranging from P100,000 to P300,000 for small and micro cooperatives and P301,000 to P1 million for medium and large scale cooperatives. A total of 9,538 cooperative members benefited from these loans.

BusinessMirror

Tuesday, July 19, 2022

ESTABLISHMENT / ADDRESS No.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

CHU, ZHUQIN Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients

Basic Qualification: *Any nationality who can speak and write Chinese fluently. *Preferably 6 months to 1-year customer service experience. *Detailoriented and has the ability to multi-task.

KAPTEIN, MAARTJE PIETRONELLA ADRIANA Discipline Specialist 12.

Salary Range: Php 30,000 - Php 59,999

GUO, JHIH-YU Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients

Basic Qualification: *Any nationality who can speak and write Chinese fluently. *Preferably 6 months to 1-year customer service experience. *Detailoriented and has the ability to multi-task. Salary Range: Php 30,000 - Php 59,999

HA THANH HIEN Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients

HU, TAO Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients

LI, QILIANG Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients

Basic Qualification: *Any nationality who can speak and write Chinese fluently. *Preferably 6 months to 1-year customer service experience. *Detailoriented and has the ability to multi-task.

LI, ZHUOHUI Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients

GUSTAFSSON, ULF FREDRIK Multilingual Service Desk Member

14.

Brief Job Description: Provide customer service to clients

SHI, XINMIAO Customer Service Representative (Chinese Speaking) Brief Job Description: Provide customer service to clients

15.

Brief Job Description: Provide customer service to clients

16.

SUN, JIANMIN Mandarin Customer Service 10.

Brief Job Description: Offer full range of customer service to employer and clients.

YAN, ZHIQIANG Mandarin Customer Service 11.

Brief Job Description: Offer full range of customer service to employer and clients.

Basic Qualification: At least college level and able to speak, read write and type fluently in MANDARIN language.

Brief Job Description: The mandarin business development manager will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals.

YANG, ZHENMING Mandarin Business Development Manager 17.

Salary Range: Php 30,000 - Php 59,999

BOSKALIS PHILIPPINES INC. Unit 3701, 3801 The Orient Square, F. Ortigas Jr. Road, Ortigas Center, San Antonio, City Of Pasig

Basic Qualification: Must be fluent in Swedish and in English; Vocational Diploma, Short Course Certificate Undergraduate, or Bachelor’s/College Degree

23.

Basic Qualification: Proven experience as mandarin business development manager, familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan.

WANG, SHAOFA Mandarin Business Senior Staff 18.

Brief Job Description: The Mandarin Business Senior Staff will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals.

Basic Qualification: Proven experience as Mandarin Business Senior Staff , familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan. Salary Range: Php 30,000 - Php 59,999

ZHANG, CHU Mandarin Deputy Managing Director 19.

Brief Job Description: The Mandarin Deputy Managing Director will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals.

Basic Qualification: Proven experience as Mandarin Deputy Managing Director, familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan. Salary Range: Php 30,000 - Php 59,999

JIA, JIA Mandarin Finance Manager 20.

Brief Job Description: The Mandarin Finance Manager will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals.

Basic Qualification: Proven experience as Mandarin Finance Manager, familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan.

WANG, LEI Mandarin Site Officer 24.

FANG, MING Mandarin General Manager 21.

Brief Job Description: The Mandarin General Manager will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proven experience as Mandarin Site Officer, familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven experience as Mandarin Site Officer, familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan.

Brief Job Description: The Mandarin Site Officer will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals.

WANG, SHOUYI Mandarin Site Officer 25.

COLDSTREAM MARKETING SOLUTION INC. 603-4 Eastfield Ctr., Moa Comp. Macapagal Ave., Barangay 76, Pasay City

DIEP LAM CO Gaming Support Specialist

26.

Brief Job Description: Being the voice of our players within our fastgrowing online/offshore gaming platform, stay on track with the game updates, implementing procedures to support players, work creatively across multiple projects and platforms at the same time.

Basic Qualification: A passion for delivering excellent customer service, Excellent communication skills in Chinese, both spoken and written, Previous experience in a similar role in the offshore/ online gaming industry or less experience but a good attitude and motivation to learn. Salary Range: Php 30,000 - Php 59,999

DATAMATICS GLOBAL SERVICES CORP. Units 304, 305, & 306 3/f, Rockwell Business Tower, Tower 1, Meralco Ave., Ugong, City Of Pasig

THUTA MURALI KRISHNAN, HEMANTH KUMAR Project Manager 27.

Brief Job Description: Leads research and development of special programs and projects as directed

Basic Qualification: 10 years of experience of SAAS base products implementation Salary Range: Php 150,000 - Php 499,999

DELFINES HOTEL MANAGEMENT CORP. Unit No. U G-04 Antel Seaview Towers Bldg., Roxas Blvd St., Barangay 6, Pasay City

QIAO, ZHAOYU Sales Manager 28.

Brief Job Description: To guide clients through all procedures required and responsible for furnishing clients with relevant information

ZHUO, CIZHOU Sales Manager 29.

Brief Job Description: To guide clients through all procedures required and responsible for furnishing clients with relevant information

Basic Qualification: Bachelor’s Degree in Business Management, Excellent Communication skill verbal or written Salary Range: Php 30,000 - Php 59,999

DEUTSCHE BANK A.G. 19th Floor Four/neo, Building,, 31st Street Corner 4th Avenue, Bonifacio Global City,, Fort Bonifacio, City Of Taguig

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proven experience as Mandarin General Manager, familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan.

QUALIFICATION AND SALARY RANGE

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Know how to speak, write and read English; 3 to 5 years work experience Salary Range: Php 30,000 - Php 59,999

TANG, JIANPING Mandarin Site Officer

Salary Range: Php 90,000 - Php 149,999

Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: At least college level and able to speak, read write and type fluently in MANDARIN language.

Basic Qualification: Minimum 3 years extensive work experience with an international dredging company.

Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999 BIG EMPEROR TECHNOLOGY CORP. Eastfield Center, Cbp1, Macapagal Blvd., Barangay 76, Pasay City

Brief Job Description: Organizing, assisting and helping for market research

CHEN, MENGLONG Mandarin Business Development Manager

Salary Range: Php 30,000 - Php 59,999

WU, JINLONG Customer Service Representative (Chinese Speaking)

22.

Salary Range: Php 150,000 - Php 499,999

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

CHENG, SHENGAN Mandarin Site Officer

CHINA HARBOUR ENGINEERING COMPANY 5/f Section E Ramon Magsaysay Center, 1680 Roxas Blvd., 076, Barangay 699, Malate, City Of Manila

Basic Qualification: *Any nationality who can speak and write Chinese fluently. *Preferably 6 months to 1-year customer service experience. *Detailoriented and has the ability to multi-task.

Brief Job Description: Resolve issues utilizing excellent customer service skills, problem solving skills, technical thinking/ reasoning skills, and a high level of individual judgment to ensure outcomes of customer satisfaction; Receive and respond to user inquiries and requests via telephone, email, case tracking system professionally and with speed, accuracy and proficiency

WANG, QIN Marketing Assistant

Basic Qualification: Experience as discipline specialist of at least 3 years in dredging and lang development industry. Experience with discipline relevant software and models.

No.

CHINA CONSTRUCTION FRONT GENERAL DEVT. CORPORATION Unit 3001, Atlanta Center, 31 Annapolis St., Greenhills, City Of San Juan

Salary Range: Php 30,000 - Php 59,999

LIN, XUELING Customer Service Representative (Chinese Speaking)

Brief Job Description: Managers and supervises the execution of a part of the project, according to the contract in a safe, timely, qualitatively optimal and cost-efficient manner.

QUALIFICATION AND SALARY RANGE

CGI (PHILIPPINES) INC. 2/f One World Square, Mckinley Hill, Pinagsama, City Of Taguig

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: *Any nationality who can speak and write Chinese fluently. *Preferably 6 months to 1-year customer service experience. *Detailoriented and has the ability to multi-task.

Brief Job Description: Gives data management support on a large complex on- and offshore dredging & land development project.

VANGELABBEEK, LIEN Superintendent 13.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ALTERA KARNA BUSINESS CORP. 5th, 6th, 7th & 8th Flrs. Eighty-one Newport Blvd., Newport City St., Barangay 183, Pasay City

www.businessmirror.com.ph

JAYASINGHE, SINGAPULI ARACHCHIGE PASAN MAYURA Deputy Head - Relationship And Transactions Management 30.

Brief Job Description: Deputy to the head of relationship and transaction management. Drive and lead new product roll outs to the country. Champion the corporate cash management solutions for the branch. Work with sales/relationship managers to bridge the technical gap in solutioning.

EASTERN GOLD CORPORATION 503, Nueva St., Barangay 289, Binondo, City Of Manila

Basic Qualification: 5-10+years of professional experience in Financial Services and Client Servicing Industry. Transaction banking product knowledge. Salary Range: Php 150,000 - Php 499,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

SHI, WEITAN Senior Marketing Specialist 31.

Brief Job Description: Looking after the budget of the marketing department and making sure the budget spend is delivering a return on investment. Managing the design and production of promotional materials, such as websites and brochures.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Can work harmoniously with executive team such as the marketing director or managing director to set the marketing strategy for the business .Must be willing to hire and manage junior marketing team that includes PR and creative staff . Able to speak and communicate using mandarin is an advantage Salary Range: Php 30,000 - Php 59,999

No.

YANG, JI Customer Service Representative 45.

32.

Brief Job Description: Plan, initiate and guide the units of study in Arabic

Basic Qualification: Specializing in Arabic writing and language Salary Range: Php 30,000 - Php 59,999

EVA AIRWAYS CORPORATION 23/f Lkg Tower, 6801 Ayala Ave., Bel-air, City Of Makati

33.

LI, YU-CHI Cargo Manager Brief Job Description: Overall management of airport cargo operations.

Basic Qualification: College graduate, has previous experience in related field.

46.

ANDREN RAYMOND Customer Service Representative 34.

Brief Job Description: Support customer by providing helpful information, answering question and responding to complaints

ARJUNA LIENARDO Customer Service Representative 35.

Brief Job Description: Support customer by providing helpful information, answering question and responding to complaints

CHRISTY NOVI PUBRA Customer Service Representative 36.

Brief Job Description: Support customer by providing helpful information, answering question and responding to complaints

JOKO KRISTIANTO Customer Service Representative 37.

Brief Job Description: Support customer by providing helpful information, answering question and responding to complaints

47.

Basic Qualification: College graduate level, preferably with Customer Service or Sales experience, fluent in Mandarin, basic in English

48.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with Customer Service or Sales experience, fluent in Mandarin, basic in English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with Customer Service or Sales experience, fluent in Mandarin , basic in English

49.

50.

51.

52.

38.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

53.

MOHAMMAD RIFAI Customer Service Representative 39.

Brief Job Description: Support customer by providing helpful information, answering question and responding to complaints

54.

NGUYEN THI NGOC HA Customer Service Representative 40.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

PHAM VAN HAU Customer Service Representative 41.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

PHAN THI THUONG Customer Service Representative 42.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

43.

Brief Job Description: Support customer by providing helpful information, answering question and responding to complaints

WIWIK YUNIANCE NAINGGOLAN Customer Service Representative 44.

Brief Job Description: Support customer by providing helpful information, answering question and responding to complaints

Brief Job Description: Support and manage existing customer accounts

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Opens customers’ accounts by recording account information

DU, JIANLONG Mandarin Marketing Specialist

Basic Qualification: Can speak mandarin

Brief Job Description: Support and manage existing customer accounts

Salary Range: Php 30,000 - Php 59,999

MA, XU Mandarin Operations Specialist

Basic Qualification: Can speak mandarin

Brief Job Description: Support and manage existing customer accounts

Salary Range: Php 30,000 - Php 59,999

TAI TSU ER Mandarin Operations Specialist

Basic Qualification: Can speak mandarin

Brief Job Description: Support and manage existing customer accounts

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Maintain and drive program knowledge for self and team

Brief Job Description: Monitoring and maintaining computer systems and networks

Brief Job Description: To assist coordination and manage all documentation related matters between Korean accounts and other oversea principals under a specific team and local personnel. To represent the company during interactions with Korean market / client/partners

56.

Brief Job Description: Performing analyses on hardware, software, and network capabilities; Consulting with management and other departments as required

LIN, MIAOJING Technical Consultant 57.

Brief Job Description: Performing analyses on hardware, software, and network capabilities; Consulting with management and other departments as required

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ZHANG, SHUNQIN Technical Consultant 60.

Brief Job Description: Performing analyses on hardware, software, and network capabilities; Consulting with management and other departments as required

61.

NG PUI FUN Mandarin Speaking Human Resources Specialist

Basic Qualification: Can Speak Mandarin

Brief Job Description: Recruiting Staff who can speak Mandarin.

Salary Range: Php 30,000 - Php 59,999

GEDI CONSTRUCTION DEVELOPMENT CORPORATION Unit A&b 20/f Rufino Pacific Tower, 6784 Ayala Ave. Cor. V.a. Rufino St., San Lorenzo, City Of Makati LUO, MIAOSEN Mandarin Site Supervisor 62.

Brief Job Description: The mandarin site supervisor will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

WEN, DEHUA Mandarin Digital Marketing Officer 63.

Brief Job Description: The mandarin digital marketing officer will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals.

FANG, YUELEI Mandarin Operating System Supervisor 64.

Brief Job Description: The mandarin operating system supervisor will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals.

WANG, XIAOYU Technical Consultant

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate level, preferably with Customer Service or Sales experience, fluent in Mandarin, basic in English

Brief Job Description: Performing analyses on hardware, software, and network capabilities; Consulting with management and other departments as required

TANDON, VINEET Senior Lead Client Operations And Services 65.

Brief Job Description: Providing support to US based clients; ensuring zero defects opts

XIE, DAN Technical Consultant 59.

Brief Job Description: Performing analyses on hardware, software, and network capabilities; Consulting with management and other departments as required

Basic Qualification: College Graduate With Good Moral Character and Excellent Verbal and Written Communications Skills in Both Mandarin and English; Fundamental Knowledge at Telecom Network Rollout, Network Optimization Workflow and Operations & Maintenance Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate, business course, with OPEX certified management training Salary Range: Php 150,000 - Php 499,999

JDB MANAGEMENT AND CONSULTANCY CORP. 107 T & D House, Magallanes St. 069, Barangay 655, Intramuros, City Of Manila DUNG VI LUONG Strategic And Facilitation Officer 66.

Brief Job Description: Your Primary Function Is To Help The Company And Its Chinese Clients To Generate More Income For The Company

Basic Qualification: Must Be Fluent In Chinese Language Salary Range: Php 30,000 - Php 59,999

JIU ZHOU TECHNOLOGIES INTERNATIONAL, INC. U-2801 28/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati

PHAN THANH NGA Vietnamese Customer Service Representative 67.

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services.

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for; fluent in chines/mandarin is an advantage. Salary Range: Php 30,000 - Php 59,999

KOREAN AIRLINES CO. LTD. Lpl Plaza 124, L.p Leviste St. (alfaro), Bel-air, City Of Makati

JUNG, HYUNG PYO Naia & Cebu Station Manager 68.

Brief Job Description: Serve as the deputy manager for the operation and business transaction of its airport station

Basic Qualification: Strong organizational and communication skills, including written and verbal Salary Range: Php 90,000 - Php 149,999

LUCKY BINTANG CONSULTANCY INC. Unit G-02 Makati Executive Tower 2, 7652 Dela Rosa St. Cor. P. Medina St., Pio Del Pilar, City Of Makati

CHEN, JINGMIN Mandarin Business Consultant

69.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proven experience as mandarin operating system supervisor, familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan.

INFOSYS BPM LIMITED - PHILIPPINE BRANCH 19th-23rd Flr., Bgc Corporate Center, 11th Ave. Corner 30th Sts., City Of Taguig

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate With Good Moral Character and Excellent Verbal and Written Communications Skills in Both Mandarin and English; Fundamental Knowledge at Telecom Network Rollout, Network Optimization Workflow and Operations & Maintenance

Basic Qualification: Proven experience as mandarin digital marketing officer, familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan.

Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 60,000 - Php 89,999

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proven experience as mandarin site supervisor, excellent communication, interpersonal and presentation skills.

HECTECHURE CORP. Units A&b 20/f Rufino Pacific Tower, 6784 Ayala Ave. Cor. V.a. Rufino St., San Lorenzo, City Of Makati

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Advanced level of proficiency in Korean and English language (written & oral), Graduate of any 4 year course, Knowledgeable in computer applications, Minimum 3 years work experience in a managerial role

FUWEALTH SERVICES INC. 18/f Techzone Bldg., 213 Sen. Gil Puyat Ave., San Antonio, City Of Makati

Basic Qualification: Can speak mandarin

QUALIFICATION AND SALARY RANGE

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Can speak mandarin Salary Range: Php 30,000 - Php 59,999

CHEN, WENYU Technical Consultant

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: College graduate level, preferably with Customer Service or Sales experience, fluent in Mandarin, basic in English

No.

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Opens customers’ accounts by recording account information

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

Basic Qualification: Can speak mandarin

FUTURENET AND TECHNOLOGY CORP. 4502 The Finance Centre, 26th Street And 9th Ave., Fort Bonifacio, City Of Taguig

58.

SHERWIN Customer Service Representative

Basic Qualification: Can speak mandarin

PARK, JAEHOON Assistant Documentation Manager

Basic Qualification: College graduate level, preferably with Customer Service or Sales experience, fluent in Mandarin, basic in English

Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

ZHANG, FENGMING Mandarin Accounts Staff

FOSCON SHIPMANAGEMENT INC. Palacio Grande Building, Gen. Luna St. Cor Anda St., 069, Barangay 655, Intramuros, City Of Manila

Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

Salary Range: Php 30,000 - Php 59,999

ZENG, ZHEN Mandarin Technical Support

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Support and manage existing customer accounts

LIU, LINFEI Mandarin Team Leader

55. LOC KHOAN LIENG Customer Service Representative

Basic Qualification: College graduate level, preferably with customer service or sales experience, fluent in mandarin and basic english.

Basic Qualification: Can speak mandarin

WU, JING Mandarin Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate level, preferably with Customer Service or Sales experience, fluent in Mandarin, basic in English

QUALIFICATION AND SALARY RANGE

HU, YUNQIU Mandarin Accounts Staff

WANG, BINGQING Mandarin Customer Service

Salary Range: Php 30,000 - Php 59,999

FLYING DRAGON NETWORK PHILIPPINES INC. Ri Rance Ii Bldg., Block 2 Lot 3 Aseana City, Tambo, City Of Parañaque

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

ESTABLISHMENT / ADDRESS

FLYING FUTURE SERVICES INC. 3/f Salcedo One Center, 170 Salcedo St., San Lorenzo, City Of Makati

EGYPTIAN COMMUNITY ASSOCIATION, INC. 206 Jalandoni Bldg., 1444 A Mabini St., Barangay 669, Ermita, City Of Manila ATEF ELSAYED ALI HASSAN Arabic Teacher

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Tuesday, July 19, 2022

Brief Job Description: Helps mandarin/ vietnamese client’s business owner to improve their business strategies and operations; a consultant may specialize in a specific area, such as information technologies, human resources, or marketing, or may offer general services in all areas of business. Facilitate problem solving and collaboration with the mandarin/ vietnamese client.

LI, GAN Mandarin Business Consultant

70.

Brief Job Description: Helps Mandarin/ Vietnamese client’s business owner to improve their business strategies and operations. A consultant may specialize in a specific area, such as information technologies, human resources, or marketing, or may offer general services in all areas of business. Facilitate problem solving and collaboration with the Mandarin/ Vietnamese client.

Basic Qualification: Preferably 6 months -1-year as business consultant; fluent in mandarin or vietnam and english language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Preferably 6 months -1-year as Business Consultant; Fluent in Mandarin or Vietnam and English Language Salary Range: Php 30,000 - Php 59,999

BusinessMirror

Tuesday, July 19, 2022

A6 A8

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION LI, MENGTING Mandarin Business Consultant

71.

72.

73.

Brief Job Description: Helps mandarin/ Vietnamese client’s business owner to improve their business strategies and operations; a consultant may specialize in a specific area, such as information technologies, human resources, or marketing, or may offer general services in all areas of business. Facilitate problem solving and collaboration with the mandarin/ Vietnamese client. SHI, ZEDONG Mandarin Business Consultant

74.

Brief Job Description: Helps mandarin/ Vietnamese client’s business owner to improve their business strategies and operations. A consultant may specialize in a specific area, such as information technologies, human resources, or marketing, or may offer general services in all areas of business. Facilitate problem solving and collaboration with the mandarin/ Vietnamese client. WANG, RUKUN Mandarin Business Consultant

75.

76.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Preferably 6 months -1-year as business consultant; fluent in mandarin or vietnam and english language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Preferably 6 months -1-year as business consultant; fluent in mandarin or vietnam and english language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Preferably 6 months -1-year as business consultant; fluent in mandarin or vietnam and english language.

77.

78.

79.

80.

81.

82.

83.

84.

85.

86.

87.

88.

89.

Brief Job Description: Managing calls and customer services DEWINA Indonesian Customer Service Representative Brief Job Description: Managing calls and customer services SURAITI Indonesian Customer Service Representative Brief Job Description: Managing calls and customer services LEE, BYUNGGEUN Korean Customer Service Representative Brief Job Description: Managing calls and customer services MUN, SEUNGHUN Korean Customer Service Representative Brief Job Description: Managing calls and customer services CHUA WEE KEAT Malaysian Customer Service Representative Brief Job Description: Managing calls and customer services MOHAMED HAFIZAN YONG Malaysian Customer Service Representative Brief Job Description: Managing calls and customer services

91.

92.

93.

94.

95. Basic Qualification: Preferably 6 months -1-year as business consultant; fluent in mandarin or vietnam and english language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Preferably 6 months -1-year as business consultant; fluent in mandarin or vietnam and english language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Preferably 6 months -1-year as business consultant; fluent in mandarin or Vietnam and English language. Salary Range: Php 30,000 - Php 59,999

96.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Fluent in Indonesian and English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Korean and English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Managing calls and customer services Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Malay and English

97.

98.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Thai and English

Brief Job Description: Managing calls and customer services

Salary Range: Php 30,000 - Php 59,999

KALASEE, WIPAPORN Thailand Customer Service Representative

Basic Qualification: Managing calls and customer services Salary Range: Php 30,000 - Php 59,999

LERDSUWAN, WARINTHORN Thailand Customer Service Representative

Basic Qualification: Fluent in Thai and English

Brief Job Description: Managing calls and customer services

Salary Range: Php 30,000 - Php 59,999

PAWONG, DONALD Thailand Customer Service Representative

Basic Qualification: Fluent in Thai and English

Brief Job Description: Managing calls and customer services

Salary Range: Php 30,000 - Php 59,999

PUENPHA, MARISA Thailand Customer Service Representative

Basic Qualification: Fluent in Thai and English

Brief Job Description: Managing calls and customer services

Salary Range: Php 30,000 - Php 59,999

SAE-YANG, NATTHAWADI Thailand Customer Service Representative

Basic Qualification: Fluent in Thai and English

Brief Job Description: Managing calls and customer services

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Fluent in Thai and English

Brief Job Description: Managing calls and customer services

Salary Range: Php 30,000 - Php 59,999

NGUYEN HUU CONG Vietnamese Customer Service Representative

Basic Qualification: Fluent in Hanoi and English

Brief Job Description: Managing calls and customer services NGUYEN THI KHANH VY Vietnamese Customer Service Representative Brief Job Description: Managing calls and customer services PHAM HOANG SON Vietnamese Customer Service Representative Brief Job Description: Managing calls and customer services

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Hanoi and English Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Managing calls and customer services

Brief Job Description: Managing calls and customer services

Salary Range: Php 30,000 - Php 59,999

TONG THANH SON Vietnamese Customer Service Representative

Basic Qualification: Fluent in Vietnamese and English

Brief Job Description: Managing calls and customer services VUONG VAN PHAT Vietnamese Customer Service Representative Brief Job Description: Managing calls and customer services

No.

Salary Range: Php 30,000 - Php 59,999

108.

Brief Job Description: Coordinate With Account Managers And Sales Executives To Achieve Sales And Ensure Clients Satisfaction

109.

110.

99.

100.

Basic Qualification: Can Speak Mandarin

Brief Job Description: Full Time Operations Assistant To Assist On Administrative Work Of Operations Team

Salary Range: Php 30,000 - Php 59,999

ZHANG, YANG Mandarin Operations Specialist

Basic Qualification: Can Speak Mandarin

Brief Job Description: Maintain Accurate Sales Record

Salary Range: Php 30,000 - Php 59,999

PMFTC INC. Plant C & D, Champaca Ii, Fortune, City Of Marikina

111.

ONYSHCHENKO, OLEKSANDR Director It Ph 101.

Brief Job Description: Lead and develop an adaptable and agile IT organization to deliver all information services required by affiliate business in an optimum and secure way by leveraging PMI information services

RITKHAMROP, NOOTCHANART Thai-language Customer Support Staff 102.

Brief Job Description: Serves as primary contact for problem resolution and information gathering regarding customer complaints and work assignment.

Basic Qualification: A native speaker of the Thai language (spoken and written).

103.

BUI THI KIM PHIEN Customer Service Representative Brief Job Description: Customer support and data base services

114.

115.

117.

118.

119.

Salary Range: Php 30,000 - Php 59,999

SA RIVENDELL GLOBAL SUPPORT, INC. 9-11 Flr., The Biopolis Bldg., Macapagal Blvd., Barangay 76, Pasay City

104.

Brief Job Description: • Build a comprehensive strategic business plan, in line with the business unit regional strategy, the competitive environment, and the local public health needs; • lead the strategic planning exercise and provide relevant input while delivering quality outcomes; • draw local operational plans through effective resource allocation; • have full budget and profit & loss ownership and responsibility for operational effectiveness and inputs to country chair on business needs for cross-BU resourcing and budgeting; • be in charge of adapting BU organization to business needs.

Basic Qualification: Minimum 20 years professional commercial experience in the healthcare sector, 15 years in managerial role; • university degree in life science or management degree is preferred; • has been commercially responsible for at least 10meuro business; Salary Range: Php 150,000 - Php 499,999

120.

105.

Brief Job Description: Creating and updating customer’s account information.

Salary Range: Php 30,000 - Php 59,999

SOMI UNLIMITED SOLUTIONS, INC. 10/f Tower 2 Double Dragon Plaza Bldg., Edsa Corner Macapagal Ave. St. Zone 10, District 1, Barangay 76, Pasay City BUI NGOC TUYET VAN Vietnamese Customer Service Representative 106.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services NGUYEN THI THU KHUYEN Vietnamese Customer Service Representative

107.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services

Basic Qualification: Fluent in Vietnamese (Verbal and Written Skills) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and Written Skills) Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proficient in speaking, reading and writing in english and their respective native language for the position applied for; fluent in chines/mandarin is an advantage.

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services.

Basic Qualification: Excellent in foreign language speaking.

BAO, YOUYANG Chinese Language - Customer Service Staff Brief Job Description: Deal with and help resolve customer complaints.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in foreign language speaking.

FANG, YI Chinese Language - Customer Service Staff Brief Job Description: Deal with and help resolve customer complaints.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in foreign language speaking.

GENG, RONGXIN Chinese Language - Customer Service Staff Brief Job Description: Deal with and help resolve customer complaints.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in foreign language speaking.

YANG, JIANGHUA Chinese Language - Customer Service Staff Brief Job Description: Deal with and help resolve customer complaints.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Mandarin

LI, GUOQIANG Chinese Language-customer Service Staff Brief Job Description: Deal with and help resolve customer complaints

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Mandarin

WU, RILIANG Chinese Language-customer Service Staff Brief Job Description: Deal with and help resolve customer complaints

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking Vietnamese

NGUYEN THI SANG Vietnamese Language - Customer Service Staff Brief Job Description: Deal with and help resolve customer complaints

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking Vietnamese

HOANG VINH LONG Vietnamese Language-customer Service Staff Brief Job Description: Deal with and help resolve customer complaints

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Korean national knows how to speak and understand English language, with experience in reservation customer and passenger service/support

Brief Job Description: Interpreter/translator to Korean passenger; support the station manager

121.

Basic Qualification: Korean nationality knows how to speak and understand English language, with experience in reservation customer and passenger service/support

NA, YEJIN Passenger Service Staff Brief Job Description: Interpreter/translator to Korean passenger

Salary Range: Php 60,000 - Php 89,999 ZXY ECOMMERCE PLATFORM & CONSULTANCY INC. 1960, A Mabini St., 077, Barangay 701, Malate, City Of Manila LIU, RONG Rider Supervisor

Basic Qualification: Excellent oral and written communication in mandarin.

Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 60,000 - Php 89,999

SKYLUSTER TECHNOLOGY, INC. 28/f Tower 6789, 6789 Ayala Ave., Bel-air, City Of Makati YUAN, PENG Mandarin Customer Service Specialist

Brief Job Description: Prepare cargo and shipments and ships heading abroad. Maintaining shipping records. Interaction with the clients abroad. Communication is a must.

BAE, HAEJI Passenger Service Staff

SANOFI PASTEUR, INC. 22/f One World Place, 32nd Street Bonifacio Global City, Fort Bonifacio, City Of Taguig PRABHU, KASHMIRA ULHAS General Manager - Vaccines Global Business Unit, Philippines

Basic Qualification: Must be 23-30 years of age. Must be college graduate. Must know how to speak Bangladeshi and English. At least 1 year experience

XPERT AIR SERVICES, INC. Ideal, St., Addition Hills, City Of Mandaluyong

Basic Qualification: Has knowledge in computer applications. Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999

WISHLAND SOFTWARE TECHNOLOGY INC. 28/f Techzone Condo Corp., 213 Buendia Ave., San Antonio, City Of Makati

Salary Range: Php 500,000 and above

RUNNINGMAN CORPORATION 8/f Techzone Bldg., 213 Sen. Gil Puyat Ave., San Antonio, City Of Makati

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services

Salary Range: Php 30,000 - Php 59,999

116. Basic Qualification: 10 to 15 years in a large multinational company including 5-7 years management experience (in IT or business) and 5-7 years in IT applications and/or technology environment

Basic Qualification: Fluent in Vietnamese (Verbal and Written Skills)

NGUYEN NGOC LINH CHI Vietnamese Customer Service Representative

113.

Salary Range: Php 30,000 - Php 59,999

WANFANG TECHNOLOGY MANAGEMENT, INC. 6-9/f Double Dragon Plaza, Edsa Cor. Macapagal Ave., Barangay 76, Pasay City

Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Maintain Accurate Sales Record

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services

BARUA, CHHOTON Export Coordinator

112.

Basic Qualification: Can Speak Mandarin

Basic Qualification: Fluent in Vietnamese (Verbal and Written Skills)

TUMPA FASHION BOUTIQUE INC. Unit A Don Go Cho Ti Bldg., 341 Rizal Ave. Ext., Barangay 51, City Of Caloocan

Basic Qualification: Can Speak Mandarin

CHEN, YANAN Mandarin Operations Specialist

QUALIFICATION AND SALARY RANGE

TRAN THI THANH GIAU Vietnamese Customer Service Representative

Basic Qualification: Fluent in Vietnamese and English Salary Range: Php 30,000 - Php 59,999

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION PHAM THI THUY TRANG Vietnamese Customer Service Representative

Basic Qualification: Fluent in Hanoi and English

THAI HA PHUONG Vietnamese Customer Service Representative

JIANG, RUI Mandarin Operations Specialist

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Malay and English

QUALIFICATION AND SALARY RANGE

SULAKANAWAT, PARICHAT Thailand Customer Service Representative

YAP CHOON WING Mandarin Accounts Staff

Basic Qualification: Fluent in Indonesian and English Salary Range: Php 30,000 - Php 59,999

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ESTABLISHMENT / ADDRESS

OCEANIC SYMPHONY SERVICES INC. 3/f Salcedo One Center, 170 Salcedo St., San Lorenzo, City Of Makati

Basic Qualification: Fluent in Mandarin and English

CHALO, CHANA THIP Thailand Customer Service Representative

Brief Job Description: Managing calls and customer services

90.

Salary Range: Php 30,000 - Php 59,999

NOCMAKATI, INC. 8,9,10,11,12,14,15,16,17,18 & 19 Floors, Century Diamond Center, Poblacion, City Of Makati LI, CHUNG-JU Chinese Customer Service Representative

No.

www.businessmirror.com.ph

122.

Brief Job Description: Rider Supervisor will be in-charge of leading a team responsible for the efficient delivery and merchandising of company products while meeting company distribution objectives.

Basic Qualification: Excellent communication and interpersonal skills. Ability to lead, coach and develop a team. Conflict resolution and team management Salary Range: Php 30,000 - Php 59,999 *Date Generated: Jul 18, 2022

In the ad material of Notice of Filing of Application for Alien Employment Permits published on JULY 14, 2022, the name of HA VAN PHUONG, under NEW ORIENTAL CLU88 CORPORATION, should have been read as HA VAN PHONG and not as published. Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

TheWorld BusinessMirror

www.businessmirror.com.ph • Editor: Angel R. Calso

China reports 510 Covid cases; Shanghai steps up mass testing

hina’s Covid-19 cases rema in elevated, w it h Shanghai rolling out mass testing in nine districts as the financial hub seeks to stamp out infections, while the gaming enclave of Macau extended its lockdown. T he countr y repor ted 510 cases for Sunday after new infections jumped to 580 on Saturday—the highest since May 23. The latest hotspots include the Guangxi autonomous region in the south of China, which recorded 112 cases Sunday, following a spike to 244 the previous day, and the northwestern province of Gansu, which reported 211 infections for Sunday, up from 158 on Saturday. Shanghai reported 17 cases for Sunday, compared with 26 on Saturday. The new infections were found in areas already under quarantine. Still, the situation in Shanghai remains “relatively severe,” with pressure from both a rebound in local cases and imported infections, said Zhao Dandan, deputy head of the city’s health bureau. In response to the ongoing flareup, Shanghai is rolling out mass testing to ensure early detection. Nine districts will carry out testing blitzes on July 19-21, with residents required to take two tests within the three-day period. Tianjin, a port city near Beijing, also plans a mass-testing drive after finding two cases, CCTV reported. Macau extended its citywide

lockdown on Saturday as the gambling hub struggles to contain its worst Covid outbreak since the pandemic started. All nonessential businesses are required to remain closed through July 22, authorities said, extending measures that began on July 11 and were initially due to last a week. The shutdown will prolong the plight of casinos, which are burning through millions of dollars every day and earning no revenue. Macau added 22 cases, suggesting the week-long lockdown hasn’t stopped local transmission. The outbreak, which started on June 18, has swelled to a total of 1,755 infections. While small by global standards, it is the largest ever flareup for the city of 680,000 residents, which is highly dependent on the gambling sector. Back on the mainland, more than 2,000 tourists are stranded in the coastal city of Beihai in Guangxi, which has been placed under lockdown as infections surge, state media reported Sunday. As of Saturday, the city of 1.8 million people had reported more than 450 positive cases, prompting local health authorities to roll out rounds of mass testing for residents. The director of Beihai’s city health commission, Tang Gang, and the head of Haicheng district, Su Kuangfeng, have been dismissed for failing in their Covid prevention work less than a week since the outbreak was detected in the city. Bloomberg News

China seeks to stem mortgage boycott with developer loans

hina’s bank and proper t y stocks rose after regulators sought to diffuse a growing consumer boycott of mortgage payments by urging banks to increase lending to developers so they can complete unfinished housing projects. The guidance from the China Banking and Insurance Regulator y Commission was issued in response to the boycotts and is aimed at expediting the delivery of homes to buyers, a newspaper published by the watchdog reported Sunday, citing an unidentified senior official at the agency. China is looking to stem the protests that have flared up at 100 housing projects across 50 cities, threatening to spread the real estate crisis to the banking system. Reg ulators met w ith banks last week to discuss the boycotts, while state media have cited analysts warning that the stability of the financial system could be hurt if more home buyers follow suit. “The core issue here is for the government to step in quickly to boost confidence, to solve the problem at hand, and also provide more clarity to the market and investors on how this downturn in the property sector is going to be resolved,” Hui Shan, chief China economist at Goldman Sachs Group Inc. said in an interview on Bloomberg Television. Bank stocks rallied on the report, as the CSI 300 Bank Index jumped 1.3 percent, the first gain in nine sessions. Shares of Chinese lenders dipped 7.7 percent last week, the biggest decline in more than four years. A gauge of property shares rose 3.6 percent Monday. The boycotts over project delays also pose a risk to the broader housing market by keeping potential homebuyers on the sidelines. The market had seen signs of stabilizing in recent months, with some analysts calling for a

turnaround in the second half of the year. Output in the real estate industry, a key economic contributor, contracted 7 percent in the second quarter from a year ago, the National Bureau of Statistics said Saturday. It remained the biggest drag on the world’s second-largest economy among all sectors, and performed worse than the first quarter of 2022. “In a worst-case scenario, the issue could trigger systemic financial risk and social instability, given housing’s role as a bedrock of the broader financial system,” Gabriel Wildau, a managing director at global business advisory firm Teneo, wrote in a note July 15. “But our base case is that regulators will succeed in containing the crisis by strong-arming state-owned banks into supporting troubled developers so that they can complete stalled projects.” The China Banking and Insurance News meanwhile reported Sunday that regulators had urged banks to support mergers and acquisitions by developers to help stabilize the real estate market. Banks were also asked to improve communications with homebuyers and to protect their legal rights, the report said. C h i n a’s commerc i a l ba n k s that have disclosed their overdue loans on unfinished homes have so far detailed more than 2.11 billion yuan ($312 million) of credit at risk. GF Securities Co. expects that as much as 2 trillion yuan of mortgages could be impacted by the boycott. While the lenders have called the situation controllable, concerns have persisted given the importance of the sector. The real estate industry, when including construction, sales and related services, accounts for about a fifth of China’s gross domestic product. An estimated 70 percent of the country’s middle-class wealth is also tied up in property. Bloomberg News

Tuesday, July 19, 2022

G-20 finance chiefs blame Russia for global inflation, food shortage

By Michelle Jamrisko

inance chiefs from the world’s biggest economies lined up to blame Russia for the global inflation wave and sharply deteriorating growth outlook.

While many blame policy makers for failing to spot the inflation surge they’re now fighting and contributing to it with easy money, US Treasury Secretary Janet Yellen set the tone early at the gathering in Bali, Indonesia, saying the Putin regime had used food “as a weapon of war.” She said that its actions have prompted “a global crisis of food insecurity as prices spiked for food, fertilizer, and fuel.” Half of the run-up in US inflation was due to energy costs, for which Russia bore the blame, she said. Officials from America’s closest allies followed that script: Canadian Finance Minister Chrystia Freeland pinned her own country’s four-decade-high inflation on Russia, Australian Treasurer Jim Chalmers said Russia’s “illegal and immoral” actions were a major obstacle to G-20 progress, and Japan’s Finance Minister Shunichi Suzuki said all responsibility for the war lies with Russia. The finance ministers and central bank governors left Bali with no communiqué on how to resolve the many agenda items—inflation, supply chains, recession risks, debt, food security, and climate change among them. The lesser-valued and briefer chairman’s summary noted

incremental progress on food and energy relief, such as through a tentative emergency fund. “Many members agreed that the recovery of the global economy has slowed and is facing a major setback as a result of Russia’s war against Ukraine, which was strongly condemned, and called for an end to the war,” the concluding statement noted. “One member expressed the view that the sanctions are adding to existing challenges.” The focus on Russia as the source of global inflationary woes didn’t translate to much actionable agreement on what to do about it. Yellen’s pitch for an oil-price cap gained little traction and European allies are perhaps ready to launch the experiment alone with the US.

Tax setback

In a blow to the credibility of such gatherings, a rare achievement for a recent meeting—last year’s US-led global tax deal for a corporate minimum rate—met a fresh hurdle in Washington as a member of President Joe Biden’s own party rejected several of the administration’s tax and climate proposals. The Russia blame game meant

US Treasury Secretary Janet Yellen speaks during a news conference in Nusa Dua, Bali, Indonesia, on Thursday, July 14, 2022. Yellen set the tone early at the gathering in Bali, Indonesia, saying the Putin regime had used food “as a weapon of war.” AP/Firdia Lisnawati

there was less attention to how each economy’s finance ministers and central bankers own actions have contributed to the current global situation. The International Monetary Fund’s director for strategy, policy and review, Ceyla Pazarbasioglu, listed a wider range of challenges as she flagged that the global growth outlook will be cut “substantially” in the fund’s next update. Su r g i n g fo o d a nd e ne r g y prices, slowing capital flows to emerging markets, the ongoing pandemic and a slowdown in China make it “much more challenging” for policymakers, Pazarbasioglu said at a Sunday panel in Bali. “It’s shock after shock after shock which are really hitting the global economy.” In an interview with Bloomberg News a day earlier, IMF Managing Director Kristalina Georgieva cautioned that governments must be careful to not work against their monetary authorities. “Monetary policy has to tighten

but fiscal policy has to pay attention to the impact of inflation on vulnerable populations and on businesses, making sure that these two levers do not clash” with blanket fiscal spending that drives up prices even more. Central bankers were less vocal than their finance chief colleagues at the meetings. Some, like Singapore and the Philippines, attended virtually as they oversaw unscheduled decisions at home to tighten conditions as global monetary mandarins scramble to rein in surging inflation. “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 Sunday 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.” Bloomberg News

Sri Lanka acting president declares state of emergency By Bharatha Mallawarachi The Associated Press

OLOMBO, Sri Lanka—Sri Lanka’s acting president on Monday declared a state of emergency giving him broad authority amid growing protests demanding his resignation two days before the country’s lawmakers are set to elect a new president. Ranil Wickremesinghe became acting president on Friday after his predecessor, Gotabaya Rajapaksa, fled abroad on Wednesday and resigned after monthslong mass protests over the country’s economic collapse. Wickremesinghe’s move to impose a state of emergency comes as protests demanding his resignation too have continued in most parts of the country,

with some protesters burning his effigy. Lawmakers who met on Saturday began the process of electing a new leader to serve the rest of the term abandoned by Rajapaksa. Nominations for the election of the new president will be heard on Tuesday, and if there is more than one candidate the lawmakers will vote on Wednesday. The emergency decree issued by Wickremesinghe invokes sections of the Public Security Ordinance that allow him to make regulations in the interests of public security, the preservation of public order, the suppression of mutiny, riot or civil commotion, or for the maintenance of essential supplies. Under the emergency regulations, Wickremesinghe can authorize detentions, take possession of any property and

search any premises. He can also change or suspend any law. The South Indian island nation is engulfed in an unprecedented economic crisis that has triggered political uncertainty. Sri Lanka has run short of money to pay for imports of basic necessities such as food, fertilizer, medicine and fuel for its 22 million people. Its rapid economic decline has been all the more shocking because before the crisis the economy had been expanding, with a growing, comfortable middle class. Sri Lanka is seeking help from the International Monetary Fund and other creditors, but top officials say its finances are so poor that even obtaining a bailout has proven difficult. The economic hardships led to

political upheaval and widespread protests demanding the government led by Rajapaksa step down. Although many ministers resigned in April, Rajapaksa had remained in power until last week. The main protests have occurred in the capital, Colombo, where protesters occupied the front of the president’s office for more than 100 days. The protesters accuse Rajapaksa and his powerful political family of siphoning money from government coffers and of hastening the country’s collapse by mismanaging the economy. The family has denied the corruption allegations, but Rajapaksa acknowledged that some of his policies contributed to Sri Lanka’s meltdown. Rajapaksa flew first to the Maldives on Wednesday and then to Singapore.

Ukraine’s Zelenskyy fires state security chief and prosecutor By Hanna Arhirova & Cara Anna The Associated Press

INNYTSIA, Ukraine—As Russian troops pressed their offensive in Ukraine’s east, Ukrainian President Volodymyr Zelenskyy fired his state security chief and prosecutor general on Sunday, citing hundreds of criminal proceedings into treason and collaboration by people within their departments and other law enforcement agencies. “In particular, more than 60 employees of the prosecutor’s office and the SBU [state security service] have remained in the occupied territory and work against our state,” Zelenskyy said. “Such an array of crimes against the foundations of the state’s national security, and the links recorded between Ukrainian security forces and Russian special services raise very serious questions about their

respective leaders,’’ he said in his nightly video address to the nation. Zelenskyy dismissed Ivan Bakanov, a childhood friend and former business partner whom he had appointed to head the SBU. Bakanov had come under growing criticism over security breaches since the war began; Politico last month cited several unidentified Ukrainian and Western sources saying Zelenskyy was looking to replace him. He also dismissed Prosecutor General Iryna Venediktova, and replaced her with her deputy Oleksiy Symonenko. Venediktova has helped lead war crime investigations. Meanwhile, Russian missiles hit industrial facilities earlier Sunday at Mykolaiv, a key shipbuilding center in southern Ukraine. Mayor Oleksandr Senkevych said the missiles struck an industrial and infrastructure facility. Mykolaiv has faced regular Russian missile

strikes in recent weeks as the Russians have sought to soften Ukrainian defenses. The Russian military has declared a goal to cut off Ukraine’s entire Black Sea coast all the way to the Romanian border. If successful, such an effort would deal a crushing blow to the Ukrainian economy and trade, and allow Moscow to secure a land bridge to Moldova’s separatist region of Transnistria, which hosts a Russian military base. Early in the campaign, Ukrainian forces fended off Russian attempts to capture Mykolaiv, which sits near the Black Sea coast between Russia-occupied Crimea and the main Ukrainian port of Odesa. Since then, Russian troops have halted their attempts to advance in the city but have continued to pummel both Mykolaiv and Odesa with regular missile strikes. Russian Defense Ministry spokesman Lt. Gen. Igor Konashenkov said Sunday that Russian missiles destroyed a depot

for anti-ship Harpoon missiles delivered to Ukraine by NATO allies, a claim that couldn’t be independently confirmed. The Russians, fearing a Ukrainian counteroffensive, also sought to reinforce their positions in the Kherson region near Crimea and in part of the northern Zaporizhzhia region that they seized in the opening stage of the war. “Given the pressures on Russian manpower, the reinforcement of the south whilst the fight for the Donbas continues indicates the seriousness with which Russian commanders view the threat,” the British Defense Ministry said Sunday. For now, the Russian military has focused on trying to take control of Ukraine’s eastern industrial heartland of the Donbas, where the most capable and well-equipped Ukrainian forces are located.

Anna reported from Pokrovsk, Ukraine.

A10 Tuesday, July 19, 2022 • Editor: Angel R. Calso

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editorial

Helping the poor get access to food

inance chiefs from the world’s biggest economies ended their two-day meeting in Indonesia without full consensus, but they agreed to act on the worsening global food insecurity, which they blamed on Russia. US Treasury Secretary Janet Yellen said the Putin regime had used food “as a weapon of war,” adding that Russia’s actions have prompted “a global crisis of food insecurity as prices spiked for food, fertilizer, and fuel.” Sustainable Development Goal 2 is one of the 17 Sustainable Development Goals established by the United Nations in 2015, which aims to achieve “zero hunger.” SDG 2 seeks sustainable solutions to end hunger in all its forms by 2030. The aim is to ensure that everyone everywhere has enough quality food to lead a healthy life. The State of Food Security and Nutrition in the World 2022 is the latest annual report jointly prepared by FAO, IFAD, UNICEF, WFP and WHO to inform on progress towards ending hunger, achieving food security and improving global nutrition. FAO said: “This year’s report should dispel any lingering doubts that the world is moving backwards in its efforts to end hunger, food insecurity and malnutrition in all its forms. We are now only eight years away from 2030, but the distance to reach many of the SDG 2 targets is growing wider each year.” The report said almost 3.1 billion people could not afford a healthy diet in 2020. This is 112 million more than the previous year, reflecting the inflation in consumer food prices stemming from the economic impacts of the Covid-19 pandemic. The report explained that food prices have increased in the past year due to bottlenecks in supply chains, soaring transport costs and other disruptions caused by the pandemic. Furthermore, the Russia-Ukraine conflict, involving two of the biggest producers in agriculture and staple cereals, is disrupting supply chains and further affecting global grain, fertilizer and energy prices, leading to shortages and fuelling even higher food price inflation. From the Associated Press: “Long lines are back at food banks around the US as working Americans overwhelmed by inflation turn to handouts to help feed their families. With gas prices soaring along with grocery costs, many people are seeking charitable food for the first time, and more are arriving on foot. The food banks, which had started to see some relief as people returned to work after pandemic shutdowns, are struggling to meet the latest need even as federal programs provide less food to distribute, grocery store donations wane and cash gifts don’t go nearly as far.” In Britain, there has been a 57 percent jump in the proportion of households cutting back on food or missing meals altogether in just three months, according to new data published by The Food Foundation. The report said soaring food prices are making it increasingly difficult for families to afford the food they need. There is also concern that prices of ‘budget’ ranges of staple foods may have increased at a faster rate, so the impact on low-income families may be worse. The increasing cost of living and rising food prices are likely to mean that people become more reliant on lower cost foods which tend to be caloriedense and nutrient-poor, further increasing obesity and other diet-related diseases, according to The Food Foundation. WHO Director-General Tedros Adhanom Ghebreyesus explained the effect of the global food crisis on the poor: “Every year, 11 million people die due to unhealthy diets. Rising food prices mean this will only get worse. WHO supports countries’ efforts to improve food systems through taxing unhealthy foods and subsidizing healthy options, protecting children from harmful marketing, and ensuring clear nutrition labels. We must work together to achieve the 2030 global nutrition targets, to fight hunger and malnutrition, and to ensure that food is a source of health for all.” In the Philippines, it seems plausible that the deteriorating quality of people’s diets is partly due to the high prices of food. As prices for healthy food, particularly fruits and vegetables, soar beyond the reach of ordinary Filipinos, they have no choice but to buy the cheapest food in the market, like instant noodles. At the height of Covid lockdowns, we have seen the proliferation of community pantries, which symbolized unity born out of necessity. With the threat of hyperinflation in so many countries, including the Philippines, it would do well for the Marcos administration to show how it stands with poor Filipinos by setting up food banks for them, which include nutritious food products.

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o one will argue that the Philippines made significant steps to reopen the economy this year. The easing of restrictions stimulated business activities and generated jobs for millions of people. Much, however, can be done before we can declare that the economy has fully recovered from the pandemic. For me, the resumption of onsite classes, along with the revival of the tourism sector, holds the key to full economic recovery. Aside from the short-term benefits, the return of Filipino students to campuses will avert what experts describe as a learning crisis that may affect our labor productivity five or 10 years from now. The United Nations Children’s Fund has noted that the pandemic increased “learning poverty” by a third in low- and middle-income countries, where 70 percent of 10-yearolds show difficulty to understand a simple written text. The number of new Covid-19 cases seems to be rising again, but this should not prevent the nationwide resumption of face-to-face or in-person classes. Vaccination or health protocols should remain our guide in the new normal, including the education of our children. No less than the National Economic and Development Authority has warned that the Philippines faces an education crisis, and unless the

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government finds ways to reopen campuses safely, the sector and allied industries will continue to suffer. The Neda has estimated that the reopening of 60,743 schools nationwide will boost economic activities by P12 billion a week in the forms of business and services that rely on education, such as transportation, accommodation, food, publication, garments, retail and others. I, thus, welcome President Ferdinand Marcos Jr.’s plan to reopen several schools starting August and all education institutions nationwide by November. The plan involves the massive administration of anti-Covid jabs, which will raise the vaccination rate in the country above the current 70 percent. The Philippine economy shrank by about P3.8 trillion in the last two years, according to Neda estimates. Most of the losses were incurred in sectors that were affected by mobility restrictions, including transportation, tourism and education. It is a good thing the Internet made it easier for students to overcome challenges through the conduct of virtual classes. Not all Filipino students, however, have access to digi-

Why nothing makes sense John Mangun

OUTSIDE THE BOX

Eduardo A. Davad Nonilon G. Reyes

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Schools and tourism

he world that we live in makes it hard to believe that anything makes sense. While I adhere firmly to the idea that nothing is what it appears to be, even that concept is stretched to the limit sometimes. I could give several examples that prove my point. Unfortunately, these are mostly politicsrelated and I would be stomping down on someone’s very sensitive feelings. It used to be that elections ended, and the results were grudgingly accepted until a few months before the next election. But now, politics is a 24/7 never

ending affair, and that is not just for the Philippines. I have always assumed that not only am I not the brightest guy in the room, but it was also always safer to assume that I was near the bottom on the ‘Smart-Guy’ list. That way I might learn something new. But I am not getting intelligent insights into issues that affect all

The time to fully reopen the economy should begin now. We should safely reopen schools and support the revival of the tourism sector to regain our pre-pandemic growth level, and achieve the government’s medium-term annual GDP growth target of 7 percent to 8 percent.

promotion and infrastructure development. The International Air Transport Association, a group of major airlines, noted the recovery in air travel heading into the busy Northern Hemisphere summer travel season. Air traffic in May 2022, as measured in revenue passenger kilometers, rose 83 percent from the same month last year. Global traffic also reached 68.7 percent of pre-pandemic levels, showing a steady recovery. The easing of travel restrictions in most parts of Asia accelerated the recovery of international tourism, which jumped 325 percent in May 2022 from a year earlier. As the IATA declared, “completely removing all Covid-19 restrictions is the way forward.” The Philippines is one of the countries that suffered dramatically from the loss of international visitors. Our international visitor arrivals plummeted 89 percent in 2021 to 163,879 from 1.48 million in 2020 and 8.26 million in 2019 before the pandemic. While we may not regain the usual volume of international visitors soon, the steady improvement in travel restrictions, along with the continued observance of health protocols, will allow us to bring back more jobs in the travel and tourism sector. The time to fully reopen the economy should begin now. We should safely reopen schools and support the revival of the tourism sector to regain our pre-pandemic growth level, and achieve the government’s medium-term annual GDP growth target of 7 percent to 8 percent.

tal technology and devices such as computers, tablets or smartphones. Students also lost touch with their classmates that may limit their personal, behavioral and social development. Much of the learning and development in school comes from interaction with other students. Aside from education, the tourism sector’s contribution to the economy also collapsed at the height of the pandemic. The Neda estimated that tourism’s share to the gross domestic product dropped by P1.5 trillion in 2020, an amount that equates to millions of jobs, especially among the young generation. We should support Tourism Secretary Christina Garcia-Frasco’s plan to make the tourism industry “one of the major economic pillars for the Philippines” again. The Philippines teems with hundreds, if not thousands of travel destinations that, if adequately promoted, will bring economic benefits to local communities. Tourism disperses business activities to other parts of the country, and residents in the provinces need not go to Metro Manila to look for jobs and livelihood opportunities. Among the outstanding tourism models are those of Baguio City, Cebu City and Boracay, which achieved highincome status, thanks to intensive

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of us. The US/Western Europe has been fighting a proxy war with the USSR/Russia since World War 2. We think that the Chinese civil war was Commie dictator Mao Zedong on one side and God-fearing, freedom loving Chiang Kai-shek on the other. Wrong. It was the USSR versus the US. And it is a neverending list. The big ones are obvious: First Indochina War in the 1950s, the Korean War, the Vietnam War, the Soviet-Afghan War, the Syrian Civil War, and now the Russo-Ukrainian War. But for more than 50 years the two sides have been fighting a stream of wars: Paraguayan Civil War, Dominican Civil War, Chadian Civil War, Angolan Civil War, and the Ethiopian Civil War, to name only a few. What the hell is the matter with those people? No, change that. What the hell is the matter with us for ac-

cepting this kind of (and much more) nonsense from global leaders? Collectively—unlike other mammals—we can be incredibly foolish. Even as individuals, our level of lunacy can seem infinite. There are specific problems with human thinking that can lead us down a path to damnation. It has to do with our poor critical thinking skills that are replaced with delusions. Here are a few to avoid at all costs. We overestimate how much attention people pay to our words and appearance or the “Spotlight effect.” It is a historical fact. Nobody cares what you think, who you are going to vote for, or who/what your favorite deity is. Social media has turned too many people into superhero-wannabes. But it has also created the ‘Third-person effect’ that everyone else is more influenced by SocMed and Traditional Media than we are, and therefore See “Mangun,” A11

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MAPping out Philippine Back to school transfer pricing regulations Manny F. Dooc

TELLTALES

Atty. Jomel N. Manaig

Tax Law for Business

rom 2020 to 2021, the BIR came into the transfer pricing scene swinging with a slew of issuances to beef up its abilities to address erosion of tax base. Though the news about transfer pricing had mellowed out since the initial requirement of filing the BIR Form 1709 and preparation of the Transfer Pricing Documentation, the BIR recently issued Revenue Regulations (RR) 10-2022 to remind taxpayers that transfer pricing is not a foregone matter. RR 10-2022 was issued to focus on a very specific transfer pricing matter: Mutual Agreement Procedures. MAP is a process in the Double Tax Agreements (DTA) between the Philippines and foreign jurisdictions that allows the “competent authorities” (normally the tax authorities) from the contracting states to interact with the intent to resolve international tax disputes normally arising from double taxation. Although the procedure is mainly for the competent authorities of the taxing jurisdictions, taxpayers are not entirely left out since the latter are the ones affected by double taxation. Instead of appealing, either through administrative or judicial means, assessments arising from double taxation, MAP gives taxpayers another avenue to resolve the dispute. This is a welcome respite for taxpayers that are subjected to taxation not in accordance with a tax convention. Through the process set out in the RR, taxpayers can request MAP assistance from the Philippine competent authority, the Commissioner of Internal Revenue (CIR), to resolve disputes arising from taxation not in accordance with the provisions of the relevant DTA. Before making a formal MAP request, the concerned taxpayer is required to request for a “Pre-filing Consultation” with the International Tax Affairs Division. If the Chief of the ITAD believes that issues may be resolved through MAP, the taxpayer shall be requested to submit a formal request for MAP assistance, which shall contain the required minimum information and required supporting documentation. The request must be submitted within the time limit specified in the DTA, which may be within two or three years from the first notification of the action resulting in taxation not in accordance with the DTA. In cases where the DTAs do not provide a time limit, the MAP request must be submitted within three years from the first notification. The filing period shall be reckoned from receipt of the Final Assessment Notice, or ruling denying the claim for treaty benefits, or any equivalent document containing the action that results to double taxation. It should also be noted that the MAP assistance does not come for free. Fees associated with the resulting negotiation shall be shouldered by the taxpayer initiating the MAP request. Once the request for MAP assistance is filed, the BIR shall analyze the request and determine if the action that resulted in the taxation not in accordance with the DTA is due to a measure taken in the Philippines. If so, the BIR may decide to resolve the request unilaterally. If a unilateral solution is not possible, the case will move to a bilateral stage where both competent authorities shall endeavor to resolve the case by mutual agreement. It should be noted that the competent authorities are not obliged to enter into an agreement

Mangun. . .

Continued from A10

we are smarter. We’re not. We’re all equally dumb. The Internet has also caused us to believe in ‘Declinism’ or the

A request for MAP assistance is not an exclusive remedy and may be availed of even if there is a pending judicial or administrative appeal. It must be emphasized, however, that a MAP case cannot proceed simultaneously with the other remedies and the remedies availed of may be held in abeyance depending on the circumstances. With respect to decisions of local courts, a MAP case will not operate to overrule the former. for each individual MAP case. In case a bilateral approach is warranted, actual discussions shall be between the competent authorities of the contracting states only. The involvement of the taxpayer shall be limited to presenting facts, its views, and other relevant information. MAP cases shall be resolved within 24 months from receipt of the complete MAP request. Any agreement reached, or the failure to reach an agreement, shall be communicated to the taxpayer within 30 days after the consultation or meeting. Another 30 days will be given to the taxpayer to convey his acceptance or disapproval. A request for MAP assistance is not an exclusive remedy and may be availed of even if there is a pending judicial or administrative appeal. It must be emphasized, however, that a MAP case cannot proceed simultaneously with the other remedies and the remedies availed of may be held in abeyance depending on the circumstances. With respect to decisions of local courts, a MAP case will not operate to overrule the former. Only issues not decided with finality by local courts will be discussed in MAP proceedings. Decisions of foreign courts, on the other hand, will not bind the BIR and the latter may choose to unilaterally provide relief to the taxpayer. With the effectivity of RR 102022, taxpayers now have another remedy in their pocket. It may be worth it to explore this remedy to the fullest and go gain all benefits that come along with it. In the age of increased globalization and crossborder transactions, any and all remedies to avoid or alleviate double taxation is a welcome development. The effectivity and efficiency of implementation, though, is still up in the air. Hopefully, the competent authorities could make seeking MAP assistance worthwhile for taxpayers.

Y grandson and his mom trooped to his school in Loyola last week to have his school uniforms fitted. He just completed his junior high school last term and will start Grade 11 next month when the school opens. He has grown tall, 5’10”, for his age and he could hardly fit into his old school outfit. Moreover, the color of the shirt and trousers for senior high is different from the lower grades. My wife and I were supposed to accompany him for the fitting but my physician daughter managed to insert it in her busy schedule. And that’s how my opportunity to relive the school opening routine with their children, which every parent relishes, went puff. I would have loved doing it; instructing the tailor to make it one size bigger since my grandson will definitely outgrow his size before the school year ends. I would have enjoyed eavesdropping on his conversations with his long lost dudes and teachers who treat him as their younger brother and friend. I could have hung around with him in the school canteen where he would meet his school barkada and watch them banter at each other from a separate table. And then close the school visit by dropping by the school chapel for some solemn moments and prayers. That would have been a perfect day for a couple of septuagenarians spending quality time with a beloved grandson. So, finally, it’s back to school for more than 27 million students in the elementary and secondary schools all over the country. After two years of modular and online learning, or sometimes blended learning, students will be attending classes faceto-face with their teachers and classmates. The Department of Education under Vice President Sara DuterteCarpio has announced that the F2F classroom instruction will begin on November 2—an auspicious date to restore life in the classroom after the

memorial day for the dead. If plans stay on course, as VP Sara remains firm on her decision to resume faceto-face classes, our kids will be physically “Balik Eskuwela” more than two years into the pandemic. There’s a mixed reaction from students and parents alike as the return of in-person classes approaches. The usual enthusiasm that greets every school opening is interspersed with excitement and apprehension. Most students could hardly wait for the resumption of face-to-face classes to reunite with classmates and friends. Everyone misses the physical contact and social interaction with their peers and teachers. Teeners will be seeing and meeting their crushes, which the cruel pandemic has deprived them of. Likewise, they will be away from the watchful eyes of their parents who are also working from home and always on the lookout whenever they go astray from their remote classes. And most of all, they will be getting regularly their “baon,” which they forfeited when they stayed home for online classes. Now they have the allowance to splurge on french fries and burgers with classmates when they “kita-kits” at their favorite fast food. But resuming onsite classes also comes with some serious concerns. The resurgence of Covid-19 instills fear among our people, particularly those who have suffered a severe illness or death in the family due to the pandemic. The lack of transportation and the traffic woes will be a daily battle

Tuesday, July 19, 2022 A11

that school goers will face. For poor families, the school allowance, transportation fare and the cost of school uniforms will be a further drain on their finances. One advantage of distance learning is that it has provided opportunities for some students to engage in part-time jobs. This has not only covered their school expenses, like buying a laptop or a mobile phone, but also augmented the meager household income. The return to physical classes poses a great challenge to the school administration. Almost three years of remote learning into the pandemic has left us wondering if our children are getting the acceptable standard of education that they deserve. The public have validly questioned online learning, modular teaching and even blended learning, especially when the poor families could not even equip their children with the necessary gadgets to enable them to join their classes online. Parents with little education find it difficult to step up into their new role as teachers under remote learning. Thus, the physical absence of a teacher is only compounded by inadequate support from the parents. However, health and safety considerations have justified the distant learning arrangement, although this may no longer hold true with the overall improvement in the management of the pandemic, which allows the opening up of offices and businesses all over the country. Lockdowns have come to an end and travel restrictions have been lifted, but the matter of resuming face-to-face classes is still a cause of concern. The major concerns of those opposing it are the safety of the school children and the inadequacy of resources to provide for safe distancing to strictly enforce the health protocol to prevent the spread of the virus. Those who favor returning to in-person instruction argue that we cannot further stall opening our classrooms without seriously setting back the academic achievement of our school learners, which suffered during the pandemic lockdowns. And this must be urgently remediated by personally bringing the learn-

ers back to the classroom. The physical encounter between the teacher and the learners affords closer and better opportunity for interaction. Direct and faster exchange and access of information between the two are instantaneous and richer appreciation of their communication, both verbal and non-verbal, is facilitated. Classroom learning is further reinforced by spontaneous reactions from the other members of the class, which is made easily possible by the face-to-face set up. It leaves little doubt that the quality of teaching has suffered under the remote teaching program. This will eventually result in a significant economic loss to our economy. It will be difficult to quantify the financial losses, which a country will suffer as a result of deteriorating standard of education being provided to our young. Many studies, however, have shown that the damage to a country’s economy will be severe. People with less education will have difficulty in finding a good paying job as they will be ill-equipped to tackle more complex work that commands better financial returns. On the micro-level, the return to the classrooms will be a welcome move for our children. Mixing with classmates of their age who share the same interests and experiences will be healthy for our children’s development and well-being. As parents, let’s relieve them of the anxiety in going back to school. Help them recall the joys they had when they were in school and the friends they missed when they were confined at home. You may help your child reconnect and be reaquainted with friends by organizing a home visit or a meeting before the school opens. A group meeting will even be better. And you can arrange a visit to the school one afternoon to refamiliarize your child with the place. And lastly, reorient your child and YOURSELF to the school routine, which has been a part of your life, like getting to bed early, waking up at 5 a.m., taking breakfast at 6 a.m. and finally back to school at 7 in the morning. Parents may not figure much in the equation but we are very much a part of it.

Drought in northern Mexico threatening livelihoods By Fabiola Sánchez | The Associated Press

The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@ bdblaw.com.ph or call 8403-2001 local 380.

Rodríguez had to let go most of her staff in April and now runs the restaurant with her husband and children. A deepening drought in northern Mexico is not only making everyday life challenging for residents, but also in some cases is threatening their livelihoods. “The only hope is that it rains,” Rodríguez said. “That even the tail of a hurricane arrives so that the reservoir can recover, because that is what is killing us the most.” Last week, Mexico’s National Water Commission declared a drought emergency allowing the government to take steps to guarantee the water supply. The country’s Drought Monitor placed almost half the country—nearly all of the north and central regions—in drought conditions. The drought is related to the weather event known as La Niña, whose effects have intensified with climate change. La Niña is a natural and cyclical cooling of parts of the equatorial Pacific that changes

weather patterns worldwide. In some areas like northern Mexico and the US southwest, that has meant increased drought. The drying up of Santiago’s reservoir is not the only problem for the industrial hub of Monterrey, about 22 miles (35 kilometers) to the north. Another reservoir that feeds the city, Cerro Prieto is at less than half of 1 percent of its capacity—basically empty—leaving a third reservoir called El Cuchillo, which is 46 percent full, said Juan Ignacio Barragán, director general of the Monterrey Water and Sewer Services. In normal conditions, 60 percent of the city’s water comes from the reservoirs and the remainder from deep and shallow wells and subterranean water capturing tunnels. In the next two weeks, Barragán said the city plans to expand the use of tankers to deliver water to more outlying neighborhoods. To mitigate the worsening situation, Nuevo Leon state’s industrial and agricultural sectors agreed to cede a significant amount of their

water rights to the state. Even so, experts say the next few weeks will be critical. If the usual arrival of rains in late August are delayed, water restrictions in the city will have to be extended. Aldo Iván Ramírez, a professor in Monterrey Technological University’s engineering school, said that while Monterrey’s situation is worrisome—it accounts for 12 percent of Mexico’s GDP—“it is much worse in other localities of the country.” The city faced serious drought in 1998 and 2013, but it’s more complicated now because only El Cuchillo still has water, he said. This year’s water crisis still caught many in the city by surprise. Few homes had tanks to store water. Many people have now adopted measures to conserve water. “I think this crisis has made the people think a lot,” Ramírez said. “I wouldn’t want to see a hurricane come and alleviate this crisis and everyone forget about it because that would be the worst thing that could happen to us.” Back in Santiago, Rodríguez, the restaurant owner, said that before it dried up hundreds of tourists came to the reservoir every weekend. On a recent day, she pointed across the muddy lake bottom to an abandoned restaurant well into the lake where diners used to arrive by boat. It closed earlier this year when the water receded and the tourists

belief that the past was superior to what lies ahead. The happiest and most productive people are those that get up every single morning with the thought that today will be better than yesterday if you work for it. The Internet and SocMed have

made us ‘data fanatics’ and that is killing critical thinking. “Twyman’s law” says, “Any data that looks interesting or different is usually wrong” following the principle that “the more unusual or interesting the data, the more likely they are to have been the result of an error

of one kind or another.” “Google Trends as a Predictor of Presidential Elections”—research published November 2020. “The results show that this method has predicted the real winner (US and Canada) in all the elections held since 2004.” Except for the 2022 Philip-

pine election. Finally, let me share the obstacle to critical thinking I like best. It’s called “Gibson’s Law.” In public relations, in the practice of law, and in SocMed/TradMed, “For every PhD there is an equal and opposite PhD.” Remember, having a Ph.D. does not

ANTIAGO, Mexico—Restaurant owner Leticia Rodríguez celebrated the construction late last year of a new lakeside boulevard in this northern Mexico town that she hoped would draw more people to her business. But now with La Boca reservoir nearly empty, tourists have stopped coming to boat, water ski or just eat a meal.

stopped coming. “For me this is worse than the pandemic, because at least in the pandemic there were people,” the 54-year-old Santiago native said. Now ducks walk in the shallow water around the end of the dock where tourists used to board boats for lake cruises. Sitting on one of the seats of the formerly floating dock, 65-year-old Juan Pérez said he lost his job along with 60 others when the company that gave boat tours went under earlier this year. Now he survives working as a janitor for the town. “It’s sad to see it like this ... it’s worse than a cemetery,” Pérez said, remembering the festive atmosphere that used to reign on weekends here. Authorities are trying to get as much of the remaining water out of La Boca as possible. They installed a floating pump that they hope will extract some 105 gallons (400 liters) of water per second that will be piped to Monterrey, said engineer Raúl Ramírez, whose company installed the pump. They planned to leave enough water to keep alive the remaining aquatic life. Standing on a dry lake bed that months ago was covered with water, Ramírez said: “We were warned of the possibility that this could occur since last year and unfortunately as a society we didn’t listen, we didn’t want to understand.” necessarily make someone correct; it just makes them more skilled at being incorrect. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

A12 Tuesday, July 19, 2022

PHL AMONG COUNTRIES WITH BIG NUMBER OF DTP-UNVAXXED By Bernadette D. Nicolas @BNicolasBM

HE Philippines is among the countries in the world with the highest number of unvaccinated children against diphtheria, tetanus, and pertussis (DTP) last year, according to the United Nations International Children’s Emergency Fund (Unicef). Data from the World Health Organization and Unicef showed there were 1.048 million children in the Philippines who missed out on three doses of vaccine against DTP in 2021 alone, rising from 630,000 in 2020 and 650,000 in 2019. Unlike the past two years, there were no DTP undervaccinated infants in the country recorded last year. Undervaccinated children in the Philippines in terms of DTP reached 73,000 in 2019 and 48,000 in 2020. Likewise, the percentage of children who received the vaccine doses against DTP3—considered a marker for immunization coverage within and across countries —plunged to 57 percent, matching the coverage rate in 1984 and the lowest level in 38 years since 1983’s 55 percent. Across the world, Unicef said global vaccination continued to decline last year, with 25 million children missing out on one or more doses of DTP through routine immunization services, 2 million higher than the figure in 2020 and 6 million more than in 2019. According to Unicef, this shows the growing number of children at risk from devastating but preventable diseases. Of the 25 million children, 18 million did not receive even a single dose of DTP during the year, with the vast majority of them living in low- and middle-income countries: with India (3.389 million), Nigeria (3.296 million), Indonesia (1.459 million), and Ethiopia (1.323 million), and the Philippines, recording the highest numbers. Global coverage of DTP3 last

year also fell from 86 percent in 2019 to 81 percent in 2021—its lowest level since 2008, Unicef said. “This is a red alert for child health. We are witnessing the largest sustained drop in childhood immunization in a generation. The consequences will be measured in lives,” said Catherine Russell, Unicef Executive Director. “While a pandemic hangover was expected last year as a result of Covid-19 disruptions and lockdowns, what we are seeing now is a continued decline. Covid-19 is not an excuse. We need immunization catch-ups for the missing millions or we will inevitably witness more outbreaks, more sick children, and greater pressure on already strained health systems.” Vaccine coverage also dropped in every region, with the East Asia and Pacific region recording the steepest reversal in DTP3 coverage, falling nine percentage points in just two years from 92 percent in 2019 to 83 percent in 2021. The decline in global vaccination was attributed to several factors, including an increased number of children living in conflict and fragile settings, increased misinformation, and Covid-19related issues such as service and supply chain disruptions, resource diversion to response efforts, and containment measures that limited immunization service access and availability. To address the decline in vaccination coverage for children, Unicef is urging governments to intensify efforts for catch-up vaccination to address backsliding on routine immunization, expand outreach services in underserved areas to reach missed children, and implement campaigns to prevent outbreaks, among others. It also recommended implementing strategies to build trust in vaccines and immunization, counter misinformation and increase vaccine uptake, particularly among vulnerable communities.

BOI unreels SIPP roadshow in bid to draw in investors

By Andrea E. San Juan

HE Board of Investments (BOI), the country’s lead industry development and investments promotion agency (IPA), is conducting a series of roadshows nationwide to discuss the salient features of the Strategic Investment Priority Plan (SIPP). This is in line with BOI’s objectives of promoting investment opportunities, building connections with the country’s investors, wouldbe investors, and concerned stakeholders, and making more investments happen in the Philippines. T he SIPP, a plan prepared by the BOI in coordination and consultation with the IPAs, the Fiscal Incentives Review Board

(FIRB), other government agencies administering tax incentives, and the private sector, lists the priority industries, sectors, and business projects that may qualify for investment incentives under Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. “The SIPP also includes the scope

and coverage of location and industry tiers, recommendations for non-fiscal support and other information, analyses, data, guidelines, or criteria as the government may deem appropriate to attract quality investments and generate jobs for Filipinos,” the BOI said in a statement on Monday. According to BOI, apart from providing information about the priority sectors/industries and investment opportunities under SIPP, the roadshow is also BOI’s in-person public platform to guide investors on how to apply investment projects with the BOI to avail themselves of incentives and likewise provide consultation/advisory services for those who want to understand and access other services of the BOI. The BOI SIPP roadshow is a one-day event with two parts. For the morning session, investment opportunities under the SIPP and the incentives available for qualified projects will be discussed. Meanwhile, the afternoon session are for oneon-one consultations with the BOI resource persons on potential projects for registration and other investment concerns. Through the BOI’s Domestic Investments Promotion Service

(DIPS) and its Extension Offices, the roadshows will initially be conducted in three key cities: Cebu on July 19, Cagayan de Oro on July 26, and Davao on July 28. More roadshows are to be scheduled in August. The roadshow eyes firms with previous projects registered with BOI, as well as firms planning to expand their operations in the regions, regional business chambers, regional industry associations and organizations, academe, financial institutions, Department of Trade and Industry (DTI) regional and provincial offices, regional National Economic and Development Authority (Neda) and other regional government offices. In a statement on Monday, BOI said, “The SIPP serves as a catalyst to shore up various industries and yield more diversified, complex, and sophisticated products and services in the Philippines.” BOI underscored that the SIPP plays a significant role in the country’s goal of bouncing back from the economic ramifications of the persisting global health crisis. Moreover, the Plan sustains the momentum towards the country’s economic recovery, as it will generate and recover jobs as well as competitively provide for the Filipinos’ basic needs.

OSG mulls over moves on ICC’s request for comment on probe By Joel R. San Juan @jrsanjuan1573

HE Office of the Solicitor General (OSG) said it is studying its possible actions on the request of the Hague-based International Criminal Court (ICC) for the Philippine government to give its comment on the proposed reopening of the investigation of the bloody anti-illegal drug campaign of former President Rodrigo Roa Duterte. Solicitor General Menardo Guevarra also said he would have to get the positions of the Department of Justice (DOJ), the Department of Foreign Affairs (DFA) and other stakeholders on the recent development before announcing the government’s official response. “The OSG is considering several options, such as challenging the jurisdiction of the ICC/admissibility of the case, or continuing to leave our lines of communication with the ICC open. We shall decide on our final course of action after consultations with the DFA, the DOJ, international law experts, and the office of the president,” Guevarra said. Aside from the Philippine government, the ICC also sought the comments of the drug war victims and their families on the proposal of ICC Prosecutor Karim Khan to reopen the probe. Guevarra has said he would also talk with President Ferdinand “Bongbong” Marcos Jr. to discuss the ICC matter. “PBBM has not had the occasion to discuss the ICC case thoroughly with anyone, but I intend to consult with him about it very soon,” he said. When asked if the Marcos government will continue to represent the Duterte government in the case before the ICC, the solicitor general replied: “The OSG represents the Republic, not the government/administration.”

He added that there are “sovereignty issues” involved in the ICC case that must be addressed by the OSG and other relevant government agencies. “All our options are under study, I’ll answer your questions when we have firmed up our position,” Guevarra told reporters.

Order to comment

THE ICC issued the order to comment last July 14 and gave the Philippine government until September 8, 2022 to submit its observations to the proposal. On the other hand, the ICC directed Khan to submit by September 22, 2022 any response to the observations that the Philippine government is tasked to provide. Khan proposed the reopening of the investigation on Duterte’s war on drugs last June 24. On November 20, 2021, the ICC deferred its probe on the thousands of deaths that occurred during the bloody operations by authorities, upon the request of the Philippine government, which cited the ongoing probe by DOJ and other agencies into the drug-related killings. It specifically cited the ongoing review by the DOJ of 52 drug-related operations between 2016 and 2021 that resulted in deaths. The DOJ’s review of the cases commenced in November 2021 or eight months ago, as directed by Duterte, who committed this during his speech before the United States General Assembly (UNGA) in September 2021. Duterte told the UNGA that he had instructed the DOJ and the Philippine National Police (PNP) to review the conduct of the government’s campaign against illegal drugs and to make accountable those who acted beyond what the law requires. See “OSG,” A2

INFLATION WOES Meat products are seen at the Pasay Public Market. Meat prices have gone up by as much as P30 per kilo, as the agriculture sector continues to face a number of issues such as the prevailing threat of African Swine Fever. ROY DOMINGO

Govt can start ‘rightsizing’ now–Angara

VEN in the absence of a new law, Senator Juan Edgardo Angara asserts that the Marcos administration can already start “rightsizing” the bloated bureaucracy. The senator suggested that Malacañang begin with government-owned and -controlled corporations (GOCCs). Angara, chairman of the Senate Finance Committee, affirmed that the Executive is empowered to re-organize the GOCCs as provided by law, citing the Governance Act of 2011 authored by former Minority Leader Franklin M. Drilon. As provided under the Drilon

law, the President can move to reorganize, merge or abolish GOCCs based on the recommendation of the Governance Commission for GOCCs, or GCG. In a radio interview, Drilon had confirmed that under that law, the GOCC is mandated to evaluate the performance of the GOCCs, as well as the salaries of its officials. For his part, Senator Sherwin Gatchalian suggested for consideration the tack of privatizing a number of GOCCs as part of a Malacañang Palace plan on rightsizing the government. Noting that there are a number of “inefficient” GOCCs but which

bear important mandates, he suggested it may be better to have them run by the private sector. He recalled that in a 2020 budget hearing, the GOCC Governance Commission had reported that 70 of the 118 GOCCS were classified as “poor’ or “weak in performance” and are constantly relying on heavy government subsidies. It was also reported that 12 GOCCs were abolished due to lack of outputs or revenues; and nine more were closed down due to duplication or overlapping functions, apart from nine more that were abolished because they do not operate anymore. Butch Fernandez

ANGARA

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, July 19, 2022

URC sets ‘ambitious’ goals to reduce carbon footprint By VG Cabuag

@villygc

niversal Robina Corp. (URC), the food group of the Gokongwei family, said it has set “ambitious” goals for its human resources, operations, products and processes. The company said it is targeting to reduce the amount of energy and water it uses to manufacture its products by 30 percent by 2030 as against its 2020 baseline. URC said it will also promote the responsible sourcing of key ingredients like palm oil, potatoes and coffee beans. “Through efficient management of resources, and a consistent commitment to always give back, we aim to make lasting concrete changes on an institutional level, in a way that affects all operations, and demonstrates our resolve as a world-class manufacturer,” said URC President

and CEO Irwin Lee. Lee said URC has been able to polish its plans and refresh its targets ever since it released its first sustainability report in 2018. URC said it is aiming to achieve plastic neutrality through plastic waste collection, recovery and diversion initiatives, as well as collaborative projects on waste management that include community engagement and linking with local recyclers. The company said it plans multistakeholder partnerships to tackle this plastics challenge. It has recently been named as regional co-chair

for the Alliance to End the Plastics Waste, an industry-founded nonprofit organization, which promotes solutions that reduce and avoid environmental pollution from plastic waste. URC is an investor and strategic partner of Planet First, a European growth investment platform dedicated to developing solutions to address sustainability challenges. The company also said it is committed to bring down to zero its losttime injury frequency rate, providing at least 24 training hours for each employee every year, and raising by 10 percent annually the number of its volunteers and beneficiaries leading the community “In many ways, 2021 presented a rehash of 2020’s challenges, with various crises putting our economy and the world climate on the ropes,” Lee said. “The difference now, aside from an increased sense of urgency, is a greater amount of experience with which URC can face the odds—and

we are now setting our sights on greater ambitions towards more sustainable futures.” URC has been pivoting towards making renewable energy take up a bigger share in its power use. It has been installing solar panels at several of its facilities in the Philippines, and in its manufacturing hubs in Thailand and Vietnam. URC said it continues to use manure, agricultural and food waste, and other organic materials as a renewable energy source. The company has also ramped up its community support specifically in the areas of livelihood, sustainable farming, food availability, and security. “In the coming years, we will continue to build upon our heritage of sustainable success through the programs and targets laid out in this sustainability report: from reducing our environmental impact all the way to achieving 100 percent quality and food safety certifications for our products,” Lee said.

DOE issues circular on REM I-COP By Lenie Lectura @llectura

he Department of Energy (DOE) has released a circular declaring the interim commercial operations (I-COP) of the renewable energy market (REM), the venue for the trading of renewable energy certificates (RECs). However, the exact date for the commencement of the REM I-COP has yet to be decided by the DOE because the REC price cap has yet to be determined by the Energy Regulatory Commission (ERC). “The REM I-COP shall not yet involve any financial transaction, until such time that the commercial operations of the REM has been declared by the DOE,” Department Circular 2022-06-0019 stated. The circular, which was signed by former Energy Secretary Alfonso G. Cusi and issued last June 10, was

Swire buys Coke’s plant in Vietnam

wire Pacific Ltd. is buying Coca-Cola Co.’s bottling operations in Vietnam and Cambodia for $1.015 billion, marking the Hong Kong conglomerate’s first expansion into the Southeast Asian beverages market. The deal will “expand the group’s beverages business into one of the most rapidly growing beverages markets,” Swire said in a stock exchange filing on Monday. The transaction is expected to be completed within six months, subject to antitrust approval, according to the filing. The 206-year-old Swire, one of the two remaining British trading houses in Hong Kong, has been redirecting investment into key operations including beverages and property, two of its most profitable businesses, as well as going into emerging sectors like health care. The company also controls Cathay Pacific Airways Ltd., one of Asia’s best-known airlines. Bloomberg News

posted on the DOE website yesterday. The same circular tasked the ERC to determine and approve the REC price cap and methodology; the rules on the recovery mechanism for the cost of RPS compliance by regulated entities; and the structure and level of market transaction fees for REM within 120 days. The Philippine Electricity Market Corp. (PEMC) will be in charge of the registration of REM participants and will adjust the issued RECs, as necessary. “PEMC shall, under the supervision of the DOE, establish and operate the Renewable Energy Registrar (RER) and shall issue, keep, and verify RECs corresponding to energy generated from eligible RE facilities, which shall be used by mandated participants for compliance under the Renewable Portfolio Standards (RPS).” The agency also released a circu-

lar on “Adopting the Guidelines and Procedures in the Fund Sourcing, Accounting, and Audit of the Renewable Energy Trust Fund (RETF).” The said fund refers to the contribution from government institutions for special account administered by the DOE. It is established to enhance the development and greater utilization of RE. The guidelines state that the RETF shall apply to the three RETF sources, namely: Collection from RETF contributors; 1.5 percent of the government share collected from conventional energy service contractors; and collection of the DOE on the contributions, grants, and donations, any revenue generated from the utilization of the RETF and proceeds and proceeds from fines and penalties imposed under RE No. 9513. The said fund shall be used to finance research and development

of RE for power and non-power applications; provide funding to qualified research and development institutions engaged in RE studies undertaken jointly through public-private sector partnerships, including a fellowships for energy studies; support the development and operation of new RE resources to improve their competitiveness in the market; to conduct nationwide resource and market assessment studies on the use of RE systems; and propagate RE knowledge to promote RE. Within three months from effectivity of the circular, the DOE shall issue RETF operations manual, which shall include qualifications of eligible organizations, types of financial support, institutional structures and mechanisms, and application and approval process, among others. The said circular was also signed by Cusi last June 10.

Morgan Stanley sees stock losses

ne of Wall Street’s biggest bears says United States stocks are likely to face more declines even if the economy manages to avoid a recession. “Counter-trend rally may continue, but make no mistake, we don’t believe this bear market is over, even if we avoid a recession – the odds of which are increasing,” strategists led by Michael J. Wilson wrote in a note. US equities have slumped this year, sending the S&P 500 Index into a bear market, on worries that scorching inflation and a hawkish Federal Reserve would tip the economy into a recession. According to Morgan Stanley, odds of a recession continue to increase, with the broker’s model showing 36 percent probability in the next 12 months, while other warnings include rising jobless claims and falling job openings. With the Fed expected to hike rates by another 75 basis points next week, investors are now turning to the corporate earnings season to see if margins have been resilient to the surge in prices and glum sentiment. Goldman Sachs Group Inc. strategist David J. Kostin said he expects

Stock market information at the Nasdaq MarketSite in New York, United States, on Thursday, February 3, 2022. Photographer: Michael Nagle/Bloomberg

the weak macroeconomic outlook to threaten companies’ profitability, which has already receded from record highs. Margins and borrowing costs are now two key risks for stocks’ return-on-equity, which held up in the past year despite rising input costs, omicron and supply chain disruptions, the strategist wrote in a note dated July 15. Morgan Stanley’s Wilson, who has been one of the staunchest equity bears this year and who correctly predicted the latest selloff, also said he

was “skeptical” about expectations that margin pressures would ease beyond the second quarter. “The combination of continued labor, raw material, inventory and transport cost pressures coupled with decelerating demand poses a risk to margins that is not reflected in consensus estimates,” Wilson said, adding that even if estimates for revenue growth remain static, a return to pre-Covid net margin levels implied a 10-percent hit to forward earnings-per-share. Bloomberg News

Converge network speed gets nod of Ookla, consumers

BusinessMirror file photo

By Lorenz S. Marasigan @lorenzmarasigan

onverge ICT Solutions Inc. bagged the Ookla Speedtest Award for Top-Rated Fixed Network in the Philippines for the first half of 2022, after consumers rated it as the best broadband network on Ookla’s Speedtest Awards. “We are honored to be recognized for this achievement that reflects customer sentiment. Being the people’s choice of network means we are directing effort and investments in the right place. There’s nothing more important than giving people the service they deserve and I’m glad this is reflected in the top ISP ratings,” Converge CEO Dennis Anthony H. Uy said. Uy noted that the customer satisfaction results are rooted in the company’s network upgrades and service improvements, including the free speed upgrades given to consumers last quarter. He added that the citation is also driven by the company’s continuous expansion of new serviceable areas, business centers, and growing partner outlets to serve more underserved and unserved areas. “It’s not just about winning and gaining prestige,” Converge

Chief Operations Officer Jesus C. Romero said. “It’s about showing the Philippines that we have what it takes to give them the best internet solutions. Being able to connect to the internet should no longer be a privilege, but a right of every Filipino. That’s why Converge has been working hard for the past years to deliver fast and reliable internet to the underserved and unserved areas of the Philippines.” In December, the company was recognized for Best New Internet Technology Innovations in the country by the International Business Magazine Awards. The award is in recognition of the innovative consumer product called Converge Time of Day (TOD). Converge TOD is an innovation from Converge that allows subscribers to experience double their subscribed bandwidth during their preselected most productive time of day. It was first introduced to enterprise customers who required highquality and high-speed Internet service for business use, called DIA or Dedicated Internet Access. This was rolled out last year and has since allowed businesses and government to continue to use high-speed DIA to serve their customers and the public while reducing costs.

Stellantis to halt Jeep production in China

tellantis NV is halting production of Jeeps in China and ending a 12-year joint venture with GAC Group after failing to gain traction in the world’s biggest car market. In a statement Monday, Stellantis cited a lack of progress with its plan to take a majority share of the joint venture. The move comes months after a rift between the two partners emerged and Chief Executive Officer Carlos Tavares rolled out a strategy focused on importing vehicles to the country. Termination of the venture, which started in 2010, will result in a non-cash impairment charge of approximately 297 million euros ($300 million) for the first half of 2022. Stellantis’s shares rose as much as 2.8 percent in early Paris trading, trimming the decline since the start of the year to about 27 percent. The decision marks another step in a radical shift in Stellantis’s strategy in China, where both PSA and Fiat Chrysler were doing poorly before their merger. Tavares had made fixing the carmaker’s dismal performance a priority and in March announced an “asset-light” plan to rely on importing vehicles rather than producing locally. On Monday, the group said it will import an electrified lineup of Jeep

vehicles to experienced Chinese dealers. Notice of the JV’s demise coincided with an announcement by Dongfeng Motor Group of the possible sale of its entire 3.16 percent stake in Stellantis. The investment dates back to a holding in Peugeotmaker PSA before the merger. The companies also have a venture that makes Peugeot and Citroen models in Wuhan. On the Jeep venture side, signs of conflict with partner GAC emerged at the start of the year after Stellantis’s plan to take control sparked pushback from the Chinese company. They had produced the Jeep Cherokee, Renegade, Compass and Grand Commander primarily for the domestic market. In March, Tavares said Stellantis was still waiting for Chinese officials to sign off on the plan to increase the company’s stake to 75 percent from 50 percent. At the same time, he said the plan for China would be to cut production capacity and rely on imports of brands including Jeep and Maserati vehicles. “There is nothing wrong about having a highly profitable” business of importing completely built cars, the CEO said. “We are trying to set up a business model that carries the lessons we have learned the hard way.” Bloomberg News

Companies BusinessMirror

Tuesday, July 19, 2022

FNPC-Meralco power deal gets final approval of ERC

By Lenie Lectura

@llectura

he Energy Regulatory Commission (ERC) has given its final approval to the joint application of First NatGas Power Corp. (FNPC) and the Manila Electric Co. (Meralco) for the final authority to their power supply agreement (PSA). First Gen Power Corp. said Monday that FNPC has just received the ERC decision, which also affirmed the rates under the provisional au-

thority (PA) granted by the commission last June 2018, subject to certain modifications and conditions. “FNPC is evaluating the ERC deci-

sion,” First Gen said in a disclosure to the stock exchange. FNPC is a wholly-owned subsidiary of First Gen Corp., and is the owner of the 414-MW San Gabriel combined cycle natural gas-fired power plant. Earlier, the ERC provisionally approved a rate of P3.7121 per kilowatt hour (kWh), slightly lower than the P3.7712 per kWh rate originally sought by Meralco and FNPC. The agency’s final merely order adjusted the capacity charge, local operation and maintenance (O&M) fee, foreign O&M fee, and fuel cost. “Similar to the Commission’s grant of interim relief, the rates shall

be subject to the adjustment formula as indicated in the subject PSA,” the ERC said in its 99-page order. Also, the ERC said the outage allowance should be adjusted to 20.2 days, consisting of a planned outage of 12.5 days and an unplanned outage of 7.7 days. However, the adoption of the reduced outage days should be prospective. “Any adjustment in the rates brought about by such adjustment in the outage shall be reflected in the submissions to the Commission for monitoring purposes,” it said. The ERC directed Meralco to attach to its automatic generation rate adjustment submission the computation of the monthly fuel cost.

Airbus, Boeing vie for almost $21B of orders at show

elta Air Lines Inc. is poised to kick off the Farnborough International Airshow with orders for Boeing Co. and Airbus SE jets as sales teams for the rival planemakers race to wrap up deals worth at least $21 billion ahead of the industry’s largest trade expo. The event outside of London marks the first large-scale gathering of industry leaders in three years and will serve to showcase billions of dollars in aircraft transactions. It will also provide a measure of the global aviation industry’s recovery from a pandemic that flattened international travel, and serve as an update on logistics meltdowns and labor shortages that have hampered manufacturers’ efforts to speed up work in their factories. Held as the UK issues an extreme heat warning, sustainability will also be a big topic. After years of negotiations, Delta is expected to announce orders and commitments for as many as 130 of Boeing’s 737 Max 10 jetliners, pro-

viding an endorsement for the final and largest member of the narrowbody jet family, according to people familiar with its plans. Atlantabased Delta is also preparing to order a dozen of Airbus’s A220 jets, topping up an earlier deal. A purchase order for 130 737 Max 10 jets and 12 A220s would be valued at around $6.7 billion, according to figures from leading aircraft appraiser Avitas. Airbus may close a $10 billionplus deal for about 30 A330neo widebody jets with Malaysia Airlines. Bloomberg News reported earlier this month that the European planemaker was leading a race against Boeing with the Southeast Asian carrier. Airbus could also seal orders for as many as 60 A220 jets from LOT Polish Airlines SA. Germany’s Condor Flugdienst GmbH, meanwhile, is in discussions with Airbus for as many as 40 A320neo family planes that could wrap up as soon as this week, some of the people said, asking not to be identified because the discussions are confidential. Airbus said that it doesn’t comment on speculation. “We are always in contact with existing and potential customers. Any discussions which may or may not be happening remain confidential,” it said in a statement. Condor declined to comment. Other orders are still being negotiated down to the wire with airlines seeking to haggle with both manufacturers to secure the best terms. Jet Airways India Ltd., which is preparing to return to the skies, is still deciding between Airbus A320neo and A220 planes as well as Boeing’s 737 Max or Embraer SA jets, people familiar have said. Bloomberg News

mutual funds

July 18, 2022

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 198.42 -8.17% -10.11% -6.34% -14.87% ATRAM Alpha Opportunity Fund, Inc. -a 1.2848 -9.34% -8.66% -4.45% -22.8% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7092 -9.43% -13.84% -9.02% -16.33% Climbs Share Capital Equity Investment Fund Corp. -a 0.6863 -9.46% -11.36% n.a. -9.28% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.652 -13.37% -10.36% n.a. -15.42% First Metro Save and Learn Equity Fund,Inc. -a 4.5138 -5.43% -7.22% -4.28% -12.91% -5.3% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6669 -9.83% -7.13% -14.86% MBG Equity Investment Fund, Inc. -a 74.91 -26.34% -15.14% n.a. -20.67% PAMI Equity Index Fund, Inc. -a 40.8838 -7.62% -9% -4.88% -15.05% Philam Strategic Growth Fund, Inc. -a 425.47 -8.44% -8.98% -5.01% -15.02% Philequity Dividend Yield Fund, Inc. -a 1.2087 7.15% -4.17% -1.75% -10.88% Philequity Fund, Inc. -a 31.0958 -6.54% -8.27% -4.05% -15.03% Philequity MSCI Philippine Index Fund, Inc. -a 0.808 -6.18% -9.39% n.a. -14.17% Philequity PSE Index Fund Inc. -a 4.2353 -6.68% -8.38% -4.25% -14.62% Philippine Stock Index Fund Corp. -a 705.58 -7.11% -8.45% -4.33% -14.84% Soldivo Strategic Growth Fund, Inc. -a 0.6201 -10.98% -13.56% -7.38% -17.61% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1603 -8.7% -11.09% -5.82% -16.29% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8031 -7.42% -8.73% -4.58% -14.97% United Fund, Inc. -a 2.9557 -6.87% -8.49% -3.59% -14.01% Primarily invested in Peso securities (units) Philequity Alpha One Fund, Inc. -a 0.9725 -9.14% n.a. n.a. -16.36% Philippine Stock Index Fund Corp. -a 859.16 n.a. n.a. n.a. n.a. Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 95.1225 -6.75% -8.23% -3.95% -14.67% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.9028 -27.39% -3.26% -2.45% -19.86% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4181 -21.93% 2.27% 3.77% -23.2% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.5343 -8.75% -5.03% -2.94% -9.32% ATRAM Philippine Balanced Fund, Inc. -a 2.0582 -6.65% -4.63% -2.82% -9.79% First Metro Save and Learn Balanced Fund Inc. -a 2.4718 -3.61% -3.16% -1.4% -8.15% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1915 -0.26% n.a. n.a. -8.37% NCM Mutual Fund of the Phils., Inc. -a 1.8511 -4.12% -2.12% -0.64% -8.21% PAMI Horizon Fund, Inc. -a 3.3656 -7.36% -4.27% -2.14% -10.61% Philam Fund, Inc. -a 15.0822 -7.4% -4.39% -2.2% -10.47% Solidaritas Fund, Inc. -a 1.9328 -4.67% -4.21% -2.17% -8.89% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2335 -6.89% -6.71% -3.19% -11.34% Sun Life Prosperity Dynamic Fund, Inc. -a 0.839 -3.31% -6.44% -2.84% -12.07% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.8874 -9.05% -5.23% n.a. -10.35% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8039 -9.48% -8.41% n.a. -14.89% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.7909 -9.51% -8.81% n.a. -15.31% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03305 -13.55% -4.06% -1.56% -12.89% PAMI Asia Balanced Fund, Inc. -b $0.9068 -19.17% -3.31% -1.7% -15.02% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.8932 -18.5% 0.79% 2.4% -18.93% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.0064 -16.47% -2.1% -0.18% -16.04% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 373.82 0.4% 2.09% 2.29% -0.13% ATRAM Corporate Bond Fund, Inc. -a 1.8882 -1.79% -0.24% 0.07% 0.19% Cocolife Fixed Income Fund, Inc. -a 3.2305 -0.06% 1.9% 3.24% -0.42% -0.32% Ekklesia Mutual Fund Inc. -a 2.175 -3.85% 0.72% -3.4% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3969 -1.82% 1.1% 1.6% -1.2% Philam Bond Fund, Inc. -a 4.1846 -6.42% -0.18% 0.57% -4.8% Philam Managed Income Fund, Inc. -a 1.3143 -0.25% 2.54% 2.7% -0.36% Philequity Peso Bond Fund, Inc. -a 3.8724 -2.89% 1.7% 2.13% -2.36% Soldivo Bond Fund, Inc. -a 1.0071 -2.65% 2.3% 1.67% -2.05% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1308 -2.59% 1.7% 2.6% -1.78% Sun Life Prosperity GS Fund, Inc. -a 1.6937 -3.17% 0.82% 1.92% -2.13% Primarily invested in foreign currency securities (shares) $480.85 ALFM Dollar Bond Fund, Inc. -a -1.18% 1.52% 1.75% -1.78% ALFM Euro Bond Fund, Inc. -a Є210.34 -4.46% -1.22% -0.1% -4.4% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.072 -10.41% -3.3% -0.96% -10.96% 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 $0.8958 -14.42% -6.2% -3.56% -12.42% Philam Dollar Bond Fund, Inc. -a $2.1954 -12.58% -2.24% -0.24% -12.38% Philequity Dollar Income Fund Inc. -a $0.0606597 -3.75% 0.74% 1.16% -2.62% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7491 -13.86% -3.73% -1.65% -13.99% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 132.36 1.54% 2.25% 2.56% 0.89% First Metro Save and Learn Money Market Fund, Inc. -a 1.0642 1.02% 1.55% n.a. 0.61% Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3267 1.58% 2.08% 2.47% 0.84% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0643 0.6% 1.12% n.a. 0.35% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund Inc. -a 44.3242 n.a. n.a. n.a. n.a. Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.2022 -9.31% n.a. n.a. -13.07% Primarily invested in foreign currency securities (units) ALFM Global Multi-Asset Income Fund Inc. -a $0.8089 -18.29% n.a. n.a. -16.61% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago.

c - Listed in the PSE.

d - in Net Asset Value per Unit

(NAVPU). 1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.). 2 - Adjusted due to stock dividend issuance last November 25, 2021.

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

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

July 18, 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 PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL IREMIT MEDCO HLDG MANULIFE PHIL STOCK EXCH

94,095 157,438,173 64,655 64,880,069 6,327,610 1,190,328 79,848,310 38,953 669,500 9,520 3,954,602 46,868,428.50 2,959,576.50 251,850 492,040 10,220 8,400 58,800 632,875

-1,067,189 -3,398,057.50 -284,233 -52,928,225 -20,460 28,416 1,645,476 918,145 -1,351,258.50 -511,000

INDUSTRIAL AC ENERGY 8.23 8.24 8.16 8.23 8.11 8.23 3,296,500 26,976,580 0.92 0.94 0.94 0.94 0.94 0.94 6,000 5,640 ALSONS CONS 31.3 31.5 31 31.5 30.75 31.5 445,000 13,892,045 ABOITIZ POWER 1.86 1.87 1.83 1.88 1.83 1.86 1,786,000 3,323,740 RASLAG 0.37 0.375 0.375 0.38 0.37 0.375 990,000 368,600 BASIC ENERGY FIRST GEN 16.12 16.42 16 16.7 15.78 16.42 488,700 7,915,618 FIRST PHIL HLDG 61.15 62.5 62.9 62.9 61.1 61.15 3,740 233,018.50 MERALCO 363 363.4 360 363 358.2 363 108,620 39,295,560 MANILA WATER 15.6 15.78 15.32 15.8 15.32 15.6 345,700 5,371,846 PETRON 2.98 3 2.98 3 2.97 2.98 634,000 1,888,170 4.56 4.65 4.6 4.65 4.6 4.65 43,000 198,000 PETROENERGY 9.01 9.89 9.79 9.89 9.79 9.89 21,000 205,790 PHX PETROLEUM 12.36 12.38 12.42 12.42 12.32 12.38 683,800 8,455,206 SYNERGY GRID 17.5 17.6 17.74 17.74 17.5 17.6 79,100 1,395,514 PILIPINAS SHELL 9.09 9.1 9.1 9.13 9.07 9.1 139,100 1,265,783 SPC POWER SOLAR PH 1.55 1.56 1.59 1.59 1.56 1.56 9,212,000 14,444,180 VIVANT 14.26 18.34 18.48 18.48 18.38 18.38 400 7,382 5.48 5.49 5.5 5.54 5.49 5.49 904,200 4,997,369 AGRINURTURE AXELUM 2.05 2.1 2.1 2.1 2.04 2.05 66,000 137,340 23.25 23.3 23.3 23.5 23.05 23.25 596,200 13,909,140 CENTURY FOOD 13.5 13.8 13.8 13.8 13.5 13.5 16,000 218,574 DEL MONTE 6.92 6.93 6.87 6.92 6.87 6.92 3,127,600 21,577,110 DNL INDUS 18.62 18.64 18.5 18.78 18.44 18.64 2,154,300 40,123,670 EMPERADOR 44.6 44.7 44.9 44.9 44.5 44.7 95,500 4,273,310 SMC FOODANDBEV 0.67 0.68 0.63 0.68 0.63 0.68 31,837,000 21,196,270 FIGARO COFFEE ALLIANCE SELECT 0.55 0.58 0.55 0.58 0.55 0.58 17,000 9,380 1.02 1.04 1.02 1.04 1.02 1.04 24,000 24,580 FRUITAS HLDG 96.6 98 100 100 96.5 98 2,990 294,159 GINEBRA JOLLIBEE 212.2 212.4 213.8 213.8 211 212.4 178,520 37,898,492 KEEPERS HLDG 1.08 1.09 1.07 1.08 1.05 1.08 1,877,000 2,004,060 17 17.6 17.6 17.6 17.6 17.6 6,700 117,920 LIBERTY FLOUR 4.21 4.24 4.25 4.25 4.24 4.24 52,000 220,680 MAXS GROUP 0.105 0.11 0.107 0.11 0.106 0.11 250,000 26,680 MG HLDG 13.76 14.02 14.1 14.2 13.52 14.02 2,631,400 36,474,400 MONDE NISSIN SHAKEYS PIZZA 6.91 6.99 6.91 6.91 6.91 6.91 37,300 257,743 ROXAS AND CO 0.57 0.58 0.57 0.58 0.53 0.58 2,483,000 1,403,870 RFM CORP 3.85 3.9 3.85 3.9 3.85 3.9 22,000 84,950 UNIV ROBINA 113 114.8 113.4 114.8 112.1 114.8 1,176,970 133,475,293 VITARICH 0.58 0.6 0.6 0.6 0.6 0.6 18,000 10,800 2.51 2.68 2.6 2.68 2.6 2.68 51,000 136,460 VICTORIAS 0.63 0.65 0.6 0.64 0.59 0.64 5,331,000 3,305,130 CEMEX HLDG 12.2 12.3 12.02 12.34 12.02 12.2 7,600 91,834 EAGLE CEMENT 3.33 3.43 3.36 3.59 3.26 3.33 121,000 412,830 EEI CORP 5.07 5.2 5.07 5.08 5.06 5.07 503,000 2,550,305 HOLCIM MEGAWIDE 4.36 4.37 4.26 4.36 4.15 4.36 366,000 1,540,240 PHINMA 18.9 19.2 19.2 19.2 19.2 19.2 200 3,840 0.67 0.69 0.68 0.68 0.67 0.67 101,000 68,670 TKC METALS 0.77 0.78 0.78 0.78 0.77 0.78 413,000 320,310 VULCAN INDL 1.68 1.72 1.67 1.79 1.67 1.68 45,000 75,560 CROWN ASIA 1 1.02 1.02 1.02 1.02 1.02 8,000 8,160 EUROMED 5.07 5.57 5.2 5.58 5.07 5.57 1,400 7,623 MABUHAY VINYL 5.4 5.45 5.45 5.45 5.45 5.45 12,700 69,215 PRYCE CORP 18.26 19.1 19 19.1 19 19.1 1,200 22,820 CONCEPCION 1.61 1.62 1.59 1.63 1.58 1.62 7,457,000 12,006,540 GREENERGY INTEGRATED MICR 5.95 6 6 6 5.95 5.95 83,300 498,590 IONICS 0.64 0.68 0.62 0.68 0.62 0.68 156,000 100,420 5.4 5.71 5.74 5.74 5.4 5.71 4,900 27,717 PANASONIC 1.32 1.33 1.26 1.33 1.26 1.32 2,150,000 2,819,770 SFA SEMICON CIRTEK HLDG 2.71 2.75 2.7 2.8 2.6 2.75 301,000 820,330

6,500,455 1,090,045 -9,350 -5,576,676 155,956.50 7,412,280 -392,806 1,336,830 -311,346.00 -45,450 79,560 219,062 -4,574,150 -4,585,137 -13,036,868 2,797,230 429,990 -190,929 -678,404 1,494,780 -165,480 10,600 12,476,258 -138,200 -341,580 45,950 -44,260,807 927,280 -27,780 253,330 1,670 -323,500 -391,640 -133,960 519,190

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

5,713,300 -2,384,655 3,456,053 -102,386 740 11,342,712 6,745,494 2,574,051.50 1,800 -3,341,967 9,846,390 -55,061,610 -566,190 -

HOLDING & FRIMS

40.6 119.3 8.1 89.15 26.55 6.66 46.75 6.51 17.76 55.8 18.96 89.9 73.3 1.7 3.41 0.73 0.222 900 173

1.7 3.6 599.5 51.3 9.71 8.24 0.71 0.39 0.4 4.35 8.7 6.89 464 3.42 50 0.55 2.91 8.29 0.236 3.75 2.16 2.1 0.89 781 105.5 2.02 106.4 0.153

44.8 121 8.4 89.5 26.6 6.7 46.9 6.6 17.9 56 19.8 90 73.95 1.75 3.5 0.78 0.28 980 175

1.71 4.98 601.5 51.9 9.72 8.5 0.74 0.395 0.44 4.36 8.79 7.06 475 3.56 50.9 0.61 2.92 8.32 0.335 3.76 2.25 2.14 0.9 785 106.2 2.8 115 0.159

44.95 118.9 8.43 88.6 26.5 6.85 47.1 6.61 17.76 56 18.84 90 75.25 1.7 3.5 0.73 0.28 980 170.1

1.7 3.59 598 50.9 9.51 8.5 0.71 0.395 0.405 4.37 8.6 6.87 438 3.44 49.55 0.6 2.9 8.36 0.236 3.75 2.25 2.1 0.92 762 105.9 2 105.2 0.159

44.95 121 8.44 89.5 26.6 6.85 47.5 6.61 17.96 56 19.8 90 75.25 1.7 3.5 0.73 0.28 980 177.5

1.72 3.59 602 51.9 9.75 8.5 0.74 0.395 0.405 4.4 8.79 6.89 475 3.44 50.9 0.6 2.91 8.37 0.236 3.78 2.25 2.16 0.93 781 106.2 2 115 0.159

44.8 118.3 8.1 87.85 26.5 6.7 46.5 6.6 17.7 56 18.84 89.15 73 1.66 3.4 0.73 0.28 980 170.1

1.7 3.59 585.5 50.25 9.42 8.24 0.71 0.39 0.405 4.35 8.49 6.87 438 3.44 49.55 0.6 2.86 8.26 0.236 3.74 2.25 2.1 0.9 762 103.6 2 103.9 0.159

44.8 121 8.3 89.5 26.6 6.7 46.9 6.6 17.96 56 19.8 90 73.95 1.7 3.5 0.73 0.28 980 175

1.71 3.59 599.5 51.9 9.72 8.24 0.74 0.395 0.405 4.36 8.79 6.89 475 3.44 50.9 0.6 2.87 8.29 0.236 3.76 2.25 2.14 0.9 781 106.2 2 115 0.159

2,100 1,313,710 7,900 727,430 238,700 176,400 1,703,800 5,900 37,800 170 209,800 525,340 40,050 149,000 144,000 14,000 30,000 60 3,620

4,906,000 8,000 586,310 639,060 686,000 1,800 147,000 260,000 60,000 106,000 6,758,700 6,400 87,960 109,000 635,630 3,000 117,000 926,900 10,000 7,918,000 6,000 275,000 105,000 464,530 170,000 1,000 2,790 80,000

8,362,890 28,720 349,405,445 32,773,521.50 6,632,595 14,884 104,400 101,750 24,300 462,550 58,449,090 43,996 40,721,750 374,960 32,025,433 1,800 336,100 7,687,120 2,360 29,754,560 13,500 582,150 96,080 360,146,645 18,018,534 2,000 314,130 12,720

PROPERTY AYALA LAND 24.6 24.85 23 24.85 22.8 24.85 28,998,500 690,808,735 2.94 2.96 2.88 2.98 2.85 2.94 588,000 1,695,550 AYALA LAND LOG 13.04 13.5 13.04 13.4 13.04 13.04 32,300 427,392 ALTUS PROP 1.32 1.37 1.32 1.45 1.32 1.32 242,000 324,670 ARANETA PROP 36.6 36.8 36.7 36.8 36.5 36.6 783,600 28,788,330 AREIT RT A BROWN 0.72 0.74 0.75 0.75 0.75 0.75 2,000 1,500 0.67 0.69 0.69 0.69 0.69 0.69 2,000 1,380 CITYLAND DEVT 0.081 0.085 0.082 0.085 0.081 0.085 3,170,000 257,260 CROWN EQUITIES 2.5 2.51 2.46 2.5 2.33 2.5 1,145,000 2,760,990 CEB LANDMASTERS CENTURY PROP 0.38 0.385 0.38 0.385 0.38 0.38 1,700,000 647,200 2.37 2.38 2.4 2.4 2.38 2.38 2,803,000 6,690,250 CITICORE RT 7.69 7.7 7.71 7.71 7.68 7.7 135,500 1,043,726 DOUBLEDRAGON 1.49 1.5 1.5 1.54 1.49 1.49 487,000 737,590 DDMP RT 6.81 6.82 6.82 6.82 6.82 6.82 14,000 95,480 DM WENCESLAO 0.196 0.214 0.205 0.205 0.19 0.19 540,000 105,380 EMPIRE EAST EVER GOTESCO 0.26 0.265 0.255 0.265 0.255 0.265 5,920,000 1,522,600 FILINVEST RT 6.76 6.78 6.8 6.8 6.75 6.78 265,100 1,796,777 FILINVEST LAND 0.88 0.89 0.87 0.89 0.87 0.88 2,318,000 2,037,370 GLOBAL ESTATE 0.83 0.84 0.83 0.83 0.83 0.83 400,000 332,000 9.6 10 10 10 9.8 10 23,400 231,918 8990 HLDG 1.09 1.12 1.05 1.12 1.05 1.12 1,371,000 1,507,770 PHIL INFRADEV 2.18 2.21 2.15 2.22 2.15 2.18 9,857,000 21,469,170 MEGAWORLD 0.171 0.172 0.174 0.174 0.172 0.174 810,000 139,420 MRC ALLIED 15.92 15.98 15.76 16.08 15.76 15.92 638,400 10,211,296 MREIT RT 0.38 0.39 0.39 0.39 0.38 0.38 310,000 118,000 PHIL ESTATES PRIMEX CORP 1.94 1.99 1.88 2 1.88 1.99 3,173,000 6,164,990 RL COMM RT 6.47 6.5 6.35 6.5 6.29 6.5 545,200 3,512,958 ROBINSONS LAND 16.82 16.88 16.4 17 16.4 16.88 329,900 5,513,960 PHIL REALTY 0.223 0.235 0.234 0.235 0.234 0.235 170,000 39,940 1.2 1.25 1.2 1.25 1.2 1.25 22,000 27,050 ROCKWELL 2.91 3.06 3.06 3.06 3.06 3.06 5,000 15,300 STA LUCIA LAND 36.85 37.45 37 37.45 36.05 37.45 4,509,500 168,369,905 SM PRIME HLDG 0.465 0.51 0.465 0.465 0.465 0.465 1,000 465 SOC RESOURCES 3.23 3.4 3.43 3.43 3.43 3.43 5,000 17,150 VISTAMALLS SUNTRUST RESORT 0.99 1 0.99 1.01 0.99 1.01 21,000 20,810 2 2.02 2.02 2.03 1.95 2 163,000 325,200 VISTA LAND VISTAREIT RT 1.71 1.73 1.73 1.73 1.71 1.71 674,000 1,155,970 SERVICES ABS CBN 8.8 8.85 9 9 8.8 8.85 128,900 1,144,321 10.16 10.26 10.24 10.3 10.1 10.16 743,600 7,572,902 GMA NETWORK 2,252 2,254 2,280 2,290 2,232 2,252 30,060 67,894,930 GLOBE TELECOM 1,685 1,686 1,695 1,701 1,681 1,686 46,790 79,025,615 PLDT 0.034 0.035 0.035 0.035 0.033 0.034 190,200,000 6,489,000 APOLLO GLOBAL CONVERGE 20.05 20.25 20.45 20.5 19.7 20.25 6,990,300 140,273,328 DFNN INC 3.2 3.24 3.11 3.22 3.09 3.2 281,000 879,850 DITO CME HLDG 4.13 4.16 4.16 4.24 4.1 4.16 1,853,000 7,723,830 JACKSTONES 1.45 1.75 1.76 1.76 1.76 1.76 10,000 17,600 1.13 1.15 1.15 1.15 1.13 1.15 307,000 349,870 NOW CORP 0.275 0.28 0.28 0.28 0.275 0.275 370,000 103,200 TRANSPACIFIC BR 6.51 6.85 6.95 6.95 6.85 6.85 2,000 13,755 2GO GROUP 1.23 1.26 1.23 1.28 1.23 1.28 21,000 25,880 CHELSEA 40.55 41 40.9 41 40.5 40.55 56,600 2,307,285 CEBU AIR 176 178 179.9 179.9 173.3 178 1,842,310 324,955,399 INTL CONTAINER MACROASIA 4.18 4.2 4.11 4.2 4.11 4.2 120,000 500,560 METROALLIANCE A 0.85 0.92 0.84 0.84 0.84 0.84 3,000 2,520 5.5 5.8 5.65 5.65 5.5 5.5 5,800 32,010 PAL HLDG 0.98 1.01 1.02 1.02 0.98 0.99 171,000 173,790 HARBOR STAR 0.084 0.085 0.085 0.086 0.083 0.084 8,440,000 708,160 BOULEVARD HLDG 1.51 1.74 1.5 1.78 1.49 1.78 53,000 79,760 DISCOVERY WORLD 6.01 6.8 6.57 7.11 6.57 7.11 76,300 501,586 IPEOPLE 0.32 0.345 0.33 0.33 0.32 0.32 1,640,000 535,950 STI HLDG 1.17 1.19 1.17 1.17 1.17 1.17 112,000 131,040 BELLE CORP 5.87 6 5.9 6 5.85 5.87 533,900 3,140,646 BLOOMBERRY PACIFIC ONLINE 1.42 1.5 1.42 1.42 1.42 1.42 6,000 8,520 1.4 1.42 1.38 1.42 1.38 1.42 1,724,000 2,433,250 LEISURE AND RES 0.78 0.79 0.81 0.81 0.78 0.79 318,000 251,380 PH RESORTS GRP PREMIUM LEISURE 0.395 0.4 0.395 0.4 0.395 0.395 2,330,000 926,900 PHILWEB 3.52 3.53 3.5 3.65 3.5 3.53 1,023,000 3,630,070 0.285 0.29 0.285 0.295 0.285 0.285 10,050,000 2,879,550 ALLDAY 4.29 4.41 4.29 4.29 4.29 4.29 10,000 42,900 ALLHOME 1.45 1.47 1.47 1.47 1.45 1.45 131,000 190,170 METRO RETAIL 29.15 29.25 29 29.5 29 29.15 467,000 13,646,685 PUREGOLD ROBINSONS RTL 52.6 53 53.5 53.5 52 52.6 137,230 7,202,314 PHIL SEVEN CORP 60 62 59.8 60 59.8 60 1,150 68,800 SSI GROUP 1.29 1.3 1.28 1.32 1.27 1.29 3,690,000 4,737,840 WILCON DEPOT 21.8 22.05 22.45 22.45 21.75 21.8 3,553,700 77,533,715 APC GROUP 0.178 0.19 0.182 0.193 0.182 0.193 150,000 27,850 6.35 6.97 6.4 6.4 6.4 6.4 2,000 12,800 IPM HLDG 0.62 0.63 0.63 0.64 0.62 0.63 110,000 69,580 MEDILINES 0.41 0.42 0.41 0.41 0.405 0.41 530,000 216,500 PRMIERE HORIZON MINING & OIL ATOK 6.9 6.94 6.98 6.98 6.98 6.98 12,600 87,948 1.44 1.45 1.43 1.45 1.43 1.44 348,000 501,210 APEX MINING 4.18 4.2 4.2 4.2 4.18 4.18 251,000 1,054,080 ATLAS MINING 5.32 5.4 5.4 5.4 5.4 5.4 2,000 10,800 BENGUET A COAL ASIA HLDG 0.206 0.244 0.207 0.207 0.207 0.207 90,000 18,630 2.68 2.72 2.72 2.72 2.72 2.72 25,000 68,000 CENTURY PEAK FERRONICKEL 2.19 2.2 2.16 2.23 2.16 2.2 405,000 881,730 MARCVENTURES 1.25 1.27 1.29 1.3 1.21 1.27 1,759,000 2,175,210 0.89 0.92 0.9 0.9 0.9 0.9 22,000 19,800 NIHAO 5.01 5.04 5.1 5.12 4.94 5.01 38,899,200 194,805,689 NICKEL ASIA 3.13 3.15 3.13 3.16 3.11 3.13 1,994,000 6,226,110 PX MINING 37.9 37.95 37.8 38.35 37.8 37.95 3,415,400 129,684,350 SEMIRARA MINING 0.0059 0.0063 0.0064 0.0064 0.0059 0.0059 17,000,000 101,800 UNITED PARAGON 12.76 12.8 13.3 13.3 12.5 12.76 311,100 3,974,232 ACE ENEXOR ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.012 12,400,000 143,700 0.0087 0.0089 0.0086 0.0086 0.0086 0.0086 1,000,000 8,600 PHILODRILL 5.52 5.62 5.61 5.7 5.52 5.62 129,500 720,276 PXP ENERGY PREFFERED HOUSE PREF B 99.2 99.5 99.5 99.5 99 99 5,520 548,990 100.6 100.9 100.6 100.6 100.6 100.6 770 77,462 HOUSE PREF A 100.8 104.9 104.9 104.9 104.9 104.9 10 1,049 ALCO PREF C 495 500 500 500 500 500 1,040 520,000 ALCO PREF D 496.6 500 500 500 500 500 2,000 1,000,000 AC PREF B2R BRN PREF A 104 106 106 106 106 106 60 6,360 40.05 41 42.5 42.5 40.05 41 17,100 701,120 CEB PREF DD PREF 97 99 99 99 99 99 26,230 2,596,770 99 100 100 100 100 100 57,510 5,751,000 FGEN PREF G 1,009 1,015 1,009 1,009 1,009 1,009 3,780 3,814,020 GTCAP PREF B 955 965 955 979 955 955 610 582,790 JFC PREF B 76.1 99 99 99 99 99 10 990 MWIDE PREF 4 99.6 100 100 100 100 100 10,030 1,003,000 PNX PREF 3B 970 975 975 975 970 970 610 591,750 PNX PREF 4 1,032 1,035 1,035 1,035 1,035 1,035 610 631,350 PCOR PREF 3A PCOR PREF 3B 1,047 1,070 1,048 1,048 1,048 1,048 4,770 4,998,960 75.75 76 76 76 75.7 75.7 78,290 5,945,527 SMC PREF 2F 74.9 76.1 75 75 75 75 96,300 7,222,500 SMC PREF 2H 75.4 75.5 75.5 75.9 75.35 75.5 65,100 4,911,102.50 SMC PREF 2I 72.6 74.2 74.2 74.2 74.2 74.2 10 742 SMC PREF 2K 53.2 56 56 56 56 56 300 16,800 TECH PREF B2D PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 8.6 9 8.6 8.6 8.6 8.6 3,300 28,380 10.3 10.9 10.4 10.9 10.4 10.9 48,200 511,808 GMA HLDG PDR WARRANTS TECH WARRANT 0.49 0.5 0.5 0.52 0.48 0.5 548,000 266,340

-12,870,025 -296,010 10,432 -1,199,270.00 38,870 7,140 109,439 87,580 -387,500 28,470 800,790 -88,500 -39,570 -3,356,460 -289,002 -1,547,500 262,570 -3,937,714 16,541,910 -11,690.00 63,270 -2,037,060 -30,240,480 110,800 -10,700,609 62,000 -2,167,780 22,000 -3,690 -245,490 -10,250,509 8,290 -3,400 1,780 -226,500 -659,182 -14,820 104,000 -166,800 -77,900 -9,629,500 69,667.50 59,800 801,180 -17,403,665 -138,600 68,000 -204,550 7,761,581 -1,220,570 16,473,690 31,250 -

SMALL & MEDIUM ENTERPRISES

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH MERRYMART XURPAS

0.64 0.95 0.87 0.67 2.3 1.2 0.31

0.66 0.96 0.91 0.72 2.88 1.21 0.34

EXHANGE TRADE FUNDS FIRST METRO ETF

95.5

95.6

0.65 0.94 0.9 0.7 2.3 1.21 0.315

0.68 0.96 0.94 0.71 2.3 1.23 0.35

0.64 0.94 0.87 0.69 2.3 1.21 0.31

0.67 0.95 0.87 0.71 2.3 1.21 0.31

361,000 1,053,000 27,000 80,000 3,000 654,000 1,690,000

237,720 999,500 23,680 56,370 6,900 793,740 554,150

-26,156 266,845 402,608 23,890 2,850 -9,890 -7,260 -3,200

95 95.5 94.8 95.5 29,020 2,758,515 -1,770,778

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, July 19, 2022

BSP approves $3.4B in govt borrowings for Q2

By Bianca Cuaresma

@BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) announced last Monday it has approved around $3.4 billion public sector foreign borrowings in the second quarter of the year, up 26 percent from the approvals it gave in the same quarter in 2021.

‘BSP rate hike to make inflation predictable’ By Samuel P. Medenilla @sam_medenilla

key official of the Bangko Sentral ng Pilipinas (BSP) defended the BSP Monetary Board’s off-cycle rate hike last week as a key move to bring inflation within government target by next year. In a televised interview last Monday, BSP Strategic Communication and Advocacy Managing Director Antonio Joselito G. Lambino said they project the 75 basis points (bps) interest rate increase will help bring inflation to a “predictable and low” level. The latest interest adjustment happened before the scheduled policy meeting of the BSP Monetary Board on August 18, 2022. “[The] BSP did this because of the price pressures we are now experiencing,” Lambino said. “What we want is to get back to our target inflation. Hopefully, by next year we can get back to two to four percent [inflation] which is an indication of a strong economy.”

But he noted that the interest adjustments should be coupled with the necessary fiscal policy and “nonmonetary interventions” from the national government to keep inflation rate in check. With the “balanced” government response to inflation, Lambino reiterated the position of the Department of Finance (DOF) that the country will still be able to achieve its gross domestic product (GDP) growth target of 6.5 percent to 7.5 percent despite the high inflation and rate hike. Prior to the latest interest adjustments this month, the BSP already implemented 25 bps hikes each for May and June. When asked if the BSP will make another off-cycle rate hike before its next policy meeting, Lambino said to have confidence in the country’s monetary authorities. “Whatever will be the decision of the Monetary Board, [BSP Governor Felipe M.] Medalla [has assured] that it will be data-driven and evidence driven,” Lambino said.

In a statement, the central bank said the approved foreign borrowings during the quarter consists of the following: one Japanese Yen-denominated bond issuance equivalent to about $513.41 million; three project loans aggregating to $2.16 billion; and, three program loans aggregating to $869.72 million. While the quarter’s foreign borrowings in the second quarter was higher from last year, it is 26 percent lower than the loans approved

in the first quarter of 2022, which amounted to $4.8 billion. Under Section 20, Article VII of the 1987 Constitution of the Republic of the Philippines, prior approval of the BSP, through its monetary board (MB), is required for all foreign loans to be contracted or guaranteed by the Republic of the Philippines. Similarly, Letter of Instructions 158 dated January 21, 1974, also requires all foreign borrowing pro-

By Bernadette D. Nicolas @BNicolasBM

HE 75 basis-point rate hike by monetary officials last week pushed investors to demand much higher yields for Treasury bills (T-bills). Monday’s auction ended up with mixed results as the Bureau of the Treasury decided to fully award P5 billion each for the 91-day and 364day T-bills and partially award P2.9 billion for the 182-day security, allowing it to raise P12.9 billion out of

the P15 billion offering. All tenors fetched higher average yields than the benchmark secondary market rates. National Treasurer Rosalia V. De Leon said they were not surprised with the market’s reaction to the rate hike by the Bangko Sentral ng Pilipinas (BSP) last July 14. “As expected, markets asked for higher rates following [the] off-cycle hike by the BSP. Another 50 bps is also now being put on the table as Fed [US Federal Reserve] turns more aggressive with possible full percent-

@akosistellaBM Special to the BusinessMirror

HE Tourism Infrastructure and Enterprise Zone Authority (Tieza) has failed to pay income taxes amounting to P69 million for 12 years. The Commission on Audit (COA) also could not validate various transactions made by Tieza entities amounting to at least some P15 million due to non-submission of reports, vouchers and/or supporting documents last year. Tieza is a government firm overseen by the Department of Tourism and tasked to oversee the creation of tourism economic zones and build tourism-related infrastructure. In its letter to Tieza’s board of directors in May, the COA said “the Tieza Regulatory Office (TRO), which was created to regulate the joint venture company—Boracay Island Water Co. Inc. [Biwci]…did not pay taxes on its annual income paid by BIWCI for calendar years 2009 to 2021 estimated at P69 million inclusive of basic tax, interests, surcharges and compromise charges.” The BIWCI was established pursuant to the concession agreement between Tieza and the water firm, a unit of the Manila Water Co., and failed to apply for a registration and a tax identification number with the Bureau of Internal Revenue. Last year, Tieza assets like the Banaue Hotel and Youth Hostel could not submit documents to support IT consultancy services, procurement for food supplies and construction materials and payroll of job-order hotel workers, totaling P13.09 million.

age point to be delivered during next FOMC [Federal Open Market Committee],” De Leon said. The 91-day debt paper fetched an average rate of 2.323 percent, up by 38.2 bps than the Bloomberg Valuation (BVAL) Service Reference Rate of 1.941 percent. Meanwhile, the auction committee capped the average rate for the 182-day security at 3.083 percent, also higher by 46.6 bps than the comparable secondary market rate of 2.617 percent. For the 364-day T-bills, the av-

erage rate landed at 3.258 percent, 38.7 bps above the BVAL rate of 2.871 percent. The auction was more than twice oversubscribed, attracting P33.5 billion in total bids. For this month, the government is set to borrow P200 billion from the local debt market. As of end-May, the national government’s outstanding debt dipped to P12.5 trillion from a record-high of P12.76 trillion as of end-April due to its repayment of a P300 billion shortterm, zero-interest loan from BSP.

BankCom UITFs 3rd-best among peers, poll shows

ANK of Commerce (BankCom), the banking arm of San Miguel Corp., announced that two of its peso unit investment trust funds (UITFs) ranked third in their respective categories, according to a recent industry survey. BankCom noted that the survey conducted by the UITF resource center showed that BankCom’s Diversity Money Market Fund (DMMF) was the third best-performing in its

category for the past 12 months, as of June 30 2022, besting 33 others. The bank’s Diversity Peso Bond Fund (DPBF), on the other hand, clinched the same position for the same period, beating out nine other players in its category. BankCom said its DMMF suits conservative investors with a horizon of one year or less, as it is invested in bank deposits, treasury bills, and other short-term investments.

neering in the banking industry, GoTyme Bank has heavily invested in the best cyber security controls to strengthen its defenses,” GoTyme Bank Chief Technology Officer Chris Bennett was quoted in the statement as saying. Social engineering is the act of deceiving individuals in order to manipulate them to disclose confidential or personal information, such as onetime pins or passcodes. “As a cloud-first and cloud-only company, GoTyme Bank is able to react to threats much faster than any organization,” Bennett said. The bank said it makes use of SonarQube, an open-source platform which continuously inspects and reviews codes to detect bugs.

During the building process, internal and external security teams test the code for any vulnerabilities, and upon going live, a cyber-operations center monitors then alerts and acts upon threats. Once live, GoTyme Bank promises that clients will be able to open an account and receive a free personalized debit card in under five minutes via digital kiosks located in Robinsons Malls and Robinsons Supermarkets. “GoTyme Bank promises to deliver high-quality banking products and services such as better savings interest rewards, fund transfers, trading and investing, as well as 24/7 customer support via call, chat, or e-mail,” the bank said.

Bianca Cuaresma

Tieza water unit fails to pay income taxes for 12 years By Ma. Stella F. Arnaldo

ment and continuing requirements in light of the pandemic (of which $869.72 million is allocated), bridge projects ($405.99 million) and a railway project ($1.75 billion). “The BSP promotes the judicious use of the resources and ensures that external debt requirements are at manageable levels, to support external debt sustainability,” the central bank said in a statement.

Investors continue to seek high yields for longer tenors

GoTyme Bank ‘heavily’ investing in cyber security

igital bank GoTyme Bank Corp. announced that it is heavily investing in security measures before its launch later this year. In a statement, the digital bank—one of the six initial fully digital banks that have been granted an operating license by the Bangko Sentral ng Pilipinas—said it is optimizing its tech and security measures ahead of its launch in response to consumers’ growing cyber security concerns. GoTyme is a partnership between the Gokongwei Group and Singapore-based digital banking group Tyme Ltd. “Amid incidences of phishing, malware, ransomware, fraud, identity theft, and social engi-

posals by the national government, government agencies and government financial institutions to be submitted for approval-in-principle by the MB before commencement of actual negotiations. The quarter’s foreign borrowings are expected to fund the national government’s general financing requirements (of which $513.41 million is allocated), Covid-19 pandemic response and recovery such as vaccine procure-

Also unsupported were the payment of Covid hazard pay as well as repairs and maintenance at the Zamboanga Golf Course and Beach Park amounting to P1.87 million. No financial reports were submitted covering the Gardens of Malasag and Ecotourism Village and the Balicasag Island and Dive Resort, according to the COA.

Two-fold increase in net loss

THE Tieza also has an “unaccounted and unreconciled balance of P379.38 million [at cost] between the results of physical count against the balance recorded in the books of accounts,” which is why the COA rendered a “qualified opinion” on the government firm’s financial statements in 2021. The Tieza’s net loss ballooned by 107 percent to P952.78 million in 2021, on a 47-percent plunge in income and higher expenses of P1.4 billion, compared to expenses of P1.31 billion in 2020. Tieza, formerly the Philippine Tourism Authority, was marked with some P208.63 million in total audit suspensions, disallowances and charges as of December 31, 2021. Tieza will be continuing to privatize its assets but wants to retain the proceeds for its use. (See, “Tieza eyes change in Tourism Act to keep asset sale proceeds,” in the BusinessMirror, July 11, 2022.) The COA found Tieza had acquired property, either through purchase or donation, amounting to some P114.24 million, but these “remained untitled to date, casting doubt whether [the firm] holds or controls the right to these properties. The state auditor suggested the government firm

“consider filing necessary legal actions against individuals claiming over ownership of land acquired by Tieza if warranted.” There were about P121.29 million in discrepancies due to unreconciled balances between the confirmed and booked amounts due from local government units (LGUs) and from national government agencies (NGAs). Tieza transfers funds to LGUs and NGAs to develop tourism-related projects. Tieza, however, failed to receive several liquidation reports from LGUs and NGAs, thus the discrepancies, despite the issuance of demand letters.

Charity is not firm’s mandate

THE COA found that Tieza units basically failed to consistently monitor the fund transfers. For instance, COA noted there were fund transfers made to LGUs amounting P748,000 that had been unutilized and should have been returned to Tieza, which could have used it for other projects. The Tieza also did not recover made advance payments to contractors amounting to P2.88 million for four contracts, but whose projects were terminated from 2017 to 2019. The firm extended P775,000 in “charitable donations/financial assistance” to several individuals, which was beyond the scope of its mandate to develop tourism infrastructure. The aid was meant to help individuals with death in their family, damages due to typhoons and Covid-related emergencies. “These payees could have been referred to appropriate government agencies,” such as the Department of Social Welfare and Development or the Philippine Charity Sweepstakes Office,

Meanwhile, despite the challenging environment for bond-type funds, BankCom said its DPBF remains as one of the most defensive in the category of long-term bond UITFs. “[The] UITF is the best way to start a savings plan even with a small amount. Coupled with BankCom’s Easy Investment Plan [EIP], building a nest egg is simple and easy,” advised BankCom’s Senior Vice President and Trust Services Group Head

Gamalielh Ariel Benavides. Earlier this year, BankCom made its stock market debut at the Philippine Stock Exchange (PSE) under the ticker “BNCOM.” The bank’s debut at the bourse came after an initial public offering (IPO) consisting of 280.60 million common shares at P12 per share. BankCom said it was able to raise P3.36 billion in its IPO from March 16 to 22. Bianca Cuaresma

Rising oil prices, now what?

solution to rising oil pricNE of the key es. Biking education is on challenges bethe rise. More bike lanes ing faced by the are being built. Biking is Philippine economy in of exercise that 2022 is inflation. Goods Genesis Kelly S. Lontoc acanform lead to good health and services have become more expensive. personal finance for the biker. Biking can also yield potential wins Unfortunately, the light for the environment. If the point of destiat the end of the tunnel cannot be seen yet. nation is not that far, walking can be done. One of the causes of inflation would be As Filipinos bike more and walk more, the surge in global oil prices. Adverse global the dual benefits of having a healthy citidevelopments have led to supply bottlezenry and clean environment are supported. necks. Oil is a vital item in the economy as These conditions go a long way in supportit is used by both individuals and organizaing sustainable economic growth. tions. In this light, it is important to practice Rising oil prices can lead to rising pricprudence in managing personal finances to es of goods and services. One has to live weather the storm. within the means. Expenses must not exEverything starts with the goal. It is ceed income to avoid debt traps. A listing the goal that dictates strategies and tacof expenses will allow one to distinguish tics. Plans are then developed to hopefully the needs from the wants. achieve the goals. Planning is very imporA budgeting tool that can be applied is tant. Developing a written weekly or writthe “20-50-30” budget rule where 20 perten monthly itinerary will make trips more cent goes to the future in the form of saving organized and more efficient. and investing, 50 percent goes to needs and Not all activities can be done in one trip. the remaining 30 percent can go to wants. Activities can be prioritized according to One can try to negotiate for the best prodtheir importance and urgency. Activities uct, price, promo and place deals in order with proximate locations can be completed to stretch the Peso. in a scheduled trip. Certain activities like Inflation presents an opportunity for meetings can also be facilitated virtually. one to examine the saving and investFor purchases of gas and diesel, a survey ment portfolio. At the end of the day, of the market can be done to arrive at the money growth must exceed price growth best choice. For product, the driver can do so that purchasing power increases. It research on what type of gas or diesel can may be possible that the generated regive maximum performance to the vehicle. turn of the portfolio may be behind the For pricing, the driver can scout for stations inflation rate. that have low prices. Adjustments to the selection and weight For promotions, the driver can search for of every investment can be done in order stations that have promotion partnerships to improve returns. Looking at the fundavia loyalty cards. The points of these loyalty mental aspects and technical aspects along cards can lead to big savings. For place, the with the track record and future plans of driver can explore stations in both main investments will be handy. roads and secondary roads. Every economy goes through economic Commuting is a potential solution to riscycles. There are periods of growth and deing oil prices. A comparison has to be made cline. Practicing sound personal financial between the costs of using the vehicle and management will allow one to navigate commuting. In the Philippines, transporvolatility, uncertainty, change and ambigutation fares are monitored closely and so ity better. It will allow one to bounce back commuting costs can actually be cheaper. stronger. Financially-free Filipinos help As more infrastructure projects are combuild a strong economy. pleted over time, there is potential for the country to further improve the public transportation system. What is important is the Gemmy Lontoc is a registered financial planner of disciplined execution of health and safety RFP Philippines. To learn more about personal-financial protocols to ensure that commuting is not planning, attend the 97th RFP program this August going to be risky. 2022. To inquire, e-mail info@rfp.ph or text at 0917Health is wealth. Riding a bicycle can be a 6248110.

Tuesday, July 19, 2022 • Editor: Gerard S. Ramos

Art

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Israeli museum finds sketches hidden in Modigliani painting

By Ilan Ben Zion The Associated Press

AIFA, Israel—Curators at an Israeli museum have discovered three previously unknown sketches by celebrated 20thcentury artist Amedeo Modigliani hiding beneath the surface of one of his paintings. The unfinished works by Modigliani, an Italianborn artist who worked in Paris before his death in 1920, came to light after the canvas of Nude with a Hat at the University of Haifa’s Hecht Museum was X-rayed as part of a sweeping forensic study of his work for an upcoming exhibit in Philadelphia. Inna Berkowits, an art historian at the Hecht Museum, said it was “quite an amazing discovery.” “Through the X-rays, we are really able to make this inanimate object speak,” she told The Associated Press.

Modigliani is considered one of the 20th century’s great Modernist artists. His lived a short, turbulent, Bohemian life in France, where his nude paintings were controversial. His work is typified by slender, elongated necks and faces, a signature style influenced by African and Cycladic Greek art that was just starting to arrive in France in the late 19th and early 20th centuries. The Jewish artist died aged 35, penniless. One of his paintings, Reclining Nude, fetched over $170 million when it was sold at auction in 2015, making it one of the most expensive paintings ever sold. Another was sold in 2018 for $157 million at auction. The high demand for authentic Modigliani works has generated a thriving market for fakes and forgeries. The last time Italy staged a big Modigliani show, a 2017 exhibit at Genoa’s Palazzo Ducale, museum

officials closed the show early after experts alleged that many of the works on display were fakes. A criminal trial has been underway for over a year. In 2018, X-ray technology revealed a previously unknown Modigliani portrait beneath one of his paintings at London’s Tate Gallery. Modigliani’s 1908 Nude with a Hat is already an unusual painting. Both sides of the canvas have portraits that are painted in opposite directions. Visitors entering the Hecht Museum’s galleries are met by an upside down nude portrait. A likeness of Maud Abrantes, a female friend of the artist, on the reverse side is right-side up. In 2010, the museum’s curator noticed the eyes of a third figure peeking from beneath Abrantes’s collar. But only this year was the hidden image brought into focus.

Continued on B5

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Trai Byers, 39; Jared Padalecki, 40; Angela Griffin, 46; Nancy Carell, 56. HAPPY BIRTHDAY: Stay focused on the results you want, and don’t deviate from your plan to get you to your comfort zone. Setting up guidelines that will keep you on course will help you target your mark and reach your goal. Refuse to let temptation step in and slow you down. Protect your health and emotional well-being from outside influences. Your numbers are 1, 8, 23, 26, 34, 39, 45.

ARIES (March 21-April 19): Think big, but keep things in perspective. Hone your skills and apply what you do and know to every facet of life. Refuse to let obstacles stand between you and victory. HHH

TAURUS (April 20-May 20): Excuses are easy to come up with, but if you want to make the most of your day, take hold of whatever situation you face and put muscle behind your plan. Step up, show everyone what you can do and enjoy the response. HHH

GEMINI (May 21-June 20): Tune in to what’s going on around you to avoid making a mistake. Diligence will pay off and help alleviate uncertainty and confusion. Choose to advance instead of treading water, and the universe will unfold. HHHH

CANCER (June 21-July 22): Be moderate and avoid getting caught in something avoidable. Too much of anything will slow you down and cause strain on you emotionally and physically. Choose your words and battles wisely. Take a tried-and-true method and give it a unique twist. HH

LEO (July 23-Aug. 22): Refuse to let the changes you encounter throw you off guard. You’ll find it easier to meet your intent if you keep your plans firmly in mind. Persistence and handson technique will make it difficult for others to complain. HHHHH

VIRGO (Aug. 23-Sept. 22): Sign up for something different, and you won’t be disappointed. Your involvement in things you care about will bring you in contact with someone who fires you up and inspires you to make a difference. Romance is on the rise. HHH

LIBRA (Sept. 23-Oct. 22): You’ll attract people who will take advantage of you if you give them a chance. Don’t take a risk with your heart or your cash. Listen, but don’t divulge your feelings or next move. HHH ALLAIN HABLO

AADA

SAM PENASO

Steady growth and gradual progression

AN exploration of the role of pain in growth, the latest turn in an artistic evolution, and a bisensory presentation of optical textures. These comprise the three upcoming exhibitions at Art Elaan (www.artelaan.com) in Ayala Malls Manila Bay. The shows will open this Thursday, July 21, and run until August 10. ‘BLEED AND BLOOM,’ ALLAIN HABLO “BEFORE you ever move forward, you need to move inward.” An online journal entry about grief and the role of hurting in healing articulates the concept of Allain Hablo’s latest solo exhibition, titled Bleed and Bloom. The essay is filled with advice on how to achieve posttraumatic growth. It revolves around the idea of accepting the situation along with the pain. From it, the seed of self-love is planted, and from which self-trust blooms later on. Themes of imperfection, fragility, and human emotions

as wrappers of iconic local chips and chocolates. In his new solo, however, titled Jack of All Trades, AADA presents the next phase of his artistic journey. “The show will center on the concept of mixing my art processes in multiple ways,” he said. “It’s another step in trying to evolve my direction further.” The show features AADA’s mixed media creations, incorporating the different styles and concepts he touched on throughout his career. Everything dovetailed into unique pieces as if to firmly establish that he is, without a doubt, a jack of all trades.

have figured prominently in Hablo’s minimalist abstract works. His previous one-artist presentation with Art Elaan, for instance, was inspired by the Japanese art of Kintsuji, or dealing with repair by emphasizing—and not hiding—the brokenness. Showcased there were darkcolored works to highlight the golden lines that represent the method’s use of lacquer resin inflected with powdered gold to seam cracks. In this show, however, Hablo’s pieces feature more color and energy, to go with the still-present golden lines that run across the pieces. The artist visualizes the acceptance of grief, signified by red paint, alongside the beauty of its promising outcome, rendered in pink. The result is a reminder of harmony: That in grief, pain is needed to grow; it must not be denied, but rather accepted. Indeed, before one ever moves forward, one must move inward.

‘WHAT THE EYES CAN FEEL,’ SAM PENASO, MILMAR ONAL, GARY CUSTODIO, JAYSON MURING FINALLY, a group exhibition featuring abstract artists serves viewers with wide-ranging styles—each one distinct in its dots, lines and waves, but all able to convey textures that the eyes can feel. Sam Penaso draws the audience in with his works where multi-colored alphabetical and numerical characters gush down like raindrops on a car window. There’s a similar sense of calculation amid chaos in the abstract landscape of Milmar Onal, a diptych, as crops and colors explode skyward. Meanwhile, Jayson Muring presents a dynamic shift to smoother surfaces with his layered flow art. Gary Custodio’s geometric works cut dimensions and angles. More details on these exhibitions are available through 027728-6577, info@artelaan.com, or inquiry.artelaan@gmail. com

‘JACK OF ALL TRADES,’ AADA ANGELO ALIHAJ D. ALEJANDRO, who goes by AADA, has always been driven by curiosity with the courage to match to explore creative expressions. Even before he graduated Cum Laude with a degree in Fine Arts, he was into music as a drummer and arranger, coming from a well-known family of musicians. Alejandro then ventured into the visual form, experimenting with video and new media art, eventually landing with painting. AADA explores various themes in both figurative and abstract styles. He recently fixated on the mundane yet complex play of light on crumpled reflective surfaces, such

SCORPIO (Oct. 23-Nov. 21): Relax and mull over what puts a smile on your face. Discuss what you’d like to adjust in your life with the people who can help you reach your goal. Say what’s on your mind, be truthful and offer reasonable solutions. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Address issues that can cause problems before they have a chance to fester. Listen, and you’ll gather information that will help keep the peace and get things done on time. HHHHH CAPRICORN (Dec. 22-Jan. 19): Spend time pampering, enjoying the company of loved ones and altering situations to make your life easier. Don’t overreact when what’s required is understanding and positive support. Physical activity geared toward self-improvement will help you stay in shape. HH

AQUARIUS (Jan. 20-Feb. 18): Pay attention to where your money goes. Address how you live and who contributes to your expenses or costs you money. Change the way you help those who are a financial burden by pointing them in the direction of self-prosperity. HHHH

PISCES (Feb. 19-March 20): Explore and discover. Try your hand at something that excites you. Follow your heart and appease your soul, and you’ll feel better about life and the path you choose to take. Reward yourself with something that contributes to good health. HHHHH BIRTHDAY BABY: You are charitable, unique and forceful. You are friendly and possessive. H: Avoid conflicts; work behind the scenes. HH: You can accomplish, but don’t rely on others. HHH: Focus and you’ll reach your goals. HHHH: Aim high; start new projects. HHHHH: Nothing can stop you; go for gold.

‘this again?’ BY DAVID GOLD The Universal Crossword/Edited by David Steinberg

ACROSS 1 Couple 5 Fix, as Bob the Builder would 9 ___ into the DMs (messaged someone on Instagram) 13 Fire Island streaming service 14 High or low voices 16 Wee 17 “Got it,” in the 1960s 18 Have a bite of 19 Every ___ in a while 20 Tending (to) 22 Trustworthy 24 Yiddish gossips 26 Balkan native 28 Like bad vibes 31 Exchanging insults, perhaps 32 Is unable to 34 Conditions’ partner 36 Big jump 38 Ice cream holder 39 Bought coffee for, maybe 41 Withdrew from battle 43 Like a fifty-fifty split 44 Nevada city 46 He’s known for his ego

47 49 51 52 53 55 57 61 63 65 66 67 68 69 70 71

Viola bow applications Not for Secret stealer Tennis pro Nadal’s nickname Anatomical ring One in a society Think back to Selects for induction Author Bashevis Singer Not tan, say Droop in the heat “I ___ Feeling” (Black Eyed Peas hit) Surfers’ addresses? Snack with a Cakesters line Bog material Do over, and a hint to two letters missing from the starts of 5-, 22-, 41-, 57- and 71-Across DOWN 1 Maj. for Platonic study buddies? 2 Q4 e-tron automaker 3 Hip bones 4 Sport with H-shaped goal posts 5 Inventor’s protection 6 In the style of 7 “I’d better be off soon”

8 9 10 11 12 15 21 23 25 27 28 29 30 32 33 35 37 40 42 45 48 50 53

Unleavened Indian flatbreads Heist movie getaway vehicle, often Comments that aren’t on the record? LLC relative Henna, for one Where to sing a shanty Smallest Merit badge org. Symbol above some Portuguese vowels Cram for an exam Short-armed aquatic mammal Zeal Costless item at Costco Lifeguard’s procedure, briefly Huggable bear The Gay Liberation Front published one in 1971 Do penance Busy hosp. parts Upload a 1040 online, e.g. Tell, as a story Hanoi’s country, informally Potential enemy for a mouse (such as Jerry!) Famous fable writer

54 56 58 59 60 61 62 64

Get hyped Large Nude Civil rights activist Baker What Sabbath is a day of Number below @ Put on TV “One ___ time!”

Solution to today’s puzzle:

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Academy Museum to honor Julia Roberts at 2nd annual gala JULIA ROBERTS is being honored by the Academy Museum of Motion Pictures at its second annual gala in October, the organization said on Friday. The Oscar-winner will be presented with the Icon Award in recognition of the significant global cultural impact of her career. “Over the course of her expansive and renowned career, Julia has embodied iconic characters and memorable roles,” said Jacqueline Stewart, the newly instated director and president of the Academy Museum, in a statement. “We are thrilled to be honoring her continued excellence in the industry and contribution to the arts.” Roberts won an Oscar in 2000 for her leading role in Erin Brockovich. Director Steve McQueen, actor Tilda Swinton and Parasite producer Miky Lee are also receiving awards at the gala on October 15 in Los Angeles. The gala serves as a fundraiser for the museum’s programming and educational initiatives. Last year’s inaugural event raised over $11 million. The museum also unveiled a starry Gala Host Committee which includes Leonardo DiCaprio, Robert Duvall, Regina Hall, Gwyneth Paltrow, Ariana DeBose and many more. AP

FORMER secretary of state Hillary Clinton (left) and daughter Chelsea

CLINTONS INTERVIEW KIM KARDASHIAN, STEINEM ON APPLE TV+ SHOW

NEW YORK—Hillary Rodham Clinton and her daughter, Chelsea, will interview the likes of Kim Kardashian, Megan Thee Stallion and Gloria Steinem for a streaming series that debuts in two months. Apple TV+ said on Thursday that Gutsy will debut on its service on September 9. In the eight-part series, the former secretary of state and 2016 Democratic presidential nominee and her daughter also talk to Dr. Jane Goodall, Wanda Sykes, Amy Schumer, Goldie Hawn, Kate Hudson and others, Apple TV+ said. The series is based on the Clintons’s book, The Book of Gutsy Women. The Clintons’s new production company and Apple’s deal to produce the docuseries was announced last year. AP

Israeli museum finds sketches hidden in Modigliani painting Continued from B4 “When we decided to do the X-ray, we were only looking to learn a little bit more about the hidden figure underneath Maud Abrantes,” Berkowits said. In addition to a hidden woman wearing a hat, they found two more portraits on the opposite side that were completely invisible to the naked eye: one of a man, and another of a woman with her hair pulled up in a bun. The Nude with a Hat dates from early in Modigliani’s career, not long after he moved to Paris from Italy, when he was struggling to find buyers for his art. The painting was purchased by the museum’s founder in 1983. The canvas is now known to contain five of his paintings, likely painted one atop the other out of necessity to save money on new canvases. X-ray photography and other noninvasive technologies have found hidden works by other artists such as Degas and Rembrandt. Berkowits called the artwork “a sketchbook on a canvas,” showing Modigliani’s repeated tries and “never-ending search for artistic expression.” She said there is “no doubt at all” that the painting is authentic. “He was one of the very first multicultural artists who pulled inspiration from different sources,” said Kenneth Wayne, director of the Modigliani Project, an organization that is working to compile an authenticated collection of the artist’s works. He cited Modigliani’s contemporaries Pablo Picasso and Henri Matisse as other examples. The X-ray photography was conducted ahead of a sweeping exhibition of Modigliani’s works at the Barnes Foundation in Philadelphia. Wayne said a growing number of technical studies like that by the Barnes Foundation have increased confidence in confirming genuine Modiglianis.

Editor: Gerard S. Ramos

• Tuesday, July 19, 2022

Max carries torch for female Eigenmanns in showbiz

AX EIGENMANN has achieved an actor’s feat for the coming Cinemalaya Independent Film Festival, scheduled in early August. She is the lead character in two of the 11 film entries in competition this year, something rare for this festival that took a pause for two years because of the global Covid-19 crisis. In Kargo, directed by filmmaker-cinematographer T.M. Malones from a script of the late Joseph Israel Laban, Eigenmann releases all levels of complicated emotions to bring to the big screen the plight of a provincial lass who exacts revenge on the person who caused so much pain in her life. “My character Sara believes that her husband and daughter were murdered, so she is bent to avenge this tragedy by searching for the assailant to be able to find closure. Along the way, she discovers something she did not quite expect that could change the course of her life forever,” Eigenmann lets us in on the movie shot in Maasin, Guimaras, Iloilo City and Antique. Eigenmann, who won the best actress plum at the 2019 Asia Pacific Screen Awards in Brisbane, shared that she had to learn the Hiligaynon dialect for the movie. “I was given a dialect coach. Most of those who worked on this movie are Ilonggo and I love how hardworking everyone was, and how beautiful sounding their dialect is, and how sweet they were during the filming. I am also glad to be able to share screen time with my amazing coactors Jess Mendoza and Ronnie Lazaro. Oh, and I had to learn how to

drive a cargo truck and a motorcycle, and the entire experience was just so amazing.” Now almost in her mid-30s and a mother of two boys, Eigenmann also plays the lead character in the entry 12 Weeks, the debut feature of Anna Isabelle Matutina from her own screenplay. The film is about a middle-aged lady who discovers that she was impregnated by a man she just ended a turbulent relationship with. “Most of her conflicts are internal so I, as an actor playing this very complex role, had to go very deep into her, get into the different spectrum of her emotions, and try to get to the core of her being, you know, what makes her think the way she does and what makes her want to consider terminating the pregnancy. It’s so humbling to be entrusted by new filmmakers to carry their first full feature film, and I’m so thankful they chose me to play the lead character,” she told us. In the film, Eigenmann also gets the chance to act alongside her mother, the former model and beauty queen turned award-winning actress Bing Pimentel. “It’s such a joy working with mom. I have to admit nakaka-pressure before we shot some of our highlycharged mother-and-daughter scenes because my mom is just so focused and prepared, and such a professional who is always on point and in character on the set.” During our conversation, Eigenmann let us in on her desire to continue the immense contributions of the female artists in their illustrious clan to the entertainment business. “Our grandma [Rosemarie Gil] is now retired and living a happy, quiet life with my granddad [Eddie Mesa], and my tita Cherie [Gil] is now based in New York. My sister Andi [Eigenmann] has chosen the quiet, domesticated lifestyle with her beautiful family, raising her kids in far away Siargao Island, and I’m the only one who is a full-time actress at this time. The male Eigenmanns are all very active—my brothers Timmy [Sid Lucero] and Gabby, and my tito Mike [Michael de Mesa] and cousins Ryan and Geoff. So I wish to continue carrying the torch of the female Eigenmanns in this business that I have learned to love so, so much.” n

MAX EIGENMANN

‘KMJS’ IS PHL’S MOST FOLLOWED TIKTOK NEWS PUBLISHER; YOUNG PINOY STUDENT GETS US PRESIDENTIAL AWARD AWARD-WINNING news magazine program Kapuso Mo, Jessica Soho (KMJS) sets another record as it becomes the most followed Philippine news publisher on TikTok. Hosted by GMA News pillar Jessica Soho, KMJS now has 3.1 million followers on TikTok. Its account has over 39.6 million likes with over 550 million lifetime views. GMA Public Affairs, which previously led the list, is at second spot with 2.9 million followers. This comes on the heels of an earlier milestone recorded by the show on another popular socialmedia platform, Facebook. Still the most-followed Philippine TV program on Facebook, KMJS now has 28 million followers. For the first half of 2022 alone, it has already amassed over 1.2 billion views on the platform. The show continues to be a force to be reckoned with on other social-media platforms. On Instagram, it has 2.1 million followers. On Twitter—where it regularly trends—the show has over 1 million followers. A multi-platform leader, KMJS is also one of the main drivers of GMA Public Affairs’ YouTube channel. For 2022, its videos generated over 570 million views on YouTube. On television, KMJS remains as the Filipinos’ favorite Sunday viewing habit. Based on Nielsen Philippines’s National Urban TV Audience Measurement data for January to June 2022,

KMJS remains the leading weekend program with 16.2 percent people rating. Further, it is the viewers’ preferred show in its timeslot with a 69 percent audience share. Airing on Sundays after Happy ToGetHer, KMJS also ruled among weekend programs and during its

timeslot in Total Philippines, posting 14.2 percent people rating and 66.8 percent people audience share for the same period. At the 2022 New York Festivals TV & Film Awards (NYF), the show once again made the country proud after winning the bronze medal for the “Bestida ni Ranelyn [Ranelyn’s Dress]” segment in the Documentary: Health/Medical Information category. Meanwhile, Fernando Tarriela Valderrama was given the Gold President’s Honor Roll Award in May 2022 for Outstanding Academic Excellence. Conferred by the President’s Education Awards Program in the United States, this award is the highest recognition given to graduating elementary, middle and high-school students for their outstanding efforts to meet challenging standards of excellence. Valderrama, an incoming ninth grader at Harvest Christian Academy in Guam, is part of the school’s National Junior Honor Society (NJHS) which encourages high academics along with strong character and leadership. His extra-curricular activities also include taking Orchestral classes and being part of the Running Club/Cross Country. Outside of school, Valderrama is a grey and white belter in jiu-jitsu and goes to CrossFit. His parents are Tom and Tricia Valderrama. His maternal grandmother is Philippine National Bank’s first chairman Flor Gozon Tarriela, sister of GMA Network chairman and CEO Felipe L. Gozon.

FERNANDO TARRIELA VALDERRAMA

Jennifer Lopez, Ben Affleck wed in Las Vegas drive-through NEW YORK—Jennifer Lopez and Ben Affleck were wed on Saturday in a latenight Las Vegas drive-through chapel, culminating a relationship that stretched over two decades in two separate romances and headlined countless tabloid covers. Lopez announced their marriage on Sunday in her newsletter for fans with the heading “We did it.” Lopez initially made their engagement public in April on the same newsletter, “On the J Lo.” “Love is beautiful. Love is kind. And it turns out love is patient. Twenty years patient,” wrote Lopez in a message signed Jennifer Lynn Affleck. Lopez wrote that the couple flew to Las Vegas on Saturday, stood in line for their license with four other couples and were

wed just after midnight at A Little White Wedding Chapel, a chapel boasting a drive-through “tunnel of love.” Lopez said a Bluetooth speaker played their brief march down the aisle. She called it the best night of their lives. “Stick around long enough and maybe you’ll find the best moment of your life in a drive through in Las Vegas at 12:30 in the morning in the tunnel of love drive through with your kids and the one you’ll spend forever with,” said Lopez. News of their nuptials first spread Sunday after the Clark County clerk’s office in Nevada showed that the pair obtained a marriage license that was processed Saturday. The marriage license filing showed that Lopez plans to take the name

Jennifer Affleck. Representatives for Lopez and Affleck declined to comment. Lopez, 52, and Affleck, 49, famously dated in the early 2000s, spawning the nickname “Bennifer,” before rekindling their romance last year. They earlier starred together in 2003’s Gigli and 2004’s Jersey Girl. Around that time, they became engaged but never wed. Affleck married Jennifer Garner in 2005, with whom he shares three children. They divorced in 2018. Lopez has been married three times before. She was briefly married to Ojani Noa from 1997-1998 and to Cris Judd from 2001-2003. She and singer Marc Anthony were married for a decade after wedding in 2004 and share 14-yearold twins together. AP

B6 Tuesday, July 19, 2022

Meralco now a FTSE4Good constituent Ad Asia Events, Okada partner for the 6th World Travel Expo Manila 2022

AT PARTNERSHIP SIGNING, FROM LEFT: Carlo Baldonido, Senior Manager for Destination Marketing & Partnership- Okada Manila; Miles Caballero, Managing Director Ad Asia Events; Wendy Ni- VP of Strategic Marketing - Okada Manila ; and Alvaro Ramos - AVP of Retail Okada Manila.

D Asia Conventions and Exhibitions International Corp. (Ad Asia Events) partnered with Tiger Resort, Leisure and Entertainment, Inc. (Okada Manila) on its 6th year installation of the much awaited travel event, the World Travel Expo. Ad Asia Events, the organizer of the said expo has chosen the Crystal Corridor of Okada Manila to be this year’s official venue occupying 5,758sqm space consisting of 200 booths on display. World Travel Expo is an annual event for both local and international tourism industry in the country, bringing together various tourism organizations and hospitality industry players to become the one-stop shop of travel enthusiasts for all their needs. And on its comeback to physical event, has becoming BIGGER and more INFLUENTIAL, started with

its new home, Okada Manila, touted as Manila’s grand icon and the biggest integrated resort in the Philippines to date. It is a premier entertainment and gaming destination. Okada Manila has been recognized as a Forbes five-star integrated resort by Forbes Travel Guide for three straight years (2019 to 2022), known for its toptier facilities and exemplary service that personifies the unique blend of Japanese hospitality and Filipino warmth. From the luxurious hotel rooms to an exciting array of dining options, a premium Retail Boulevard, the largest and most exciting gaming floors, Okada Manila is one of the key drivers in Philippine tourism industry. Okada Manila is also home to the world’s largest multi-color musical and dancing fountain and the one-of-akind indoor night club and beach club,

the magnificent Cove Manila. Moreover, Okada Manila will offer wide range of amenities to the WTE2022 Sponsors, exhibitors and guests such as free parking, excellent Wi-Fi connection, and shuttle service to main pick-up points, providing a more convenient transportation as they visit the expo. Likewise, the World Travel Expo will prepare a better line up of amazing travel promos, deals, and packages that will help the visitors of the event achieve their best vacation without all the hassle! The expo will run on October 21 -23, 2022 from 11am to 9pm. Evening visitors will get to witness the Fountain’s hourly shows beginning at 6 pm daily, which will be an additional attraction to the event. Check out World Travel Expo through its Facebook page: htt.m/ worldtravelexpoph for more details.

Maharlika Pilipinas brings the best PH business concept to the world

ULTI-HYPHENATE Jefferson Cayetano Catimbang has, unknowingly, been a trueblooded patriot early on in life. As someone who has traveled to many parts of the archipelago, he saw the beauty all around him - from our hospitable kababayans, to our breathtaking natural wonders, unto our ingeniously handcrafted products, the sumptuous dishes - that he wants to brings all these great blessings to the fore; to all other parts of the country as well as globally, through his time-tested business concept. As a Marketing senior at FEU, he won in the business plan competition within and in the national inter-collegiate level with his Kape’ Pinoy Inc., fruit-flavored coffee where different fruits are mixed with different varieties of coffee beans from all over the country. He later ventured into PR and Advertising, the Peephole Corp., together with batchmates and friends before deciding to go full time in the corporate world via Unilab as a medical representative. “During my first year in the corporate world, I suddenly fell in love, immediately got married and put up a family of my own. In all my endeavors my parents and family was very supportive, with that “Family” became my ultimate inspiration and decided to slowly set aside on climbing the corporate ladder and focus more on business. I put up a bar, coffee shop, food carts in the university belt area. This was replaced by a laundry shop that boomed. When I was assigned to Palawan. It was there that I realized how truly beautiful

the Philippines is; admiring the beautifully crafted products from its many artisans.”

From Café to Spa

BEING in sales, starting up a new family and putting up a business is absolutely stressful. That’s why my wife and I decided to put up a spa business. Hence, Babaylan Spa was born, a Filipino themed spa that promotes the indegeneous “Hilot” Massage. Our mission is to promote health and wellness through our Filipino Indigeneous “Hilot” massage. With the success of the Sampaloc branch, he opened in Quezon City's Roces district. This was followed closely by another branch within the vicinity that was closer to the Zirkoh bar. This opened his network to people in the entertainment industry. The spa concept further grew and opened branches in Cebu, Palawan, Cavite, and Davao. But this time, it was rebranded as B Spa. With the spa operations running smoothly, after ironing out integral issues, it was now time for a rebranding. This was when Tribu Babaylan came into existence. It’s a spa, bar, and restaurant concept in one. So he, together with his wife, trained for the rigors of the trade, so that, when employees can’t report for work, they can still run the operations. We walk the talk, so to speak. It was at this point that I left my Unilab job to focus on our business. That’s when Tribu Babaylan came into the drawing board. Luckily, I’ve met Sen. Manny Pacquiao then we’re able to convinced with to join our and be part company. But the process of formalizing the agreement took a year doing the rounds of legalities.

The MP Project

AS per suggestion by the Senator and the People’s Champion Replacing Tribu Babaylan as its new business brand and concept, Maharlika Pilipinas (MP) encompasses everything good about the Philippines and its people. Maharlika means “aristocrat” or “royalty” in modern Filipino. It could also mean the high status of warriors, or a title pertaining to a “man of wealth, knowledge, or ability”. Some claim that the word “maharlika” bears reference to ancient Filipino nobility which included its kings and princes of ancient Philippine society. Etymologically, the word could also mean or refer to someone born with a high or great birth, (with rank or title of maharlika which means “mataas”, “mahal”). Furthermore, the term may connote stature (such as highness or greatness in character, showing greatness of mind, or spirit - (marangal, dakila). Or, it could simply mean excellent, fine, splendid, magnificent or “napakaganda” and “napakarikit” in local parlance. “In other words, Maharlika Pilipinas’ could be similar or synonymous to royalty! And this rode well with our mantra of HILOT-Health, Integrity, Loyalty, and Teamwork!” With the endorsement and involvement of Sen. Manny Pacquiao in this noble undertaking, it won’t be hard for people to see the greatness of the Filipino psyche! The MP brand will start its circuit with overseas Filipino communities in Dubai, then to the business hub of Singapore and in Los Angeles, slowly but surely to the rest of the world!

HE Manila Electric Company (Meralco) has been recognized as one of the most socially and environmentally responsible companies globally. UK-basedFTSERussell,aglobalsustainability index provider, announced Meralco’s inclusion in the FTSE4Good Index Series—specifically in the FTSE4Good Emerging Index and in the FTSE4Good ASEAN 5 Index. Meralco is the second power company in the Philippines recognized by FTSE Russell for outstanding sustainability performance. The FTSE4Good Index Series is a set of global sustainability indices that measure the performance of companies in key environmental, social, and governance (ESG) areas such as climate change, labor standards, and anti-corruption. It was designed to help market participants assess sustainable investment products, to research environmentally and socially sustainable firms, and to provide a transparent and evolving global ESG standard against which businesses could benchmark their performance. To be included in the FTSE4Good Index, a company in an emerging market must achieve an overall ESG rating of 2.9 or higher. In FTSE Russell’s latest assessment, Meralco garnered an ESG rating of 3.2—topping the Philippines’ and the global energy sector’s averages. “We are very honored and grateful for this distinctive recognition of our sustainability strategy and initiatives. This confirms that we are indeed progressing in the right direction. Our inclusion in the FTSE4Good Index inspires us to heighten our sustainability agenda and to continue creating a positive and transforming difference for all we serve—truly, powering the good life,” said Meralco First Vice President and

Chief Sustainability Officer Raymond B. Ravelo, who also serves as the President and CEO of eSakay, Meralco’s electric vehicle subsidiary. Meralco’s sustainability agenda called “Powering the Good Life” is deeply rooted in and promotes the United Nations’ Sustainable Development Goals. The company’s key sustainability initiatives include sourcing 1,500 megawatts (MW) of its power requirements from clean energy in the next five years while building 1,500 MW of renewable energy capacity through 2027; electrifying 25% of its vehicle fleet by 2030; planting and nurturing five million trees by 2025 to help protect and preserve Philippine forests and watersheds; and achieving 40% women representation in its workforce by the end of this decade. “We, in Meralco, will continue to advance our drive towards sustainability not only by intensifying our efforts to keep the lights on for our customers and communities but also by heightening our initiatives to protect and preserve the planet,” said Meralco President and Chief Executive Officer Atty. Ray C. Espinosa.

Health experts: Men are the weaker sex, medically

HEN it comes to health matters or medically, men are referred to as the weaker sex. They have more prevalent cardiovascular disease (CVD) risk factors than women, partially due to the protective traits of some female hormones. According to the Philippine Heart Association (PHA), at 55.4% the risk of developing atherosclerosis, or hardening of the arteries, is much higher for men as opposed to women. The June 29, 2022 PHA “Usapang Puso sa Puso” (UPP) “Usapang Puso at Daddy: Men’s Health Edition” addressed burning questions and misconceptions regarding men’s wellness and insouciant attitude towards their general health. Hosts Drs. Richard Henry Tiongco II and Luigi Pierre Segundo, PHA Director/Advocacy chair and Communications co-chair, respectively, and their two guests–Dr. Jonathan James Bernado, a cardiologist-vascular medicine specialists and Dr. Joffrey Sebastian Quiring, a psychiatrist, acknowledged that genetically, boys are more vulnerable than girls to life’s hazards that target their brains and hormones. The male problems start from the womb. Compared with men, women have substantially higher levels of good cholesterol called HDL which protects against heart disease.

Obese women tend to accumulate excess pounds on their hips and thighs, while men store it in their waist so this abdominal obesity is more damaging to health, increasing the risk of heart attack and stroke among men. “Being a male in itself, age and family history are non-modifiable risk factors while hypertension, high sugar, cholesterol levels are modifiable risk factors,” Segundo said. In further underlining the value of prevention, Bernardo added “watch your diet, eat wisely. One of the regular exercises that we recommend is walks 6,000 steps a day. Sedentary living, and an unhealthy diet as well as vices excessive alcohol, smoking or vaping, substance abuse, can all have irreparable, adverse effects on the cardiovascular health. He also stressed the importance of avoiding self-diagnosing and prescribing, but rather, reaching out to your physician; breaking the stigma of men asking for help with regard to well-being. The doctors also noted that most men are not keen on seeing the doctor or sharing their health issues. And even when they are under medication, they have the tendency to miss their pills. Almost all married men who are compliant patients let their wives take care of every detail of their healthcare.

JGSOC reaches halfway mark of its One-Million Trees Project

BATANGAS LGU OFFICIALS AND JGSOC EXECUTIVES LED THE COMMEMORATIVE TREE PLANTING OF THE 500,000TH SEEDLING AT THE JGSOC PETROCHEMICAL COMPLEX, FROM LEFT: JGSOC Assistant Vice-President for Special Projects Deogracias Fermin, Senior Vice-President and Government Affairs and Special Projects Head Marino Agbayani, Batangas 5th District Congressman Mario Vittorio Mariño, Batangas City Mayor Beverly Rose Dimacuha, Executive Assistant to Batangas Governor Carlos Jose Pastor and Batangas Provincial Government Environment and Natural Resources Officer Luis Awitan.

UST in time for the celebration of Philippine Environment Month in June and coinciding with Philippine Arbor Day last June 25, 2022, JG Summit Olefins Corporation (JGSOC) commemorated an important milestone on its One Million Trees Project after it reached the halfway mark. A symbolic planting of the 500,000th seedling was held at the the JGSOC Petrochemical Complex in Batangas City led by Batangas government officials. Select JGSOC executives and employees were also present during the commemorative tree planting as they also planted an additional fifty-four mahogany, mulawin and balayong tree seedlings in various selected areas inside the complex. To date, 88% of the tree seedlings that were donated and planted were in various localities in Batangas province while 12% of the seedlings were given to various government agencies,

civic groups, schools and employee volunteers including the planting of seedlings in Boracay Wetland No.8 in Malay, Aklan, which up until recently was adopted by JGSOC as part of its sustainability activities. The One Million Trees Project of the JGSOC was launched in 2016, which targets the planting of one million indigenous and fruitbearing tree seedlings in Batangas province, the host province of JGSOC’s petrochemical business, and in other areas where regreening and forest rehabilitation projects are needed. JGSOC maintains a tree nursery in its manufacturing complex, from which the donated seedlings are nurtured prior to distribution. Some of the seedlings that were donated and planted since the start of this project include forest trees such as narra, molave, caballero and mahogany and fruit-bearing trees such as cacao, dalanghita, rambutan, mango, kalamansi, lemon and guyabano.

World Features BusinessMirror

www.businessmirror.com.ph • Editor: Angel R. Calso

Biden’s realism approach runs head-on into liberal pressure By Seung Min Kim The Associated Press

ASHINGTON—On restoring access to abortion, President Joe Biden says his hands are tied without more Democratic senators. Declaring a public health emergency on the matter has downsides, his aides say. And as for gun violence, Biden has been clear about the limits of what he can do on his own. “There’s a Constitution,” Biden said from the South Lawn in late May. “I can’t dictate this stuff.” Throughout this century, presidents have often pushed aggressively to extend the boundaries of executive power. Biden talks more about its limits. When it comes to the thorniest issues confronting his administration, the instinct from Biden and his White House is often to speak about what he cannot do, citing constraints imposed by the courts or insufficient support in a Congress controlled by his own party—though barely. He injects a heavy dose of reality in speaking to an increasingly restive Democratic base, which has demanded action on issues such as abortion and voting rights before the November elections. White House officials and the president’s allies say that approach typifies a leader who has always promised to be honest with Americans, including about how expansive his powers really are. But Biden’s realpolitik tendencies are colliding with an activist base agitating for a more aggressive party leader—both in tone and substance. Although candidate Biden sold himself as the person who best knew the ways of Washington, he nonetheless is hamstrung by the same obstacles that have bedeviled his predecessors. “I think that if you hesitate from important actions like this just because of a legal challenge, then you would do nothing,” said Rep. Judy Chu, D-Calif., who has been pressing for more administrative actions on abortion. “People all across the country are expecting us—the leaders—to do something.” Biden’s cautionary approach could be to protect himself if the White House falls short—like Democrats did in negotiating a party-line spending package centered on the social safety net and climate provisions. That sweeping effort had been steadily thwarted due to resistance from two moderate Democrats, one of them West Virginia Sen. Joe Manchin, who on Thursday scuttled for the time being a scaled-back effort that focused on climate and taxes. That development prompted calls from Democratic senators for Biden to unilaterally declare a climate emergency. In a statement Friday while in Jeddah, Saudi Arabia, Biden pledged to take “strong executive action to meet this moment” on climate. But in recent weeks, that gap between “yes, we can” and “no, we can’t” has been most glaring on abortion. Since the Supreme Court last month overturned the landmark Roe v. Wade ruling from 1973 with its constitutional protections for abortion, the White House has come under considerable pressure to try to maintain access to abortion in conservative states that are set to outlaw the procedure. For instance, advocates have implored Biden to look into establishing abortion clinics on federal lands. They have asked the administration to help transport women seeking abortions to a state that offers the procedure. And Democratic lawmakers are pressing the White House to declare a public health emergency. Without rejecting the ideas completely, White House aides have expressed skepticism about such requests. And even as he signed an executive order last week to begin addressing the issue, Biden had one clear, consistent message: that he could not do this on his own, shifting attention to the other end of Pennsylvania Avenue. “The only way we can secure a woman’s right to choose and the balance that existed is for Congress to restore the protections of Roe v. Wade as federal law,” Biden said shortly after the court struck down Roe. “No executive action from the president can do that.” Shortly after declaring that the filibuster—a Senate rule that requires 60 votes for most legislation to advance—should not apply for abortion and privacy measures, Biden acknowledged during a meeting with Democratic governors that his newfound position would not make a difference, at least not right away. “The filibuster should not stand in the way of us being able to do that,” Biden said of writing the protections of Roe into federal law. “But right now, we don’t have the votes in the Senate to change the filibuster.” Biden, who served for 36 years in the Senate, is an institutionalist to his core and has tried to operate under the constraints of those institutions—unlike his predecessor, Donald Trump, who repeatedly pushed the boundaries of executive power. But some advocates don’t want to hear from Biden about what he can’t do. Renee Bracey Sherman, founder and executive director of the group We Testify, which advocates for women who have had abortions, said the administration should proceed with a public health emergency even if it’s eventually blocked by the courts. “It tells those people who need abortions that the president is trying to help them, and that the thing that’s stopping him is the court, not himself, or his own projections on what could possibly happen,” she said, later adding: “The fact that he’s an institutionalist and cannot look around and see the institutions around him are crumbling is the problem.” Democratic lawmakers have also continued to prod senior administration officials behind the scenes. In a virtual meeting this past week, Chu urged Xavier Becerra, the health and human services secretary, to have the administration enact a public health emergency. Proponents of the idea say it would unlock certain powers and resources to not only expand access to abortion but to protect doctors who provide them. Though Becerra did not rule out the idea, he told Chu and other members of the Congressional Progressive Caucus that the administration had two main questions: How would the administration replenish money for the public health emergency fund and what would this move actually accomplish? The skepticism has not deterred Democratic lawmakers. But some of the most ardent proponents of expansive executive actions on abortion have similarly cautioned their voters and activists to be realistic. “It’s unrealistic to think that they have the power and the authority to protect access to abortion services in every part of this country because of what the Supreme Court has done,” said Sen. Tina Smith, D-Minn. In one sense, the recent success on gun s was a validation of Biden’s art-of-the-possible approach, advocates say. Rather than promising what he could not achieve, Biden instead spoke of his limitations and cautioned that any substantive changes would require the support of at least 10 Senate Republicans—a goal that seemed implausible at the start. That culminated this past week with a ceremony marking the signing of the first substantial gun restrictions into law in roughly three decades. “I think that the president has struck the absolute right balance,” said John Feinblatt, the president of Everytown for Gun Safety. Concerns about the limitations on Biden’s executive powers aren’t mere hypotheticals. His administration’s efforts to tame the coronavirus pandemic, for example, were repeatedly foiled by the courts, including a requirement to wear masks on mass transit and a vaccination mandate for companies with at least 100 workers. Then-President Barack Obama sounded similar warnings when confronted by immigration activists urging him to use his power to issue a deportation reprieve for millions of young immigrants who did not have legal status in the US. Obama in 2012 unilaterally enacted the Deferred Action for Childhood Arrivals program, which is still standing today. Two years later, Obama more fully embraced the pen-and-phone strategy, signaling to Congress that he would not hesitate to use executive orders if lawmakers continued to imperil his domestic agenda. “Nobody thinks he’s got a magic wand here. Folks understand there are limitations,” said Leah Greenberg, co-founder and co-executive director of the Indivisible Project. “What they want to see is him treating this like the crisis it is for folks in red states losing access to abortion.”

Tuesday, July 19, 2022

Economics of war: Pain over Europe now, later for Russia

cross Europe, signs of distress are multiplying as Russia’s war in Ukraine drags on. Food banks in Italy are feeding more people. German officials are turning down the air conditioning as they prepare plans to ration natural gas and restart coal plants. A giant utility is asking for a taxpayer bailout, and more may be coming. Dairies wonder how they will pasteurize milk. The euro has sagged to a 20-year low against the dollar, and recession predictions are on the rise. Those pressure points are signs of how the conflict—and the Kremlin gradually choking off natural gas that keeps industry humming—provoked an energy crisis in Europe and raised the likelihood of a plunge back into recession just as the economy was rebounding from the Covid-19 pandemic. Meanwhile, high energy costs fueled by the war are benefiting Russia, a major oil and natural gas exporter whose agile central bank and years of experience living with sanctions have stabilized the ruble and inflation despite economic isolation. In the long run, however, economists say Russia, while avoiding complete collapse, will pay a heavy price for the war: deepening economic stagnation through lost investment and lower incomes for its people. Europe’s most pressing challenge is shorter term: battle record inflation of 8.6 percent and get through the winter without crippling energy shortages. The continent relies on Russian natural gas, and higher energy prices are flowing through to factories, food costs and fuel tanks. Uncertainty weighs on energyintensive industries like steel and agriculture, which could face natural gas rationing to protect homes if the crisis worsens. Molkerei Berchtesgadener Land, a large dairy cooperative in the German town of Piding outside Munich, has stockpiled 200,000 liters (44,000 gallons) of fuel oil so it can keep producing power and steam for pasteurizing milk and keeping it cold if electricity or natural gas to its turbine generator is cut off. It’s a critical safeguard for 1,800 member farmers whose 50,000 cows produce a million liters of milk a day. Dairy cows have to be milked daily, and a shutdown would leave that ocean of milk with nowhere to go.

“If the dairy doesn’t function, then the farmers can’t either,” manag ing d irector Ber nhard Pointner said. “Then the farmers would have to discard their milk.” In one hour, the dairy uses the equivalent of a year’s worth of electricity for a home to keep up to 20,000 pallets of milk cold. The dairy also has stockpiled packaging and other supplies to guard against suppliers being hit by an energy shortage: “We have a lot stored...but that will only last a few weeks.” The economic woes also appear at the dinner table. Consumer groups estimate a typical Italian family is spending 681 euros (dollars) more this year to feed themselves. “We’re really concerned about the situation and the continuous increase in the number of families we’re supporting,” said Dario Boggio Marzet, president of the Food Bank of Lombardy, which groups dozens of charities that run soup kitchens and provide staples to the needy. Their monthly costs are up 5,000 euros this year. Jessica Lobli, a single mother of two from the Paris suburb of Gennevilliers, pays close attention to surging grocery prices. She’s reduced her consumption of milk and yogurt and renounced Nutella or branded cookies. “The situation will worsen, but we need to eat in order to survive,” said Lobli, who earns between 1,300 and 2,000 euros per month working in a school kitchen. Her monthly food budget of 150 to 200 euros dropped to 100 euros in June. She said her family doesn’t eat as much in summer, but she’s concerned about September, when she will have to buy school supplies for her 15-year-old daughter and 8-year-old son, further whittling her budget. French President Emmanuel Macron says the government aims to conserve energy by switching off public lights at night and taking other steps. Similarly, German officials are begging people and businesses to save energy and ordering lower heat and air-conditioning settings

Exterior view of the “Bierwang” gas storage facility of the “Uniper” energy company in Unterreit near Munich, Germany, on July 6, 2022. Europe’s feeling the pain from the war in Ukraine. More so than the US, the 19 countries that use the euro are under pressure from high oil and gas prices. While Europe struggles, Russia has stabilized its currency and inflation—but economists say that’s misleading and that the Kremlin has bought itself long-term stagnation by launching the war. AP/Matthias Schrader

in public buildings. It follows Russia cutting off or reducing natural gas to a dozen European countries. A major gas pipeline also shut down for scheduled maintenance last week, and there are fears that flows through Nord Stream 1 between Russia and Germany will not restart. Ger many’s big gest impor ter of Russian gas, Uniper, has asked for government help after it was squeezed between skyrocketing gas prices and what it was allowed to charge customers. Carsten Brzeski, chief eurozone economist at ING bank, foresees a recession at the end of the year as high prices sap purchasing power. Europe’s longer-term economic growth will depend on whether governments tackle the massive investments needed for the transition to an economy based on renewable energy. “Without investment, without structural change, the only thing left is to hope that everything will work as before—but it won’t,” Brzeski said. While Europe is suffering, Russia has stabilized its ruble exchange rate, stock market and inflation through extensive government intervention. Russian oil is finding more buyers in Asia, albeit at discounted prices, as Western customers back off. After being hit with sanctions over the 2014 seizure of Ukraine’s Crimea region, the Kremlin built a fortress economy by keeping debt low and pushing companies to source parts and food within Russia. Though foreign-owned businesses like IKEA have shuttered and Russia has defaulted on its foreign debt for the first time in over a century, there’s no sense of imminent crisis in downtown Moscow. Well-heeled young people still go to restaurants, even if Uniqlo, Victoria’s Secret and Zara stores are closed in the sevenstory Evropeisky mall. The successor to McDonald’s,

Vkusno-i Tochka, is serving more or less identical food, while the former Krispy Kreme in the mall has rebranded but sells basically the same offerings. In less well-off provinces, Sofya Suvorova, who lives in Nizhny Novgorod, 440 kilometers (273 miles) from Moscow, has felt the squeeze on the family budget. “We practically do not order takeaway food anymore,” she said while shopping at a supermarket. “It used to be very convenient when you have small children. We go to cafes less often. We had to reduce some entertainment, like concerts and theaters; we try to keep this for children, but adults had to cut it.” Economists say the ruble’s exchange rate—stronger against the dollar than before the war—and declining inflation present a misleading picture. Rules preventing money from leaving the country and forcing exporters to exchange most of their foreign earnings from oil and gas into rubles have rigged the exchange rate. And the inflation rate “has partially lost its meaning,” Janis Kluge, an expert on the Russian economy at the German Institute for International and Security Affairs, wrote in a recent analysis. That’s because it does not account for disappearing Western goods, and lower inflation probably reflects sagging demand. Some 2.8 million Russians were employed by foreign or mixed ownership firms in 2020, according to political scientist Ilya Matveev. If suppliers are taken into account, as many as 5 million jobs, or 12 percent of the workforce, depend on foreign investment. Foreign companies may find Russian owners, and protectionism and a glut of government jobs will prevent mass unemployment. But the economy will be far less productive, Kluge said, “leading to a significant decline in average real incomes.” AP

Italy enters crunch week with Draghi’s govt on the brink By Chiara Albanese & Tommaso Ebhardt

rime Minister Mario Draghi is under mounting pressure to reverse his pledge to resign as soon as this week and avoid throwing Italy into chaos as economic warning signs are building. The former European Central Bank chief will address lawmakers on July 20, when he’ll declare his intention to either give his fractious coalition another try or quit government. So far, he’s still determined to resign, according to people familiar with the matter. Matteo Renzi, the head of coalition party Italia Viva and a former prime minister, launched a petition for Draghi to stay over the weekend that got more than 70,000 supporters in a few hours. Business lobbies and local administrations joined the call for the prime minister to remain. Draghi still has three days to change

course and decide to stay, which he has indicated he would only do if he has the backing of his alliance. A resignation would throw the country into turmoil just as Europe is bracing for a recession, Italians are contending with rising inflation and lawmakers need to pass reforms to unlock €200 billion ($202 billion) in aid from the European Union.

Coalition split

The prime minister’s problems came to a flash point last week when coalition partner Five Star Movement, led by Giuseppe Conte, effectively abstained in a confidence vote in the senate. Tensions have been mounting with Conte, a former prime minister who has been critical of Draghi’s response to the economic crisis and has opposed the government’s stance in shipping weapons to Ukraine. The Five Star party split last month when members couldn’t agree on

how much support to give Kyiv. Draghi would consider continuing as prime minister if all alliance groups, including Five Star, backed his initiatives, said one of the people, who asked not to be identified because the deliberations are private. So far in public, Conte hasn’t shown any movement toward reconciliation. Over the weekend, Conte laid the blame for the impasse squarely on Draghi, saying that the prime minister had offered only “generic answers” to Five Star requests for more social spending. Without concrete plans to address those issues, “we won’t be able to shoulder any government responsibility,” he said.

Snap election

Support from other parties in government, such as Matteo Salvini’s League, may also be wavering—he’s already threatened to leave the alliance. Galvanized by the prospect of fresh elections that would

benefit center-right parties, Salvini could be tempted to throw his lot in with a new coalition. Based on current polls, a center-right tie-up led by Giorgia Meloni’s Brothers of Italy would win if its members stick together. If Italian President Sergio Mattarella were to call a new election, the vote would have to happen within 70 days. That may be a scenario Five Star would like to avoid, however, since its popularity has plummeted since it entered government and it would likely lose seats. On Monday, Draghi will travel to Algeria, where he is expected to sign a new deal to further boost gas supply. The trip will be key for Italy’s efforts to diversity its energy imports away from Russia following Moscow’s invasion of Ukraine and is among the reasons why Mattarella rejected Draghi’s resignations last week, the people said. Bloomberg News

Sports

FILIPINAS WANT MORE A

BusinessMirror

| Tuesday, July 19, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Colonia bags 2 golds, 1 silver medal in Asian Youth tourney in Tashkent

NGELINE COLONIA bagged two golds and one silver medal to open the Philippine campaign in record style in the Asian Youth and Junior Weightlifting Championships at the Uzbekistan Sports Complex in Tashkent over the weekend. The 16-year-old Colonia, a firsttimer in overseas competitions, topped the women’s 40 kgs category with her gold medal lift of 62 kgs in the snatch, a silver with 72 kgs in clean and jerk and a gold for her total lift of 134 kgs. That 62-kg lift in snatch broke the 2018 world standard record by 1 kg. There were four other competitors in the weight class of the youngest sister of Rio de Janeiro 2016 Olympian Nestor Colonia. “I just wanted to break the record, that’s all. I never thought I would win two golds because it’s my first time in an international event,” said Colonia, the rising star from Pasabolong in the same native Zamboanga City of Tokyo Olympics gold medalist Hidilyn Diaz. “It really feels so good to win, I am happy right now,” added Colonia, who is coached by his uncle, Seoul 1988 Olympian Gregorio Colonia. The grade 11 student at the Culianan National High School joined the national team only last March. Vietnam’s Duong Thi Kim Yen won gold in the clean and jerk with 73 kgs,

but finished second with a total lift of 129 kgs. India’s Kishor Akahksha Vyavhare bagged the bronze with a total lift of 125 kgs (55 kgs snatch and 70 kgs clean and jerk). Prince Keil de los Santos clinched two bronze medals in the men’s 49 kgs category with his 103 kgs effort in the clean and jerk and 186 kgs in total lift. He did a fourth-placed 83 kgs in snatch. Vietnamese Bui Minh Dao won gold medal in the clean and jerk with 111 kgs and total lift with 196 kgs. The competition ends on July 25 with the Philippines pinning its hopes on more medals on Southeast Asian Games double gold medalist Vanessa Sarno (women 71 kgs), World Youth champion Rose Jean Ramos (women 45 kgs), Rosegie Ramos (junior women 49 kgs), Giselle Anne Betua (junior women 55 kgs), Joefry Frasco (junior men 55kgs), John Raphael Macato (junior men 67 kgs), Rosalinda Faustino (youth women 49 kgs), Kiesha Mae Felisilda (youth women 55 kgs), Adrian Cristobal (youth men 61 kgs), Christian Rodriguez (youth men 67 kgs) and Jun Dominic Bohol (youth men 55 kgs). They are accompanied by coaches Allen Diaz, Christopher Bureros, Samuel Alegada and Edmundo Jose Cardan. The youth category covers 13 to 17 years old lifters and the junior class 15 to 20 years old. Josef Ramos

‘Pinuno’ hails footballers

INUNO Sen. Manuel “Lito” Lapid filed a resolution on Monday encouraging the Senate to express its congratulations and commendation to the national women’s football team, called Filipinas, for bagging the country’s first ever international crown in the 12th Asean Football Federation Championship on Sunday night at the Rizal Memorial Stadium in Manila. In his resolution, Lapid said that “the Philippine Women’s National Football Team deserves the highest praise and commendation for bringing honor and recognition to the country and for serving as an inspiration to future generations of Filipino athletes.” “Hindi biro ang maging atleta lalo na sa mga panahong may kinakaharap tayo na pandemya. Kailangan ng matinding pokus

at determinasyon upang maging mahusay sa inyong mga napiling larangan. Kaya naman nararapat lang na ating bigyang pagpupugay at parangal ang ating mga atletang patuloy na nagbibigay karangalan sa ating bansa,” he added. Lapid further noted that more Filipino athletes are making their mark in international events. “Ang pagkapanalo ng Filipinas ay patunay na lalong dumarami ang mga mahusay na atletang Pinoy na kayang makipagsabayan sa ibang mga bansa. Higit sa medalyang uwi ninyo, ay ang inspirasyon na dinulot niyo sa sambayanang Filipino. Kasama natin ang mga Filipino sa buong mundo sa pagbubunyi at pagbibigay-pugay sa ating mga bagong kampeon,” Lapid added. The Philippines beat Thailand, 3-0, in the final to win the crown.

AFF TITLE NO OVERNIGHT THING

NOT only the Filipinas, but the entire country will celebrate this one. NONIE REYES

SMITH TRIUMPHS AT ST. ANDREWS

T. ANDREWS, Scotland— The stage at St. Andrews was all set for Rory McIlroy. The show belonged to Cameron Smith, and so did that silver claret jug he won in a Sunday stunner at the British Open with the best closing round the Old Course had ever seen. Smith was four shots behind at the start as a record crowd was eager to see McIlroy cap off a week of celebrations at the 150th Open in style. He was three behind when he made the turn. And then the plucky Australian with his magical putter ran off five straight birdies to take the lead, stared down a nervy putt around the edge of the nefarious Road Hole bunker to save par and finished with two putts from 80 feet for birdie for an eight-under 64. “To win an Open Championship in itself is probably going to be a golfer’s highlight in his career,” Smith said. “To do it around St. Andrews I think is just unbelievable.” So was his golf. In the 29 previous times golf’s oldest championship was held at St. Andrews, no winner had ever closed with a 64. Smith finished at 20-under 268, a record score for the Old Course and matching the lowest score to par in any major. “I got beaten by the better player this week. To go out and shoot 64 to win the Open Championship at St. Andrews is a hell of a showing. Hats off to Cam,” McIlroy said. McIlroy hit every green in regulation and two-putted all of them—two were birdies, the rest were pars—for a 70 that left him in third place and having to wait nearly nine months before he can try to end his drought in the majors that now is at eight full years. Smith won by one shot over Cameron Young, who holed a 15-foot eagle putt on the final hole to ever-so-briefly tie for the lead.

FOR Cameron Smith, winning at St. Andrews is unbelievable. AP

How much beer fits in claret jug?

AMERON SMITH has some rather unconventional plans for the claret jug, the trophy that goes to the winner of the British Open. “I’m definitely going to find out how many beers fit in this thing, that’s for sure,” Smith said in an interview on the first fairway of the Old Course shortly after making birdie on No. 18 to win the title. A little bit later, after having some time to really get a good look at his prize, Smith was asked to estimate how much beer could fit inside. “I’m going to guess two,” Smith said. “Two cans of beer.” Surely that’s not enough to celebrate such an incredible victory, is it? “I’ll probably have about 20 claret jugs,” Smith guessed, before thinking more realistically. “I’m not sure, mate. To be honest, I’m really tired. It’s been a long week, so I’d be surprised if I make it past 10 or 11 tonight.” AP

It wasn’t enough, and neither was anything McIlroy could muster. McIlroy couldn’t make a putt early. He couldn’t hit it close enough late. His last good chance was a 15-foot birdie attempt on the dangerous Road Hole at No. 17, and it narrowly missed to the left. McIlroy needed eagle to tie him, and his chip through the Valley of Sin had no chance. Smith won for the third time this year, all on entirely different courses—the generous fairways of Kapalua, the visual intimidation of water on the TPC Sawgrass and the oldest links in the world with its double greens and pot bunkers. He beat the No. 1 player in the world (Jon Rahm) at Kapalua. He beat the best field in golf at The Players Championship. And he had to overcome a four-shot deficit against a heavy crowd favorite to capture his first major. Even with the silver claret jug in his hands, it was hard to believe. “All the names on there, every player that’s been at the top of their game has won this championship,” Smith said. “It’s pretty cool to be on there. It really hasn’t sunk in yet. I don’t think it will for a few weeks. Yeah, it’s just unreal.” AP

By Josef Ramos

DAY after making football history, members of the national women’s football team vowed to raise the bar high heading to the next year’s Women’s World Cup in Australia and New Zealand. The Filipinas, no longer called the Malditas, put the country on the international football map with a 3-0 conquest of perennial powerhouse Thailand to win the Asean Football Federation Women’s Championship on Sunday night before an enthusiastic crowd of 8,257 at the historic Rizal Memorial Stadium. The players are craving for more. “We have a bunch of stuff in store so I think the only place we go is up,” 26-year-old Filipino-American Sarina Bolden told media a few minutes before riding the bus back to their hotel. “We just have to keep learning, working and growing.” “I’m really excited about what’s next,” she added. Bolden nailed the third goal—the coup de grace—for Filipinas in the 88th minute with a header, sinking the Thais deep down to the bottom. “It’s been a work in progress for a really, really long time,” Bolden said. “When you stick with something, believe in it, you will achieve it. We dedicated our lives to this.” Defender Hali Long told BusinessMirror on Sunday night while taking photos and celebrating on the pitch with teammates that she was “absolutely in cloud nine.” “It’s absolutely unreal,” the 27-yearold from Missouri said. “We just brought the gold home—our first gold.” Despite proving themselves worthy of a spot in the Women’s World Cup for the first time after this victory, Long said the World Cup would be a different preparation, a different arena and battle to prepare for. “It’s an extra boost of confidence but we also set the bar really extra high for ourselves. So we have to keep pushing to the World Cup,” Long said. Australian coach Alen Stajcic, however, reminded the players to stay humble despite conquering Southeast Asian football at home. “Whatever the situation, I always reminded them of respect, humility, gratitude and always keep their feet on the ground, staying humble,” said Stajcic, who led the Filipinas to a bronze finish in the 31st Southeast Asian Games in Vietnam last May. “We are just really greedy and hungry for success.” Defender Jessika Cowart scored the first goal in the eighth minute before forward Katrina Guillou made it a comfortable 2-0 lead with another goal in the 20th minute. Olivia Alexandra McDaniel’s defense of the goal was also impenetrable all night long. After the AFF, the Filipinas are bound for several friendlies in every available FIFA window.

Emana keeps hot streak, tops Olivarez Cup

ICA EMANA continued to flash top form to dominate the girls’ 16and 18-under divisions while Al MICA EMANA (left) and Al Licayan hold their (AFC) Women’s Cup in India that saw By Rick Olivares Tristan Licayan shocked top seed trophies after sharing the spotlight in the Olivarez them qualify for the FIFA Women’s World Renante Bravo, Jr. to snare the boys’ Cup national juniors tournament. Cup in Australia next year. ROM the Miracle of Hanoi to 14-under crown in the Palawan The buildup began in 2018. “Herstory” in Manila. Pawnshop-Palawan Express Pera Padala Olivarez After missing four editions of the Vietnam literally saw red. Cup national juniors tennis tournament in Sucat, AFC Women’s Championship, the PhilThe Vietnamese were the champifinished second behind Thailand in Group A. keeper Inna Palacios. Eva Madarang also joined Parañaque, over the weekend. ippines returned in the 2018 edition ons in the 2010 Suzuki Cup when they In the semifinals, the Philippines lost, 2-1 to the team in the 2018 AFC Women’s Asian Cup The sixth-ranked Emana, coming off a win and and finished third in Group A with a lost to the Philippine men’s national Vietnam. Disheartened, the Filipinas crumbled in qualification where she scored four goals in five a runner-up finish in Sta. Rosa, Laguna, last week, 1-2 record that gave them a slot for the team, 1-0, in the next edition. The first the bronze medal match to Myanmar, 3-0. matches. repulsed No. 3 Marielle Jarata, 7-5, 6-2, to bag the 2019 FIFA Women’s World Cup playoff victory sparked a massive resurgence in The team gained more experience and conThen in the AFF Championships, three other 16-under title for the second straight week. (the Filipinas were knocked out by football in the Philippines. fidence when they advanced to the semifinals key additions were called up—defender Sofia The Quezon City find then got back at sister and Korea, 5-nil). In the distaff version this 2022, of the 2021 Southeast Asian Games where they Harrison as well as midfielders Camille Rodrifourth seed Kaye-Ann, 6-2, 6-1, in 18-under finals to That tournament saw the introVietnam, also the defending champifinished with a bronze medal. guez and Anicka Castañeda. The Filipinas finpost the only two-title romp in the Group 2 tournament duction of four players who would be on, was ousted, 4-nil, by the FilipiThen came the quantum leap this 2022 with ished with a 1-1-2 record for third place in Group presented by Dunlop. in that AFF Women’s Championship nas—the national women’s team—in the addition of keeper Olivia McDaniel, defender B and sixth overall. Licayan, on the other hand, thwarted second seed title game against Thailand—dethe semifinals. Dominique Randle and midfielders Sara EggesThe Filipinas finished with a one win, one France Dilao, 7-6(7), 6-2, in the semifinals then wore fender Hali Long, midfielders Tahnai The Filipinas then crushed vik, Katrina Guillou, and Carleigh Frilles, and draw and two losses for third in Group A. down Bravo in the decider to clinch a 4-6, 6-0, 10-5 Annis and Quinley Quezada, and multiple champion Thailand, 3-0, in midfielder and defender Jessika Cowart. A little over a year later, in the 2019 AFF victory. forward Sarina Bolden. the final for the nation’s first ever Granted that Thailand fielded a young Women’s Championship with veteran keeper Inna The fourth-ranked bet from General Trias, Cavite, The other players from the 2022 international football crown. team, it isn’t like they were any less talented. Palacios between the sticks, the Filipinas took however, fell short in the quarters of 16-under play but AFF championship squad were JesThe Filipinas have been on a roll since They just ran into a better, disciplined and that huge step forward when they qualified into shared Most Valuable Player honors with Emana in the sica Miclat, Ryley Bugay and veteran the 2022 Asian Football Confederation well-coached Philippine team. the knockout stage with a 3-0-1 record as they week-long event hosted by the Olivarez family in their continuing commitment to help develop the sport. The other winners in the tournament serving as part and wanted to be a professional wakeboarder.” ing, ‘I am alive and that’s pretty awesome. And I have of the country’s longest talent-search put up Palawan One day, after wakeboarding at his family’s lake house, another arm. Pawnshop president Bobby Castro marked by a number he was putting away the rope, looping it under his thumb “Those four words implied that to me in such a profound of three-set duels were Caloocan City’s Khian Abellera and below his elbow, over and over. All of a sudden, the way that it’s literally how I chose to live my life,” he said. (boys’ 12-under), top seed Kendrick Bona from Puerto other end of the rope got caught in the propellor, effectively Any lesser man would throw in the towel and feel sorry Princesa City (boys’ 16-under), Ormoc City’s John Velez cinching the rope so tight that it severed all the ligaments, for himself. (boys’ 18-under), Adriana Lanza from Pasig City (girls’ tendons and muscles in his arm. As a teenager, Aldridge founded his own non-profit orga12-under) and Bacoor City’s Jelena Diaz. “It hit an artery too, so when the rope was unraveled nization, The Logan Aldridge Foundation, which raises funds The second seeded Abellera turned back No. from my arm…there was blood everywhere. It severed my for a children’s hospital. 1 Julio Naredo, 3-6, 6-2, 10-8; Bona foiled Bravo, arm right down to the bone,” said Aldridge, now 29. Aside from his love for sports, Logan found his calling— 4-6, 6-3, 10-2; the third-ranked Velez routed top He was quickly rushed to the hospital, but by the time he strength training, CrossFit and adaptive training. seed Marc Jarata, 6-2, 6-1; top seed Lanza blasted got there, doctors weren’t able to regain blood flow and his From barbend.com, “Today, Aldridge competes in adapJan Dagoon, 6-1, 6-2; and No. 1 Diaz held off third left arm was amputated. tive functional fitness and CrossFit events and is passionranked Sandra Bautista, 6-0, 7-6(3). On possibly losing his left arm, his mother, said, “Loate about educating other amputees, adaptive athletes and Action shifts to Apalit in Pampanga with gan, it’s just an arm,” something you wouldn’t expect from fitness coaches about health and fitness. another huge field all geared up to dispute top a loving parent. But Logan shifted to an attitude of grati“He coaches part-time and he runs the Adaptive Training LOGAN ALDRIDGE vividly remembers the day that changed honors in eight age-group divisions starting tude saying, from barbend.com, “Hearing those words Academy, a company he founded, which offers a course to his life like it was only yesterday. Friday. For details and registration, contact Bobby from her was an instant reminder of how much abundance coaches about how to train adaptive athletes. Thousands of According to barbend.com, “It was a freak accident. LoI have in my life. I instantly shifted to gratitude, to thinkfitness coaches have taken their course.” Mangunay at 0915-4046464. gan Aldridge was just 13 years old. He loved extreme sports

Gratitude with one arm