BusinessMirror July 19, 2023

www.businessmirror.com.ph

PHL at risk in Russia-Ukraine grain deal halt

FILIPINOS should brace for high commodity prices, particularly products that use wheat, as the Kremlin has halted a wartime agreement to allow grain exports from Ukraine, according to local economists. Reports late Monday said Russia has suspended its wartime grains deal or the Black Sea deal brokered by the United Nations and Turkey until its food and fertilizer reach world markets.

Local economists such as Ateneo de Manila University economist Leonardo Lanzona Jr. told the BusinessMirror that this will not only affect prices but could also lead to hunger and “shrinkflation” of wheat-based Filipino favorites such as pan de sal.

“I don’t see the people’s concern to mitigate inflation to decline. In fact, we would hear greater clamor for the government to take more action,” Lanzona told this newspaper.

Monetary Board Member Bruce J. Tolentino told the BusinessMirror that the suspension of the Black Sea deal “poses a serious risk” to the country. Ukraine and Russia, he said, are the world’s leading suppliers of wheat.

University of the Philippines Los Baños (UPLB) College of Economics and Management Department of Economics Assistant Professor Luisito C. Abueg noted the Philippines does not have the ability to produce wheat, and as such, is a net wheat importer.

Abueg said this could create “waves of inflation” for the Philippines, already saddled by other supply issues involving other commodities. This recent development will lead to food supply problems down the road.

“This poses a serious risk. Russia and Ukraine combined are the world’s largest suppliers of wheat, and a sharp decline in wheat supplies will also push up grain prices overall—since the demand for rice and food [not feed] corn will also increase to the extent that such a substitute for wheat,” Tolentino said.

But, Lanzona said, the world has already adjusted to the impact of the Ukraine-Russia war. He said global value chains for a certain

number of commodities have already changed in order to work around the war.

El Niño and Opec cuts, too INFLATION in the country, added Lanzona, will be worsened by the El Niño and not just the possible spike in wheat prices. Given the El Niño, he expects inflation to be higher than 6 percent in the coming months.

Lanzona said the BSP may also be prompted to impose higher rates to fight off second-round effects of inflation.

Jonathan L. Ravelas, senior adviser at professional services firm Reyes Tacandong & Co., told

See “Grain,” A2

MARCOS SEES ‘PROGRESS’ WITH MAHARLIKA, VOWS NO POLITICS

Besides citing its safeguards against abuse, he also vowed to spare it from politics. The signing ceremony of RA

11954

criticisms from

See “MIF,” A2

By Cai U. Ordinario @caiordinario

THE signing of the Maharlika Investment Fund (MIF) will give the country’s infrastructure program and economic growth targets a much-needed boost while creating more jobs, and will prepare the country for being weaned away from an over-reliance on debts for development, economic managers said on Tuesday.

The Department of Finance and the National Economic and Development Authority (Neda) struck the positive

BOI investment approvals hit ₧698B in H1, up 203%

note hours after President Ferdinand R. Marcos Jr. signed into law Republic Act No. 11954 establishing the Philippines’s first sovereign wealth fund. The MIF, DOF said, will widen the government’s fiscal space and ease the burden on local funds to undertake infrastructure projects.

The MIF will also reduce the country’s reliance on official development assistance in funding big-ticket projects such as those specified in the recently approved Infrastructure Flagship Project (IFP) list.

See “Maharlika,” A2

By Andrea E. San Juan @andreasanjuan

TRADE and Industry Sec -

retary Alfredo E. Pascual, who chairs the Board of Investments (BOI), said the Philippines is poised to become Asia’s “premier” investment destination as the BOI just approved P698 billion worth of investment approvals for the first half of 2023, a 203-percent growth from the P230 billion recorded in the same period a year ago.

According to the Department of Trade and Industry (DTI), the mother agency of BOI, the P698 billion worth of investments comprises 155 projects for the first semester.

“The Philippines is poised to become Asia’s premier investment destination. The signs are emerging. Foreign investment pledges are at a record high,” said the Trade chief, who just returned from a three-week European Investment Roadshow.

Data from the BOI showed that foreign investment approvals accounted for 60 percent of the total investment approvals pie, which is equivalent to P423 billion, a 52-fold increase from just P7.89 billion in the first half of 2022.

Meanwhile, the investment promotion agency said domestic investment approvals reached

See “BOI,” A2

lika Investment Fund (MIF) Act on Tuesday, President Ferdinand R. Marcos Jr. said the government can now generate additional revenue, while accelerating economic growth through increased investments from the creation of the country’s first sovereign fund.

was held at the Kalayaan Hall in Malacañang amid

Smart cities, clean energy driving PHL nickel growth

THE nickel industry in the country has remained compelling, driven by growing demand because of its wide range of applications toward smart cities and clean energy, the Philippine Nickel Industry Association (PNIA) said on Tuesday.

Besides being a critical component in EV (electric vehicle) batteries, raw nickel ore is also processed to create stainless steel which is used in the development of mega cities and in renewable energy technology, the industry said in a statement.

PNIA President Dante Bravo said the current value of investments in the global EV industry alone is at $300 billion and it is expected to grow to $1 trillion as EV sales double within the next five years.

Grain. . .

Continued from A1

B usiness M irror a lot of factors could stoke inflation. This includes the decision of the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production as well as the El Niño.

The impact of these factors taken together, Ravelas said, could lead to a “longer period of high rates” in terms of monetary policy.

Abueg agreed and said higher policy rates are possible given the recent responses of the BSP to be aggressive. The BSP has implemented one of, if not the most aggressive policy rates in the region, prior to the last two Monetary Policy Board meetings when it implemented a pause.

Apart from this, Abueg said, recent developments could also affect the country’s exchange rates. “Tataas yung presyo ng trigo [Wheat prices will go up], we will try

“Clean energy and smart cities cannot be realized without nickel as nickel has crosscutting use in the development and manufacturing of various clean energy technologies such as EVs, solar panels, power grid systems, wind turbines, and new technologies such as hydrogen-based energy,” he said.

Moreover, Bravo said the demand for nickel will continue to be influenced by China, just as it did for the past decade.

The reopening of the global economy this year, as well as the rollout of China’s infrastructure investment plan, would resume activity in the construction sector, triggering momentum in the demand for stainless steel,” he said. Globally, the Philippines and Indonesia are

our best to secure our supply. Maglalabastayo ng pera so papalo din siya sa ating [We will also have to put money on the table, so that will impact our] exchange rates. You cannot isolate one problem from another.”

Not immediate hikes—BPI

FOR Bank of the Philippine Islands (BPI)

Chief Economist Emilio S. Neri Jr., the Black Sea deal’s suspension would not immediately lead to high wheat prices and higher policy rates.

“Nonetheless, this could slow the pace of disinflation which could lower the prospects of rate cuts in early 2024,” Neri said. “If import prices persistently rise, we could have slower growth and the risk of inflation exceeding target again by late 2024.”

In order to cushion the ill effects of the Black Sea Deal suspension, Tolentino said the national government must carry out measures that respond to short- and long-term needs.

known to have substantial reserves to meet global nickel demand.

“However, the Philippines needs to attract investments that will enable the exploration, processing, and further development of the country’s nickel reserves,” Bravo said.

“Currently, we only have 34 nickel mines and production is typically influenced by global nickel supply and price. Production in 2022 is at 29.2 million dry metric tons. Meanwhile, Q1 2023 production is at 3.9 million dry metric tons,” he added.

“We can expect significant growth in production if we start to attract investments in mining exploration and there is a clear viable track towards value added processing,” the PNIA chief said.

In the short term, tariffs on rice, corn and other food grains could be reduced to “competitive levels, not more than, say, 1015 percent.”

He added that non-tariff barriers such as import quotas and excessive bureaucracy should be significantly reduced. Tolentino said excessive bureaucracy also worsens smuggling.

“Longer-term, the government should ramp up support for farm productivity and farmer profitability such as high-yielding seeds, weather-resilient varieties, optimal fertilization, water management, and farmto-market infrastructure,” Tolentino told this newspaper.

On Tuesday, the Associated Press quoted Kremlin spokesman Dmitry Peskov regarding the suspension of the wartime deal. Earlier, the news organization reported that Russia complained that shipping and insurance restrictions have prevented its farm exports from reaching world markets. Cai U. Ordinario

MIF. . .

The country only has two successfully operating nickel processing plants. Investments are needed to conduct further exploration and feasibility research to determine nickel reserves, as each processing plant needs at least 100 million tons of raw nickel ore to be considered viable.

“The industry needs a lot of support from the government, be more open to exploration, and make it easy for foreign investors to come in. We need to map out what we have and what we don’t have,” Bravo said.

“Currently, we have the capability to mine nickel, but there is a whole value chain in value-added processing leading to the manufacturing of battery that needs to be enabled guided by the right government policies and programs,” he said. Raadee S. Sausa

Maharlika. . .

Continued from A1

“Congress passed a game-changing measure—the Philippines’ first-ever sovereign investment fund—that could accelerate infrastructure development in the country, create a lot of high-quality jobs, attract more foreign investors, and propel the country towards higher growth,” Finance Secretary Benjamin E. Diokno said.

Socioeconomic Planning Secretary and Neda Director General Arsenio M. Balisacan said among the potential areas the MIF can invest in are the 194 Infrastructure Flagship Projects of the “Build-Better-More” program.

Maharlika can invest in various areas. There are strategic areas in the energy sector that we would like MIF to invest in. There are many areas that are in great need of capital, so we will never run out of investment opportunities,” Balisacan said.

H e sees the MIF as a valuable alternative to debt financing when the country becomes an Upper Middle-Income Country and would no longer qualify for concessionary loans, such as Official Development Assistance or ODA.

The MIF can attract equity financing instead of debt financing, which would enable investors and the government to become partners in development. This is also a good opportunity for us to free up other government funds that we can allocate for more social development projects. The MIF will focus on financing profitable development projects through equity,” said Balisacan.

The MIF is seen to complement existing mechanisms to finance priority projects in pursuit of goals outlined in the Medium-Term Fiscal Framework (MTFF), 8-Point Socioeconomic Agenda, and the Philippine Development Plan (PDP) 2023-2028.

The National Economic and Development Authority (Neda) said the MIF will augment the initial capitalization of P125 billion in government securities. It can also bring in more economic benefits if it can attract co-investments and fully pay up its authorized capital stock of P500 billion.

D epartment of Budget and Management (DBM) Secretary Amenah F. Pangandaman said her department will provide support and technical assistance in the formulation of the law’s IRR, expected to be out in September.

“Of course, we fully support this as it will help expand our fiscal space. So we at the DBM remain committed to helping ensure that this Development Fund will be a success and implemented with utmost integrity,” Pangandaman said.

The DOF said within the MIF are sub-funds classified according to objectives. One with a long-term horizon focused on investing in profitable infrastructure, and another sub-fund with a short- to medium-term horizon focused on investing in capital market assets such as fixed income securities and stocks.

The Maharlika Investment Corporation (MIC) will be created to serve as the investment body responsible for the overall governance and management of the Fund and is expected to be fully operational by end-2024.

It will identify financially and commercially viable infrastructure projects to invest in and will formulate investment strategies covering emerging megatrends such as environment, social and governance (ESG), digitalization, and health care.

Continued from A1

P275 billion, a 24-percent increase from the P222 billion recorded in the same period last year.

With the P698-billion investment approvals figure recorded in the first six months of 2023, BOI said 29,965 jobs are expected to be created. This, the BOI noted, is a 96-percent increase from the 15,301 expected job generation level recorded in the same period last year.

As to the breakdown of foreign capital, DTI said the bulk came from Germany at P393 billion, followed by Singapore with P16.8 billion, the Netherlands with P3.57 billion, France with P2.04 billion and the United States with P1.9 billion.

In terms of regional dispersion, meanwhile, investments

Continued from A1

some groups that it will expose government funds to possible misappropriation. In his speech during the event, the President said the MIF will allow the government to leverage its “underutilized fund” to stimulate the economy without the disadvantage of incurring fiscal and debt burden.

“ The MIF is a bold step towards our country’s meaningful transformation just as we are recovering from the adverse effect of the pandemic. We are now ready to enter a new age of sustainable progress, robust stability and broad-based empowerment,” Marcos said.

T he MIF will allow the government to invest its surplus revenues in financial and real assets to its priority sectors, namely, agriculture, energy, digitalization, and climate change mitigation.

It will ha ve a P75-billion paid-up capital this year, to be sourced from state-run Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP).

Profitable investments

MARCOS said the fund will help the government reach its target of attaining gross domestic product (GDP) growth of 6 to 8 percent by helping in the financing of the government’s 194 flagship infrastructure projects with an estimated cost of P8 trillion.

“The establishment of a sovereign wealth fund will widen the government’s fiscal space and ease pressure in financing public infrastructure projects,” Marcos said.

The government also projects 8.6-percent average annual returns from the MIF.

We now have a fund which will itself make money and that will increase its capacity and capability to invest in all of these extremely important projects,” Marcos said.

Well-managed, politics-free

MARCOS assured the MIF will be well-managed and free from “political decisions.”

“ We removed the political decisions from the fund and those political decisions are left with the political bureaucracy, and the fund is left to be a fund and operating on a sound and proactive financial basis,” Marcos said.

In an ambush in terview when he graced the launch of the food stamps program later, the President stressed, “no political considerations should be part of it,” and all decisions made by the Fund officers will be based solely on “what’s good for the Fund.”

The fund will be managed by the 9-man board of the Maharlik a Investment Corporation (MIC).

The members of the board include the Secretary of Finance, the president and CEO of LBP, president and CEO of DBP, two regular directors, and three independent directors from the private sector.

Finance Secretary Benjamin E. Diokno said he will only serve as an ex-officio member of the MIC board and will “not run” the MIF.

The Independent Chairperson of the 9-member Maharlika Investment Corporation, a non-politician, will manage the Fund,” said Diokno, whose potential role in the Fund was earlier criticized by some economists who warned of a conflict of interest.

Safeguards

DIOKNO also noted there are multiple safeguards in RA 11954 to protect the MIF from misuse.

The MIF, he said, will also undergo multiple audits from internal and external auditors, the Commission and Audit and an oversight committee from Congress to ensure its proper and transparent utilization.

“S o it will really have tight accountability requirements,” Diokno told reporters after the signing ceremony of RA 11954.

The new law, he said, likewise bans government agencies and government-owned or -controlled corporations (GOCC), which provide social security and public health insurance such as the Social Security System (SSS) and the Government Service Insurance System (GSIS), and Overseas Workers Welfare Administration (OWWA), from investing in the MIF.

The provision aims to address the opposition by some groups to allowing state-run pension funds to invest in the MIF.

R A 11954 also imposes heavy fines ranging from P1 million to P15 million and imprisonment term from 6 to 20 years for those engaged in graft and corrupt practices in the management of the MIF.

Implementation

DIOKNO said they expect to come out with the implementing rules and regulations (IRR) for RA 11954 before the end of September.

“S o it will be operational before the end of the year,” Diokno said.

Marcos said he looks forward to the rollout of the MIF to boost the country’s economic competitiveness, which will translate to improved living standards for Filipinos.

“ The real challenge is to maintain the integrity of the fund, translate its gains into tangible changes for the benefit of all,” Marcos said.

in Western Visayas ranked first at P306 billion, with Calabarzon at second with P164 billion. Ilocos Region at P55.5 billion, Central Luzon at P28.7 billion, and National Capital Region (NCR) at P25.6 billion completed the top five regions.

Meanwhile, DTI said the renewable energy/power sector made up the bulk, with 76.83 percent of the investment approvals pie, particularly with 30 projects in solar, wind, hydropower, and biomass projects hitting P536.5 billion.

Information and Technology projects are on the “upswing” with eight projects worth P95.5 billion in approvals. The DTI said these are mostly to finance telecommunication towers and the IT and Business Process Management (IT-BPM) sector.

Moreover, five transportation and storage projects amounting to P21.3 billion came in; along with 21 projects in manufacturing with P16.1 billion, and 11 in agriculture with P6.4 billion.

In June, DTI said a “notable” project was approved. This is Filipino-owned ISON Tower’s P58.7-billion telco project.

“ISON Tower will build and operate 4,600 Build-to-Suit (BTS) towers (Ground Based Towers and Roof Top Towers) and offer tower sharing services for MNOs (Mobile Network Operators),” DTI said in a statement on Tuesday.

The DTI said the increase in telecommunications infrastructure in unserved/ underserved areas will provide more Filipinos access to the internet.

“ With more infrastructure in place, there may be lower operating costs for MNOs which would ideally lower the charges passed to consumers,” DTI said.

Building upon the “momentum” of the first semester, the BOI anticipates a “continuous influx” of investments throughout 2023.

“ The increasing number of investments approvals reflect the growing attractiveness of the Philippines as an investment destination and highlights the country’s potential for further economic growth and development. The successful and speedy implementation of investments means more stable and higher-paying jobs for Filipinos without unnecessary delays,” Pascual said.

The BOI is targeting to approve P1.5 trillion worth of investments for 2023.

Editor: Vittorio V. Vitug

CITING survey result showing 8 of 10 Filipinos prefer to revert schools summer breaks back to April and May, Senator Sherwin Gatchalian signaled his option to push Congress passage of remedial legislation based on recent findings.

Commissioned by Gatchalian, the Pulse Asia survey conducted from June 19-23, 2023 asked respondents whether they agree or disagree with bringing back the students’ April and May summer break.

Results of the survey revealed that 80 percent of respondents nationwide agree, 11 percent cannot say if they agree or disagree, and only 8 percent said they disagreed.

Gatchalian cited overwhelming majorities of respondents in the National Capital Region (NCR) (81 percent), Luzon (73 percent), Visayas (90 percent), and Mindanao (86 percent).

The senator indicated he is keen on moving to revert back summer breaks of students to April and May.

He noted that across socioeconomic groups, there is a brewing consensus to bring back summer breaks to April and May, citing it is consistently strong among classes ABC (83 percent), D (81 percent), and E (75 percent).

At the same time, the lawmaker is seeking re-evaluation as to whether the school year should be conducted during the summer or revert to the old school calendar.

In filing Senate Resolution No. 672, Gatchalian paved the way for a Senate inquiry to re-evaluate the

THE Pambansang Lakas ng Kilusang

Mamamalakaya ng Pilipinas (Pamalakaya)

on Tuesday slammed the Department of Environment and Natural Resources’ (DENR) supposed “dilly-dallying” in deciding over the issue of land reclamation in Manila Bay.

The DENR is currently holding a MultiStakeholder Forum on Reclamation to get inputs from various stakeholders. The latest of such forum was held on Monday with international experts sharing their knowledge and their own country’s experiences on land reclamation.

“Manila Bay is dying; the fishing families that rely on it are starving. Why would environment Secretary (Antonia) Yulo-Loyzaga take her sweet time in making a verdict against destructive reclamation projects that are already ravaging marine ecosystems and fishing communities?” Ronnel Arambulo, the group’s vice chairperson said in a statement Arambulo was reacting to the statement of the DENR that it has tapped marine experts and scientists to determine the potential environmental impacts of reclamation in Manila Bay.

The group has demanded to stop all ongoing reclamation projects in Manila Bay and instead wants the agency mandated to manage the

critical factors in determining the school opening.

He clarified that the upcoming inquiry intends to identify policy interventions for the effective intervention of Republic Act No. 11480, which, he noted, serves as the basis for the school calendar.

“Malinaw ang boses ng ating mga kababayan na nais nilang ibalik ang bakasyon ng mga mag-aaral sa buwan ng Abril at Mayo. Bagama’t hindi magiging madali ang pagbabalik ng dating school calendar, magsasagawa tayo ng pagdinig upang pag-aralan nang husto ang mga hakbang para itaguyod ang kapakanan ng ating mga guro at mga mag-aaral,” said Gatchalian, chairperson of the Senate Committee on Basic Education.

Republic Act No. 11480, which was signed on July 17, 2020, amended Section 3 of Republic Act No. 7797, which provides that the school year shall start on the first Monday of June but not later than the last day of August. Republic Act No. 7797 also lengthened the school calendar from 200 days to not more than 220 days.

Under Republic Act No.11480, the President, upon the recommendation of the Secretary of Education, may set a different date for the start of the school year in parts of or throughout the whole country in the event of a declaration of a state of emergency or state of calamity.

The enactment of Republic Act No. 11480 allowed the Department of Education to move the opening of school year 2020-2021 to October 5, 2020 Butch Fernandez

Sen. Pimentel sees ‘tough’ legal obstacles for Maharlika Fund Act

By Butch Fernandez @butchfBM

to take more risks with the money and gamble it, under their mantra of “more risks, more returns.”

Pimentel added: “Because of the unclear origin of the seed idea of this particular MIF, the speed at which the law was enacted which involved unconstitutional shortcuts, and the inherent contradictions and clear confusion in the law itself, the MIF will definitely be questioned before the Supreme Court, basically under the following grounds:”

a) Defective presidential certification

b) No public emergency or calamity being addressed

c) Hence, no three readings on three separate days

d) No showing of economic viability

dent was not the version passed by Congress (this we will call the “altered bill doctrine.”)

He added, “The MIF is a bad idea, a bad decision, a bad act. Without the required surplus, in the face of our current P14.1 trillion outstanding debt, the signing into law of the MIF Act could significantly exacerbate our national debt.”

“Hindi pa ba tayo napagod sa kakaisip ng mga paraan kung papaano pa natin papalakihin ang utang natin?” he asked.

Pimentel also noted a recent survey revealed that 80 percent of Filipinos admit to having little to no knowledge about the proposed measure. Moreover, when asked about the potential benefits from the newly established Maharlika fund, over half (51 percent) anticipate little to no advantage from it.

country’s environment and natural resources to reforest Manila Bay’s coastal waters with mangroves to boost natural protection against natural calamities like tsunamis, sea level rise and super typhoons.

“It has been long proven by many scientists and experts that reclamation is a disaster to the marine environment and fishing communities. It was no less than the National Fisheries Research and Development Institute (NFRDI) itself that found that the northern and eastern parts of Manila Bay, which includes Cavite, Metro Manila, and Bulacan, are known to have high biomass of fish eggs and larvae. These coastal ecosystems are threatened because of ongoing reclamation and dredging activities,” Arambulo said.

Moreover, Arambulo said the scientist group Advocates of Science and Technology for the People (AGHAM) has been expressing interest in working with the DENR for science and evidence-based alternatives to all ongoing reclamation projects.

“These studies and efforts made by the science sector are more than enough basis for the DENR to unequivocally reject reclamation before it’s too late,” Arambulo said.

Jonathan L. Mayuga

To the scrap yard: PNP ‘demilitarizes’ 7K guns

By Rene Acosta @reneacostaBM

THE Philippine National Police (PNP)

on Tuesday destroyed at least 7,612 firearms as Camp Crame moved to prevent the guns’ unauthorized use.

PNP chief General Benjamin Acorda Jr. led the ceremonial “demilitarization” of firearms, which have been in the custody of the Logistics Support Service (LSS).

The firearms were either captured, confiscated, surrendered, deposited, abandoned or forfeited and have become property firearms of the PNP.

The demilitarization involved the cutting of steel pieces that rendered the firearms permanently inoperable.

“These stringent measures guarantee that these firearms can never be used again for unauthorized purposes,” the PNP said.

The LSS, which is responsible for the disposal of all Beyond Economic Repair (BER) PNP properties, oversaw the destruction process.

It began with an extensive inventory and technical inspection of the 25,476

units of firearms from February 8, 2021, to January 25, 2022.

Subsequently, demilitarization activities were carried out in several batches. The first batch demilitarized 6,338 units, followed by 5,000 units in the second batch, and 6,526 units in the third batch.

The destruction of the 7,612 firearms completed the demilitarization process.

Acorda underscored the importance of demilitarization and its main goal of thwarting any future illegal and destructive use of firearms.

“By destroying these weapons, we completely eliminate any possibility of them falling into the hands of criminals and being used as instruments of violence,” he said.

“The removal of these firearms from circulation reinforces our resolve to protect our citizens, maintain law and order, and ultimately build a peaceful society,” he added.

In adherence to PNP policies and guidelines on property disposal, the scrap and waste materials resulting from the demilitarization process would be disposed of through a public bidding.

He cited three grounds on why the MIF will be legally challenged in the High Court, even as Senate President Miguel Zubiri expressed confidence, right after the signing at Malacañang, that the MIF can hurdle such legal questions.

In a statement, Pimentel lamented that “today is a sad day in the history of our country, as the State through the Maharlika Investment Fund, will be engaging, unjustifiably, in an economic activity (risky investing) which is best left to the private sector.”

“This is madness,” he said, for the following reasons, among others:

(1) The Maharlika Fund concept was developed on the fly. If it were an airplane, then it was built while flying it. Thus, the law has inherent contradictions because it was rushed. Nobody knows what creature we have created. It could turn out to be a monster, as it has been designed to be a

By Patrick V. Miguel

CATHOLIC Bishops’ Conference of the Philippines (CBCP) president Bishop Virgilio David urged the Roman Catholic faithful to “respond” in a “spiritually intelligent way” to the “Ama Namin” viral video of a Filipino drag queen facing accusations of “blasphemy.”

Caloocan Bishop David acknowledged that the Catholics are hurt and offended, but advised against turning into a “lynch mob.”

A drag performer’s viral video dressed as Jesus Christ while singing to an upbeat rendition of Ama Namin (The Lord’s Prayer) stole the attention of netizens, including lawmakers and Catholic church leaders.

Since then, religious netizens and lawmakers reacted to the drag performance as “blasphemous” and “offensive.”

“But isn’t our Christian discipleship about learning to take the blows the way the Nazarene himself did, hating the sin but loving the sinner, never giving up on anyone of us, suffering and dying for our redemption?” said Bishop David.

Meanwhile, other CBCP members called out the drag performance, namely executive secretary Fr. Jerome Secillano saying, “You are not supposed to use sacred elements of our religion and faith.”

“It’s really something very disrespectful, and I even view it as a mockery and profanity,” Fr. Secillano added.

Bishop David reminded everyone to continue to hold on to their faith in a God who is “consistently merciful.”

“Perhaps we can look at things this way: even as he does all the things that we might consider hateful, insulting, and offensive to our religious sensibilities, we continue to hold on to our faith in a God who is consistently merciful,” Bishop David said.

Bishop David was recently reelected as CBCP president, and was known for being a “critic” of the drug war under former president Duterte’s term.

super GOCC (government-owned and -controlled corporation).

(2) The Philippines has no surplus either from the budget or from trade. We have not hit any jackpot windfall profit like a cash flow from a new discovery of oil or gas reserves. In short, we have no underlying asset to continuously back up and fund MIF to ensure its long-term existence.

(3) The funds to be initially used already exist funds under the care of conservatively run government banks. We are disturbing the status quo because the Government wants

e) Undue Delegation of Legislative Power

f) Surrender of the budget process by Congress

g) Leaving to the IRR the determination of many important matters

(4) Violation of substantive due process, as follows:

n Insists on being a Sovereign Wealth Fund when it is not.

n Inherent contradictions and confusion.

n Violation of BSP independence

n The bill signed by the Presi -

“In light of these findings, a more considerate and beneficial course of action for the Filipino people would have been for the President to veto this measure. This would have paved the way for a more meaningful and comprehensive discussion about the MIF among our people and not just among legislators,” Pimentel said.

He added: “Hence, to put a stop to this madness, the Maharlika Investment Fund Act must be challenged before the Supreme Court. Let us remind the powers that be that MIF can also mean Madness Isn’t Forever.”

AS expected, Senate Minority Leader Aquilino “Koko” Pimentel III on Tuesday deplored the signing into law of the Maharlika Investment Fund (MIF), which he said was crafted using “unconstitutional shortcuts,” and predicted that the measure “will definitely be questioned before the Supreme Court.”

CBCP: ‘Respond not react’ on ‘Ama Namin’ viral video

Survey shows 8 of 10 Filipinos want summer break back to April and May

Group berates DENR’s ‘dilly-dallying’ in halting land reclamation projects

PEZA Board prequalifies 8 big-ticket ecozone projects in first half of 2023

By Andrea E. San Juan @andreasanjuan

THE Philippine Economic Zone Authority

(PEZA) on Tuesday announced it has pre-qualified eight big-ticket ecozone development projects amounting to P33.002 billion worth of investments in the first half of 2023.

According to PEZA, these new and expansion ecozones will undergo Fiscal Incentives Review Board (FIRB) approval for projects with minimum capital investment of P1 billion and Presidential Proclamation as required for the developers’ signing of Registration Agreement (RA) with PEZA.

“We’re thrilled to announce that our ecozone development projects have seen a significant increase in investment from January to June 2023.”

In c omparison to last year’s figures of P4.858 billion worth of investments during the same period, PEZA Director

General Tereso O. Panga reported that the investment promotion agency has registered a 579.23-percent jump to P33.002 billion.

“ This uptick in ecozone development investment is crucial as it indicates a growing demand for proclaimed areas, which is further supported by the rise in new and expansion projects,” Panga said.

O f the 8 approved new and expansion ecozone projects, three are manufacturing ecozones, one is an IT Center, and four are IT Parks.

PEZA said the largest investment among the projects is a manufacturing special economic zone (SEZ), which will rise in Medellin, Cebu to be known as North Cebu Economic Zone with a project cost of P27.178 billion.

T he two more manufacturing ecozones, PEZA noted, are the expansion projects in Lima Technology Center-SEZ in Malvar, Batangas and Gateway Business Park-SEZ in General Trias, Cavite having a total project

cost of P233.260 million.

O f the four new IT parks with investments worth P1.474 billion, three will be located in Araneta City, Quezon City and the other IT Park will be in South Cotabato City, PEZA said.

The lone IT Center among the eight new and expansion ecozone projects will be in Makati City with P4.116 billion worth of investments.

Meanwhile, Panga revealed that the PEZA Board approved a resolution last June 23, 2023 as part of the investment promotion agency’s efforts to streamline the ecozone proclamation process.

T he PEZA chief said that by passing PEZA Board Resolution No. 23-138, more economic zones could be established, especially in rural areas. Moreover, this will effectively make the Philippines ready to accept more investments from global market players, increases exports, create more job opportunities and hasten countryside development.

“As we are now beefing up our Agency to continuously enhance our delivery of services and facilitate faster ecozone proclamations to provide ready-for-occupancy sites for our agile locators, it is high time for PEZA to amend its guidelines for a simplified application, proclamation, and registration process for new and expanding ecozone developer/operator projects,” Panga said.

Under the resolution, the PEZA Board also authorized Panga to endorse the proposed ecozone directly to the Office of the President for the issuance of the required Presidential Proclamation pursuant to Part III, Rule IV, Section 4 of the Rules and Regulations to Implement Republic Act (RA) No. 7916, as amended.

“H ence, in all Board resolutions granting pre-qualification clearance for ecozone applications, a provision stating that the Board is authorizing the PEZA Director General to endorse the same to the President shall be provided,” the resolution read.

MIF advocates tout ‘trillions’ in investible funds, sources

Continued from A12

Huge investible funds—Salceda

MEANWHILE, Salceda noted the Philippines has close to P19 trillion in investible funds in the Philippine banking system.

That needs to go somewhere productive in order to contribute to the economy. The Maharlika Investment Fund is a vehicle to do that—for both the LandBank and the DBP, as well as for other banks,” Salceda said.

We also have some of the largest conglomerates in Southeast Asia, and they

are cash cows. Our total corporate sector generated P9.03 trillion in 2023. They have a gross savings of P5.7 trillion. So, basically, they don’t have anywhere to put 63 percent of all the money our corporations make,” Salceda added, citing official figures from the Philippine Statistics Authority’s Income and Outlay Accounts.

“And, unless we create a vehicle for investable projects, chances are, that’s going to be released in dividends outside the country or used to pay foreign corporate debt, rather than develop our domestic sectors,” he said.

90 Panabo City jobseekers find work after city govt training

By Manuel T. Cayon @awimailbox

DAVAO CITY—Job skill training conducted by the city government of Panabo, Davao del Norte, generated immediate hiring of jobseekers after their training.

Panabo City Public Employment Service Office (PESO) manager Cherelle B. Espinosa said 15 trainees were hired on the spot after they finished the JobStart Life Skills Training at the Northlink Technological College.

Another batch comprising of 75 participants were recruited as trainees by the partner employers of the Department of Labor and Employment (DOLE) and the city government.

The 100 hired participants were among the 105 who joined the training, which ended on July 10.

Among the partner companies who hired them were the McDonald’s Panabo, Tagum Agricultural Development Co. Inc. (Tadeco), Panabo Multipurpose Cooperative, Li-Zhen Corp., Gaisano Grand Mall of Panabo and First Panabo Tropical Foods Corp.

Other companies outside Panabo City also joined the jobs fair. These were the Grand Mall Tibungco, Jolly Management Solutions and Hisyneegy Business Management Consultancy Services.

Executive Secretary Josie Mary Relampagos, who represented City Mayor Jose E. Relampagos, said the partners have agreed to help the city hire high school graduates and college level students, or the 18-24 years old job seekers.

Meanwhile, Amilbahar Mawallil, a member of Parliament of the Bangsamoro Autono -

C iting his analysis of the top 1000 corporations in the country alone, from the year 2000, Salceda said some P13 trillion in funds have been issued in dividends outside the country or used to pay foreign debt instruments.

“I see Maharlik a as a way to keep that money in. One of the difficulties with undertaking big projects here in the Philippines is navigating all the attached issues—bureaucracy, social acceptance, land use and tenure, among others. They increase the risk of investment and can deter these investors,” he said.

mous Region in Muslim Mindanao, filed a bill “to capitalize on the cultural heritage and creative talents” of the Bangsamoro people to increase the recognition of the Bangsamoro products and services nationwide.

Bangsamoro Transition Authority Bill No. 199, or the Bangsamoro Brand Promotion and Internalization Act of 2023, also seeks to institutionalize support for marketing initiatives, establish quality standards, and provide intellectual property protection to enable the brand to gain prominence and contribute to economic growth and cultural exchange.

To ensure the quality and integrity of Bangsamoro products and services, the Ministry of Trade, Investment and Tourism, would establish and enforce quality standards that cover production, packaging, labeling, and distribution processes.

A certification system will be developed to validate compliance with these standards, allowing accredited products to bear a distinctive “Seal of Excellence” logo and design in their packaging, advertisements, marketing, and sales activities.

“ With MIF, Investors can outsource those issues to a government-owned company, instead of doing all that on their own. That makes the job easier and the investment less risky,” he explained.

S alceda thinks the MIF could be a crucial link between this pool of funding and development projects that can be funded.

“Meanwhile, we have an infrastructure financing gap of around P2 trillion annually until 2030, even with Build, Better More at around 5.6 percent of GDP or 1.3 trillion this year.”

By Henry Empeño

BOTOLAN, Zambales—A total of P6.99 billion in development funds have been allocated in the past year alone for crucial infrastructure projects like flood-control dikes and roads in the Second Legislative District of Zambales.

Representative Doris “Nanay Bing” Maniquiz reported this in her “Ulat sa Pangalawang Distrito ng Zambales” last week, pointing out that the one-year budget was double the infrastructure allocation received by the Second District in the last eight years.

A total of 59 flood-control structures and road dikes ate up the bulk of the allocations, or a total of P4.46 billion, Maniquiz said, as these were necessary to protect low-lying areas threatened by perennial flooding, as well as lahar surges during heavy rains.

“These are not your ordinary kind of dikes that simply hold back water,” the Zambales

THE Department of Agriculture

(DA) sought for closer cooperation among Food and Agriculture Organization (FAO) member-countries in the implementation of effective measures to improve water resources management.

During the FAO Conference in Rome recently, DA Undersecretary Mercedita Sombilla emphasized the critical importance of implementing water-related measures efficiently and harmoniously at the national level.

She highlighted the significant step taken by the Philippines through the creation of the Water Resources Management Office (WRMO) via Executive Order (EO) 22, signed by President Ferdinand R. Marcos Jr. in April.

The WRMO will act as a regulatory body to protect water resources, ensure their efficient use, and guarantee their availability for all economic sectors.

“This timely move by the government is crucial in securing the country’s water resources for future generations,” Sombilla said.

The DA official also highlighted the proactive steps being undertaken by the country to ensure preparedness for the potential worsening impacts of El Niño.

“One of these strategies involves cloud seeding operations to improve water irrigation and other waterimpounding facilities, rivers and creeks and groundwater deposits, especially in production areas, critical watersheds and reservoirs,” Sombilla added.

“Long-term mitigating measures are also in place to respond to water issues in the country. These solutions involve upgrading

lawmaker explained. “These are road dikes that residents will also use to access their farms and other remote areas, as well as to transport local products safely and efficiently.”

Aside from the 59 road-dikes, Maniquiz also rolled out 37 new concrete road constructions; improvement of 22 national road sections; 22 school buildings; 12 public buildings and facilities; 38 irrigation projects; three solar water systems; and other miscellaneous projects like bridge construction and installation of solar lights.

She added that these projects, as well as similar initiatives in constituency service, became possible with the help of Speaker Ferdinand Martin G. Romuladez and other officials who provided development funds for the Second District.

“The generous help from our friends in Congress and in the Senate is the only reason why we were successful with a lot of development projects and constituent service in the Zambales Second District,” Maniquiz

irrigation facilities and dams to optimize water delivery and minimize wastage, constructing flood control and sea wall structures in flood-prone areas, and establishing newly water-impounding facilities in highland areas to capture rainfall,” she said. These measures are decisive responses to the intensifying impact of climate change, Sombilla added.

“The Philippines is also now investing in climate-resilient water infrastructures, such as solar-powered irrigation systems, promoting domestic water and recycling schemes at the household and community level to promote water conservation and advocating nature-based solutions like reforestation and expansion of mangrove areas, use of organic/ bio-fertilizer as well as the adoption of water saving and climate resilient agriculture practices and technologies, such as the adjustment of planting calendars, use of alternate wetting and drying, better crop nutrient management,” she added.

Furthermore, Sombilla underscored the importance of strengthening the capacity of nations through bilateral cooperation with member countries and tapping the expertise of the private sector to achieve efficient and effective water resource management and infrastructure.

“By working together and supporting each other to achieve the needed integrated management and efficient use of our water resources, under the able guidance and leadership of the Food and Agriculture Organization, is a major step towards our achieving the shared objective of a resilient agrifood system,” the DA official said. Raadee S. Sausa

said. “We are really so blessed to have them.”

“I cannot thank the Speaker well enough for all his help, as well as his wife Congresswoman Yedda Romualdez of Tingog Partylist and Tingog 2nd nominee Cong. Jude Acidre, since the bulk of my funds for social services came from them,” she added.

Maniquiz also cited financial assistance from Rep. Jocelyn Tulfo of ACT-CIS Partylist; Rep. Sandro Marcos; Diwa Partylist; and Senators Imee Marcos, Sonny Angara, Nancy Binay, Bong Go, Raffy Tulfo, Jinggoy Estrada, Loren Legarda, Lito Lapid, and Koko Pimentel.

She added that the Departments of Health, Department of Social Welfare and Development, and Department of Labor and Employment also provided funding under their respective financial assistance programs to help . Maniquiz said that with more funding coming from various sources, her office would continue delivering services under her I-HELP program for infrastructure, health, education, livelihood and people’s welfare.

₧6.99-B devt funds allocated for 2nd District of Zambales

DA exec pushes closer cooperation in management of water resources

BusinessMirror A5 www.businessmirror.com.ph Wednesday, July 19, 2023

11 HARD DISCOUNT PHILIPPINES, INC. Blk 1, Lot 13 & 14, Southwoods Industrial Park, Mabuhay, Carmona, Cavite

NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S)

Notice is hereby given that the following companies/employers have filed with this

Office application/s for

12 KBD PULP MOULD PACKAGING EQUIPMENT AND PRODUCTS PHILIPPINES INC.

Springhill Lima Compound Bay G And H, Gen. Malvar St., Lima Technology Center, Santiago, Malvar, Batangas

13 MOA CLOUDZONE CORP. Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

14 MOA CLOUDZONE CORP.

Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

15 PERSTIMA (PHILIPPINES), INC.

SHARIFFUDIN BIN ZAKARIA

factory manager, manage all factory issues

YAMASAKI, KATSUMASA

General Manager

7 BRICKHARTZ TECHNOLOGY INC.

Lot 4044, Molino Boulevard, Niog III, City of Bacoor, Cavite

8 BRICKHARTZ TECHNOLOGY INC.

Lot 4044, Molino Boulevard, Niog III, City of Bacoor, Cavite

9 BRICKHARTZ TECHNOLOGY INC.

Lot 4044, Molino Boulevard, Niog III, City of Bacoor, Cavite

ZHANG, YONG

Mandarin Customer Relation Officer

Brief Job Description:

Ensure outstanding customer satisfaction by maintaining strong working relationships

QIN, JUN

Mandarin Customer Relations Officer

Brief Job Description:

Ensure outstanding customer satisfaction by maintaining strong working relationships

ZHANG, LEI

Mandarin Customer Relations Officer

Brief Job Description:

Ensure outstanding

write Chinese language

Salary Range: Php30,000 - Php59,999

Basic Qualification: Has excellent problemsolving and communication skills in Mandarin, with related BPO experience

Salary Range: Php30,000 - Php59,999

Basic Qualification: Has excellent problemsolving and communication skills in Mandarin, with related BPO experience

Salary Range: Php30,000 - Php59,999

Block 7, Lot 2 Main Boulevard, Lima Technology Center, Economic Zone, San Lucas, City of Lipa, Batangas

17 TERUMO (PHILIPPINES) CORPORATION

124 East Main Avenue, Laguna Technopark, Malamig, City of Biñan, Laguna

18 TOYOTA MOTOR PHILIPPINES CORPORATION Toyota Special Economic Zone, Santa RosaTagaytay Highway, Don Jose, City of Santa Rosa, Laguna

Brief Job Description: Submit ideas and solutions on manufacturing issues based on observations and analysis

SUMI, TAKUYA Director In Administration Division

Brief Job Description:

Oversee and ensures the effective operation of the entire division

NAGANO, FUMINORI

Vice President

Brief Job Description:

Discover, develop and evaluate new insurance ideas and conceptualize its product specifications and business scheme

THAM HOW WAN

19 WEIDA PHILIPPINES INC.

Lot 11 & 13, Block 3, Dasmariñas Technopark, Paliparan I, City of Dasmariñas, Cavite

VP-Sales & Marketing

Brief Job Description:

Responsible for managing brand awareness, developing strategic promotional plans for sales

Basic Qualification: Manifests extensive knowledge in mechanical reasoning on quality to analyze technical data

Salary Range: Php500,000 and above

Basic Qualification: Psychology graduate or any related course.

Salary Range: Php30,000 - Php59,999

Basic Qualification: Must have a bachelor degree and must have held a managerial position in affiliate company prior to assignment.

Salary Range: Php150,000 - Php499,999

Basic Qualification:

Bachelor degree with 7-10 years qualifications

Salary Range:

Php30,000 - Php59,999

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 Regional Office IV-A located at 3rd and 4th Floors, Andenson Building II, Parian, Calamba City, Laguna, within 30 days after this publication.

To avail of free job referral, placement, and employment guidance services, visit the nearest Public Employment Service Offices (PESO) or log on at http://www.philjobnet.gov.ph

The World

Editor: Angel R. Calso

Tokyo temperatures smash 150-year trend as extreme weather bakes globe

By Shoko Oda, Yasufumi Saito & Aaron Clark

TEMPERATURES in central Tokyo have soared to nearly 9°C (16°F) above the seasonal average, as the extreme heat blanketing the world continues to smash historical norms.

Over the weekend, Japan’s government issued a fresh round of heatstroke warnings, encouraging people to avoid going outside and to check on at-risk neighbors. Japan is particularly vulnerable to extreme heat because it has one of the oldest populations in the world, with almost 30 percent of its citizens over the age of 65.

Along with the very young, or ill, the elderly are typically at higher risk of suffering from heatstroke.

The hottest place in country was Kiryu, a city about two hours north of Tokyo, where the maximum temperature hit 39.7°C over the weekend. Japan’s all-time record is 41.1C, according to the Japan Meteorological Agency (JMA).

While long-run historical data shows Tokyo has been getting warmer for decades—the average annual temperature has increased by about 3°C over the past 100 years—this year’s unseasonable heat is supercharging that trend.

In central Tokyo, maximum temperatures reached 36.2°C on Monday, 7°C above the average for

the season, according to data from JMA tracing back to 1875 analyzed by Bloomberg. What’s more, Tokyo is seeing an extended hot spell. Last Wednesday, the mercury reached 37.5°C—that’s 8.9°C above the average for the season.

Getting warmer

AS well as climate change, Tokyo is also affected by the urban heat island phenomenon, which occurs when cities are covered by high concentrations of buildings and roads that trap heat, according to the Tokyo Metropolitan Government’s Bureau of Environment.

Although Tokyo “doesn’t have the kind of high rise that you

Heat wave in southern Europe generates health warnings for residents and tourists

By Nicole Winfield

The Associated Press

ROME—Italian health officials

intensified heat warnings Monday as southern Europe began a brutally hot week with temperatures expected to top 40 degrees Celsius—or 104 degrees Fahrenheit—on a continent already sizzling under the sun and overburdened by tourists.

Countries with borders on the Mediterranean Sea weren’t alone in suffering.

Authorities in North Macedonia extended a heat alert for the next 10 days with predicted temperatures topping 43°C (109°F), while Kosovo also issued heat warnings.

“Never in my life have I experienced heat like this before in Pristina,” Artan Kelani, a 22-year-old student, said in Kosovo’s capital, where it reached 34.4°C (94°F) Monday and was expected to get hotter starting Wednesday.

The Italian Ministry of Health urged regions to beef up house-call services so older people don’t have to go out if they need medical care and to set up dedicated heat stations at hospitals to treat emergency cases. Rome braced for temperatures as high as 42°C—107°F—on Tuesday.

The Italian capital’s civil protection office, volunteers and officials from the local water company plan to be at 28 locations, including the ancient Colosseum and open-air produce markets, to guide residents and tourists to fountains and to distribute bottled water.

The city government said that having volunteers fan out through the city would help hasten the arrival of medical help for people who seem to be suffering ill effects from the heat.

The culprit is a high-pressure anticyclone dubbed Cerberus after the multi-headed dog in Greek mythology that guards the gates to the underworld. Europe’s third heat wave in a month was expected to affect much of the Mediterranean region and last until Wednesday.

“The bubble of hot air that has inflated over southern Europe has turned Italy and surrounding countries into a giant pizza oven,” Hannah Cloke, a climate scientist and physical geographer at the University of Reading, said in a statement. “The hot air which pushed in from Africa is now staying put, with settled high pressure conditions meaning that heat in warm sea, land and air continues to build.”

The mercury in Rome hit 39°C (102°F) by 3 p.m. on Monday afternoon. Power outages were hitting parts of the city as electric grids sputtered under heavy demand from air conditioners.

While the Italian capital’s hot spell was tough on tourists trekking through the

cobblestone streets, tourist industry workers sweated through it.

Prince Mack, who is from Liberia, kept hydrated as he hawked tickets to opentop tour buses near central Rome’s Piazza Venezia. “I drank about six of these (water bottles) since this morning, and I’m still going to drink more,” he said at midday.

The Ministry of Health issued 10 recommendations to protect older adults, vulnerable people and pets from the heat. The guidance included staying indoors and avoiding strenuous exercise during the hottest hours of the day and drinking at least 1.5 liters (nearly a half-gallon) of water daily.

Local celebrities went on state-run RAI television to read the recommendations aloud and get the message out.

Besides Rome, several other cities, in particular on the southern islands of Sicily and Sardinia, were expected to top 40°C (104°F) on Tuesday.

Animals were stressed, too. Italian farm lobby Coldiretti noted that cows are producing around 10 percent less milk due to the heat.

Spain’s Aemet weather agency said the heat wave this week “will affect a large part of the countries bordering the Mediterranean.”

Temperatures in some southern areas of Spain were forecast to exceed 42°C (107°F) before dropping at some point on Wednesday.

Aemet spokesperson Rubén del Campo said that as Cerberus pushes a hot mass of air from Africa toward Europe, the heat and very dry air would cause the risk of wildfires to skyrocket.

A wildfire that started Saturday in Spain’s Canary Islands continued to burn out of control Monday, although authorities said weaker winds and cooler temperatures in the area were helping firefighters combat it. The blaze on the island of La Palma had burned some 4,600 hectares (11,300 acres) of mostly woody hill land and some 20 houses and buildings as of Monday.

More than 4,000 residents were evacuated from their homes Saturday but were allowed to return as of late Sunday.

Greece got a brief respite from the heat Monday, with opening hours returning to normal at the ancient Acropolis and other sites. But two wildfires threatened homes in areas outside Athens, where winds of up to 70 kph (45 mph) made the flames difficult to contain.

Most of southern Greece, including greater Athens, was at an elevated level of alert for fire risk, while more extreme temperatures were expected starting Thursday.

might get say in Manhattan” the city’s “medium density buildings, if they’re clustered fairly close together and there’s not much green space cover, they will trap heat and release it slowly as well,” said Jason Byrne, a professor of human geography and planning at the University of Tasmania. While Japan is far from alone in facing rising temperatures— the Italian islands of Sicily and Sardinia are expected to test Europe’s all-time high above 48°C this month, according to the European Space Agency—the issue is particularly acute due to its rapidly aging population. In 2020, 86 percent of heat wave deaths in Japan were above the

age of 65, according to the environment ministry.

In May, Japan’s cabinet approved a plan to try and reduce the number of heatstroke-related casualties, including measures such as pushing local municipalities to set up AC-equipped cooling shelters. For those groups like construction workers that have little choice but to work outside, clothing with built-in fans is common.

Days with temperatures over 35C are categorized as moushobi in Japanese by the meteorological agency, which literally translates to “extremely hot day.” Those numbers have been increasing in the recent decades.

In some cases, the heat island effect can be so strong that buildings fail to cool down at night, which may force people to run air conditioners throughout the evening. Those who can’t afford to may encounter difficulty sleeping, leading to elevated stress levels and physiological impacts over multiple nights during a heat wave.

If the urban environment stays hot throughout the night and into the early mornings, “that’s when you start to get those levels of heat-related stress and elevated excess deaths and morbidity from urban heat,” Byrne said. With assistance from Kevin Dharmawan/Bloomberg

A STREET vendor walks with hats in front of the Colosseum in Rome on Monday, July 17, 2023. Tourists flock to the eternal city while scorching temperatures grip central Italy, with Rome at the top of the red alert list as one of the hottest cities in the country. AP/GREGORIO BORGIA

Can PHL eliminate hunger by 2030?

Five United Nations specialized agencies recently warned that the Sustainable Development Goal of ending hunger by 2030 will not be reached if current trends in food security and nutrition are not reversed immediately. The agencies, including the Food and Agriculture Organization (FAO) and the international Fund for Agricultural Development, issued the warning in a recently published report, titled “The State of Food Security and Nutrition in the World 2023.” One of the alarming findings is that over 122 million more people are facing hunger in the world since 2019 due to the pandemic and repeated weather shocks and conflicts, including the war in Ukraine. (See, “Report: Over 122M more people facing hunger due to Covid-19, weather shocks,” in the BusinessMirror, July 17, 2023).

The 2023 edition of the report indicated that between 691 million and 782 million people faced hunger in 2022. The UN report also found that approximately 29.6 percent of the global population, equivalent to 2.4 billion people, did not have access to food, as measured by the prevalence of moderate or severe food insecurity. Of this figure, around 900 million individuals faced severe food insecurity.

According to FAO, people are food insecure when they lack regular access to enough safe and nutritious food for normal growth and development and an active and healthy life. This may be due to unavailability of food and/or lack of resources to obtain food.

The Philippines is one of the countries where citizens continue to struggle to gain access to safe and nutritious food. The 2023 UN report indicated that the prevalence of moderate and severe food insecurity in the country averaged 44.7 percent from 2020 to 2022. This means that nearly half of the population experienced food insecurity during those years.

The Covid-19 pandemic exposed the food supply vulnerabilities of the Philippines, which heavily relies on imports to fill its domestic food requirements. The spike in logistics cost and Russia’s attack on Ukraine made it tough for policymakers to stabilize the prices of goods, including basic food items. Weather shocks, such as Typhoon Odette, contributed to the spikes in the prices of certain food items like sugar and some processed food.

Russia’s recent decision to halt a deal that allowed grain to flow from Ukraine to other countries is the latest shock that would make it more challenging for the Philippines, a food importer, to improve its citizens’ access to food. On July 17, Russia said it will return to the wartime deal brokered by the UN and Turkey last year after its demands are met. (See, “Russia halts wartime deal that allows Ukraine to ship grain in a hit to global food security,” in the BusinessMirror, July 17, 2023). This development poses a major setback for policymakers around the world, particularly those in import-dependent nations, where hunger persists.

In the Philippines, millions continue to experience hunger, based on a survey conducted by the Social Weather Stations. Around 3 million Filipino families experienced involuntary hunger at least once from October to December 2022, at a time when consumption is at its highest due to the Christmas holidays. It is our hope that the Philippines succeeds in eliminating hunger by 2030, in line with the country’s commitment as a signatory to the UN Social Agenda.

EU and Latin American leaders hold a summit hoping to rekindle relationship

By Raf Casert | The Associated Press

BRUSSeLS—Leaders from the european Union and Latin America gingerly hugged and huddled at the opening of their first summit of long-lost relatives in eight years. Monday’s opening session didn’t turn into a joyful reunion of long-lost friends.

Latin American and Caribbean leaders brought century-old recriminations over colonialism and slavery across the Atlantic to the EU’s headquarters in Brussels, and added current-day complaints that Europe still doesn’t get how to treat former colonies as equal partners in the 21st century.

“Most of Europe was, and still is, overwhelmingly the lopsided beneficiary in a relationship in which our Latin America, and our Caribbean, have been and are unequally yoked,” said St. Vincent and the Grenadines Prime Minister Ralph Gonsalves, who holds the presidency of the 33-nation Community of Latin American and Caribbean States.

European leaders acknowledged time and again that the exploita-

with long-lost friends

tion of old had been fundamentally wrong, yet insisted that the challenges of today can only be tackled effectively when EU and Latin American countries do so together.

“You have to realize that in the past, we didn’t pick up the phone when they had issues. So there is very serious irritation among a great many countries,” Dutch Prime Minister Mark Rutte said. “That we get this back in our face now is also proof that we, as Europe, sometimes acted a bit arrogantly.”

The result was that long-stalled trade agreements—like a huge EUMercosur deal—will likely be no closer to resolution when the leaders wrap up their summit Tuesday. And despite weeks and months of preparation, a joint final statement

“Most of Europe was, and still is, overwhelmingly the lopsided beneficiary in a relationship in which our Latin America, and our Caribbean, have been and are unequally yoked,” said St. Vincent and the Grenadines Prime Minister Ralph Gonsalves, who holds the presidency of the 33-nation Community of Latin American and Caribbean States.

was still in limbo less than a day before the closing of the meeting, highlighted by a dispute over whether to include a condemnation of Russia’s war in Ukraine.

If something was on show, it was Central and South America’s increased confidence, boosted by a huge injection of funds from China and the knowledge that their critical raw materials will become ever more vital as the EU seeks to end an excessive reliance on Beijing’s rare mineral resources.

Their last such encounter was in

2015, and since then the Covid-19 pandemic and Brazil’s three-year departure from the 33-nation CELAC group had made the Atlantic Ocean separating the two sides seem wider.

That view could not be dispelled despite pledges of friendship and EU commitments to spend 45 billion euros ($51 billion) on the partnerships over the next four years.

Instead, divisions ranging from Russia’s war in Ukraine to trade and deforestation gave extra spice to a meeting that will be considered a success simply if the participants agree to meet more frequently.

Problems over including a reference to Russia in the summit statement were especially painful. The EU repeats its unwavering support for Ukraine almost daily. CELAC has member nations like Cuba and Venezuela whose views on Russia contrast with just about every EU nation and others that are neutrals in the war and point out other global conflicts that get less attention.

While the EU pushes for strong See “EU,” A11

How China beat everyone to be world leader in electric vehicles

By Linda Lew

iN the race to reduce carbon emissions, countries from the US to New Zealand are doling out incentives to spur electric-vehicle sales—tactics China used for years as it turned into the biggest ev market on earth.

Beijing’s success is breathtaking. EVs accounted for a quarter of all passenger cars sold in China last year, far ahead of the roughly one in seven in the US and one in eight in Europe. And the pace is accelerating. HSBC expects the EV penetration rate in the world’s second-largest economy to reach 90 percent by 2030.

Including plug-in hybrids, China’s clean-car sales hit 5.67 million in 2022, more than half of all global deliveries. The country will account for about 60 percent of the world’s 14.1 million new passenger EV sales this year, BloombergNEF predicts.

It’s not just buyers. Manufacturing is booming too—Chinese brands account for about half of all EVs sold globally, HSBC analysts said in a recent note.

Sufficient infrastructure obviously helps with EV adoption. China, which has the largest charging network in the world, added 649,000 public chargers in 2022 alone, which is more than 70 percent of all installations done globally that year.

Encouraged by all the progress made, EV makers have swarmed China with new models, and a price war has flared this year as companies

try to get ahead of rivals. Analysts expect some consolidation is looming for the industry in China.

Here’s a closer look at China’s carrot-and-stick approach to cultivating EVs:

The carrots CONSUMER subsidies: A program that ran for a decade reimbursed EV buyers with as much as 60,000 yuan ($8,375). Although the national subsidies ended in 2022, local governments in places like Shanghai continue to dole out rebates of up to 10,000 yuan.

Tax breaks: A standard 10 percent tax levy has been waived for clean-car purchases under 300,000 yuan until 2025, and will return at 5 percent for 2026 and 2027. The tax break, in place since 2014, is estimated to amount to 835 billion yuan by the end of 2027. In the US, the Inflation Reduction Act, which passed last year, includes $270 billion in tax incentives for EV purchases and clean manufacturing and nearly $12 billion in loans to clean-energy projects.

Manufacturer subsidies: Direct government support to EV makers helped many get up and running.

Beijing’s success is breathtaking. EVs accounted for a quarter of all passenger cars sold in China last year, far ahead of the roughly one in seven in the US and one in eight in Europe. And the pace is accelerating. HSBC expects the EV penetration rate in the world’s second-largest economy to reach 90 percent by 2030.

While an overabundance of companies emerged, with more than 500 EV brands crowding the market in 2019, the effort nurtured successes like BYD Co. The Shenzhen-based company has become the best-selling brand in China, ending Volkswagen AG’s decades-long reign.

Infrastructure: Widely accessible, government-subsidized charging stations reduce drivers’ costs and ease any range anxiety. Charging standards are uniform, thanks to agreements with manufacturers, so everyone uses the same plugs. China had 6.36 million EV chargers at the end of May, more than anywhere else on the planet. A significant portion is part of the state grid, the fourthlargest provider behind private companies like Wanbang New Energy Investment Group Co. and TGood New Energy Co.

The sticks

GA S hurdles: Buying and owning gasoline-powered cars is less and less

appealing. Cities are fighting congestion by limiting the number of cars on the road with measures such as lotteries for new license plates in Beijing and an auction system in Shanghai. Plates went for an average of 92,780 yuan at auctions in Shanghai during the first five months last year. EV drivers, meanwhile, can easily get a green license plate, showcasing their environmentally friendly credentials. Green plates are increasingly prominent on city streets. Production penalties: China introduced a dual-credit system for the auto industry in 2017, which awards points for making clean cars and penalties for those with high fuel consumption. Cars from producers with negative scores may be taken off the market. To avoid punishment, manufacturers can buy credits from rivals with positive scores, like Tesla Inc. or BYD. It can get expensive. State-owned Chongqing Changan Automobile Co. lost 4,000 yuan in profit for each car sold in 2020 as it bought credits to avoid the penalty.

The sales

G OVERNMENT purchases: Some local governments converted their public transport and taxi fleets to 100 percent electric, and encouraged local agencies to procure electric or plug-in hybrids. The result was steady business for EV makers such as BYD, which also makes buses, and Guangzhou Automobile Group Co. Bloomberg

Ambassador Antonio L. Cabangon Chua Founder

Israel’s governing coalition presses ahead with plan to overhaul courts ahead of expected protests

US plans narrow limits on China tech investments, likely by 2024

By Eric Martin, Jenny Leonard, Daniel Flatley & Anna Edgerton

By Tia Goldenberg

The Associated Press

TEL AVIV, Israel—Israel’s governing coalition pushed ahead Monday with its contentious plan to overhaul the country’s judiciary, despite growing opposition from within the country’s military and a wave of mass protests expected this week.

A parliamentary committee was preparing a bill that would limit judicial oversight on some government decisions, legislation that has sparked intensifying criticism from military reservists in elite units, including the air force and cyberwarfare.

Many have warned they will not show up for duty if the overhaul moves ahead. Reservists, who make up the backbone of the country’s mostly compulsory military, played a key role in prompting Prime Minister Benjamin Netanyahu to pause the overhaul plan earlier this year.

In response to the legislation, which is expected to go before a final parliamentary vote early next week, a large protest movement is expected to stage a “day of disruption” on Tuesday. These days of mass protest in the past have snarled traffic, choked the terminal at Israel’s main international airport and descended into clashes between police and demonstrators.

The judicial overhaul, advanced by Netanyahu’s nationalist and religious government, has deeply divided Israel, plunging it into one of its worst domestic crises and even sparking concern from its most important ally, the US.

The prime minister’s office said Netanyahu told President Joe Biden on Monday that a bill to remove the Supreme Court’s ability to strike down government actions it deemed “unreasonable” would be brought for a parliamentary vote next week. But he said that he would “try to form broad public support” for the rest of the judicial overhaul over the summer recess, the office said.

Netanyahu paused the overhaul in March, facing a wave of mass protests, labor strikes that halted outgoing flights and many other sectors and pledges by military reservists to not show up for duty if the legislation advanced. Similar pressures are reemerging as the government resumes its efforts.

The government says the plan is meant to rein in what it sees as an overly interventionist judicial system and restore power to elected officials. Critics say the plan would upend Israel’s delicate system of checks and balances and push the country toward autocracy. They also say Netanyahu has a conflict of interest by trying to shake up the justice system when he is on trial for corruption charges.

continued from A10

Netanyahu paused the overhaul in March, facing a wave of mass protests, labor strikes that halted outgoing flights and many other sectors and pledges by military reservists to not show up for duty if the legislation advanced. Similar pressures are reemerging as the government resumes its efforts.

Speaking at a meeting of his Cabinet on Monday, a day after being discharged from hospital for a dizzy spell, Netanyahu defended the overhaul and the bill moving forward now, which would prevent Israel’s courts from scrutinizing the “reasonability” of decisions made by elected officials.

He also slammed the recent wave of opposition from within the military. “In a democracy, the military is subordinate to the elected government and not the other way around,” he said. “Insubordination is contrary to democracy and contrary to the law.”

A rising tide of criticism from within the military earlier this year prompted the country’s defense minister, Yoav Gallant, to oppose the overhaul. His dissension led to Netanyahu firing him, which sparked the mass protests that forced the Israeli leader to freeze the legal changes and reinstate Gallant.

The government is moving forward with the plan after talks to find a compromise with opposition political parties failed. The legislation’s advance also comes despite warnings from across Israeli society that the overhaul would hurt the country’s economy, its military capabilities and tear apart its delicate social fabric. Israel’s currency, the shekel, has tumbled in value this year after the plan was unveiled.

The “reasonability standard” allows the court to review key government decisions in order to protect against improper appointments and potential corruption. It was used by the Supreme Court earlier this year to strike down the appointment of a Netanyahu ally as interior minister because of a past conviction for bribery and a 2021 plea deal for tax evasion.

The government says the standard is arbitrary and overused by the courts to cancel decisions made by elected officials.

Critics say removing the standard would allow the government to appoint unqualified cronies to important positions without oversight. They also say that it could clear the way for Netanyahu to fire the current attorney general—seen by supporters as a bulwark against the overhaul plan—or appoint legal officials who could ease his way out of the corruption charges he is facing in an ongoing trial.

“A lot of European companies have lost ground,” said Parsifal D’Sola, executive director of the Center of Chinese-Latin American Investigations.

The Biden administration’s plans to restrict investments in China will be narrowly focused on cutting-edge technology, only new investments, and likely won’t go into effect until next year as the policy grinds through Washington’s bureaucracy.

Officials are aiming to wrap up a proposal by the end of August for the long-delayed program to screen and possibly prohibit investment in China’s semiconductor, quantumcomputing and artificial intelligence sectors, according to people familiar with the plans, who asked not to be identified because the details are still private.

In a sign of how the administration’s early ambitions have been cut back, the restrictions are likely only to apply to new investments, and the administration has also decided to spare the biotechnology and energy sectors, the people said.

US Treasury Secretary Janet Yellen highlighted the limited scope of the plans in an interview with Bloomberg Television on Monday, saying the restrictions would be “narrowly targeted.” That will come as some relief for firms seeking an opening to China’s market or investors concerned with broader economic growth.

“These would not be broad controls that would affect US investment broadly in China, or in my opinion, have a fundamental impact on affecting the investment climate for China,” she said.

Even when the proposals are complete, the pace of America’s policymaking machinery means the pro-

gram, to be issued by executive order, likely won’t go into effect until 2024 at the earliest. That will disappoint China hawks looking for tougher, faster action but could give the administration more time to navigate between its desire to impose effective controls while also easing tensions with China, which has chafed at previous limits.

A spokesman for the White House and the National Security Council declined to comment.

The so-called outbound investment controls are part of the White House’s broader effort to limit China’s capabilities in developing the next-generation tech expected to dominate military and economic security. That includes steps to limit the sales of advanced semiconductors and the tools to develop them.

Rocky relations THOSE efforts have complicated relations with Beijing, which sees the restrictions as an attempt to contain and isolate China just as its economy is faltering. They’ve also angered US chip firms including Intel Corp. and Nvidia Corp., which expect the country’s massive market to drive revenue growth. Their CEOs were in Washington on Monday for a last-ditch effort to lobby White House officials

not to go beyond existing curbs.

Meanwhile, in the venture capital world, Sequoia Capital’s decision to split its US and China operations into separate entities illustrates how tensions between the top two economies risk snarling the flow of money and expertise that helped earn billions in recent years from Chinese start-ups.

Investors should be relieved that “there really is an emphasis from the administration that they’re doing this carefully,” said Emily Weinstein, a research fellow who focuses on USChina technology competition at Georgetown University’s Center for Security and Emerging Technology.

“Only your most egregious things will be outright prohibited,” Weinstein said, such as investing in the manufacturers of advanced semiconductors that list the Chinese military as a client.

The drafting and vetting of the program involves the White House and a bundle of cabinet departments including Treasury, Defense, State and Commerce.

Asked why it’s taken so long to propose the restrictions, Yellen

said Monday that officials “want to make sure if we do this, that we get it right, and we’ve been working on the details.”

The administration plans to allow for a public comment period and engagement with Wall Street and the affected industries, which is expected to last months. It will then need to incorporate that feedback, which likely pushes the process into next year.

Yellen previewed the program for Chinese President Xi Jinping’s government on her trip to Beijing earlier this month. The goal, in part, was to make sure it doesn’t catch off guard America’s biggest geopolitical rival as well as one of its largest trading partners and holders of debt.

Treasury will administer the program, which has been described as an inverse of the Committee on Foreign Investment in the US, or CFIUS—the Treasury-led process that reviews foreign investments for national security threats.

Emily Kilcrease, a senior fellow at the Center for a New American Security and a former deputy assistant trade representative, said the curbs will have real teeth in prohibiting some transactions but will be a letdown to some China hawks who had sought more sweeping proposals.

“Certainly there are some folks in the DC policy space who would want a much broader set of controls,” Kilcrease said. “But I think what she is saying is clearly signaling that’s not where the administration is going.” With assistance from Annmarie Hordern and Viktoria Dendrinou / Bloomberg

Climate envoy John Kerry meets with Chinese officials amid US push to stabilize rocky relations

BEIJING—US climate envoy

John Kerry told China’s top diplomat on Tuesday that President Joe Biden’s administration is “very committed” to stabilizing relations between the world’s two biggest economies.

On his second day of talks in Beijing, Kerry met with the ruling Communist Party’s head of foreign relations Wang Yi, telling him Biden hoped the two countries could “achieve efforts together that can make a significant difference to the world.”

Ties between the countries have hit a historic low amid disputes over tariffs, access to technology, human rights and China’s threats against self-governing Taiwan.

In his opening remarks, Wang said the sides had suffered from a lack of communication, but that China believes through renewed dialogue “we can find a proper solution to any problems.”

“Sometimes, small problems can become big problems,” Wang said, adding that dialogue must be conducted on an “equal basis.”

That was an apparent reference to US criticism of China’s aggressive

Mercosur, EU agreement across the finishing line. Our ambition is to settle any remaining differences as soon as possible.”

foreign policy, rights abuses against Muslim and Buddhist minorities and travel sanctions against officials ranging from the Beijing-appointed leader of Hong Kong to the country’s defense minister.

Kerry said he appreciated the opportunity to “change our relationship for the better” and that Biden is “very committed to stability within this relationship and also to achieve efforts together that can make a significant difference to the world.”

Biden “values his relationship with President Xi [Jinping], and I think President Xi values his relationship with President Biden, and I know he looks forward to being able to move forward and change the dynamic,” Kerry said.

Kerry later paid a courtesy call on newly appointed Premier Li Qiang, the party’s second-ranking official, who told him China and the US should cooperate more closely on the “extremely large challenge” posed by global warming. No meeting has been set with Xi, and China’s Foreign Minister Qin Gang has been absent from public sight for three weeks.

There was no immediate com-

ment on Kerry’s Monday meeting with his counterpart Xie Zhenhua in the first extensive face-to-face climate discussions between representatives of the world’s two worst climate polluters after a nearly yearlong hiatus.

China leads the world in producing and consuming coal, and has proceeded with building new plants that add tons of carbon dioxide to the atmosphere annually, while also expanding the use of renewables such as solar and wind power.

China has pledged to level off carbon dioxide emissions by 2030 and become carbon neutral by 2060. The US and the European Union have urged China to adopt more ambitious reduction targets.

As with the US and Europe, China has seen record stretches of high temperatures that have threatened crops and prompted cities to open Cold War-era bomb shelters to help residents escape the heat.

Along with the burning of fossil fuels, production of the gas methane is considered a major contributor to climate change that Kerry is focusing on.

US lawmakers have faulted China

for refusing to make bigger cuts in climate-damaging fossil fuel emissions, along with the country’s insistence that it is still a developi ng economy that produces far less pollution per capita and should be exempted from the climate standards adopted by developed Western economies.

Kerry is the third senior Biden administration official in recent weeks to travel to China for meetings with their counterparts following Secretary of State Antony Blinken and Treasury Secretary Janet Yellen.

China broke off some mid- and high-level contacts with the Biden administration last August, including over climate issues, to show its anger with then-House Speaker Nancy Pelosi’s trip to Taiwan. China claims the island as its own territory to be brought under its control by force if necessary, threatening to draw the US into a major conflict in a region crucial to the global economy.

Other problems have rocked relations since then, including the transit across the US of what American officials say was a Chinese spy balloon. AP

The Netherlands, with France, Spain and Portugal, are EU nations with ties to the Americas going back centuries and that were long based on exploitative colonialism and slavery. And even since the nations wrested independence from European powers, trade has often been seen as a one-way street on which Europeans benefitted first and foremost.

In the 21st century, China has steadily been pushing its influence and trade outreach deep into Latin America, and the EU acknowledges it has a geo-strategic battle on its hands.

Still, there is no overstating Europe’s clout in Latin America, especially when it comes to the economy. Annual trade between the two blocs has increased 39 percent over the past decade to €369 billion ($414 billion). EU investment in the region stood at €693 billion ($777 billion), a 45 percent increase over the past decade. The EU already has trade deals with 27 of the 33 CELAC nations.

It is also why the elephant in the room is the huge EU-Mercosur trade agreement between the EU bloc and Brazil, Argentina, Paraguay and Uruguay, which has foundered for five years just short of full ratification.

Unlock that deal, and shared prosperity would be the reward for all involved, von der Leyen said. “All of this is within reach if we get the

Several EU nations have powerful farm lobbies that seek to keep competition from beef producing nations like Brazil and Argentina at bay. And after then Brazilian President Jair Bolsonaro allowed Amazon deforestation to surge to a 15-year high, EU nations have been insisting on tougher environmental standards.

“The conclusion of the MercosurEuropean Union Agreement is a priority and must be based on mutual trust, not threats,” said Brazil’s current president, Luiz Inácio Lula da Silva. “The defense of environmental values, which we all share, cannot be an excuse for protectionism.”

Associated Press journalists Megan Janetsky in Mexico City, David Biller and Eléonore Hughes in Rio de Janeiro and Angela Charlton in Brussels contributed to this report.

Key opposition leader charged weeks before Malaysia state polls

By Ram Anand

The so-called outbound investment controls are part of the White House’s broader effort to limit China’s capabilities in developing the next-generation tech expected to dominate military and economic security. That includes steps to limit the sales of advanced semiconductors and the tools to develop them. words on the war, Gonsalves said that “this summit ought not to become another unhelpful battleground for discourses on this matter, which has been and continues to be addressed in other, more relevant fora.”

THE election director of Mal aysia’s biggest opposition coalition Perikatan Nasional has been charged with the country’s colonial-era sedition laws, just weeks before he is set to spearhead the alliance in the state elections next month.

Muhammad Sanusi Md Nor was charged on two counts of sedition at a Sessions Court in the state of Selangor over remarks that allegedly could incite disloyalty to the country’s rulers, local media reported Tuesday, citing court charges. He pleaded not guilty and was granted bail.

Muhammad Sanusi Md Nor was charged on two counts of sedition at a Sessions Court in the state of Selangor over remarks that allegedly could incite disloyalty to the country’s rulers, local media reported Tuesday, citing court charges. He pleaded not guilty and was granted bail.

Sanusi is the latest among a group of PN leaders to face court charges since Prime Minister Anwar Ibrahim took office last November. PN president Muhyiddin Yassin, who is also Malaysia’s former premier, and the alliance’s for-

mer information chief Wan Saiful Wan Jan were both charged with graft earlier this year.

Sanusi allegedly questioned the decision-making of both Selangor Sultan Sharafuddin Idris Shah and Malaysia’s King Sultan Abdullah Ahmad Shah in his political speech in Selangor on July 11, according to media reports. He had issued an apology to the Sultan of Selangor last Friday.

Selangor is among the states headed for elections in August, alongside Kedah, Penang, Terengganu, Kelantan and Negeri Sembilan. Sanusi, the caretaker chief minister of the northern Kedah state, remains eligible to contest in the polls. Bloomberg

A12 Wednesday, July 19, 2023

MIF advocates tout ‘trillions’ in investible funds, sources

By Jovee Marie N. dela Cruz @joveemarie & Butch Fernandez @butchfBM

CONGRESS leaders view the Maharlika Investment Fund (MIF) Act, signed into law on Tuesday, as an additional vehicle for financing big-ticket infrastructure projects without incurring more foreign debt or imposing new taxes, describing it as the country’s “bridge” between trillions in investible funds and thousands of investable development projects.

Speaker Ferdinand Martin G. Romualdez, House Committee on Ways and Means Joey Sarte Salceda, and Camarines Sur Rep. Lray Villafuerte said the Marcos administration has come up with a new investment fund source for high-impact, economically viable programs and projects, that address the two major challenges to its agenda of sustaining strong post-pandemic growth, creating more jobs and making the Philippines a prosperous middleclass society in two decades.  Romualdez, Salceda, Villafuerte,

and Marikina Rep. Stella Luz Quimbo are all principal authors of the MIF Act.

As an additional vehicle for financing, the MIF is expected to widen the fiscal space in the nearto medium-term as it reduces heavy reliance on local funds and development assistance as the main financing mechanisms for infrastructure projects,” Romualdez said.  “ It is envisioned to enable the government to execute and sustain high-impact and long-term economic development programs and

projects without imposing new or higher taxes,” Romualdez added.

Using the MIF as an alternative infrastructure funding source would free more funds in the annual national budget for other vital social services like education and health, he added.

The MIF is not only beneficial but necessary at this point in time. While the Philippines can offer investment opportunities, given that we are still a growing economy, we see that the cost of debt has risen, making the need to explore other vehicles to attract equity financing such as Maharlika Investment Corp. (MIC)/MIF urgent,” he said.

“ The MIC/MIF is an investment for the future that we need to start building now. It is an ideal vehicle that is well-positioned to bring in investments as the Philippine economic outlook remains robust amid the global economic slowdown,” the House leader added.

Priority projects pitched

WITH the signing of the MIF law, Senate President Miguel Zubiri expressed hope President Marcos

ICC DRUG WAR PROBE A GO; PHL APPEAL NIXED

will immediately pitch priority projects for funding under it, even as he stressed that the law now allows government to hasten vital projects without having to resort to borrowings.

For one, he said, he would pitch for MIF funding the Cavite-Bataan bridge, a toll bridge that will cut off travel time from three or four hours for those originating from the south “that now have to go through NLEX (North Luzon Expressway), all the way to Bulacan, going to Bataan.”

So, it’s great, so many industries will prosper, we can deliever more goods from the export processing zones there to the ports of Manila,” said Zubiri.

He expects less traffic congestion at the NLEX as the bigger 40foot containers using NLEX can now pass through the new bridge  at the toll road.

“So I think that is a big game changer, that’s one example that I can think of, and many others to come. But we wil let the President announce the other priority projects that will get first crack at the MIF.

Continued on A4

THE  International Criminal Court  (ICC) will resume its investigation into the bloody anti-illegal drug war of the Duterte administration after it denied the Philippine government’s appeal  to set aside the  January 26, 2023 decision of the pre-trial chambers (PTC) authorizing the resumption of the probe.

ICC-Appeals Chamber Presiding Judge Marc Perrin de Brichambaut announced the decision denying the government’s appeal during an open court hearing in The Netherlands where three out of five judges voted against the Philippines.

Voting in favor of rejecting the appeal are Judge Piotr Hofmanski of Poland, Judge Solomy Balungi Bossa of Uganda, and Judge Luz del Carmen Ibanez Carranza of Peru.     Brichambaut and Judge Gocha Lordkipanidze dissented from the ruling.

“ Therefore, the majority finds that the pre-trial chamber did not err in law,” Brichambaut announced.

Human Rights Watch (HRW) immediately hailed the ICC decision and urged the Marcos administration to cooperate with the probe.

“ The ICC appeals judges’ ruling marks the next step toward injustice for victims of drug war killings and their families,” Bryony Lau,

Deputy Asia Director at HRW.

Human rights group Karapatan also welcomed the resumption of the ICC’s probe into drug-war related killings during Duterte’s term.

It said there is a need for the ICC to intervene considering that the investigation mechanisms  adopted  by Philippine authorities “are ineffective and only meant to window-dress the current dire human rights situation.”      Party-list group Bayan Muna chaired by Neri Colmenares, said the ICC decision “is a significant step towards achieving justice for the victims and their families.”

E arlier, Justice Secretary Jesus Crispin Remulla said the Philippine government will not allow any investigation ICC might conduct should it junk the appeal of the Philippines.     Philippine authorities will also not comply if the ICC issues warrants of arrest against individuals subject of its investigation. “No. They won’t do anything here.They have nothing to do here. What are they going to do? Invade us? Do they want to come here just like a colonizer?” Remulla said.      “ We do not want other countries interfering with the justice system in the Republic of the Philippines … It’s enough. We are a free country, we have our own system of implementing our laws,” he added.    Joel R. San Juan

Companies

Editor: Jennifer A. Ng

Wednesday, July 19, 2023

ACEN, Australia’s aboriginal group to develop RE projects

By Lenie Lectura @llectura

Yindjibarndi Energy Corp. (YEC), a new entity formed by a partnership between aCEn Corp. and the Yindjibarndi aboriginal Corp. (YaC), will develop renewable energy (rE) projects—with a capacity of up to 3 gigawatts—in Western australia’s (Wa) Pilbara region.

YEC’s goal is to initially develop 750 MW of combined wind, solar, and battery storage under construction within the next few years. t his will entail an initial investment of over AUD 1 billion, ACEN said in a statement tuesday.

Subsequent stages will target an additional 2 GW to 3 GW of combined

wind, solar, and battery storage. t he RE produced will surpass the current output of WA’s largest coal-fired power station.

ACEN international CEo Patrice Clausse said the company is honored by the trust the Yindjibarndi community has bestowed upon ACEN to work collaboratively in explor-

ing development opportunities on their lands.

“ t he Pilbara region is home to some of the largest industrial energy users globally, many of whom have expressed their desire to transition to a carbon-neutral future. We are actively engaged in promising dialogues with potential off-take customers to purchase the renewable energy.”

ACEN and the Yindjibarndi Aboriginal Corporation (YAC) cemented the partnership last June through the formation of the YEC. t his collaboration represents one of the largest indigenous-led RE initiatives in Australia.

t he partnership agreement includes Yindjibarndi approval for all proposed project sites on Yindjibarndi Ngurra and Yindjibarndi equity participation of 25 percent to 50 percent in all projects, preferred contracting for Yindjibarndi-owned businesses, and training

and employment opportunities for Yindjibarndi people.

“We know that our country is well located for renewable energy development, so we made the decision early to lead. We established a small team and set out to find a partner with the right capabilities and values, which led us to ACEN,” said YAC Chief Executive Michael Woodley.

t h e agreement with ACEN means that the Yindjibarndi people can actively participate in Australia’s renewable energy transition in a significant way that provides long-term economic benefits to our community, whilst also ensuring that we can protect and preserve all areas within Yindjibarndi Ngurra which are of cultural, spiritual, and environmental significance to us. t he partnership will also create sustainable, long-term training and employment opportunities on country for our people.”

Aboitiz to issue ₧17.4-B retail bonds

By VG Cabuag @villygc

Aboitiz Equity Ventures

inc. (AEV) on tuesday said it filed an application with the Securities and Exchange Commission (SEC) to issue fixed-rate retail bonds, which it will offer in the third quarter.

t he said debt will have an aggregate principal amount of up to P17.45 billion, inclusive of oversubscription.

t h e said bond float will be issued as the second tranche of AEV’s P30-billion shelf registered debt securities program rendered effective by the SEC on November 22, 2022.

“Subject to market conditions, the 2023 bonds are expected to be offered to the general public during the third quarter of 2023. AEV intends to list the 2023 bonds with the Philippine Dealing and Exchange Corp.,” the company said in its disclosure.

ICTSI is preferred bidder for Durban terminal

IN t E RNA t io N AL Container

te rminal Services i nc. ( iC t Si )

s aid on tuesday it has been selected as the “preferred bidder” for the operation and development of a terminal in South Africa.

i n a disclosure to the stock exchange, the Razon-led company said tr ansnet S o C Ltd., a South African government state-owned company, has declared iC t Si as the preferred bidder for the Durban Container te rminal (DC t ) Pier 2 at the Port of Durban in South Africa.

t he contract provides for the creation of a joint venture with tr ansnet Port te rminals to operate and further develop its flagship DC t Pier 2 under a 25-year concession.

According to iC t Si DC t Pier 2 is tr ansnet’s biggest container terminal, handling 72 percent of the Port of Durban’s throughput and 46 percent of South Africa’s port traffic. t he terminal has 1760 meters of operational quay length and 120 ha of container storage and backup area.

“Final award is subject to completion of legal agreements between tr ansnet and i C t S i ,” the listed Filipino port operator said. Lorenz

Marasigan

B1

PSE forges ties with UK flagship program

THE Philippine Stock Exchange (PSE) on tu esday said it has partnered with United Kingdom’s flagship program dubbed Mobilising i n stitutional Capital through Listed Product Structures or Mobi L i S t

P SE said the program supports investment solutions to help deliver the climate transition and the United Nation’s Sustainable Development Goals in developing economies.

by providing equity capital investment, technical assistance and advisory services, and enhanced visibility through the UK government’s platforms, Mobi L i S t enables new scalable and replicable financial products to list on public markets, such as the PSE.

“When i was informed by our team about the potential partnership with Mobi L i S t, i took special interest in the program. Mobi Li S t perfectly addresses two major initiatives of the PSE—first, to get more companies to go public and second, to have more sustainability-oriented companies comprise the listed companies at PSE,” PSE President and CE o Ramon S. Monzon said in his welcome message during the event.

t h e UK’s Foreign Common-

wealth and Development o f fice (FCD o) Director General Jenny b ates and UK’s Ambassador to the Philippines Laure b e aufils joined executives of the PSE in a closing bell ringing ceremony on Monday. Monzon described Mobi L i S t as a listing catalyst for companies that meet the program’s selection criteria and cited that its services will be a tremendous help to the i P o journey of listing applicants. i urge the investment firms here to maximize the opportunities the program offers,” Monzon said. Monzon also expressed gratitude to the FCD o for choosing PSE as partner in the Mobi L i S t program. Aside from the PSE, Mobi Li S t counts stock exchanges in br azil, London, Mexico, Singapore and South Africa among its partners. After the bell ringing event, an information session was conducted for representatives of investment houses and select clients of PSE’s Listing Engagement and Assistance Program). UK FCD o Senior Private Sector Advisor Ross Ferguson introduced the M o bi Li S t program to the audience while Eighteen East Capital Partner Dave Portmann tackled the criteria for selection of M o bi L i S tq ualified companies. VG Cabuag

AEV earlier said it remains focused on spending some P78 billion in capital expenditures this year to fuel growth despite a slowing economic environment.

Jose Emmanuel Hilado, the company’s chief finance officer, said the group expects a slowdown in the economy as a result of higher interest rates and inflationary pressures this year, a spillover from the challenges that it started to feel last year.

but we don’t expect a recession similar to other countries in the developed economies that they’re expecting a recession for the latter part of the year.”

Hilado said the conglomerate still sees the economy growing between 5.6 percent and 6 percent this year, though slower than the 7 percent recorded last year.

“Some sectors have really slowed down, like the real estate sector has been slowing down because of higher

interest rates. And as a result, the slower construction activity and lower demand for cement consumption.”

Last March, AEV said its income in 2022 fell 9 percent to P24.8 billion, from the previous year’s P27.3 billion, mainly on weak fourth quarter profits due to foreign exchange losses.

Revenues for the entire year rose 37 percent to P307 billion from the previous year’s P233.92 billion, as most of its units performed well during the period.

For the fourth quarter alone, the company’s net income fell 55 percent to P3.5 billion from the previous year’s P7.8 billion.

t he company recognized nonrecurring losses of P2 billion during the period, primarily due to forex losses from the revaluation of US dollar cash and liquid financial instruments, compared to the P444 million in non-recurring gains for the same period in 2021.

Romualdez affirms vow to help PHL MSMEs grow

THE House of Representatives remains firmly committed to helping micro, small and medium enterprises (MSMEs) grow to create jobs and provide income opportunities for the people, Speaker Ferdinand Martin G. Romualdez said.

Romualdez, in his remarks at the recent opening ceremony of the National Food Fair (Philippine Cuisine and Ingredients Show) spearheaded by the Department of Trade and Industry (DTI) in Mandaluyong City, acknowledged that lawmakers recognize the crucial contribution of small businesses to the economy.

“Dear friends, our mission in the House of Representatives is clear: to equip every Filipino entrepreneur with the necessary tools and conducive environment for success,” Romualdez said.

“As the Speaker of the House, I pledge my commitment to this mission, confident that our collective efforts, our entrepreneurs’ resilience, and the Filipino people’s support will ensure its realization,” he said.

“Let’s celebrate the invaluable contributions of our MSMEs and envisage a future where they stand at the helm of our nation’s prosperity,” Romualdez added.

The Speaker said the legislative agenda of the lower chamber is geared towards their empowerment and growth, working relentlessly to create a level playing field for all businesses.

“Our initiatives—simplified business registration, tax reform, affordable financing, and digital infrastructure investment—reflect this commitment. We are convinced that reducing these barriers will unlock our MSMEs’ full potential, fostering their growth and furthering national progress,” he added.

The House leader pointed out that the House has passed several measures, and is considering the approval of other proposals, meant to help small businesses such as the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) Act and House Bill No. 1171, or the “One Town, One Product Act.”He said these are aligned with the policy of the administration of President Ferdinand R. Marcos Jr., noting that the Chief Executive has allocated P1.2 billion in the 2023 national budget to support programs for MSMEs.

The GUIDE Act, of which Speaker Romualdez is one of the principal authors, obligates government financial institutions like the Land Bank of the Philippines (LandBank) and the Development Bank of the Philippines (DBP) to assist small businesses and “strategic” companies.

For this purpose, the bill seeks to increase DBP’s capitalization from P35 billion to P100 billion, and allocates P7.5 billion to LandBank and P2.5 billion to DBP for lending to small enterprises.

On the other hand, Speaker Romualdez said the “One Town, One Product” or OTOP bill aims to “assist MSMEs in developing innovative products, enhancing quality, design, packaging, compliance, marketability, production, and brand development.”

“The OTOP program incorporates a broad range of products and skillbased services native to specific localities. It mirrors the rich fabric of our cultural heritage and entrepreneurial vigor,” he said.

Romualdez thanked the National Food Fair organizers for inviting him to the event as he also encouraged efforts to kindle the entrepreneurial spirit of Filipinos.

“As we indulge in the diverse offerings of this event, let us acknowledge that it is the entrepreneurial spirit and resilience of these enterprises that truly enrich our nation,” Romualdez said. Jovee Marie N. Dela Cruz

E-commerce firm Gencys aims to boost profitability of local ‘e-commpreneurs’

By Roderick L. Abad @rodrik_28 Contributor

Electronic commerce, or more popularly known as e-commerce, is the buying and selling of goods and services, as well as the transfer of payments or data, over an electronic network, most notably the Internet. Though, initially, it was not widely accepted internationally amid the emergence of digitalization in the past recent years, it took a health crisis before the consuming public began to embrace and, eventually, become heavily dependent on it both for their basic necessities and wants.

The accelerated adoption of ecommerce since the deadly coronavirus spread out in the latter part of 2019, eventually, opened the door for more new players to enter the industry. Amid a glut of online sellers, their sales continued to increase as consumers were constantly stuck at home and greatly concerned over the deadly virus. Such growth has been sustained post-pandemic, as the World Health Organization recently declared the end of Covid-19 as a health emergency.

According to Gencys Digital Trading Inc. CEO Hernani H. Razon, e-commerce will continue to stay being a “new normal” in the retail landscape as most Filipinos are more inclined now to do online shopping even with the reopening of the economy.

“What will prolong an industry are its initiators, innovators and recipients which are the consumers. Right now, the consumers are more comfortable in e-commerce,” he told the BusinessMirror on the sidelines of their Batch 5 Masterclass held at the Crimson Hotel in Alabang, Muntinlupa City, last July 15.

Baby steps

HAVING been emergent for less than 20 years, e-commerce as an industry in the Philippines is still in its infancy period, hence, the future of enterprises in this space, though moneymaking today, remains uncertain, the top executive said.

Forward thinking as it is, Gencys, which started as a home-based vir-

tual retailer of general merchandises such as bath care and kitchen wares imported from China and was incorporated in 2021, endeavors to bridge the gap between profitability and longevity for Filipino entrepreneurs in the online trade market.

“The common problem of entrepreneurs in e-commerce, or what we call ‘e-commpreneurs’ is sustainability. They cannot create or delegate tasks that’s why scaling or expanding their business is hampered or slowed down,” Razon explained.

To help their growing community, the CEO and his co-founder and chairman, Charlie P. Gengos, established the company to provide cutting-edge e-commerce technology solutions and services by focusing on innovation, systems and stability.

They are committed to perfecting their e-commerce system, treating their employees as partners by equipping them with the right knowledge and skills, ensuring the success of their business allies, sourcing high-quality products, and offering training programs to help e-commpreneurs.

Its wide array of services and solutions support the specific needs of businesses in accordance to their size and objectives.

Development partner BUSINESS is a complex world. The stature of well-established or big players in this field does not come in a silver platter. Most, if not all, started from small beginnings.

“So we do offer a partnership program to help entrepreneurs develop their business from small to medium enterprise,” Razon said.

With this, the owners of newbie and start-up e-commerce businesses are given access to the firm’s sales and marketing, warehouse and logistics, finance, human resource (HR), and administration departments.

Gencys Business Development Program helps mitigate the challenges and three common pitfalls linked with starting up, such as sales and marketing, finances and handling

People empowerment

EMPLOYEES are the main assets of a company. Treating and taking good care of them makes them reciprocate the favor by performing well their job for the betterment of their organization and its business.

“So if you want to start an enterprise, just start with the people,” the CEO hinted. “Because no matter how good your system is, if your people do not implement it right, it’s still useless.”

Online sellers, in particular, are given unique value with its specialized training and information customized exclusively to the ecommerce market. What’s more, it lends specialized education, triedand-true methodologies and tools, interactive learning experiences, access to seasoned industry leaders, networking opportunities, and assistance with business growth and expansion.

of people, allowing Gencys Partners to effectively streamline their operations and reach their business goals.

“The bonus that we teach is vision. If you’re into money making in e-commerce, you will not last that long. What matters is the role that you want to take on to help the community. Making money or not, but if you believe in your vision, you can raise your business,” he pointed out. “Building a business will take years. So the vision is important.”

Gencys Business Development program started its beta testing the last year with just three companyclients. Now it has 28 partners, of which eight will graduate from small to medium enterprise with eight-digit or at least P10 million in revenue, he shared.

Putting system in place MEDIUM-SIZED businesses that have established themselves in the e-commerce space for quite some time are not spared from challenges in areas such as sales and marketing, warehousing and logistics, company culture, employee well-being, bookkeeping and managing finances, compliance, and internal processes.

To their aid, Gencys Business Consultation is available to them. This three to four months project is well structured to effectively address a company’s end-to-end business requirements.

The experienced leaders and practitioners at Gencys are data-driven and solution-focused, capable of assisting businesses scale up amid setbacks and threats. By leveraging their expertise, tools and processes, enterprise-clients are guaranteed to reach their maximum potential. They cater new business strategies in synch with the firm’s envisioned future, allowing for growth and development.

“So it’s more on about selling the system of Gencys,” Razon said, while citing that they just get specific advisory or partner shares from their business customers.

Munti honored anew for innovations

WITH the constant positive feedback from the private sector on the ease of doing business in the city, Muntinlupa has been feted anew by the Office of the President’s Anti-Red Tape Authority (ARTA) for its innovative business registration that sets a standard among its peers.

At the recent fifth anniversary celebration of ARTA, Muntinlupa led seven other cities as the first recipients of the Accelerating Reforms for Improved Service Efficiency (ARISE) Awards.

“We are definitely proud of this recognition, as this is validation of the city government’s committment to bring quality public service to every Muntinlupeño,” Mayor Ruffy Biazon said.

In its latest compliance monitoring as a benchmark for other local government units (LGUs) to emulate, ARTA commended earlier this year the city’s Business One-Stop Shop (BOSS) and its electronic format eBOSS, which puts all the necessary agencies for a business license or permit in one location.

Apart from BOSS, Muntinlupa also has other initiatives in place considered as industry best practices for streamlin-

ing the processes of listing and renewing enterprises in this LGU.

These include the Business Permits and Licensing Office Single-Window Transaction (BPLO-SWiT) program in collaboration with Festival Mall in Alabang in order to bring tax payment and registration services closer to entrepreneurs. Alternatively, business owners may

Gencys HR Consultation provides a highly tailored solution to address problems in areas, such as the hiring process, employee well being, and company culture. It specializes in seven facets of human resources: Recruitment and selection, records management, employee relations, training and development, labor relations, organizational development, and compensation and benefits.

Focusing on these crucial aspects, Gencys HR Consultation helps businesses to hurdle their challenges, enhance their HR processes, and create a positive work environment. With the mastery and customized approach of its team, businesses are enabled to optimize their manpower practices and ensure the well-being and satisfaction of their employees.

E-commerce mastery

BY and large, it took time to become proficient at any field. But in e-commerce, there’s a convenient alternative available that is shorter yet rewarding—the Gencys E-Commerce Masterclass.

For four days, attendees for this very comprehensive interactive e-commerce mastery course will become more adept on the “ins” and “outs” of the marketplace. It covers various tactics for sales and marketing, research and development, warehousing and logistics, company culture, employee wellbeing, bookkeeping and managing finances, compliance, and internal processes.

The masterclass presents the information in an easy-to-understand, chronological format, saving the valuable time and effort of entrepreneurs. Likewise, it is supplemented with dozens of proven methods and tools developed by Gencys’ experienced leaders and practitioners.

Enrollees can gain valuable insights and acquire the needed skills and knowledge to effectively explore the complicated e-commerce sector. Entrepreneurs may improve their ecommerce entities, overcome problems successfully, and prosper in this dynamic sector by applying the resources and information learned during the masterclass.

On the other hand, HR professionals are enabled to enhance their knowledge, skills, and expertise. It equips them with the necessary tools, updated processes, and insights to navigate the complexities of HR effectively, make informed decisions, and bring positive change within their organizations.

“Right now, we want to introduce them to data-driven training. So we put a free Lean Six Sigma, which is a system from Japan used by Fortune 500 companies. It’s more on efficiency and also the right process flow in putting up a business,” Razon said.

Gencys E-Commerce Masterclass began in December 2021. It is offered twice a year—each with a three-day online session and one-day in-person class. Every masterclass draws an average of 150 enrollees, with a livestream reaching around 1,200 viewers to date worldwide.

Collaborative effort

GENCYS’ tie up with brands and logistical services is beneficial to its e-commerce platforms and services.  The relationship it builds with partners guarantees access to trusted brands and high-quality items, boosts product availability, streamlines logistics operations, improves customer assistance, and promotes trust and credibility. Collaborating with like-minded organizations results to a seamless and gratifying experience of customers, which, in turn, earns their loyalty and realizes business growth for Gencys.

The company dedicates itself to be at the forefront of digital transformation in the e-commerce industry by utilizing best-in-class technologies to ensure a seamless shift to the digital age. This is in line with its vision and commitment to lead the industry in innovation, systems and stability.

“Looking forward, we envision Gencys to be a leading e-commerce through innovation system stability and the choice of Filipino entrepreneurs in cutting-edge e-commerce technology. We want any starting company, whether small, medium or large, to think first of Gencys when they put up an e-commerce business,” Razon stressed.

PBBM, DTI chief launch ‘Kadiwa’ caravan, distribute aid to MSMEs

TO bring affordable food products closer to the Filipino people and provide them with livelihood means, President Ferdinand R. Marcos Jr., together with Department of Trade and Industry (DTI) Secretary Alfredo Pascual, led the opening of the “Kadiwa ng Pangulo” caravan and distribution of financial assistance to small-scale enterprises in Pampanga on Monday.

attain food security in the Philippines.

On the other hand, the fund distribution is intended to support businesses affected by the Covid-19 crisis, calamities, and other catastrophes to start anew post-pandemic.

A total of P6.541 million in monetary assistance was handed by the DTI to small enterprises during the ceremonial distribution held at the Benigno Aquino Hall in San Fernando.

also renew their license and Mayor’s permit at the BPLO in Muntinlupa City Hall, or via the Business E-payment System (BESt), through the City’s official web site (www.muntinlupacity.gov.ph).

The seven other ARISE awardees include the cities of Manila, Parañaque, Quezon City, Navotas, Marikina, Valenzuela, and Lapu-Lapu in Cebu. Roderick L. Abad

During the event, the Chief Executive also witnessed the signing of the memorandum of agreement among different government agencies, such as the DTI, Department of the Interior and Local Government, Department of Agriculture, Department of Labor and Employment, Department of Social Welfare and Development, Presidential Communications Office, and Presidential Management Staff for the massive roll out of the Kadiwa ng Pangulo to other local government units in the country.

This initiative is aimed at giving the consumers access to cheap yet quality basic commodities. Also, it is crucial to

From this amount, 16 beneficiaries of the Pangkabuyan sa Pagbangon at Ginhawa Program in the capital city of Pampanga received P11,900 each, or a sum of P190,400.

For the RISE UP Micro Multi-Purpose Loan Program, all the seven recipients got an aggregate monetary assistance of P6.351 million.  Prior to these activities, Kadiwa caravans were launched in other parts of the country to show the government’s bold effort to ensure the availability of affordable products to every Filipino.

THE Covid-19 pandemic has had tremendous impact on the global economy—with most industries and businesses folding up due to restricted mobility of people, especially during the lockdown periods— but not the online trade.

HERNANI H. RAZON, chief executive officer of Gencys Digital Trading Inc.

MUNTINLUPA Mayor Ruffy Biazon (left) accepts the plaque of recognition for winning the Accelerating Reforms for Improved Service Efficiency Awards during the fifth anniversary celebration of the Anti-Red Tape Authority.

Bold reforms needed as economy afloat on ‘sea of uncertainty’–FDC

By Jovee Marie N. dela Cruz @joveemarie

governance under the administration is clear—recycling economic technocrats.

For 2022, the national government reported a 7.6 percent GDP growth while unemployment rate eased down at 4.8 percent in early 2023.

“However, high growth is explained by the fact that the country was emerging from a very depressed situation in 2020-21—from very low base period. The Philippines’ full recovery from the Covid depression is still unfinished. ‘Revenge spending’ in post-Covid now tapering off,” he said.

NG raises ₧30B from sale of 7-year Treasury bonds

“Economy dominated by 50 families (out of 24 million households) and ultra-rich wealth rising,” he also said.

Ofreneo said the Philippines is reeling from a full-blown food-agricultural crisis due to aimless/mindless liberalization, mangled agrarian reform, corruption, and lack of profarmer vision of development.

THE national government raised P30 billion on Tuesday from the auction of re-issued Treasury bonds (T-bonds), according to the Bureau of the Treasury (BTr).

The BTr said the Auction Committee made a full award for the 7-year bonds, which were initially issued on October 13, 2022.

The bonds still have a life of six years and two months, which means the bonds are set to mature on October 13, 2029.

interest rate of 6.299 percent. During the auction, the highest interest rate for the offer was 6.348 percent and the lowest interest rate was 6.2 percent.

Last week, the BTr also raised P30 billion from the 15-year bonds it auctioned. The bonds received a total of P47.501 billion worth of offers from the market.

During the FDC’s State of the People Address (Sopa), FDC President Dr. Rene E. Ofreneo said the economy is still mal-developed and unequal.

“The economy is fragile and floating in a sea of uncertainties. The Philippines is vulnerable to global economic conflict or turbulence, which can trigger global recession and recession-depression in the Philippines,” Ofreneo said last Tuesday.

In a recession-depression situation, Ofreneo said foreign direct investments are naturally shy to invest in the Philippines no matter how open the economy is.

He said Marcos inherited a maldeveloped economy that stands mainly on two legs: remittances by overseas Filipino workers (OFWs) and earnings from call centers and business process outsourcing firms. Aside from that, Marcos also received

an economy sunk by the Duterte government’s poor handling of the Covid-19 pandemic and excessive resort to borrowing.

But Ofreneo said the Marcos administration’s economic challenges are clear—push for economic recovery and transform the mal-developed economy.

“And yet, [Marcos] does not have anything new to offer despite his landslide victory and ‘super majority’ in both chambers of Congress. He chose to merely continue neoliberal blueprint of his predecessors, as reflected in his PDP 2023-28 and appointment of economic technocrats,” he said.

“He has no clear answers on how to address basic economic problems –joblessness, mass poverty, etc. – that have been bedeviling the nation for decades!” Ofreneo added. He said the direction of economic

“Services sector still leads the growth process, with OFW spending as the main motor of the ‘consumerdriven’ economy. As to job creation, the informal economy is the catch basin due to continuous stagnation of manufacturing and collapse of agriculture,” he added.

Ofreneo said the high rate of employment is paralleled by the high rate of informal employment, estimated by labor statisticians to be 80 percent to 82 percent of the labor force.

He said recovery among the micro, small and medium enterprises (MSMEs), which collectively account for more than 95 percent of one million registered enterprises, is agonizingly slow.

He added that around 10 percent of the MSMEs have closed down or stopped operations, while some are still in the survival phase, not in a buoyant or bullish mood.

BSP boosts use of coins in payments

By Cai U. Ordinario @caiordinario

BANKS can now accept more coins from their clients on a per transaction basis, according to the Bangko Sentral ng Pilipinas (BSP).

In Circular 1162 (series of 2022), the BSP said the legal tender limit of Philippine coins per transaction has been increased in a bid to promote the use of coins in payments and other cash transactions.

“The coins may be used and accepted in amounts higher than the legal tender limits stipulated by the circular, provided that both payer and payee mutually agree to transact using quantities of coins above said limits,” a statement issued by the BSP read.

Based on the circular, the 1-, 5-, 10- and 20-peso coins should be accepted as payment or change for

amounts not exceeding P2,000 while 1-, 5-, 10- and 25-sentimo coins can be accepted for amounts not exceeding P200 per transaction.

BSP said these are increases from the previous limits of P1,000 for the 1-, 5-, 10- and 20-peso coins and P100 for the 1-, 5-, 10- and 25-sentimo coins.

The central bank encourages the public to use and accept coins in cash transactions to promote the efficient recirculation of coins in the country.

All denominations of the BSP Coin Series and the New Generation Currency (NGC) Coin Series 3 are legal tender and should be accepted as payment for goods and services.

On March 26, 2018, the BSP released the NGC Coin Series comprised of the 10-piso, 5-piso, 1-piso, 25-sentimo, 5-sentimo and the 1-sentimo into circulation.

These NGC coins feature three na-

tional heroes (Apolinario Mabini in the 10-piso, Andres Bonifacio in the 5-piso and Jose Rizal in the 1-piso), a stylized three stars and a sun in the 25-, 5- and 1-sentimo, the BSP logo, and endemic flora consistent with the design of the NGC Banknote Series that highlights Philippine fauna.

On December 17, 2019, the BSP released the new 20-piso NGC coin and the enhanced 5-piso NGC coin with nine sides, which are the latest to be circulated under the BSP’s NGC Coin Series. The bi-color 20-piso coin retains major elements of the 20piso banknotze. The obverse side of the coin features Manuel L. Quezon, while the reverse side shows the BSP logo, the Malacañan Palace and the Nilad plant.

“The BSP enjoins the public to properly use and recirculate our Philippine coins for their economic and cultural value.”

MUFG to refit JVs with Morgan Stanley

MITSUBISHI UFJ Financial Group Inc. (MUFG) and Morgan Stanley will merge some operations at their Japan-based joint ventures, in the first major reorganization since the two entities were formed more than a decade ago.

The companies will integrate Japan equity sales for institutional clients, along with corporate access, research and a part of execution services, MUFG and Morgan Stanley said in a statement on Tuesday. The banks also agreed to collaborate on foreign-exchange trading.

Japan’s largest lender invested $9 billion in the Wall Street bank at the height of the financial crisis in 2008, acquiring a 20 percent stake. Following the alliance, they set up two securities joint ventures in Japan in 2010.

Morgan Stanley MUFG Securities Co. is 51 percent owned by the US bank, while Mitsubishi UFJ Morgan Stanley Securities Co. is 60 percent held by the Japanese lender. The business functions being consolidated will be transferred to the Morgan Stanley-led entity.

Morgan Stanley Chief Executive Officer James Gorman said the initiatives are examples of how the two firms can “deepen our strategic alliance over the years to come.”

MUFG CEO Hironori Kamezawa said the firms will collaborate to enhance their partnership “for the coming decades.”

Job cuts aren’t the purpose of the overhaul, Yuki Hasegawa, a managing director at Morgan Stanley MUFG Securities, said at a briefing in Tokyo.

Meanwhile, engaging the government on survival measures, Ofreneo said immediate measures should be implemented including jobs for all, save the informal sector and micro-enterprises, help all the distressed OFWs, and save the most vulnerable and the poorest of the poor.

On the critical debt issue, he said the government should repeal Presidential Decree 1177 or the automatic debt service law; review, audit and overhaul the debt management program; cancel and repudiate odious loans; and develop a system of progressive taxation.

Earlier, Marcos emphasized that his SONA will be more of a report to the people where he will discuss the programs and projects he mentioned in his previous address, show those that have been accomplished, and the things that need to be done.

Marcos explained that he wants to explain to the Filipino people the significant progress in the Philippines especially on how the international community perceives the country.

Marcos is set to deliver his second SONA on July 24 at the Batasang Pambasa.

BIR clarifies validity of permits for POS, CRMs

COMMISSIONER Romeo D.

Lumagui Jr. of the Bureau of Internal Revenue (BIR) wishes to clarify and reiterate certain provisions regarding the validity periods of the Permit to Use (PTU) and Certificates of Accreditation issued to developers/dealers/ supplier-vendors/pseudo-suppliers of cash register machines (CRMs), point-of-sale (POS) machines and other sales machines/receipting software.

Per Revenue Regulations (RR) 6-2022 issued on June 30, 2022, the 5-year validity period of the PTU and system-generated receipts/invoices has been removed to streamline the processes and reduce the administrative burdens for businesses. Henceforth, the issued PTUs will remain valid unless revoked by the BIR based on specific grounds specified in the said regulations.

However, it is important to note that the extended validity period for Certificates of Accreditation issued for CRMs, POS Machines and other sales machines/ receipting software is still being implemented in accordance with Revenue Memorandum Circular (RMC) 107-2019.

According to the BTr, the auction was 1.9 times oversubscribed with total tenders reaching P57.8 billion. With its decision, the Committee raised the full program of P30 billion, bringing the total outstanding volume for the series to P121.8 billion, the Treasury added.

The government received tenders worth P57.788 billion and rejected P27.788 billion.

The bonds fetched an average

The bonds have an issue date of July 13, 2023 and are set to mature by July 13, 2038. The national government’s auctions of debt papers have been challenged by rising rates. For this month, the national government plans to borrow P180 billion from the domestic market next month from the auction of T-bills and T-bonds.

Broken down, the Treasury said it plans to raise P60 billion from T-bills across four auctions and P120 billion from T-bonds across four auctions as well. Cai U. Ordinario

Let’s talk capital market

Part three

THIS time we focus on the Securities and Exchange Commission (SEC) and its role in the capital markets. This role is central because it administers the implementation of the Securities Regulation Code (SRC).

The SRC declares it the state policy to “establish a socially conscious, free market that regulates itself, encourage the widest participation of ownership in enterprise, enhance the democratization of wealth, promote the development of the capital market (and) protect investors,….” (Section 2). By law, the SEC is the lead government agency for capital market development.

We propose to highlight some notable efforts undertaken or being undertaken by SEC to assure us that indeed the SEC is moving the progress of capital market development.

Since the SEC, the regulator, must register all securities for public sale, and since securities “fuel” the capital market, the number and speed with which securities are registered and their value are the major indicators of progress, i.e, to broaden the capital market.

To give itself a target, SEC adopted the 888@888 initiative, giving 888 companies access to the capital market by the 88th anniversary of SEC in 2024. Starting with 274 listed companies (as of April 2022), SEC targeted to reach additional 717 new listed companies (a higher internal goal), to cover the 888 declared goal.

The record shows that in 2021, 51 issues were registered with value of P365.7 Billion. In 2022, 46 issues were registered with value of P388.1 Billion. In Jan-May 2023, 23 issues were registered with value of P146.4 Billion.

In the Capital Market Development Council in June 2023, the SEC reported that of the 888 target, 627 have been achieved representing 70.61 percent of target. There are still 261 in number of Companies/ Issuers needed to be listed/to access capital market to hit the 888 target. The usefulness of targeting is in its power to goad action.

ing “Capital Market Promotion and Awareness Inter-Agency Network,” i.e. “Campaign” to expand and intensify its investor education program. Starting with 18 partners in 2020, it has now 26 national level organizations and 75 local level organizations, a total of 101 partners. I don’t think the power and effectiveness of these large groups have been harnessed yet to effectiveness, but the foundational initiative is in place.

And then, in the matter of applying technology to SEC’s processes which in its benefits cascade to the promotion of capital market development, we have SEC’s PhilFintech Innovation Office (PhilFINNO). This was launched in July 2021 “to keep up with technological advancements in the finance industry.” The expectation is “to fully leverage the capabilities of modern digital technologies to enhance monitoring, increase investor confidence and trust, safeguard the investing public and better serve the country.” These are just a peephole view of what the SEC is doing. There are many more initiatives. By the nature of its role as regulator, the SEC is tasked to establish frameworks and rules for the conduct of capital market activities requiring guidance, direction and regulation in the public interest. SEC’s initiatives in the pipeline include the following:

(a) Rules on digital assets offerings and digital assets exchange

(b) Cybersecurity framework

(c) Framework for electricity forward market

(d) Islamic finance framework (Guidelines on issuance of Sukuk bonds)

(e) Framework for commodity futures market

As part of the move, about 100 staff from the MUFG-led entity will move to the Morgan Stanleyled venture, said Sachiko Toyama, a spokeswoman for Mitsubishi UFJ Morgan Stanley.

The banks plan to implement the changes in the first half of 2024, subject to regulatory approval. They will keep the two joint ventures because the structure is best suited to serve clients, said Iichiro Takahashi, a planning manager at MUFG. Bloomberg News

This extension gives developers, dealers, supplier-vendors and pseudo-suppliers of said machines/software ample time to comply with the BIR’s requirements to maintain their sales machines’/receipting software’s accreditation status based on existing and recently enacted laws and revenue issuances.

“With the removal of the 5-year validity period of PTUs and systemgenerated receipts/invoices and the extension of the validity period for Certificates of Accreditation issued for sales machines/software, we hope that tax compliance of businesses will significantly improve,” Lumagui said.

For a closer look at these efforts to access the capital market, the SEC, through the Office for the Advancement of Strategic Investments in SMEs (OASIS), is expediting collaboration efforts with various government and private sector agencies in developing the appropriate ecosystem for SMEs through promotional activities. In support, the SEC is conducting Roadshows on Capital Formation for MSMEs and Startups, scheduled all over the country. As a result of the Roadshows, 4 companies are undergoing initial preparations for their IPOs coordinated with the PSE. This attention being given to MSMEs underscores the need and desire to mainstream them into the capital market – which is not just for big corporates. It’s about the state policy of encouraging the widest participation of ownership in enterprises.

On the side of expanding the investor base, the SEC has its ongo-

(f) Sustainable finance greening program / framework

(g) Sustainable finance taxonomy (together with the Financial Sector Forum)

(h) Electronic “SEC Education, Analytics and Research Computing Hub” (e-Search)

(i) E-Sparc document signing and verification system

(j) E-Secure

SEC Chairman Emil B. Aquino has declared his intention to concentrate his attention to capital market development during his renaming term in office. He has scored bene meritus in his job. We can expect him to continue to deliver. Ad Majorem Dei Gloriam.

Santiago F. Dumlao is the Secretary General of the Association of Credit Rating Agencies in Asia and chairman of the market governance board and market policy committee of the Philippine Dealing & Exchange Corp. His views do not necessarily reflect those of the BusinessMirror s

DAYS before President Ferdinand R. Marcos Jr. delivers his second State of the Nation Address (SoNA), the Freedom from Debt Coalition (FDC) recommends his administration should initiate bold reforms as the country is still floating in the “sea of economic uncertainty.”

In this January 25, 2023 photo, shows people passing by a branch of the Mitsubishi UFJ Financial Group Inc. (MUFG). MUFG is overhauling its joint ventures with Morgan Stanley in Japan.

CREDIT: BloomBERg NEws

Helping your team speak up

lasallian earth day boosts sustainable living, environmental protection in phl

WITH the aim to raise awareness on environmental protection, the lasallian Earth Day (lED) leads the community into leading an eco-friendly and sustainable lifestyle.

Observed every first Friday of each month, LED was launched by the De la Salle Philippines (DlSP) to heighten the lasallian commitment across several schools, colleges, and universities to adapting earthfriendly measures.

It aligns with the institutions’ Project Carbon Neutral, an initiative that shifted the schools into using energy-efficient materials to lessen the carbon emissions that contribute to global warming.

In particular, the De la Salle-College of Saint Benilde (DlS-CSB) has implemented several sustainable practices within all its campuses.

The college currently organizes experiential and educational activities, including tree-planting programs, as well as waste segregation campaigns through color-coded trash bins.

DlS-CSB likewise enforced a complete ban on all forms of single-use plastics such as bags, cutlery, plates, cups, straws, stirrers, and bubble wraps.

Meanwhile, polyethylene terephthalate (PET) bottles and plastic lid containers are highly discouraged beginning Academic Year 2023 to 2024.

Students, professors, and associates are urged to utilize their own reusable items. They are enjoined to embrace healthier food options that may incline them to prepare homemade snacks and beverages, decreasing their dependence on processed and packaged meals.

Three drop-off points have been set up for recyclable materials, located at the Miguel Febres Cordero Building, Design + Arts, and Angelo King International Center Campuses.

Through this project and the support of the community, 26,966 kilograms of recyclable waste were gathered from September 1, 2022 to June 25, 2023. These were sold to a private recycler company for P114,366.

The proceeds will be continually used to provide more opportunities to Benildean scholars.

WHEN you manage others, it is natural for them to walk on eggshells around you because the least of their concerns is they might say something to upset their manager. But if they are to become our active partners in helping the team succeed, they should not hesitate to tell you their concerns.

To do that, you need to keep communication lines open. One way is to set a regular meeting with individual team members so that they are free to discuss their concerns with you. Some people are intimidated with speaking in a group setting and a one-on-one meeting might be the best way to help them loosen up and talk. One of the most effective ways is to informally converse with them during breaks or even in between meetings. You need to be genuinely interested in what they are saying so they can be the same to you.

After listening to everyone in your team, look for common themes in their feedback. Those indicate the significant issues you need to address. One example is when I started out as a manager and discovered that most of my team members did not get specific feedback on their materials. As a result, there were multiple revisions because there was new feedback every time their materials were reviewed. I sat down with my fellow managers, and we developed an internal quality form which we used to evaluate our team’s materials. It helped reduce the number of revisions, our teams had a guide for creating their materials, and we used it as a checklist to evaluate their work.

Addressing their common issues also gives you the opportunity to show that you are listening, which in turn will help them lower their guards and speak more. If possible, involve the entire team in addressing the common concerns. When you provide an opportunity for the team to provide suggestions and recommendations, they subconsciously become more invested in its resolution especially if what they bring to the table is appreciated and adapted.

If you commit to an action plan, follow through on your deliverables. When your team sees that their concerns were addressed and it yielded positive benefits for everyone, they are more likely to participate in discussions to improve the team’s work. Take their concerns seriously and do what needs to be done for the benefit of the whole team. Your team’s concerns should be treated like a gift—an opportunity to do better as their manager.

If your team is hesitant to tell you anything, take the initiative and ask questions. One thing I learned that makes people talk is to ask open-ended questions that force them to tell a story more than asking a

question answerable by a “yes” or “no.” Instead of asking “Are you having difficulties in talking to the other departments?” ask, “What were the challenges you encountered in talking to the other offices?”. This helps them think of what they can improve rather than answering “yes” or “no.” While their answer can be followed with additional questions, the latter question already asks what can be improved upon, thereby helping your team adapt the mindset of looking for solutions.

To encourage them to speak up more, be as neutral as you can by asking follow-up questions. People are hesitant to speak up because they feel that they might be regarded as wrong, they are being too petty, or they might offend you. When you ask how they are doing and they say they are well, ask what is going well in their work. This will prompt them to speak more and also affirm what is going right in the team. If you sense that there is something they are not telling you, you may need to be creative in your probing questions to understand what is bothering them. Helping them speak up also entails forming healthy boundaries with your team. Just because you want your team to speak more does not mean they can tell you everything they want and treat you like one of their friends. Remember that the workplace is a professional environment where the manager and team members have clearly defined roles and responsibilities. While managers can be friends with their team members, you need to draw the line between friendly banter and working professionally. This is especially true when other team members feel alienated because you choose to spend more time with several team members.

Whether you like it or not, you show your team how you treat ideas and concerns. One of the

advantages of being in a virtual meeting with other offices is that you can get into a group chat with your team, and your group can discuss privately the concerns that are raised during the meeting. A friend shared her experience when their manager got into a group chat with them and he flooded them with messages on how the speaker’s accent was funny, or how the presentation was not cohesive enough. It went on for some time and he did not realize that the speaker he was criticizing was also in the same group chat. After the meeting, he apologized but the way he handled it showed what he would do if his team committed the same mistakes. Needless to say, everybody was cautious in speaking to him. If you want your team to feel heard, you need to show them how it is done.

As a last resort, a third-party office, like the Human Resource or even outside the organization, can come in and talk to your team if needed. Sometimes a team is more comfortable talking to an outsider about their concerns than bringing it to you. If done right, it can help your team speak up and uncover issues seen from a different perspective. Just make sure that the outsider is trusted by your team and is proficient in evaluating the team’s culture.

If you want your team to effectively collaborate with each other and with other departments, you need to create an environment where they can voice their concerns so that everyone can benefit from best practices and everyone’s perspectives are considered. It is up to you if you are going to let them speak up or

A NATIONAl healthadvisory issued by US General Surgeon Vivek Murthy on May 3, 2023, sheds light on the urgent public health issues of loneliness and isolation. The report reflects Murthy’s personal and professional experience with the damaging health impacts of loneliness. As surprising as it sounds, social isolation and loneliness have the same effect on human health as smoking 15 cigarettes a day, which is to say, it can shorten life span by up to 15 years.

I’m a leader in academic and clinical medicine and I served as the Covid-19 czar for the state of West Virginia, so I have experience in thinking about public health emergencies and how to fix them.

Let’s first look at the problem and then examine some solutions and what the nation would gain by implementing them.

DEfiNiNG THE iSSUE

lONElINESS and social isolation are widespread. A 2021 survey by Cigna shows nearly 1 in 6 Americans reported feeling lonely or isolated. That means these conditions likely affect either you or someone you know. In the same survey, young adults were nearly twice as likely as those over age 65 to report feeling lonely or isolated. In addition, 75 percent of Hispanics and 68 percent of Black or African American people reported these conditions, as did a majority of lowerincome respondents and single parents.

While there are no definitive explanations for these high numbers, experts have suggested several possible determinants: the mobility of the population, the shift from in-person to remote work and learning since the beginning of the pandemic, and the deep divides in society caused by social media

and irresponsible news sites. To grab the attention of viewers, some advertisers and media leaders understand that human beings are biased toward messages that activate fear and loss. In fact, the scientific term “aversion bias” demonstrates people are twice as fearful of loss as happy for gain.

When we feel socially isolated and lonely, our vigilance for threat activates our core survival instincts, which are rooted in evolutionary times. For early humans, being accepted and belonging to a group or community were key factors in survival. Being separated or ousted from one’s tribe meant almost certain death.

Thriving relationships became critical to human feelings of safety and well-being. In fact, longevity studies consistently find that the strength of one’s lifelong relationships is the most important driver of a long and healthy life.

STRESS AND LONELiNESS ARE CONNECTED

THE human nervous system is balanced into two modes: the “fight or flight” of the sympathetic system and the “rest and digest” of the parasympathetic system. loneliness and isolation drive unbalanced activation of the sympathetic nervous system, leading to hypervigilance, or scanning the environment for threats. Once this threat response is activated, people see their environment as unsafe, leading to release of hormones that interfere with our trust and pleasure responses. As this stress-response heightens, people experience surges in hormones that elevate their heart rate and blood pressure.

Over time, release of these hormones damages our blood vessels, heart, brain, blood, liver, and our

metabolic and musculoskeletal systems. Much like a car engine that is continually over-revved, our body’s systems begin to break down and our perceived experience of pain is heightened.

Feelings of worthlessness and fear increase the risk of substance use, mental health challenges, a variety of chronic diseases and obesity – all of which can contribute to a reduced life span.

In other words, loneliness and isolation drive disease and shorten life spans through unbalanced activation of the sympathetic nervous system induced by the perception of threat and chronic stress.

Of course, stress can also lead people to isolate themselves, so the effects do go both ways.

fiNDiNG RELiEf

A PRIMARY solution to loneliness and social isolation is meaningful social connection. Societal connections boost our perceptions of psychological and physical safety, worth and value, and enhance feelings of belonging and contributing. So what can be done to address the loneliness epidemic?

In his Framework for a National Strategy to Advance Social Connection, Murthy provides a practical call for action to address the public health problem of social disconnection and to strengthen social connection and community. These strategies include being open to new relationships, reconnecting with friends and distant family members, and serving others by volunteering. The framework includes shareable tools and resources for individuals and organizations to invest in community-based social relationships and improve their community’s mental health. THE CONVERSATiON

TOP CARRiER HONORS LEADiNG ACCOUNTS iN 10TH CEBBiZ AwARDS

the philippines’ leading carrier, Cebu pacific recognized its top performing corporate and government accounts at the 10th edition of the CebbiZ awards. a total of 24 accounts from the country’s top 1,000 companies, government agencies, small and medium enterprises, and labor and shipping sectors were conferred with the CebbiZ award in a ceremony held at dusit thani manila in makati City. a special award was also given to the department of budget and managementprocurement service as Ceb s invaluable partner for 2022.

the CebbiZ awards is an annual event that aims to recognize Ceb s top corporate account producers. the 2023 ceremony, which recognized the previous year’s top producers, was the first since 2019 after the awards were suspended for three years due to the pandemic.

“through these awards, we hope you will all accept our gratitude for keeping Cebu pacific strong despite the challenging times, and for helping the airline soar high again,” arlene tena, Ceb director for passenger sales and distribution, told the awardees during the awarding ceremony.

to further show appreciation for their efforts, Ceb took the awardees on a tour around albay to explore the province’s stunning landscapes, delicious cuisine, and vibrant culture. the tour was in partnership with the provincial government of albay, albay provincial tourism, Culture and the ar ts office, and misibis bay resort philippines.

Ceb is firmly in place for full recovery this year as it restores its pre-Covid network and capacity, aided by its unbeatable seat sales, widest domestic network, and reinstatement of its international destinations.

the airline currently flies to 35 domestic and 23 international destinations across asia, australia, and the middle east.

Curing the loneliness epidemiC would make us healthier, fitter and less likely to abuse drugs

Cebu pacific officials with the awardees in the CebbiZ awards during the awarding ceremony at dusit thani manila.

SAFC REPORTS GROWTH AT STOCKHOLDERS' MEETING

Cetaphil’s Skin Awareness Global Campaign returns for its 2nd year

SAFC, one of the leading and fastestgrowing financial institutions in the Philippines, hosted its 2023 Annual Stockholders’ Meeting at the prestigious Marco Polo Hotel Ortigas. As a subsidiary of the renowned Asialink Group of Companies (AGC), SAFC has established itself as a key player in the industry, alongside its esteemed affiliates, Asialink Finance Corporation (AFC) and Global Dominion Financing Inc. (GDFI). The event served as a momentous milestone for SAFC, as it marked the first in-person meeting after several years of virtual interactions. AGC’s directors, shareholders, and SAFC leaders came together in this long-awaited gathering, creating an atmosphere filled with excitement and gratitude as SAFC showcased its remarkable growth and outstanding achievements in 2022.

Under the theme of “Resiliency Across Any Adversity,” SAFC’s 2022 Annual and Sustainability Report unveiled a story of strength and perseverance. The past year tested the company’s resilience, but it emerged stronger than ever before. Amid the challenging global pandemic, SAFC’s

performance demonstrated its unwavering determination and ability to thrive. The company’s growth over the past five years was nothing short of remarkable, with three key compound annual growth rates (CAGR) reflecting its success. SAFC’s total income experienced an average yearly growth rate of 47.8 percent, showcasing its ability to generate sustainable revenue.

The CAGR for total assets stood at an impressive 49.98 percent, reflecting SAFC’s sound financial footing and robust expansion. The year concluded with consolidated assets amounting to an impressive P4.6 billion, highlighting the company’s consistent growth and solid foundation.

Moreover, SAFC’s net income witnessed exponential growth, surpassing all expectations. From P15.10 million in 2017, the net income soared toP307.85 million in 2022, averaging an impressive annual growth rate of 82.8 percent. This remarkable achievement not only surpassed pre-pandemic performance but also propelled SAFC to new heights, crossing the significant milestone of P300 million in net income.

In line with its 20th anniversary, SAFC

also proudly highlighted the establishment of its CSR arm, SAFC HEROES, at the beginning of the year. The initiative revolves around three core thrusts: Green Hero for Environmental Sustainability, Life Hero for the Promotion of Health and Wellness, and Love Hero for Community Development. This move reflects SAFC’s dedication to corporate social responsibility and its aspiration to positively impact society. The company’s unwavering dedication to excellence and responsible growth ensures a promising future, not only for SAFC but also for its valued stakeholders, clients, and the communities it proudly serves. During his address, SAFC President and Managing Director Joel C. Cruz stated, “Our dedication to delivering value has evolved, extending beyond our shareholders to encompass the well-being and prosperity of all our stakeholders. Together, let us continue to pave the way toward a sustainable and prosperous future.”

SAFC Chairman Ruben Y. Lugtu II and SAFC Chief Executive Officer Robert B. Jordan Jr. also delivered inspiring messages during the Annual Stockholders’ Meeting. They highlighted SAFC’s groundbreaking milestones, emphasizing the unwavering commitment that allowed the company to continue serving its customers and driving growth, even during challenging times.

As SAFC celebrated its phenomenal growth and extraordinary accomplishments throughout the year 2022, the company stands poised to embark on new ventures and open 10 new branches as part of its expansion plans. The 20th anniversary signifies a milestone worth commemorating, while the establishment of SAFC HEROES amplifies the company’s commitment to making a lasting difference in the world. SAFC’s journey is far from over, and with its strong leadership, steadfast commitment, and innovative mindset, it continues to pave the way for success in the Financial Services industry.

UP scientists investigate rare deadly disease called ‘Butterfly’s Disease’

Biology and Biotechnology (UPD-CS NIMBB) are investigating just how G237D affects the structure of Integrin A6B4.

“We weren’t looking to study EB when we started this study,” Dr. Bascos narrated. “The main goal of the research has previously been looking at the function of integrins and their roles in cancer. Interestingly though, we’ve found that integrins may be associated with many other relevant diseases. Finding its involvement in this disfiguring disease provides us a means through which our research may be able to help the afflicted people.”

In their computational study, the researchers investigated how the G237D mutation prevents Integrin A6B4 from forming, and from binding their targets properly. Some factors, such as the presence of calcium ions, were also observed to stabilize integrin interactions.

CETAPHIL , a renowned skincare brand, launched its Global Skin Awareness Month campaign for the second year. This campaign aims to raise awareness about the importance of proper skincare and provide Dermatologist approved solutions to individuals with sensitive skin.

Affecting 70 percent of individuals worldwide, skin sensitivity is defined by unpleasant skin sensations such as stinging and burning. It can affect various parts of the body, including the face. “We truly believe that those with sensitive skin shouldn’t have to compromise on the products and ingredients they use, which is why all our dermatologist-recommended products are formulated with a deep understanding of sensitive skin needs. We ensure that all our products hydrate and protect all types of sensitive skin—dry, dehydrated, combination, oily, acne-prone, eczema-prone, and everything in between,” says Galderma Prescription, OTx & Consumer Care, Business Unit Head, Jade Silva-netto Ponoc.

Cetaphil believes that every skin story deserves the best care, which is why the brand offers different product lines that cater to different skin conditions. For individuals with sensitive and dry skin, Gentle Skin Cleanser is clinically proven to provide continuous hydration to protect skin against dryness, while Moisturizing Lotion is clinically proven to soothe and provide lasting 48-hour hydration instantly.

For dull and uneven skin tone, the Cetaphil Bright Healthy Radiance line is recommended for consumers experiencing hyperpigmentation and uneven skin tone. The Cetaphil Bright Healthy Radiance line is clinically proven to visibly brighten skin without causing damage to the skin barrier. It is specifically designed

for sensitive skin and is a proven regimen to diminish the appearance of dark spots and improve skin›s radiance in just as early as 14 days.

For a baby’s delicate skin, the Cetaphil Baby line is clinically proven to support and strengthen the natural development of babies’ sensitive skin with a range of daily care products specially designed to protect and nourish from birth onwards. The brand’s organic calendula line soothes and moisturizes the baby’s sensitive skin all day without irritation. All the products in the Cetaphil Baby range are hypoallergenic, paraben-free, tear-free, and alcohol-free.

While for those with Atopic Dermatitis, the brand offers the Cetaphil Pro line. Cetaphil Pro products are known for its patented Filaggrin Technology that helps restore the skin’s natural moisture barrier and soothes very dry, itchy, eczema-prone skin.

As a dermatologist-recommended brand, Cetaphil is dedicated to promoting proper skin health, and this year, they launched Cetaphil PH YouTube channel in partnership with board-certified Dermatologists to provide valuable insights on proper skincare practices, tips, and product recommendations, making it easier for individuals to access derma-approved and quality skincare solutions that cater to unique skin needs.

Cetaphil’s Skin Awareness Month initiative is part of their “We Do Skin, You Do You” advocacy, which aims to empower individuals to take control of their skin health and focus on what matters most in their lives.

Celebrate Skin Awareness Month with Cetaphil and discover the best skincare solutions for your skin type. Remember, every skin story deserves the best care!

MOA, National Museum of the Philippines present ARt in MOA

SM Mall of Asia has partnered with the National Museum of the Philippines to create an Augmented Reality (AR) exhibit of prominent Filipino artworks to be displayed within the MOA Complex, titled “ARt in MOA.”

masters in our mall. Hopefully, we can make the public feel the importance and beauty of Philippine art.”

AS rare and deadly as it is poetically named, “Butterfly’s Disease” (scientifically known as epidemolysis bullosa or simply “EB”) has no known cure. However, a handful of Filipino scientists are working their way towards a treatment.

EB is a very serious disease, for those afflicted as well as for their families. Sufferers have severely fragile skin that easily blisters and tears even with the slightest touch, hence the comparison to butterfly wings. EB also varies in form, with mild cases that only affect the outer skin to extreme cases that injure even internal organs—an extreme condition that can lead to severe disability or even death.

To further understand Butterfly’s Disease, scientists from the University of the Philippines—Diliman College of Science (UPD-CS) have focused on a ge -

netic mutation known to cause an even rarer type of EB called Junctional EB (JEB), which affects more layers of the skin and can be fatal if it happens during early infancy.

The onset of JEB has been associated with a genetic mutation called G273D that affects how the body produces a protein called ITGA6-ITGB4 integrin (or Integrin A6B4 for short), which plays a vital role in joining together cells and tissues. The G237D mutation causes the production of malfunctioning Integrin A6B4 and decreases the presence of functional Integrin A6B4 on epithelial cell surfaces, leading to weaker cell adhesion in the skin tissue and resulting in severe skin blisters.

Molecular biologist Dr. Neil Andrew Bascos and his graduate students, Kim Ivan Abesamis and Camille Anne

Bagoyo,

of the National Institute of Molecular

The study sets the direction for further research into factors that can alter the effect of the G237D mutation on Integrin A6B4 function. Exploring these factors can pave the way for discovering cures for EB. “At this point, it’s very much basic research, medyo predictive pa. It would need proof of principle, but these studies give us concrete targets to test in the search for ways to alleviate the disease,” Dr. Bascos said.

Some people with EB die as infants. Others manage to survive but suffer from chronic illnesses that stem from its effects. Although little is currently known about effective treatments and cures for Butterfly’s Disease, the UP scientists remain steadfast in their quest to gain a deeper understanding of EB, in hopes of improving the quality of life of these patients and their families.

This is the first partnership of its kind for both parties, as the two brands come together to bring a unique experience to all of SM Mall of Asia’s customers, both local and foreign. Both parties signed the Memorandum of Agreement at the National Museum of the Philippines on June 9, 2023 to formalize their partnership. The National Museum was represented by Director-General Jeremy Barns and Deputy Director-General for Museums Jorell Legaspi, while SM Mall of Asia was represented by Senior Assistant Vice President of Mall Operations, Perkin O. So and Assistant Vice President for Marketing, Krisel Raymundo Ramilo.

In his remarks during the signing, Legaspi stated that “[The National Museum looks] forward to making other programs with SM that will be beneficial for both organizations because our role to the Filipino people is to provide enjoyment, entertainment, and access to our wonderful collection of fine arts and other cultural assets.”

So also remarked that “[SM is] truly honored to be partnering with our friends from the National Museum of the Philippines. We’re truly excited to be able to become a venue to enrich the lives of our customers on a day-today basis. We’re excited that the public will be able to experience these creations by the

The exhibit will run from June to August 2023, featuring a pop-up installation in Level 2 of the Main Mall, as well as QR codes placed around the MOA Complex, namely in MOA, MOA Square, and S Maison. Through scanning the QR codes, mall goers will be able to see an image of a particular artwork from a selection of pieces curated by the Fine Arts division of the National Museum of the Philippines.

The concept of the digital exhibit makes use of the convenience of technology. Given the limited reach of Philippine artistic institutions in terms of audience, the objective of the project is to bring Filipino masterpieces to a wider audience via digitization. Through this effort to increase accessibility, SM Mall of Asia intends for the general public to better appreciate the rich and vibrant history of the country’s artworks and artists, and drive them to visit the National Museum itself to experience their entire collection.

Featuring the work of many revered Filipino artists, such as Félix Resurrección Hidalgo, Juan Luna, Fernando Amorsolo, Ang Kiukok, and Guillermo Tolentino, “ARt in MOA” is a oneof-a-kind initiative that seeks to strengthen the connection between Filipinos and their heritage. With such famous masterpieces available through the simple touch of one’s mobile device, SM Mall of Asia and the National Museum of the Philippines are one in promoting Filipino art and art appreciation for all.

EPIDERMOLYSIS bullosa (EB) sufferers have very delicate and fragile skin reminiscent of butterfly wings. The disease has many forms, including EB simplex (pictured) as well as the rarer—and potentially deadly—Junctional EB (JEB) that can affect even internal organs. JAMES HEILMAN, MD | WIKIMEDIA COMMONS

SAFC President and Managing Director Joel C. Cruz

Park East Place: Alveo’s latest stellar project in BGC

By Rizal Raoul S. Reyes

Alveo land Corp., the upscale brand of property heavyweight Ayala land Inc. (AlI), is set to introduce another star in the Bonifacio Global City (BGC) skyline.

To date, the company has an impressive portfolio within BGC’s master-planned estate has completed 19 projects for a discerning market with choice developments for living and working well. In the tradition of continuing its track record of developing quality projects in BGC, Alveo is introducing its 20th project— Park East Place.

Anton S. Sanchez III, general manager of Alveo Land Corp. (Alveo), told property journalists on July 11 that the launch of Park East Place will provide great living convenience to future residents as it would be located in one of the primest locations within BGC. Strategically located on the prominent corner of 32nd Street and 9th Avenue, this area houses BGC’s pioneer locators, such as St. Luke’s Medical Center, S&R Membership Club and MC Home Depot.

For sure, Park East Place will further boost Alveo’s stature as major developer in BGC.

“The success of Park East Place’s project launch reaffirms Alveo’s presence in BGC. The extremely strong reception is a clear affirmation of Park East Place’s unique project concept, strategic location, and trust in the Alveo brand,” Alveo Land President, Mike Z. Jugo pointed out.

Superior and inimitable location

S A n CHEZ s aid Park East Place’s 32nd Street and 9th Avenue corner lot location

is par excellence. Along 32nd Street are renowned office buildings such as The Curve BGC, The Globe Tower, Eco Prime, Eco Tower, Menarco, IBM One World Place, Bonifacio Stopover Corporate Center, as well as Alveo office developments Alveo Park Triangle Tower and Park Triangle Corporate Plaza.

9th Avenue, on the other hand, is the major n o rth-South axis connecting retail and lifestyle areas in the 800-meter-long Bonifacio High Street such as One BHS and Market!Market! malls to commercial areas like Uptown Mall, and Mitsukoshi.

There are also prestigious hotels like Seda BGC, Shangri-La The Fort, and Grand Hyatt Manila.

For people who want to pursue an active lifestyle or just who want to take a walk, numerous parks and open spaces are also within easy access, such as the 4,600-square-meter BGC Turf conveniently located behind Park East Place, Track 30th, Terra Park 28th Street, and Burgos Circle Park.

As the 240-hectare BGC estate continues to develop and expand, key infrastructure projects drive further growth in the area. These include the recently opened BGC–Ortigas Link (Santa Monica–Lawton Bridge), as well as the proposed Metro Manila Subway.

“We wanted to offer a refined residential setting for future residents who want

By Roderick L. Abad

to locate in BGC,” said Sanchez. Modern vertical community AWARD winning local architectural firm Aidea and foreign design consultant Smith Group worked together to ensure Park East Place will be a modern visual masterpiece. Further, Sanchez said the residential skyscraper will feature distinctive design elements such as stone columns, decorative aluminum cladding and an amenity podium highlighted with angled fins.

The exterior also boasts of a high glass ratio, contributing to a truly striking visual appearance. Another unique architectural feature

is a 9-meter glass crown that will distinguish it among the structures in the BGC skyline.

Park East Place will have 59 physical floors, with 53 residential floors and a total of 523 units. Eight floors will be dedicated parking spaces—3 basement levels and 5 podium parking levels. IAs part of promoting sustainability, Park East Place will also have an electric vehicle charging station. This is the developer’s first project with an electric vehicle (EV) parking system in place.

The elegant tower has a maximum of 10 units to a floor, ranging from approximately 61 to 131 square meters. All units will have balconies. Spacious configurations of one to three bedrooms include a range hood, a multi-point water heater, Kohler toilet fixtures, as well as splittype air conditioning for all main rooms (living room and bedrooms).

Sanchez said the 7th floor podium will host majority of the community’s exclusive amenities, enhanced with a residents’ lounge that serves as a transition between the indoors and outdoors.

Park East Place will have carefully curated designer furniture pieces decked out in natural finishes of stone and wood, the ground level also features a similar lounge complementing the 400-sq-m entry lobby and drop-off lounge for a distinctly inviting setting.

Park East Place is slated for completion by 2030.

Coffee is more than just a quintessential drink.

It is a hobby, a culture, and even a lifestyle for many. While a lot of trends have come and gone for everyone’s favorite morning pick-me-upper, many will agree that we are now in the golden era of appreciating and enjoying this drink as we continue to ride the great third coffee wave.

f o r a quick refresher, third wave coffee started in the 1980s when more focus was given to the coffee beans and the roasting methods used in crafting the drink. The goal of the movement was simple: bring exotic flavors out of well-grown beans to start a whole new level of appreciation for coffee. The third wave movement was a whole 360 turn from the first wave—where the beverage was highly commercialized for fast consumption with low priority given to quality (think 3-in-1 and instant packs)—and second wave coffee where cafe culture rose.

Vanessa Caceres, a pro in the field, has this to say to describe the third wave movement: “It represents a shift from the mass production and standardization of coffee to a focus on the unique characteristics of individual beans, cultivation methods, and brewing techniques. Third wave coffee enthusiasts often prioritize direct trade relationships with farmers, sustainable farming practices, and meticulous roasting and brewing methods to highlight the flavors and nuances of the coffee. This movement has led to an increased appreciation for coffee as a craft beverage, similar to the way wine or craft beer are appreciated.”

As third wave coffee continues to evolve, the appreciation for its culture continues to grow. Unlike the early years when the understanding of third wave coffee was limited to a certain niche, however, access to it has now become more open to everyone.

Breville Philippines ( https://www.breville.com.ph/ ), the leader in premium lifestyle home and kitchen partners, is one brand that has definitely helped

unlock the appreciation for third wave coffee with its top-of-the-line range of espresso machines. f o r Breville, their mission was simple—give everyone a chance to bring home their love for third wave coffee through their products.

Patricia Villegas, a third wave coffee enthusiast who considers herself a newbie still when it comes to the culture has this to say about her love for the drink. “The greatest challenge would be not knowing where to begin. I just knew I love coffee and I wanted to deepen my knowledge about it. Thankfully, there is a lot of great content and online groups dedicated to this topic which enabled me to learn more about third-wave coffee one day at a time.”

The rise of brands like Breville has totally changed the game of third wave coffee culture by making it more accessible to the market all while retaining the “romance” and precision that comes with it. Qualitywise, all coffee lovers can expect the same refined taste and experience regardless of their level of understanding of the culture. With the Breville Barista Line, anyone can elevate their current love for coffee by bringing home kitchen partners that can help them experiment more with their favorite drinks.

GOTIA n U n family-led Filinvest Land, Inc. (FLI) will expand further new public areas and enhance the way that people get around its green and masterplanned community in Cebu City to contribute to the overall resilience and sustainability of the locality.

“We recognize the importance of civic spaces and in-city mobility enhancing the quality of life for Cebuanos. Thus, FLI is committed to creating a thriving community at City di Mare in Cebu City. As part of our dedication to the city’s goals, we will be developing these new features to benefit the community,” said Don Ubaldo, first vice president for Filinvest Townships.

Civic or public spaces are described as extensions of community and considered great contributors to a healthy community—be it socially, economically, culturally, or environmentally.

The planned civic spaces at this 58-hectare (ha) premier development will serve local residents like parks, and may even serve as emergency evacuation areas if needed.

There will be an area here that will be devoted to multi-use sports fields (approximately two football fields), while another portion will be allotted for leisure including but not limited to bazaars, cultural spaces, food stalls, and interim pop-up attractions.

These spaces will add to the Open Park, which features latest recreational amenities including play and exercise equipment, and the City di Mare Events Grounds, the venue of the 2023 Sinulog Festival.

On the mobility side, residents, locators and patrons will gain from additional sidewalks, wider existing roads, new access roads leading into the development, and a pedes -

trian bridgeway linking the community to IL Corso, FLI’s Lifemall in Cebu.

The full-range property developer intends to also improve the boardwalk along the latter to support the local government’s goal to elevate the area’s coastal experience.

All FLI developments are commonly known for their eco-friendly designs. For instance, its residential subdivisions and mid-rise buildings are characterized by lush greenery and open spaces for healthier living.

Proof of which is City di Mare that fosters a complete and modern live-work-play lifestyle. It covers a 40-ha mixed-use sector (a joint venture project of the Cebu City government and FLI) and a 10-ha commercial component. This development is, likewise, a home to Cebu City’s first-ever pump track for active bicyclists. Filinvest Group continues to invest in this

side of the Queen City of the South, with its acquisition of an 8.1-ha of land envisioned to be a mixed-use project featuring residential, commercial, office, and retail components in South Road Properties, Cebu City.

FLI reported a 9-percent growth in net income to P741 million in the first quarter of 2023. Total consolidated revenues and other income reached P4.69 billion this year, or 9 percent higher than P4.31 billion in 2022 given the company’s improved performance across all major business segments. Revenues from residential rose by 4 percent to P2.79 billion; malls, up 86 percent to P558 million; and office grew 0.65 percent to P1.16 billion.

The publicly-listed firm targets to launch P16 billion worth of residential projects and finish the construction of eight office projects within the year.

Park East Place Main Lobby View Park East Place 1Br Living area

Park East Place Living, Dining and kitchen areas

aLVEO officials (from left) anton Sanchez, alveo GM for North Operations; rufino Gutierrez, alveo COO; Sharleen Chua, alveo marketing head, and alveo President Mike Jugo introduce to the media the Park East Place, its latest project in Bonifacio Global City

B8 Wednesday, July 19, 2023

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

ROS to represent PHL in Jones Cup

RAIN or Shine will represent the Philippine Basketball Association (PBA) in the 2023 William Jones Cup set August 12 to 20 in Taipei, Taiwan.

The PBA received an invitation to join the prestigious tournament which was shuttered by the pandemic for three years.

Commissioner Willie Marcial said the PBA board, through chairman Ricky Vargas, approved Rain or Shine’s participation in the tournament.

Marcial is convinced Rain or Shine could compete against some of the best teams in Asia and the Middle East.

The timing couldn’t have been more perfect for the Raymond Yu and Terry Que-owned franchise which is also looking to keep itself sharp while the league is on a two-month break to give way for the staging of the 2023 FIBA World Cup.

“

We are honored not just to represent the PBA, but also the country in the Jones Cup,” Rain or Shine governor and team manager Atty. Mert Mondragon said. “The high level competition will also help us to better prepare for the upcoming PBA season. We will give it our best shot and hope to bring honor to the country.”

The international level competition should also bode well for the development of the young core of head coach Yeng Guiao, who has Rey Nambatac, Anton Asistio, Gian Mamuyac, Leonard Santillan, Shaun Ildefonso and Andrei Caracut as top players.

The task of continuing the success of the Filipino teams in the regional tournament now falls on Rain or Shine with the Philippines already winning six titles.

The country first won the title in Jones Cup in 1981 with the Northern Cement team and in 1985 playing as San Miguel Beer. The Philippine Centennial team also bagged the crown in 1998 before Gilas Pilipinas won in 2012.

M ighty Sports delivered the country’s last two titles in 2016 and in 2019 when the Charles Tiu-coached squad had a perfect 8-0 record.

SPANISH BULL!

By Howard Fendrich

The Associated Press

WIMBLEDON, England—Novak

Djokovic knows a thing or two about the talents and intangibles required to win big matches against the best players.

He’s been in 35 Grand Slam finals.

He’s won 23 of them. He played Rafael Nadal and Roger Federer a total of 109 times, with head-to-head edges against both. He went 9-5 against them in title matches at majors.

So it seemed only natural to ask Djokovic to whom he’d compare the new star of men’s tennis—Carlos Alcaraz—after losing to him across

Marching order’s to win gold medal in Paris–Rep. Puno

THE Association of Boxing Alliances of the Philippines (ABAP) is up to the challenge of fulfilling a vision laid out 14 years ago to win a gold medal in the 2024 Paris Olympics.

Ne wly-elected president Rep. Robbie Puno said the ABAP’s goal is geared towards bagging that elusive boxing gold medal a year from now as per the blue print established by now chairman Ricky Vargas when he initially served as head of the boxing body in 2009.

The marching order from our chairman is that in 2009 when he became president of ABAP, he we will go through three Olympic cycles, and on the fourth Olympic cycle we will go for gold,” Puno said. “That would be enough time.”

said. “He has it, too.”

five sets and more than four-and-ahalf hours brimming with brilliant play and dramatic moments in the Wimbledon final on Sunday.

People have been talking in the past 12 months or so about his game consisting of certain elements from Roger, Rafa and myself. I would agree with that,” Djokovic began, the bitterness of the 1-6, 7-6 (6), 6-1, 3-6, 6-4 defeat, and the end of his reign at the All England Club, still sharp.

I think he’s got basically [the] best of all three worlds,” Djokovic said.

Left there, that would stand out as a rather striking endorsement of the precocious Alcaraz, a Spaniard who won the US Open last year and now is one of just five men to collect multiple Grand Slam trophies before turning 21.

Cargo Movers put off Tornadoes, reach PVL Invitational semifinals

F2 LOGISTICS took no chances in inexorably moving toward the Premier Volleyball League Invitational Conference semifinals by smothering Foton, 25-18, 25-18, 25-14, at the PhilSports Arena in Pasig City on Tuesday. A fter going through drawn-out, energy-sapping battles that produced varying results, the Cargo Movers

More engagement for FIBA World Cup

THE International Basketball Federation (FIBA) Basketball World Cup 2023 has partnered with ArenaPlus in giving fans the opportunity to make the once-in-a-lifetime event a truly engaging experience.

The partnership between ArenaPlus and FIBA comes as no surprise given that ArenaPlus has long been involved in sports and basketball and in the Philippines, it has become a fan favorite as the official partner of the Philippine Basketball Association.

We are looking forward to being a part of such a global sports undertaking as the FIBA Basketball World Cup,” said Jasper Vicencio, President of Total Gamezone Xtreme Inc. “This a dream come true for

us even as we continue to service clientele all around the world who relish the thrill of being able to analyze every game and successfully pick out which one will emerge victorious. Some call it luck, others believe it a skill.”

The FIBA World Cup features 32 of the top basketball countries bracketed into eight groups. Four of these groups will play in the Philippines with Japan and Indonesia co-hosting two groups apiece. T he two best teams from each group will advance to the finals phase which will all be played in the Philippines.

Gilas Pilipinas kicks off the World Cup on August 25 against the Dominican Republic at the 55,000seat Philippine Arena in Bulacan.

Tennis revolution for real

THE likes of Greece’s Stefanos Tsitsipas and Germany’s Alexander Zverev lit the first embers of the tennis revolution.  They were practically on fire from the get-go.

took care of business from the opening serve and dominated the rest of the way, never giving the Tornadoes any chances to drag them into another lengthy, unpredictable finish.

F2 Logistics closed out with a 4-1 win-loss card to clinch the first semifinals berth in Pool B while joining Pool A topnotcher Creamline in the next round of the mid-season conference of the league organized by Sports Vision and to be spiced up by the presence of foreign guest squads from Japan and Vietnam.

It also slammed the door shut on the Petro Gazz Angels, who were hoping for a Foton reversal for a stab at joint second at 3-2.

Petro Gazz dealt F2 Logistics a tough five-set loss last July 13 a couple of nights after the Cargo Movers repelled the Choco Mucho Flying Titans in similar fashion, giving the Angels a share of the lead with the Cargo Movers and the Cignal HD Spikers at 3-1.

Then Djokovic got into specifics.

“ He’s got this mental resilience and, really, maturity for someone who is 20 years old. It’s quite impressive,” said Djokovic, who had won Wimbledon four years in a row and seven times in all. “He’s got this ‘Spanish bull’ mentality of competitiveness and fighting spirit and incredible defense that we’ve seen with Rafa over the years.”

W ith a smile, Djokovic tacked on what he sees of himself in the youngster.

He’s got some nice sliding backhands that [have] some similarities with my backhands. Two-handed backhands. Defense. Being able to adapt. That has been my personal strength for many years,” Djokovic

W hen the gist of that assessment was relayed to the No. 1-ranked Alcaraz, his eyes widened and he exhaled under the white bucket hat that became his trademark news conference accessory.

A lcaraz was asked how he would describe himself.

It’s crazy that Novak [would] say that, honestly. But I consider myself a really complete player.

I think I have the shots, the strength physically, the strength mentally, enough to [handle] these situations,” he said. “Probably he’s right. But I don’t want to think about it.... I’m ‘full Carlos Alcaraz,’ let’s say, but probably I have some great ability from every player.”

It was a moderate kind of goal-setting that our president that time and now our chairman Ricky Vargas,” he added. “We’re on the fourth Olympic cycle in Paris so the intention is to really win the gold. And we expect to accomplish that.”

P uno graced the Philippine Sportswriters Association Forum for the first time Tuesday at the Conference Hall of the Rizal Memorial Sports Complex. He was accompanied by ABAP secretarygeneral Marcus Jarwin Manalo and executive assistant Karina Picson.

T he first step towards achieving the goal is to perform well in the Asian Games in Hangzhou China—a qualifier to the Paris Games—in September.

A mong those in the training pool now for the Asian Games are Tokyo Olympics silver medalists Carlo Paalam and Nesthy Petecio, bronze medal winner Eumir Marcial, Rogen Ladon, Ian Clark Bautista, Mark Ashley Fajardo, Aaron Jude Bado, Ronald Chavez Jr. and Marjon Pianar, John Marvin, Ira Villegas and Irish Magno.

Unfortunately, only Petecio will be fighting in the same weight class where she won a silver medal in Tokyo Games as both Paalam and Marcial are going up in weight.

M analo disclosed that except for Marcial, the Philippine boxing delegation in the Asiad is now undergoing training at the ABAP headquarters at Rizal Memorial, but will be leaving for India and Australia in the coming weeks to attend two separate training camps.

Tapales scouts next foe in Tokyo

By Josef Ramos

UNIFIED world super bantamweight champion

Marlon “The Nightmare”

Tapales predicts a thrilling fight between fellow unified champion Stephen Fulton and Naoya “The Monster” Inoue Tuesday at the Ariake Arena in Tokyo.

B ut the 31-year-old Tapales, the reigning International Boxing Federation (IBF) and World Boxing Association (WBA) bantamweight titleholder, told BusinessMirror on Tuesday that he’s ready to fight the winner of fight—anywhere and anytime.

No turning back so whoever wins, I will be ready, and I think this is going to be an even fight as both fighters will unleash their true strengths,” said Tapales (37-3 winloss record with 19 knockouts). “It’s going to be 50-50 for the two fighters who are both strong and fast.”

Women’s indoor, para games festival festival ongoing

PHILIPPINE Sports Commission (PSC) Commissioner Olivia “Bong’’ Coo opened the Women’s Indoor and Para Games Festival over the weekend as part of the agency’s early preparations for the 2024 Asian Indoor and Martial Arts Games (AIMAG).

W ith a slogan “123 Dash to the Asian Indoor and Martial Arts Games,” the 10-day, all-female event gathered more than 400 athletes and technical officials from multiple sports in the opening ceremony at PhilSports Complex in Pasig City.

“This event is being conducted to strengthen and unite our female athletes from every sport as early as today, in preparation for the AIMAG,” Coo said. P resent during the opening ceremony were AIMAG chef de mission and karate federation president

They were actually joined in the uprising by, among others, Diego Schwartzman of Argentina, Gael Monfils of France and Nick Kyrgios, the Australian with the volcanic temper.

But pitifully, their rebellion fizzled out before it could even take full flight.

For sure, they weren’t rebels without a cause.  They had the tools:  SFD—Skill, Focus and Determination.  But as most youngsters out on a mission to topple the rulers of the game would soon realize, they need more than SFD.

They’d discover, to their dismay, that the gods of the game aren’t that easy to sway.

So, as fate would have it, Tsitsipas, Zverev and their ilk got continually blunted bravely by Serbia’s Novak Djokovic and Spain’s Rafael Nadal, two of the sport’s revered Big Three that included the now-retired Roger Federer.

Still, seen consistently were the kids’ persistent knocking, but the door remained tightly padlocked and shut to seeming eternity—their elders stern as fierce tribal

Richard Lim, Philippine Commission on Women Exececutive Director Atty. Kristine Yuzon-Chaves,

leaders allergic to change, transition.

chess federation president Rep. Prospero Pichay, netball association head Atty. Charlie Ho and Philip -

The rebelling boys would soon see the harsh reality that it’s been always tedious to sustain a revolt, especially if you are up against such certified warriors like Djokovic and Nadal, who own 45 Grand Slam titles between them.

But then came another insurgent: Carlos Alcaraz. He has pedigree as he is Spaniard, Nadal’s avid fan.

Unknown in the beginning until he kept winning and winning and winning, Alcaraz would soon storm into the scene like a bolt of lightning.  Still, when he won the US Open last year, at 19, he was dismissed by skeptics as just another flash in the pan.  A one-hit wonder.

They were wrong—massively, of course.

Just this weekend, Alcaraz won Wimbledon in style, bucking a first-set loss before toppling the king himself, Djokovic, in five grueling sets, 1-6, 7-6, 6-1, 3-6, 6-4.

It took Alcaraz nearly five hours to dethrone the reigning, seven-time champion Djokovic, who was bidding

Tapales, fighting out of Lanao del Norte, will fly to Tokyo on early Tuesday with his manager and promoter Sanman owner JC Mananquil and international matchmaker Sean Gibbons to watch the bout.  He also said that the 30-yearold undefeated Inoue (24-0 with 21 knockouts) should not be complacent against 29-year-old American Fulton who is also unbeaten in 21 fights with eight knockouts.

“ He [Fulton] knows how to outbox his opponent, so smart and he’s so accurate,” he said. “Inoue should be careful even though he’ll be fighting in his hometown.” Tapales will return to the US with trainer coach Ernel Fontanilla in August to resume his training for the winner of the Inoue-Fulton fight. F ulton is the current World Boxing Council and World Boxing Organization bantamweight champion.

pine Pole and Aerial Sports Association president Ciara Sotto.

The festival features competitions in athletics, bowling, chess, fencing and netball and chess and athletics for para athletes.

The national team can utilize the sudden rescheduling of AIMAG to their advantage, in terms of their training and preparations,” Coo said.

The Thailand organizers moved the AIMAG schedule back from November to February 24 to March 8. B owling are being played at the Starmall Edsa Shaw, while chess, para chess, fencing, netball, athletics and para-athletics are set at the PhilSports’ Dining Hall, Fencing Hall, Multi-Purpose Arena and oval.

Technical officials from national sports associations are running the games.

National Master Nika Juris Nikolas, meanwhile, was recognized as the youngest NM in the event sponsored by Milo Philippines and Pocari Sweat.

to equal the all-time 24 majors of Margaret Court in women’s tennis and the eight Wimbledons of Federer.

T he win likewise avenged the defeat of the crampsstricken Alcaraz to Djokovic in the semifinals of the French Open in June.

Saying he was just “a boy of 20,” Alcaraz said after unseating the 36-year-old Djokovic: “I never expected to reach this far this early.”

A f ull-fledged revolution has begun.

T HAT’S IT   Bacolod’s Julianne Uy Javelosa has just made her parents, Chris and Mayra, proud after eminent coach Ramil de Jesus included Julianne to the De La Salle Lady Spikers team set to play in the iconic Shakey’s Volleyball League.  Julianne made it despite having to go through the rigors of an accountancy course.  “She really persevered as she loves volleyball very much,” said Mayra.  Watch out for this kid with the winsome smile, fellas.

ARENA Plus Ambassador Scottie Thompson (left) with (from left) with Jane Basas, President and CEO of Cignal TV and Mediaquest; Rafael Jasper Vicencio, President Total Gamezone Xtreme Inc.; Andy Tsui, President DigiPlus Interactive; and John Lucas, FIBA JMC Head of Operations.

PHILIPPINE Sports Commission Commissioner Olivia “Bong”Coo (third from left) joins (from left) Ciara Sotto, Elma Muros-Posadas, Atty. Kristine Yuzon-Chaves, Richard Lim, Rep. Prospero Pichay, Atty.

Charlie Ho and Rica Aquino during the opening ceremony at the PhilSports Complex Pasig City.

MAJOY BARON leads F2 Logistics’ assault.

LIVING up to expectations is never easy, and so much has been expected of Carlos Alcaraz—and somehow, he is living up to all the hype. AP