BusinessMirror July 25, 2022

‘Close borders, cut Omicron exposure risk’

By Cai U. Ordinario @caiordinario

C

LOSING the country’s borders is one of the most immediate courses of action the government must take to prevent the latest Covid-19 variant, Omicron, from reaching Philippine shores, according to local economists.

T he new var iant is a threat, e s p e c i a l l y w it h t he hol id ay s coming up and more foreigners being a llowed to travel to the Philippines, De La Sa lle Universit y economist Mar ia Ella Oplas told BusinessMirror.

The holidays usually bring in Overseas Filipino Workers (OFWs) who are eager to spend Christmas

w w

with their loved ones, while foreigners living in temperate regions usually want to relax in tropical countries like the Philippines. This year’s influx of OFWs is expected to be heavier since many of them were unable to come home for the holidays in December 2020.

“My recommendation is to protect the borders. Do not allow people with a history of travel to countries with positive cases to enter,” Oplas said.

“We should be more restrictive. [We have to be] more protective in terms of our measures.”

Oplas said that while this will be a setback to some industries, this is a fair measure considering that this could help prevent placing the country in another strict lockdown,

n Monday, July 25,29,2022 17 17 No.No.52 290 Monday, November 2021Vol.Vol.

which, she said, the economy can no longer afford.

“It is better that we do protective preventive measures than get exposed again. We have a lot to lose,” Oplas said. “We should do it now so that we can open just before Christmas. If it gets contained, we can open it again.”

Ateneo Center for Economic Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes said closing the country’s borders would be effective but should still adhere to the standards set by the World Health Organization (WHO).

What is needed, Peña-Reyes told this newspaper, is for travel restrictions to be put in place swiftly and

for government to be proactive in imposing them.

Previous instances when the country had the opportunity to impose travel restrictions did not prevent the spread of Covid-19. That was mainly because the decision was not made immediately, he said.

“Kung papatay patay [If we’re slow] and we get caught flat-footed, [that’s risky] We were too reactive instead of proactive before.

We should learn from that,” PeñaReyes said. “It’s a delicate balancing act. We need to push testing and tracing to be properly informed of our decisions. Blanket/shotgun approaches could have dire consequences on the economy.”

See “Omicron,” A2

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

EXPERTS MAKE PITCH FOR NATL GOVT BORROWINGS FOR 10 MOS DIP TO P2.75T CONGRESS’ PRIORITIES T L

By Bernadette D. Nicolas

By Cai U. Ordinario @BNicolasBM

n

Omicron risk spurs revival of quarantine rules in PHL

@caiordinario

AWS that will improve the HE national quality of education, make food government’s gross affordable, create fiscal space, and borrowings as of promote pandemic resiliency should be end-October shrank passed to ensure the country recovers by almost 6 percent from Covid-19 and posts inclusive year-on-year to economic growth in the medium term, P2.75 trillion. according to economists.

Latest data from the Bureau of the Ateneoshowed Eagle Watch Senior FelTreasury that the governlow Leonardo A. Lanzona Jr. told ment’s gross borrowings during the BusinessMirror ahead of the Presi10-month period fell by 5.99 percent dent’s first State of athe Nation from P2.92 trillion year ago. Address (SONA) that priority legislation With only two months left for should be headlined by efforts to adthis year, the latest figure is already dress skills development, especially equivalent to 89.6 percent of its of millions of Filipinos whoprogram. suffered P3.07-trillion borrowing from unemployment and underemBroken down, gross domestic borployment during the lockdowns. rowings from January to October The National Economic settled at P2.23 trillion, downand by Development Authority 5.08 percent from P2.35 (Neda) trillion in 2020.

The bulk of the amount was sourced from Fixed Rate Treasury Bonds (P1.19 trillion), followed by short-term borrowings from Bangko Sentral ng Pilipinas or BSP (P540 OUTHEAST counbillion), Retail TreasuryAsian Bonds/Pretries, including the Philipmyo Bonds (P463.3 billion), Retail throwing Onshorepines, Dollar are Bonds (P80.84away bilbillions to the ocean continulion). In the same period,bythere was ing to use single-use plastics, acalsocording a net redemption of Treasury to the World Bank and the BillsAssociation amountingoftoSoutheast P43.94 billion.

Asian Net debt(Asean). redemption means Nations there were moreWorld debtsBank repaid comIn a Blog, ManagingtoDirector for Operations Axel pared the amount borrowed durvan period.

Trotsenburg and Asean Secing the retary-General Limforeign Jock Hoiborsaid Meanwhile, gross as much as $80 billion to $120 rowings in the same period also billion a year due to the failure to contracted by 9.7 percent to P518.7 recycle plastics.

This represented billion lastofyear’s P574.4 billion.

95 from percent the packaging value This was raised through global of plastic products. bonds In (P146.17 billion), program Malaysia, the Philippines and(P139.98 Thailand, more euro-dethan 75 loans billion), percentbonds or $6 billion of the matenominated (P121.97 billion), rial value recyclable plastic is a project loanof (P86.41 billion), and lost every year when single-use yen-denominated samurai bonds (P24.19 billion).

By Samuel P. Medenilla @sam_medenilla

I

earlier estimated that in terms of human capital investment and returns, the losses are P11.025 trillion in education investments and P4.503 trillion in health for Covid-19 and non-Covid-19 diseases (https://businessmirror.com. ph/2021/09/25/neda-pandemicto-cost-phl-economy-p41-4-trillion-in-total-losses-over-next40-years/).

See “Experts,” A2

ASEAN STATES LOSE $80B-$120B YEARLY DUE TO PLASTIC WASTE

S

See “Borrowings,” A2

PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass.

The country will celebrate the 158th birth anniversary of Filipino revolutionary hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO

plastic is thrown away rather than recovered or recycled, they said.

“Southeast Asia has emerged as a hotspot for plastic pollution, Y. Arcalas withBy itsJasper rapid Emmanuel urbanization, ris@jearcalas ing middle class and inadequate infrastructure for waste manageORE 3 million ment. Half of the topthan 10 countries contributing to plastic leakage to and coconut farmers rivers and seas are located here,”regisworkers are now they said.with the government’s regtered “And has been istry,Covid-19 which serves asa panthe basis demic of plastic, triggering huge for the number of people increases in the consumption ofto be covered by the utilization masks, sanitizer bottles, onlineof the P75-billion coconut fund. delivery packaging andlevy other Philippine Authority single-use items.Coconut The plastics economy is generally a cycle of Roel (PCA) Deputy Administrator take, and waste,” M.make Rosales said aboutthe 3.11aumillion thors added.farmers and farm workcoconut

NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory facility-based quarantine for all arriving passengers in the country.

Acting Presidential spokesperson Karlo B. Nograles announced on Sunday that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) suspended the implementation of its Resolution No. 150A (s.2021), effectively imposing stricter protocols for all inbound travelers.

To note, IATF Resolution 150A had allowed fully vaccinated non-visa travelers from Green List areas to enter the country without the need for facility-based quarantine as long as they secure AT THE END OF THE RAINBOW Tourists watch a rainbow negative Reverse Transcriptionin Cavinti, Caliraya, Laguna in this recent photo. Will there be a Polymerase Chain Reaction (RTpot of gold, or at least a modicum of comfort on offer for Filipinos PCR) test within 72 hours prior struggling with a myriad of challenges wrought by the pandemic, to their departure. the war in Ukraine, and global economic problems? Filipinos await programs as President Duterte “Except for countries classified the answer as President Ferdinand R. Marcos Jr. delivers his first is expected to sign the industry as ‘Red,’ the testing and quarantine State of the Nation Address (SONA) today. NONIE REYES development plan in early 2022. protocols for all inbound internaRosales said the PCA will not tional travelers in all ports of entry stop updating its list of coconut shall comply with the testing and farmers and enjoined them to regquarantine protocols for ‘Yellow’ ister in order to reap the benefits list countries,” Nograles said, citing of the decades-long idled coconut the provision of IATF Resolution Representatives levy fund. “We willare not expected stop at 3.1 to No.Following 151-A. tradition, aside from overwhelmingly elect Leyte 1st electing its new Speaker its first million. We hope that more indiHe noted Hong Kong,on which has District Rep. Martin Romualdez day of session, the House is exviduals will register in our coconut confirmed a case of the Omicron as Speaker in thehe morning pected towill votealso for fall its other farmers registry,” said. openvariant, underofficers, the YelingThe session, or hours before the including some deputy speakers updating of the coconut low list countries. joint session andThe committee chairmen, and the farmers registryofisCongress mandatedhears by suspension of the rules for President Ferdinand R. Marcos Jr. chamber’s secretary general Republic Act (RA) 11524 or the “Green List” countries will beand in deliver his first State the Nation sergeant-at-arms.

Coconut Industry TrustofFund Act. effect from November 28, 2021 to Address.

See “3-M farmers,” A2 DecemberContinued 15, 2021.on A4

OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND

M

See “Asean,” A2 ers have been registered with the government since it started up-

dating its registry following the enactment of the Coconut Farmers and Industry Trust Fund law.

Rosales explained that about 500,000 coconut farmers and workers were added to the PCA’s 2018 list that had about 2.5 million coconut farmers and farm workers.

ByThe Jovee Marie N. step dela is Cruz PCA’s next to con@joveemarie duct an exclusion-inclusion proFernandez cedure& Butch by making the updated @butchfBM farmers’ registry public, providing everyone the opportunity to HE Senate andofthe of check the veracity theHouse list, RoRepresentatives will sepasales added. rately open today in(Mon“The list will be posted public day) the first regular session of spaces where people can easily see

them. This allows everyone to see who are listed in the registry and if farmer doesn’t see his name then he shall coordinate with the PCA immediately,” he explained at a recent dialogue with coconut farmers.

“On the other hand, if people would see names on the list and the Congress, the exthey19th think they are with not coconut pected election of the new farmers or their details are Senate incorPresident Speaker, and rect, they and can report it to theinitial PCA listing of their respective for immediate action,” hepriority added. measures.

The PCA official noted that del Norte Robert theSurigao completion of theRep. initial list Ace Barbers and Pampanga Rep. of coconut farmers registry would Aurelio majorbe just Gonzales in time forJr.thesaid expected ity of members of the House of rollout of coconut levy-funded

Migz, Martin to lead Senate, House in 19th Congress

T

Continued on A2

PESO EXCHANGE RATES n US 56.3450 n JAPAN 0.4102 n UK 67.5971 n HK 7.1789 n CHINA 8.3252 n SINGAPORE 40.5477 n AUSTRALIA 39.0640 n EU 57.6409 n KOREA 0.0431 n SAUDI ARABIA 14.9953 Source: BSP (July 22, 2022) PESO EXCHANGE RATES n US 50.4600 n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021)

News

BusinessMirror

A2 Monday, July 25, 2022

Price of refined sugar soars amid crippling supply woes F

By Jasper Emmanuel Y. Arcalas

tries like Vietnam and Thailand.

“Sugar is an administratively-controlled commodity where the controls are in the sugar growers—that means to protect the sector to the detriment of anybody who consumes sugar including manufacturing,” Tolentino, a former agriculture undersecretary, told the BusinessMirror.

“If you go to Thailand, Vietnam and Indonesia there are many products that contain sugar and these food products are very cheap. Sugar is an input in the manufacturing process,” he added.

Roehlano M. Briones, senior research fellow at Philippine Institute for Development Studies, said the country’s refined sugar is now the second most-expensive sweetener in the world next to Oman’s. More remarkably, he noted that Oman imports virtually all

its sugar supply while the Philippines grows sugar cane.

Briones proposed that the SRA expand its current sugar import program to allow more stocks to enter the country and temper the rising prices that have been hurting both manufacturers and consumers.

Price monitoring report by GlobalProductPrices.com showed that sugar price in Oman as of March is the most expensive in the world at $2.57 per kg followed by the Philippines at $2.42 per kg.

SRA data showed that as of June 26 about 88,410.30 MT of refined sugar has entered the country under the agency’s 200,000-MT refined sugar importation program that is aimed to boost sweetener supply for industrial and bottlers’ use.

However, SRA data showed the country’s total refined sugar remained 7.41 percent lower at 1.040 MMT, compared to last year’s 1.123 MMT. The wholesale price of refined sugar has steadily risen since the start of sugar crop year 2021-2022.

As of July 15, the wholesale price of refined sugar rose to a fresh record level of P4,249.23 per 50-kilogram

bag or about P84.98 per kilogram.

Last week, Agriculture Undersecretary-designated Kristine Y. Evangelista said the DA is exploring options, including the importation of more sugar, to temper the rise in sugar prices.

“The importation of sugar is something the SRA [Sugar Regulatory Administration] is looking into, but we [may] have to come up with a new order to ensure our consumers will have access to cheaper sugar,” Evangelista told reporters in an interview in Quezon City. (Related story: https://businessmirror. com.ph/2022/07/19/governmenteyes-ways-to-temper-rising-sugar-prices/) The BusinessMirror reported last month that the country’s sugar stocks will be depleted by August, as demand for the sweetener has outpaced supply due to lower cane production and the delay in import arrivals.

Calculations made by the DA and the SRA showed that the country will run out of refined sugar as early as the last week of July. (Related story: https://businessmirror.com. ph/2022/06/29/phl-may-run-outof-sugar-by-august-sra/).

The regional action plan, specifically, includes 14 Regional Actions across four pillars of Policy Support and Planning; Research, Innovation and Capacity Building; Public Awareness, Education and Outreach; and Private Sector Engagement.

More recently, in June 2022, the World Bank also extended a $20-million grant for the Southeast Asia

Regional Program on Combating Marine Plastics (SEA-MaP).

The project aims to reduce plastic consumption, increase recycling, and minimize leakages to prevent land and sea-based marine plastic pollution. It will also support coastal and blue economies, which are particularly affected by marine litter and its effects on several key sectors—

fisheries, tourism, and shipping.

@jearcalas

ILIPINO consumers may have to shell out more money for their beloved sweets as the price of refined sugar zoomed to P115 per kilogram amid crippling supply woes.

Latest Sugar Regulator y Administration (SR A) data showed the price of refined sugar in Metro Manila markets as of July 15 was as high as P115 per kg, the third consecutive week that authorities recorded above P100-per-kg price level for the commodity.

SRA data showed the average price of refined sugar in Metro Manila wet markets jumped by P2.43 to P89.93 per kg from P87.5 per kg while average quotation in supermarkets rose weekon-week by P3.57 to P85.47 per kg.

Monetary Board member V. Bruce J. Tolentino said Filipinos should brace for more expensive food products that contain sugar, given the skyrocketing price of the raw material.

Tolentino stressed that local sugar prices have remained higher for a “long time” compared to neighboring coun-

Asean

Continued from A1

Efforts to address these, the authors said, include the Bangkok Declaration on Combating Marine Plastics in 2019 and the ASEAN Regional Action Plan for Combating Marine Debris in the Asean Member States (2021-2025).

Conservation and tourism

IN a recent study by US-based luggage storage company Bounce, plastic waste has damaged coral reefs and wildlife, which are the main attraction of the world’s top snorkeling destinations.

Bounce said the volume of plastics in oceans has steadily grown at 5.14 percent annually. It added that as of 2020, the total volume of plastic in oceans stood at 1.73 million tonnes.

“Snorkeling is made possible by having clean, clear, and healthy surface oceans which provide habitats for coral reefs and all sorts of fish and plant species,” Bounce said.

In terms of square kilometer (km2) of coral reef area, Bounce ranked the Philippines as having the third largest coral reef area out of the world’s 50 top snorkeling destinations.

However, the Philippines has the highest percent of global plastic waste emission, at 36.38 percent, among these 50 countries.Cai U. Ordinario

www.businessmirror.com.ph

Experts...

Continued from A1

“I think that we need to pursue more laws that will result in greater productive employment and skills development. While institutions need to be rid of corruption and poor management, we have to develop and form our human capital if these institutions are to be resilient. For one, the quality of education in the country has to be improved,” Lanzona said.

In order to improve the education system, the government should, Lanzona said, liberalize the education system—similar to what Singapore has done. This can be done by passing laws that “allow foreign schools and companies to build and own schools and training facilities in the country.”

He said this is especially the case with technical vocational training.

Firms, he said, should be allowed to set up training facilities to improve the skills of workers, particularly those working in the manufacturing sector.

According to University of Gadjah Mada’s Asean Studies Center Senior Fellow Dio Herdiawan Tobing, skills training in the Philippines is the most expensive in Southeast Asia. The high cost of skills training has become a major obstacle, especially for young Filipinos who are looking to upgrade their skills.

(Story here: https://businessmirror.com.ph/2022/07/19/ pricey-training-hobbles-pinoyyouths-aspiration-to-improvedigital-skill-sets/) Apart from improving the education system, Lanzona said of utmost importance are efforts that will “maintain and develop our agricultural sector.” Part of this will be the passage of the National Land Use Act, despite the opposition of legislators “running real estate businesses.”

“I don’t think we should emphasize food security. Our vulnerability to the food crisis can also be reduced if we can improve our ability to trade both in industry and services. The goal is to have diversity and not to put all our eggs in one basket,” Lanzona added.

Agri productivity

EFFORTS to boost efficiency and productivity in agriculture, Action for Economic Reforms (AER) Coordinator Filomeno Sta. Ana told

BusinessMirror, jibes well with the need to address high inflation.

Sta. Ana thinks the administration should ensure the population’s access to affordable food. The government should work toward removing or relaxing barriers to the entry of food items.

He also encouraged the national government to invest in renewable energy by resisting attempts to roll back fuel taxes. Sta. Ana said this can be the administration’s climate change agenda.

“The problem is mainly supplyside inflation. (The government should) resist any attempt to roll back fuel taxes; rather, use those taxes to subsidize public transport and the poor. Main users of fuel are car owners who belong to the 10 percent in terms of family income,” Sta. Ana pointed out.

Apart from these, he cited a need to follow the recommendation of former Socioeconomic Planning Secretary Karl Kendrick T. Chua to pass a pandemic flexibility bill.

Chua said the pandemic flexibility bill will strengthen government institutions to better respond to health emergencies and expedite the rollout of health and social protection measures (Full story: https://businessmirror. com.ph/2021/12/02/pandemicflexibility-bill-pushed-by-neda/).

This would also support efforts to strengthen the primary health-care system while removing obstacles that delay government procurement of health and other related goods and services.

“Reform procurement rules to become agile in responding to pandemic. Remove procurement rigidities and capacitate LGUs (Local Government Units) to procure goods and services,” Sta. Ana said.

University of the Philippines School of Economics Director for Research Renato E. Reside Jr. said bills that rationalize pensions of uniformed personnel in the Philippines should be passed to create additional fiscal space.

Rationalizing these pensions would give the country additional fiscal savings, which can also be used to reduce poverty incidence.

Reside said the primary sponsors of bills in the last Congress were Albay Representative Jose Sarte Salceda as well as Senators Christopher Go and Ronald ‘Bato’ de la Rosa.

“Right now, such pensions are funded out of direct government appropriations every single year and only promise to grow if the rules for providing them are not changed,” Reside said.

Wealth tax

IN the recent State of the People’s Address (SOPA), Freedom from Debt Coalition (FDC) President Rene E. Ofreneo stressed the need to pass wealth tax measures to create fiscal space for the national government.

Ofreneo said the administration should enact an emergency onetime tax measure on the richest Filipinos and their families, especially those engaged in power, telecommunication, pharmaceuticals, “import-distribution industries, and those in the top 500 richest.”

He said the government should create a progressive tax system that is focused on wealth taxation, where higher incomes are taxed higher. One formula, he said, is to apply progressive tax rates on the networth of rich Filipinos.

In a separate briefing, Ibon Foundation Executive Director Sonny Africa added that wealth taxes—imposed on the country’s 2,919 billionaires—could generate as much as P470 billion.

Africa said in general, on the matter of taxation in the country, the administration should pursue fair, efficient and corrective measures to help more Filipinos recover from the pandemic.He cited a need to create a broad-based tax system where all Filipinos can contribute their fair share; cover areas that ought to be taxed such as the digital space; and correct behavior such as through sin and gambling taxes.

The Nation BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Monday, July 25, 2022 A3

Macau starts testing Pinoys for Covid; OFWs cry racism

By Malou Talosig-Bartolome

M

@maloutalosig

ACAU has started testing all Filipinos for possible infection of Covid-19, triggering a protest from a group of overseas Filipino workers, branding the move as “racist” and “discriminatory.”

The Philippine Consulate General in Macau dismissed the complaint saying that the testing of Filipinos is “purely a health issue.”

Epidemiology research of Macau Special Administrative Region (MSAR) has found that 9.5 percent

of the city’s total COVID-19 cases in this latest wave of infection are Filipinos. They ordered that nucleic acid testing (more popularly known in the Philippines as RT-PCR) be conducted on all Philippine passport holders starting Saturday.

“It’s likely that they have more interactions within their own ethnicity, so we need to find out whether there are hidden sources of infections among them via frequent testing,” Bloomberg News quoted Macau Health Official Leong Lek Sou as saying.

“Nakaka-hurt naman ’yun. Bakit ’yung 9.5 percent lang ang tinitignan nila? Nasan ’yung 90 percent? This is racist and discriminatory,” Jassy Santos, acting chair of the Progressive Labor Union of Domestic Workers in Macau, told the BusinessMirror.

[That hurts. Why are they only looking at the 9.5 percent? Where is the 90 percent?]

Alarming number

CONSUL General Porfirio Mayo told the BusinessMirror that Macau statistics show “an alarming number

of infections particularly in the last two weeks where one in four infections involve a Filipino.”

“MSAR’s monitoring app works insofar as determining those who failed to take the nucleic acid tests during mandated mass testing. And some Filipinos, including those who are permanent residents, have recently been remiss in this,” Mayo added.

He said that Macau had also done the same targeted testing on Vietnamese and Nepalese workers in October last year, and on Myanmarese workers last month.

“Noissueofracismordiscrimination was raised against MSAR (when other foreigners were tested). Are we now saying that because we have the numbers, we are better than our neighbors from these three countries?” Mayo added.

There are 26,400 OFWs in Macau, rep-

resenting four percent of the total population in the Chinese island territory.

Macau is experiencing its worst Covid cases since the pandemic began in 2020. Used to having zero case since 2020, Macau now has 1,357 cases, six of them died. This prompted the government to shut down businesses, including casinos, which drives the territory’s economy.

Do what’s right

SANTOS said there are Filipinos who lost their jobs due to closure of businesses. Since they are living together in boarding houses, they are being “seen” or “heard” as having gatherings inside their flats.

“Minsan nagkaka-karaoke, kasi nabo-bore eh. Isang buwang walang trabaho. Anong gagawin naman nila?

Nakakulong na nga eh. Baka mas lalong

ma-depress,” Santos said.

[Sometimes we do karaoke, because we’re bored. After a month without work, what will they do?

They’re already locked up and maybe make them even more depressed.]

She lamented that the Consulate does not protest Macau’s move because Macau residents would further treat Filipinos as the only ones spreading the virus.

“The last thing that we need is to makeapoliticalissueoutofthisdecision of the host government. The Consulate strongly believes that this is solely a health issue. As the cliché goes, we are only as strong as the weakest link,” Mayo said. “I have asked every Filipino in Macau to do what is right during this crucialperiodinMacauwhenweneedto lendsupportandcooperationasresponsible members of the greater society.”

Shooting kills 3, cancels law graduation rites at ADMU; Marcos vows swift probe

By Samuel P. Medenilla @sam_medenilla

& Rene Acosta

@reneacostaBM

P

RESIDENT Ferdinand R. Marcos Jr. vowed a swift investigation of the shooting incident that killed three people, injured a graduating law student, and cancelled the graduation rites at the Katipunan campus of Ateneo de

Manila (ADMU) last Sunday.

In a brief statement posted in his Facebook page late Sunday, Marcos expressed his “shock and sadness” over the incident.

According to news reports, among those killed were former Lamitan, Basilan Mayor Rose Furigay; her aide, Victor Capistrano; and, a security guard of the university who reportedly tried to stop the shooter.

Furigay’s daughter, Hanna Rose,

who was supposed to graduate from law, was among those injured.

The building was supposed to host the physical graduation of Ateneo’s graduating law students. The event was cancelled as a result of the shooting incident.

The Philippine National Police (PNP) did not identify the victims, but the Quezon City Police District and even reports later identified one of them as former Mayor Furigay.

Supreme Court Chief Justice Alexander G. Gesmundo was supposed to grace the graduation ceremony and was already at the school compound when the shooting happened.

The PNP said a suspect was in its custody and was continuing to investigate the incident.

Marcos vows justice

“WE commit our law enforcement agencies to thoroughly and swiftly

investigate these killings and bring all involved to justice,” President Marcos said.

He condoled with the families of the victims in the shooting.

“Our prayers go to the graduates, their families, the Ateneo community, and to the residents of Quezon City and Basilan,” Marcos said.

“We mourn with the bereaved, the wounded, and those whose scars from thisexperiencewillrundeep,”headded.

Press Secretary Beatrix Cruz-Angeles also expressed her sympathies to the families of the victims as well as the Ateneo community for the tragic incident.

In its official Twitter account, the Metropolitan Manila Development authority (MMDA) confirmed the shooting just before 3pm. It issued this MMDA alert: “Shooting incident at c5 Katipunan Avenue Ateneo Gate 3 NB as of 2:55 p.m. PNP on site.”

A4 Monday, July 25, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

www.businessmirror.com.ph

Duty Free Fiesta Mall to be closed, relocated as restrictions against Covid-19 widen losses

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

D

U T Y FR EE Philippines Corp. (DFPC) projects a turnaround in its finances by 2025 with more people traveling across the globe and visiting the Philippines.

DFPC officials led by its Chief Operations Officer Vicente Pelagio A. Angala recently made a presentation of the firm’s financial status and projects to Tourism Secretarydesignate Christina Garcia Frasco, who chairs the government firm.

In a post on its Facebook page, the Department of Tourism (DOT) said one of the issues covered in the meeting between Frasco and DFPC officials include “the pending closure and possible relocation of the Corporation’s Custom Bonded Warehouse and its flagship store— the Fiesta Mall—as a consequence of the negative economic effects of the pandemic.”

A trip to the Fiesta Mall represents a “coming home” of sorts for balikbayans (homecoming Filipinos), who shop for appliances, groceries, home accessories and apparel, along with liquor items, as a bonding activity with their families.

But Angala said they were optimistic that sales of the government firm “will return to its more than US$200 million (P11 billion) level by 2025,” on projections of a global tourism recovery by the International Air Transport Association.

Last year, DFPC’s revenue fell to $35 million (P1.93 billion) as pandemic travel restrictions continued to keep tourists away from the country. Minus expenses, the government firm’s loss widened by 47 percent to P558 million, according to a report by the Commission on Audit. In 2019, the government firm recorded sales of P11.86 billion, netting a profit of P470.36 million after expenses.

Profits fund tourism projects

FOR her part, Frasco shared some mechanisms to possibly save government resources and maximize revenues of DFPC “such as government-to-government lease, if not the utilization and rental of other DOT-attached agency properties.

She also shared the possibility

By Andrea San Juan

of public-private partnerships to make the Duty Free outlets globally competitive and profitable for the agency.”

In a Viber message, the DOT chief told the BusinessMirror: “Of course, any financial hardships for any government agency are a matter of grave concern and moving forward, I fully intend to ensure that the attached agencies improve both their performance and revenue stream.”

The financial health of DFPC is important as under Republic Act 9593 (Tourism Act of 2009), at least 50 percent of its annual profits are supposed to be remitted to the Office of the DOT Secretary to fund tourism programs and projects. Of the remitted amount, 70 percent shall be given to the Tourism Promotions Board, the marketing arm of the DOT.

Appeal for NG funding

THE deepening of DFPC’s losses has made it necessary to appeal to the national government for funding assistance, by fully subscribing to the firm’s P500-million authorized capital. (See, “Duty Free PHL appeals for funding assistance from NG,” in the BusinessMirror, June 27, 2022.)

Under the previous administration, there were discussions on the possible privatization of DFPC, similar to how duty free stores are run in most countries, except the Middle East. This was already given the go-signal by the Department of Finance.

Also, there were plans to expand the list of concessionaires at the DFPC retail stores as these were seen as being monopolized by the same group of suppliers of merchandise goods for many years, under different administrations. (See, “DOT chief: Duty Free firm’s privatization possible,” in the BusinessMirror, September 5, 2019.)

Earlier, DFPC management also planned to streamline its organization to be able to record higher profits.

DFPC currently operates stores at the following: Fiesta Mall in Parañaque; the Ninoy Aquino International Airport terminals 1, 2 and 3 in Pasay; and, the international airports in Davao, Kalibo, Clark, Iloilo and Bacolod (Silay).

‘PHL economy to reap gains from Creative Industries Act’

A

ALL SET FOR SONA The main gate of the House of Representatives is seen on Sunday, amid feverish preparations for its hosting of the joint session of the 19th Congress that will hear President Ferdinand Marcos Jr. deliver his first State of the Nation Address (Sona). ROY DOMINGO

Congress urged to prioritize social entrepreneurship bill

By Jonathan L. Mayuga @jonlmayuga

T

O help more Filipinos recover faster from the social and economic impacts of the coronavirus disease (Covid-19), civil society organizations on Sunday called on legislators to prioritize the passage of a measure promoting social entrepreneurship.

The groups led by the Philippine office of Oxfam International are calling on lawmakers to fast track the passage of the Poverty Reduction through Social Entrepreneurship (Present) bill, as they anticipate the opening of the 19th Congress on Monday.

“At the heart of the proposed social entrepreneurship bill is the aspiration to help members of lowincome communities and vulnerable groups, especially women, earn a decent living and escape poverty,” Oxfam Pilipinas Country Director Maria Rosario Felizco was quoted in a statement as saying.

The groups, who banded together as the Present Coalition, said the proposed policy measure aims to promote social entrepreneurship as a strategy for poverty reduction.

The coalition is being supported by Oxfam Pilipinas through its Gender Transformative and Responsible Agribusiness Investments in South East Asia program.

“This bill, if passed, will enable the creation and strengthening of social enterprises as transformational partners of the poor and marginalized,” Present Coalition Convener Marie Lisa M. Dacanay was quoted in the statement as saying.

Filling the gap

DACANAY added that without systematic government support, social enterprises have grown from 30,000 in 2007 to more than 164,000 before the pandemic.

“With systematic government support, a vibrant social enterprise sector can address poverty on a grand scale while ensuring inclusive recovery from the Covid-19 pandemic towards accelerating the achievement of the Sustainable Development Goals of zero poverty, no hunger, reduced inequality, women’s economic empowerment, and building resilient and sustainable communities,” she added.

Felizco said despite the comprehensive assistance given by social

enterprises to the communities that they serve—from training and jobs creation to entrepreneurship support and market intermediation— they still face many challenges with the current policy environment.

“Social enterprises (SEs) are forced to fit into the mold of for-profit businesses or non-profit organizations but they are neither,” Felizco said.

She added it was time to recognize a social enterprise as a different entity altogether that requires its own set of definitions and assistance.

“Especially in rural and far-flung areas, these social enterprises are filling the gap that the market and the government do not have the capacity or the expertise to fill,” Felizco said.

Distinct, systematic

IN Mindanao, for example, the social enterprise Coffee for Peace has helped farmers “many of them from indigenous peoples” develop highquality coffee through local innovations that is not only export-quality but has also gained a local following.

Through such intervention, more local farmers have entered entrepreneurship and are now sought after by different markets.

LAWMAKER said the Philippine economy will reap benefits from the Creative Industries Act if the government and private sector are willing to work closely together.

“You know you can’t really scale to the level of ubiquity that Korean content has if you don’t have government working closely with the private sector,” Pangasinan 4th District Rep. Christopher VP de Venecia said in a televised interview when he was asked on how the soon-to-be law will contribute to the Philippine economy.

The Creative Industries Act, the combined version of House Bill 10107 and Senate Bill 2455, is set to become a law on July 27, if it won’t be vetoed by President Ferdinand R. Marcos Jr. The bill was principally authored and sponsored by De Venecia, who’s also the chairman of the House Committee on Creative Industry and Performing Arts.

Private sector-led Creative Economy Council of the Philippines unveiled that the creative industry was worth roughly P1.27 trillion in 2019.

De Venecia said that he always looked to the example of South Korea “and how they seemed to have figured out their content industries back in 1997 at the wake of the Asian financial crisis.” According to the lawmaker, it was the time then-South Korean president Kim Dae-jung had to resort to another growth strategy “because they had lost their main driver which was manufacturing, …so they decided to invest in their content industries.”

The lawmaker said the Filipinos are now among the biggest consumers of K-Pop and K-drama. However, he stressed that the success of Korea in their content industries did not happen overnight as it required strong ties between the government and the private sector.

“So what South Korea’s reaping now are really the creative consequences of an international policy shift on the part of the government,” de Venecia said.

Meanwhile, relative to the tourism industry in the Philippines, De Venecia noted that prior to the passage of the Tourism Act of 2009, the industry was only at 5 percent of the country’s gross domestic product (GDP). This has now gone up to 12.9 percent, he said.

Migz, Martin to lead Senate, House in 19th Congress Gonzales said Reginald Velasco, who served as deputy secretary general and spokesman of National Unity Party, would most likely be elected House secretary general.

“We will elect him [Romualdez] as our Speaker. He has the full support of our party, PDP-Laban, and almost all political groups in the House led by his own Lakas-CMD, which he heads as president,” the former deputy speaker said.

Gonzales said Romualdez deserves to lead the House.“He was in the running for the speakership in 2019 but settled for the position of majority leader to promote camaraderie and unity in the House. He politely and patiently waited for his time to become Speaker while doing his job well.

Forbearance and the capacity for self-sacrifice are his virtues. And the time has now come for him to be our leader,” he said.

Romualdez honed his skills as a politician and parliamentarian through years of experience, he said, adding that, “Those skills will come in handy as our new Speaker shepherds the House in support of the legislative and unity agenda of President Ferdinand ‘Bongbong’ Marcos Jr.” Gonzales also described the Leyte

lawmaker as a “consensus builder, who always listens to the concerns of his colleagues, his constituents and the people.”

For his part, Barbers cited Romualdez’s sterling performance record as House Majority Leader under the leaderships of both former Speakers Alan Peter Cayetano and Lord Allan Velasco.

He said Romualdez helped stabilize political turmoil among members of the August chamber during the reported Velasco-Cayetano speakership rift in October 2020.

“He was also credited with steering the House minority and majority members in the passage of crucial pieces of legislation such as the Bayanihan 1 and 2 to help alleviate economically the welfare of Filipinos badly affected by the Covid-19 pandemic,” Barbers said.

Albay Rep. Joey Sarte Salceda also said Romualdez will be the next Speaker “not because he is a cousin of the incoming President but because of his legislative prowess, his mastery of the legislative grind or mill.”

Salceda said Romualdez steered passage of “even the most difficult reforms like the Public Service Act.” Former president and congresswoman-elect Gloria Macapagal-Ar-

royo, chairman emeritus of LakasCMD Party, has expressed her support to Romualdez.

Priorities

ROMUALDEZ said the absolute top priority of the 19th Congress in its First Regular Session is the passage of the 2023 General Appropriations Bill (GAB).

“First of all, there’s the budget.

Then there’s some follow-through on what we have already passed in the House and the Senate in the previous 18th Congress. So a number of those have already been refiled,” said Romualdez, president of the Lakas-Christian Muslim Democrats (Lakas-CMD).

He is confident that all priority legislation of Marcos would be passed by Congress within one year, or the first regular session.

“I don’t want to preempt the President’s Sona statement, but we will take our cue from his Sona priority message,” added the lawmaker.

Marcos will deliver his first Sona on July 25 at Batasang Pambansa Complex during a joint session before the House of Representatives and the Senate.

From there, the executive branch will submit the 2023 NEP, which then becomes the basis for the 2023 GAB.

Marathon hearings will follow as House members headed by the House Committee on Appropriations scrutinize the bill’s budget allocations for each department in government.

Once it is approved by Congress and signed by Marcos, the GAB becomes the General Appropriations Act (GAA).

Romualdez said the 19th Congress will also immediately work on post-pandemic measures to help sustain economic recovery.

Super majority

ROMUALDEZ expects a smooth working relationship with the Senate, especially with the help of the super majority coalition.

“No hindrances are anticipated.

We have talked about it with economic managers, with our counterparts in the Senate and in the House, we have actually more time discussing that with [the] leadership and sometimes the Senate is maybe more deliberate, it will take time. But we don’t anticipate any hindrances or any problems, we are looking forward to [a] very smooth and functioning Congress, both House and Senate,” he said.

Meanwhile, more lawmakers are joining the Lakas-CMD, bringing the party’s total membership

in the House to 64.

Senate

THE 19th Senate opens its first regular session with the election of its new leaders on top of an agenda focused on boosting government efforts to bounce back from the crippling effects of the pandemic amid global supply chain woes and raging conflicts abroad.

Designated to preside as acting Senate President is Senator Juan Miguel “Migz” Zubiri, former Majority Leader, who will lead Monday’s opening rites starting 10 a.m.

Like Romualdez, Zubiri as then majority leader was credited with helping Senate President Vicente Sotto III steer passage of crucial measures during the pandemic, including even tough tax reforms and liberalization bills.

Expected to be elected are the top Senate officers in the the new Congress, including the Senate President, Senate President ProTempore, Majority Leader, Secretary and Sergeant-at-Arms, with the losing candidate for Senate President traditionally elected as Minority Leader.

Zubiri is expected to be elected 24th Senate President; comebacking senator Loren Legarda as Senate

continued from a1

President Pro Tempore, and Sen. Joel Villanueva as Majority Leaders.

Zubiri earlier saiid the Senate will prioritize passing a national budget which includes funding for a stimulus package for distressed industries and sectors affected by the pandemic and current economic issues.

Zubiri indicated that the Senate is looking forward to pass measures to combat the rising inflation, reinvigorate the economy, lower the prices of basic goods, and strengthen education policies.

The Senate is also set to welcome 12 of its newly elected senators, including three neophyte senators, four reelected lawmakers and five former legislators. Among the firsttermers are Sen. Robin Padilla (with 26,612,434 total votes), Sen. Raffy Tulfo (23,396,954) and Sen. Mark Villar (19,475,592). The five returning senators include Sen. Alan Peter Cayetano (19,295,314), Sen. Chiz Escudero (20,271,458), Sen. JV Ejercito (15,841,858), Sen. Jinggoy Estrada (15,108,625) and Legarda (24,264,969).

Reelected to continue their second consecutive term are: Senators Sherwin T. Gatchalian (20,602,655 total votes), Risa Hontiveros (15,420,807), Villanueva (18,486,034) and Zubiri (18,734,336).

S TAT E O F T H E N AT I O N A D D R E S S

A BusinessMirror Special Feature

www.businessmirror.com.ph

Monday, July 25, 2022 A5

It’s all systems go for PBBM’s 1st SONA

By Anne Ruth Dela Cruz

‘I

DID not talk much in this campaign. I did not bother to think of rebutting my rivals.

Instead, I searched for promising approaches better than the usual solutions. I listened to you. I did not lecture you on who has the biggest stake in our success. And the forthcoming State of the Nation will tell you exactly how we shall get this done.”

These were the words of President Ferdinand Romualdez Marcos Jr. during his inaugural address at the National Museum last June 30 and has raised much interest in what his first State of the Nation Address will contain.

All indications show that economic recovery and a new stimulus package similar to the previous Bayanihan measures that were passed to provide aid to those hit hard by the pandemic are among the President’s legislative priorities.

“We are presently drawing up a comprehensive, all-inclusive plan for economic transformation.

We will build back better by doing things in the light of the experienc-

es that we have had, both good and back. It doesn’t matter. No looking back in anger or nostalgia,” Marcos said in his inaugural speech.

Countryside development

He also wants to focus on developing the countryside through agriculture, continuing former President Rodrigo Duterte’s flagship infrastructure “Build, Build, Build,” providing credit facilities to small businesses and education.

“The role of agriculture cries for the urgent attention that its neglect and misdirection now demand. Food self-sufficiency has been the key promise of every administration. None but one delivered,” he said.

“Food sufficiency must get the preferential treatment, the riches free trade countries always gave their agriculture sectors. Their policy boils down to don’t do as we do, do what we tell you to. I am giving that policy the most serious thought if it doesn’t change or make more allowances for emergencies with long term effects.”

A number of senators have given their wish lists for Marcos’s first

SONA. Sen. Loren Legarda said she wanted to hear the President speak about his priority programs and policy reforms on health and education, food security, agriculture, and sustainability programs, economic and fiscal policies, human rights, and social justice, unemployment and underemployment, legislative agenda and the role of local government units.

Economic plans

Sen. Sonny Angara, on the other hand, wants to hear the President’s plans for the country’s economy and how he plans to work closely with the private sector. For Sen. Ronald “Bato” Dela Rosa, he wants to hear that Marcos will continue the campaign against illegal drugs, criminality and terrorism.

Business groups and foreign chambers are recommending the passage of 24 priority legislative measures. In a letter addressed to the President, the key legislative measures on their list are: Liberalization of Foreign Equity Restrictions in the Constitution; Open Access in Data Transmissions; Ease of Paying Taxes; Portion of Digital Payments.

The groups are also asking the government to seek the enactment of amendments to seek the enactment of amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) and Philippine Economic Zone Authority (PEZA) for Hybrid/Flexible Work Schedules.

Freedom of Information; Property Valuation and Assessment Reform; Capital Income and Financial Taxes Reform; amendments to the Build-Operate-Transfer Law/Public-Private Partnership Act and the Secrecy of Bank Deposits law are also among the bills being pushed by the local and foreign business groups.

Simple, traditional SONA

According to House Secretary General Mark Llandro Mendoza, preparations are in place for “a simple and traditional” SONA today which will be witnessed by 1,365 guests at the Batasang Pambansa.

“It’s all systems go for today’s SONA. We already sent the invitation, the session hall will be ready by tomorrow [Thursday], everything is okay. Except for a few se-

curity [adjustments] inside the House,” he said.

“Malacañang wants [the first SONA] to be simple, and very more traditional SONA. The President really wants something simple so that he can address things properly, no more glamor,” he added.

A few days before the SONA, Mendoza led the unveiling of the marker of the newly renovated plenary hall of the House of Representatives. The renovations cost over P100 million.

Mendoza said the much-needed renovation of the decades-old plenary hall as well as the other enhancement projects inside the House complex were the initiative of former Speaker Lord Allan Velasco.

Simple cocktails

According to Mendoza, simple cocktails will be served for guests and visitors on Monday. Guests, including Vice President Sara Duterte, members of the Cabinet, former presidents, vice presidents, speakers, and Senate presidents, the diplomatic corps and justices must present negative RT-PCR results before they are allowed entry

to the plenary hall.

He said SONA will be directed

by Paul Soriano and the singing of the National Anthem would be done by a choir from Ilocos Norte.

The flow of traffic within and around the Batasan complex is controlled with police barricades and checkpoints, keeping but the most essential vehicles—including members and staff cars—off the key streets around the complex.

Authorities have increased the number of security personnel to 21,800 for Marcos’ first SONA. They will guard the Batasang Pambansa in Quezon City and at least 30 border control points along the metro for the event, applying the same template utilized during the inauguration of Marcos in Manila on June 30.

Protesters are only allowed in designated freedom parks like the Quezon City Memorial Circle.

They may also gather in some areas provided they secure permits from the Quezon City local government unit and adhere to guidelines of a peaceful assembly. With reports from Jovee Marie N. Dela Cruz and Sam Medenilla.

Agriculture/Commodities BusinessMirror

A4 Monday, July 25, 2022 • Editor: Jennifer A. Ng A6

www.businessmirror.com.ph

Solon: Support for livestock, crops sectors vital

By Jovee Marie N. Dela Cruz @joveemarie

A

N economist-lawmaker has filed two bills supporting the livestock and crops sector and directing tariff revenues towards domestic sector support programs.

House Committee on Ways and Means Chairman Joey Sarte Salceda said he filed the proposals in response to concerns about rising food and feed prices, and growing protectionism among the country’s import sources.

“I don’t think it’s wise to halt imports for needed goods by brute force. In fact, in some sectors, the bitter pill to swallow is we may have to lower some barriers, such as corn, where high domestic prices are al-

ready taking a bite out of the quality of poultry and livestock. But we can direct revenues from imports towards domestic sector support,” Salceda added.

Salceda has filed the Livestock, Poultry, and Dairy Development Act, and the Universal Agricultural Tariff Allocation Towards Domestic Competitiveness Act, which will allocate tariff revenues from agricultural products towards development programs for domestic agriculture.

“For all the negative sentiment that the Rice Tariffication Law gets, one accomplishment it can boast of is raising yields. According to the Philippine Rice Research Institute, beneficiaries of RCEF programs need 33 percent less seedlings, and have

15 percent higher yields. In 2021, we produced a record-high palay harvest. So, the domestic support component is working, regardless of what one might think about the effects of the liberalization component,” Salceda said.

Following the RCEF model, Salceda has filed the Livestock, Poultry, and Dairy (LPD) Development Act, which he says “will address the high production cost, particularly in corn, the unorganized, backward, and small scale production in the livestock and poultry sectors, and fix the fragmentation in government structure for livestock and poultry.”

The features of the LPD Development Act include the rationalization of LPD support agencies into two

PHOTO BY NONIE REYES

agencies: a) Philippine Livestock and Poultry Authority and b) Bureau of Animal Safety and Regulations.

It also seeks the replacement of minimum access volume (MAV) system on livestock, poultry, and corn with a uniform 5 percent tariff rate, similar to rice tariffication.

The bill also mandates the allocation of tariff revenues for livestock and poultry earmarked for LP productivity improvement under Livestock and Poultry Competitiveness and Enhancement Fund, amounting to P3 billion.

The measure also mandates the allocation of tariff revenues for corn productivity improvement under the Corn Competitiveness Enhancement Fund amounting to P2 billion.

It also provides the exemption from taxes and duties of LPD farm inputs, veterinary and other supplies, equipment, machineries, breeders, etc “The livestock and poultry sectors are particularly crucial. Protein deficiency almost certainly leads to learning deficiencies. In fact, students from countries with higher pork and chicken prices tend to have lower test scores such as in the Pro-

gram for International Student Assessment,” Salceda said.

“Among children under five years of age, 28.8 percent or 3.2 million children are stunted, and protein and calcium are critical in that outcome,” he said.

“Corn is sixty percent of LPD production costs, so we need to address corn as well,” Salceda added.

ACEF amendments

SALCEDA also filed amendments to the Agricultural Competitiveness Enhancement Fund Law or Republic Act No. 8178, as amended.

“The ACEF is expiring this year.

When it expires, whatever support programs are being funded by that law will no longer be available to the specific agri sectors. So, that’s the main point of urgency in that proposal,” he said.

“But, in a more long-term and structural view, we have always seen agricultural development as a matter of protecting the domestic sector from world trade rather than nurturing it enough to be competitive with the rest of the world,” he added.

Salceda said his proposal will

change the ACEF from a lump-sum primarily used towards credit programs from farmers, to separate funds per crop sector, with programs primarily focused on machinery, seeds and breeding materials, and training, similar to the RCEF. “The problem with credit is that it presents barriers of access to farmers.

It’s not easy to borrow from banks.

And it’s no guarantee of yield or quality improvements,” Salceda said.

Likewise, he added, the task of “ensuring that the theoretical damage due to world trade per crop is compensated correspondingly with domestic support from tariff revenues” is consistent with agricultural experts’ recommendation to provide more support programs for 'nurturing' the domestic sectors.

He observed that, “far too many resources have instead been spent on 'protectionist' programs and policies.” According to Salceda, ACEF’s expiry this year “is an opportunity to reorganize its use and allocation towards such ‘nurturing’ programs.”

Salceda said.

The lawmaker said these two bills will help the country put that fact in proper perspective.

Caraga’s fight vs ASF pays off; region’s sentinel pig-raising shows virus clearing

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

D

AVAO CITY—A dedicated focus in fighting the African Swine Fever has paid off in the northwestern Mindanao region of Caraga, with many affected areas already in the recovery and repopulation stage, after sentinel pig-raising indicated a cleared population of the virus.

Dr. Apple Jaromahum, ASF focal person of DA-Caraga, said the strong “cooperation of OneDA family, local government units, and the public has started to pay off.”

“Here in our region, we are already experiencing progress in the fight against ASF because some of the affected areas are in recovery and on repopulation stage,” she said.

She said affected raisers from previous areas had undergone training on biosecurity measures and upgrade of hog-raising techniques to level up management practices.

The Caraga region has been hit by the African Swine Fever (ASF) virus since November 2020, severely affecting pork supply. Initial cases were reported in Cortes, Surigao del Sur, followed by Loreto in Agusan del Sur, and San Miguel also in Surigao del Sur, and eventually affected other areas in the region.

Jekem Sanchez, livestock program coordinator, said the province of Dinagat Islands, Siargao Island,

and Socorro in Surigao del Norte have remained in the green zone, or areas with no ASF case as of July this year.

While some areas remained under monitoring, the DA and other agencies have continued to strengthen strategies to ward off possible entry of the ASF virus. In April 2022, the municipalities of Cortes, San Miguel in Surigao del Sur, and Loreto in Agusan del Sur were already declared ASF-free by the Bureau of Animal Industry after undergoing stringent measures of fighting off the virus and successfully fielding sentinel pigs in previously affected areas.

“Sentinel pigs are experimental in nature, wherein a previously affected area will be fielded with sentinel pigs for 40 days. If the pigs do not manifest any infection based on laboratory results, then it would lead to the ASF-Free declaration by BAI [for] which Cortes, Loreto, and San Miguel towns had qualified,” Dr. Jaromahum said.

A n A SF-free declared area would then be given the go-ahead for repopulation, which means residents may raise swine but strictly follow the protocols on biosecurity measures to avoid re-emergence of the disease.

“This was the result of the cooperation extended by the residents on the stringent measures being implemented by their respective LGUs on following the protocol in the

fight against the virus, to prevent the incessant spread of the virus to neighboring areas,” said Marcos M. Quico, provincial agriculturist of Surigao del Sur. The DA, LGUs, the BAI and the National Meat Inspection Service (NMIS) have installed quarantine checkpoints at entry and exit points.

DA also implemented Bantay ASF sa Barangay (Babay ASF) Program which activates a biosecurity officer to extend technical assistance, including disease monitoring, surveillance, and control among commercial and backyard piggeries.

Under the hog repopulation program, DA-Caraga targeted 180 sentinel pigs to be distributed in the entire region this year. On July 7, Regional Director Ricardo M. Oñate brought his DA-Caraga team to distribute 13 sentinel pigs in San Francisco, Agusan del Sur. The distribution would continue to the farmer-beneficiaries in areas with no more confirmed cases.

Jaromahum has encouraged backyard and commercial hog raisers to have their animal stocks insured with the Philippine Crop Insurance Corporation (PCIC) to avail of insurance coverage from the agency.

She assured the public that it was safe to consume pork and pork products as long as the hogs passed through the proper process of slaughtering and preparation and are certified by NMIS.

PHL seen to recover from ASF in 2 years–OECD-FAO continued from a10 Under the government’s updated Hog Industry Roadmap, a total budget of P48.18 billion is required over the course of 2022 to 2026 to boost pig population to a level of 29.2 million heads by 2026 to meet the country’s pork requirement.

The road map seeks to revitalize and modernize the country’s swine industry post-ASF. “The Philippine hog industry needs a lot of catching up to do due to the tremendous impact of the African Swine Fever (ASF) epidemic in the previous year and the increasing demand locally,” the road map read.

“All sectors, particularly the government should focus resources on how it can assist the potentially viable hog industry of Philippine agriculture,” it added.

The OECD-FAO noted, however, that global growth in pork production would remain “limited” in the first years of its decade-long outlook due to ongoing ASF recovery

efforts in China, the Philippines and Vietnam.

“The recovery process is assumed to be completed in China and Vietnam by 2023 and in the Philippines by 2024,” it said.

“Government strategies in the latter two are based on the development of a commercially available vaccine to control the spread of ASF, which will be critical in reducing the risks of future ASF outbreaks,” it added.

US, PHL ink MOU

IN a related development, the Philippines and the United States signed a three-year memorandum of understanding (MOU) that would kick off various projects that seeks to boost the former’s veterinary services aimed at ensuring safe pork and pork products in the market.

Under the project, Philippine Department of Agriculture (DA) officials will receive a two-week training at the University of Min-

nesota in the United States, equipping them with “relevant knowledge” to conduct workshops in combating ASF, the US embassy said in a press statement.

“Areas of cooperation stated in the three-year MOU include knowledge-sharing through the exchange of faculty, scientists, and technical staff, along with the conduct of joint conferences, symposia, and other activities,” the Philippine DA said in a separate statement.

Pork Producers Federation of the Philippines President Rolando Tambago said the newly forged partnership between the two countries is a “timely initiative that will enhance the industry’s competence on disease control.”

For his part, National Federation of Hog Farmers, Inc. President Chester Tan said the knowledge sharing through the three-year MOU could be “cascaded” to “Asian neighbors to better equip farmers in their fight against ASF.”

Editor: Angel R. Calso

The World BusinessMirror

Monday, July 25, 2022 A7

Russia hits Ukraine’s Black Sea port of Odesa despite grain deal

Grain fields backdropped by a power plant in Donetsk region, eastern Ukraine on Friday, July 22, 2022. AP Photo/Nariman El-Mofty

By Susie Blann

The Associated Press

K

YIV, Ukraine—Russian missiles hit Ukraine’s Black Sea port of Odesa just hours after Moscow and Kyiv signed deals to allow grain exports to resume from there. Ukraine’s Foreign Ministry denounced Saturday’s airstrikes as a “spit in the face” to Turkey and the United Nations, which brokered the agreements.

Two Russian Kalibr cruise missiles hit the port’s infrastructure and Ukrainian air defenses brought down two others, the Ukrainian military’s Southern Command said.

Odesa regional governor Maksym Marchenko said an unspecified number of people were injured in the attack.

Command spokeswoman Nataliya Humenyuk said no grain storage facilities were hit in Odesa. Turkey’s defense minister, however, said he had spoken with Ukrainian authorities and one missile struck a grain silo and another landed nearby but neither affected loading at Odesa’s docks.

“It took less than 24 hours for Russia to launch a missile attack on Odesa’s port, breaking its promises and undermining its commitments before the UN and Turkey under the Istanbul agreement,” Ukrainian Foreign Ministry spokesman Oleg Nikolenko said.

“In case of non-fulfillment, Russia will bear full responsibility for a global food crisis.”

“The invaders can no longer deceive anyone,” President Volodymyr Zelenskyy said in his nightly video address.

Nikolenko described the missile strike on the 150th day of Russia’s war in Ukraine as Russian President Vladimir Putin’s “spit in the face of UN Secretary-General Antonio Guterres and Turkish President Recep Tayyip Erdogan, who made great efforts to reach agreement.”

Guterres’ office said the UN chief “unequivocally condemns” the strikes.

“Yesterday, all parties made clear commitments on the global stage to ensure the safe movement of Ukrainian grain and related products to global markets,” the Guterres statement said. “These products are desperately needed to address the global food crisis and ease the suffering of millions of people.”

It was not clear how Saturday’s Russian airstrikes would affect the plan to resume shipping Ukrainian grain by sea in safe corridors out of three Ukrainian Black Sea ports: Odesa, Chernomorsk and Yuzhny. Ukraine and Russia signed identical deals Friday with the U.N. and Turkey in Istanbul backing the plan, which Guterres hailed as “a beacon of hope” for a world in which food prices are rising rapidly.

The agreements sought to clear the way for the shipment of millions of tons of Ukrainian grain and some Russian exports of grain and fertilizer that have been blocked by the war.

Ukraine is one of the world’s largest exporters of wheat, corn and sunflower oil, but Rus-

sia’s invasion and naval blockade of its ports halted shipments.

Documents obtained by The Associated Press showed the deals called for the creation of a UN-led joint coordination center in Istanbul where officials from Ukraine, Russia and Turkey would oversee the scheduling and searches of cargo ships.

Zelenskyy previously called the agreements “a chance to prevent a global catastrophe—a famine that could lead to political chaos in many countries of the world, in particular in the countries that help us.”

The head of Zelenskyy’s office, Andriy Yermak, said on Twitter that the Odesa strike, coming so soon after the endorsement of the Black Sea deal, illustrated “the Russian diplomatic dichotomy.”

US Ambassador to Ukraine Bridget Brink denounced the strike on Odesa’s port as “outrageous.”

“The Kremlin continues to weaponize food,” she tweeted. “Russia must be held to account.”

US Secretary of State Antony Blinken said the attack casts serious doubt on the credibility of Russia’s commitment to the deal and undermines the work of the UN, Turkey and Ukraine.

“Russia bears responsibility for deepening the global food crisis and must stop its aggression and fully implement the deal to which it has agreed,” he said.

Russia also fired a barrage of missiles Saturday at an airfield and a railway facility in central Ukraine, killing at least three people, while Ukrainian forces launched rocket strikes on river crossings in a Russian-occupied southern region.

The attacks on key infrastructure marked new attempts by the warring parties to tip the scales of the grinding conflict in their favor.

In Ukraine’s central Kirovohradska region, 13 Russian missiles struck an airfield and a railway facility. Gov. Andriy Raikovych said at least one serviceman and two guards were killed and another 16 people were wounded in the strikes near the city of Kirovohrad.

In the southern Kherson region, which Russian troops seized early in the invasion, Ukrainian forces preparing for a potential counteroffensive fired rockets at Dnieper River crossings to try to disrupt Russian supply lines. Still, Russian troops have largely held their ground in the Kherson region just north of the Crimean Peninsula, which Russia annexed in 2014.

In the Zaporizhzhia region, Russian forces at a checkpoint are blocking 1,200 vehicles carrying people fleeing the area and four people have died after being stranded there for days amid high heat, said Ivan Fedorov, mayor of the city of Melitopol, which is now under Russian control.

In the key port city of Mykolaiv, Mayor Oleksandr Senkevych said two people were wounded when Russian rockets struck an apartment building.

Doctor: Biden likely has highly contagious Covid-19 strain

By Chris Megerian The Associated Press

W

ASHINGTON—President Joe Biden likely contracted a highly contagious variant of the coronavirus spreading rapidly through the United States, and now has body aches and a sore throat since his positive test, according to an update from his doctor on Saturday.

The variant, known as BA.5, is an offshoot of the Omicron strain that emerged late last year, and it’s believed to be responsible for the vast majority of coronavirus cases in the country.

Dr. Kevin O’Connor, the president’s physician, wrote in his latest update on Biden’s condition that Biden’s earlier symptoms, including a runny nose and a cough, have become “less troublesome.” O’Connor’s earlier notes did not mention the sore throat or body aches.

Biden’s vital signs, such as blood pressure and respiratory rate, “remain entirely

normal,” and his oxygen saturation levels are “excellent” with “no shortness of breath at all,” the doctor wrote.

O’Connor said the results of the preliminary sequencing that indicated the BA.5 variant do not affect Biden’s treatment plan “in any way.”

Biden tested positive for the virus on Thursday morning. He has been isolating in the White House residence since then.

Administration officials have emphasized that his symptoms are mild because he has received four vaccine doses, and he started taking the antiviral drug Paxlovid after becoming infected.

During a virtual meeting with economic advisers on Friday, Biden was hoarse but insisted, “I feel much better than I sound.”

In his previous update on Biden’s health, O’Connor said the president had an elevated temperature of 99.4 F on Thursday evening, but it returned to normal after taking Tylenol.

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Monday, July 25, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

The Anna Karenina principle

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here may not be a particular term for it, but there is a trait in some people to make invalid comparisons. On one hand, the Philippines can never be “good” enough to equal the benefits of being Japan, Germany, or even the best of our Asean neighbors. Likewise, it is almost inevitable that the Philippines being a “bad” country is headed down the same path as Sri Lanka or perhaps Bangladesh.

This thinking makes no sense even within the political narrative framework of “no government is good enough unless I am in charge,” regardless of where on the ideological spectrum the “I” happens to be.

One of the great works of literature is Anna Karenina by Russian author Leo Tolstoy. Its themes include betrayal, faith, family, marriage, society, and rural vs. city life all against the background of Imperial Russian and elite high class.

Tolstoy begins with this phrase: “All happy families are alike; each unhappy family is unhappy in its own way.”

This has given rise to a concept known as the “Anna Karenina principle.”

The idea is that happy families share a common set of elements that lead to happiness, while any of a variety of components or deficiencies of certain factors can cause an unhappy family. Members need to have security, trust, tolerance, and pride in one another.

Tolstoy writes: “Everything was in confusion in the Oblonskys’ house.

The wife had discovered that the husband was carrying on with a French girl, who had been a governess in their family. Every person in the house felt that there was no sense in their living together, and that the stray people brought together by chance in any inn had more in common with one another than they, the members of the family and household.”

Tolstoy meant that for a family to be happy, it had to succeed in several key aspects. Fail on even one of these aspects and the situation is doomed.

This concept has been generalized to apply to other fields of study. The Anna Karenina principle can apply to risk assessments involving multiple stressors. No matter how solid the foundation or how strong the roof and walls, a house must also have sturdy doors and windows to be safe from the weather.

Jared Mason Diamond, an American geographer, historian, and ornithologist, wrote Guns, Germs, and Steel: The Fates of Human Societies, attempting to explain why Eurasian civilizations conquered others.

Diamond concludes that the “happy families” all shared the common factor of being stable farm-based societies that ultimately led to immunity to diseases endemic in agricultural animals and the development of powerful, organized states capable of dominating others.

The “unhappy families” were late to transition from nomadic huntergatherers, the evolution requiring all the following characteristics: a climate dry enough to allow food storage, available animals tame enough for domestication, and better natural crops. Eurasian grains (barley and wheat) are richer in protein, easier to farm, and easier to store than South American maize or tropical bananas. Goats, sheep, and cattle are more cooperative and useful than lions and elephants.

We know exactly what nations must have to be happy, strong, secure, and prosperous. Rule of law and equal application, equal opportunity for social and economic mobility, and the free flow of ideas that lead to creativity and invention.

But it is easier to be an unhappy family or nation because otherwise, several requirements must be met simultaneously. Therefore, they are more fragile. Fail in one, there will be a collapse.

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RISING SUN

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loomberg recently published a piece on the big economic risks that are looming ahead for the world in the face of the war in Ukraine, soaring inflation, and rising prices of fuel and basic commodities. The write-up featured the thoughts of three market visionaries on “the next big risk” for the world in the next five to 10 years.

Abby Joseph Cohen, ex-strategist for Goldman Sachs Group Inc. who is currently teaching at Columbia University, is worried about the shortage of labor and the inadequate skills development of students—young people who will be the world’s future scientists, doc-

tors, engineers, and so on. Cohen believes it is important to invest in the future (in terms of research, training, education, etc.) and to take care of workers so that their families are more comfortable.

The CEO of cryptocurrency exchange FTX, Sam Bankman-Fried, is

concerned that a deadlier and more devastating virus will be unleashed into the world and cause far worse consequences than what Covid did to us. It is obvious, he said, that we did not learn our lessons after the last pandemic. And so when the next one hits us, it’s likely that we will not have put in place the systems that we need to protect our people and our economy. Ideally, systems should be such that outbreaks do not have to turn into pandemics.

The founder and CEO of Moelis & Co., Ken Moelis, believes that the world is heading towards deglobalization, or the tendency of nations to look within and make sure they have enough for their own people. With everything that’s happening around the world today, every nation needs to make sure that they have control over their own food and energy, he says. Otherwise, when the price of oil and gas hits $200, for instance,

there may be dire consequences for the unprepared nations.

It is apparent that we should always be looking at future risks and listening to the wisdom of economic experts such as the economic resource persons above, especially now that the new government is just starting its work and lining up the country’s new leaders and new projects for the next six years. nnn

I would like to invite everyone to our art exhibit that is opening on August 6, 2022, at 4:00 p.m. “Nature Nurture” is a two-man art show by yours truly and Nida Hemedes Cranbourne at ArtistSpace, Ground Level, Ayala Museum Annex, Makati Avenue corner Dela Rosa St., Greenbelt Park, Makati City. I hope you can drop by, if not for the artists’ reception then in the following days until the 16th of August. Gallery hours are from 11:00 a.m. to 8:00 p.m.

Transport woes: Focusing on simple solutions Thomas M. Orbos

STREET TALK

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he problems of traffic and public transportation have been with us for the longest time, but some of us do not realize this fact maybe because we are already so used to them. The travel and waiting time remain tedious. The PUVs are packed making travel undignified. Commuter stress remains high because of the absence of public transport schedules. And yet year in and year out, at least for the past 40 years, administrations have embarked on mega infrastructure projects that supposedly would change the lives of Filipino commuters and motorists for the better. We are told about the subway, the rails, transport modernization, the many airports and ports, etc.; yet we wonder—have we not been told about similar ambitious projects in the past and still the streets are as confusing, hostile and overall problematic as before? What do we still need to do? We have already spent so much and built bigger and bigger, yet it is as if nothing has improved on our lives on the road.

The economist Leopold Kohr (1909-1994) talked about the advancing of small, appropriate policies as superior alternative to the mainstream ethos of bigger is better.

This could be one major cause of our transport and traffic problems and where the solution should eventually lie—the propensity of focusing too much on the grand and monumental that we lose sight of the basic and fundamental that would just need simple solutions. Let’s look at our lives on the road. The moment we leave our residences, we compete for survival. There are virtually no sidewalks, and practically no concrete policies on curbside parking with cars parked everywhere. The tricycles lord it over in inner streets, with no logic to routes, numbers, fares and even their configuration

—which is neither comfortable nor safe. Much is spent on pedestrian overpasses and walkways but no one uses them, and nobody enforces their use. Then we have the jeepneys that stop anywhere, competing with the buses and the UV vans, a unique creation of our past transport policy makers. The jeepneys, despite the touted modernization, remain virtually how they were 50 years ago —mom and pop, boundary system, payments direct to the driver. The buses, on the other hand, owned by more moneyed operators, may be a bit more disciplined, but still the same.

Policies on PUV terminals, granting of franchises, route assignments, even the ones on vehicle volume reduction, change from administration to administration. Then there is the matter of enforcement being coor-

What are these simple, lowhanging solutions? Strict enforcement of laws is one. If only those enforcers would focus on making sure that the traffic flows smoothly than just waiting for that vehicle with the wrong coding plates. Regular maintenance of basic transport infrastructure should also be given priority. How many of our mega projects lack basic maintenance. Take a look at those dilapidated bike rails, or the MRT elevators that are always out of order. Another one is clear policies that do not change arbitrarily from one administration to the other. dinated among a dozen or so competing traffic enforcement areas of responsibility, with some in contradiction to the rest. The list of traffic and transport woes goes on and on.

I am not saying that the railways, the airports and ports being built, as well as transport modernization do not matter. They do. But we are missing out on a lot of fundamental and basic concerns that should be a given for any society. And these “small, minor concerns,” the givens, the basics, the “low-hanging” fruits can make a marked difference if attended to. Confronting and resolving these “minor” concerns can go a long way in alleviating our lives on the road, if we apply the same passion (but definitely with a lot less pesos) that we put on the grand and monumental.

What are these simple, low-hanging solutions? Strict enforcement of laws is one. If only those enforcers

would focus on making sure that the traffic flows smoothly instead of just waiting for that vehicle with the wrong coding plates. Regular maintenance of basic transport infrastructure should also be given priority. How many of our mega projects lack basic maintenance. Take a look at those dilapidated bike rails, or the MRT elevators that are always out of order. Another one involves clear policies that do not change arbitrarily from one administration to the other. Remember the BRT in Edsa that was approved all the way up to the Neda Board then suddenly cancelled? Or the mandatory drug tests that make sense, then cancelled as well? What about ensuring that pedestrian overpasses are indeed walkable and PWD friendly, or public transport terminals are present where they are supposed to be? Or real honest to goodness driving exams and cancellation of licenses due to violations? The list of simple solutions also goes on and on.

Mind you, simple, basic solutions are not as simple as they sound. It is not a walk in the park. But they can be done—at less cost, and at a faster time. Besides, mega solutions won’t matter if the basic ones are not taken cared of. Both mega and basic solutions need to be in place. The past administrations made sure they will be remembered by their “monuments.”

Understandable. But we do hope that the new administration will also put the same attention on the fundamental, basic ground problems that would just require simple, basic and fundamental solutions. Then we may be able to see a better breathing space on the road.

The author may be reached at tmo45@georgetown.edu

www.news.businessmirror@gmail.com

Russian roulette: Food, fuel and fertilizers

Opinion BusinessMirror

The downfall of ‘Marites’

By Jarosław Szczepankiewicz*

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ladimir Putin has raised old Soviet themes as justification for his war of destruction of Ukraine: the Ukrainians have no historical consciousness, no nationality of their own, no elite. Like Stalin, he seeks to use Ukrainian foodstuffs as a weapon. The crisis caused by the Russian aggression against Ukraine affects not only food, but also fuels and fertilizers known as “3F Crisis” (food, fuel, fertilizers). After four months of the war, the scale of dependence on Russia in the field of food, fuel, fertilizers import, in which the Asean members found themselves, can be seen. Russia’s invasion of Ukraine is further disrupting a global and liberalized food, energy and fertilizers systems that was already undermined by Covid and the unfolding climate crisis.

Increasingly noticeable “conflict fatigue” and disturbed access to food, fuel, fertilizers additionally increases the weight of the slogan “peace at all costs.” This formula ignores the threat of Russian aggression to maintain peace in Southeast Asia. They were clearly expressed by the Philippines’ former Foreign Secretary, Albert del Rosario: “A successful Russian invasion of Ukraine would further embolden China to likewise use force to seize the West Philippine Sea from the Philippines.”

Recognition of Russian demands against Ukraine as the basis of the talks (and this is the nature of the current “peace concepts”) would in fact show powerlessness in the face of brutal violence and recognize the possibility of violating international law with impunity, which is dangerous for smaller countries, and the revival of the concept of “spheres of influence.”

Russian shadow game

Russian propaganda intensively explores the theme of the West’s alleged responsibility for the food crisis. Reports on this subject say that the West deliberately does not want to solve the problems with the supply of Ukrainian grain, which it imports in exchange for the weapons transferred to the African Union, which at the same time contributes to the escalation of the armed conflict. Russia and Belarus are presented as countries proposing a rational solution to the crisis by offering alternative routes for Ukrainian grain exports, but the West is reluctant to cooperate. Moscow, on the other hand, does not impose any restrictions on the export of fertilizers or the export of agri-food products, and Western countries imposing sanctions are to blame for the shortages of food/fertilizers in the world markets.

The truth is different. The export of food products from Russia is de facto not covered by sanctions—for example, Russia has recently sent a shipment of grain stolen in Ukraine to Syria from the port in Mariupol— and the sanctions themselves apply to financial institutions and instruments. The West wants grain from Ukraine to reach the most needy countries, including Africa and the Middle East. Russia has historically exported much more grain than Ukraine, and there are no contraindications (apart from Russia’s deliberate actions) that this export should not be continued. Moreover, Russia has recently sold its grain to Egypt and other countries. However, she deliberately creates disinformation on the subject to distract attention from her activities in the African Union.

The Chinese play “go” game with Russia and the West

False narratives about the food crisis are being amplified by China.

Their goal is to divert attention from Russia’s responsibility for triggering the food crisis and shifting the blame onto the Western countries.

The Chinese authorities strongly criticize the sanctions imposed on Russia, but the drop by several dozen percent in exports to Russia in recent months indicates that Chinese companies are serious about the risks associated with cooperation with Russia. This means that, in the long run, China will not necessarily be a substitute for Russia’s economic relations with the West and assume the role of a supplier of technologically advanced products necessary for the

functioning of the Russian industry (for example the car industry).

In typical fashion, China is taking advantage of Russia’s plight to purchase its raw materials at a large discount. Currently, it serves both sides, but Beijing may not want to continue this “support” after the entry into force of stronger Western sanctions on oil imports from Russia or after reaching a level of import that would violate the principle of diversifying energy suppliers (China imports slightly over 10 million barrels of oil, while imports from Russia now reach 2 million).

Philippines: Where we are, where we go

The war’s impact on food security, energy and fertilizers is systemic, severe and speeding up. It is amplifying the consequences of the many other crises the world faces: climate, Covid-19 and the severe global inequalities in the resources available for the recovery from the pandemic. Global food, energy and fertilizers supply chains have become increasingly complex in the decades following World War 2. These markets are highly integrated with and dependent on other systems like trading, transport, logistics, and stock markets.

Any crisis of fossil fuels/oil prices or fertilizers market has a knock-on effect on the agro-industry. When key players in key markets are in trouble, like we now see with the Ukraine crisis, the effect is even more devastating. As always, when conflict and hunger go hand in hand, the world’s poorest pay the highest price. The biggest issue is pricing and access. Food commodities and farming inputs have become too expensive. When food stocks are depleted, food speculation will have caused more damage, shipments will have become even more expensive, and fertilizers totally unaffordable.

The Ukraine crisis shows how imperatively we have to transform our global food, energy and fertilizers system to a system that provides good food, energy and fertilizers for all. Investing in resilient food, energy and fertilizers production systems is one solution.

The Russian invasion of Ukraine must end. The death and destruction must stop. A political solution must be found in line with international law and the United Nations Charter. Marcin Przydacz, Polish Undersecretary of State for security, the Americas, Asia & Eastern policy, during a 2-day visit in Manila on July 13-14, 2022, said on the Russian war: “Let’s push as hard as possible the aggressor to stop this aggression and to withdraw, refrain from that kind of aggressive stance and only this will definitely help us to fight all those problems we are facing right now. […] That’s why we need to react to this war, because today it is Ukraine, and tomorrow it can be any other country in the world which will be tried to be dominated by superpowers.”

The Philippines needs an outline of a plan to make the country independent, starting with food, energy and fertilizers, in light of Russia’s invasion of Ukraine. This plan has to outline a series of measures to respond to rising prices for food, energy and fertilizers. *Szczepankiewicz is the Charges d' Affaires of the Embassy of the Republic of Poland in the Philippines.

Siegfred Bueno Mison, Esq.

THE PATRIOT

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F gossip was human, she would have been named “Marites” in the Philippines. In Filipino pop culture, Marites refers to every netizen who digs up and keeps track of everything, preferably bizarre, usually on social media. Since the pre-Internet days until the advent of the blogosphere and digital mores, gossip has been called tittle-tattle, scuttlebutt, and hearsay, to name a few. Peculiarly, gossip has since been associated with women, which was rooted in the Anglo-American society where a gender-specific definition of gossip emerged.

Contextually, the definition was driven by the distinction between the public, political sphere as being associated with men and the private, domestic sphere as that with women. To this day, one’s understanding of gossip continues this negative relation with women’s talk despite many challenges by scholars disproving this “pejorative and gendered association.” No wonder in America, gossip has established an industry of its own with the likes of the late comedian, performer and entrepreneur Joan Rivers. Even in the Philippines, gossip has yielded fame and fortune for the likes of Lolit Solis, Inday Badiday and the formidable Boy Abunda, the latter having belied the record that only women can succeed in hosting a gossip-based TV-talk show.

Whether or not gossip (tsismis in Filipino) can be frivolous or formidable remains chiefly a debatable issue, especially as against a discipline called history. Just recently, Filipino actress Ella Cruz has been the object of criticism largely in social media for her expression ostensibly treating history as tsismis (gossip). She uttered that controversial statement in the midst of her upcoming film about the life of the Marcoses prior to their ouster in Malacañang in 1986.

While she had the absolute right to free speech, the content drew severe flak from netizens and historians. Apparently, she was confused with the history of the Marcoses vis-à-vis human rights abuses, corruption, self-aggrandizement and more. She opined that “history is like tsismis, with addition and filter here and there. In reaction, prominent historian Ambeth Ocampo declared that the actress should not confuse history with tsimis, as “history may have its bias but it is based on fact not opinion.”

In particular, it was during the vicepresidential candidacy of former Sena-

tor Ferdinand “Bongbong” Marcos Jr. (BBM) in 2015 when the Martial Law years were being painted as a golden era in the Philippines. His family and loyalists were basically utilizing social media to palm off their version of history on the rest of the Filipino populace. While innumerable documents and testimonies abound confirming the Marcos regime as the darkest period of our history, “tweaked facts and outright lies” permeated the tongues and minds of those who may otherwise be persuaded differently. Now as President, BBM has since flaunted the economic growth during his father’s rule, citing a high gross domestic product for the years 1973 and 1976, 8.92 percent and 8.81 percent, respectively.

Obviously, he omitted the part showing most of the Philippines’ worst recessions taking place under his father’s administration. Records have it that in 1984 and 1985, the first two years after the murder of Senator Benigno Aquino Jr., Philippine GDP contracted to negative 7.32 percent and negative 7.04 percent.

As per the incontrovertible data gathered from the World Bank and Organization for Economic Cooperation and Development, the country’s GDP from 1965 to 1986 showed an all time low for most years. Patently, PBBM failed to take the entire period in his already dubious claims. Revisionists falsely claimed that the economy under the Marcos regime flourished, as the numbers reflect the opposite, in terms of gross domestic product, the yardstick of progress or the lack of it. Thus, to foist the Marcos years on a positive tone based on lies and sheer opinion, as against reflecting it as the country’s darkest era based on indisputable facts from reputable datagathering global partnerships, would easily pass up as tsismis.

Anent civil rights abuses, the same applies since then President Ferdinand

Monday, July 25, 2022

Marcos enforced a crackdown on media with the issuance of Letter of Instruction No. 1 allowing the military to take over media, mainly ABS-CBN and Channel 5. “By shutting down competing voices and setting up a media outlet that was under his control, Marcos silenced public criticism and controlled the information that the people had access to,” as per the Martial Law Museum. Again, this is both factual and evidentiary as some witnesses have lived to see the day when this truth is being disparaged as pure tsismis.

Such would be anathema to the sanctity of record-keeping and data-gathering in the whole of Philippine history.

A parallel can be made involving the Bible, if only to dispute and discourage the attempts of many a “Maritess” to distort the truth. The Holy Book is a compilation of narratives, poems, and letters written by actual eyewitnesses, similar to what most modern historians have been doing. When more writers witnessed and wrote, say the Gospel, the truth becomes and should stay incontrovertible! So when it comes to Marcos historians, whose predicate in laying down their claims includes flimsy assertions and tweaked facts, we must pay extreme caution. These revisionist or “negationist” writers, and speakers, are treading on a perilous path especially during this digital age, which highlights a central function of gossip as a promotional tool in a market exchange. These gossip purveyors have been greatly empowered, if not enriched, and more critically have so influenced readers, listeners and followers alike to the direction of untruths or falsehood. When we consider history as rumor, gossip or tsismis, either we bite more than we can chew, or we are closer to the precipice, getting ready for the fall.

Admittedly, gossip is part of our everyday lives, and takes on many forms per the king of Philippine showbiz talk Boy Abunda. It is a story coming from nowhere (galing sa wala), made palatable and spread around. Gossip can be a true story but re-told using the four operations in mathematics. But when weighed against history, gossip pales so much that a comparison would be a sin. Per history professor Xiao Chua of the De la Salle University, history or kasaysayan comes from the word saysay or sense, and it is based on evidence.

Literature is different where one can play with words and concept, but not history. Having all of these in mind, a gossip’s defect is gravely etched in its predicate, which is pure estimation or deliberate imagination. History, on the other hand, is rooted on evidence, solid and permanent. With this in mind, we

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can effortlessly identify where “Maritess” meets her downfall.

In a Christian believer’s life, no “Maritess” is welcome in his doorstep, not even to peak through a window. The Bible tells us, “A wicked scoundrel wants to dig up dirt on others, only to spread slander and shred their reputation. A twisted person spreads rumors; a whispering gossip ruins good friendships.”(Proverbs 16:27-28).

One gossip worth challenging is the claim that believers can be righteous because of their good works. Anyone who claims that “to be righteous, one must first do good,” would be spreading gossip or “tsismis.” Because the historical, or better yet, the Gospel truth is that we have already been made righteous by the sacrifice of Jesus on the Cross: “God made him who had no sin to be sin for us, so that in him we might become the righteousness of God.” (2 Corinthians 5:21). Grace came even before man could even repent. That is why Jesus’ command to the adulterous woman in the biblical story was to “Go and sin no more.” (John 8:11). He did not say, “Sin no more and go.” To insist on the latter would be donning the clothes of a “Marites.” Thus, while doing good is the logical thing to do, it does not earn us our identity in Christ, which identity has already been actually given to us by grace.

Our consciousness of the “gift of no condemnation” is what propels and empowers us to do good, to go and sin no more.

And such biblical truth is purely rooted in history, documented by eyewitnesses, written by many scholars, and sincerely felt by those who accept Christ in their lives. This is His-story, worth telling over and over to as many generations as possible, unlike any gossip or tsismis made palatable by any “Maritess” whose only energy is sourced from his or her plaqueridden oral cavity.

One group has claimed that when someone’s gossip negatively alters the opinion of another, such person has committed a serious misconduct. But if it was done deliberately and with evil motives, such misconduct becomes an abomination. Stop being a Marites, stay away from a Marites, and rebuke all Marites when you see one.

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

For questions and comments, please e-mail me at sbmison@gmail.com.

Statutory and regulatory accounting in the electric power industry Alfredo J. Non

DEBIT CREDIT Part Seven

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uring the regulatory reset process in the Distribution Utilities’ (DU) Revenue Rate Applications, they have to provide the Energy Regulatory Commission (ERC) with their forecast revenue requirements for the coming Regulatory Period in a separate filing.

The ERC will approve these after due process and making such changes as warranted. It is essential that the price setting mechanism adequately provides for a Regulated Entity’s efficient revenue requirements, to sustain efficient service levels and sufficient infrastructure investment. Over time this will ensure a sustainable supply, with sufficient capacity and appropriate quality levels. Such sustainability is essential to encourage growth and establishment of new businesses in a region, resulting in a positive impact on the whole of the regional economy. Conversely, under-investment in Distribution Systems due to insufficient incentives to invest may in the short-term lead to price reductions, but will in the longer term lead to unreliable or under-capacity electricity supplies, with potentially severe negative economic and societal implications for a supply area.

At the same time, it is the duty of the ERC to ensure that the interests

of customers are protected. It has to ensure that allowed expenditure is efficient and targeted at achieving maximum benefits to consumers, at the lowest sustainable prices that would ensure the continued effective operation of Distribution Systems.

The calculation of the fair revenue requirement of Regulated Entities is based on the so-called building block approach. This approach considers several cost items and other factors in the calculation. These factors include, return of capital, efficient operating costs, corporate income tax and other taxes. This highlights those cost components that build up the total efficient revenue requirement for the DUs. Each of these components is briefly discussed below. a. Operating & maintenance costs—The operating and maintenance cost component allows Regulated Entities the ability to recover efficient expenditure incurred in

operating a Distribution System to provide acceptable service levels to all customers, and to maintain the Distribution System to a standard that will ensure assets can deliver at full rated capacity for their full standard lives. b. Regulatory depreciation— The regulatory depreciation component is to allow Regulated Entities a return of the capital invested in a Regulated Distribution System, over standard asset lives. c. Return on capital—The return on capital component is to allow investors in Regulated Distribution Systems a reasonable return on their investments, commensurate with the riskiness of the investment. The return on capital is calculated as the product of the value of the Regulatory Asset Base (RAB) and the regulatory weighted average cost of capital (Regulatory WACC). The value of the Rolled-Forward Depreciated Asset base is used to calculate the return on capital.

This value is further subjected to recovery and reasonableness tests based on formula and computation indicated in the applicable sections in the Rules for Distribution Wheeling Rates. The value of the RolledForward Depreciated Asset Base is used to calculate the return on capital. The opening value of the asset base is determined at the start of each Regulatory Period and shall then be rolled forward each year by adding the approved efficient capital expenditure and deducting the depreciation of the asset base and any disposals made. The opening value of the RAB will be based on

the latest ERC approved value.

The annual revenue requirement arrived at from the above are allocated to the estimated energy forecast to arrive at the preliminary or provisional maximum price that the DU is allowed to bill its customers subject to a later validation and true up process during the year after each regulatory year during the regulatory period.

It should be noted from the building blocks that the return on capital is calculated using an approved WACC applied to the RAB. The RAB represents the net book value of regulatory assets. Since majority of the assets are acquired during the initial years, the return on capital tend to be higher in earlier years against the later years, while depreciation and operating expenses tend to be levelized over long periods. In this particular case, there is a mismatch between revenues and costs & expenses.

There is probably a need for the external auditors and the DUs to sit down and study the impact of this revenue and cost mismatch to ascertain if there is a material impact if revenues are recognized on a levelized basis to have proper matching of revenues and costs as required under the accounting standards.

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

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Diokno upbeat BIR, BOC can meet ₧3.17-T targets

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By Bernadette D. Nicolas

@BNicolasBM

INANCE Secretary Benjamin E. Diokno has expressed confidence that the government’s main collection agencies—the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC)—will hit their revenue targets for this year, amounting to a combined P3.17 trillion.

Diokno, however, told reporters that BIR is “slightly behind target” while BOC “exceeds its target largely due to higher oil prices and peso depreciation.”

The BIR and the BOC are tasked to collect P2.438 trillion and P733 billion this year, respectively.

The finance chief also confirmed that he recently met with officials from the BIR and the Bureau of Local Government Finance (BLGF), and he stressed the importance of collecting state revenues.

“BIR officials commit to better second-half performance. I expect this year’s revenue target will be met,” he said.

The Bureau of the Treasury has yet to release its latest Cash Operations Report for the first half of this year, but the BOC earlier said it had so far collected P396.8 billion as of end-June this year, equivalent to 54 percent of the adjusted target for the year.

As of end-May, the BIR collected P959 billion, up by 9.9 percent from P872.4 billion a year ago. This is equivalent to 39.3 percent of BIR’s revenue target for this year.

Following his meeting with BIR and BLGF, the finance chief said revenue agencies must collect taxes “efficiently and fairly,” adding that this can be achieved through

digitalization to remove discretion, among others.

“Told them that I consider revenue collectors as essential workers. Revenues are essential for achieving the goals embodied in our medium-term fiscal framework,” he said.

However, Diokno said the issue of the unpaid Marcos estate tax— estimated at between P23 billion and P203 billion (with penalties) —was not taken up during their meeting.

“No, that was not discussed,” he said.

L ast mont h, BIR Commissioner Lilia Guillermo said she would request President Ferdinand “Bongbong” Marcos Jr. to be a “role model” in paying taxes, although she said she needed to check the correct data and details on the Supreme Court’s 1997 ruling on the issue of the estate tax liability of the Marcos heirs which has already become “final and executory.”

State revenues are expected to hit P3.3 trillion this year while disbursements are projected to reach P4.95 trillion, resulting in a programmed budget deficit of P1.65 trillion or 7.6 percent of the country’s GDP. A budget deficit occurs when

expenditures exceed revenues.

A smaller budget deficit reduces the government’s need to borrow money to finance its spending requirements.

Diokno has since expressed optimism that the government’s budget deficit-to-GDP ratio which has already ballooned to a record-high 8.6 percent of GDP last year will be reduced to around 3 percent by the end of the Marcos administration in 2028, as revenues continue to pick up annually.

To raise more government revenues, Diokno wants to improve tax administration on top of imposing taxes on digital services, single-use plastics, and carbon emissions, among others.

Diokno earlier expressed optimism these measures would be enough to raise the needed revenues for the country to outgrow its debt, adding that they are not in a rush to bring back the debt-to-GDP ratio to the record-low prepandemic level of 39.6 percent in 2019.

While the previous administration proposed new taxes to reduce the country’s debt as a share of the economy, Diokno has since said their strategy is to support the country’s economic growth which he expects to lead to more government revenues.

PHL SEEN TO RECOVER FROM ASF IN 2YEARS–OECD-FAO

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE Philippines may finally recover from African swine fever (ASF) in two years’ time with pork output expected to return to 1.6 million metric tons (MMT), according to joint forecasts of international agencies.

The Organisation for Economic Co-operation and Development and the United Nations’ Food and Agriculture Organization (OECD-FAO) projected that additional pork output from the Philippines is expected in the next two to three years.

The OECD-FAO, in its 10year Global Agricultural Outlook spanning 2022 to 2031, said the future is bright for global pig production as countries battered by ASF, such as the Philippines, China and Viet Nam, may start to recover their lost pig herd.

“Global pork production is projected to increase by 17 percent [18 MT] by 2031, relative to the ASF affected base period 2019-21. The sector is assumed to recover from ASF by 2023, so that almost all of the projected growth will come early in the next decade,” it said.

“Most additional pig meat

production is expected to originate in China by 2023, as well as in the Philippines and Viet Nam, where production is expected to recover from the losses of the ASF outbreak in the next two to three years,” it added.

The OECD-FAO projected that the Philippines’s pork output next year would grow by 19 percent to 1.311 MMT from this year’s estimated total production of 1.10 MMT. The OECD-FAO added that the country’s pork production would expand further by 22.8 percent, reaching pre-ASF and pre-pandemic levels of over 1.6 MMT in 2024. From thereon, the OECD-FAO foresees that Philippine pork production would be on an upward trend until it hits 2.157 MMT by 2031.

The ASF, a disease not harmful to humans, was first confirmed in the Philippines in July 2019 and has decimated almost 3 million pigs nationwide since then. The Department of Agriculture (DA) has embarked on a repopulation program that seeks to encourage commercial and backyard hog raisers, particularly those in ASF-free areas, to restock their farms and boost domestic pork output.

Continued on A6

Editor: Jennifer A. Ng

Companies BusinessMirror

Monday, July 25, 2022

B1

CTA approves FPHC’s tax settlement of ₧135M with BIR

T

By Joel R. San Juan

@jrsanjuan1573

HE Bureau of Internal Revenue (BIR) has accepted the offer of the Lopez-owned First Philippine Holdings Corporation (FPHC) to pay P135 million as settlement for its more than P1.8 billion in tax obligations.

The judicial compromise agreement involving FPHC’s tax obligations was approved by the Court of Tax Appeals en banc in a decision dated June 17, 2022 and penned by Associate Justice Erlinda Uy. Based on the agreement, the BIR said, it evaluated FPHC’s proposal for amicable settlement and believes that a judicial compromise to “allow immediate tax collection and also put an end to litigation as provided in the Civil Code of the Philippines, serves the interest of the government.”

The CTA said: “A review of the subject judicial compromise agreement, as well as the documents submitted by the parties in support thereof, shows that the same is in order.”

The CTA continued: “Wherefore, in light of the foregoing considerations, the Judicial Compromise Agreement dated October 5, 2020 entered into by the parties is hereby approved and this Judgment on Compromise Agreement is hereby rendered in accordance therewith.

The parties are hereby enjoined to

faithfully comply with all the terms and conditions of the aforesaid Judicial Compromise Agreement.”

Prior to this, the BIR issued a formal demand letter with final assessment dated June 27, 2014 for taxable year 2009, for the alleged deficiency income tax, value added tax, expanded withholding tax, withholding tax on compensation, documentary stamp tax and fringe benefits tax in the total basic tax amounting to P831.6 million for a aggregate amount of P1.55 billion, inclusive of interest and compromise agreement. On July 25, 2014 and December 10, 2014, the BIR filed a protest and supplemental protest with the BIR, denying the merit of the final assessment notice.

However, without waiting for the decision of the BIR and, FPHC instituted a suit before the CTA against the BIR seeking the reversal and cancellation of the tax assessment.

On December 17, 2019, the CTA rendered a decision cancelling the deficiency VAT and deficiency fringe benefits for taxable year 2009.

But, the CTA ordered FPHC to

pay deficiency income tax, deficiency expanded withholdings tax, and deficiency documentary stamp in the total basic tax amounting to P281.6 million, for an aggregate amount of P12. billion, inclusive of interest and compromise penalty.

The CTA also ordered FPHC to pay delinquency interest amounting to P602.1 million.

On February 24, 2022, FPHC submitted its proposal to the BIR with the intention to enter into a compromise settlement, offering P135 million to settle its obligations.

“Whereas, the parties for the purpose of avoiding and putting an end to a protracted, expensive and mutually prejudicial litigation, have agreed to amicably settle the abovementioned case, upon terms and conditions hereinafter set forth,” the agreement states.

FPHC president Francis Giles Puno and BIR Commissioner Caesar Dulay signed the agreement.

The P135-million settlement amount represents 47.93 percent of the P281.6 million basic tax as per the decision of CTA’s second division.

₧11.8-B CLLEX completion on track

By Lorenz S. Marasigan @lorenzmarasigan

T

HE government is “inching closer” to completing the P11.81-billion Central Luzon Link Expressway (CLLEX), a project that is now at 96 percent overall completion rate.

Department of Public Works and Highways (DPWH) Undersecretary Emil K. Sadain said the government will complete another 11 kilometers of the 30-kilometer expressway by March 2023.

This includes seven kilometers to

Okada lawyers seek dismissal of case at DOJ

L

AWYERS of Japanese casino mogul Kazuo Okada sought to dismiss the kidnapping and illegal detention case filed by Hajime Tokuda, the Japanese director of Tiger Resort Leisure and Entertainment Inc., the operator of Okada Manila.

In the preliminary investigation for the case filed at the Department of Justice, Kazuo’s lawyers insisted the cases filed by Tokuda should be dismissed for lack of factual and legal basis “...that Tokuda, upon being served the Status Quo Ante Order (SQAO), immediately complied and willingly surrendered his company ID and voluntarily agreeing to be taken home. A copy of CCTV footages showed Tokuda peacefully left the hotel’s premises and being escorted by security personnel and was to his residence,” the lawyers said.

The SQAO, issued by the Supreme Court, was the document used by Kazuo’s camp to take over management of the $3.3- billion integrated resort and casino in Entertainment City in Parañaque in late May. “The affidavit further proves that Tokuda was never under duress. His personal phone was not taken from him and was not prevented by the security personnel that accompanied him from using the same,” Kazuo’s lawyers said. VG Cabuag

San Juan Interchange and another four kilometers to the UmanganJulo Road at the boundary of Aliaga and Cabanatuan City before Felix Vergara Road and Daang Maharlika Highway.

Currently, the expressway, which has been partially operational since 2021, has 18 kilometers of completed portions that run between the Tarlac Interchange at the Subic-Clark-Tarlac Expressway (SCTEX) and TarlacPangasinan-La Union Expressway (TPLEX) in Balingcanaway, Tarlac City to Guimba-Aliaga Road in Aliaga, Nueva Ecija.

Sadain said the project supports the thrust for the development of agriculture in the country.

“Using this toll-free high standard highway, palay crops, and other products from Nueva Ecija—the Philippines’s rice granary, including those coming from Region 2 can reach the market centers in Metro Manila much faster and cheaper,” he said.

CLLEX is part of the Luzon Spine Expressway Network, which aims to reduce travel time from the northernmost part of Luzon, Ilocos, to the southernmost part, Bicol.

It is also “an important east-west link for the expressway network of Luzon to ensure a continuous seamless traffic flow for the motoring public from Metro Manila and vice versa.”

Once fully operational, the P11.811-billion expressway is expected to shorten the usual travel time of 70 minutes between Tarlac City and Cabanatuan City to just 20 minutes.

The project is funded through an official development assistance (ODA) package from the Japan International Cooperation Agency (Jica).

PLDT eyeing to save ₧2.2M yearly from solar rooftops use

By Lenie Lectura @llectura

P

HONE g i a nt Ph i l ippine Long Distance Telephone Co. (PLDT) expects to save P2.2 million in electricity cost every year after installing solar rooftop panels in five of its business centers in Visayas.

This after Spectrum, a wholly owned subsidiary of the Manila Elec t r ic Compa ny (Mera lco), completed the energization of the solar facilities.

T he sol a r roof top pa ne l s, which have a combined capacity of 431.21 kilowatt-peak (kWp), were installed in PLDT’s offices in La Paz in Iloilo; Mandaue City in Cebu; Roxas City in Capiz; Cebu City; and Bacolod City in Negros Occidental.

These projects are expected to generate approximately 591,550 kWh of clean energy per year, which will result in energy cost savings for PLDT amounting to P2.2 million annually, Meralco said over the weekend.

The company will also reduce its carbon footprint by an estimated 421 metric tons, which translates to 845,000 trees planted over 20 years and 1,678,262

kilometers reduced in vehicle travel per year.

The initiative to use solar power for its business centers in Visayas forms part of PLDT’s decarbonization roadmap that aims to reduce its greenhouse gas emissions by around 40 percent by 2030.

W it h Spec t r u m’s suppor t , PLDT advances its environment, s u st a i n a ble a nd gove r n a nce (ESG) goals and contributes to the countr y’s commitment to the Paris Agreement. The company’s sustainability initiatives also support the United Nations Sustainable Development Goals (UN SDGs), particularly UN SDG 7 or the access to affordable, reliable and modern energy services.

“Through Spectrum’s safe, reliable and end-to-end solar solutions, we empower customers to manage their electricity expenses at times when energy prices are volatile. Partnering with PLDT was an opportunity for us to enable the company to operate efficiently and sustainably and realize their goal to help preserve the environment,” Patrick Henry Panlilio, Spectrum’s Chief Operating Officer, said.

“With sustainability at the

core of our operations, we also make it possible for our partners to have a sustainable energy source. We are here to harness the potential of solar energy in helping customers, communities, and the country in realizing our shared goal of taking care of our environment for the future generations,” he added.

Spectrum offers tailor-fit solutions for industrial, commercial, and residential customers through an in-depth understanding of energy consumption behaviors and strategic partnerships with world-class technology partners.

Backed by Meralco’s energy expertise and proven safety track record, the renewable energ y company has been providing services and solutions to help customers reduce their costs while taking part in saving the planet.

PLDT, on the other hand, is the Philippines’s largest fully integrated telco company. Through its principal business groups—from fixed line to wireless—PLDT offers a wide range of telecommunications and digital services across the Philippines’s most extensive fiber optic backbone, and fixed line and cellular networks.

GERI will open Boracay confab ctr by end-July

By VG Cabuag @villygc

G

LOBAL-ESTATEResortsInc. said it is opening its Boracay Newcoast Convention Center before the end of the month.

The facility is located within its 150-hectare Boracay Newcoast in the eastern part of Boracay Island.

The 1,200-seater convention facility is a modern tensile structure that can be divided into three smaller rooms, each with a capacity of 400 persons for theatretype set-up and 250 persons for banquet-type set-up. Surrounding the facility is an open garden lawn, which can be used as an extended amenity for events.

“A theatre-type setting will give us a capacity of around 1,200 persons, while a banquet set-up will allow up to 750 persons. With a view overlooking the Sibuyan Sea, the Boracay Newcoast Convention Center is perfect blend of a modern MICE facility and a tropical haven, right at the heart of our 150-hectare tourism township,” said Cleofe Albiso, managing director, Megaworld

Hotels and Resorts, the operator of the BNCC. The BNCC will be fully-airconditioned and will be equipped with a 100-percent back-up power supply.

The convention facility will also be equipped with WiFi internet access, fixed video screens and motorized projector screens with sound system.

The facility will also have its own service kitchen, ensuring smooth banquet services for MICE events.

“We will also have a high ceiling of up to nine meters, which event organizers prefer so they can be flexible with their designs and program performances. We carefully took into consideration the major requirements of events, not just for conventions and conferences, but also for weddings,” Albiso said.

Savoy Hotel Boracay and Belmont Hotel Boracay, the two hotels already operating inside Boracay Newcoast, will handle the banquet requirements of the BNCC. The new convention facility will also have a close proximity to the beach area of Boracay Newcoast.

Currently, the beach area offers WiFi services and other lounging facilities.

B2

Companies BusinessMirror

Monday, July 25, 2022

PSE STOCK QUOTATIONS

July 22, 2022

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

BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG MEDCO HLDG PHIL STOCK EXCH

120.1 8.3 88.7 26.6 6.88 46.7 6.53 17.92 55.05 19.02 90.6 73.85 1.6 3.45 1.79 0.222 174

121.2 8.4 88.75 26.75 6.92 47 7.19 18.04 55.2 19.98 90.7 75 1.65 3.5 2.47 0.265 175

119.5 8.38 89 26.65 6.95 46.65 6.55 18.04 55 18.92 90 74.5 1.6 3.45 1.8 0.223 174

121.5 8.4 89.5 26.75 6.95 47.15 6.55 18.1 56.8 20 92.6 76.8 1.68 3.5 1.8 0.265 176

119.2 8.3 88.1 26.55 6.85 46.5 6.53 17.92 55 18.92 90 73.55 1.6 3.4 1.79 0.221 174

121.2 8.4 88.75 26.6 6.92 46.7 6.55 18.04 55.2 19.5 90.7 75 1.65 3.5 1.79 0.265 175

538,040 27,700 687,660 80,500 90,900 1,405,600 127,300 231,900 2,520 26,300 343,190 40,680 349,000 217,000 13,000 520,000 580

65,038,273 231,321 61,074,836 2,145,545 626,599 65,804,835 832,775 4,170,506 138,980 509,448 31,210,781.50 3,026,684.50 562,600 747,250 23,340 115,770 101,120

INDUSTRIAL

13,543,431 -21,310,123 -71,860 -313,751 -15,673,870 13,060 18,040 113,850 235,950 19,386,705 -1,008,091 -70,000 67,860

AC ENERGY 8.4 8.41 8.58 8.58 8.41 8.41 4,664,800 0.95 0.96 0.97 0.97 0.96 0.96 25,000 ALSONS CONS ABOITIZ POWER 31.6 31.8 32 32 31.5 31.8 784,300 1.81 1.82 1.82 1.82 1.79 1.82 572,000 RASLAG BASIC ENERGY 0.395 0.405 0.41 0.41 0.395 0.4 3,520,000 FIRST GEN 17.16 17.2 17 17.2 17 17.2 58,700 63 65 64 64 63 63 21,440 FIRST PHIL HLDG MERALCO 353.2 354 354 354.8 352.2 354 168,020 15.96 15.98 15.98 16 15.96 15.98 43,600 MANILA WATER 2.94 2.95 2.96 2.96 2.94 2.94 1,386,000 PETRON PETROENERGY 4.76 5 4.84 5 4.84 5 296,000 9.4 9.65 9.66 9.78 9.66 9.78 5,100 PHX PETROLEUM SYNERGY GRID 12.16 12.18 12.16 12.36 12.16 12.18 10,112,600 17.7 17.8 17.7 17.8 17.6 17.7 239,800 PILIPINAS SHELL 9.69 9.7 9.4 9.7 9.2 9.69 50,200 SPC POWER SOLAR PH 1.62 1.63 1.63 1.65 1.61 1.63 10,595,000 5.54 5.56 5.54 5.57 5.5 5.57 1,408,800 AGRINURTURE AXELUM 2.29 2.3 2.26 2.3 2.23 2.3 892,000 9.12 9.98 10.02 10.02 9.95 9.98 2,500 CNTRL AZUCARERA 22.5 22.95 23.75 23.75 22.5 22.5 275,700 CENTURY FOOD DEL MONTE 13.6 13.68 13.5 13.7 13.5 13.68 19,400 7.02 7.04 7.08 7.09 6.93 7.04 1,652,100 DNL INDUS EMPERADOR 18.82 18.84 19.08 19.38 18.8 18.84 2,511,600 SMC FOODANDBEV 43.1 43.3 43 43.85 42.6 43.3 125,000 0.63 0.64 0.64 0.65 0.63 0.64 14,031,000 FIGARO COFFEE ALLIANCE SELECT 0.55 0.58 0.55 0.57 0.55 0.57 29,000 1.02 1.04 1.02 1.05 1.01 1.02 2,722,000 FRUITAS HLDG 98 100.8 99.95 101.4 99 100.8 53,580 GINEBRA JOLLIBEE 210.6 210.8 214 214 210 210.6 134,000 1.15 1.16 1.14 1.16 1.13 1.15 3,282,000 KEEPERS HLDG MAXS GROUP 4.45 4.52 4.5 4.52 4.45 4.52 61,000 0.104 0.108 0.104 0.108 0.104 0.108 380,000 MG HLDG 14.24 14.38 14.22 14.38 13.8 14.38 4,639,100 MONDE NISSIN SHAKEYS PIZZA 6.96 7 7 7.14 6.96 7 18,700 0.57 0.58 0.6 0.61 0.57 0.59 979,000 ROXAS AND CO RFM CORP 3.85 3.9 3.9 3.9 3.9 3.9 18,000 ROXAS HLDG 1.15 1.18 1.22 1.22 1.15 1.15 288,000 0.089 0.095 0.093 0.093 0.093 0.093 40,000 SWIFT FOODS UNIV ROBINA 112.5 112.8 112 114 112 112.8 1,427,420 0.59 0.6 0.59 0.6 0.56 0.6 538,000 VITARICH 2.51 2.67 2.51 2.51 2.5 2.5 58,000 VICTORIAS CONCRETE A 36.85 43.5 43.45 43.45 43.45 43.45 200 0.86 0.87 0.83 0.9 0.8 0.86 19,987,000 CEMEX HLDG EAGLE CEMENT 12.02 12.2 12.04 12.2 12.02 12.2 45,200 3.35 3.43 3.35 3.43 3.35 3.35 67,000 EEI CORP 4.8 4.9 4.9 4.9 4.78 4.8 23,000 HOLCIM MEGAWIDE 4.16 4.19 4.25 4.25 4.08 4.16 401,000 19.42 19.44 19.44 19.44 19.2 19.44 11,200 PHINMA TKC METALS 0.67 0.72 0.74 0.74 0.74 0.74 2,000 0.77 0.78 0.77 0.77 0.77 0.77 75,000 VULCAN INDL 1.49 1.5 1.58 1.58 1.49 1.5 4,020,000 CROWN ASIA PRYCE CORP 5.3 5.53 5.3 5.3 5.3 5.3 4,000 18.58 18.98 18.98 18.98 18.98 18.98 800 CONCEPCION GREENERGY 1.7 1.72 1.7 1.72 1.69 1.72 3,838,000 INTEGRATED MICR 6.95 7 6.13 7 6.13 7 417,500 0.76 0.83 0.68 0.83 0.68 0.83 2,663,000 IONICS PANASONIC 5.6 5.68 5.69 5.69 5.6 5.68 12,300 1.58 1.6 1.49 1.6 1.45 1.6 5,289,000 SFA SEMICON 3.18 3.19 2.87 3.18 2.83 3.18 12,220,000 CIRTEK HLDG

39,412,587 24,050 24,952,960 1,034,510 1,407,350 1,007,944 1,365,720 59,470,834 696,120 4,083,040 1,458,940 49,739 123,080,188 4,245,232 478,025 17,305,830 7,821,095 2,042,230 24,930 6,356,545 264,720 11,617,224 47,507,678 5,415,395 8,954,770 15,990 2,776,480 5,391,171.50 28,235,404 3,753,650 274,190 39,980 66,114,058 130,962 577,890 70,200 338,540 3,720 160,903,148 311,630 145,040 8,690 17,331,670 543,360 224,970 110,800 1,660,960 215,328 1,480 57,750 6,064,960 21,200 15,184 6,558,960 2,772,277 2,049,350 69,098 8,134,830 37,328,410

-5,761,941.00 -3,091,935 9,000 100,000 405,748 -325,520 -1,564,028 -204,336 -3,135,820 -700,000 -42,762,800 -88,464 19,737.00 -263,440 394,091 -535,225 79,870 255,499 4,325,948 -2,709,090 12,800 44,580 3,540,336.50 -12,990,760 3,007,580.00 23,457,344 -124,660 -5,490 -70,200 -905,299 35,460.00 -3,685,230 -63,890 58,190 -2,963,100 42,620 -172,956 -17,050 -33,160 4,354,630

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

54,247,960 35,455,110 42,926,178 19,172,466 32,574 112,480 28,600 611,460 78,299,705 208,500 10,588,052 65,041,312 85,780 37,910 28,980,687 36,800,010 63,000 2,000,780 119,720 205,292,975 1,446,007 6,030 181,460 7,650

30,530,770 -16,513,880 -16,608,670 -16,924,710.00 -146,240 -7,377,711 -2,628,788 -4,562,223 -2,838,862 -1,442,000 41,600 16,059,230 12,349 -

HOLDING & FRIMS

1.9 608 52.2 9.69 8.71 0.74 0.405 4.29 9.47 6.87 465.4 51.45 0.56 2.9 8.54 3.74 2.22 2.17 0.92 788 104 2.01 112 0.153

1.91 608.5 52.4 9.7 8.81 0.8 0.415 4.3 9.5 7.06 470 51.5 0.61 2.97 8.57 3.75 2.25 2.2 0.94 788.5 104.7 2.8 115 0.159

1.87 610 52.4 9.7 8.9 0.74 0.405 4.39 9.44 6.95 468 51.3 0.61 2.9 8.49 3.75 2.25 2.21 0.93 775 103 2.01 112 0.153

1.92 615 52.5 9.7 8.9 0.74 0.41 4.39 9.51 6.95 470 52.3 0.61 2.97 8.61 3.76 2.25 2.22 0.93 793 104.9 2.01 115 0.153

1.84 605 51.2 9.63 8.71 0.74 0.405 4.3 9.25 6.95 463.2 51.15 0.55 2.9 8.43 3.7 2.25 2.15 0.92 774 103 2.01 112 0.153

1.91 608 52.4 9.7 8.71 0.74 0.41 4.3 9.5 6.95 470 51.5 0.61 2.97 8.55 3.74 2.25 2.2 0.93 788 104.7 2.01 115 0.153

29,056,000 58,310 823,060 1,977,000 3,700 152,000 70,000 142,000 8,293,100 30,000 22,650 1,262,000 141,000 13,000 3,402,700 9,864,000 28,000 914,000 129,000 260,700 13,930 3,000 1,580 50,000

PROPERTY ARTHALAND CORP 0.51 0.55 0.53 0.55 0.5 0.5 276,000 142,980 24.85 24.9 25.4 25.4 24.7 24.9 5,258,300 131,620,730 AYALA LAND AYALA LAND LOG 3.06 3.14 3.1 3.14 3.01 3.14 277,000 843,200 13.12 13.74 13.1 13.12 13.1 13.12 25,100 329,310 ALTUS PROP ARANETA PROP 1.41 1.42 1.43 1.43 1.38 1.42 382,000 533,510 AREIT RT 36.65 36.8 37.1 37.1 36.65 36.8 566,300 20,935,235 0.68 0.69 0.7 0.7 0.69 0.69 32,000 22,090 CITYLAND DEVT CROWN EQUITIES 0.081 0.086 0.087 0.087 0.082 0.086 610,000 52,110 2.49 2.5 2.49 2.5 2.47 2.5 49,000 121,530 CEB LANDMASTERS 0.375 0.39 0.385 0.385 0.375 0.375 1,170,000 444,400 CENTURY PROP CITICORE RT 2.47 2.48 2.42 2.48 2.42 2.48 1,868,000 4,605,530 7.8 7.85 7.7 7.9 7.7 7.8 41,100 322,845 DOUBLEDRAGON DDMP RT 1.51 1.52 1.52 1.52 1.5 1.52 325,000 492,410 6.8 6.82 6.83 6.83 6.82 6.82 15,000 102,350 DM WENCESLAO 0.295 0.305 0.29 0.305 0.28 0.305 12,570,000 3,710,900 EVER GOTESCO FILINVEST RT 6.75 6.79 6.8 6.8 6.72 6.75 1,941,800 13,112,587 0.94 0.95 0.93 0.97 0.93 0.95 30,498,000 28,816,510 FILINVEST LAND GLOBAL ESTATE 0.83 0.87 0.84 0.84 0.83 0.83 55,000 45,750 8990 HLDG 9.76 10.2 10.6 10.6 9.57 10.2 28,700 287,910 1.05 1.07 1.07 1.07 1.02 1.07 1,054,000 1,101,450 PHIL INFRADEV CITY AND LAND 0.71 0.72 0.71 0.71 0.71 0.71 20,000 14,200 2.24 2.25 2.26 2.27 2.23 2.25 8,488,000 19,079,190 MEGAWORLD MRC ALLIED 0.185 0.186 0.189 0.195 0.186 0.186 15,380,000 2,906,850 MREIT RT 15.96 16 16.02 16.02 15.9 15.96 405,700 6,481,628 0.375 0.38 0.375 0.375 0.375 0.375 60,000 22,500 PHIL ESTATES PRIMEX CORP 1.97 2 2 2 1.97 2 830,000 1,659,880 6.46 6.48 6.5 6.51 6.48 6.48 227,200 1,475,248 RL COMM RT 16.86 16.94 16.9 16.94 16.72 16.94 418,300 7,058,220 ROBINSONS LAND PHIL REALTY 0.23 0.235 0.231 0.235 0.23 0.235 430,000 98,990 1.23 1.31 1.2 1.27 1.18 1.23 469,000 555,530 ROCKWELL SHANG PROP 2.55 2.58 2.58 2.58 2.58 2.58 2,000 5,160 2.73 3.03 3 3.03 3 3.03 5,000 15,060 STA LUCIA LAND 36 36.15 36.2 36.7 35.7 36 7,157,800 258,870,840 SM PRIME HLDG VISTAMALLS 3.25 3.34 3.24 3.24 3.24 3.24 3,000 9,720 1 1.05 0.99 1.05 0.99 1.05 98,000 98,590 SUNTRUST RESORT VISTA LAND 2.03 2.04 2.03 2.04 1.99 2.04 146,000 294,250 VISTAREIT RT 1.72 1.74 1.74 1.74 1.72 1.72 243,000 420,070

SERVICES ABS CBN 8.71 8.96 8.77 8.8 8.7 8.71 80,200 700,473 10.58 10.6 10.46 10.6 10.4 10.58 1,158,800 12,135,892 GMA NETWORK GLOBE TELECOM 2,188 2,190 2,228 2,228 2,180 2,190 25,690 56,211,810 1,671 1,672 1,679 1,680 1,663 1,672 39,540 66,145,400 PLDT APOLLO GLOBAL 0.034 0.035 0.036 0.036 0.034 0.035 123,800,000 4,326,500 CONVERGE 20.45 20.5 20.7 20.95 20.35 20.5 2,588,900 53,218,065 3.11 3.29 3.26 3.3 3.09 3.29 404,000 1,297,880 DFNN INC DITO CME HLDG 4.07 4.08 4.14 4.17 4.07 4.08 1,710,000 7,039,300 1.55 1.65 1.48 1.48 1.47 1.47 10,000 14,750 JACKSTONES 1.16 1.18 1.18 1.22 1.15 1.18 4,327,000 5,114,250 NOW CORP TRANSPACIFIC BR 0.275 0.28 0.285 0.285 0.275 0.275 1,620,000 446,700 6.25 6.4 6.35 6.35 6.25 6.25 7,300 45,847 2GO GROUP CHELSEA 1.24 1.28 1.28 1.28 1.25 1.27 106,000 133,590 41.65 41.8 41.8 41.95 41.65 41.65 29,200 1,219,195 CEBU AIR 181.3 182.7 181 182.9 180 182.7 1,032,370 187,618,259 INTL CONTAINER LBC EXPRESS 18.12 21.95 18.12 18.12 18.12 18.12 100 1,812 4.32 4.34 4.36 4.4 4.31 4.34 86,000 372,670 MACROASIA METROALLIANCE A 0.87 0.93 0.87 0.87 0.87 0.87 3,000 2,610 5.7 5.82 5.41 5.84 5.41 5.7 6,100 34,538 PAL HLDG 1.03 1.04 1.06 1.06 0.98 1.03 491,000 494,720 HARBOR STAR ACESITE HOTEL 1.36 1.68 1.37 1.37 1.37 1.37 22,000 30,140 0.076 0.079 0.08 0.08 0.077 0.077 81,240,000 6,329,930 BOULEVARD HLDG DISCOVERY WORLD 1.59 1.74 1.72 1.74 1.72 1.74 30,000 51,960 0.435 0.45 0.45 0.455 0.45 0.455 30,000 13,550 WATERFRONT 6.52 6.92 6.7 6.7 6.5 6.5 4,300 28,070 CENTRO ESCOLAR STI HLDG 0.32 0.345 0.33 0.33 0.32 0.32 170,000 55,150 1.19 1.2 1.2 1.2 1.2 1.2 1,074,000 1,288,800 BELLE CORP 6.05 6.11 6.13 6.15 6.02 6.11 2,490,900 15,175,168 BLOOMBERRY LEISURE AND RES 1.44 1.45 1.43 1.46 1.43 1.45 584,000 846,720 0.8 0.81 0.81 0.82 0.79 0.8 1,555,000 1,236,790 PH RESORTS GRP PREMIUM LEISURE 0.395 0.4 0.41 0.41 0.4 0.4 4,220,000 1,689,400 PHILWEB 3.66 3.7 3.72 3.78 3.6 3.66 2,886,000 10,615,100 0.305 0.31 0.31 0.315 0.305 0.31 7,670,000 2,365,350 ALLDAY ALLHOME 4.67 4.74 4.65 4.75 4.64 4.74 79,000 369,970 1.45 1.47 1.45 1.47 1.45 1.47 196,000 284,340 METRO RETAIL PUREGOLD 29.75 29.8 29.5 29.95 29.5 29.75 704,800 20,905,930 ROBINSONS RTL 54.5 55 57.2 57.35 54.5 54.5 489,790 26,825,011 64.1 65.75 63.65 67.95 63.65 65 7,540 488,751.50 PHIL SEVEN CORP SSI GROUP 1.43 1.44 1.44 1.47 1.41 1.44 2,729,000 3,927,800 23 23.1 22.35 23.2 22.35 23 2,423,100 55,665,610 WILCON DEPOT 0.183 0.191 0.186 0.19 0.186 0.19 100,000 18,800 APC GROUP IPM HLDG 6.4 6.98 6.32 6.97 6.25 6.97 7,000 45,720 0.69 0.7 0.7 0.7 0.67 0.69 2,469,000 1,696,270 MEDILINES PRMIERE HORIZON 0.42 0.425 0.42 0.425 0.415 0.42 1,620,000 681,500 3.65 3.74 3.75 3.75 3.7 3.73 20,000 74,550 SBS PHIL CORP

MINING & OIL APEX MINING 1.45 1.47 1.45 1.45 1.45 1.45 272,000 394,400 ATLAS MINING 4.43 4.44 4.45 4.45 4.4 4.44 214,000 948,790 5.2 5.33 5.32 5.33 5.28 5.33 24,400 129,386 BENGUET A BENGUET B 5.17 5.2 5.2 5.2 5.17 5.17 5,000 25,940 0.203 0.239 0.23 0.23 0.202 0.202 120,000 24,600 COAL ASIA HLDG 2.7 2.72 2.69 2.72 2.69 2.72 60,000 162,550 CENTURY PEAK FERRONICKEL 2.3 2.33 2.3 2.33 2.29 2.33 398,000 917,520 0.177 0.191 0.173 0.176 0.173 0.176 60,000 10,470 GEOGRACE 0.134 0.139 0.134 0.134 0.134 0.134 30,000 4,020 LEPANTO B MANILA MINING B 0.0093 0.0099 0.0094 0.0094 0.0094 0.0094 3,000,000 28,200 1.29 1.3 1.31 1.31 1.27 1.3 1,083,000 1,391,530 MARCVENTURES NIHAO 0.89 0.92 0.89 0.89 0.89 0.89 6,000 5,340 5.4 5.41 5.65 5.66 5.35 5.41 6,164,200 33,654,813 NICKEL ASIA 0.7 0.73 0.73 0.74 0.72 0.73 65,000 47,060 ORNTL PENINSULA PX MINING 3.25 3.26 3.17 3.25 3.16 3.25 1,102,000 3,554,970 40.45 40.65 41 41 40.35 40.45 2,706,600 110,144,675 SEMIRARA MINING UNITED PARAGON 0.0058 0.0064 0.0059 0.0059 0.0059 0.0059 3,000,000 17,700 12.2 12.28 12.34 12.78 12.18 12.2 148,500 1,840,164 ACE ENEXOR 0.011 0.012 0.011 0.011 0.01 0.01 17,400,000 186,400 ORNTL PETROL A ORNTL PETROL B 0.011 0.012 0.012 0.013 0.012 0.012 1,300,000 15,700 0.0087 0.009 0.0088 0.0089 0.0088 0.0088 17,000,000 149,800 PHILODRILL PXP ENERGY 5.25 5.4 5.14 5.43 5.12 5.4 194,200 1,023,915

PREFFERED HOUSE PREF B 97.5 99.5 99.5 99.5 97 97 140 13,830 98.55 100.6 98.55 98.55 98.55 98.55 10 985.5 HOUSE PREF A AC PREF B1 501 502 502 502 502 502 20 10,040 496.6 498.8 498.8 498.8 498.8 498.8 100 49,880 AC PREF B2R CEB PREF 40.5 41.5 41 41 41 41 13,500 553,500 96 99.3 99.35 99.35 99.35 99.35 10 993.5 DD PREF 1,009 1,014 1,014 1,014 1,014 1,014 5 5,070 GTCAP PREF B JFC PREF A 955 980 980 980 980 980 30 29,400 94.5 96 96 96 94 96 9,550 915,800 MWIDE PREF 2A 97.5 101 100.5 100.5 100.5 100.5 90 9,045 MWIDE PREF 2B PNX PREF 3B 99.6 100 100 100 100 100 500 50,000 974 975 975 975 975 975 1,370 1,335,750 PNX PREF 4 PCOR PREF 3B 1,050 1,069 1,069 1,069 1,069 1,069 20 21,380 76 77.95 75.85 75.85 75.85 75.85 40 3,034 SMC PREF 2I 72 72.2 72 74.2 72 72 14,080 1,014,005 SMC PREF 2J SMC PREF 2K 72.55 74 74 74 74 74 13,400 991,600 53.05 55.9 52.5 52.5 52.5 52.5 1,100 57,750 TECH PREF B2D

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 8.6 9.1 10.12 10.88 10.3 10.3 10.08 10.08 9,100 91,918 GMA HLDG PDR

WARRANTS TECH WARRANT 0.6 0.62 0.52 0.62 0.52 0.62 3,112,000 1,806,510

-27,797,110 -246,850 2,624 -13,800 -7,297,540 11,730 19,920 -391,900 153,840 224,306 83,480 -208,000.00 -1,641,562 -2,482,580 -23,320 -8,590,320 -123,690 -121,508 -400,000 -33,733 -759,850 31,980 -37,892,640 -169,500.00 -13,913,590 -33,187,070 199,500 -12,242,575 3,150 -586,780 -316,090 2,750 188,400 26,516,966 -8,720 40,560 -1,243,200 870,420 509,270 92,000 -190,940 173,600 320 2,410,145 6,525,568.50 -123,050 986,960 34,894,520.00 13,400 113,400 8,700 -341,080 162,550 -277,240 12,820 5,664,583 -854,640 -5,029,645 28,565 -9,045 -12,088 -45,270

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

0.6 0.98 0.87 0.72 1.25 0.315

0.61 0.99 0.89 0.73 1.26 0.32

EXHANGE TRADE FUNDS FIRST METRO ETF

96.25

97

0.61 0.99 0.88 0.72 1.23 0.32

0.62 0.99 0.9 0.73 1.26 0.32

0.6 0.98 0.8 0.71 1.22 0.315

0.61 0.99 0.89 0.73 1.25 0.315

2,139,000 2,871,000 4,830,000 165,000 857,000 1,580,000

1,295,050 2,830,960 4,027,920 119,630 1,065,900 503,950

-840,530 127,500 182,160 233,600

96.6 96.6 96.25 96.3 8,800 848,114 72,277

www.businessmirror.com.ph

DOE bares details of winning green energy auction bidders

T

By Lenie Lectura

@llectura

HE Department of Energy (DOE) has released over the weekend the bid details of the winning bidders that participated in the country’s first green energy auction (GEA) held last month.

“The advisory is being issued to reflect other details of the winning bids which are the offered price, committed delivery rate and timestamp when the bid was submitted electronically,” DOE Officer-in-Charge Donato Marcos said in an advisory posted on the agency’s website over the weekend.

The GEA Reserve (GEAR) prices for the first round of auction should not go beyond P3.6779 per kilowatt-hour for solar, P6.0584 per kWh for wind, P5.0797 per kWh for biomass, and P5.4913 per kWh for run-of-river. The price cap for each renewable energy (RE) technology was determined

by the Energy Regulatory Commission (ERC).

“In the determination of a representative project and the computation of the GEAR prices, the commission was guided by the principal of efficiency and international benchmarks to ensure that only the cost of efficient plants will be passed on to consumers,” the ERC said.

The offer price of Amihan Renewable Energy Corp., for 70megawatts (MW) of capacity turned out to be the lowest among the wind power projects at P3.8583 per kilowatt hour (kWh). Amihan is 80 percent owned

by ACEN Corp. of the Ayala Group.

Solar Philippines Calatagan

STOCK-MARKET OUTLOOK Last week

SHARE prices gained last week as investors accumulate assets ahead of the US Federal Reserve meeting this week and more local earnings results for the second quarter of the year.

The benchmark Philippine Stock Exchange index gained 68.13 points to close at 6,263.39 points.

The main index made gains early in the week, slightly going down during midweek before going up again by Friday.

Trading, however, was anemic, with average value reaching only P4.1 billion, and Friday having the least number of trades at P2.76 billion.

Foreign investors were net sellers at P777.44 million.

Gainers led losers 141 to 86 and 22 shares were unchanged.

All other sub-indices managed to end on the green, led by the broader All Shares index which gained 35.33 points to close at 3,381.06 points; the Financials index added 0.23 to 1,502.41, the Industrial index was up 19.37 to 9,394.20, the Holding Firms index rose 141.53 to 5,892.66, the Property index climbed 44.46 to 2,798.81, the Services index expanded 15.57 to 1,642.42 and the Mining and Oil index surged 525.11 to 11,248.96.

Top gainers were Cemex Holdings Philippines Inc., SOCResources Inc., Ionics Inc., Vivant Corp., SFA Semicon Philippines Corp. and Manila Broadcasting Co. Top losers, on the other hand, were Jackstones Inc., Ferronoux Holdings Inc., 2GO Group Inc., Crown Asia Chemicals Corp., Arthaland Corp., Oriental Petroleum and Minerals Corp. A and I-Remit Inc.

This week

Share prices may resume volatile trading this week with investors bracing themselves for the 75-basis-point increase of the US Federal Reserve during its policy meeting.

2TradeAsia said a 100-basis-point increase of the US Fed “is not too far from imagination” as inflation remains high and is pushing the US into recession territory.

“This is not a uniquely new concern for markets, having to discount and account for this global tightening for most if not all of the the second quarter of 2022,” the broker said.

The broker advised bracing for another light session during the week as most investors will stay on the sidelines ahead of the Chinese Ghost Month, which starts on July 29.

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said cautious trading is also expected as investors await President Ferdinand R. Marcos Jr.’s first State of the Nation Address for clues on the local economy’s direction.

“We may see optimism if investors hear more plans to solve the country’s lingering concerns including food security, inflation and fiscal consolidation in the upcoming SONA. Investors are also seen to watch out for plans on how to sustain the economy’s recovery from the pandemic,” Tantiangco said.

The PSEi’s support remains at 6,100 to 6,150, while immediate resistance is seen at its 10-day exponential moving average at 6,274.17 points as of July 22.

Stock picks

Broker Regina Capital Development Corp. advised taking profits on the stock of DMCI Holdings Inc. as its technical indicators show that its rally is not showing signs of stopping, at least for the week.

“Keep in mind, however, that DMC is already trading significantly above all its major moving averages. A correction is imminent. Tread lightly, and be sure to top slice to lock in gains,” the broker said.

DMCI shares were last traded last week at P9.50 apiece.

Meanwhile, the broker advised to hold the stock of International Container Terminal Services Inc. as its share price is forming a consolidation base, after several attempts to reach the P170 support.

The broker said indicators are all supportive of ICTSI’s eventual range-bound nature in the coming trading days.

“The mixed indicators all point to one thing: sideways trading. The market has yet to determine an overall sentiment for ICT, despite the significant discount to all its major moving averages. Nonetheless, this lack of volatility is also a good thing. It means that things are finally calming down and could allow for the stock to form a base before attempting another rally,” the broker said.

ICTSI shares closed Friday at P182.70. VG Cabuag

Corp.’s price offer of P4.1998 per kWh is the second lowest. It will offer 30MW. Another ACEN subsidiary, Bayog Wind Power Corp., offered 160MW for P4.4386 per kWh. CleanTech Global Renewables, Inc., meanwhile, offered 100.8MW for P4.6368 per kWh. Petrowind Energy, Inc.’s 13.2MW offered capacity has a corresponding offer price of P5.755 per kWh.

Solar

For solar, PAVI Green Renewable Energy Inc., the wholly-owned subsidiary of Prime Asset Ventures, Inc. (PAVI), the investment holding company founded by Paolo Villar, offered the lowest at P3.4 per kWh. Greenergy Solutions Inc.’s offer price of P3.41 per kWh is the second lowest, followed by the P3.67 per kWh offer prices of Solar Philippines Commercial Rooftop Projects, Inc. and Solar Philippines Nueva Ecija Corp. in Luzon.

Solar Philippines Visayas Corp. offered P3.6779 per kWh for its 300MW capacity in Visayas. The same price was offered by Solar Philippines Commercial Rooftop

Projects, Inc. for its 120MW project in Mindanao.

The lowest price offer for hydro came from Cordillera Hydroelectric Power Corp. at P5.3876 per kWh, followed by Hedcor, Inc. at P5.4717 per kWh. Philnewriver Power Corp. offered P5.49 per kWh for its four projects in Mindanao.

Cotabato Sugar Central Company, Inc. offered P5.07 per kWh for its biomass project in Mindanao.

The DOE said that the success of this competitive process will set the benchmark for the future auction rounds, as the resulting Green Energy Tariff (GET) will reflect the value of electricity.

The GEA Program will also provide substantial support to the Mandated Participants of the Renewable Portfolio Standards (RPS) Program to ensure compliance with their minimum RPS requirements, since the GEAP is perceived to trigger the increase of RE capacity in the country, which will help the government attain its energy transition goals.

RE developers who were not able to participate in the auction may still join the succeeding rounds.

mutual funds

July 22, 2022

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 199.71 -4.23% -10.07% -6.14% -14.32% ATRAM Alpha Opportunity Fund, Inc. -a 1.3038 -3.55% -8.05% -4.06% -21.66% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7437 -5.03% -13.51% -8.77% -15.26% Climbs Share Capital Equity Investment Fund Corp. -a 0.6933 -6.81% -11.23% n.a.

-8.35% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6543 -9.99% -10.35% n.a.

-15.13% First Metro Save and Learn Equity Fund,Inc. -a 4.5443 -1.52% -7.12% -4.22% -12.32% -1.25% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6729 -9.69% -7.03% -14.09% MBG Equity Investment Fund, Inc. -a 75.95 -22.74% -14.72% n.a.

-19.57% PAMI Equity Index Fund, Inc. -a 41.2674 -3.14% -8.85% -4.66% -14.25% Philam Strategic Growth Fund, Inc. -a 427.72 -4.62% -8.97% -4.89% -14.57% Philequity Dividend Yield Fund, Inc. -a 1.2145 9.92% -4.15% -1.6% -10.45% Philequity Fund, Inc. -a 31.4311 -2.17% -8.06% -3.8% -14.11% Philequity MSCI Philippine Index Fund, Inc. -a 0.8156 -1.95% -9.22% n.a.

-13.36% Philequity PSE Index Fund Inc. -a 4.2749 -2.19% -8.23% -4% -13.83% Philippine Stock Index Fund Corp. -a 712.34 -2.59% -8.29% -4.07% -14.02% Soldivo Strategic Growth Fund, Inc. -a 0.6298 -6.45% -13.07% -7.06% -16.32% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1898 -4.57% -10.96% -5.61% -15.51% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8108 -2.89% -8.57% -4.33% -14.16% United Fund, Inc. -a 2.9866 -2.75% -8.26% -3.43% -13.11% Primarily invested in Peso securities (units) Philequity Alpha One Fund, Inc. -a 0.9927 -4.01% n.a. n.a.

-14.62% Philippine Stock Index Fund Corp. -a 867.28 n.a. n.a. n.a. n.a.

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 96.0464 -2.16% -8.07% -3.69% -13.84% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.9174 -24.59% -2.79% -2.22% -18.56% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4745 -16.92% 3.8% 4.47% -20.14% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.5446 -5.99% -5.02% -2.78% -8.71% ATRAM Philippine Balanced Fund, Inc. -a 2.0768 -3.22% -4.37% -2.64% -8.97% First Metro Save and Learn Balanced Fund Inc. -a 2.4804 -1.03% -3.13% -1.39% -7.83% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1922 2.67% n.a. n.a.

-8.04% NCM Mutual Fund of the Phils., Inc. -a 1.857 -2.2% -2.09% -0.56% -7.92% PAMI Horizon Fund, Inc. -a 3.3768 -5.13% -4.28% -2.07% -10.31% Philam Fund, Inc. -a 15.1255 -5.21% -4.41% -2.14% -10.21% Solidaritas Fund, Inc. -a 1.939 -2.34% -4.17% -2.06% -8.6% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2492 -4.28% -6.68% -3.09% -10.91% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8445 0.01% -6.33% -2.69% -11.5% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.8911 -7.24% -5.22% n.a.

-9.97% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8095 -6.17% -8.31% n.a.

-14.29% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.797 -5.87% -8.69% n.a.

-14.66% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03344 -12.76% -3.76% -1.38% -11.86% PAMI Asia Balanced Fund, Inc. -b $0.917 -17.6% -2.84% -1.7% -14.07% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9776 -15.2% 1.62% 2.73% -17.17% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.0181 -14.71% -1.71% -0.04% -15.06% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 373.96 0.41% 2.09% 2.28% -0.09% ATRAM Corporate Bond Fund, Inc. -a 1.8871 -1.89% -0.27% 0.02% 0.13% Cocolife Fixed Income Fund, Inc. -a 3.2287 -0.15% 1.86% 3.22% -0.47% Ekklesia Mutual Fund Inc. -a 2.1742 -3.96% 0.69% -3.43% -0.33% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3969 -1.86% 1.08% 1.6% -1.2% Philam Bond Fund, Inc. -a 4.1829 -6.87% -0.26% 0.51% -4.84% Philam Managed Income Fund, Inc. -a 1.3169 0.02% 2.57% 2.73% -0.17% Philequity Peso Bond Fund, Inc. -a 3.8695 -2.81% 1.54% 2.12% -2.43% Soldivo Bond Fund, Inc. -a 1.0076 -2.66% 2.3% 1.67% -2% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1294 -2.65% 1.63% 2.57% -1.82% Sun Life Prosperity GS Fund, Inc. -a 1.692 -3.28% 0.75% 1.88% -2.23% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $481.25 -1.12% 1.73% -1.7% 1.52% ALFM Euro Bond Fund, Inc. -a Є210.53 -4.38% -1.21% -0.09% -4.31% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0812 -9.96% -3.04% -0.81% -10.19% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0242 -7.28% -1.86% -0.57% -6.92% PAMI Global Bond Fund, Inc -b $0.8988 -14.97% -6.18% -3.56% -12.12% Philam Dollar Bond Fund, Inc. -a $2.2072 -12.52% -2.11% -0.21% -11.91% Philequity Dollar Income Fund Inc. -a $0.0606733 -3.74% 0.72% 1.16% -2.6% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7775 -12.87% -3.47% -1.65% -13.1% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 132.39 1.56% 2.25% 2.56% 0.91% First Metro Save and Learn Money Market Fund, Inc. -a 1.0644 1.02% 1.55% n.a.

0.63% Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3271 1.58% 2.09% 2.47% 0.87% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0644 0.6% 1.12% n.a.

0.36% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund Inc. -a 44.9642 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.2649 -3.07% n.a. n.a.

-8.53% Primarily invested in foreign currency securities (units) ALFM Global Multi-Asset Income Fund Inc. -a $0.8208 -17.09% n.a. n.a.

-15.38% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago.

c - Listed in the PSE.

d - in Net Asset Value per Unit

(NAVPU).

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

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

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

www.news.businessmirror@gmail.com

Banking&Finance

Cutting OFW-remittance cost to be filed in Senate

By Butch Fernandez @butchfBM

T

HE Senate is working on an awaited remedial legislation aimed at providing added protection for hard-earned remittances regularly sent by Overseas Filipino Workers (OFWs) to their families here.

In filing the enabling Senate Bill 10, Senator Loren B. Lagarda pointed out that the money remitted by OFWs to their beneficiaries in the Philippines “goes through intermediaries or financial institutions.”

The four-term senator reminded that “in the course of transfer, the amount supposedly remitted [by OFWs] is subject to various fees and usurious charges, thereby depleting the amount to be received by the beneficiaries.”

Citing the Bangko Sentral ng Pilipinas, Legarda said that personal remittances in 2021 constituted 8.9 percent of the country’s gross domestic product. She said the BSP noted that 8.5 percent of this is gross national income.

Legarda also recalled that in the same year, the World Bank tagged the Philippines as the 4th-largest remittance destination in the world.

Hence, she reminded that “it is imperative for the government to protect the money transfers from several fees and incredulous interest rates imposed by financial institutions.”

At the same time, Legarda clarified that the enabling bill intends to “set a limit on the amount of remittance fees and charges to be enforced by intermediaries, provide up to 50-percent discount to OFWs sending money to their immediate family members and grant tax deductions to the intermediaries that provide discounts on remittance fees.”

The proposed measure also mandates concerned government agencies to conduct financial education programs for OFWs and their families.

It will be recalled that during her chairmanship of the Committee on Foreign Relations, Legarda sponsored the Senate concurrence in ratifying of several international agreements. These include the International Labour Organization Convention 189, the Maritime Labour Convention and the Convention on Social Security between the Philippines and Spain. All intended to strengthen the protection for landbased and sea-based OFWs.

LandBank’s BDA scheme seen to reach unbanked

By Bianca Cuaresma @BcuaresmaBM

S

TATE-run bank Land Bank of the Philippines announced over the weekend the launch of their basic deposit account (BDA) program in an effort to bring more unbanked and underserved Filipinos into the country’s formal banking system.

Aimed at students, public utility vehicle drivers, vendors, household helpers, farmers and fishermen, Landbank’s new product allows customers to open a deposit account with P1 as minimum initial deposit and up to a maximum of P50,000 account balance.

The program—called PISO account or “Perang Inimpok Savings Option”—is being offered to individuals without an existing LandBank deposit account and have no capacity to open a regular deposit savings account with higher initial deposit and maintaining balance requirements.

The depositor is only required to submit one valid identification card or any barangay certification, clearance or ID for verification.

According to the 2019 Financial Inclusion Survey (FIS) of the Bangko Sentral ng Pilipinas (BSP), about 7 in 10 adult Filipinos are financially excluded. This means that about 70 percent of the country’s adult population is either unbanked or underbanked.

This is based on the part of the adult population who own a transaction account that can be used to store, send and receive funds.

A significant gap in account penetration is seen especially in terms of socioeconomic class and employment status.

Only 27 percent of those in the lower class have an account, compared to 72 percent among the upper class.

Also, employed individuals are twice as likely (39 percent) to own an account than those who are un-

BusinessMirror

Editor: Dennis D. Estopace • Monday, July 25, 2022

B3

Megawide to use ₧4-B bond proceeds to term out debt

T

By VG Cabuag

@villygc

HE Securities and Exchange Commission (SEC) has approved the public offering of Megawide Construction Corp. for up to P4 billion worth of fixed-rate bonds.

Meeting en banc last week, the SEC approved Megawide’s offering, composed of up to P3 billion of 3.5year Series A bonds due 2026 and 5-year Series B bonds due 2027, with an oversubscription option of up to P1 billion.

Net proceeds from the offer could amount to P3.97 billion, assuming the overallotment option is fully exercised.

Proceeds will be used to term out

Megawide’s short-term debt, fund its capital expenditures and for general corporate requirements.

The bonds will be offered at face value from July 28 to August 5, in time for their listing at the Philippine Dealing and Exchange Corp. on August 17, according to the latest timeline submitted to the SEC. Megawide has engaged RCBC Capital Corp. and SB Capital Investment Corp. as joint issue managers, joint

lead underwriters and bookrunners for the offer.

The company has a number of big projects underway.

Megawide, together with its Japanese partners Tokyu Construction and Tobishima Corp., recently signed Contract Package 104 of the Metro Manila Subway Project.

It is also expanding its transportcentric development portfolio, anchored on a hub-and-spoke model, with the country’s first land port, the Paranaque Integrated Terminal Exchange, at the core. Megawide is also modernizing Cebu’s 100-year old Carbon District, including its public market, through a joint venture with the Cebu City government.

Megawide said it recently received ISO 9001:2015 Certifications for its Precast and Construction Solutions business. Apart from the precast unit, the certification also covers ready-mix concrete, construction equipment and logistics services and formworks businesses.

The ISO 9001:2015 Certification for Quality Management System (QMS) is granted to companies that demonstrate the ability to provide products and services that enhance customer satisfaction and comply with all regulatory and statutory requirements, showing commitment to continually improve products, services, procedures, and processes.

“Our commitment to global standards is further solidified with this ISO Certification. With this under our belt, we will be more capable of supporting the company’s ongoing pivot to infrastructure and, at the same time, enable us to serve other industry players in the same space,” Markus Hennig, Megawide executive vice president for business units, said.

Hennig said that QMS is often a requirement for top-level project tenders, and is indicative of the company’s commitment to operational excellence and innovation.

‘Excessive’ pay for OGCC lawyers caused veto of bill

By Samuel P. Medenilla @sam_medenilla

P

RESIDENT Ferdinand R. Marcos Jr. vetoed the bill Strengthening the Office of the Government Corporate Counsel (OGCC) due to “excessive remuneration” it will provide to its lawyers.

In a brief statement issued last Saturday, Press Secretary Beatrix Cruz-Angeles confirmed Marcos declined to sign Senate Bill 2490 and

House Bill 9088 because of its several “overbearing provisions,” which he said, violates principles of equity and standardization in the government.

Among the said “excessive” benefits, which he flagged, are the increase in the Salary Grade of the Government Corporate Counsel from 30 to 31, which would provide them the same pay as the Secretary of Justice. Flagged, too, were the attorney’s fees and special assessments they will receive—a benefit not given

to legal counsel in other Executive agencies—and the exclusive trust fund for the OGCC. He also raised concern over the control the OGCC will get under the new bill over the legal department of all government corporations, which he said leaves it vulnerable to “unbridled abuse of authority.”

The OGCC is currently providing legal aid to 732 government corporations.

“In view of these considerations,

I am constrained to veto the abovementioned enrolled bills,” Marcos said in his 2-page veto message.

He said the veto is based on his review of the said bills as well as the recommendations of the Cabinet economic managers.

This is currently the second reported bill thumbed down by Marcos this month. The first was House Bill 7575, which sought to establish the Bulacan Airport City Special Economic Zone and Freeport.

Perspectives employed (19 percent).

“We continue to develop accessible and convenient banking products relevant to the diverse needs of our customers, including the unbanked and underserved,” LandBank President and CEO Cecilia C. Borromeo was quoted in a statement as saying.

Accountholders of the new product can access the bank’s digital banking channels and its mobile banking application for fund transfer, bills payment and balance inquiry services.

They can also use the PISO account in any LandBank, BancNet and 7-Eleven Automated Teller Machines, domestic point-of-sale terminals and for over-the-counter transactions in their respective Landbank branch of account.

In 2018, the BSP introduced BDAs. BDAs are accounts designed by the BSP to encourage more people to open bank accounts and promote financial inclusion.

Among its key features include simplified know your customer processes to open, no maintaining balance, no dormancy charges and 0-percent reserve requirement for the bank.

The BDA was created to meet the needs of the unbanked and lowincome sector and foster greater financial inclusion.

The new technology frontier for developing economies

T

HE Covid-19 pandemic has shown how fast new technologies can change the world. Scientists used vast computational power for genomic sequencing that tracked the virus as it mutated. Digital technology was key in modifying messenger RNA to create successful vaccines. Within a year of the virus’ formal identification at the end of 2019, several countries had launched population-wide vaccination campaigns, although many poorer countries struggled with limited access.

The lessons from Covid-19 highlight some of the major challenges societies will face in the coming decades. First, how to harness Industry 4.0 technologies including biotechnology, artificial intelligence, the internet of things, and robotics to address pressing global challenges that require immediate and effective approaches.

Second, how to help ensure that the expected benefits of those advances are more evenly distributed and do not leave the developing world behind. Success can be measured against the United Nations 17 Sustainable Development Goals (SDGs) agreed by 193 countries in 2015 as tangible targets for social, environmental, and governance outcomes for a more prosperous and inclusive world.

The SDGs target poverty, income inequality, education access and attainment, a more sustainable environment, and gender equality. Reaching the SDGs by 2030, as originally proposed, requires vast new investments by governments and the private sector. It is also evident that underlying the link between digi-

tal transformation and the SDGs is a recognition that technology has been at the heart of economic growth and broader human development for centuries. But less attention has been given to how developing countries can adopt and use it most effectively; technology plays a decisive role.

Success for developing economies depends on taking advantage of technology advances that have massively reduced the costs of storing information, increased data processing speeds, made connectivity more ubiquitous, and extended the capabilities of data analytics.

These advances, when combined with frontier digital technologies such as the industrial internet of things which involves using multiple interconnected devices to transform the operations of factories, farms, and transport can improve productivity and help reduce environmental impact. Artificial intelligence, robotics, and 5G networks offer similar potential to enhance well-being, expand the circular economy in consumption and production, and make cities more livable.

Underlying the link between digital transformation and the SDGs is a recognition that technology has been at the heart of economic growth and broader human development for centuries. But less attention has been driven to how developing countries can adopt and use it most effectively. This paper is the first in a series of reports that will examine the role of technology in developing economies in reaching the SDGs and the challenges this poses. The report identifies the digital transformation un-

derway, including online education with an uptick in new users since Covid-19 impacted school attendance, new distribution models for home food delivery based on local farm supply chains, and the adoption of drone technologies and geo-spatial data for farming.

In the journey of digital transformation, developing economies have some advantages over developed ones.

Widespread use of cellphones and a willingness to adopt mobile payments and fintech models mean that older, legacy technologies and infrastructure have been surpassed. This provides developing economies with opportunities to leapfrog to new digital technologies, avoiding the need to implement fixedline telephone systems or branch-based banking. Adding to this, younger populations, capable of acquiring new skills and inherent labor cost advantages, allow developing economies to compete for digitally delivered work for clients around the world—creating new markets and well-paid work opportunities.

To potentially benefit from the digital transformation and achieve the SDGs requires addressing existing challenges, large-scale investments are needed to overcome the lack of digital connectivity in developing economies, which is the stepping stone to achieving real, sustained impact. Equally, innovation in program design can help build digital skills among workers and expand access to relevant digital material—including in local languages. New business models can help lower the cost and operational barriers facing small,

informal businesses that limit their use of digital marketing, e-commerce, and local supply chains. Finally, collaboration among governments, businesses, and the international community is crucial to address unreliable energy access, poor transport networks, and limited business funding.

Countries need high levels of technology adoption and digital maturity to achieve the SDGs as described in this report. Currently, most developing economies are just beginning this journey, both in terms of implementing technology and introducing regulatory and institutional reforms to support their digital transformation. The private sector is a key partner in this transformation by providing know-how, delivering new digitally enabled services, upgrading infrastructure, and providing needed capital. In governments, the private sector, and civil society, there is no doubt about the direction of travel and the desirability of using digital technology to hasten the achievement of SDGs. The excerpt was taken from the KPMG Thought Leadership publication “New Technology Frontier for Developing Economies.” (https://assets.kpmg/content/dam/kpmg/xx/pdf/2022/02/new-technologyfrontier-for-developing-economies.pdf) © 2022 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG Intl. Ltd., a private English company limited by guarantee. All rights reserved. For more information on KPMG in the Philippines, you may send a message via social media or visit www.home.kpmg/ph.

China on alert for Evergrande restructuring plan as shakeup stirs uncertainties

T

HE clock is ticking for the world’s most indebted developer, whose liquidity woes sparked a broader debt crisis in China’s property industry that’s gone on to engulf more home builders, threaten banks and pose growing challenges for President Xi Jinping.

China Evergrande Group, once the country’s largest real estate firm, previously said it was on track to deliver a preliminary restructuring plan by the end of July. That leaves mere days for the builder with about $300 billion of

liabilities, just as a shakeup stirs fresh uncertainties.

The group said last Friday that CEO Xia Haijun was forced to resign amid a company probe into how 13.4 billion yuan ($2 billion) of deposits were used as security for third parties to obtain bank loans, which some borrowers then failed to pay back. Chief Financial Officer Pan Darong was also made to step down.

Siu Shawn, an executive director, will take over as CEO. Siu said that the firm has reached “basic consensus” on debt

restructuring principles with multiple major global creditors, according to a Friday report by 21st Century Business Herald.

The company rocked markets late last year when it defaulted on dollarbond payments after liquidity scares that began in 2020. Contagion from that shock has dragged Chinese offshore junk notes, most of which come from property firms, deeper into distress. Meanwhile, Evergrande’s creditors have been left with little detailed indication of how

much they may recover, in what would be one of the nation’s largest-ever debt restructurings.

As important as any clarity on that would be, though, there’s much more at stake. Money managers and policy makers are bound to see the Evergrande restructuring as an important precedent for dealing with ever-expanding defaults and restructurings in China’s real estate industry, which accounts for about a quarter of the world’s second biggest economy. As risks build, the government

has been ramping up support for the sector, just months away from a oncein-five-years Communist Party meeting where Xi is expected to seek a third term.

What began as a downturn in the housing market sparked by a government crackdown on developers’ excessive borrowing and real estate speculation in 2020 has snowballed in recent weeks into unprecedented loan boycotts from angry homebuyers and suppliers. Liquidity crunches have prompted developers to stall many projects across the country

and leave fees unpaid. In one example of how this is all cascading, a group of small businesses and suppliers that said they’d stop paying their own debts blamed Evergrande for leaving them out of pocket.

As angst in China’s real estate and credit markets spreads, Evergrande’s next steps will be scrutinized all the more. The builder urged patience and asked investors not to take aggressive action during a call in March. But unresolved issues have only grown since.

Bloomberg News

Explainer BusinessMirror

B4 Monday, July 25, 2022

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How sustainable manufacturing could help reduce the environmental impact of industry

By Nabil Nasr, Rochester Institute of Technology

N

The Conversation

ABIL NASR is the associate provost and director of the Golisano Institute for Sustainability at Rochester Institute of Technology.

He is also the CEO of the Remade Institute, which was established by the US government to conduct early-stage R&D to accelerate the transition to a circular economy, which is a sustainable industrial model for improved resource efficiency and decreased systemic energy, emissions and waste generation. Below are highlights from an interview with The Conversation. Here, Nasr explains some of the ideas behind sustainable manufacturing and why they matter. Answers have been edited for brevity and clarity.

How would you explain sustainable manufacturing?

What does the average person not know or understand about sustainable manufacturing?

When we talk about sustainable manufacturing, we mean cleaner and more efficient systems with less resource consumption, less waste and emissions. It is to simply minimize any negative impact on the environment while we are still meeting demand, but in much more efficient and sustainable

ways. One example of sustainable manufacturing is an automotive factory carrying out its production capacity with 10% of its typical emission due to advanced and efficient processing technology, reducing its production waste to near zero by figuring out how to switch its shipping containers of supplied parts from single use to reusable ones, accept more recycled materials in production, and through innovation make their products more efficient and last longer.

Sustainability is about the proper balance in a system. In our industrial system, it means we are taking into account the impact of what we do and also making sure we understand the impact on the supply side of natural resources that we use. It is understanding environmental impacts and making sure we’re not causing negative impacts unnecessarily. It’s being able to ensure that we are able to satisfy our demands now and in the future without facing any environmental challenges.

Early on at the beginning of

the Industrial Revolution, emissions, waste and natural resource consumption were low. A lot of the manufacturing impacts on the environment were not taken into account because the volumes that we were generating were much, much lower than we have today. The methods and approaches in manufacturing we use today are really built on a lot of those approaches that we developed back then.

The reality is that the situation today has drastically changed, but our approaches have not. There is plenty of industrialization going on around the globe. And, there is plenty of pollution and waste generated. In addition, a lot of materials we use in manufacturing are nonrenewable resources.

So it sounds like countries that are industrialized now picked up a lot of bad habits. And we know that growth is coming from these developing nations and we don’t want them to repeat those bad habits. But we want to raise their standard of living just without the consequences that we brought to the environment.

Yeah, absolutely. So there was an article I read a long time ago that said China and India either will destroy the world or save it.

And I think the rationale was that if China and India copy the model and technologies used in the West to build its industrial system, the world will see drastic negative impact on the environment. The key factor here is the significantly high scale of activities needed to support their very large populations. However, if they are much more innovative and come up with much more

efficient and cleaner methods better than used in the West to build up industrial enterprises, they would save the world because the scale of what they do is significant.

In talking about how these two countries could either ruin or save the world, do you remain an optimist?

Absolutely. I ser ve on the United Nations Env ironment Program’s International Resource Panel. One of the IRP’s roles is to inform policy through validated independent scientific studies.

One of the panel’s reports is called the Global Resources Outlook. The last report was published in 2019.

The experts are saying that if business as usual continues, we’re probably going to increase greenhouse gas emission by 43% by 2060. However, if we employ effective sustainability measures across the globe, we can reduce greenhouse gas emissions by a significant percentage, even by as much as 90%. A 2018 study I led for the IRP found that applying remanufacturing alongside other resource recovery methods like comprehensive refurbishment, repair and reuse could cut greenhouse gas emissions of those products by 79% to 99% across manufacturing supply chains.

So there is optimism if we employ many sustainability measures. However, I’ve been around long enough to know that it’s always disappointing to see that the indicators are there; the approaches to address some of those issues are identified, but the will to actually employ them isn’t. Despite

this, I’m still optimistic because we know enough about the right path forward and it is still not too late to move in the right direction.

Were there any lessons we’ve learned during the Covid-19 pandemic that we can apply to challenges we’re facing?

We learned a lot from the Covid crisis. When the risk became known, even though not all agreed, people around the globe took significant measures and actions to address the challenge. We accepted changes to the way we live and interact, we marshaled all of our resources to develop vaccines and address the medical supply shortages. The bottom line is that we rose to the occasion and we, in most part, took actions to deal with the risk in a significant way.

The environmental challenges we face today, like climate change, are serious global challenges as well. However, they have been occurring over a long time and, unfortunately, mostly have not been taken as seriously as they should have been. We certainly have learned that when we have the will to address serious challenges, we can meet them.

Final question. Give me the elevator pitch on remanufacturing.

Remanufacturing is a process by which we bring a product that has been used back to a like-newor-better condition. Through a rigorous industrial process, we disassemble the product to the component level. We clean, inspect and

restore it, qualifying every part.

We then reassemble the product similar to what happened when it was built the first time. The reality is that by doing so, you’re using anywhere from 70% to 90% of the materials recovered from the use phase. This has significantly far lower impacts on the environment when compared to making new products from raw materials.

You don’t mine virgin material for that. You’re saving the energy that made those parts; you’re saving the capital equipment that made those parts; you’re saving the labor cost. So the savings are significant. The overall savings are about 50%. For example, a remanufactured vehicle part in the United States requires less than 10% of the energy needed to make a new one, and less than 5% of new materials. That means lower costs for the producer while providing the consumer with a very high-quality product. Examples of commonly remanufactured products are construction equipment, automotive engines and transmissions, medical equipment and aircraft parts. Those products are similar to brand-new products, and companies like Xerox, Caterpillar and GE all have made remanufacturing an important part of their overall operations.

This article is republished from The Conversation under a Creative Commons license. Read the original article here: https://theconversation.com/how-sustainable-manufacturing-could-help-reducethe-environmental-impact-ofindustry-185672.

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BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Monday, July 25, 2022

B5

The FDAP at the Ortigas Art Festival Esprit plans Asia comeback with fastfashion departure

AT THE EXHIBIT

Eys Vergara’s Igorota; North Ortiz’s Hardin; Amanda Jazz’s Avanzado; Ramil Estrope’s Rosas; Russ Cuevas’s Alab; Gil Granado’s Soft Whisper. At the show: director Ogee Atos is flanked by the models after the runway presentation.

BY SHIRLEY ZHAO Bloomberg News ESPRIT Holdings Ltd., the once high-flying Hong Kong fashion retailer before it tumbled into years of losses, is planning a comeback in Asia, pivoting away from a fast-fashion strategy where it failed to compete with brands such as Zara and H&M. The company is now focusing on better-quality clothing that’s more expensive than fast-fashion apparel but more sustainable, Chief Executive Officer William Pak said in an interview with Bloomberg Television on Monday. It’s also returning to Asia after closing all 56 stores in the region in early 2020 amid Covid-induced lockdowns.

A pop-up store opened in Seoul in April, and another pop-up is set to open in Hong Kong’s Causeway Bay shopping hub next month. While the focus will remain on e-commerce, the company wants to have at least one signature store in key Asian markets where it also has an online presence, Pak said. It has launched online platforms in South Korea, Hong Kong, Taiwan and the Philippines, and plans to expand into mainland China, Singapore and Thailand by the end of the year.

Esprit’s changing strategy comes as the fastfashion model faces increasing criticism over environmental, social and governance issues such as wastefulness, questionable sourcing of materials and sweat-shop manufacturing. The company, which became a global household name in the 1980s and 1990s, is hoping to create a clean and youthful image to return to those heydays of double-digit growth.

“We are really targeting exponential growth of revenue,” Pak said. “Esprit is not fast fashion, and it took a long time for this to be realized in the company.”

Still, Esprit faces an uphill battle winning back market share in Asia, one of the world’s most competitive fashion markets crowded with global giants who are expanding aggressively physically and online. While many fast-fashion brands, like Zara and H&M are already switching to focus on sustainability, it also faces the rise of ultra-cheap online platforms such as China’s Shein, which is eyeing an initial public offering in the US as soon as 2024.

COLORFUL TO THE END OF THE ROLL HAVE you ever wondered what happens to stocks of canvas left over from previous collections? Surely, they shouldn’t go to waste. To utilize its end-of-the-roll materials as responsibly as possible, Longchamp has come up with an ingenious solution. Introducing Le Pliage Re-Play.

Colorful and positive, Le Pliage Re-Play consists of three formats: a spacious vertical tote, a small shoulder bag, and an on-trend belt bag, each combining two different colors of end-of-the-roll nylon canvas with a third color of Russian leather trim. The line is a joyful retrospective over the many seasons during which Le Pliage delighted us with its constantly renewed color palette, while simultaneously making the best use of available resources.

Any purchase decision will need to be taken quickly, because Le Pliage Re-Play is—quite literally—a limited edition. Once the stocks of canvas and leather are exhausted, these bags can never be reproduced.

➜ TOP handle bag Orange

➜

SHOULDER bag Celadon

➜

POUCH bag Khaki

I

N its fifth year, the Ortigas Art Festival (OAF) continues with its inclusive “Art for All” campaign. It reinforces its mission in bringing art to the general population for free while supporting the local art scene and community by including art in all its forms.

The 2022 festival was launched on July 7 and will run until August 7 at the Estancia Capitol Commons in Pasig City. It will showcase Filipino arts and culture across five pillars: Painting and Sculpture, Film and Photography, Dance and Fashion, ArtisTree, and Workshops.

“We believe that art has the power to connect people and uplift their spirits, especially at trying times. We’ve proven that when we ran the festival during the two years under a pandemic. Now that we’re slowly recovering and embracing the new normal, we believe that there is no better time to show that Philippine art is alive and well, and is for everyone to enjoy,” said Architect Renee Bacani, vice president of Ortigas Malls, during the launch.

With two National Artists, the significance of fashion as an art form can no longer be dismissed.

This year, the OAF tapped the talents of the Fashion Designers Association of the Philippines (FDAP), the country’s oldest existing group, to mount last Saturday the Art in Fashion: The Fashion Show, directed

by Ogee Atos.

The participating FDAP members were Marlo Ramos Javier, Hoho Alidio, Maricris Slodyska, Gin Villamayor, James O’Briant, Gil Granado, Amanda Jazz, Brian Vergara, Letargo Eroa, Danika Damo, Russ Cuevas, North Ortiz, Mary Ann Casanova and Ramil Estrope.

Granado, the outgoing FDAP president, said in his speech at the launch: “Generation after generation, the appreciation for Philippine art and fashion has evolved. The nightmare of the pandemic may have slowed us down, others may have folded, but we continue to strive back to life with the love for our craft, aiming for more and greater yet unique creations. After all, art and fashion is the life of every party.”

On August 7, the group will induct a fresh set of officers and members led by its new president, Ramil Estrope. They will have a photo shoot for a coffeetable book celebrating Paco Park’s 200th anniversary.

They will also do a fund-raising event in September.

“The FDAP has given me a bigger platform to showcase my designs through fashion shows, cultural events, magazine exposures and exhibits.

It widened my network and connections. I was given a chance to work with the industry’s best stylists, photographers, models and codesigners as well,” shared Russ Cuevas, the vice president from

2017 to 2019, and is one of the designers who will dress Hannah Arnold on her journey to win Miss International 2022 in Japan.

An exhibit of FDAP gowns is also ongoing at the third floor of the Estancia East Wing. On display are couture creations by Eys Vergara, Daniel Manila, Christine Lam and the others who were part of the fashion show. The wearable pieces of art are in line with the group’s advocacy in highlighting our cultural heritage with social responsibility.

“We aspired for an artistic community, but our dream is to create an art ecosystem that is sustainable and promotes art for all. The best place to start this is here in the mall, where people converge and art is more accessible,” declared Renato “Mang Ato” Habulan, the Ortigas Arts Festival curator.

“An art ecosystem is feasible. It is an attraction for people to come together for a common good. Let us fulfill the role of art, and that is: Art is a catalyst for enlightenment and art heals the spirit of a nation.” ■

Practical, useful and inexpensive drugstore finds

ONE of the things I’ve really missed about pre-Covid life was going to Watsons on my way home from work or attending events for the purpose of picking out a few necessities like bath soap and tissue. That would soon turn into a mini-shopping spree and I would end up with a medium-sized paper bag filled with vitamins, OTC medications and beauty products.

I was happy to have been invited to the Watsons Switch and Save Shopping Spree event by Retty Contreras, marketing manager of Global Own Brands and Exclusives (GOBE) for Watsons Philippines. Retty was formerly with Cosmo. ph and is one of my favorite budol friends on Instagram. Anything she recommends, whether it’s toothpaste or face powder, is good. I remember her recommending a natural toothpaste sold at Watsons on her Instagram stories. That toothpaste brand, interestingly enough, was a client of the company for which I was a consultant and I didn’t even know that particular toothpaste in a cute color was so good. We, in fact, use that to this day.

During the Switch and Save event, Retty also shared how much she loves the Watsons Love My Hair shampoos so I got a bottle of the Revitalising Treatment variant and my family also liked it.

Here are some of the things I picked up during the event: ■ WATSONS GOAT MILK SCENTED CREAM BODY WASH (P316): I love body products that have goat milk and this one is not an exception. The milky scent on this is quite subtle and the texture is creamy.

■ WATSONS INVIGORATING WET TISSUES ALOE VERA SCENTED (P109): If you know me, you’d know I always have a pack of wet tissues in my bag. Watsons is a favorite brand because it’s inexpensive and gets the job done, plus it doesn’t drip in my bag.

■ WATSONS EXTRA COMFORT DISPOSABLE LADIES UNDERWEAR (P209 FOR A PACK OF 5): I buy this for a friend who uses them when she’s traveling. This is a sort of unicorn because a lot of people hoard it.

■ DENTAL FLOSS ROUND THREAD PACK 50S (P134): This is another Watsons brand product that I’m a fan of. It’s very inexpensive and you get so much for that price.

■ WATSONS VOLUMISING TREATMENT WAX (P284): This is a deep conditioning treatment that’s great for damaged hair. It works on bleached or colored hair.

■ WATSONS BODY SCRUB CREAM VANILLA (P364): This is another hidden gem at Watsons. I love the scent of this, which is so comforting (I’m a fan of vanilla scents).

■ WATSONS MINT LEMONGRASS HERBAL MOUTHWASH (P277): This mouthwash kind of tastes like iced tea so it’s for those who are sensitive to overly minty mouthwash.

■ WATSONS FACIAL TISSUE (P179): If I could only buy one product from Watsons every time I go there, it would be this. The tissue comes in a set of three boxes,

RY VELASCO is a YouTube content creator and a social media influencer who loves Watsons Switch and Save products

it’s 3-ply and it’s really soft. I love this so much that friends give me this is a birthday gift.

■ WATSONS PINK MOUNTAIN SALT BAMBOO ULTRA SOFT TOOTHBRUSH (P79): Watsons’ bamboo toothbrushes are inexpensive, durable and sustainable, and this is pink so it’s aesthetically pleasing.

B6 Monday, July 25, 2022

Fil-American doctor receives Lifetime Achievement Award

Guam Visitors Bureau visits Manila to bolster travel from the Philippines

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HE Guam Visitors Bureau (GVB) visited Manila from June 22-27, 2022 to promote and strengthen Guam's tourism industry.

Under the direction of GVB president & CEO and former governor Carl T.C. Gutierrez, GVB was accompanied by Guam government officials to attend a series of events in Manila in pursuit of strategic tourism-development goals.

The Guam delegation initially participated in the 29th Philippine Travel Agencies Association TravelTour Expo, held at the SMX Convention Center in Pasay City.

GVB had participated in the expo for over 15 years before the onset of the pandemic and was glad to rejoin what is known as one of the largest travel fairs in the country.

Aside from playing an active role in the PTAA TravelTour Expo, GVB conducted meetings with Philippine Airlines and United Airlines, both of which operate direct flights from Manila to Guam. The parties discussed adding air connections and suggested to PAL the possibility of a new route from Cebu.

GVB also arranged networking luncheons at Century Park Hotel in Manila and The Atrium at Enderun Colleges in Taguig City. These events were attended by mayoral delegations from Guam and the Philippines, national and local travel associations, and the Honorable Governor of Negros Occidental, Eugenio Lacson.

The occasion established a new sister city relationship between the village of Inalåhan and the Municipality of Dingalan, Aurora.

Indeed, the visit presented an opportunity to encourage expansion of the Guam-CNMI Visa Waiver Program at the discretion of the U.S. Department of Homeland Security while promoting the post-COVID restoration of Guam's strategic partnership with the Philippines.

According to Gutierrez, Guam’s mission and follow-up communication are intended to help reunite the two destinations' people by reviving the proposal of a visa waiver to Guam (and even the CNMI) for Filipinos.

“Together with the Philippine mayors, we have decided that we're building an organization from the

FORMER Guam Governor Carl T.C. Gutierrez, president & CEO of the Guam Visitors Bureau, along with his wife, former First Lady Geraldine Gutierrez, and the GVB and mayoral delegations visit the Guam exhibitor’s booth at the PTAA TravelTour Expo in Pasay City. ground up to newly elected President Ferdinand Marcos, Jr. to push this winwin message through and to encourage the U.S. government to open Guam to nonimmigrant Filipinos wishing to visit without the burden of having to apply for and await visa approvals,” Gutierrez said.

“Through thick and thin, my teams and I have been working diligently to improve the labor-recruitment and work visa application process while smoothing the way toward visa waivers for business and liesure travelers from the Philippines in pursuit of Gov. Lou Leon Guerrero’s vision since the day we stepped into office in 2019, and we don’t intend to stop now!” Gutierrez said.

“We’ve come this far to rekindle and rejuvenate Guam-Philippine relations, because for the past two and a half years, the pandemic and other world events have interfered with concerted action toward adding the Philippines to the list of nations approved for inclusion in the Guam-CNMI Visa Waiver Program,” said Angel Sablan, Executive Director of the Mayors’ Council of Guam.

“Guam wants to broaden the groundwork we’ve already laid with the relevant Philippine departments

and agencies and expand our pool of relationships within the freshly installed Marcos administration,” Sablan said.

Administered by the U.S. Department of Homeland Security with the advice and consent of the U.S. Secretary of State, the Guam-CNMI Visa Waiver Program allows passport holders from twelve (12) nations to enter the U.S. Territory of Guam and the U.S. Commonwealth of the Northern Mariana Islands without a visa. Presently, the list of approved nations includes Australia, Brunei, Hong Kong, Japan, Malaysia, Nauru, New Zealand, Papua New Guinea, South Korea, Singapore, Taiwan, and the United Kingdom.

Philippine mayoral delegates who attended the luncheon included Hon. Alfredo Dacumos, Jr. of Sablan, Benguet; Hon. Armando Lauro of Tublay, Benguet; Hon. Clarita Sal-ongan of Tuba, Benguet; Hon. Jerome Tudlong of Bontoc, Mountain Province; Hon. Emi Calixto of Pasay City; Hon. Vincent Soriano of Pakil, Laguna; Hon. Renato Gustilo of San Carlos City, Negros Occidental; and Hon. Nicholas Yulo of Bago City, Negros Occidental.

SBFI-donated classrooms ready for face-to-face classes

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ITH the Department of Education (DepEd) beginning limited face-to-face classes in select areas, Security Bank Foundation Inc. (SBFI) is honored to witness the use of its donated classrooms.

“DepEd chose the donated school building of Security Bank Foundation for the implementation of face-toface classes because of its spacious and well-ventilated classrooms, allowing students to safely return to school while

following safety protocols,” says Samson Tallodar, Tacurong Pilot Elementary School principal.

Despite COVID-19 pandemic, SBFI sustained its Build a School, Build a Nation: The Classrooms Project which meant the continuous construction of classrooms in areas where Security Bank has branches and taking advantage of the absence of face-to-face classes to bridge classrooms gaps in public schools.

Security Bank Foundation also

sustained the major repair of previously-donated classrooms, most especially those that were damaged by typhoons and earthquakes. The Foundation also complemented the infrastructure support with virtual teachers training and educational videos production dubbed as Ready, Set, Read! to help teachers with navigating distance learning delivery and improve students’ acquisition of fundamental English reading competencies.

Security Bank Foundation has so far funded the construction of 178 classrooms during the pandemic with 84 classrooms already turned over last 2021 and 94 in various stages of construction. This brought the total classrooms funded by SBFI to 715 since the program’s launch in 2011.

In recognition of SBFI’s learning continuity initiatives during the pandemic, SBFI received plaques of appreciation from DepEd Central, Regional and Division Offices. The Foundation is also a long-time partner of the DepEd for its Adopt a School Program.

Security Bank Foundation has also opened opportunities for other companies and organizations to cosponsor the cost of school buildings for donation to select public schools.

To learn more and partner, visit bit. ly/SupportSBFIClassrooms.

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HE American Association of the Philippines (AAP) honored Dr. Felipe I. Tolentino with the 2022 Lifetime Achievement Award during the 74th Anniversary Celebration George Washington Ball on June 26, 2022, at the Marriott Hotel Manila.

Presented by US Embassy Charge d’Affaires Ms. Heather Variava and AAP Chairman and President Mr. Rick Sobrevinas, the award recognizes Dr. Tolentino’s invaluable contribution to the ophthalmology industry and decades of providing eye care to Filipinos.

Dr. Tolentino is a Filipino-American ophthalmologist who specialized in retina and vitreous diseases. He was licensed to practice medicine in the Philippines, in Massachusetts, and in Pennsylvania.

He also served leadership positions at different institutions in Boston, such as the Harvard Medical School Department of Ophthalmology.

Dr. Tolentino also played a crucial role in introducing Filipino ophthalmologists to American medical societies, and in establishing a center of excellence in eye care in the Philippines.

In 2001, Dr. Tolentino and Mr. Oscar Lopez, Chairman Emeritus of the Lopez Group of Companies, established Asian Eye Institute. He handpicked and trained the core medical team, composed of Harvardtrained ophthalmologists with different subspecialties, to provide Filipinos with world-class eye care.

Today, Asian Eye is the biggest and most trusted eye ambulatory center in the Philippines. An 8-time recipient of the Reader’s Digest Gold Trusted Brand Award, it serves over 60,000 local and foreign patients every year, and is the only

eye center with triple ISO certification and Platinum-level international healthcare accreditation from Accreditation Canada.

Since his retirement, Dr. Tolentino has devoted his time to helping the underserved and indigent population. He founded non-profit organizations, including the Ophthalmological Foundation of the Philippines (OFPHIL) and Restoring Sight International (RSI).

The AAP is a prominent nonprofit organization in the Philippines.

Established in 1949, it has forged strong ties among the expat American community, returning Filipino-Americans, the Philippine government and the Filipino public. Every year, they hold the George Washington Ball to recognize the achievements and contributions of its members and key business and community leaders.

Together with Dr. Tolentino, the AAP also recognized Rustan Group Chair and CEO Ms. Zenaida Tantoco; Hospital on Wheels Founder Dr. Jim Sanchez; Development Bank of the Philippines (DBP) President and CEO Mr. Emmanuel Herbosa; and Ignite Impact Fund Founder Ms. Maoi Arroyo.

CSC calls for participants to confab focusing on resiliency

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HE Civil Service Commission (CSC), through the Civil Service Institute (CSI), is inviting leaders, managers, supervisors, and human resource (HR) practitioners to attend this year’s virtual Public Sector human Resource Symposium on 14 to 16 September 2022.

Themed, Building Resilient Organizations: Honing Agile and Future-Ready Leaders and HR Practitioners, the symposium will focus on the strategic role of government leaders and HR practitioners in building resilient organizations as well as in developing resilient human capital.

Resilience is especially important with the need to overcome challenges caused by the COVID-19 pandemic and adapt to emerging technologies.

The HR Symposium will highlight the characteristics of resilient organizations, tools and best practices in building resilient organizations which will be shared in the plenary and concurrent sessions by international and local speakers. The learnings and insights from the sessions aim to ensure public service excellence and

continuity despite disruptions For a training fee of PHP3,200, participants can learn from three plenary sessions, choose from 40 concurrent sessions, and earn a certificate of completion with 16 leadership and managerial training hours.

Interested individuals may view more details about the 2022 Public Sector HR Symposium and register online from the CSC website at www.csc.gov.ph, or the CSI website at csi.csc.gov.ph (under L&D Calendar). They may also contact Mark Anthony Malitan or Merari Ordoñez at csc.symposium2022@ gmail.com.

Registration is on a first-come-first served basis. To confirm participation and to avoid cancellation of registration, participants need to settle payment on or before 19 August 2022.

For 2022, the thematic focus is on resilience, which is part of building smart organizations and a future-ready civil service. Resilience has been shown by the civil service during the pandemic crisis in its readiness to accept challenges and ability to give continued assistance to the public.

The Nickelodeon Pinoy cast member is coming home soon

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DUARD Bañez was 17 and a nursing student at New Era University when he joined Star Magic Batch 15 in 2006 along with Jessy Mendiola, Bela Padilla, and Megan Young. Before migrating to the United States, he also made a name as Net25 newscaster and as MTV Asia host. In between, he modeled for Louis Vuitton and Vogue Philippines.

He also co-anchored a show on Radyo Singko 92.3 News FM. Chasing his American dreams, Eduard stayed in Los Angeles, California, for five years and took the opportunity to study Political Arts and Media History at the University of California. More recently, he has found work at Six Flags, a California-based theme park featuring rollercoasters, thrill rides and family attractions.

In his quest for stardom and his love for music, Eduard had the privilege to have

worked with the likes of Ed Sheeran, Justin Bieber, Cassie Ventura and Sia, the Australian singer behind the songs “Chandelier”.

But COVID-19 came. And just like everybody, most of his plans were put on hold. “The pandemic has altered how we live, work, and play. It made all of us appreciate more our relationships, especially with family and friends,” he said.

For now, the Nickelodeon actor is waiting for the release of the comedy series which was done last year. Now 31, Eduard also plans of coming home soon and resuming his showbiz career in Manila. He also wants to be a news anchor again. He is hopeful that his dreams and plans are coming soon at the right time. “Where you are is your dignity and your dreams. Always remember that what you do is what you will get. How powerful you are is how the circles will come back,” he concluded.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, July 25, 2022 B7

The joy of circular living A

PR Matters

By Abigail Ho-Torres

BOSS that doesn’t spark joy—you c a n’t t h row t h at out, unfortunately.

But ot her t hings that cause stress, anxiety, and even depression, you have more control over. Like clutter in your home.

Aside from cooking, baking, gardening, and binge-watching series and movies, many of us resor ted to dec lutter ing ou r homes to maintain our sanity at the height of the lockdowns. It’s probably safe to say that at least one of you readers have unleashed your inner Marie Kondo at some point in the last two years.

Where did you take all that clutter though? Did you sell them, donate them, or simply throw them away? Or maybe a combination of two or all of those? If you were able to find new homes for your clutter—other than the landfill, that is—then congratulations on your contribution to a circular economy.

The Humble team sorts items in their warehouse

‘Round and ‘round

IN a circular economy, consumption and waste of resources—such as various raw materials, water, and energy—are minimized. The life of each item produced is “extended,” usually by way of reusing, recycling, and upcycling. At the heart of circular living is responsible consumption. This is not always easy, especially when you don’t really have the means to buy sustainably. Luckily, there are now businesses that can help make circular living a reality for more Filipinos.

Social business Humble calls itself “a platform for circular living.”

“We collect items that people or businesses no longer use and bring them back to circularity, passing back some of the value to the people or businesses we collected them from,” the company said.

Founded by half Dutch, half Welsh Josef Werker and fullblooded creative Filipina Niña Opida, Humble provides a platform for individuals and businesses who would like to live sustainably but don’t know where to start. The process is straightforward: 1. Businesses with unused assets or people with items to declutter get in touch with Humble for a pick-up or drop-off schedule.

2. Humble then collects their items for disposal, brings them to its Mandaluyong warehouse, and sorts them.

3. Some of the items are sold on Thrift, Humble’s digital store on Shopee. Other items are brought

n Brand & Business: Resorts World Manila launches vibrant rebrand as Newport World Resorts by NJYN MANILA, PHILIPPINES—Goodbye “Resorts World Manila,” hello “Newport World Resorts.” That was, in essence, the brand challenge given to creative agency NJYN by the marketing team of integrated resort and casino Resorts World Manila upon being invited to pitch for this exciting new chapter in its ever-evolving story.

“We had to be able to relaunch a vibrant and excit-

ing new spirit without turning our back on all the good things we know we had going for us,” shared Randy Tiempo, assistant director & head of creatives of RWM. “After three rounds of pitching, NJYN and their proposal stood head and shoulders above the others in terms of delivering exactly that.”

“They demonstrated a love for the brand, an appreciation of the business, and weren’t shy about immersing themselves totally to experience all we had to offer,” added Kingson Sian, Resorts World Manila President and CEO on what fueled their choice. “And of course, the work was spot on.”

The Newport World Resorts campaign taps into people’s latent desire to have a good time. It urges viewers to cut loose and give them-

These toys will soon find new homes

Niña Opida shows off Humble’s treasure trove

to Humble’s partner recyclers and upcyclers.

from homes and businesses that are looking to declutter.

4. People who donate items to Humble are given points or vouchers that they can use to shop for items on Thrift.

Saving the planet

Humble collects a wide range of items, including electronics, school and office supplies, accessories, baby items, toys, furniture, books, and clothes. It even accepts items for consignment from partner-retailers that want to dispose of slow- or nonmoving items.

The social business has so far collected and processed more than 150,000 items from more than 1,500 homes. It also has several corporate partnerships, including one with Robinsons Land Corp. for pick-ups from its various vertical developments.

Its collaboration with 50 recyclers and upcyclers allows Humble to collect more kinds of items

selves permission to finally and totally have fun. After all, as the campaign says “You KNOW you want to.”

“We didn’t want to do the usual rundown of features and amenities for this relaunch,” shared NJYN’s Lawin Bulatao. “Instead we wanted to create intrigue by sharing what all those things put together created. In a time of revenge travel and spending, it just makes perfect sense to remind people: it’s ok to have fun.”

n New Business: We Are Social expands with acquisition of Hong Kong creative shop Metta Communications

HONG KONG—Creative agency We Are Social has expanded its presence in Asia with the acquisi-

HUMBLE’S business model is anchored on and contributes to three of the 17 United Nations Sustainability Development Goals: n Goal 11: Sustainable cities and communities—by collecting unused items, Humble helps reduce waste in landfills and provides livelihood to recyclers n Goal 12: Responsible consumption and production—the goal is to make circularity a part of Filipinos’ consciousness and daily lives n Goal 13: Climate action—by way of a carbon footprint tracker, it can measure its community’s impact on the planet

Mental health issue

BECAUSE Humble aids people in

tion of Hong Kong above-the-line agency Metta Communications.

Metta Communications has been rebranded to Metta/We Are Social, under its new ownership.

Metta will work alongside We Are Social’s existing team in Hong Kong; together the agencies now have a team of 25 who collaborate to meet client demand for best-inclass creative coupled with social media expertise.

We Are Social and Metta’s clients in the region now include appliance and electronics maker TCL, global payment powerhouse Alipay, newly opened cultural landmark Hong Kong Palace Museum, pharma company Abbott Laboratories, travel and experience booking platform Klook, and the financial service Livi Bank.

Donald Wong takes on the

their decluttering journey, it also contributes to its community’s mental wellness.

According to research published on the Journal for Environmental Psychology: “Possession clutter has a strong negative impact on psychological home and perceived well-being.”

Too much clutter in the home can cause stress, anxiety, and even depression, as evidenced by research published on the Personality and Social Psychology Bulletin titled “No Place Like Home: Home Tours Correlate with Daily Patterns of Mood and Cortisol.”

“Women with higher stressful home scores had increased depressed mood over the course of the day, whereas women with higher restorative home scores had decreased depressed mood over the day,” it stated.

It looks like Mar ie Kondo was really on to something. Decluttering one’s home does have

General Manager role of Metta/ We Are Social, reporting to Pete Lin, CEO of We Are Social in North Asia. Wong was previously General Manager at We Are Social Hong Kong, a role he has held since the office first opened in 2018. Matt Tse, formerly Executive Creative Director at Metta Communications, is now ECD across all clients. All teams will work closely with We Are Social’s team of 135 in North Asia, and its network of 1000+ globally.

Metta is the creative powerhouse behind some of the territory’s most memorable television advertising, including the awardwinning launch campaign for IKEA Hong Kong’s Tsuen Wan store, and creator of the famous cat mascot for retail giant Mannings. We Are Social, which has 15 global offices,

more benefits than aesthetics and hygiene. It can lead to better mental health, as well as a more sustainable lifestyle. Let organizations like Humble help you live a healthier, happier, more productive life by taking your clutter off your hands.

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based Inter nat ional Public Relat ions Association (Ipra), the world’s premier organization for PR professionals around the world. Abigail L. Ho-Torres is AVP and Head of Customer Experience of Maynilad Water Services, Inc. She spent more than a decade as a business journalist before making the leap to the corporate world.

We are devoting a special column each month to answer our readers’ questions about public relations.

Please send your questions or comments to askipraphil@gmail.com.

is known for its unrivaled expertise in social media; the formation of Metta/We Are Social creates an integrated creative offering that delivers best-in-class above-theline and social campaigns for clients in Hong Kong.

Pete said, “Joining forces with the team at Metta creates an integrated offering which is positioned to offer the best-in-class campaigns our clients want, both above-the-line and on social channels. We Are Social is now in the best position to support brands looking to reach the Hong Kong market, as well as homegrown brands in Hong Kong looking to market to the rest of the world.

As we head towards 2023, we look forward to putting our foot down on the growth accelerator in Hong Kong once more.”

DANE SECURES TOUR VICTORY

Sports BusinessMirror

JUNNA TSUKII talks about her gold medal-winning experience.

B8

| Monday, July 25, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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By Josef Ramos

UNNA TSUKII was feted in a victory party on Saturday night for her World Games gold medal where she told everyone that she credits her success to finding peace when it mattered most.

Isn’t it ironic, but that’s the very essence of karate, a combat sport that mustered many practitioners who took to the martial art either for protection or aggression.

“It wasn’t sheer talent, strength and great karate expertise, but the proper mindset,” the Filipino-Japanese told her audience that included Philippine Olympic Committee president Rep. Abraham “Bambol” Tolentino, newly-appointed Philippine Sports Commission commissioner, bowling great Bong Coo. “Everyone is perfect when it comes to skills set, talent and everything…we’re all the same,” she said in the party at a hotel in Pasig City. “So I tried my best to find my peace and relax in that one-day tournament.”

The Philippines sent a 10-athlete team to the World Games in Birmingham, Alabama, two weeks ago but only Tsukii won a medal. It was the country’s second medal after Carlo Biado topped the men’s 9-ball of billiards in the Wroclaw (Poland) edition in 2017.

“You don’t like the pressure to take everything away,” said the 30-year-old Tsukii, who was born in Pasay City to Japanese father and personal coach Shin Tsukii and Filipino mother, the former Lilia Villanueva.

So how did she find peace in a competition that gathered many of the world’s best in her sport?

“I drank coffee and read my favorite book, then I found my inner peace,” she said. Tsukii faced five opponents in Birmingham losing to two but beating three of them.

“I realized that I used three different strategies in the fights that I won,” she said.

One of those victories was in the gold-medal round against Venezuela’s Yorgelis Salazar, who beat her in the preliminaries.

“I stayed confident and relaxed. If I didn’t, everything could have turned crazy for sure,” Tsukii said.

Now, Tsukii wanted to share her experience and inspire aspiring athletes.

“I hope this gold will be the start of more gold medals to come for Philippine karate, a bright start of our karate future, and one day the new generation will come to take over,” she said. “I don’t want to say and think that this is the best result for us, so maybe next year we get more and maybe 10 years later we have more.”

Tsukii is staying awhile in the country before returning to Tokyo to resume training. And before she flies out of the country, she’ll be making a courtesy call with President Ferdinand “Bongbong” Marcos Jr. in Malacañang and travelling to Baguio City for the “Champ” Tokyo Olympics gold medalist Hidilyn Diaz and Julius Naranjo’s wedding on Tuesday.

Tsukii credits peace over skills, strength in winning gold medal at World Games NEW NCFP OFFICERS

Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino (fifth from left) raises the hands of the newly-elected officers the National Chess Federation of the Philippines led by re-elected president Rep. Prospero “Butch” Pichay (center) and new First Vice President, Cavite Vice Governor Athena Tolentino (eighth from left), the only female officer of the federation. Also elected are Second Vice President Atty. Ruel Canobas, Third Vice President Senator Manny Pacquiao, Secretary General Rep. Carlo Sandro Gonzalez, Treasurer Mayor Atty. Christian Natividad, Auditor Judge Gonzalo Mapili, Finance Chairman Luisito Ramos, Youth Development Chairman Rep. Neri Javier Colmenares, Ratings and Titles Chairman National Master Atty.

Cresencio Aspiras and Directors Jose Rafael Legaspi, Gen. Jonas Silvano, Rey Urbiztondo, Binky Gaticales and Seth Frederick Jalosjos.

They will serve a term of four years. Tolentino opted not to run to give way to the youth but supervised the elections as the federations former secretary general for 16 years and holding the same position in the International Chess Federation or FIDE for four years.

JONAS VINGEGAARD kisses his wife Trine Hansen, who is holding their child Frida, at the finish of Saturday’s 20th stage. AP

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PHL vying in AVC women’s tilt next month at PhilSports

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HE Philippines hosts another major international volleyball tournament—the Asian Volleyball Confederation (AVC) Cup for Women—from August 21 to 29 at the PhilSports Arena in Pasig City.

Nine of the top Asian teams— with the Philippines as the 10th squad as host—are taking part in the tournament’s seventh edition that was originally scheduled for 2020 but was canceled because of the coronavirus pandemic.

Team Philippines will be represented by top players from the University Athletic Association of the Philippines, according to Philippine National Volleyball Federation President Ramon “Tats” Suzara.

“This is a strong tournament and

our young players, who we vision as the future of Philippine volleyball, will get the needed exposure against the continent’s best teams,” said Suzara, whose PNVF successfully hosted a Men and Women leg of the Volleyball Nations League (VNL) only last June at the Smart Araneta Coliseum in Quezon City.

The Philippines is bracketed in Pool A with reigning champion China, South Korea, Iran and Vietnam.

Pool B is composed of 2018 runnerup Japan, Thailand, Kazakhstan, Chinese Taipei and Australia.

“Just like the VNL, Filipino volleyball fans will again be treated to world-class volleyball action considering that world-ranked teams China, Japan, Iran, South Korea and

World championships slots staked in Ironman Cebu

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HE Ironman 70.3 Philippines in Cebu will not only mark the return of the premier endurance race to the mainstream after a twoyear hiatus but will also serve as qualifier for the next year’s World Championship in Lahti, Finland.

The August 7 event at The Mactan Newtown will offer 30 slots

to the 2023 Ironman 70.3 World Championship in Finland, giving the qualifiers a one-of-a-kind experience to race under the Nordic midnight sun in Lahti, the gateway to the Finnish Lake District, less than an hour from the capital city of Helsinki.

Close to 2,000 triathletes from 46 countries are all geared up for

Unfortunate, shocking end UFC Fight Night Aspinall vs. Blaydes came to a shocking end when Tom Aspinall injured his knee 15 seconds into the first round after throwing a kick at Curtis Blaydes on Sunday morning.

the battle, including the overall championship, two weeks into the 1.9-km swim, 90-km bike and 21km run event put up by Megaworld and presented by AIA Vitality with 12 titles up for grabs in various age group categories on a new world-class course designed to test the field’s speed, strength and staying power.

Blaydes was awarded the win but it didn’t come across as the statement that both fighters wanted to make a run at the heavyweight rankings of the UFC. It was the second consecutive event where the UFC’s main event ended prematurely. The previous week, Brian Ortega’s shoulder popped out—also in the first round—to end the main event with Yair Rodriguez being gifted a win.

While injuries are a part of sports, when they suddenly happen and cause a premature end to the match, the reaction can possibly be a mixture of shock and disbelief.

Aspinall will be out for anywhere from two months to longer as he heals from the injury and works his way back to fighting shape. I think we have seen the last of the British fighter in the UFC this year. Expect him to make a comeback in early 2023.

As for Blaydes, since he did not “work” to get a win, instead of coming closer for a title shot, he will need to prove himself once more.

While watching Aspinall wheeled out on a stretcher, I thought back to some injuries that changed the results of a

Thailand are playing,” Suzara said.

The preliminaries are set from August 21 to 25 with the Philippines facing Vietnam on August 21, China on August 23, Iran on August 24 and South Korea on August 25, all scheduled at television prime time 7 p.m.

The top five teams from each pool will advance to the knockout quarterfinals set on August 27 with the semifinals set for August 28 and the qualification matches and final on August 29.

China won five of the tournament’s six editions—Nakhon Ratchasima 2008, Taicang 2010, Shenzhen 2014, Vinh Phuc 2016 and Nakhon Ratchasima 2018. Thailand broke the streak in Almaty 2012.

Details on tickets sales and prices will be announced soon.

A total of 1,113 entries are vying in the individual competition to be spiced up by the chase for the CEO trophy with the rest clashing for top honors in team events, including the relay all male and all female and the relay mixed.

Registration is ongoing. For details, visit www.ironman.com/ philippines70.3 with official hashtags: #IM703Philippines and #IMasia, social media (Facebook) Megaworld IM703 AIA Vitality and im703ph (Instagram).

OCAMADOUR, France—Jonas Vingegaard thundered through the last serious test of the Tour de France to increase his overall lead on Saturday and all but guarantee winning cycling’s biggest race.

After three weeks of exhausting racing, the Jumbo-Visma leader dug deep in his reserves to deliver yet another impressive performance in a long time trial in southern France.

“It means everything, it’s really incredible,” Vingegaard said. “It’s the biggest thing within cycling and we did it.”

Vingegaard, who is not a pure specialist of the race against the

clock, could have played it safe given his more than three-minute lead at the start. He, instead, took all the risks on the technical course and had a scare close to the finish when he misjudged a curve and had to brake hard to avoid a crash.

Vingegaard then slowed down dramatically as he approached the finish line. He finished the 20th stage in second place 19 seconds behind winner Wout van Aert, his key teammate.

Vingegaard and Van Aert hugged each other warmly at the finish and the Danish rider was emotional after he was greeted by his wife and daughter after the stage.

“Having my two girls on the finish line means even more to me,” said Vingegaard, who improved on last year’s runner-up finish.

“Since last year, I always believed I could do it and now it’s happened. It’s really incredible. It’s both a relief and I’m just so happy and proud.”

Van Aert, a versatile competitor with multiple titles and wins across the sport’s most prestigious events, has been crucial in pacing Vingegaard through the mountain stages. His third stage win this month was his ninth overall.

Van Aert, who also claimed the best sprinter’s green jersey, has proved he can win on all surfaces and could be a leader in his own right in any given team. He has so far deflected talk of mounting a challenge for the yellow jersey in the future.

“This has been the question over the last few days, I think,” Van Aert said. “I have answered a thousand times. Right now, it’s just an incredible feeling to win this Tour with the team and to win three stages and the green jersey. For the moment, I don’t want to talk about the future.”

Van Aert crossed the finish line with a blistering average speed of 50.9 kph. The 41.7-kilometer stage from Lacapelle-Marival to Rocamadour was the longest individual time trial since 2014.

With the final day of the race on Sunday usually uneventful until the last sprint on the Champs-Elysees, Vingegaard will become the first rider from Denmark to win the Tour since 1996, barring a crash or a lastminute incident.

The time trial marked the final hurdle of an epic race that has featured a thrilling duel between Vingegaard and two-time defending champion Tadej Pogacar.

Vingegaard built his success in the mountains. He first took the yellow jersey from Pogacar in the Alps with a memorable ride up the Col du Granon, and followed up this week with an impressive display of strength in the last Pyrenean stage to the resort of Hautacam. AP

US ladies capture 4x100 gold in upset, men flounder again

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UGENE, Oregon—The US women pulled a shocking upset over Jamaica in the 4x100 relay at world championships Saturday, while the men finished second after a sloppy baton exchange that has become a ritual for that star-crossed team.

Andre De Grasse beat Marvin Bracy to the line by .07 seconds to lift Canada to the victory in the men’s race in 37.48 seconds.

Bracy fell behind in the anchor leg after twice reaching back and whiffing on the exchange from Elijah Hall, who went tumbling to the ground after he finally got the stick into his teammate’s hand.

The US women, a clear underdog to a Jamaican team that had won all but one of the six sprint medals at this meet, pulled the upset when Twanisha Terry held off 200 gold medalist Shericka Jackson for a .04-second victory.

The American team, which also included Melissa Jefferson, Abby Steiner and Jenna Prandini, finished in 41.14.

match, series, or even a season.

The top on my list is the shocking death of Ayrton Senna during the 1994 San Marino Grand Prix when he crashed into a concrete barrier. His premature death saw a young German driver, Michael Schumacher, become one of the greatest Formula 1 drivers in history.

Then there was golfer Dustin Johnson’s unfortunate tumble down the stairs one day before the 2017 Masters where he was a consensus favorite to win it after ruling three consecutive top tournaments heading into Augusta.

Sergio Garcia won that Masters, his first major title on his 74th attempt.

I was thinking back then, “You (Garcia) aren’t going to win this if Johnson were around.” Oh, well…

Then there was that Achilles tendon injury to New York Knicks center Patrick Ewing during the 1999 Eastern Conference Finals. The Knicks made it to the National Basketball Association Finals, but Ewing was sorely missed as the San Antonio Spurs’ David Robinson and Tim Duncan

Jamaica’s fate might have been sealed on a messy first pass between Kemba Nelson and Elaine ThompsonHerah. With Shelly-Ann Fraser-Pryce running the third leg, Jamaica came into this with all three members of the team that swept the 100 meters last weekend and both members of the 1-2 finish in the 200. The US had taken all six medals in the men’s 100 and 200.

The relays proved, yet again, that pure speed is not all that matters in these races.

Though the US men will walk away with a medal this time—they’d been shut out in six of the last 13 worlds and three of the last four Olympics—this can’t be framed as anything but an unsatisfactory result.

De Grasse, the Olympic champion at 200 meters, could barely walk up his stairs four weeks ago while recovering from Covid-19. He didn’t make it through 100-meter heats last weekend and pulled out of the 200 altogether. AP

overwhelmed a very young Marcus Camby, Chris Dudley, an aging Herb Williams and Larry Johnson.

While we aren’t suggesting that New York would have won outright, Ewing’s presence would have definitely helped the Knicks.

Ewing returned for one last season with the Knicks where they lost to the Pacers in Game 6 of the Eastern Conference Finals. A few months later, Ewing was traded to the Seattle Supersonics. New York would have one more good year but would slide into a long spell of mediocrity.

There are many other examples, but these are the three ones that immediately popped into my head when I saw Aspinall crumble to the canvas and Blaydes held his hands out in disbelief.

The next ones I will be thinking of are these—how will Curtis Blaydes translate this gift? And is there a comeback story here for Tom Aspinall?

That’s the beauty of sports—and life—it isn’t over until the fat lady sings.