BusinessMirror July 26, 2022 by BusinessMirror

Overseas Filipino Workers (OFWs) who are eager to spend Christmas

this could help prevent placing the country in another strict lockdown,

this newspaper, is for travel restrictions to be put in place swiftly and

quences on the economy.” See “Omicron,” A2

MARCOS SONA: ALWAYS, NATL GOVT BORROWINGS MAINTAIN FISCAL FOR 10 MOS DIP TOHEALTH P2.75T w w

n Tuesday, July 26,29,2022 291 Monday, November 2021Vol.Vol.1717No.No.52

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

By Bernadette D. Nicolas

Omicron risk spurs revival of quarantine rules in PHL

@BNicolasBM

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

By Samuel P. Medenilla @sam_medenilla

Latest data from the Bureau of the Treasury showed that the government’s gross borrowings during the 10-month period fell by 5.99 percent from P2.92 trillion a year ago. With only two months left for this year, the latest figure is already equivalent to 89.6 percent of its P3.07-trillion borrowing program. Broken down, gross domestic borrowings from January to October PRESIDENT Ferdinand “Bongbong” R. Marcos settled at P2.23 trillion, down by Jr. delivers his first State of the Nation Address 5.08 percent from P2.35 trillion as the two new leaders of Congress, seated in 2020. on an elevated part of the Batasan plenary The bulk of the amount was hall – Senate President Juan Miguel Zubiri PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. sourced from Fixed Rate Treasury and Speaker Martin G. Romualdez—do a fist The country will celebrate the 158th birth anniversary of Filipino revolutionary Bonds (P1.19 trillion), followed by bump. BERNARD TESTA hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO short-term borrowings from Bangko Sentral ng Pilipinas or BSP (P540 By Samuel P. Medenilla @sam_medenilla billion), Retail Treasury Bonds/Premyo Bonds (P463.3 billion), Retail Onshore Dollar Bonds (P80.84 billion). In the same period, there was By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see also a net redemption of Treasury @jearcalas enactment of the Coconut Farmwho are listed in the registry and if Bills amounting to P43.94 billion. ers and Industry Trust Fund law. farmer doesn’t see his name then he Net debt redemption means ORE than 3 million Rosales explained that about shall coordinate with the PCA imthere were more debts repaid comcoconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent pared to the amount borrowed durworkers are now regisworkers were added to the PCA’s dialogue with coconut farmers. ing the period. tered with the government’s reg2018 list that had about 2.5 million “On the other hand, if people Meanwhile, gross foreign boristry, which serves as the basis coconut farmers and farm workers. would see names on the list and rowings in the same period also for the number of people to be The PCA’s next step is to conthey think they are not coconut contracted by 9.7 percent to P518.7 covered by the utilization of the duct an exclusion-inclusion profarmers or their details are incorbillion from last year’s P574.4 billion. P75-billion coconut levy fund. cedure by making the updated rect, they can report it to the PCA This was raised through global Philippine Coconut Authority farmers’ registry public, providfor immediate action,” he added. bonds (P146.17 billion), program (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that loans (P139.98 billion), euro-deM. Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial list nominated bonds (P121.97 billion), coconut farmers and farm worksales added. of coconut farmers registry would a project loan (P86.41 billion), and ers have been registered with the “The list will be posted in public be just in time for the expected yen-denominated samurai bonds Less than a month into his term, ic recovery initiatives as the government sinceasitwell started upspaces where people can easily see rollout of coconut levy-funded (P24.19 billion). Marcos See already faces the A2 burden of massive infrastructure program of “Borrowings,” paying off P12.03 trillion in debt the previous administration. THE 24 senators of the 19th Congress pose for posterity after their opening session on that ballooned as the previous ad“Tax administration reforms Monday, July 25. ANGIE DE SILVA/RAPPLER/POOL US be 50.4600 ntoJAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA ministration struggled to respond n will in place increase revenue to the Covid-19 crisis, and to reckon collection,” Marcos said. By Jovee Marie N. dela Cruz program of the government with serious concerns on food supAmong his proposed tax mea@joveemarie that seeks to enhance the govplies and fuel prices. sures are the imposition of valueernment’s institutional capacIn his over an hour-long SONA added tax on digital service providRESIDENT Ferdinand ity to perform its mandate and message, Marcos sounded confiers, which is expected to generate “Bongbong” Marcos Jr. on provide better services, while dent that government economic P11.7 billion this year alone; goMonday called on the 19th ensuring optimal and efficient targets, which were earlier set by ing after undervaluation and/or Congress to pass 19 priority meause of resources. the Development and Budget Cotrade misinvoicing of imports; and sures that would help his admin“Compared to prev ious ordination Committee (DBCC), will streamlining the operation of the istration in the next six years. government reorganization still be met despite the contrasting Bureau of Customs. For its part, the House of efforts, the [rightsizing] will pulls of austerity and of continuing Under his term, Marcos said he Representatives said it is ready entail a comprehensive strato fund distressed sectors. still intends to continue disbursing to help Marcos in pushing for tegic review of the functions, The key targets include growth 20 percent of the gross domestic the enactment of laws that will operations, organization, sysof 6.5 percent to 7.5 percent in real product to priority government bring the nation to economic tems and processes of the difgross domestic product (GDP) for programs until 2028. recovery and achieve the referent agencies, and massive 2022, and a single-digit poverty “Expenditure priorities will be remarkable plans and programs and transformational initiarate by 2028. aligned, and spending efficiency will of the administration. tives in agencies concerned, be improved to immediately address During his first State of the such as merger, consolidation, Revenue generation the economic scarring arising from the Nation Address (SONA), Marsplitting, transfer, and aboliHE said he will prioritize increasing effects of Covid-19, and also to prepare cos asked lawmakers to look tion of some offices,” he said. revenue collection so the government for future shocks,” Marcos said. into the proposed rightsizing See “PBBM,” A2 could continue financing its pandemContinued on A5

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 negative Reverse TranscriptionPolymerase Chain Reaction (RTPCR) test within 72 hours prior to their departure. “Except for countries classified as ‘Red,’ the testing and quarantine suffer difficulties during internaperiods protocols for all inbound of shock are those who made poor tional travelers in all ports of entry decisions. shall comply with the testing and Balisacan,protocols however,for expressed quarantine ‘Yellow’ confidence that the Philippines is list countries,” Nograles said, citing far from experiencing difficulties the provision of IATF Resolution such as “systemic defaults,” which No. 151-A. is one the concerns thatwhich internaHeof noted Hong Kong, has tional organizations cited as a risk confirmed a case of the Omicron due to the slow from the variant, will alsorecovery fall under the Yelpandemic, rising commodity prices low list countries. dueThe in part to the war in rules Eastern suspension of the for Europe, among others. “Green List” countries will be in

Govt to rely on PPPs for PBBM PITCHES 19 PRIORITY NDETERRED by the 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND OVER sustaining infra initiatives MEASURES TO 19TH CONGRESS mounting challenges posed

by both global and local economic headwinds and the pandemic, President Ferdinand “Bongbong” R. Marcos Jr. vowed to maintain “sound fiscal management” as he delivered his first State of the Nation Address (SONA) on Monday.

PESO EXCHANGE RATES

programs as President Duterte is expected to sign the industry By Caiplan U. Ordinario development in early 2022. @caiordinario Rosales said the PCA will not stop updating its list of coconut to surviving ecofarmersHE andkey enjoined them to regnomic shocks, the National ister in order to reap the benefits Economic and Development of the decades-long idled coconut Authority (Neda) said, is to levy fund. “We will not stop at make 3.1 good business decisions. million. We hope that more indiIn awill televised a few viduals registerinterview in our coconut hours before the President delivfarmers registry,” he said. ered first State of the Nation Thehis updating of the coconut Addressregistry (SONA), Socioeconomic farmers is mandated by PlanningAct Secretary Arsenio Republic (RA) 11524 or theM. Balisacan said Trust thoseFund bound Coconut Industry Act. to

See “3-M farmers,” A2

Continued on A5 effect from November 28, 2021 to December 15, 2021. Continued on A2

36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531

Source: BSP (November 26, 2021)

PESO EXCHANGE RATES n US 56.3270

n JAPAN 0.4139 n UK 67.6487 n HK 7.1768 n CHINA 8.3425 n SINGAPORE 40.5755 n AUSTRALIA 38.9727 n EU 57.5662 n KOREA 0.0430 n SAUDI ARABIA 14.9905 Source: BSP (July 25, 2022)

News

BusinessMirror

A2 Tuesday, July 26, 2022

PBBM eyes more investors in ICT, better connectivity

By Lorenz S. Marasigan

@lorenzmarasigan

RESIDENT Marcos Jr. vowed to drive the Philippines to a new era in information and communications technology (ICT), focusing on helping the industry grow to drive national development even further. During his first State of the Nation Address (SONA), Marcos said the Philippines must adopt new technologies as quickly as possible to keep pace with the Fourth Industrial Revolution, which is characterized by the explosion of tech developments and their incorporation into the everyday lives and activities of consumers, companies, and governments. He said the Philippines cannot afford to “stand idly by” while the whole world is going through digital transformation. Marcos plans to build a digital Philippines through “innovations that improve governance,” making government transactions “seamless” and “responsive to the needs of the public.” In a nutshell, he described a digital government as an “agile bureaucracy.” However, digital transformation

also gives birth to another problem: a widening digital divide. Still, the key to addressing this issue is by ensuring that all Filipinos have access to connectivity, per Marcos. “Universal connectivity will be a vital component to ensure that no citizen will be left behind,” he said. Marcos said he has instructed the Department of Information and Communications Technology (DICT) to “deploy digital connectivity across our various islands,” through the previous administration’s National Broadband Program and the Common Tower Program.

More foreign ICT players?

HE also seemed to have rebranded the Free WiFi Program, which is enshrined under Republic Act No. 10929, to “Broadband ng Masa” Project. Marcos was also optimistic that

with the amendments to foreign ownership laws, more ICT investors will flock to the Philippines and make bets. “As our Public Service Act has opened the doors and removed the restrictions on foreign investment, we foresee an increase in direct investment of overseas players. This will translate into better quality, availability, and affordability of telecommunications services all over the country,” he said. When sought for comments about his priorities in the ICT sector, Better Internet PH lead information and communications technology policy analyst Mary Grace Mirandilla-Santos said Marcos seems to be on the right track when it comes to digital transformation efforts. “A huge part of the first SONA of President Ferdinand Marcos Jr. was focused on digitalization—use new technologies for a more efficient and seamless government, automation of processes, better education, and livelihood. An accessible, reliable, affordable, and secure Internet should be the foundation of the President’s digital transformation vision,” she said. She added that Marcos’s statement on ensuring the availability of universal connectivity “provides a clear directive for the government when it comes to connectivity.” “Better Internet PH supports the

effective implementation of the National Broadband Plan, especially its policy components that recommend the updating of analog-era laws and regulation,” Santos said. She noted, however, that the executive and legislative branches have to also see policies and regulations as essential to ensure universal connectivity. These include pieces of legislation such as Open Access in Internet Services, Digital Transformation Act, E-Government Act, and Internet Transactions Act. “Parallel to the government’s efforts, we urge the President and Congress to pass the Open Access in Internet Services Act to encourage investment in broadband networks, especially outside Metro Manila. Open Access will help facilitate the Broadband ng Masa project,” she said. She added that the Digital Transformation Act, E-Government Act, and Internet Transactions Act are all important legislation, but they need to be founded on a secure Internet. “Hence, Secure Connections call on the President to sign an executive order to protect the cybersecurity of critical infrastructure, such as banking and finance, power, water, transportation, and telecommunications,” Santos, who is also part of ICT security advocacy group Secure Connections, said. For his part, Winthrop Yu, the chairperson of the Internet Society of the Philippines, said the next six years will determine whether or not Marcos is true to his word. “He has good plans, but the details and eventually the actual implementation will be key. He made good emphasis on national development via investing in ICT infrastructure as opposed to just spending or renting,” he said.

Pandemic... Continued from A12

Hontiveros also noted that Pimentel’s political career mimics that of his late father: Aquilino “Nene” Pimentel Jr. was once Senate minority leader and then Senate President. Koko Pimentel was once Senate President and now, minority leader. Senators also agreed they are comforted by the fact they will be led by “one tried in crisis,” noting that Senate President Zubiri’s combined “strong leadership and charisma can get things done by a committed public servant who passed meaningful legislation.” The new senators formally took their oath as the Senate opened its session. They are re-electionist Senators Zubiri, Villanueva, Hontiveros, and Win Gatchalian; comebacking Senators Legarda, Francis Escudero, Cayetano (Alan Peter), Joseph Victor Ejercito, and Jinggoy Estrada; and neophyte Senators Robin Padilla, Raffy Tulfo, and Mark Villar. Angara administered the oath. Remarkably, the new Senate has in its 24-person roster: a motherson tandem (Cynthia and Mark Villar); a brother-sister team, the Cayetanos; and two half-brothers, Ejercito and Estrada; Right after the suspension of the session, the senators also participated in a photoshoot with their spouses. After the morning session, the senators proceeded to the House of Representatives for a joint session of Congress to listen to the first State of the Nation Address (SONA) of President Ferdinand “Bongbong” Marcos Jr.

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PBBM...

Continued from A1

“The rightsizing efforts will also involve the conduct of a comprehensive strategic review of functions, programs and projects that will cut across various agencies,” he added. He also asked lawmakers to pass the last two packages under the Comprehensive Tax Reform Program (CTRP)—Package 3: the Valuation Reform Bill and the Tax Package 4: Passive Income and Financial Intermediary Taxation Act (PIFITA). The Valuation Reform bill mandates the setting of real property values and valuation standards across the country and develops a Real Property Information System with the database of all real property transactions and declarations in the country. The proposed PIFITA, on the other hand, reforms the taxation of capital income and financial services by redesigning the financial sector taxation into simpler, fairer, more efficient and a revenue neutral tax system. It also adopts a regionally competitive tax system. Also, the President wants the two houses of Congress to pass the Budget Modernization Bill, which institutionalizes the Cash-based Budgeting System (CBS) under Executive Order No. 91, Series of 2019 to strengthen fiscal discipline in the allocation and use of budget resources. This is to be done by ensuring that every peso budgeted leads to the actual delivery of programs and projects. The President also asked Congress to pass the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE). This provides financial assistance to distressed enterprises critical to economic recovery through programs and initiatives to be implemented by the Land Bank of the Philippines, Development Bank of the Philippines and Philippine Guarantee Corporation. This is to address liquidity or solvency problems of MSMEs and strategically important industries, encourage their continued operations and maintain employment. Marcos wants Congress to pass the Internet Transaction Act or E-Commerce Law, mandating an effective regulation of commercial activities through the internet or electronic means to ensure that consumer rights and data privacy are protected, innovation is encouraged, fair advertising practices and competition are promoted, online transactions are secured, intellectual property rights are protected, and product standards and safety are observed. The President pushed for the amendments to the Electric Power Industry Reform Act or EPIRA (Rep. Act No. 9136) to improve the implementation of the law’s provisions and enhance its effectiveness to address high cost of electricity, alleged market collusion, and insufficient power supply. The bill restructures the Energy Regulation Commission (ERC) to foster accountability and improve the ERC system that would ensure consumer protection and enhance the competitive operation of the electricity market. He pitched the enactment of an Enabling Law for the Natural Gas Industry to foster the development of the Midstream Natural Gas Industry in a bid to strengthen Philippine energy security by diversifying primary sources of energy and promoting the role of natural gas as a complementary fuel to variable renewable energy. He also wants to pass the amendments to the Build-Operate-Transfer (BOT) Law to improve the implementation of the Public Private Partnership (PPP) Program and to be able to direct the desired outputs and outcomes in line with the country’s strategic development targets. Marcos also asked Congress to pass the proposed National Land Use Act, providing for a rational and holistic management and development of the country’s land and water resources; holding owners accountable for making these lands productive and sustainable; strengthening the LGU to manage ecological balance within their jurisdiction. He seeks enactment of the proposed E-Government Act, setting up the E-Government Master Plan that covers all e-government services and processes. Marcos also asked lawmakers to approve the establishment of the Medical Reserve Corps, National Dis-

ease Prevention Management Authority, Virology Science and Technology Institute of the Philippines (VIP) and Department of Water Resources. Last, Marcos sought passage of the Unified System of Separation, Retirement and Pension, proposed National Defense Act and the Mandatory Reserve Officers’ Training Corps (ROTC) and National Service Training Program (NSTP).

Act immediately

ALBAY Rep. Joey Sarte Salceda, who is expected to stay as chairman of the House Committee on Ways and Means, said he commits to “begin taking up all the tax-related bills mentioned by PBBM as soon as we are constituted as a committee. We will be on our feet on day one.” “So, as soon as we are reconstituted, and as soon as I am nominated Chairman of the tax committee again, in the coming days, we will already move,” he said. “I will also be filing the Joint Resolution on the Medium Term Fiscal Program, as promised, and I believe I will probably be asked to sponsor the provisions of the resolution, as is typically my assignment in the House,” Salceda added. Salceda is principal author of 13 of the 19 measures Marcos listed as priority. Majority of these priority measures have already been passed in the last 18th Congress. Salceda, meanwhile, praised Marcos’s SONA as a speech “cementing his role as technocrat-in-chief.” “I am beyond thankful for the recognition of my work at several congresses. The measures PBBM mentioned, particularly on the fiscal side, are measures I have principally authored and sponsored congress after congress,” Salceda said. For his part, Davao Rep. Isidro Ungab said the Marcos administration needs the help of Congress, and “we say, we are ready and willing.” “With the leadership of Speaker Martin Romualdez, the House of Representatives is ready to help PBBM in pushing for the enactment of laws that will bring our nation to economic recovery and achieve the remarkable plans and programs he cited in his SONA,” he said. Also, Batangas Rep. Ralph G. Recto described the speech thus: “It was a data-driven SONA. Others before him had used words to conjure the future. He painted it using numbers. And that makes his SONA brave, not boring, because when you set specific targets—on growth, jobs, debt, inflation—then you set up the goals by which your administration will be measured.” Recto said the President was also correct in predicating all his programs with a plan on how to revitalize the economy because only a strong one would yield the resources and revenues to finance the rebuilding of Covid-ravaged nation.

Speaker’s reax

SPEAKER Martin G. Romualdez said the House will buckle down to work the soonest time possible in order to make Marcos’s vision of a better nation a reality. “For his first SONA, the President clearly spelled out a roadmap of governance in his six years of office. His message was crystal-clear: the main focus of his administration will be economic recovery, with agriculture as the major engine for growth and employment,” he said. “The prospect of economic recovery looks bright with his plan to impose tax administration reforms and observe sound fiscal management. We also agree with his plan to prioritize government spending on items that will immediately address the economic scarring caused by the pandemic,” he added. Romualdez also said that President Marcos was spot on in identifying the major cause of low production in agriculture and high prices of agricultural goods, which is the high cost of inputs. “The House of Representatives is committed to help him bring down the cost of farm inputs, including fertilizers, pesticides, and seeds,” he added. “We are also in full support of his entire legislative agenda, including the key priority measures that he asked Congress to consider for legislation. We will act on these measures with dispatch,” said Romualdez.

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QCPD declares ADMU shooting incident ‘closed’ By Rene Acosta @reneacostaBM

HE Quezon City Police District (QCPD) declared on Monday the case involving the killing of former Lamitan City, Basilan Mayor Rose Furigay and two others as “closed” following the arrest of the lone gunman and his admission to commission of the crime. Brig. Gen. Remus Medina, QCPD director, said they were scheduled to file criminal charges against gunman Chao Tiao Yumol on Monday afternoon before the Quezon City Prosecutor’s Office in relation to the killing. “He was arrested, he admitted to the crime and the weapon used was recovered as evidence. So, the case is closed and we are expecting to file the charges, the earliest after the SONA [State of the Nation Address] of President Marcos,” the Quezon City Police director said. Yumol, 38, a medical doctor and a resident of Lamitan City, Basilan, shot and killed on Sunday afternoon Furigay, her executive assistant Victor Capistrano and a security guard of the Ateneo de Manila University (ADMU), Jeneven Bandiala. Furigay was at the compound of ADMU in Quezon City to attend the physical graduation from law school of her 25-year-old daughter Hannah Rose, when she was shot by Yumol, who gained entry in the school campus on board a taxi. Furigay’s executive assistant and the school’s security guard were also shot during the attack, which also wounded the former mayor’s daughter. As a result, Ateneo canceled the scheduled graduation ceremonies for its law students, including Furigay’s daughter. Medina said the motive of the attack was Yumol’s long-standing feud with Furigay and her family. He described the killing as well planned and the suspect as a determined gunman. Yumol is facing more than 70 counts of libel filed by Furigay, which according to Medina, has prevented him from practicing his medical profession. Yumol also blamed Furigay for shutting down his family’s medical clinic in Lamitan City. Before the killing, Medina said Yumol went to Manila as he stalked Furigay, sleeping even in streets and inside his car as he waited for a chance to carry out the attack.

The graduation ceremonies provided Yumol the opportunity to carry out the killing and he came prepared, according to the police, as two firearms were recovered from his possession, including the one used. During the investigation, Yumol also claimed that Furigay and his family were involved in drugs, but the lawyer of his victims belied it, claiming the suspect was a self-anointed anti-drugs crusader.

LPP condemnation

THE League of Provinces of the Philippines (LPP) condemned on Monday the killing of former Lamitan Basilan Mayor Rosita Furigay inside the ADMU campus on Sunday. “On behalf of the 8-member provinces of the League and their respective governors, we collectively express our unequivocal condemnation on this useless and senseless attempt on the life of Mayor Furigay that has cost her life and that of two others,” LPP President and Marinduque Governor Presbitero J. Velasco Jr. said. Velasco, also the Union of Local Authorities of the Philippines (ULAP) National chairman, urged the Philippine National Police to investigate the incident and bring to justice the perpetrators of the gruesome crime. “Although we are deeply saddened by this unfortunate incident that happened on what should have been one of the happiest days for the Furigay family, we urge the Philippine National Police and other authorities to investigate this matter thoroughly to ensure that the perpetrators are brought to justice.” “Furigay selflessly served her constituencies in Lamitan, Basilan to deliver the development they have always aspired for through accountable, transparent, and participative governance,” Velasco said. “The League also condoles with the families of the two other fatalities—the aide of Mayor Furigay, Victor Capistrano, and the security personnel of the Ateneo de Manila University,” he said. “Likewise, we also extend our prayers for healing to Hannah Furigay, and all the others who may have suffered both physical and psychological injuries from the incident. It is our sincere prayer that this would not forever mark the memories they have of what should have been a day of celebration for the graduates and their families.” Jonathan L. Mayuga

Senator lines up measures to reverse ‘education crisis’ By Butch Fernandez

@butchfBM

EN. Sherwin T. Gatchalian, retaining his chairmanship of the Committee on Basic Education, Arts and Culture in the 19th Congress, is lining up the panel’s priority measures to promptly tackle, starting with the K-to-12 law embodied in Republic Act 10533. “Addressing the education crisis will be the focus of the Senate Education Committee,” Gatchalian said, confirming he has filed an enabling Senate resolution paving the way for an inquiry into the implementation of RA 10533 the Enhanced Basic Education Act of 2013, or the K-to12 Law. The Senator pointed out that based on results of international large-scale assessments, learners are failing to master basic competencies and lagging behind their peers abroad. Based on pre-pandemic data, he added, the World Bank estimates that learning poverty in the Philippines—which is defined as the percentage of children aged 10 who cannot read or understand a simple story—is now at 90.5 percent. Gatchalian has lined up as top priority measure the Teacher Salary Increase Act, which aims to raise the Salary Grades of Teach-

ers I to Teachers III. As the senator suggested, the new Salary Grades for Teachers I to III will be Salary Grades 13, 14, and 15, respectively—two Salary Grades higher than their current Salary Grades. At the same time, the senator is pushing other measures from the 18th Congress that were refiled for the new Congress to include the Academic Recovery and Accessible Learning (Aral) Program Act and the 21st Century School Boards Act. As proposed, the Aral Program Act seeks to institute a nationwide learning recovery program to address the impact of Covid-19 school closures. Gatchalian’s proposal seeks to focus on the most essential learning competencies in Language, Mathematics, and Science. The 21st Century School Boards Act, meanwhile, seeks to strengthen local government units’ (LGUs) involvement in improving the quality and delivery of education. Also included in the priority measures listed by Gatchalian for the incoming 19th Congress are the Arabic Language and Islamic Values Education, or “Alive,” Act, the Digital Transformation in Basic Education Act, the Senior High School Reserve Officers Training Corps (ROTC) Act and the Mental Health in Basic Education Act.

Editor: Vittorio V. Vitug • Tuesday, July 26, 2022 A3

Macau backtracks on daily Covid-19 test for Filipinos By Malou Talosig-Bartolome

@maloutalosig

ACAU has slightly retreated from its earlier order for all Philippine nationals to undergo daily Covid-19 testing, Macau media reported.

The Novel Coronavirus Coordination and Response Centre of Macau’s Health Bureau made the announcement Sunday night in a press conference, saying Filipinos are no longer considered “high-risk” key groups. Filipinos, however, would still be required to undergo nucleic acid testing (NAT) every other day until Friday. Leon lek Hou, head of the Communicable Disease Prevention and Control Division of the Health Bureau, was quoted as saying that the decision to “adjust” was based on the results of the Filipinos’ nucleic acid testing that started Friday and

the findings of the epidemiological investigations into the current outbreak latest cases. However, those working at construction sites, security staff, cleaning staff, restaurant staff, food deliverers, public bus drivers and taxi drivers and live-out domestic helpers have been added to “high-risk groups of people.” Many of these workers are still Filipinos. Around 13,000 domestic helpers in Macau are from the Philippines, about 55 percent of the city’s total number of maids. The numbers are not available how many are on liveout arrangements. Starting Sunday, those belonging

to seven occupation groups were required to under daily NATs. An OFW group called Progressive Labor Union of Domestic Workers decried the Macau testing on Filipinos as “racist” and “discriminatory.” The Consulate dismissed such claims, saying the measure is “purely a health issue.” It cited that Macau had earlier imposed a mandatory testing on other nationals like Vietnamese, Nepalese and Myanmarese workers. Health Bureau officials noted that 171 out of the current outbreak’s then tally of 1,795 as of Wednesday are Filipinos, representing 9.5 percent of the total cases last week. Over the past two weeks, Filipinos already accounted for 24.5 percent of the community cases. Filipino tend to meet each other “very often,” they added. “The officials underlined that the Health Bureau’s compulsory nucleic acid testing of a certain group of nationalities had nothing to do with discrimination or labeling. The officials reaffirmed that the bureau’s decisions to clas-

sify certain groups as high-risk key groups aimed to detect hidden transmission chains, in which case possible Covid-19 carriers could receive treatment early, and death and serious cases could be prevented,” the Macau Post Daily newspaper reported. Macau residents, including Filipinos, are encouraged to undergo self-test for Covid-19 with a rapid antigen test (RAT) kit everyday through Sunday. Then, there will be another round of mandatory citywide NAT for everyone on Saturday and Sunday. There are 26,400 overseas Filipino workers in Macau, representing 4 percent of the total population in the Chinese island territory. Macau is experiencing its worst Covid cases since the pandemic began in 2020 after more than two years of successfully implementing Zero Covid policy. The Chinese island territory now has 1,810 cases, with six reported deaths. This prompted the government to shut down businesses, including casinos, which is the main economic driver of Macau.

Envi, anti-mining advocates start ‘courtship’ of new DENR chief By Jonathan L. Mayuga @jonlmayuga

EARING flowers, fruits, seafood, and crafts from what they described as “mining sites of struggles,” environmental and anti-mining groups under the Alyansa Tigil Mina on Monday trooped to the Department of Environment and Natural Resources (DENR) and appealed to the new environmental agency to implement the group’s “First 100 Days Agenda.” In what appears to be a romantic courtship, they serenaded Ma. Antonia Yulo-Loyzaga on the day of the State of the Nation Address (SONA) of President Ferdinand “Bongbong” R. Marcos Jr. “We are here on the day of the SONA to show our openness to work with the new DENR Secretary in order to advance the cause of mining communities against destructive mining,” Jaybee Garganera, ATM National Coordinator said. Christel Yparraguire of Baywatch Foundation Inc. pointed out “that many with vested interests in the mining industry will also woo the new DENR Secretary, but we appeal to Secretary Yulo-Loyzaga to take our side as we will stand by her pro-environment and scientific stance that serves to benefit future generations and mining-affected communities, and address climate change.” Malou Verano from Aroroy, Masbate, and a member of ATM’s Women and Mining Working Group said, “It is time that the mining industry is rationalized and that the ban on open-pit mining be again enforced.” “Mining destroys our communities and deprives us of our livelihood and sources of food. Also, it causes pollution of our food and waters and severely affects our health. We have had no choice but to endure, eat contaminated food and suffer from tuberculosis and food poisoning,” Verano said. The group submitted their First 100 Days Agenda to the Office of the DENR Secretary. The agenda includes the revocation of EO 130 or Duterte’s mining policy, as well as the imposition of a ban on open-pit mining. “Should Secretary Yulo-Loyzaga choose to listen to our demands, she can be assured that we will support her until the end until our agenda are met and implemented. She will have our support against corporate mining interests and those who would try to use her to destroy the environment and communities for the sake of profit,” Garganera said.

A4 Tuesday, July 26, 2022 • Editor: Vittorio V. Vitug

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Farmers to get ₧5B worth of machinery in ’22 By Jasper Emmanuel Y. Arcalas @jearcalas

HE Philippine Center for Postharvest Development and Mechanization (PhilMech) on Monday vowed to distribute the bulk of the farm technologies under its P5-billion 2022 farm mechanization program to rice farmer-beneficiaries within the year. PhilMech Executive Director Dionisio Alvindia said the agency started its procurement processes last June for the P5 billion worth of farm machinery under the 2022 mechanization component of the six-year Rice Competitiveness Enhancement program (RCEP). Alvindia said the PhilMech, an attached agency of the Department of Agriculture, is committed to distribute nearly all of the procured farm machinery under the 2022 mechanization Program before the end of the year. “We are targeting to deliver all the

to-be procured production technologies this year but the machines for the establishmentofpost-harvestfacilities such as rice milling and drying facilities may spill over to the first quarter of 2023 because these require construction and testing,” he told reporters at a virtual news briefing on Monday. “We at PHilMech will level up the implementation of the Rice Competitiveness Enhancement Fund-Mechanization Program by providing more qualified farmers cooperatives and associations or FCAs, or local government units or LGUs drying and milling facilities that will allow them to have a complete value chain, from planting to selling milled rice,” he added. For this year, PhilMech said about 1,000 farmer FCAs and LGUs will receive 1,600 various farm technologies from land preparation to post-harvest use. PhilMech added that the 2022 beneficiaries are new and existing beneficiaries under the six-year

mechanization program. “The new beneficiaries are those who were not ready during the 2019 and 2020 years and are now considered to become beneficiaries. [Meanwhile] the beneficiaries from 2019 to 2021 , who have already received production technologies, are now entitled for post-harvest technologies,” PhilMech Facility Management and Field Operations Division Chief Joel V. Dator said. The six-year RCEP, which spans from 2019 to 2024, was created by Republic Act 11203 or rice trade liberalization law. The RCEP is a guaranteed annual P10 billion earmarked fund for the modernization of the country’s rice industry. Under the law, half or P5 billion of the P10-billion RCEP is dedicated for the distribution of farm machinery, which is being implemented by the PhilMech.

Outstanding deliverables

ALVINDIA also promised Phil-

Mech will complete the distribution of its outstanding deliverables under the past three iterations of the mechanization program this year. Alvindia disclosed that about 617 farm technologies out of the 20,396 total procured technologies are yet to be distributed to beneficiaries. The remaining farm technologies to be distributed by the PhilMech were part of the cumulative P15-billion mechanization program from 2019 to 2021. “We still have farm technologies to be distributed: there are about 593 technologies for land preparation and production and 24 technologies for post-harvest facilities that are still to be distributed,” he said. “We will complete the distribution of all of these within the year. So by the end of the year we will not have a single [outstanding deliverable under the 2019-2021 mechanization programs],” he added.

Oil firms roll back fuel pump prices By Lenie Lectura

@llectura

NOTHER oil price reduction takes effect this week, oil firms announced Monday. Gasoline prices are going down by P0.40 per liter, diesel by P1.85 per liter, and kerosene by P1.30 per liter. The new pump prices will take effect at 6 a.m. of July 26. This is the fourth consecutive price rollback for diesel and kerosene, and the third for gasoline. Last July 19, oil companies implemented a price decrease in gasoline by P5.00 per liter, diesel by P2.00 per liter and kerosene by P0.70 per liter. These resulted to the year-to-date total adjustments to stand at a net

increase of P19.30/liter for gasoline, P34.80/liter for diesel and P29.35/liter for kerosene. Department of Energy (DOE)Oil Industry Management Bureau Director Rino Abad said the continued interest rate hike by US Federal Reserve would play a key role in the movement of oil prices in the coming weeks. Should there be another rate hike, Abad said the central banks of other countries would likely follow suit. “If that happens, there is a big chance that we will see a continued rollback. But at this point in time, if that will not be the decision, then it appears we cannot sustain the continued rollback if there won’t be an additional round of interest hike,” he said.

Make the ‘culture of privacy’ a priority! The most fundamental compliance capability is simply to understand what personal data your company collects. Where does that data enter your extended enterprise? What business processes touch it? What third parties touch it? Where is the data stored?

By Henry J. Schumacher

S we all know, all organizations are collecting data as part of their business directing processes. What we unfortunately also know is that some of the big tech companies around the world know more about us than we want them to know. What is even worse is that these big tech companies are selling our personal data which can easily be bought by “bad” organizations that are misusing our personal information. Therefore, it cannot be reiterated enough: personal information is property that belongs to us, which companies must handle with care. That makes privacy compliance a much more complex challenge. Companies need to think more about what’s best for the consumer as we handle personal data, as well as how to accommodate the consumer and the rights he or she might exercise under various privacy regulations. In short, businesses need to make a “culture of privacy” a priority, in much the same as anti-corruption activists like the Integrity Initiative and partners stressed the importance of a culture of compliance in the 2010s. A culture of privacy and security must be the watchword now. It forces deeper changes in business processes, policies, and corporate awareness of privacy—and any time we talk about changes in policy, procedure, and corporate culture, the compliance function is crucial to that. Now let’s get more practical. When you translate those goals into capabilities that the company must have to get the job done, several emerge as the most important: 1. Data Management THE regulation includes a list of specific types of information within the scope of the Data Privacy law—names, e-mail addresses, photos, audio recordings, Internet search history, biometric data, and more—plus the catch-all, “any information that can reasonably be associated” with a specific person.

2. Assessment and Monitoring of Third Parties. OVERSIGHT of third parties is not a new capability per se, but the Data Privacy law pushes the need for that capability to new heights. For example, it draws a distinction between “service providers” and other third parties. A service provider receives personal data from your business as part of a written contract, to execute a specific task for you: write a legal brief, host a web site, run payroll, and so forth. This means compliance functions will need to sharpen their assessment of third parties, to understand the exact business relationship and assure that it meets all the criteria for service providers. 3. Building Compliance Business Processes REMEMBER, the Data Privacy law gives residents certain rights to their personal data. For example, under the Data Privacy law, consumers have a right to see the data that a company has collected about them. Consequently, companies need to devise policies and procedures to fulfill that right: a way for consumers to submit the request, procedures to identify all the relevant data, and a way to present that list of data back to the consumer. Well, security specialists have already identified bogus data access requests—where hackers pretend to be someone asking to see his data and dupe a company into sharing it. Companies will need to be aware of that threat and build identity-confirmation controls into their access request procedures. Likewise, consumers can ask for companies to delete their personal data. These are only three capabilities a company will need to develop to achieve DPA compliance; we could discuss many more. Fundamentally, the DPA will require the compliance function to get more involved in structuring business processes, since so many business processes now involve at least some processing of personal data—and achieving DPA compliance is about handling personal data with proper care, at all times. There is plenty training on data privacy protection available and there is automation available to assist Data Privacy Officers to supervise the data flows in organizations. If assistance is needed, let me know. You can contact me at hjschumacher59@gmail.com

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Tuesday, July 26, 2022 A5

DOH logs 30% jump in weekly Covid-19 cases at 2,847 a day By Claudeth Mocon-Ciriaco @claudethmc3

HE Department of Health (DOH) on Monday reported that 19,930 Covid-19 cases were logged from July 19 to July 25, averaging 2,847 cases per day. This was higher by 30 percent as compared to the country’s daily average from the previous week, at 2,190 cases per day. The DOH also warned that the agency’s latest projections show that

rise in cases may translate to a spike in total and ICU admissions in October, if compliance with minimum public health standard (MPHS) continues to decline and booster rates remain low. The DOH, however, ensured that all hospitals and health facilities could be able to provide appropriate critical care capacity that is accessible to all, especially to vulnerable individuals, and to be able to maintain a decreased impact on the country’s health-care system. “With a continuous rise in Co-

vid-19 cases, the DOH reminds the general public to remain vigilant and adhere to our minimum public health standards such as wearing the bestfitted masks, social distancing, and immediate isolation at the onset of symptoms,” Health Undersecretary Maria Rosario Vergeire, DOH Officer in Charge, said.

Severe and critical

ON July 24, there were 666 critical and severe cases admitted in the hospitals. As of July 24, 2022, national

total bed utilization was at 26 percent, while ICU bed utilization was at 22 percent. According to the DOH, total and ICU bed utilization rates for Covid-19, at both the national and regional levels, remain to be at low risk. This despite sustained case increases observed over the past month. The DOH also observed a slow and smaller upward trend of Covid-19 admission over the past week. Most of these admissions, the DOH said, were asymptomatic and

mild, numbering 1,471 or 59 percent of the 2,487 admissions. “Week by week, a larger sevenday moving average [7DMA] is being recorded. This is correlated with the observed increases in weekly positivity rates now at 14 percent nationally. The case increases were also observed across all age groups,” the DOH said.

Vaccination

OVER 71 million individuals or 91.61 percent of the target population were vaccinated.

Meanwhile, 15.9 million individuals received their booster shots. There were also 6.7-million senior citizens or 77.87 percent of the A2 population who have received their primary series. “We also encourage the eligible population to get vaccinated and boosted with our Covid-19 vaccines to continue building a strong wall of immunity against the virus. While we now focus more on our admissions, we should still giveimportancetocontributingfactors that we can control,” Vergeire said.

IPOPHL chief Barba highlights Philippines’s innovation progress at 63rd WIPO meet

HE Intellectual Property Office of the Philippines (IPOPHL) underscored the innovation progress of the Philippines during the 63rd World Intellectual Property Organization’s (WIPO) General Assemblies (GA). During discussion on the role of IP in supporting innovation ecosystems on July 19, IPOPHL Director General Rowel S. Barba spoke about the Philippines’s experience in utilizing intellectual property as a tool to build a more progressive and inclusive future in the innovation landscape, especially in the wake of the economic

challenges brought about by the Covid-19 pandemic. “Innovation is more than just a new idea, method or device. It’s about providing relevant and practical solutions to address the challenges faced by our society today,” Barba said at the side event organized by the WIPO Secretariat and the French Patent and Trademark Office. He pointed out that nearly half of the 77 Innovation and Technology Support Offices (ITSOs) established by IPOPHL in the country have successfully commercialized their IP assets. These ITSOs, which

comprise of academic, research and development and support institutions, assist in the creation of IP in the academe and research sectors while also extending technical assistance to entrepreneurs and inventors. In empowering start-ups, IPOPHL has been working with the Asian Institute of Management’s Dado Banatao Incubator (or the AIM-DBI) Program to assist start-ups when drafting patent claims. “Our innovation strategy also taps into the talent and ingenuity of the youth,” Barba noted, unveiling IPOPHL’s plan to launch the Youth

Inventors,’ Designers’ and Entrepreneurs’ Incentive Package Program in the future. The program aims to encourage and inspire the youth to create, innovate, protect and commercialize their creations through the IP system. The IPOPHL chief also reported that the country continues to step up its innovation efforts through a whole-of-government approach. This is most evident in the passage of the Philippine Innovation Act of 2019, with its drafting by legislators and signing by former President Rodrigo R. Duterte. The law aims to guide the

Marcos wants tourism to drive GDP, jobs In a mix of English and Filipino, Marcos Jr. likewise lamented the pandemic’s impact on the creative industry and the need to protect its stakeholders. “The creativity of the Filipino is truly world-class. We excel in arts and culture, new

media, live events—avenues which generate primary and downstream jobs for our creative and talented countrymen. Unfortunately, their livelihood was among the first severely affected and the last to return to normal.”

He noted the industry’s challenges, which include “workplace conditions, working hours, intellectual property rights, and the welfare of our beloved freelancers who were left vulnerable during the height of the pandemic.”

continued from a12

“We require an institutionalized creative industry that will advance the interests of its stakeholders—they who have given soul and recognition to our Philippine identity. We should protect them,” he said.

Govt to rely on PPPs for sustaining infra initiatives “Siguro naman yung talagang mahihirapan ay ’yung mga, to begin with, hindi magandang decision sa pagpasok sa business pero kung napag-aralang mabuti, usually ’yung mga ganitong klaseng shocks hindi dapat basta’t bumagsak na lang ’yung negosyo,” Balisacan said. [I guess the ones who will reel from the shocks are those that didn’t study much the business they entered; usually, with shocks like those, a business need not collapse just like that]. “In my view, we are far from that possibility [debt default] where we will have systemic defaults. We can see that from the economy, which is robust,” he said, partly in Filipino. Balisacan said proper planning and preparation of strategies lie at the heart of Neda’s mandate. He assured the public that the Neda studies and coordinates projects and programs to ensure that the economy remains robust amid various challenges. He said among the programs that will help the economy better

survive the challenging times is the continuation of the Build, Build, Build (BBB) program of the Duterte administration with the help of the private sector. Balisacan said part of the BBB strategy is to reach out to the private sector through Public Private Partnerships (PPP). Neda, the parent agency of the PPP Center, will help ensure that these projects are “attractive” to the private sector. “Part of our strategy is to reach out to the business community so they can help, and with their investment we can grow the economy; and our PPP can be strengthened in order to enhance the role of the private sector in development efforts,” Balisacan said.

PPP reforms

THE President, in his first SONA, stressed that the national government will continue and expand Duterte’s infrastructure program. Marcos Jr. said his administration will “keep the momentum” of

infrastructure projects by not suspending any of the ongoing projects. Nonetheless, he said, they will study existing proposals. By expanding the infrastructure program, the President said, the government will turn to PPPs which “hold great potential” in expanding infrastructure initiatives and even innovation efforts. The President said his priority bills include the amendment of the Build Operate Transfer Law to strengthen the PPP efforts. The amendments to the law will help address “ambiguities” in undertaking PPPs as well as help create an enabling environment for these projects. Apart from the usual infrastructure projects, PPPs will be tapped for energy projects, specifically for small-scale nuclear projects that will help the country attain energy security, Marcos said. Earlier, World Bank Global Director of Macroeconomics, Trade & Investment Marcello Estevão said

poor and even middle-income countries are at risk of facing a debt and food crisis given the steep increase in commodity prices. Estevão said the war in Eastern Europe has already sent food prices through the roof and this poses a serious concern for many poor countries, including a number of middleincome countries. This is a major concern given that one crisis alone could have a significant impact on millions. In 2008, Estevão said, the food crisis caused malnutrition to increase. Many poor families were forced to sell their valuables in order to buy food. Some of them even sacrificed the education of their children just to cope with high food costs. Due to the pandemic, many countries are already seeing public debts surge. By the end of 2020, Estevão said, public and publicly guaranteed debt owedbypoorcountriestoforeigncreditors stood at a record $123.8 billion, an increaseofnearly75percentfrom2010.

Marcos Sona: Always maintain fiscal health Continuous infra spending

ABOUT 5 to 6 percent of the said spending will be for infrastructure projects, which remain a key employment generator as well as a consistent draw for foreign investors. “I will not suspend any of the ongoing projects as those have already been shown to be of benefit to the public that they serve,” Marcos said. “Our infrastructure development is of primary importance as it is a necessary element to improve many other sectors—to include agriculture, tourism, general economic activity and even governance,” he added. Railway projects, he said, will be among the priority infrastructure projects of his administration. To reduce government spending for such projects, Marcos said the government will rely on public private partnerships (PPP).

Renewable energy

ASIDE from infrastructure, PPPs will also cover energy projects, which are now in demand as the economy continues to expand, according to Marcos. He said the government will consider tapping renewable and nuclear energy to address gaps in the local power supply. “The technology of renewable energy is progressing rapidly. And many of these technologies are appropriate for the Philippines. We have already begun windmill power, and we are now expanding very quickly our solar power production,” Marcos said. “I also believe it is time to re-examine our strategy towards building nuclear power plants in the Philippines,” he added.

New Executive Order

AGRICULTURE is another priority

sector which Marcos wants to beef up during his term to stabilize the rising cost of food items. The concurrent Agriculture Secretary said he wants to boost the production of agricultural products by providing farmers access to financing, cheap fertilizer, pesticide, seeds, feeds, and fuel. He also wants to improve the distribution of agriculture products through the construction of a national network of farm-to-market roads, and expansion of the Kadiwa Centers of the Department of Agriculture. The measures will be contained in a comprehensive plan of the DA, which is expected to be finalized in the next planting season. To further boost farm production, Marcos said he will also issue an Executive Order imposing a one-year moratorium on the payment of land amortization and interest payments. “A moratorium will give the

continued from a1

farmers the ability to channel their resources in developing their farms and maximizing their capacity to produce, and propel the growth of our economy,” Marcos said. He will push for passage of a new legislation giving agrarian reform beneficiaries relief from unpaid amortization and interest.

Sound State of the Nation

MARCOS delivered his economyfocused speech before over 1,000 live participants, including politicians, government officials and diplomats at the Batasan Complex in Quezon City. He said he hopes the comprehensive roadmap, which he announced before the SONA will assure the public amid the still pandemicstricken economy. “I know this in my mind, in my heart, in my very soul...the state of the nation is sound,” Marcos said.

countr y’s innovation goals to strengthen, promote, and develop an innovative and entrepreneurial ecosystem and culture in the Philippines. “Our country’s legislators understand the critical role that IP plays in innovation,” Barba said. “When they drafted the Philippine Innovation Act, they included IPOPHL in the roster of government agencies comprising the National Innovation Council. This Council is tasked under the law to draft the Philippines’s long-term innovation agenda,” he added. Barba emphasized that a key

element g uid ing the innovation progress in the Philippines, based on its needs and development level, is the concept of “Filipinnovation.” “Filipinnovation refers to the Filipinos’ ingenuity creating new value, a whole-of-nation call, and commitment to pursue the Philippines’s progress through innovation,” Barba explained. The GA is an annual event that gathers WIPO’s 193 member-states to provide updates on their individual progress and together build cooperation toward future policy directions.

House Supermajority picks Martin Romualdez speaker continued from a12

The House of Representatives also elected Reps. Isidro Ungab, Roberto Puno, Camille Villar, Christine Singson-Meehan, and Democrito Mendoza as deputy speakers. Reginald “Reggie” Velasco and retired PMGEN. Napoleon C. Taas were elected as House Secretary General and Sergeant-at-Arms, respectively. Vice President Sara Duterte physically witnessed the election of Romualdez as Speaker. Romua ldez stood as one of Duterte’s campaign managers in the last presidential elections.

Most qualified

ROMUALDEZ is the most qualified member of the House of Representatives to lead the chamber in the 19th Congress, according to lawmakers who nominated him. In his remarks, Rep. Marcos said he was endorsing the Leyte congressman for the speakership not because of “familial relations” but on the strength of his qualifications. “With unity at the core of the government as our shared vision for the next six years, the House of Representatives requires—now more than ever—a leader that embodies inclusivity, possesses unquestionable competency, and feels genuinely for the people we are all dutybound to serve,” Marcos said. “In his 12 solid years of legislative experience, he is best known as a consensus-builder. Regarded with great affection and respect by most if not all members of this institution, no matter where they are on the political spectrum. We know that it is not an easy feat for a person to listen to and consolidate support from more than 300 elected officials, all of whom are leaders in their own right, yet Representative Romualdez seems to have found this balance,” Marcos said. Marcos added that Romualdez listens to and values the opinion of everyone and works hard. “Because of this positive trait, he, along with other members of the 18th Congress, were able to usher with expediency the two critical Bayanihan bills in the House of Representatives during the height of the Covid-19 pandemic, just when the country needed these laws the most,” he stressed. “With him as the House Majority Leader, Congress was able to pass laws supportive of economic growth such as the CREATE Law, as well as measures amending the Public Service Act and the Foreign Investments Act of 1991.

Such accomplishments have shown that he is able to strike a healthy equilibrium between economic interests and public welfare,” he said. In supporting Marcos’s nomination of the Leyte congressman for the speakership, Rep. Ralph Recto, a former senator, said: “Representative Romualdez can shepherd the bills that can help our country as skillfully as he can stop the ones that harm our people.” “He knows the policies that need to be crafted and the pragmatism to get them passed. I am confident that with him, a constitutionalist, at the helm, he will keep the plenary a hospitable space for all opinions, while keeping the conveyor belt of laws moving,” Recto said. Recto described Romualdez as “a workhorse, in a political culture which tempts many to become show horses.” “While others chase headlines, he searches for good bills instead, and whenever he finds one, he does not loudly annotate a work in progress through tweets, but lets the finished product speak for itself. Well, brilliance has no need for a bullhorn,” he said. He said Romualdez has mastered the process of consultation and consensus. Romualdez was author of three annual national budgets and the two Bayanihan measures (Bayanihan to Heal as One Act or Bayanihan 1 and Bayanihan to Recover as One Act or Bayanihan 2), which were approved at the height of the Covid-19 pandemic. The other laws that he pushed are the Covid-19 Vaccination Act of 2021, Malasakit Centers Act, Alternative Learning System Act, Corporate Recovery and Tax Incentives for Enterprises Act or CREATE, Bureau of Fire and Protection Modernization Act, Salary Standardization Act of 2019, and Republic Act 11517, which empowers the President to expedite the processing and issuance of national and local permits, licenses and certifications in times of national emergency. Romualdez finished his undergraduate studies with a degree in Bachelor of Arts in Government from Cornell University in Ithaca, New York in 1985. In 1988, he obtained a Certificate of Special Studies in Administration and Management from Harvard University in Boston, Massachusetts. He then proceeded to law school, earning his Bachelor of Laws from the College of Law of the University of the Philippines in Diliman, Quezon City, in 1992.

BusinessMirror

Tuesday, July 26, 2022

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

No.

ACCENTURE, INC. 7f, Robinsons Cybergate Tower 1, Pioneer St, City Of Mandaluyong YI, YIN HR Service Delivery Senior Analyst 1.

Brief Job Description: Responsible for driving operational excellence within the team, raise relevant quality and or scope issues which may impact delivery and streamlines decision-making processes HIRASAWA, NOBUHITO Service Delivery Ops Associate Manager

Brief Job Description: Manages a team of leads or supervisors in the Procure-to-Pay tower, responsible for the daily operational team performance to meet agreed target, quality results and changes in procedures as necessary OKAMOTO, YOSHIHIRO Service Delivery Ops Associate Manager

Brief Job Description: Manages a team of leads or supervisors in the Procure-to-Pay tower, responsible for the daily operational team performance to meet agreed target, quality results and changes in procedures as necessary TAKASU, MASATOSHI Service Delivery Ops Senior Analyst

Brief Job Description: Provide support in monitoring and evaluation of performance gap in relation to language skills

Basic Qualification: Accounting, Finance or any Business-related course graduates are preferred

YANG, GUOQUN Gaming Support Specialist

13.

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

Basic Qualification: At least JLPT N2 or JLPT N1 equivalent

Brief Job Description: Provide customer service in foreign language, taking phone calls, answering to customer inquiries through emails, and solving customer issues.

14.

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

Brief Job Description: Managing incoming calls and customer service inquires. ZHOU, XIAOGUANG Chinese Customer Service Representative

Brief Job Description: Managing Incoming calls and customer service inquires. WILLIAM SIAO WEI TIEN Malaysian Customer Service Representative

Brief Job Description: Managing incoming calls and customer service inquires. QUACH THI KIM YEN Vietnamese Customer Service Representative

Brief Job Description: Managing incoming calls and customer service inquires.

Basic Qualification: At least JLPT N2 or JLPT N1 equivalent

15.

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

Basic Qualification: JLPT N2/N1 Certified or Equivalent Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Excellent writing, reading and talking in French language. Preferably with prior experience of at least 1 year in similar BPO outfit. Salary Range: Php 60,000 - Php 89,999

Basic Qualification: Able to speak, read, and write Chinese language. Salary Range: Php 30,000 - Php 59,999

10.

Brief Job Description: Undertaking effective research and data collection.

16.

11.

Brief Job Description: Assist/help customers, give customers information about products and services

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

NGUYEN HUU LUYEN Chinese Speaking Program Designer 17.

12.

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

Brief Job Description: Assist/help customers, give customer information about product and services

NGUYEN KIM DAT Chinese Speaking Program Designer 18.

Brief Job Description: Assist/help customers, give customer information about product and services

NGUYEN THE DUC Chinese Speaking Program Designer 19.

Basic Qualification: Able to speak, read, and write Chinese language.

Brief Job Description: Assist/help customers, give customer information about product and services

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language.

NHIN SAY KHIN Chinese Speaking Program Designer 20.

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

Basic Qualification: Fluent in hangul, both oral and written.

Brief Job Description: Assist/help customers, give customer information about product and services

PHAM VAN DUY Chinese Speaking Program Designer 21.

Brief Job Description: Assist/help customers, give customer information about product and services

Salary Range: Php 30,000 - Php 59,999 TRAN THI HA Chinese Speaking Program Designer 22.

Basic Qualification: With at least 6 months customer service experience, good in oral communication and written Salary Range: Php 30,000 - Php 59,999

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

Basic Qualification: Excellent communication skills in Chinese, both spoken and written. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Excellent communication skills in Chinese, both spoken and written.

No.

25.

Brief Job Description: Assist/help customers, give customer information about product and services

UNG QUAY DUNG Chinese Speaking Program Designer 23.

Brief Job Description: Assist/help customers, give customer information about product and services

26.

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

WANG, LIJIE Chinese Speaking Program Designer 24.

Brief Job Description: Assist/help customers, give customer information about product and services

QUALIFICATION AND SALARY RANGE

Brief Job Description: Providing it assistance to staff and customers.

Brief Job Description: Recommends potential products or services to management by collecting information and analyzing customer needs

Basic Qualification: Excellent in reading, writing and speaking bilingual languages. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proficient in Speaking, Reading and Writing in Mandarin Salary Range: Php 30,000 - Php 59,999

FIS GLOBAL SOLUTIONS PHILIPPINES INC. 9th Floor Ecoplaza Bldg., 2305 Chino Roces, Pasong Tamo Avenue Extension, City Of Makati

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

AWASTHI, AMIT Call Center Operations Analysis Senior Manager

27. Basic Qualification: Excellent communication skills in Chinese, both spoken and written.

Brief Job Description: Hands-on execution in delivering Business Critical KPI’s CSAT and NPS Enhancements; Cost to serve Reduction using technology interventions like Digital Transformation, back office automation, optimize 20%-30% cost and retention enhancement.

Basic Qualification: Bachelor’s degree in Computer Science or in Business related field or the has equivalent combination of education, training, with 18+ years work experience, Excellent Analysis, problem solving, conflict management and time management skills Salary Range: Php 500,000 and above

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

INFOVINE INC. 9/f Y Tower, Moa Complex, Coral Way Drive Cor. Macapagal, Barangay 76, Pasay City

Basic Qualification: With at least 6 months customer service experience/Good in oral communication and written

LIU, BO Chinese Speaking Program Designer 28.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months customer service experience/Good in oral communication and written

29.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months customer service experience/Good in oral communication and written

Brief Job Description: Assist/help customers, give customers information about product and services

TONWUT, JUTHAPORN Chinese Speaking Program Designer 30.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months customer service experience/Good in oral communication and written

Brief Job Description: Assist/help customers, give customers information about product and services

NGUYEN THI PHUONG THAO Chinese Speaking Program Designer

Brief Job Description: Assist/help customers, give customers information about product and services

WONG WENG YAN Chinese Speaking Program Designer 31.

Brief Job Description: Assist/help customers, give customers information about product and services

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months customer service experience/Good in oral communication and written

XIAO, QIYONG Chinese Speaking Program Designer 32.

Brief Job Description: Assist/help customers, give customers information about product and services

Basic Qualification: With at least 6 months customer service experience/good in oral communication and written Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months customer service experience/good in oral communication and written Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months customer service experience/good in oral communication and written Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months customer service experience/good in oral communication and written Salary Range: Php 30,000 - Php 59,999

Basic Qualification: With at least 6 months customer service experience/good in oral communication and written Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at least 6 months customer service experience/Good in oral communication and written Salary Range: Php 30,000 - Php 59,999

INTEGRITY GLOBAL GROUP, INC. 2/f-3/f Ayala Malls Circuit, A.p. Reyes Ave., Carmona, City Of Makati

TUNG, SHU-YU It Customer Support 33.

Basic Qualification: With at least 6 months customer service experience/Good in oral communication and written

Basic Qualification: With at least 6 months customer service experience/Good in oral communication and written Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Installing and configuring computer hardware, software, systems, networks, printers, and scanners. Monitoring and maintaining computer systems and networks.

KIM, BEOMSU Marketing Associates

Salary Range: Php 30,000 - Php 59,999 34.

Basic Qualification: Excellent communication skills in Chinese, both spoken and written.

NOVENDY Bilingual It Support Specialist

LIU, XUAN Mandarin Speaking Customer Service Representative

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

Basic Qualification: Excellent communication skills in Chinese, both spoken and written.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

EASYTECH SUPPORT INC. 9-11/f, 14/f Capella Bldg., Asean Drive Filinvest, Alabang, City Of Muntinlupa

DYNAMIC STUDIO TECHNOLOGY INC. 5th To 10th/f Platinum Tower Building, Aseana Ave. Cor. Fuentes Street, Baclaran, City Of Parañaque

DATACLICK INTERNATIONAL CORP. E. Rodriguez St., Roxas Blvd. St., Barangay 3, Pasay City XIAN, XIN Gaming Support Specialist

Basic Qualification: Able to speak, read, and write Chinese language.

CRONYX INC. Flr. No. 4th-10th, Yinhope Bldg., Dela Rama Cor. Zoili Hilario St., Seascape Village, Ccp Complex Subd., Zone 10, Barangay 76, Pasay City

PAN, JIAN Chinese Speaking Data Entry Clerk

COME ON PHILS. GOLF & TRAVEL AGENCY INC. Unit No. U-a-36, Hk Sun Plaza Bldg., Macapagal Blvd. St., Barangay 76, Pasay City

PARK, JANGHYUK Executive Consultant

ANOC99 CORPORATION 5/f To 10/f Ayala Malls Manila Bay Building D., Macapagal Blvd. Cor. Aseana Street, Tambo, City Of Parañaque YAN, SHUJI Chinese Customer Service Representative

ALLSECTECH MANILA, INC. 3rd Floor, Market Market Mall, Fort Bonifacio, City Of Taguig

ZIO, GIRAUD MARC Bilingual French Analyst

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

www.businessmirror.com.ph

Brief Job Description: Will be responsible for carrying out all tasks associated with candidate examination scheduling.

Basic Qualification: 18-50 y/o, good organizational skills, proficient in relevant computer applications. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: 18-50 Y/O, Good Organizational Skills, Proficient In Relevant Computer Applications Salary Range: Php 30,000 - Php 59,999

JOLLIBEE FOODS CORPORATION 4th-10th, 32nd & 34th Floor Jollibee Plaza Condo.,, F. Ortigas Ave., Ortigas Center, San Antonio, City Of Pasig

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

35.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION YAW MOW SEN Vice President, Head Of Research & Development (R&D) For Chowking Philippines And Global Chinese Cuisine Advisor Brief Job Description: Actualization of Country R&D Set-up - streamlining of accountability, determining which projects will go to BU

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Exposure in Chinese cuisine – food innovation, new product development, menu development. Chef background / experience Salary Range: Php 500,000 and above

No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION OMANEE, YEEWATEE Thai Chef

47.

Brief Job Description: In charge of cooking operations, maintain food quality, menu preparation

36.

Brief Job Description: Managing incoming calls and customer service inquires XU, XUQINGXU Chinese Customer Service Representative

37.

Brief Job Description: Managing incoming calls and customer service inquires

Basic Qualification: Able to Speak, Read, and Write Chinese Language Salary Range: Php 30,000 - Php 59,999

DANG TIEN DONG Customer Service Representative 48.

Basic Qualification: Able to Speak, Read, and Write Chinese Language Salary Range: Php 30,000 - Php 59,999

38.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

DING, MINGJIE Chinese Customer Service 39.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

LIN, XIANGQIAN Chinese Customer Service 40.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

LIU, HEYING Chinese Customer Service 41.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

LIU, LIN Chinese Customer Service 42.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

LIU, SHENGFU Chinese Customer Service 43.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

AR LONE Myanmari Customer Service 44.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

KYAW KYAW THET Myanmari Customer Service 45.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

Basic Qualification: College Graduate, preferably 1 year Chinese customer service experience in the similar field, must be fluent in mandarin and English written and orally. Salary Range: Php 30,000 - Php 59,999

HUA TRI CAM Customer Service Representative 49.

Basic Qualification: College Graduate, preferably 1 year Chinese customer service experience in the similar field, must be fluent in mandarin and English written and orally.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate, preferably 1 year Chinese customer service experience in the similar field, must be fluent in mandarin and English written and orally. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate, preferably 1 year Chinese customer service experience in the similar field, must be fluent in mandarin and English written and orally.

Brief Job Description: Manage large amounts of incoming calls. Generate sales leads. Identify and assess customers’ needs. Handle customer complaints. Follow communication procedures, guidelines and policies.

KOUMAGLO, JEAN CHRISTOPHE People Services Coordinator (French Speaker)

50.

Basic Qualification: Must be a College graduate; Can Prepare product or service reports by collecting and analyzing customer information; Can contribute to team effort by accomplishing related results as needed; Can Manage large amounts of incoming calls

Brief Job Description: To provide first level advice and support on key foundation and transactional activities (employee lifecycle, policies and procedures, HR systems) to the HR team, Line Managers and Employees within Orica which enables key customers to enhance workplace relations and productivity in line with Business Strategy. Custodians of administration of all HR data.

Basic Qualification: 1 -3 years’ experience in a customer service or Admin role, preferably an HR related position; Graduate qualifications in HR or Business Studies, an advantage, but not essential; Excellent communication skills – both written and verbal; Proficiency in the French language Salary Range: Php 60,000 - Php 89,999

ISLAM, GOLAM NAZRUL Business Lending Development Officer 51.

Brief Job Description: Develop business proposals, analyze current and past expenses, develop creative strategies

QUIOM, M A Business Lending Development Officer 52.

Brief Job Description: Develop business proposals, analyze current and past expenses, develop creative strategies

WU, XU Chinese Customer Service Representative 53.

Brief Job Description: Answering inquiries, resolving problems, fulfilling requests and maintaining database

Basic Qualification: College Graduate, Fluent in English, Preferably 6mos-1year Customer Service Experience

Basic Qualification: College Graduate, Fluent in English, Preferably 6mos-1year Customer Service Experience Salary Range: Php 30,000 - Php 59,999

58.

BIAN, WEIQIANG Project Coordinator 54.

Brief Job Description: Plan, organize, and direct the activities of a construction project, under the direction of a general manager.

Brief Job Description: Report on a daily basis operation of call center activities performing customer oriented telephone activities & various background operations duties

KROANGBOON, THANYAWEE Thai-speaking Customer Service Officer 59.

Brief Job Description: Prepares Product Or Service Reports By Collecting And Analysing Customer Information

60.

61.

62.

63.

64.

65.

66.

67.

68.

69.

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

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

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

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

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

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

HUANG, CHENG-CHI Chinese Language-customer Service Staff Brief Job Description: Deal with and help resolve customer complaints

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

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

LUU PHUC NGUYEN Vietnamese Language - Customer Service Staff Brief Job Description: Deal with and help resolve customer complaints.

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

SUNNEX PHILIPPINES INDUSTRIAL CORPORATION Warehouse B, Shinih Phils. Inc. Cmpd., Marcos Alvarez Ave. Del Nor Subd., Talon Singko, City Of Las Piñas

LIU, CHIN-CHOU Chief Operations Manager 55.

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

Brief Job Description: Plan direct and coordinate risk and insurance programs of establishment to control risk and losses.

Basic Qualification: Bachelor’s degree or related field of study, ability to follow orders especially under pressure, fluent in mandarin/ basic english. Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in Writing, Reading and Speaking in Both English and Korean/Bahasa/Chinese/ Vietnamese/Malaysian/ Cambodian Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Foreign Language Speaking Salary Range: Php 30,000 - Php 59,999

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

STC BUILDERS AND DEVELOPMENT CORP. 38 Atok St., 1, Santo Domingo, Quezon City

Basic Qualification: Bachelor’s degree in business or related field of study; Competency in Microsoft applications including Word, Excel, and Outlook; Knowledge of file management, transcription, and other administrative procedures or a related field; Good communication and interpersonal skills.

Brief Job Description: Report on a daily basis operation of call center activities performing customer oriented telephone activities & various background operations duties

Basic Qualification: Proficient in Writing, Reading and Speaking in Both English and Korean/Bahasa/Chinese/ Vietnamese/Malaysian/ Cambodian

VPC CORPORATE SOLUTIONS INCORPORATED 11/f 100 West, Sen Gil Puyat Ave. Cor., Washington St., Pio Del Pilar, City Of Makati

Basic Qualification: College Graduate, Fluent in English, Preferably 6mos-1year Customer Service Experience Salary Range: Php 30,000 - Php 59,999

QUALIFICATION AND SALARY RANGE

PHONKRUT, SIRIRAT Thai Language Customer Service Representative

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

Basic Qualification: College Graduate, preferably 1 year Chinese customer service experience in the similar field, must be fluent in mandarin and English written and orally.

57.

RIGHT CHOICE FINANCE CORP. 5e-1 Electra House Bldg., 115-117 Esteban Street, San Lorenzo, City Of Makati

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

Basic Qualification: College Graduate, preferably 1 year Chinese customer service experience in the similar field, must be fluent in mandarin and English written and orally.

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

JAILAR, LINDARAT Thai Language Customer Service Representative

ORICA SINGAPORE PTE LTD Level 11, Tower 2, Rockwell Business Center, Ortigas Avenue, City Of Pasig

No.

Basic Qualification: Knowledge of Thai Food and Thai Language

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

QUALIFICATION AND SALARY RANGE

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

NEW ORIENTAL CLUB88 CORPORATION 3rd, 5th, 6th, 7th, 8th, 9th & 10th/f, Pearl Marina Building Pacific Drive, Don Galo, City Of Parañaque

CHEN, ZHUHUI Chinese Customer Service

70.

71.

NGUYEN TRUONG HAI BAO Vietnamese Language - Customer Service Staff Brief Job Description: Deal with and help resolve customer complaints.

TRUONG TU VIEN Vietnamese Language - Customer Service Staff Brief Job Description: Deal with and help resolve customer complaints.

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

Basic Qualification: Excellent in Foreign Language Speaking Salary Range: Php 30,000 - Php 59,999

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

Basic Qualification: Proficient in speaking, reading and writing in Vietnamese. Salary Range: Php 30,000 - Php 59,999 *Date Generated: Jul 25, 2022

HOANG VAN MINH Vietnamese Customer Service 46.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

NOVA RESTAURANT AND SERVICES, INC. 900, Pasay Road, San Lorenzo, City Of Makati

TRI7 SOLUTIONS, INC. Unit 9-a 9/f Marvin Plaza Bldg., 2153 Don Chino Roces Ave., Pio Del Pilar, City Of Makati

BIAN, YI-SYUAN Chinese Language Customer Service Representative 56.

Brief Job Description: Report on a daily basis operation of call center activities performing customer oriented telephone activities & various background operations duties

ESTABLISHMENT / ADDRESS

OMNIWEALTH ENTERPRISE INC. 17th Flr. Citibank Square Bldg., No. 188 Rodriguez Jr. Ave., Eastwood City Cyberpark 3, Bagumbayan, Quezon City

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower, C4 Rd. Edsa Ext., Barangay 76, Pasay City QU, TAIBAO Chinese Customer Service Representative

Tuesday, July 26, 2022

Basic Qualification: Proficient in Writing, Reading and Speaking in Both English and Korean/Bahasa/Chinese/ Vietnamese/Malaysian/ Cambodian Salary Range: Php 30,000 - Php 59,999

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

TheWorld BusinessMirror

Tuesday, July 26, 2022

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

Yellen downplays US recession risk as economic reports loom By Christopher Rugaber

AP Economics Writer

ASHINGTON—Treasury Secretary Janet Yellen on Sunday said the US economy is slowing but pointed to healthy hiring as proof that it is not yet in recession. Yellen spoke on NBC’s “Meet the Press” just before a slew of economic reports will be released this week that will shed light on an economy currently besieged by rampant inflation and threatened by higher interest rates. The data will cover sales of new homes, consumer confidence, incomes, spending, inflation, and overall output. The highest-profile report will likely be Thursday, when the Commerce Department will release its first estimate of the economy’s output in the April-June quarter. Some economists forecast it may show a contraction for the second quarter in a row. The economy shrank 1.6 percent in the January-March quarter. Two straight negative readings is considered an informal definition of a recession, though in this case economists

think that’s misleading. Instead, the National Bureau of Economic Research—a nonprofit group of economists—defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months.” Yellen argued that much of the economy remains healthy: Consumer spending is growing, Americans’ finances, on average, are solid, and the economy has added more than 400,000 jobs a month this year, a robust figure. The unemployment rate is 3.6 percent, near a half-century low. “We’ve got a very strong labor market,” Yellen said. “This is not an economy that’s in recession.” Still, Yellen acknowledged the economy is “in a period of transition in which growth is slowing,”

from a historically rapid pace in 2021. She said that slowdown is “necessary and appropriate,” because “we need to be growing at a steady and sustainable pace.” Slower growth could help bring down inflation, which at 9.1 percent is the highest in two generations. Still, many economists think a recession is on the horizon, with inflation eating away at Americans’ ability to spend and the Federal Reserve rapidly pushing up borrowing costs. Last week, Bank of America’s economists became the latest to forecast a “mild recession” later this year. And Larry Summers, the treasury secretary under President Bill Clinton, said on CNN’s “GPS” Sunday that “there’s a very high likelihood of recession,” as the Fed lifts interest rates to combat inflation. Those higher borrowing costs are intended to reduce consumer spending on homes and cars and slow business borrowing, which can lead to a downturn. On Wednesday, the Federal Reserve is likely to announce its second 0.75 percent point increase in its short-term rate in a row, a hefty increase that it hasn’t otherwise implemented since 1994. That will put the Fed’s benchmark rate in a

range of 2.25 percent to 2.5 percent, the highest level since 2018. Fed policymakers are expected to keep hiking until its rate reaches about 3.5 percent, which would be the highest since 2008. The Fed’s hikes have torpedoed the housing market, as mortgage rates have doubled in the past year to 5.5 percent. Sales of existing homes have fallen for five straight months. On Tuesday, the government is expected to report that sales of new homes dropped in June. Fewer home sales also means less spending on items that typically come with purchasing a new house, such as furniture, appliances, curtains, and kitchenware. Many other countries are also grappling with higher inflation, and slower growth overseas could weaken the US economy. Europe is facing the threat of recession, with soaring inflation and a central bank that just last week raised interest rates for the first time in 11 years. European Central Bank President Christine Lagarde also sought to minimize recession concerns in a news conference last Thursday. “Under the baseline scenario, there is no recession, neither this year nor next year,” Lagarde said. “Is the horizon clouded? Of course it is.”

Biden improves ‘significantly,’ throat still sore from Covid By Chris Megerian

The Associated Press

ASHINGTON—President Joe Biden cont inues to “ improve significantly” despite a lingering sore throat from his coronavirus infection, according to an update Sunday from his doctor. “The president is responding to therapy as expected,” wrote Dr. Kevin O’Connor in his latest note. Biden has been taking Paxlovid, an antiviral drug that helps reduce the chance of severe illness. O’Connor wrote that Biden still has a sore throat, though other symptoms, including a cough, runny nose and body aches, “have diminished considerably.” Biden tested positive for the coronavirus on Thursday morning. O’Connor said Saturday that

the president likely became infected with a highly contagious variant, known as BA.5, that is spreading throughout the countr y, and Dr. A shish Jha, the White House Covid-19 response coordinator, said Sunday, “It is the BA.5 variant.” “Thank goodness our vaccines and therapeutics work well against it, which is why I think the president’s doing well,” Jha told CBS’ “Face the Nation.” Jha also gave a positive update on the president’s health. “I checked in with his team late last night. He was feeling well. He had a good day yesterday,” Jha said. That variant is an offshoot of the Omicron strain that emerged late last year. It is believed responsible for the vast majority of coronavirus cases in the country.

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. The White House has not released any photos or video of Biden since Friday, when the media watched him participate in a virtual meeting with economic advisers. Jha pledged that the White House would keep giving updates on the president’s condition and whether he might have long-term symptoms. “We think it’s really important for the American people to know how well their president is doing,” he said. “Obviously if he has persistent

symptoms, obviously if any of them interfere with his ability to carry out his duties, we will disclose that early and often with the American people. But I suspect that this is going to be a course of Covid that we’ve seen in many Americans who have ben fully vaccinated, double boosted, getting treated with those tools in hand,” Jha said. “The president’s been doing well and we’re going to expect that he’s going to continue to do so.’’ Biden’s press secretar y has said 17 people, including members of the president’s senior staff and at least one member of Congress, were determined to have been in close contact with Biden when he might have been contagious. None has tested positive so far, Jha said on “Fox News Sunday.”

Russia says strike on Ukrainian port of Odesa hit military targets By Susie Blann

The Associated Press

Y I V, U kraine—Russian defense officials insisted Sunday that an airstrike on the Ukrainian port of Odesa hit only military targets, but the attack tested an agreement on resuming grain shipments that the two countries signed less than a day before the assault. Long-range missiles destroyed a docked Ukrainian warship and a warehouse holding Harpoon anti-ship missiles supplied by the US, Defense Ministry spokesman Igor Konashenkov said at a daily briefing. Speaking late Saturday in his nightly televised address, Ukrainian President Volodymyr Zelenskyy said the attack on Odesa “destroyed the very possibility” of dialogue with Russia. Under t he g ra in-sh ipment agreement obtained by The Associated Press, both Kyiv and Moscow agreed not to target vessels and port facilities involved

IN this photo provided by the Odesa City Hall Press Office, firefighters put out a fire in a port after Russian missiles attack in Odesa, Ukraine, on June 5, 2022. ODESA CITY HALL PRESS OFFICE VIA AP

in the initiative, including the ports of Odesa, Chernomorsk and Yuzhny. The Ukrainian military said the attack involved four cruise missiles, two of which were shot down by Ukrainian air defenses. Command spokeswoman Nataliya Humenyuk said no grain storage facilities were hit. Turkey’s defense minister, however, said he had had reports from Ukrainian

authorities that one missile struck a grain silo while another landed nearby, although neither affected loading at Odesa’s docks. It was not immediately clear how the airstrike would affect plans to resume shipping Ukrainian grain by sea in safe corridors out of the ports. Russia and Ukraine on Friday signed identical agreements with the United Nations and Turkey in

Istanbul aimed at clearing the way for the shipment of millions of tons of desperately needed Ukrainian grain, as well as the export of Russian grain and fertilizer. Senior UN officia ls voiced hopes that the deal would end a months-long standof f that threatened food security around the globe. Elsewhere on Sunday, Ukrainian authorities reported that Russian shelling continued to kill and wound civilians in Ukraine’s south and east. The governor of the eastern Donetsk region, one of two that make up Ukraine’s industrial heartland of the Donbas and a key focus of Russia’s offensive, said two civilians had been killed and two more wounded over the previous 24 hours. The UK military reported Sunday in its daily intelligence update that Russia was making “minimal progress” in its Donbas offensive, which it said remained small-scale and focused on the city of Bakhmut in the eastern Donetsk region.

POPE Francis is greeted by George Arcand, Grand Chief of the Confederacy of Treaty Six First Nations, as he arrives in Edmonton, Alberta, Canada, on Sunday, July 24, 2022. His visit to Canada is aimed at reconciliation with Indigenous people for the Catholic Church’s role in residential schools. NATHAN DENETTE/THE CANADIAN PRESS VIA AP

Pope Francis lands in Canada, set for apologies to Indigenous groups By Nicole Winfield, Rob Gillies & Peter Smith The Associated Press

DMONTON, Alberta—Pope Francis began a historic visit to Canada on Sunday to apologize to Indigenous peoples for abuses by missionaries at residential schools, a key step in the Catholic Church’s efforts to reconcile with Native communities and help them heal from generations of trauma. Francis kissed the hand of a residential school survivor as he was greeted at the Edmonton, Alberta airport by Indigenous representatives, Canadian Prime Minister Justin Trudeau and Mary Simon, an Inuk who is Canada’s first Indigenous governor general. The gesture set the tone of what Francis has said is a “penitential pilgrimage” to atone for the role of Catholic missionaries in the forced assimilation of generations of Native children—a visit that has stirred mixed emotions across Canada as survivors and their families cope with the trauma of their losses and receive a long-sought papal apology. Francis had no official events scheduled Sunday, giving him time to rest before his meeting Monday with survivors near the site of a former residential school in Maskwacis, where he is expected to pray at a cemetery and apologize. Francis exited the back of his plane with the help of an ambulift, given his strained knee ligaments have forced him to use a wheelchair. The simple welcome ceremony took place in airport hangar, where Indigenous drums and chanting broke the silence. As Trudeau and Simon sat beside Francis, a succession of Indigenous leaders and elders greeted the pope and exchanged gifts. At one point, Francis kissed the hand of residential school survivor Elder Alma Desjarlais of the Frog Lake First Nations as she was introduced to him. “Right now, many of our people are skeptical and they are hurt,” said Grand Chief George Arcand Jr. of the Confederacy of Treaty Six First Nations, who greeted the pope. Yet he expressed hope that with the papal apology, “We could begin our journey of healing...and change the way things have been for our people for many, many years.” Indigenous groups are seeking more than just words, though, as they press for access to church archives to learn the fate of children who never returned home from the residential schools. They also want justice for the abusers, financial reparations and the return of Indigenous artifacts held by the Vatican Museums. Assembly of First Nations National Chief RoseAnne Archibald, one of the country’s most prominent Indigenous leaders, said several members of her family attended residential schools, including a sister who died at one in Ontario. She described it as “an institution of assimilation and genocide.” During her fight to Alberta, “I was just so overcome with emotion and there were different times on the plane where I really had to stop myself from breaking into a deep sob,” she said. “I realized that I am an intergenerational trauma survivor and there are so many people like me.” Francis’ week-long trip—which will take him to Edmonton; Quebec City and finally Iqaluit, Nunavut, in the far north—follows meetings he held in the spring at the Vatican with delegations from the First Nations, Metis and Inuit. Those meetings culminated with a historic April 1 apology for the “deplorable” abuses committed by some Catholic missionaries in residential schools. The Canadian government has admitted that physical and sexual abuse were rampant

in the state-funded Christian schools that operated from the 19th century to the 1970s. Some 150,000 Indigenous children were taken from their families and forced to attend in an effort to isolate them from the influence of their homes, Native languages and cultures and assimilate them into Canada’s Christian society. Then-Prime Minister Stephen Harper issued a formal apology over the residential schools in 2008. As part of a lawsuit settlement involving the government, churches and approximately 90,000 surviving students, Canada paid reparations that amounted to billions of dollars being transferred to Indigenous communities. Canada’s Catholic Church says its dioceses and religious orders have provided more than $50 million in cash and in-kind contributions, and hope to add $30 million more over the next five years. Canada’s Truth and Reconciliation Commission in 2015 had called for a papal apology to be delivered on Canadian soil, but it was only after the 2021 discovery of the possible remains of around 200 children at the former Kamloops residential school in British Columbia that the Vatican mobilized to comply with the request. “I honestly believe that if it wasn’t for the discovery...and all the spotlight that was placed on the Oblates or the Catholic Church as well, I don’t think any of this would have happened,” said Raymond Frogner, head archivist at the National Centre for Truth and Reconciliation. Frogner just returned from Rome where he spent five days at the headquarters of the Missionary Oblates of Mary Immaculate, which operated 48 of the 139 Christian-run residential schools, the most of any Catholic order. After the graves were discovered, the Oblates finally offered “complete transparency and accountability” and allowed him into its headquarters to research the names of alleged sex abusers from a single school in the western Canadian province of Saskatchewan, he said. The Inuit community, for its part, is seeking Vatican assistance to extradite a single Oblate priest, the Rev. Joannes Rivoire, who ministered to Inuit communities until he left in the 1990s and returned to France. Canadian authorities issued an arrest warrant for him in 1998 on accusations of several counts of sexual abuse, but it has never been served. Inuit leader Natan Obed personally asked Francis for the Vatican’s help in extraditing Rivoire, telling The Associated Press in March that it was one specific thing the Vatican could do to bring healing to his many victims. Asked about the request, Vatican spokesman Matteo Bruni said last week that he had no information on the case. At a news conference Saturday in Edmonton, organizers said they will do all they can to enable school survivors to attend the papal events, particularly for the Maskwacis apology and the Tuesday gathering at Lac Ste. Anne, long a popular pilgrimage site for Indigenous Catholics. Both are in rural areas, and organizers are arranging shuttle transport from various park-and-ride lots. They noted that many survivors are now elderly and frail and may need accessible vehicle transport, diabeticfriendly snacks and other services. The Rev. Cristino Bouvette, national liturgical coordinator for the papal visit, who is partly of Indigenous heritage, said he hopes the visit is healing for those who “have borne a wound, a cross that they have suffered with, in some cases for generations.”

Gillies reported from Toronto.

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Group seeks ex-Sri Lankan president’s arrest in Singapore By Bharatha Mallawarachi The Associated Press

OLOMBO, Sri Lanka—A rights group gathering evidence on Sri Lanka’s alleged rights abuses said it filed a criminal complaint with Singapore’s Attorney General, seeking to arrest an ex-Sri Lankan president for his role in war crimes alleged to have been committed during the island nation’s civil war that ended more than a decade ago. Lawyers from the International Truth and Justice Project—an evidence-gathering organization administered by a South Africabased nonprofit foundation— filed the complaint, requesting the immediate arrest of ex-Sri Lankan president Gotabaya Rajapaksa for his role as the secretary of defense during Sri Lanka’s civil war, which ended in 2009, the group said in a release on Sunday. Rajapaksa is believed to be living in Singapore after fleeing from Sri Lanka due to months of massive protests against him over the countr y’s economic meltdown. Rajapaksa fled the country in mid-July after angry Sri Lankan protesters stormed his residence. He first went to nearby Maldives and then flew to Singapore. The group said “the 63-page complaint argues that Rajapaksa committed grave breaches of the Geneva Conventions during the civil war in 2009 when he was secretary of defense and that these are crimes subject to domestic prosecution in Singapore under universal jurisdiction.” Rajapaksa was one of the most powerful officials—holding title of secretary to the ministry of defense—in the administration of his elder brother president Mahinda Rajapaksa, who ruled Sri Lanka from 2005 to 2015. He became Sri Lanka’s president in 2019 but had to flee in mid-July due to public protest over his failure to resolve an unprecedented economic crisis that has dealt a severe blow to the livelihood of many Sri Lankans. “The economic meltdown has seen the government collapse but the crisis in Sri Lanka is really linked to structural impunity for serious international

crimes going back three decades or more,” said the ITJP’s executive director, Yasmin Sooka. “This complaint recognizes that it’s not just about corruption and economic mismanagement but also accountability for mass atrocity crimes,” she added. Sri Lanka’s civil war killed 100,000 people, according to conser vative United Nations estimates. The actual number is believed to be much higher. A report from a UN panel of experts said at least 40,000 ethnic minority Tamil civilians were killed in the final months of the fighting alone. Tamil Tiger rebels fought to create an independent state for ethnic minority Tamils. A f ter R ajapa k sa f led t he country, the prime minister, Ranil Wickremesinghe, became the acting president and last week, lawmakers in Sri Lanka’s 225-member parliament elected Wickremesinghe to ser ve as president for the remaining period of Rajapaksa’s tenure. Wickremesinghe was sworn in last week. Sri Lankans have taken to the streets for months to demand their top leaders step down to take responsibility for the economic chaos that has left the nation’s 22 million people struggling with shortages of essentials, including medicine, fuel and food. The protesters have focused on Rajapaksa’s family, Wick remesinghe a lso has drawn their ire as a perceived Rajapaksa surrogate. The protesters accuse Rajapaksa and his powerful family of siphoning money from government coffers and of hastening the country’s collapse by mismanaging the economy. The family has denied the corruption allegations, but the former president acknowledged that some of his policies contributed to Sri Lanka’s crisis. T he political turmoil has threatened efforts to seek resc ue f rom t he Inter nat iona l Monetary Fund. Still, earlier t h is week , Wic k remesinghe said bailout talks were nearing a conclusion. The head of the IMF, Kristalina Georgieva, told the Japanese financial magazine Nikkei Asia this week that the IMF hopes for a deal “as quickly as possible.” AP

By Lolita C. Baldor

The Associated Press

AKARTA, Indonesia—The Chinese military has become significantly more aggressive and dangerous over the past five years, the top US military officer said during a trip to the IndoPacific that included a stop Sunday in Indonesia. US Gen. Mark Milley, chairman of the Joint Chiefs of Staff, said the number of intercepts by Chinese aircraft and ships in the Pacific region with US and other partner forces has increased significantly over that time, and the number of unsafe interactions has risen by similar proportions. “The message is the Chinese military, in the air and at sea, have become significantly more and noticeably more aggressive in this particular region,” said Milley, who recently asked his staff to compile details about interactions between China and the US and others in the region. His comments came as the US redoubles efforts to strengthen its relationships w ith Pacific nations as a counterbalance to China, which is trying to expand its presence and influence in the region. The Biden administration considers China its “pacing threat” and America’s primary long-term security challenge. Milley’s trip to the region is sharply focused on the China threat. He will attend a meeting of Indo-Pacific chiefs of defense this coming week in Australia, where key topics will be China’s escalating military growth and the need to maintain a free, open and peaceful Pacific. US military officials have also raised alarms about the possibility that China could invade Taiwan, the democratic, self-ruled island that Beijing views as a breakaway province. China has stepped up its military provocations against Taiwan as it looks to intimidate it into unifying with the communist mainland.

IN this photo provided by the Royal Bahamas Defense Force, survivors sit on a capsized boat as they are about to be rescued near New Providence in the Bahamas, early Sunday, July 24, 2022. Bahamas Prime Minister Philip Brave Davis said in a statement that the dead included 15 women, one man and an infant. ROYAL BAHAMAS DEFENSE FORCE VIA AP

their lives in this tragedy,” Davis said. “My government, from the time it came to office, has warned against these treacherous voyages.” Haitian Prime Minister Ariel

Milley: China more aggressive, dangerous to US and allies

US military officials have said Beijing wants to be ready to make a move on the island by 2027. The US remains Taiwan’s chief ally and supplier of defense weapons. US law requires the government to treat all threats to the island as matters of “grave concern,” but remains ambiguous on whether the US military would defend Taiwan if it were attacked by China. China’s joint chiefs of staff chairman, Gen. Li Zuocheng, told Milley in a call earlier this month that Beijing had “no room for compromise” on issues such as Taiwan. He said he told Milley that the US must “cease US-Taiwan military collusion and avoid impacting China-US ties and stability in the Taiwan Strait.” The US and others are also worried that a recent security agreement that Beijing signed in April with the Solomon Islands could lead to the establishment of a Chinese naval base in the South Pacific. The US and Australia have told the Solomon Islands that hosting a Chinese military base would not be tolerated. “This is an area in which China is trying to do outreach for their own purposes. And again, this is concerning because China is not doing it just for benign reasons,” Milley told reporters traveling with him. “They’re trying to expand their influence throughout the region. And that has potential consequences that are not necessarily favorable to our allies and partners in the region.” Milley’s visit to Indonesia is the first by a US joint chiefs chairman since Adm. Mike Mullen in 2008. But US leaders have crisscrossed

Boat carrying Haitian migrants sinks off Bahamas, killing 17 EXICO CITY—A boat carrying Haitian migrants apparently capsi zed of f t he Ba hamas early Sunday, and Bahamian security forces recovered the bodies of 17 people and rescued 25 others, authorities said. It wasn’t clear if there were any people missing after the boat sank about seven miles from New Providence. Prime Minister Philip Brave Davis said in a statement that the dead included 15 women, one man and an infant. He said the people rescued were taken for observation by health workers. Davis said investigators had determined that a twin-engine speedboat lef t t he Ba h a m a s about 1 a.m. carrying as many as 60 people, apparently bound for Miami. Davis said a criminal investigation had begun into the suspected human smug gling operation. “I would like to convey the condolences of my government and the people of the Bahamas to the families of those who lost

Tuesday, July 26, 2022

Henry said he sympathized with the parents of the victims. “This new drama saddens the whole nation,” he said. “I launch, once again, an appeal for national reconciliation in order to solve

the problems that are driving away, far from our soil, our brothers, our sisters, our children.” A year after the assassination of Haitian President Jovenel Moïse last July, gang violence has grown worse and Haiti has gone into a freefall that has seen the economy tumble. Attempts to form a coalition government have faltered, and efforts to hold general elections have stalled. The turmoil has led a growing number of people to flee the country of more than 11 million in search of a better and safer life. Severa l sink ings involv ing migrants have occurred in the Caribbean this year, including one in May in which 11 people were confirmed dead and 38 were saved off Puerto Rico. Another incident in January saw one man rescued and another confirmed dead after a boat carrying 40 migrants went down off Florida, with the missing never found. Governments in the region, including the United States, have reported a surge in the number of Haitians detained trying to enter other countries. AP

US Chairman of the Joint Chiefs of Staff Gen. Mark Milley, left, shakes hands with Indonesian Armed Forces Chief Gen. Andika Perkasa during their meeting at Indonesian military headquarters in Jakarta, Indonesia, on Sunday, July 24, 2022. AP/ACHMAD IBRAHIM

the Asia-Pacific in recent months, including high-profile visits by Defense Secretary Lloyd Austin and Secretary of State Antony Blinken. The Biden administration has been taking steps to expand its military and security relationship with Indo-Pacific nations as part of a campaign to build a stronger network of alliances in China’s backyard and counter China’s growing influence. Milley declined to provide specific numbers of unsafe Chinese interactions with US and allied aircraft and ships. But Austin, in a speech in Singapore last month, referred to an “alarming increase” in the number of unsafe intercepts by People’s Liberation Army aircraft and vessels. Austin specifically pointed to a February incident where a PLA navy ship directed a laser at an Australian P-8 maritime patrol aircraft. But there have been a number of others. A surveillance aircraft controlled by Canada was recently intercepted by a Chinese fighter in international airspace. Also, US ships are routinely dogged by Chinese aircraft and vessels du r ing t ra nsits, pa r t ic u l a rly around manmade islands claimed by Beijing in the South China Sea. Milley said there have been Chinese intercepts with Japan, Canada, Australia, Philippines and Vietnam. They all, he said, have seen a “statistically significant” increase in intercepts, and the number of unsafe incidents has increased by an “equal proportion.” Milley, who met on Sunday

with Gen. Andika Perkasa, chief of the Indonesian National Defence Forces, said Pacific nations like Indonesia want the US military involved and engaged in the region. “We want to work with them to develop interoperability and modernize our militaries collectively,” Milley said, in order to ensure they can “meet whatever challenge that China poses.” He said Indonesia is strategically critical to the region, and has long been a key US partner. Milley, who spent the afternoon at Andika’s military headquarters, was greeted with a massive billboard bearing his photo and name, a military parade and a large television screen that showed a video of his career. At the end of the visit, Andika told reporters that Indonesia has found China to be more assertive and “a little bit aggressive” with naval vessels in connection with territorial disputes with his country. Earlier this year, the US approved a $13.9 billion sale of advanced fighter jets to Indonesia. And in Jakarta last December, Blinken signed agreements for enhanced joint naval exercises between the US and Indonesia. China has condemned US efforts to expand its outreach in the region, accusing America of trying to build an “Asian Nato.” During a speech in Singapore, Austin rejected that claim. “We do not seek a new Cold War, an Asian Nato or a region split into hostile blocs,” he said.

Crews protect homes as California fire burns near Yosemite National Park By Noah Berger & Christopher Weber The Associated Press

ERSEYDALE, Calif.—A destructive wildfire near Yosemite National Park burned out of control through tinderdry forest on Sunday and had grown into one of California’s biggest blazes of the year, forcing thousands of residents to flee remote mountain communities. Some 2,000 firefighters battled the Oak Fire, along with aircraft and bulldozers, facing tough conditions that include steep terrain, sweltering temperatures and low humidity, according to the California Department of Forestry and Fire Protection, or Cal Fire. “It’s hot out there again today,” Cal Fire spokesperson Natasha Fouts said Sunday. “And the fuel moisture levels are critically low.” Crews on the ground protected homes as air tankers dropped retardant on 50-foot (15-meter) flames racing along ridgetops east of the tiny community of Jerseydale. Light winds blew embers ahead into tree branches “and because it’s so dry, it’s easy for the spot fires to get established and that’s what fuels the growth,” Fouts said.

The fire erupted Friday southwest of the park near the town of Midpines in Mariposa County. Officials described “explosive fire behavior” on Saturday as flames made runs through bone-dry vegetation caused by the worst drought in decades. By Sunday the blaze had consumed more than 22 square miles (56 square km) of forestland, with no containment, Cal Fire said. The cause was under investigation. Evacuations were in place for over 6,000 people living across a several-mile span of the sparsely populated area in the Sierra Nevada foothills, though a handful of residents defied the orders and stayed behind, said Adrienne Freeman with the US Forest Service. “We urge people to evacuate when told,” she said. “This fire is moving very fast.” Ly n d a R e y n o l d s - B r o w n a n d h e r husband Aubrey awaited news about the fate of their home from an evacuation center at an elementary school. They fled as ash rained down and the fire descended a hill towards their property. “It just seemed like it was above our house and coming our way really quickly,” Reynolds-Brown told KCRA-TV.

Weber contributed from Los Angeles.

A10 Tuesday, July 26, 2022 • Editor: Angel R. Calso

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editorial

‘The state of the nation is sound’

fter every presidential election, no schedule in the new president’s political calendar is more anticipated than the first State of the Nation Address. The SONA is a constitutional obligation, required by Article VII, Section 23 of the 1987 Constitution: “The President shall address the Congress at the opening of its regular session.” For President Ferdinand “Bongbong” Marcos Jr., his first SONA yesterday gave him an opportunity to announce to the nation the administration’s recovery program “to address economic scarring brought about by the pandemic,” including 19 priority legislative measures that he urged Congress to pass. At least 1,300 guests were invited to hear the President’s first SONA at the newly renovated Batasang Pambansa. The speech, which lasted more than an hour, was interrupted 70 times by applause and two standing ovations—when he declared “no more lockdowns” and “I will not preside over any process that will abandon even a square inch of territory of the Republic of the Philippines to any foreign power.” Talking in English when discussing economic and investment programs, the President spelled out policy items, such as the need to level up energy production, universal connectivity across the country’s 7,600 islands, and giving high priority to infrastructure projects through Private-Public Partnerships, among others. When he wanted to address ordinary Filipinos, including the OFWs, Mr. Marcos used Filipino. He vowed to help farmers by modernizing agriculture and providing inputs and loans. Like his predecessor, President Marcos is charting an independent foreign policy. “With respect to our place in the community of nations, the Philippines shall continue to be a friend to all. And an enemy to none,” he said. “We will be a good neighbor—always looking for ways to collaborate and cooperate with the end goal of mutually beneficial outcomes.” Mr. Marcos pushed for the passage of bills that would help improve government services. The proposed National Government Rightsizing Program (NGRP) seeks to enhance the government’s institutional capacity to perform its mandate and provide better services, while ensuring optimal and efficient use of resources. His proposed Budget Modernization measure will institutionalize the Cashbased Budgeting System, explaining that this would ensure that every peso budgeted by the government would lead to the actual delivery of programs and projects. “The full implementation of the CBS is timely and vital as the government executes response and recovery plans post-pandemic,” the President said. Other legislative proposals include the creation of the Virology Institute of the Philippines and the Department of Water Resources. The creation of the Medical Reserve Corps and the Philippine Center for Disease Prevention and Control, which will be attached to the Department of Health. On tax reform, he asked lawmakers to pass the Tax Package 3: Valuation Reform Bill and the Tax Package 4: Passive Income and Financial Intermediary Taxation Act. The Valuation Reform bill seeks to establish real property values and valuation standards across the country, as well as the development of Real Property Information System that provides for the database of all real property transactions and declarations in the country. The proposed PIFITA, on the other hand, aims to introduce reforms to the taxation of capital income and financial services by redesigning the financial sector taxation into “simpler, fairer, more efficient and a revenue neutral tax system.” Other proposed measures include the Internet Transaction Act or E-Commerce Law, as well as the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery. The E-Commerce Law aims to establish an effective regulation of commercial activities through the Internet or electronic means. The GUIDE bill, on the other hand, seeks to provide financial assistance to distressed MSMEs critical to economic recovery through programs and initiatives that will be implemented by the Land Bank of the Philippines, Development Bank of the Philippines and Philippine Guarantee Corp. The President acknowledged that Filipinos have been struggling for two years under the pandemic. But he painted an optimistic portrait of life for Filipinos after the pandemic. Mr. Marcos ended his speech on a positive note: “We will endure. Let the Filipino spirit remain undimmed. The state of the nation is sound.”

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Gut issues that matter to the public Manny B. Villar

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overning a nation is not a simple task. Myriad of problems await the chief executive and he has to prioritize which among the issues should be resolved first.

But there are concerns that must be dealt with immediately before things get out of hand. Former president Rodrigo Duterte provided a short-term solution to rising rice prices during his term by easing the importation of the commodity. Philippine rice stocks were low and the clear solution was to address the lack of supply. True enough, rice prices went down quickly—leading to a lower inflation rate. Water rates, too, were becoming prohibitive to consumers because of one-sided contracts with utilities. In one bold stroke, President Duterte ordered the renegotiation of the contracts with water utilities that eventually safeguarded the interest of consumers by preventing undue rate hikes. President Ferdinand Marcos Jr. is facing the same dilemma. He is facing increasing prices of commodities, especially of rice, due to the UkraineRussia conflict that has raised the

cost of fuel, transportation and fertilizers. These are gut issues that affect the ordinary farmer and consumer, and which must be resolved quickly to calm the population. Mr. Marcos is opting for a medium-term solution to once and for all handle the problem. I agree with the administration’s strategy to boost rice production with a farm-tomarket plan. He likely unveiled the plan during his State of the Nation Address yesterday. (This column was written before the SONA). Mr. Marcos has instructed the staff of the Department of Agriculture (which he temporarily heads) to prepare a farm-to-market road (FMR) masterplan that will serve as a guide in the nation’s bid to promote food security and empower rural communities. There is nothing novel about FMR—every administration has tried to implement it. But Mr. Marcos

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he two most valuable courses to take to learn how the financial and asset markets function are history and physics. In fact, take these two courses to learn how life works.

Learning the history of anything—art, nation or even your own family—provides a timeline to put everything in proper perspective and context. “You do not know how you got here until you know where you came from” and “You do not know where you are going until you know where you are now.” That is what history is all about. Otherwise, your intellectual understanding will be as easy and clear as walking into the middle of a Quentin Tarantino movie and not having a clue about the story. In truth, one of the reasons that journalism is such a useless farce today is because those in the industry refuse to look at issues and people in historical context. You cannot answer the question “why did this happen” unless you know

“what happened before.” The timeline of history shows that the event in question was not coincidental and that the path that led to where we are today was inevitable if we look at that path from the top of the mountain. There is a reason why wise gurus are often pictured on a mountaintop cave. Of course, nothing is cast in stone, and we still have free will decisions to make. However, circumstances push the decision-making. The second discipline that you should study is physics, which teaches two lessons. The first is that there is a clear and definable order to the universe or at least the little part that we can see with our own eyes. The other lesson is that the order is not constant and repetitive that it creates a rule or law of how

wants a more detailed plan to make it work, bring the farmers closer to their market and give them a better price for their harvest. His instructions are clear—the masterplan should include regional maps detailing the exact locations of the farmto-market roads to be built. The FMR became the mantra for every administration. Without details, however, the FMR was relegated to be the pet projects of some politicians who initiated them merely as part their campaign promises. For Mr. Marcos, the FMR is the first part to solve some of the bottlenecks in the supply chain. Pinpointing the productive agricultural areas where the FMR will begin is the first step in the right direction. The FMR is a sort of a miniinfrastructure program that promotes inclusive economy. Farmers and fishermen will have the chance to improve their livelihood income through the FMR by way of reduced travel time for their goods and produce. A direct access to the market will do away with middlemen and traders, who take advantage of the farmers and fishermen by offering low prices. The construction of FMR will also provide employment in the countryside.

Other challenges

Wheat prices that impact on the cost of bread and the lowly pandesal are increasing because of the disruption in the supply chain brought about by the war in Ukraine. Additional fare hikes caused by surging oil prices in the world market, and higher fish prices due to low supply are also buffeting our consumers. But these inflationary pressures, I believe, will settle down eventually as we address the supply side, especially of fish. We can control some of these inflationary pressures as we have done in the past. With Mr. Marcos at the helm of the Department of Agriculture, he has a firsthand view of the situation in the rice, fish and meat sectors. On the monetary side, the Bangko Sentral ng Pilipinas is on top of the situation. It declared last week that it is ready to take all the necessary policy actions to tame the inflation rate and bring it within the target range in the medium-term period. We have competent men and women in the Cabinet who are up to the challenge of handling the ship. The Philippines has weathered Covid-19 and protected its citizens from further harm. We as a nation did not panic in the face of the UkraineRussia war, and there is no reason to be alarmed now.

Inflationary pressures are building up not only in the Philippines but in the rest of the world as well.

For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar. com.ph

things operate. For example: World history was disgustingly boring for about 10,000 years with the only excitement coming from trying to figure out which animal was periodically eating the sun/moon and finding new ways of killing each other. Then around 1750, things changed with the industrial revolution. From that time, human quality of life started improving and exploded with the advent of the 20th century as measured by life expectancy and the other factors. That is part of the history. The other part is that the industrial revolution was fueled by coal, which replaced wood that was becoming scarce. The explosion of the human standard of living came when oil became a viable, readily available, and cost-effective fuel source. Now the 21st-century physics. For 25 years and after $5 trillion being spent, the use of fossil fuels has dropped 2 percent. To get the same amount of energy from solar and wind to replace what we get from fossil fuels would require increasing mining by 1,000 percent. Note that we are very good at creating new ways to use energy— airplanes, cars, pharmaceuticals, communication devices—and not so good at finding new ways to produce energy. Greenamerica.org: “10

Reasons to Oppose Nuclear Energy,” nuclear being the only new source of energy in over 100 years. Wind and solar are not new. More physics. Pascal’s law says that fluid in a closed container, a pressure change in one part is transmitted without loss to every portion of the fluid and to the walls of the container. In economics and the stock market, “A rising tide lifts all boats. A typhoon sinks them.” First Law of Thermodynamics: Energy can be changed from one form to another, but it cannot be created or destroyed. Economics: “Production has costs. There is no such thing as a free lunch.” We think of Newton’s Law of Gravitation incorrectly—“what goes up must come down”—as applicable to asset prices. But more appropriately we should remember the physics behind, “Before the price starts going up, it must first stop going down.” The best law of the markets is, “When everyone thinks central bankers, money managers, corporate managers, politicians or any other group are the smartest guys in the room, you are in a bubble.” E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

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Tax incentives of renewable energy

The first SONA of Marcos 1.0 Manny F. Dooc

TELLTALES

Atty. Irwin C. Nidea Jr.

Tax law for business

he Industrial Revolution occurred more than a century ago, yet the anchor of development remains the same. At the surface, we have come a long way. Transportation has reached new height, communication has connected continents, and technology has evolved multiple folds. However, at the interior of all this innovation, we will find ourselves energized by the same source energy (gas, oil, or coal) that fueled the Industrial Revolution. There is no doubt that the Industrial Revolution has catapulted the advancement of society, but in the process, it has also accelerated climate change. The United Nations has explained that “climate change” refers to the long-term shifts in temperatures and weather patterns. These shifts may be natural, such as through variations in the solar cycle. But since the 1800s, human activities have been the main driver of climate change, primarily due to burning fossil fuels like coal, oil and gas. To avoid the worst impacts of climate change, emissions need to be cut by nearly half by 2030. To achieve this goal, we would need to steer development towards a greener future. Focus should be geared towards Renewable Energy (RE) sources instead of reliance in fossil fuels. Sadly, for years, there seemed to be a disconnect between the intended direction of our policy makers and how our laws are framed, as far as tax incentives for RE is concerned. For one, there are CTA decisions that deny an RE developer’s claim for VAT refund on the ground that it failed to produce the DOE Certificate of Endorsement relative to its sale of renewable energy as required in the RE Law’s implementing rules. RE developers are being required to produce not only the DOE Certificate of Registration and BOI Registration but also a COE from the DOE for every sale of renewable energy. This requirement is cumbersome if not impossible to comply. The RE Law is clear that the value-added tax zero-rating incentive on sale of fuel or power generated from renewable sources of energy by RE developers does not require the presentation of the COE. The RE Law never mentioned of the requirement of a COE before availing the said incentive. It only requires registration with the DOE and the BOI before an RE Developer can enjoy the VAT zerorating incentive on sale of fuel or power generated from renewable sources of energy. There are many claims for refund that were denied just because the IRR of a law stated a requirement that the law itself does not mandate. In January 2022, the IRR of the RE Law was amended by Department Circular DC2021-12-0042. It now provides that an RE Developer shall be AUTOMATICALLY qualified to avail of the incentives provided in the RE Law after securing a Certificate of Registration from the DOE. The IRR has been amended. It has been clarified that an RE Developer is not required to submit a COE to avail of the VAT zero-rating incentive. Damage has been done not only to the investors of renewable energy but to the environment as well. Some investors may have been turned off when they realized that our law, particularly the old IRR, empowers the government to hold on to their money that is supposed to be returned to them, by requiring the impossible. It bears stressing that the issuance of the COE is not included as one of the functions of the Renewable Energy Management Bureau of the DOE. Given that the old IRR specifically states that it is the REMB which shall issue the COE but the

There are many claims for refund that were denied just because the IRR of a law stated a requirement that the law itself does not mandate. said office does not issue the same will leave anyone dumbfounded. A claim for refund is being denied because of a requirement that is not being processed by the government agency that is allegedly mandated to produce it. The government is now trying to make amends with the issuance of the new IRR and with the issuance of Revenue Regulations 7-2022, dated June 30, 2022. The said RR provides that local supplier of goods, properties, and services shall require from the RE Developer only a copy of the latter’s BOI Registration and DOE Registration for VAT zero-rating purposes. Accordingly, local suppliers/sellers of goods, properties, and services of duly registered RE developers should not pass on the 12 percent VAT on the latter’s purchases of goods, properties and services that will be used for the development, construction and installation of their power plant facilities. This includes the whole process of exploring and developing renewable energy services up to its conversion into power, including but not limited to the services performed by subcontractors and contractors. The VAT zero-rating incentive does not stop to the local purchases by RE developers. All manufacturers, fabricators, and suppliers of locally produced RE equipment are also subject to zero-rated VAT on their transactions with local suppliers of goods, properties, and services needed in the manufacture/ fabrication of RE equipment. They just must only show their BOI and DOE certifications as well as the BOI and DOE certifications of the RE developers. Based on these recent issuances, it can be seen that there is now a conscious effort by the government to show that a COE is no longer a requirement to avail of the VAT zero-rating incentive. Unfortunately, damage has been done. We need to pivot to renewable energy and shy away from carbon and fossil fuels. These sources of energy may have catapulted us to where we are now. But are they sustainable? We all know that we are killing our planet with carbon emissions that bring about climate change. Climate change is slowly becoming apparent. We are now experiencing record-breaking temperatures and stronger typhoons. The policy direction of our government to renewable energy must be crystal clear. Our laws, including tax incentives given to RE, must not be equivocal. RE developers must be given what is due them and they must be allowed to grow and be more. The author is a senior partner of Du-Baladad and Associates Law Offices, a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

Tuesday, July 26, 2022 A11

resident Bongbong Marcos, or Marcos 2.0, delivered his first State of the Nation Address yesterday before the Joint Session of Congress. It signals the opening of the regular session of both chambers of Congress following their respective organization where the Senate President and the Speaker of the House, as well as the other Senate and House of Representatives officials are elected and installed. In the SONA, the President reports on the state of the country, introduces his program of government and unveils his legislative agenda and priorities for the year. BBM’s first SONA was the 84th SONA delivered by a Philippine president since 1935. After the President’s inaugural address, the SONA is the most important speech given by the newly elected President to his people. Our Constitution mandates that “the President shall address the Congress at the opening of its regular session.” (Article VII, Section 23 of the 1987 Philippine Constitution). The same provision was contained in our 1935 Constitution, which provided “that the President shall from time to time give to the Congress information on the state of the nation, and recommend to its consideration such measures as he shall judge necessary and expedient.” Thus, the President cannot avoid this obligation without breaching the highest law of the land. Commonwealth President Manuel L. Quezon acknowledged this constitutional duty when he stated in his first SONA delivered on November 25, 1935 at the National Assembly following his inauguration as the duly elected President of the Philippine Commonwealth that he was giving the message “in fulfillment of the Constitutional mandate to give a report of the state of the Nation” to the National Assembly on its opening session. The SONA, next to the President’s inaugural speech, is the most significant and profound message that comes from the lips of our President. This was amply demonstrated in BBM’s address yesterday. Every president of our country

uses the SONA as a pulpit to voice his concerns about the problems besetting our nation and as a platform to propose solutions to them. The SONA is the best forum where the President can articulate his views and express his hopes and aspirations to realize his dreams for our country and people. The elder Marcos (Marcos 1.0) had used his SONAs, the most of any president, to transmit and expound his views on government and the various complex issues confronting it. Undoubtedly, Marcos 1.0 was one of the most powerful and eloquent presidents who occupied Malacañang. And he could deliver his entire speech without notes or teleprompters. He could deliver his speeches extemporaneously or composed them with little effort like a gifted wordsmith or a ghostwriter. Let’s revisit his first SONA, which he delivered on January 24, 1966 following his inauguration as the 10th President of the Philippines. On Agriculture—Like his son, President BBM, Marcos 1.0 was faced with the challenge to increase agricultural productivity to address food insecurity. On this particular subject, the elder Marcos declared: “One of our first concerns is to strengthen the agricultural sector. Self-sufficiency in the production of food, especially rice, must be attained in the shortest possible time. We must also… diversify our production of export crops so that we can develop Philippine agriculture into a reliable earner

of foreign exchange.” He stressed the need to implement land reform. “If necessary, we shall consider the sale of government properties not immediately needed to realize the funds for the proposed Land Bank. (This eventually resulted in the creation of the LandBank). “The Agricultural Credit Administration must be reoriented to permit a total concentration of its resources on land reform cases.” He cited specific steps to attain rice selfsufficiency, to wit: “It is necessary to enact legislation to: 1) adjust to more realistic and rewarding levels the floor of the government buying price for rice and corn; 2) provide legislative authority to borrow funds abroad to finance the construction of irrigation systems; and, 3) reorganize governmental agricultural agencies to achieve a reduction in operational costs in order to attain efficiency and maximum coordination in all levels of governmental planning and implementation.” On Private Business and Free Enterprise —“We believe in the principle of free enterprise. We realize that when the public sector goes into debt and competes with the private sector for credit, the scale is biased against the latter. This results in the draining of the credit flow to business, which in turn impinges upon production and therefore operates against our basic growth.… Our fight in free enterprise demands that we accept the consequence of this bold adventure.” On the other hand, Marcos 2.0 was willing to take action to help out distressed companies. “While we… are committed to defend the free initiatives of business which are not inconsistent with public interest, we will not shy away from our responsibility to intervene, to sustain ailing essential industries….” He also proposed the creation of “an Investment Office which shall furnish all the information that may be required by prospective investors….” (This resulted in the formation of the Board of Investments). On Physical Infrastructure— Marcos 1.0 acknowledged the need to put up infrastructure to support our economic growth. “The government must provide a solid physical base which can adequately support planned and sustained economic

growth. We seek to provide a safe and sufficient network of major thoroughfares, with supplementary integrable developmental road systems, complementary water and air transport facilities, and a comprehensive communications network…. Civil works designed to solve the perennial flood problems; and an adequate physical plant for regular governmental social services, in the form of schools, hospitals and sanitaria, public buildings, mass housings, and community development.” This paved the way for the massive infrastructure building, which was a hallmark of the Marcos 1.0 administration. Although critics had termed it as the “edifice complex.” On Inflation—The elder Marcos also assured the public that “consumers do not suffer from the consequences of a rise in prices. Not only will we exercise the utmost responsibility in monetary and fiscal policy in order to hold the line on prices, but we are determined to undertake massive production programs in rice, fish, vegetables, and meat. We shall fight hoarding and market manipulation with every force at our disposal. We will use the persuasive powers of the Presidency to prevent the spiraling of prices in key sectors and products.” On Taxation and Prudent Fiscal Policy—Marcos 1.0 stressed that “we cannot lay any claim to nobility or greatness unless we can improve our tax collection system. We must show convincing proof that we are using in the most judicious and economic manner the funds we collect in the form of taxes.” Marcos 2.0 can take a cue from his father’s ideas. There’s no need to reinvent the wheel. Proven and tested approaches may be borrowed and adopted if they are effective in resolving our problems. For instance, Masagana 99 may be renumbered and improved. For a while the ricesufficiency program worked until the financing program behind it faltered. Technocrats and experts can review the program and come up with reforms to enhance the implementation and ensure that it does not suffer from the same pitfalls. This is the best way for Marcos 2.0 to build on the legacy of Marcos 1.0 and gain the respect and trust of our people.

Semiconductor bill unites Sanders, the right–in opposition

By Kevin Freking | The Associated Press

ASHINGTON—A bill to boost semiconductor production in the United States has managed to do nearly the unthinkable—unite the democratic socialist Sen. Bernie Sanders and the fiscally conservative right.

The bill making its way through the Senate is a top priority of the Biden administration. It would add about $79 billion to the deficit over 10 years, mostly as a result of new grants and tax breaks that would subsidize the cost that computer chip manufacturers incur when building or expanding chip plants in the United States. Supporters say that countries all over the world are spending billons of dollars to lure chipmakers. The US must do the same or risk losing a secure supply of the semiconductors that power the nation’s automobiles, computers, appliances and some of the military’s most advanced weapons systems. Sanders, I-Vt., and a wide range of conservative lawmakers, think tanks and media outlets have a different take. To them, it’s “corporate welfare.” It’s just the latest example of how spending taxpayer dollars to help the private sector can scramble the usual partisan lines, creating allies on the left and right who agree on little else. They are positioning themselves as defenders of the little guy against powerful interest groups lining up at the public trough. Sanders said he doesn’t hear from people about the need to help the semiconductor industry. Voters talk to him about climate change, gun safety, preserving a woman’s right to an abortion and boosting Social Security benefits, to name just a few.

“Not too many people that I can recall—I have been all over this country—say: ‘Bernie, you go back there and you get the job done, and you give enormously profitable corporations, which pay outrageous compensation packages to their CEOs, billions and billions of dollars in corporate welfare,’” Sanders said. Sanders voted against the original semiconductor and research bill that passed the Senate last year. He was the only senator who caucuses with the Democrats to oppose the measure, joining with 31 Republicans. While Sanders would like the see the spending directed elsewhere, several GOP senators just want the spending stopped, period. Sen. Mike Lee, R-Utah, said the spending would help fuel inflation that is hurting the poor and middle class. “The poorer you are, the more you suffer. Even people well-entrenched in the middle class get gouged considerably. Why we would want to take money away from them and give it to the wealthy is beyond my ability to fathom,” Lee said. Conservative mainstays such as The Wall Street Journal’s editorial board, the Heritage Foundation and the tea party aligned group FreedomWorks have also come out against the bill. “Giving taxpayer money away to rich corporations is not competing with China,” said Walter Lohman, director of the Heritage Foundation’s Asian Studies Center.

The opposition from the far left and the far right means that Senate Majority Leader Chuck Schumer, DNew York, and House Speaker Nancy Pelosi, D-California, will need help from Republicans to get a bill over the finish line. Support from at least 11 Republican senators will be needed to overcome a filibuster. A final vote on the bill is expected in the coming week. Sen. Mitt Romney, R-Utah, is among the likely Republican supporters. Asked about the Sanders’ argument against the bill, Romney said that when other countries subsidize the manufacturing of high technology chips, the US must join the club. “If you don’t play like they play, then you are not going to be manufacturing high technology chips, and they are essential for our national defense as well as our economy,” Romney said. The most common reason that lawmakers give for subsidizing the semiconductor industry is the risk to national security from relying on foreign suppliers, particularly after the supply chain problems of the pandemic. Nearly four-fifths of global fabrication capacity is in Asia, according to the Congressional Research Service, broken down by South Korea at 28 percent, Taiwan at 22 percent, Japan, 16 percent, and China, 12 percent. “I wish you didn’t have to do this, to be very honest, but France, Germany, Singapore, Japan, all of these other countries are providing incentives for CHIP companies to build there,” Commerce Secretary Gina Raimondo said Sunday on CBS’s “Face the Nation.” “We cannot afford to be in this vulnerable position. We need to be able to protect ourselves,” she said.

The window for passing the bill through the House is narrow if some progressives join with Sanders and if most Republicans line up in opposition based on fiscal concerns. The White House says the bill needs to pass by the end of the month because companies are making decisions now about where to build. House Speaker Nancy Pelosi, DCalif., told members of the United Auto Workers in Michigan on Friday that she feels “very confident” the bill will pass the House. “Before I walked in here, coming from the airport, I was told that we have some important Republican support on the House side,” Pelosi said. “We value the bipartisanship of this bill.” Two key congressional groups, the Problem Solvers caucus and the New Democrat Coalition, have endorsed the measure in recent days, The Problem Solvers caucus is made up members from both parties. Rep. Brian Fitzpatrick of Pennsylvania, the group’s Republican co-chair, said Intel Corp. wants to build its chip capacity in the United States, but much of that capacity will go to Europe if Congress doesn’t pass the bill. “If a semiconductor-related bill is brought to the floor, it will pass,” Fitzpatrick said. Rep. Derek Kilmer, D-Wash., said he believes the legislation checks a lot of boxes for his constituents, including on the front-burner issue of the day, inflation. “This is about reducing inflation. If you look at inflation, one-third of the inflation in the last quarter was automobiles, and it’s because there’s a shortage of chips,” Kilmer said. “So this is about, one, making sure that we’re making things in the United States, and two, about reducing costs.”

A12 Tuesday, July 26, 2022

Pandemic recovery, distressed sectors priorities of 19th Senate

THE newly installed Senate Minority Leader Koko Pimentel arrives with wife Kathyrna at the Batasang Pambansa before the SONA on Monday. NONOY LACZA

By Butch Fernandez

@butchfBM

S expected, former Senate Majority Leader Juan Miguel F. Zubiri was elected as the new Senate President by acclamation Monday morning, shortly after the 19th Senate opened its first regular session. = In his acceptance speech, Zubiri thanked colleagues for the trust they bestowed upon him and vowed that the Senate under his leadership would remain independent. In an interview with CNN Philippines later at the Batasan, Zubiri noted with satisfaction the “synergy” he has with the new Speaker, Leyte Rep. Martin G. Romualdez, who like him served as majority leader during some of Congress’ most crucial periods—notably the pandemic when Covid-19 response measures

competed for time and resources with vital tax and economic liberalization reforms. During interviews, Zubiri had said the Senate would prioritize passing the 2023 national budget that would include funding for a stimulus package, including assistance to distressed industries and sectors affected by the pandemic and current political issues. Presiding officer during the nomination process for the selection of top Senate leaders was Sena-

tor Juan Edgardo Angara. Comebacking Senator Alan Peter Cayetano, who was earlier reported to be interested in being minority leader even as the Zubiri-led incoming majority also tried to reach out to him, manifested that he was not joining the voting process to install the new Senate President, so he is out of the majority, adding he prefers to be independent, as his sister, Sen. Pia Cayetano also abstained from voting. Senators Koko Pimentel and Risa Hontiveros also abstained from the voting. The body also formalized the selection of reelected senator Joel Villanueva as majority leader; and of comebacking senator Loren Legarda as Senate President Pro Tempore. Sen. Aquilino “Koko” Pimentel III will lead the 2-man minority bloc, with Sen. Risa Hontiveros as member. Also elected was Atty. Renato Bantug Jr. as the Senate Secretary. The Zubiri-led new Senate majority is expected to fill up the new assignments of committee chairmanships on Tuesday, though most of the key committee posts have

SPEAKER MARTIN ROMUALDEZ

already been spoken for. Joining Senator Jinggoy Estrada in endorsing Zubiri for the Senate presidency post was Senator Grace Poe, who described their new leader as one who “walks the line seriously,” noting Zubiri had served twice as majority leader and pushed major pieces of legislation. She recalled that “even Minority Leader Frank Drilon voted with Zubiri” on many key reforms. For his part, even administration Senator Ronald “Bato” dela Rosa acknowledged the “leadership attributes that Sen. Zubiri posseses,” recalling that “we saw him work hard and does not stop working even when he is weak. Zubiri said that, “as a Mindanaoan, I second my fellow Mindanaoan as Senate President.” Zubiri hails from Bukidnon and Dela Rosa is from Davao City. Senators noted that the Senate presidency and minority leader’s post will be held by two leaders from Region 10, referring to Zubiri and Pimentel, who hails from Cagayan de Oro City. See “Pandemic,” A2

Marcos wants tourism to drive GDP, jobs By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

RESIDENT Ferdinand R. Marcos Jr. on Monday played up the importance of the tourism industry in boosting the economy, especially in the area of job generation. While he did not specify any targets relating to arrivals, receipts, and tourism employment, Marcos Jr. in his first State or the Nation Address (SONA), stressed, “Tourism is not only an important economic development tool, but the abundance of opportunities that the sector creates in terms of regular employment and even job creation at the grassroots level is undeniable.” A World Travel & Tourism Council report showed that prior to the pandemic, the Philippine tourism and travel sector’s contribution to the gross domestic product (GDP)

was 22.5 percent, or US93 billion, in 2019. The following year, however, the contribution plunged to just 4.8 percent or $17.8 billion of total GDP, as pandemic travel restrictions were imposed around the world. (See, “WTTC sees PHL tourism raising $155B by 2032,” in the BusinessMirror, April 20, 2022.)

A change in branding campaign?

MARCOS also hinted at a possible change in the country’s branding campaign to attract foreign tourists. “They say that each brand has a story. As for the Filipino brand, ours is deeply rooted in our rich cultural heritage and the tourism sector plays an invaluable role in the promotion of the Filipino brand,” he said. “To foster the Filipino brand is to spark our sense of pride and reaffirm our strong sense of identity. It is time to welcome the rest

of the world with an enhanced Filipino brand that is unique, attractive, and creative.” The current branding campaign based on the slogan, “It’s more fun in the Philippines,” was launched in 2012 under the term of the late Tourism Secretary Ramon Jimenez Jr. and has won several international advertising and branding campaign awards. Under that campaign, the country has been able to attract 8.26 million foreign tourists in 2019, a historic high, before Covid-19 halted global travel. Marcos Jr. also underscored the need for easier access to tourism destinations, thus the construction of better roads and upgrade of airports. He avoided mentioning the country’s main gateway—Ninoy Aquino International Airport—which some lawmakers now want to be renamed again, this time after the President’s late father, Ferdinand Sr. Naia was named after the for-

mer opposition lawmaker, who was assassinated on the airport’s tarmac on August 21, 1983 as he returned from exile. Several military men who fetched him from the plane were convicted and jailed.

Improve roads, upgrade airports

“TO boost our tourism industry, we will first and foremost make basic developments such as road improvements for easier access to tourism spots. We will also upgrade our airports and create more international airports to help decongest the bottleneck in the Manila airport,” he said. The President said the program to improve access around the country, even to “remote, undiscovered tourist spots” will be led by the Department of Tourism, together with the Department of Public Works and Highways. Continued on A5

HOUSE SUPERMAJORITY PICKS MARTIN ROMUALDEZ SPEAKER By Jovee Marie N. dela Cruz @joveemarie

HE supermajority of the House of Representatives on Monday elected Leyte Rep. Martin G. Romualdez as the 24th Speaker of the House of Representatives, a post that many said suited him well, given his long experience and track record in shepherding legislation, especially as majority leader of the House during the pandemic. In his acceptance speech, Romualdez vowed to push for “unity” towards pandemic recovery. “We are entering the endemic stages and we are confident that with the unity that our President has espoused, we can actually overcome the crippling effects of this pandemic, and of course the political differences that occurred in the recent elections, as well as the global impact, such as the Ukrainian war,” Romualdez said. “The tasks ahead of us may be seemingly daunting. But our synergy is the seed that will nurture us for the next three years. We will work together to ensure that the House of Representatives truly embodies the will of the people. We will work handin-hand to ensure the swift passage of House measures that are needed by the people and would support development across all sectors of society and different levels of government. With unity of purpose, there is nothing that we cannot do,” he added. Romualdez also committed to be as fair as possible and to favor no one. “As your Speaker, I vow to attend to all the concerns of your constituents. There will be fair and equitable distribution of resources for development of our regions, regardless of political affiliation. Every Filipino family must be included in any de-

velopment agenda. No one gets left behind,” he said. Romualdez, who was unopposed in the speakership race, secured a total of 283 votes. Twenty-two lawmakers did not vote in the speakership race, four lawmakers abstained and one voted against. Ilocos Norte Rep. Ferdinand Alexander Marcos nominated Romualdez as Speaker and seconded by Batangas 6th District Rep. Ralph G. Recto, Davao City Rep. Isidro T. Ungab (LakasChristian Muslim Democrats), Antipolo City 1st District Rep. Roberto V. Puno (National Unity Party), Las Piñas City Rep. Camille A. Villar (Nacionalista Party), Ilocos Sur Rep. Kristine Singson-Meehan (Nationalist People’s Coalition), Trade Union Congress of the Philippines (TUCP) party-list Rep. Raymond Democrito C. Mendoza, and Pampanga Rep. Aurelio ‘Dong’ Gonzales Jr. (PDP-Laban). Romualdez also took his oath as the 24th Speaker before Tarlac Rep. Jaime D. Cojuangco, youngest member of the 19th Congress at age 25. His wife, Tingog partylist Rep. Yedda Marie K. Romualdez, and his children also joined him in the ceremony. Juliette Romualdez, mother of Speaker Romualdez; Philip Romualdez and his wife, Sandy Prieto also witnessed the event.

House officials

MEANWHILE, Zamboanga City 2nd District Rep. Manuel Jose “Mannix” M. Dalipe was elected House Majority Leader. Cavite Rep. Lani Revilla nominated him for the post. Former President Gloria Macapagal Arroyo, a former Speaker and now comebacking congresswoman from Pampanga, was elected senior Deputy Speaker during Monday›s session. Continued on A5

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, July 26, 2022

Meralco H1 core, net profits grow; MVP upbeat on 2022

By Lenie Lectura

@llectura

HE Manila Electric Company (Meralco) expects to sustain its improving financial performance for the rest of the year after posting growth in core and net profits from January to June 2022 versus the same period last year. “We remain optimistic that Meralco will be able sustain its financial performance throughout 2022,” said Meralco chairman Manuel Pangilinan in a statement after the company released Monday its first-half financial results. The utility firm’s Consolidated Core Net Income (CCNI) in the first six months of the year rose by 15 percent to P13.1 billion from P11.4 billion in the same period last year on the back of strong energy sales and earnings from the power generation business. Consolidated reported net income, meanwhile, improved 32 percent to P13.1 billion from P9.9 billion with the adjustments made last year in relation to the passing into law of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, and recognition of foreign exchange gains this year versus foreign exchange losses in 2021. Meralco chief finance officer Betty Siy-Yap said, “things are looking good” for the utility firm when asked if it can surpass last year’s core profit and revenues. “Things are looking good, but we wish to highlight also that what is adding to CCNI of Meralco would be the power gen performance of Pacific Light, San Buenaventura, and Bulacan Sol…Yes, there’s good key volume and contribution from power generation,” said Yap during the company’s virtual news conference.

Consolidated revenues rose by 34 percent to P199.6 billion from P149.1 billion, mainly due to the higher pass-through generation and other charges on account of persisting increase in global fuel prices, as well as the revenue contribution of the power generation business which was at P13.6 billion. Pangilinan did not provide guidance numbers for 2022 full-year profit. He said these numbers would be available possibly in the third quarter. He pointed out that while uncertainties and risks remain, “we expect that our country will raise the pace of economic recovery under the new government of President Ferdinand Marcos, Jr.,” as Meralco will be ready to support the growing power requirements of its customers and the government’s ramped up infrastructure projects and initiatives. At end-June this year, Meralco recorded a total of 7.5 million customers, up 3 percent from 7.3 million during the first half of 2021. This was driven by record-high energization of project-covered and ordinary service applications mostly from mixed-use buildings, subdivisions, and telecommunications customers. Energy sales during the period surpassed prepandemic levels to 23,968 gigawatt hours (GWh), a 6-percent increase from 22,663 GWh in the same six months last year. Meralco reported strong recovery

in the commercial segment as retail, restaurants, and hotels showed massive improvement after the government allowed establishments to operate at practically full capacity, and social gatherings like rallies and concerts to resume. In the first half of the year, residential and commercial segments both accounted for 35 percent of the sales mix, showed signs of a shift back to the prepandemic mix, while industrial contributed 30 percent. “Despite the brief slowdown due to the Omicron surge early this year, the continued easing of restrictions that coincided with elections-related activities allowed us to surpass our pre-pandemic sales performance in the first half of this year,” said Meralco President and CEO Ray C. Espinosa. Meralco’s average retail rate increased by 18 percent to P9.33 per kWh from P7.92 per kWh as generation charges—which accounted for about 62 percent of the total retail rate—went up 30 percent due to higher fuel costs, peso depreciation and higher spot market prices. “We remain cautious about the effect of persisting increase in global fuel prices on our rates. To this end, Meralco relentlessly looks for ways to cushion the impact of external volatilities on our operations. “We will move ahead with the execution of sourcing strategies that include our planned CSPs (Competitive Selection Process), consistent with our Power Supply Procurement Plan, in a timely manner to ensure availability of cost-competitive power for our customers in the long-term,” Espinosa added. Transmission charges, comprising 9 percent of the retail rate, increased by 14 percent. Subsidies and taxes, 11 percent of the retail rate, similarly went up by 12 percent. The increase in pass-through charges was mitigated by the P0.34 per kWh average refund of distribution over-recoveries, totaling P5.7

CLI-led DGT sells commercial lots

HE joint venture of listed firm Cebu Landmasters Inc. has inaugurated and started the sale of the commercial lots in its 23-hectare Davao Global Township after two years of site development. The development was carried out by YHEST Realty and Development Corp. a joint venture between Cebu Landmasters and the Yuson, Huang and Tan families of the prominent Villa-Abrille clan of Davao. The developer said it started to offer 27 township commercial lots for sale after completing the utilities and road networks of the property, which is the former Davao Golf Club in Davao’s populous Matina district. The commercial lots for sale have a total area of 47,194 square meters and lot sizes range from 1,054 square meters to 3,446 square meters. “Davao Global Township, which we are now inaugurating after only two years of site development, is expected to further catalyze economic growth for Davao its neighboring municipalities by offering a business destination at par with the best in Asia that will host the country’s top corporations, office hubs of BPOs and multinationals,” CLI chairman and CEO Jose Soberano III said. “We have laid the groundwork for DGT by building a world-class shopping destination and a six-tower resi-

After only two years of site development the Davao Global Township was officially inaugurated on July 23. The utilities and road networks of the former Davao Golf Club in Davao’s populous Matina district are now almost 100% completed prompting CLI through YHEST Realty and Development Corp to offer 27 commercial lots for sale.

dential complex. Market reception to both have proven that Davao is more than ready for a project as ambitious and visionary as DGT,” YHEST president Fred Yuson said. The Davao Global Township phase one includes the township’s first residential development called East Village at DGT, a commercial area and lifestyle mall DGT City Center and DGT Cultural Center. The city center and cultural center will both open in 2024. The company said three of the six-tower of East Village at DGT with 1,087 units were sold out in less than a week in the first quarter. This prompted the opening of the fourth tower last June. To date, all four towers with 1,334 units are already 90 percent sold at a sales value of P5.25 billion in a three-

month selling period. The company said work on a P700-million lifestyle mall, DGT City Center with retail, restaurant and entertainment choices, is also progressing. Both projects will be complemented by the P200-million DGT Cultural Center with showrooms, museum space, a theater and function room that can fit up to 250 persons. The development will have the presence of native trees, a dedicated one-hectare central park and several pocket parks. The township is equipped with flood mitigation technology and sustainable solid waste management. It has smart community features like open spaces, wide bike lanes and sidewalks, a full underground cabling distribution system, among others. VG Cabuag

billion for the period, as ordered by the Energy Regulatory Commission (ERC). Meralco spent P14.2 billion for capital expenditures (capex), of which P8.7 billion went to networks capex, which consisted of new connections, asset renewals, and load growth projects, among others. Operating expenses, meanwhile, went up by to P16.9 billion due to higher customer-related expenses and increase in spending of subsidiaries. Consolidated interest‐bearing debt stood at P89 billion, including a P48.7-billion debt of subsidiaries. Of the total amount, P34.3 billion are maturing within one year. On July 25, the Meralco Board of Directors approved the declaration of interim cash dividends amounting to P5.806 per share to all shareholders of record as of August 23, 2022, payable on September 14, 2022. This represents 50 percent of Meralco’s core earnings per share.

Local developer, Japanese firm ink housing deal

IVERSIFIED Japanese company Nishi-Nippon Railroad Co., Ltd. (NNR), a subsidiary of Nishitetsu, officially closed on Monday its partnership deal with homegrown real estate firm Axeia Development Corp. (ADC) for the construction of Midori Terraces, a mid-rise condominium project in Antipolo City, Rizal province. “This is our first housing in project in [the] Philippines. We understand Antipolo has a big potential to develop housing. We try our best effort to deliver a good product to our customer,” Taro Koyama, director of Overseas Development Division at NNR, said during their signing of agreement in Pasig City. He said they tied up with ADC because of its “high reputation as a wellknown housing developer in Philippines and they deliver high product to customers for living on time. “Also, we understand Axeia’s passion is to make customer experience transformational and we were so impressed and symphatized with their vision.” For their part, ADC Executive Director Lynn O. Sy expressed their gratitude to NNR for partnering with them and for planning to bring into

the country its expertise in township and urban development. “NNR Nishitetsu had offered their resources, their expertise and services, not just to Axeia, but also to the country as a whole, in offering additional support to ramp up our housing supply, in order to address the increasing housing backlog of the country,” he said. Citing the report of Dr. Bernardo M. Villegas to the Department of Housing Subdivision and Urban Development last June, he bared that the Philippines has a housing backlog of around 8.4 million households or around 34 percent of the 24.7 million households nationwide. This number excludes about 3.3 million low-income households that cannot afford housing, and of the backlogs, over 2.1 million and 1.3 million units belong to the economic and low-cost housing sectors, respectively, constituting 41 percent of the total backlog, he added. “And yet, overall annual housing production capacity in the entire country is less than 280,000 units per annum, the highest we registered in 2019. Our numbers dropped in the pandemic period of 2020 and 2021,” Sy pointed out. Roderick L. Abad

Companies BusinessMirror

Tuesday, July 26, 2022

Duterte ally Uy’s stocks tumble on default notice

By Ian Sayson & Cecilia Yap | Bloomberg

TOCK shares controlled by Philippine businessman Dennis Uy slumped after one of his company’s units received a default notice from a consortium of banks, threatening further losses to an already struggling market. Prices for oil firm Phoenix Petroleum Philippines Inc. slid 11 percent Monday, and shipping company Chelsea Logistics & Infrastructure Holdings Corp. plunged as much as 16 percent before closing 12 percent lower. A gauge of financial stocks dropped 2.8 percent, the steepest loss in a month. Uy’s Udenna Corp. received a de-

fault notice on July 22 against its affiliate, Clark Global City Corp. Banks led by BDO Unibank Inc., the Philippines’ biggest lender, said Udenna had failed to pay $4 million in debt related to an airport lease agreement. In a statement on Monday, Udenna said the company had settled the debt issue “to the satisfaction of the majority lender.” BDO

Unibank said Uy’s obligations were secured and that a potential default wouldn’t have a material adverse effect on the bank. Still, that did little to ease market jitters on Monday. Shares of BDO sank 4.6 percent, outpacing losses among Philippine lenders. The Philippines’ benchmark stock index, Asia’s second-worst performer this year, dropped 0.9 percent at the close, improving on an earlier loss of as much as 1.6 percent. Other Udenna units that struggled included Dito CME Holdings Corp., a telecommunications company, which plunged as much as 9.1 percent. PH Resorts Group Holdings Inc., Udenna’s casino venture, slumped 7.5 percent before paring losses to 2.5 percent. tocks of companies owned by Udenna sink on lenders’ default notice“Investors are seeing a lower value for the stocks because of the risk this could spread to other com-

panies within the group and affect its ability to raise financing,” said Astro del Castillo, managing director at First Grade Finance Inc. He added that Uy-linked stocks will be considered “high risk” until the issue is revolved. Udenna, a conglomerate with investments in everything from oil to casinos, has seen its debt grow following a series of deals made during former President Rodrigo Duterte’s six-year term. Following volatility in global markets and project delays, the firm said in May that it was exploring asset sales and alliances for some of its businesses. Amid a government probe, Uy also put on hold a project to develop the nation’s only operating gas field. Udenna had total liabilities of 254.5 billion pesos ($4.5 billion) by the end of 2020, according to its annual report filed with the Securities and Exchange Commission.

PSE STOCK QUOTATIONS

ASS housing developer 8990 Holdings Inc. said it is spending between P10 billion to P11 billion in capital expenditures this year, mainly to fund the construction of its projects and purchase additional land. This year’s capex is between 20 and 27 percent higher than last year’s capital spend at P8 billion. As of June, the company has spent some P3 billion of its capex for construction and P1 billion for its land bank, or half of what it plans to spend for the year. 8990 president Anthony Vincent Sotto said at the company’s stock-

holders’ meeting that they expect to generate P12 billion in sales from two projects that it plans to launch starting the third quarter of the year. The company plans to launch a 3,240-unit high-rise residential project along Commonwealth Avenue in Quezon City, offering two- and three-bedroom units with prices ranging from P2 million to P2.5 million per unit. The company is also building 4,027 townhouse units on a 29-hectare property in Pampanga. “Both of these projects will bring P6 billion each in revenues once completed,” Sotto said.

The company expects to post revenues of P23 billion this year, up 15 percent from the P20 billion reported a year ago amid a good business performance of projects. “We have proven a business model that has enabled us to maintain consistently high performance and provide attractive returns to our shareholders in any environment,” he said. Sotto said he is “positive” that the company will hit its P23 billion in revenues for the year despite rising interest rates as they were able send out their accounts receivables, or those accounts that pay their monthly amortizations, to Pag-IBIG Fund.

Stocks, futures waver on recession concerns

TOCKS and US equity futures wavered Monday amid concerns about a dimming economic outlook and possible recession.

European stocks pared losses after their best week since May, as energy shares fell with oil and bank stocks rose. S&P 500 and Nasdaq 100 futures fluctuated, while China’s property shares pushed higher amid a report that officials plan a fund to support struggling developers. Treasury yields advanced, paring a sliver of last week’s drop, and a dollar gauge was little changed. Investors are monitoring weaker economic data amid expectations the Federal Reserve will inflict more pain on the economy to get inflation under control and as European Central Bank Governing Council member Martins Kazaks said there may be more big increases in interest rates. German business confidence deteriorated to the worst level since the early months of the pandemic on growing concerns that record inflation and limited energy supplies from Russia will throw Europe’s biggest economy into a downturn. Bloomberg

“And I think that helps because they offer the lowest interest rates as compared to other financing institutions, including our own in house financing. So that at least takes care of rising interest, which our buyers will definitely appreciate,” he said. “But historically, our buyers have never really been so sensitive about interest rate hikes for so long as we are able to actually approximate rental rates with our monthly amortization because is it’s the same if they actually do not buy a house or do not continue purchasing the house, they still pay for rent,” he said. VG Cabuag

TRLEI board to focus on Okada ‘illegal takeover’

HE group of the ousted board of Okada Manila operator Tiger Resorts Leisure and Entertainment Inc. on Monday said they will focus on the issue of what they called an illegal takeover by the Kazuo Okada group of the casino facility rather than on the kidnapping, illegal detention and among cases filed before the Department of Justice. “The SQAO (Status Quo Ante Order issued by the Supreme Court to the Kazuo group) is a temporary measure that required both parties to return to the status quo prior to the removal of Kazuo Okada from TRLEI in 2017,” the group said. “Kazuo Okada and his group have misrepresented themselves and withheld vital information from the honorable court about the companies’ ownership/ structure. They have also no legal basis for taking control of the company. Moreover, Kazuo Okada and his cohorts are not recognized by both UEC (Universal Entertainment Corp) and TRAL (Tiger Resorts Asia Ltd), the legitimate owners of TRLEI. UEC is the parent company of TRAL, which in turns owns the local company that operates Okada Manila, the $3.3-billion integrated resort and casino in Entertainment City. The said SQAO was the document used by Kazuo’s camp to take over management of Okada Manila in late May. The ousted board, as represented by lawyer Estrella Elamparo, claimed there was violence during the takeover, an allegation that the K azuo group denies. In a preliminary investigation at the DOJ, lawyers of Kazuo Okada last week sought to dismiss the kidnapping and illegal detention case filed by Hajime Tokuda, the Japanese director of TRLEI, for lack of factual and legal basis. VG Cabuag

July 25, 2022

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE MANULIFE PHIL STOCK EXCH SUN LIFE

163,775 904,198,059 46,646 86,856,647 1,596,000 224,706 37,204,455 97,577 258,010 18,186 41,910 53,820,115 1,979,603 285,920 99,800 170,900 197,200

-283,452,666 -44,303,711.50 106,400 -43,465 -4,666,220 32,500 -9,574,842 573,738.50 197,200

INDUSTRIAL AC ENERGY 8.16 8.18 8.3 8.3 8.06 8.18 9,185,300 74,703,030 0.92 0.95 0.97 0.97 0.97 0.97 1,000 970 ALSONS CONS ABOITIZ POWER 31.1 31.2 31.8 31.95 31.1 31.1 1,060,900 33,285,100 1.77 1.78 1.82 1.82 1.75 1.78 2,813,000 4,958,070 RASLAG 0.39 0.395 0.4 0.4 0.385 0.395 7,230,000 2,816,100 BASIC ENERGY FIRST GEN 17 17.08 17 17.18 16.74 17.08 922,600 15,752,440 64 64.75 64 65 64 64 2,740 175,440 FIRST PHIL HLDG 354 354.8 352.8 354 350 354 75,090 26,483,782 MERALCO MANILA WATER 15.8 15.88 16 16 15.74 15.8 122,000 1,932,552 2.92 2.93 2.94 2.95 2.92 2.93 1,169,000 3,428,640 PETRON 4.86 5 5.04 5.25 4.85 4.85 42,000 211,035 PETROENERGY PHX PETROLEUM 8.71 8.89 9.2 9.2 8.7 8.71 184,000 1,623,898 12.18 12.2 12.36 12.36 12.16 12.18 1,238,300 15,099,432 SYNERGY GRID 17.6 18 17.7 17.7 17.4 17.6 69,200 1,218,820 PILIPINAS SHELL SPC POWER 9.71 9.75 9.7 9.8 9.68 9.71 91,000 883,225 1.61 1.62 1.64 1.64 1.6 1.62 15,924,000 25,661,480 SOLAR PH AGRINURTURE 5.57 5.58 5.5 5.59 5.5 5.58 764,500 4,260,117 AXELUM 2.33 2.34 2.3 2.33 2.29 2.33 560,000 1,291,750 9.13 9.97 10 10 9.13 9.13 3,100 28,999 CNTRL AZUCARERA CENTURY FOOD 22.3 22.35 22.5 22.5 22.35 22.35 1,206,000 26,993,885 DEL MONTE 13.5 13.8 13.7 13.8 13.2 13.5 17,900 241,098 7 7.01 7.05 7.05 6.98 7.01 3,247,000 22,730,857 DNL INDUS EMPERADOR 18.88 18.9 18.82 18.98 18.7 18.9 7,237,200 136,702,170 SMC FOODANDBEV 43.5 43.7 43.95 43.95 43.5 43.6 44,400 1,941,060 0.67 0.68 0.64 0.68 0.63 0.67 35,795,000 23,794,770 FIGARO COFFEE FRUITAS HLDG 1 1.04 1.02 1.04 1.01 1.04 2,877,000 2,941,390 GINEBRA 96.9 97 100.8 100.8 96.8 97 28,400 2,755,436 206.6 207.2 210.6 210.6 206.6 207.2 155,210 32,256,272 JOLLIBEE KEEPERS HLDG 1.16 1.17 1.17 1.17 1.15 1.17 1,529,000 1,769,630 4.51 4.52 4.4 4.52 4.4 4.51 94,000 414,810 MAXS GROUP 0.103 0.109 0.104 0.104 0.103 0.103 1,180,000 121,890 MG HLDG MONDE NISSIN 14.32 14.34 14.14 14.64 14.14 14.34 4,846,900 70,170,572 6.96 7.01 6.96 7.01 6.96 6.96 3,100 21,591 SHAKEYS PIZZA 0.58 0.59 0.59 0.6 0.57 0.59 947,000 546,590 ROXAS AND CO RFM CORP 3.85 3.9 3.85 3.85 3.85 3.85 21,000 80,850 112 112.6 112 112.8 111 112.6 516,260 57,930,302 UNIV ROBINA 0.59 0.6 0.6 0.6 0.59 0.59 123,000 72,950 VITARICH VICTORIAS 2.51 2.67 2.67 2.67 2.67 2.67 3,000 8,010 36.65 43.5 43.5 43.5 43.5 43.5 100 4,350 CONCRETE A 0.76 0.77 0.86 0.86 0.74 0.77 25,427,000 19,671,450 CEMEX HLDG EAGLE CEMENT 12.02 12.38 12.04 12.34 12.02 12.02 11,800 143,026 3.29 3.35 3.5 3.5 3.35 3.35 72,000 244,220 EEI CORP HOLCIM 4.76 4.78 4.85 4.85 4.78 4.78 59,000 282,690 MEGAWIDE 3.98 4.01 4.19 4.19 3.98 4.01 839,000 3,363,310 19.3 19.44 19.44 19.44 19.2 19.2 2,200 42,528 PHINMA TKC METALS 0.66 0.72 0.72 0.72 0.72 0.72 2,000 1,440 0.77 0.8 0.78 0.8 0.77 0.77 454,000 354,530 VULCAN INDL 1.41 1.44 1.5 1.53 1.4 1.44 17,486,000 25,178,660 CROWN ASIA EUROMED 1 1.03 1.04 1.04 1.03 1.03 16,000 16,570 5.3 5.54 5.3 5.54 5.3 5.54 2,500 13,730 MABUHAY VINYL 5.3 5.45 5.3 5.3 5.3 5.3 2,000 10,600 PRYCE CORP GREENERGY 1.71 1.72 1.72 1.73 1.68 1.72 5,857,000 9,983,840 INTEGRATED MICR 6.62 6.79 7 7 6.7 6.7 237,000 1,627,341 0.78 0.8 0.82 0.82 0.72 0.8 4,247,000 3,266,060 IONICS PANASONIC 5.5 5.74 5.77 5.77 5.22 5.5 40,000 222,129 1.61 1.63 1.6 1.65 1.5 1.63 5,129,000 8,248,180 SFA SEMICON 3.26 3.27 3.23 3.29 3.07 3.26 7,216,000 23,153,370 CIRTEK HLDG

25,136,680 12,768,155 8,800 -209,984 -970,682 24,786 -2,234,680 -1,297,888 -6,038,140 -9,680 446,390 2,033,138 -46,000 -12,857,960 159,300 -1,166,015 907,528 -1,141,430 64,000 -74,740 -716,458 -8,626,068 618,940.00 4,941,846 -2,799 61,600 -21,485,457 -8,855,420 -30,240 9,650 39,900 -24,002,240 2,717,030 27,200 -25,200 51,800 -97,230

HOLDING & FRIMS

8990 Holdings sets capital spend for ‘22 at ₧10B-₧11B

www.businessmirror.com.ph

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP METRO PAC INV PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP WELLEX INDUS

43 115.6 8.05 86.4 26.5 6.75 46.45 6.5 17.96 56 18.98 88 74 1.6 900 174 2,320

1.94 3.6 600 51.25 9.65 8.71 0.4 4.27 9.45 6.87 466.2 50.7 0.56 2.91 8.53 3.69 2.14 0.93 784 103.6 0.25

44.5 115.7 8.29 86.5 26.6 6.83 46.5 7.19 18 56.85 19.88 89.5 74.25 1.64 949.5 175 2,400

1.95 4.98 603 52 9.74 8.72 0.41 4.3 9.46 7.07 470 51.1 0.6 2.92 8.55 3.7 2.2 0.97 789 105 0.28

44.1 117.5 8.45 88.7 26.7 6.98 46.9 6.53 18 56.8 19.98 90.7 75 1.56 980 174 2,320

1.91 3.62 609 52.4 9.7 8.71 0.405 4.3 9.47 6.87 470 51.4 0.55 2.9 8.57 3.7 2.2 0.94 788.5 104 0.25

44.85 119 8.45 88.7 26.7 6.98 47 6.53 18.04 56.85 19.98 92 76 1.64 980 175 2,320

1.96 3.62 610 52.4 9.74 8.72 0.405 4.3 9.5 6.87 470 51.4 0.6 2.9 8.58 3.76 2.24 0.97 793 105 0.25

44.1 115.2 8.02 86.05 26.5 6.72 46.3 6.5 17.9 56.8 19.94 87.8 74.25 1.54 900 174 2,320

1.9 3.61 594 51.05 9.62 8.71 0.4 4.26 9.3 6.87 456.2 50.2 0.55 2.9 8.42 3.69 2.08 0.93 775 103.5 0.25

44.1 115.6 8.29 86.4 26.5 6.83 46.5 6.5 17.96 56.85 19.94 88 74.25 1.64 900 175 2,320

1.94 3.61 600 52 9.74 8.71 0.4 4.3 9.45 6.87 470 51.1 0.56 2.9 8.55 3.7 2.2 0.97 789 105 0.25

3,700 7,770,880 5,800 1,003,290 60,100 32,900 799,100 15,000 14,400 320 2,100 600,210 26,390 184,000 110 980 85

10,457,000 43,000 226,930 729,340 419,900 11,500 220,000 240,000 3,574,000 1,400 37,940 303,690 52,000 42,000 1,608,200 6,700,000 823,000 839,000 264,700 170,000 130,000

20,234,200 155,240 136,459,430 37,889,083.50 4,070,310 100,170 88,350 1,028,870 33,641,957 9,618 17,754,574 15,442,811 29,070 121,800 13,689,081 24,800,440 1,777,000 806,830 208,134,935 17,793,480 32,500

PROPERTY AYALA LAND 24 24.1 24.75 24.75 23.65 24 13,785,900 330,538,910 3.04 3.06 3.14 3.14 3.04 3.04 149,000 454,530 AYALA LAND LOG ALTUS PROP 13.06 13.72 13.74 13.74 13.7 13.7 1,300 17,814 1.36 1.41 1.42 1.42 1.36 1.41 305,000 417,680 ARANETA PROP 36.2 36.25 36.8 37.05 35.85 36.25 329,200 12,006,040 AREIT RT A BROWN 0.74 0.77 0.74 0.74 0.74 0.74 11,000 8,140 0.081 0.085 0.082 0.085 0.081 0.085 1,620,000 131,430 CROWN EQUITIES 2.48 2.49 2.48 2.5 2.46 2.48 134,000 330,550 CEB LANDMASTERS CENTURY PROP 0.375 0.385 0.375 0.375 0.375 0.375 10,000 3,750 2.47 2.48 2.49 2.49 2.47 2.48 2,068,000 5,121,040 CITICORE RT 7.71 7.8 7.71 7.8 7.66 7.71 85,700 659,592 DOUBLEDRAGON DDMP RT 1.51 1.52 1.5 1.52 1.49 1.51 1,281,000 1,921,760 6.83 6.84 6.84 6.84 6.84 6.84 7,000 47,880 DM WENCESLAO 0.201 0.215 0.201 0.201 0.201 0.201 40,000 8,040 EMPIRE EAST EVER GOTESCO 0.29 0.295 0.3 0.305 0.29 0.295 6,240,000 1,849,750 6.72 6.79 6.75 6.8 6.7 6.7 1,145,100 7,696,348 FILINVEST RT FILINVEST LAND 0.94 0.95 0.94 0.95 0.93 0.94 25,365,000 23,834,910 GLOBAL ESTATE 0.83 0.88 0.83 0.83 0.83 0.83 23,000 19,090 640 670 647.5 670 647 670 510 337,080 GOLDEN MV PHIL INFRADEV 1.07 1.08 1.05 1.08 1.04 1.07 1,042,000 1,112,500 CITY AND LAND 0.71 0.72 0.7 0.72 0.7 0.71 17,000 12,040 2.23 2.26 2.24 2.26 2.21 2.26 4,634,000 10,390,020 MEGAWORLD MRC ALLIED 0.181 0.182 0.186 0.186 0.178 0.182 2,530,000 457,530 15.96 15.98 16 16.02 15.92 15.98 499,200 7,978,862 MREIT RT 0.33 0.35 0.33 0.33 0.33 0.33 80,000 26,400 OMICO CORP PHIL ESTATES 0.375 0.38 0.37 0.37 0.37 0.37 900,000 333,000 2 2.02 2 2.02 2 2.02 1,062,000 2,124,210 PRIMEX CORP 6.41 6.47 6.43 6.49 6.41 6.47 366,400 2,370,785 RL COMM RT ROBINSONS LAND 16.68 16.9 16.96 16.96 16.66 16.9 239,300 4,025,384 0.223 0.235 0.235 0.235 0.235 0.235 100,000 23,500 PHIL REALTY 1.22 1.3 1.31 1.31 1.3 1.3 10,000 13,020 ROCKWELL STA LUCIA LAND 2.72 3.04 3.04 3.04 3.04 3.04 5,000 15,200 36.15 37.25 36 37.25 35.6 37.25 3,273,700 120,794,195 SM PRIME HLDG 3.21 3.28 3.29 3.29 3.29 3.29 3,000 9,870 VISTAMALLS SUNTRUST RESORT 0.99 1.03 1.05 1.05 1 1.03 124,000 124,170 1.94 1.95 2 2 1.91 1.95 1,198,000 2,353,050 VISTA LAND 1.75 1.76 1.72 1.76 1.72 1.76 832,000 1,454,110 VISTAREIT RT SERVICES ABS CBN 9.05 9.08 8.78 9.46 8.78 9.08 54,600 496,303 10.42 10.44 10.6 10.64 10.38 10.42 309,000 3,240,922 GMA NETWORK GLOBE TELECOM 2,126 2,130 2,190 2,190 2,122 2,130 36,340 77,571,980 1,611 1,617 1,665 1,668 1,606 1,611 144,825 235,225,160 PLDT 0.034 0.035 0.035 0.035 0.034 0.035 41,000,000 1,404,300 APOLLO GLOBAL CONVERGE 20 20.05 20.4 20.4 20 20 4,991,700 100,236,465 3.19 3.33 3.27 3.35 3.21 3.33 288,000 953,030 DFNN INC 3.93 3.94 3.94 4 3.71 3.94 16,783,000 64,252,360 DITO CME HLDG NOW CORP 1.21 1.22 1.18 1.24 1.16 1.22 13,840,000 16,480,550 0.27 0.275 0.275 0.28 0.27 0.275 1,180,000 322,450 TRANSPACIFIC BR 6.27 6.39 6.4 6.4 6.26 6.26 5,700 35,850 2GO GROUP ASIAN TERMINALS 13.7 13.96 13.72 13.72 13.7 13.7 23,800 326,276 1.12 1.15 1.22 1.22 1.07 1.12 4,685,000 5,321,220 CHELSEA 41.7 42.1 42 42 41.6 42 52,300 2,187,955 CEBU AIR INTL CONTAINER 180.5 181.3 182.6 182.6 180.1 180.5 781,310 141,210,630 18.14 21 21.95 21.95 21.95 21.95 100 2,195 LBC EXPRESS MACROASIA 4.27 4.3 4.34 4.36 4.24 4.36 232,000 994,910 PAL HLDG 5.55 5.85 5.72 5.85 5.72 5.85 2,500 14,365 1.01 1.03 1.03 1.03 1 1.03 149,000 150,250 HARBOR STAR ACESITE HOTEL 1.36 1.65 1.37 1.37 1.37 1.37 10,000 13,700 0.076 0.077 0.076 0.078 0.075 0.076 24,720,000 1,886,260 BOULEVARD HLDG 0.425 0.45 0.425 0.425 0.425 0.425 20,000 8,500 WATERFRONT FAR EASTERN U 550 587.5 530.5 530.5 530.5 530.5 100 53,050 5.71 6.69 6.7 6.7 6.7 6.7 100 670 IPEOPLE 1.17 1.2 1.19 1.2 1.18 1.18 1,096,000 1,300,860 BELLE CORP BLOOMBERRY 5.98 5.99 6.11 6.12 5.95 5.98 1,402,900 8,459,600 LEISURE AND RES 1.43 1.45 1.45 1.45 1.43 1.45 453,000 651,070 0.78 0.79 0.74 0.79 0.74 0.78 5,816,000 4,418,680 PH RESORTS GRP PREMIUM LEISURE 0.395 0.4 0.4 0.4 0.395 0.4 3,210,000 1,283,500 3.38 3.39 3.66 3.66 3.3 3.39 2,498,000 8,533,200 PHILWEB 0.3 0.305 0.31 0.31 0.29 0.3 15,540,000 4,632,300 ALLDAY ALLHOME 4.7 4.73 4.74 4.74 4.65 4.74 25,000 117,240 1.45 1.47 1.48 1.48 1.45 1.47 114,000 166,140 METRO RETAIL 29.45 30 29.8 30 29.05 30 674,000 20,014,620 PUREGOLD ROBINSONS RTL 53.95 54 54.5 54.5 53.85 54 123,720 6,680,996 65.95 66.8 65.75 66 65.7 65.95 5,270 347,175.50 PHIL SEVEN CORP 1.39 1.4 1.44 1.44 1.36 1.39 5,408,000 7,510,180 SSI GROUP WILCON DEPOT 23 23.5 23 23.5 22.75 23.5 67,000 1,560,650 0.185 0.19 0.19 0.19 0.19 0.19 90,000 17,100 APC GROUP 0.75 0.76 0.7 0.76 0.7 0.76 7,039,000 5,204,720 MEDILINES PRMIERE HORIZON 0.42 0.425 0.415 0.425 0.415 0.425 1,420,000 596,300 3.66 3.74 3.7 3.7 3.7 3.7 3,000 11,100 SBS PHIL CORP MINING & OIL ATOK 6.58 6.67 6.89 6.89 6.58 6.58 16,700 110,371 APEX MINING 1.44 1.46 1.45 1.45 1.44 1.44 403,000 580,640 4.26 4.33 4.47 4.47 4.24 4.26 614,000 2,650,090 ATLAS MINING 5.27 5.28 5.28 5.28 5.27 5.27 22,500 118,675 BENGUET A BENGUET B 5.2 5.23 5.17 5.2 5.17 5.2 7,000 36,250 2.65 2.72 2.72 2.72 2.72 2.72 3,000 8,160 CENTURY PEAK 2.33 2.35 2.33 2.33 2.3 2.33 412,000 953,300 FERRONICKEL LEPANTO A 0.137 0.138 0.134 0.138 0.134 0.138 5,850,000 790,730 0.0093 0.0097 0.0092 0.0092 0.0092 0.0092 5,000,000 46,000 MANILA MINING A 1.27 1.28 1.29 1.29 1.25 1.28 1,106,000 1,403,740 MARCVENTURES NICKEL ASIA 5.31 5.55 5.45 5.55 5.22 5.55 5,138,300 27,754,034 0.69 0.71 0.74 0.74 0.71 0.71 72,000 51,700 ORNTL PENINSULA 3.25 3.26 3.25 3.3 3.25 3.26 560,000 1,831,390 PX MINING SEMIRARA MINING 39.95 40 40.35 40.35 39.55 40 2,402,600 96,122,710 0.0059 0.0063 0.0059 0.0059 0.0059 0.0059 5,000,000 29,500 UNITED PARAGON ACE ENEXOR 12.5 12.6 12.22 12.5 12.04 12.5 170,200 2,077,242 0.01 0.011 0.01 0.011 0.01 0.01 14,300,000 145,700 ORNTL PETROL A 0.0087 0.0089 0.0087 0.0088 0.0087 0.0088 6,000,000 52,400 PHILODRILL PXP ENERGY 5.35 5.38 5.4 5.4 5.21 5.38 69,700 365,458 PREFFERED AC PREF B1 501 504 504 504 501.5 501.5 10,040 5,035,160 100.8 104.9 104.9 104.9 104.9 104.9 50 5,245 ALCO PREF C ALCO PREF D 495 502 502 502 502 502 10 5,020 496.6 500 500 500 500 500 10 5,000 AC PREF B2R 102.1 106 104 104 102.1 102.1 12,900 1,328,935 BRN PREF A CEB PREF 40.5 41 40.5 40.5 40.5 40.5 100 4,050 99.8 101.6 101.6 101.6 101.6 101.6 50 5,080 CPG PREF A 96.1 98.65 96 96.1 96 96.05 14,500 1,392,535 DD PREF JFC PREF B 950 973 977 977 977 977 10 9,770 94.2 99.85 96 96 96 96 380 36,480 MWIDE PREF 2A 97.3 100 97.5 97.5 97.3 97.3 2,000 194,720 MWIDE PREF 2B MWIDE PREF 4 95 99 99 99 99 99 210 20,790 90 98.2 99.6 99.6 90 98.2 23,200 2,292,903 PNX PREF 3B 815 830 950 950 800 815 23,290 19,092,410 PNX PREF 4 PCOR PREF 3B 1,047 1,069 1,050 1,050 1,050 1,050 100 105,000 75.6 76.1 76.1 76.1 76.1 76.1 430 32,723 SMC PREF 2F SMC PREF 2I 76 76.5 76.5 76.5 76.5 76.5 80 6,120 70.45 71 72 72 70 71 52,370 3,694,576 SMC PREF 2J 72.25 74 72.55 72.55 72.55 72.55 200 14,510 SMC PREF 2K PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 8.6 9.5 9.1 9.1 9.1 9.1 300 2,730 10.5 10.76 10.02 10.88 10.02 10.76 22,300 225,134 GMA HLDG PDR WARRANTS TECH WARRANT 0.72 0.73 0.62 0.74 0.62 0.72 9,517,000 6,547,870

3,725,590 10,491,875 5,067,953.50 662,265 -124,200 2,184,195 -3,073,340 -5,976,724 -2,203,994 7,494,680 -12,330,385 654,057 -121,663,975 -146,340 -5,669,805.00 24,700 363,621 492,000 -90,000 177,664 -696,050 4,190 5,600 -965,600 -135,720 -6,030.00 -193,563 275,004 23,421,540 -1,124,980 -35,625,100 -111,483,190 -19,374,590 -108,420 2,265,370 -11,875,430 27,500 -856,520.00 1,760,960 -3,924,193 -401,240.00 -14,740 -76,800 -1,252,211.00 395,100 -680,020 60,000 153,390 165,800 28,140 2,875,515 2,115,457 7,869.50 4,581,870 700,580 -140,950 -63,000 -1,378 -2,308,260 10,400 -377,000 2,560 2,141,797 -215,580 13,560,140 -5,080 136,220 9,850 81,000 353,000 -2,730 -201,402

SMALL & MEDIUM ENTERPRISES

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

0.61 0.99 0.88 0.7 1.29 0.305

0.64 1 0.89 0.73 1.3 0.315

EXHANGE TRADE FUNDS FIRST METRO ETF

95.1

95.9

0.61 1 0.87 0.7 1.25 0.315

0.64 1.01 0.87 0.74 1.29 0.315

0.59 0.98 0.86 0.7 1.25 0.3

0.64 0.99 0.87 0.73 1.29 0.3

2,618,000 1,749,000 36,000 218,000 2,203,000 290,000

1,636,660 1,727,230 31,270 157,010 2,805,290 90,800

-7,850 39,600 -43,230 22,500 -

96.5 96.5 95 95.4 13,770 1,315,315 359,667.50

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, July 26, 2022

BOC collectors to be axed if targets not met

By Bernadette D. Nicolas

@BNicolasBM

EWLY-appointed Acting Customs Commissioner Filemon Ruiz vowed to “replace” district collectors who will fall short of their assigned revenue targets as he said the President ordered him to improve the bureau’s revenue generation. Shortly after a turnover ceremony at the Bureau of Customs

last Monday, Ruiz said this would be among the policy directives he

How can long-term investing help us in our financial goals?

ACH of us is experiencing life transitions, from the time we graduated college, started working or started building a family. At this season, globally we are also facing twists and turns in relation to the continuous oil price hike and alongside that is the rising cost of living. What we do today can have an impact on how we will face the future. This is the reason why we should start managing our finances as early as now for Millennials and Gen Zs, for the older generation, we can look back and learn from our experiences in relation to investing. I would like to share some tips on how long-term investing can help us in achieving our goals and what are strategies we can apply. Investing is a journey. Whether you want to invest to build your retirement or prepare for the educational funds of your children, when you put money to work in markets it’s best to set it and forget it. But successful long-term investing isn’t as simple as just throwing money at the stock market—here are seven tips to help you get a handle on long-term investing. 1. Set or know your time horizon. Each person has a unique investing goal. Understanding your time horizon or when you will need your invested funds will be one of your deciding factors regarding when to withdraw or still keep it invested. This will also help you choose your allocation if it is in a high-risk, high-return type of fund, low-risk, low-return type of fund or medium risk type. The longer the timeframe the more you can tolerate fluctuations which can allow you to invest it in high-risk, high-return funds and vice versa. 2. Get your finances in place. Before you can start investing for the long term, you need to identify first how much many can you invest. This includes checking your cash inflow and outflow. How much is your excess funds after deducting your monthly bills? This will be a step-by-step process such as establishing your emergency funds and protection from life risks. The foundations are essential for us not to withdraw our investments early on because of emergencies. 3. Consult a professional for strategies. Once your goals are in place and your financial foundations are set, choosing an investing strategy with the help of a professional will help you to see which suites you best. In every financial decision, it’s good to have guidelines or decision matrices, when to withdraw, which type of fund to allocate your money for diversification are just some of the things that you may consider. But realistically, you have to do what’s right for you, a portfolio of assets that you are comfort-

Karlo Biglang-Awa

personal finance able with. When we experience market downtrends, there’s a lot of fear and anxiety but when your strategy are in place you will not worry because you know your horizon and allocations. 4. Diversifying your investments. In connection with your strategies, knowing how to diversify your funds will help you navigate the risks and maximize returns. Our goal is to place our investments in platforms that are not correlated. Meaning our investments should move in different directions. For example your allocation starts with a mix of equity (stock market allocation), bonds and money market type of fund. Within the stock component, you may consider the following options: n Large company stocks. These are shares of companies with 10 billion or more market capitalization n Mid company stocks. These are shares of companies with P2 to P10 billion market capitalization. n Growth stocks are shares of companies that are experiencing frothy gains in profits or revenues. n Value stocks are shares of companies with a price that appears low relative to the company’s financial performance, as measured by such fundamentals as the company’s assets, revenue, dividends, earnings and cash flows. 5. Evaluate regularly. Once your investments are in place, evaluating the returns and losses annually is essential. Since we are talking about long-term investments, we can check for swings and re-balancing our allocations as needed. It is important to reallocate especially if your life season changes. For example, someone who is still single has a greater risk appetite than someone who has newborn kids, or someone who has college students. Make sure that your portfolio remains diversified to maintain a risk level that you are comfortable as years progress. Overall, there are things that are out of our control especially at this point in time. Managing the resources that we have and doing our part to contribute to nationbuilding will make a big difference for our family, communities and in our nation. Karlo Biglang-Awa is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 97th RFP program this August 2022. To inquire, e-mail info@ rfp.ph or text at 0917-6248110.

will pursue as the new chief of the government’s second-biggest tax collection agency and tasked to collect P733 billion this year. “Right now, the collection districts are performing at an all-time high so why fix something that is not broken?,” Ruiz told reporters in a news conference. “But one of the policy directives that we will be implementing: we will be providing them their target revenue for the month. And if they could not hit their target revenue, then [they should] expect to be replaced with someone who can hit the target.” Replacing district collectors who failed to hit their targets was also done under the watch of former

Customs chief Isidro S. Lapeña. He was later transferred by President Duterte to head the Technical Education and Skills Development Authority (Tesda) amid the P11-billion shabu smuggling issue. Apart from increasing revenue generation, Ruiz said President Ferdinand R. Marcos Jr. also ordered him to eliminate drug, gun and agricultural smuggling. He said Marcos also ordered the full automation and digitalization of Customs processes. To curb smuggling in the country, the new customs chief said they are eyeing to improve some of the bureau’s processes, which he said can lead to a “drastic increase in detect-

ing smuggled goods.” However, he refused to give further details, saying he “doesn’t want to telegraph” his “punch” to smugglers. He assured these changes will be discussed with key officers of the agency. He also issued a stern warning against those who will digress from the goals of the agency, saying the BOC will dish out a “lawful and rightful punishment.” “Pasensyahan tayo kung along the way, may hindi mag-fulfill. I have to do my job. I do not need please anyone. I only need to please one and that is the President,” he said. Before replacing Rey Leonardo B. Guerrero as BOC Chief, Ruiz was the

head of the agency’s Enforcement and Security Service for almost five years since 2017 wherein he spearheaded several enforcement projects and handled operations that contributed to the bureau’s anti-smuggling campaign. He also previously served as the Regional Director of the Philippine Drug Enforcement Agency for seven years in different regions nationwide. “As I can say, I am an insider of the Bureau of Customs,” he said. “I have seen the gaps where we need to improve, doing system changes or process changes in those areas, we can eliminate corruption in those areas.”

BSP adopts intl standard for managing external debt By Bianca Cuaresma @BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) announced on Monday that it has adopted an international standard for external debt management. In a statement, the Central Bank said it has completed the enhancement of its external debt monitoring and analysis by shifting to the later version of the Debt Management and Financial Analysis System (DMFAS). The BSP said the move is in line

with its mandate on external debt management and with recent technological developments in the country and across the globe. The DMFAS is a database software developed by the United Nations Conference on Trade and Development (Unctad) used for recording, monitoring, reporting and analysis of debt data that are aligned with international standards and rigorous set of validation checks to ensure consistency of records. According to the Central Bank, the DMFAS is currently in use by 105

finance ministries, central banks, and other debt management offices in 69 countries. “[The] DMFAS serves as the primary database of the BSP for the preparation of comprehensive external debt statistics for operational and policy purposes, as well as for general dissemination to domestic and international stakeholders,” the BSP’s statement read. The DMFAS 6 has strengthened security to ensure data integrity and confidentiality and an enhanced user experience and navigation. It also offers enhanced

analytical and managerial tools for debt portfolio analysis and reporting. “The upgrade to DMFAS 6 is expected to improve and expand BSP’s operations with the use of available DMFAS data sets in generating prebuilt and user-defined reports,” the BSP said. “Going forward, the BSP will continue its data-driven initiatives by expanding the coverage of the DMFAS database and analysis through possible integration with other external debt data sources,” it added.

Amid rising rates, BTr sells ₧13.75B in Treasury bills

HE government raised P13.75 billion from its sale of Treasury Bills (T-bills) on Monday as rates continued to rise. Investors sought higher yields across all tenors, pushing the rates beyond the secondary market benchmark rates. Of all the three tenors of debt papers, the Treasury was forced to settle at a partial award for the 364day T-bills at a rate of 3.356 percent, higher than the Bloomberg Valuation (BVAL) Service Reference Rate of 3.137 percent. Broken down, P5 billion each in 91-day and 182-day T-bills were fully

awarded while P3.75 billion was partially awarded in 364-day T-bills. Had the Treasury decided to fully award the bids for the 364-day Tbills, the average rate would have been much higher at 3.498 percent. “Awarding beyond 3.5 percent is excessive cushion against inflation as we saw recent drops in oil prices,” De Leon said. Meanwhile, the 91-day and the 182-day T-bills fetched average rates of 2.273 percent and 3.143 percent, exceeding the comparable BVAL rates of 2.136 percent and 2.737 percent. According to De Leon, investors,

like “everyone,” awaited the first State of the Nation Address (SONA) of President Ferdinand R. Marcos Jr. last Monday. “Everyone is waiting [for Marcos’s] SONA message, especially the administration’s priorities and initiatives to curb inflation rise,” De Leon said. In a bid to rein in inflation, which has already hit a 3-year-high of 6.1 percent in June, the Bangko Sentral ng Pilipinas (BSP) earlier surprised markets with an aggressive rate hike of 75 basis points last July 14. By Monday’s auction after that move, all tenors fetched higher average

yields than the benchmark secondary market rates. Aside from the SONA, investors are also all-eyes on the conclusion of the US Federal Reserve’s 2-day policy meeting on Wednesday as the market priced a 75-basis point rate hike. For this month, the government is set to borrow P200 billion from the local debt market. As of end-May, the national government’s outstanding debt dipped to P12.5 trillion from a record-high of P12.76 trillion as of end-April due to its repayment of a P300 billion short-term, zero-interest loan from BSP. Bernadette D. Nicolas

China’s global trade dominance is boosting renminbi’s reserve status

HINA’S dominance of global trade provides a path to increase its currency’s share in global central bank reserves even if it retains tight capital controls, but Beijing will need to maintain large dollar reserves for that to happen, according to new research. While the yuan isn’t on course to displace the dollar as the world’s dominant currency, it could play a larger role in a more “multipolar” financial world, economists including Barry Eichengreen of the University of California Berkeley and Camille Macaire of France’s central bank argue in a new paper hosted by the Center for Economic Policy and Research. The analysis found a significant correlation between countries’ trade with China and the size of their central bank yuan reserves, which have grown in recent years. “Despite China’s still limited capital account openness, the share of RMB in reserves can increase if Chinese trade and RMB invoicing continue to increase,” the authors argue, using the abbreviation for renminbi, which is another name for the Chinese currency. Even if countries have a trade deficit with China, they can accumulate yuan reserves if Beijing pays for imports in yuan but accepts dollar payments for its exports, and China’s overseas direct investment and lending are another way countries can acquire China’s currency, they wrote. In this situation, central banks are holding more yuan to provide domestic companies with emergency

Economists are saying that the yuan could play a larger role in a more “multipolar” financial world. CREDIT: Bloomberg News

liquidity, the authors wrote. To encourage other countries to hold more of their reserves in the yuan in a dollar-dominated world, Beijing has to credibly promise that these reserves can be converted to dollars at a stable rate, and the key to this is the offshore renminbi market and China’s dollar reserves which allow it to intervene in that market if necessary, the paper argues.

Rising share of trade

THERE are signs that the yuan is gradually becoming more important as a currency in international trade. Australian mining conglomerate BHP Group Ltd saw its first shipment of yuan-settled spot traded iron ore dock at a port in East China last month, and the yuan’s share of global trade financing was nearly 3 percent in June 2022, up from about 2 percent two years earlier, according to cross-border payment operator

SWIFT. That compares with about 87 percent for the dollar. China’s central bank last month said it will create a yuan reserve pool with the Bank for International Settlements and Indonesia, Malaysia, Hong Kong, Singapore and Chile to provide liquidity to participating economies in periods of market volatility. “The situation of the RMB today is not unlike that of the dollar in the 1950s and 1960s,” the report’s authors argue. “Both the London gold market in the 1960s and the offshore RMB market today are products of a similar problem, namely the imperfect convertibility of an international currency [the dollar then, the RMB now] into the ultimate reserve currency [gold then, the dollar now].” While holding large dollar reserves increases China’s dependence on the US, “this peculiar relationship between the world’s two largest

economies is the only way for China to make the RMB a significant reserve currency without embarking on full capital account liberalization,” they authors write. However, “the RMB can nonetheless undergo an internationalization process with Chinese characteristics.” Research published by the IMF earlier this year showed global central banks have reduced the share of dollars in their foreign exchange reserves over the last two decades, with one quarter of the reduction heading into the renminbi. The rest was into currencies of smaller countries that have traditionally played a limited role as reserve assets. That report showed that Russia was by far the largest holder of yuan-denominated reserve assets at the end of 2020, likely as part of its attempt to diversify away from the dollar after it was sanctioned in 2014 because it annexed Crimea. Bloomberg News

Tuesday, July 26, 2022 • Editor: Gerard S. Ramos

Art

BusinessMirror

www.businessmirror.com.ph

Today’s Horoscope

❶ THE Tale of

the Flower Vendor, Katrina Pallon

By Eugenia Last

❷ Kiyohime,

CELEBRITIES BORN ON THIS DAY: Bianca Santos, 32; Kate Beckinsale, 49; Sandra Bullock, 58; Helen Mirren, 77.

Katrina Pallon

Happy Birthday: You’ll encounter plenty of opportunities that require you to ignore emotions, favor practicality and allow you to take advantage of whatever comes your way. Change based on your needs will keep you on the path to success. Look at a challenge as a plus, and engage in competitive action that encourages you to be and do your best. Your numbers are 3, 10, 18, 25, 27, 34, 43.

ARIES (March 21-April 19): Refuse to let an overrated opinion lead you astray. Dissect information and use intelligence to find an efficient way to get what you want. Avoid situations that tamper with your health and emotional well-being. Set ground rules and stick to them. HH

TAURUS (April 20-May 20): Uncertainty will set in if you listen to someone negative. Look for the silver lining, and you will find a way to combat any disruption that comes your way. Put your energy where it will bring the highest return. Selfimprovement is favored. HHHH

GEMINI (May 21-June 20): Don’t let anyone take advantage of you. Focus on what’s essential and instrumental in reaching what you set out to do. Do the research yourself instead of trusting others to offer an honest opinion. HHH

❷

❶

The damsel is the dragon F

ROM beneficent protectors to agents of chaos, from slithery serpents to winged wyverns, there’s a rich variation in the concept of dragons across civilizations. In the Middle East, for instance, the dragon/ serpent is symbolic of the principle of evil. Hence, the Egyptian god Apepi serves as “the great serpent of the world of darkness.” Meanwhile, the Chinese dragon, loong, represents yang, or the principle of heaven in the yin-yang of Chinese cosmology. Loong also embodies the idea of activity and maleness, a commonality among dragons across cultures. Save for a few outliers, perhaps most famously novelist George R.R. Martin’s Game of Thrones, women play limited roles in stories about dragons. Legends, fairy tales and chivalric romances often have them performing as damsels in distress in the archetypical premise, waiting to be saved by a heroic, male dragon-slayer. Visual artist Katrina Pallon attempts to rewrite that literary trope in her ongoing solo exhibition at Art Anton, titled She, the Dragon. “Often ‘othered’ from the dragon, women have been portrayed as either the victim or keeper of the beast,” the artist writes in her show statement. “This exhibit presents an alternative to this Western-tainted and exclusionary take on the dragon’s symbolism, offering instead a holistic and harmonious portrait of women as masters of dragons in their own right.” Pallon presents scenes inspired by folklore and everyday functions wherein women command these

mythical creatures, each one rendered in moving detail and color. In The Tale of the Flower Vendor, the subject strolls down the road with her blooming goods on a bike, as loong in all its impenetrable scales and sharp claws serves guardianship. In Duyog, Philippine mythology’s serpent-liked dragon named Bakunawa appears in a work of intricate sophistication—there’s the breezy and starry night sky in the background and flowers, feathers and textiles up front. Complex details likewise come to life in Kiyohime, featuring the female character in Japanese folklore who turned into a serpent and killed the monk who rejected her love and affection. Pallon draws power in her intentions and evokes it in her captivating artworks for the show. The artist proves that the damsel and the dragon can be one and the same. Katrina Pallon’s She, the Dragon opened on July 23 and is on view until August 8 at Art Anton at S Maison in Pasay City. More information is available via inquiry.artanton@gmail.com. nnn AN extensive showcase of masters and up-andcoming artists will run this week, from July 29 to July 31, at the Fairmont Hotel in Makati. MoCAF, billed as the first modern and contemporary art festival, presents a dynamic program of exhibitions, talks and discoveries for collectors and art enthusiasts. The event is presented by publishing house and multimedia platform Art+. “We started MoCAF to showcase works from both modern masters and cutting-edge contemporary artists through well-curated special exhibitions,” said Jewel Chuaunsu, MoCAF head of operations. “We want to enliven interest in the arts in all sectors of society and help generate and educate new art audiences.” Fundacion Sansó director Ricky Francisco will curate the solo artist presentations and group exhibitions. “Through MoCAF, we aim to strengthen the identity of Filipino modern and contemporary art,

Continued on B5

CANCER (June 21-July 22): Spend time with someone who motivates you to do better. Listen to advice and consider how to utilize any offers you receive to improve your life. Stop waiting for things to happen; take the initiative and do whatever is required to fulfill your dreams. HHH

LEO (July 23-Aug. 22): Test the water before you decide to get wet. Know what you are up against, and use the tools and skills you master to combat anything negative. Strength comes from knowing your limitations and freedoms. HHH

Joey Ofludor blooms at Art Asia Gallery

Rizal’s homegrown artist Joey Ofludor presents his new collection at Art Asia in SM Megamall, Mandaluyong City. A former protégé of National Artist Ang Kiukok, Ofludor veers from his brand of surrealism and creates pieces mostly in the form of expressionism. The artworks feature the different forms of blooming flora, which serve as a balm to soothe our pandemic-rattled spirits. The collection is comprised of 25 pieces created using oil painting, the preferred medium of the artist. Ofludor also created the frames for each art piece he painted. Known to dabble in various forms of art like wood sculpting and mixed media, the wooden frames that hold up the art pieces in place to show off their poignant strokes and colors are expressions of art itself. The ongoing exhibit, presented by Art Asia Gallery and Artworx Philippines, opened on July 23. More information is available from Maila Fermil via 0915-2356508.

VIRGO (Aug. 23-Sept. 22): Branch out, try something new and exciting, and get involved and make a difference. How you help others will encourage you to pay closer attention to those closest to you. Affirmative action will improve your reputation and attitude. HHHH

LIBRA (Sept. 23-Oct. 22): Think before you do something you’ll regret. Don’t take out your frustration on others. Observe what’s going on and wait to see the results. Time is on your side, so let things unfold naturally. You’ll avoid fallout with someone close. HH

SCORPIO (Oct. 23-Nov. 21): Personal changes will lift your spirits and build confidence. A shift in your living arrangements will help rectify a problem you face. An innovative approach to life, love and happiness will pay off. Romance is on the rise. HHHHH

SAGITTARIUS (Nov. 22-Dec. 21): The changes unfolding around you are not solid. Take a pass if you feel the least bit uncomfortable with arrangements others make. Discipline will help counter disagreeable behavior. Set high standards and stick to your plan. HHH

CAPRICORN (Dec. 22-Jan. 19): You’ll gravitate toward someone who shares your feelings. Be a good listener because the information you receive will give you a better understanding of a situation you face with someone you love. Simplify your life. HHH

AQUARIUS (Jan. 20-Feb. 18): Review your options. Don’t let anger force you to make a premature move. Discipline is required if you want to finish what you start and reap the rewards you deserve. Know what you want and put your plan in place. HHH

PISCES (Feb. 19-March 20): Explore new possibilities and connect with people who share your concerns. Put your heart and soul into making a difference for those less fortunate. Keep your expenditures low, but offer physical help and mental and emotional support instead. Romance is favored. HHHHH Birthday Baby: You are unpredictable, spontaneous and big-hearted. You are protective and original. H: Avoid conflicts; work behind the scenes. HH: You can accomplish, but don’t rely on others. HHH: Focus and you’ll reach your goals. HHHH: Aim high; start new projects. HHHHH: Nothing can stop you; go for gold.

New Harvest 2, Joey Ofludor

‘o brother, where art thou?’ by wayne harris The Universal Crossword/Edited by David Steinberg

ACROSS 1 Moving vehicles 5 Head toppers 9 It covers rock, in a children’s game 14 Home to Tehran 15 Tweak, as copy 16 Light-footed 17 Sandwich holders with crunchy morsels (In this clue’s answer, see letters 4-7) 20 Starlike 21 Poker prize 22 “___ me think...” 23 Yellow, black or chocolate pooch 24 Pamper 26 Description of a boy who resembles a particular parent (Letters 3-10) 31 PC alternative 32 “No” vote 33 Cop to 35 Bread for a Reuben 36 Word after “private” or “military” 37 Sweetie 39 Angsty offshoot of punk 40 Confiscate

42 Have a bite 43 Comprehended 44 Realized immediately (Letters 4-9) 49 “Cool beans!” 50 Tip jar bill 51 Unreturned serve 54 JFK alternative 55 Art piece that hangs 59 Royals’ leader, e.g. (Letters 6-11) 63 Playground retort 64 Pic to click 65 ___ stick (toy for bouncing) 66 “Much appreciated,” informally 67 Goes on to say 68 Cons’ counterparts DOWN 1 Rival of Discover 2 Greek god who envied Adonis 3 Conde ___ (The New Yorker’s publisher) 4 Growls 5 Hindfoot part 6 Craigslist postings 7 Tether 8 Siberian grassland

9 10 11 12 13 18 19 24 25 26 27 28 29 30 31 34 36 37 38 41 42 45 46 47 48

One-sided, politically Back in time Unpleasant person Fashion magazine based in Paris Pause in a melody Polite, apostrophized address Advent calendar flap Socially reserved Drug taken for a trip Frida Kahlo portrayer Salma Strand during a wintry storm Bit of ink Alpha’s opposite Spock portrayer Leonard The Marvelous ___ Maisel Tyke on a trike, say CD holder “A likely story!” Cushy footstools ___ garden (spot to meditate) “I” problem? Indian melody Roma is its capitale Soon, in Shakespeare’s day Yahoo! Mail or Google Docs

51 52 53 56 57 58 60 61 62

Slightly Payment method at a fair, often “Como ___ usted?” Frankenstein’s assistant, in movies Fitting toy for a child? Mythical winged archer Seemingly forever Kind of TV screen 1960s chic

Solution to today’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Tuesday, July 26, 2022

Gina Alajar finds joy in both acting and directing FROM left: Pokwang, Kuya Kim Atienza and Rabiya Mateo host TiktoClock.

GMA launches original countdown variety show ‘TiktoClock’ GET ready for another unique entertainment with a chance to win exciting prizes as the original countdown variety show TiktoClock debuted on GMA yesterday, July 25. It airs weekdays. The program is hosted by well-loved comedienne and award-winning actress Pokwang, Sparkle artist and Miss Universe Philippines 2020 Rabiya Mateo, and versatile host, triathlete, and everyone’s favorite trivia man Kuya Kim Atienza. Kuya Kim guarantees fans that they will love the program, “Kakaiba ang show na ito dahil time-based. Hindi kayo mabu-bore. Mabibitin kayo pagkatapos ng bawat episode. Ang goal namin is tumagal ang show for 10 years kaya gagalingan talaga namin at laging 101 percent ang energy.” Pokwang shares that they are excited to have a live audience: “Na-miss namin na muling makita sa personal ang ngiti at saya ng mga tao. Excited akong mapanood at ma-enjoy ng lahat ang mga masasayang laro at ang pamimigay namin ng papremyo.” Rabiya admits that she feels pressured but is also grateful for the opportunity to work with her cohosts: “Grabe ’yung kaba at takot ko dahil haligi na sila sa industriya, pero pina-feel nilang part ako ng family. Gina-guide nila ako sa hosting, pati sa personal na buhay. Tinutulungan nila ako to be better every day.” TiktoClock is a one-of-a-kind variety show where every minute counts. It aims to engage viewers with time-limited games, buzzer-beater performances, and many more interactive surprises. The best part is that everyone can join in the fun and win instant prizes—from the studio audience to the home viewers. The main segment of the program is “Oras Mo Na,” wherein two singing contestants will compete in every episode and they only have one minute to impress the judges. While a giant clock is ticking, the contenders must showcase their all-out talent before the countdown ends. But if the judges are impressed, any one of them can press the Pause Timer Button which lets the contestants finish their performances. To make it even more thrilling, the show has three judges and only one Pause Timer Button. They can race toward that button or argue whether to hit it or not. Whoever succeeds in this round will battle against the defending winner and get a chance to become the singing champion. Under the helm of Louie Ignacio, TiktoClock airs before Eat Bulaga on GMA. Viewers abroad can also catch the program via GMA Pinoy TV.

The damsel is the dragon Continued from B4 and focus on the Philippines as a global artistic and cultural center that will be recognized throughout Southeast Asia,” he said. The participating galleries include Ysobel Art Gallery, Village Art Gallery, DF Art Agency, Leon Gallery, Secret Fresh, and Qube Gallery, among others. There will be international galleries as well, including YOD Gallery and Gallery Kogure of Japan. YOD Gallery, in particular, will showcase pop art by select Japanese artists. Ramon Orlina, Michael Cacnio, Anton del Castillo, Robert Alejandro, and National Artist Federico Aguilar Alcuaz comprise some of the artists who will be showcased at the Special Exhibitions of MoCAF. Rare works by Juvenal Sansó will also be on display. More information, including ticket registration, is available at www.mocaf.net. n

T has been 55 years since Gina Alajar first faced the cameras by way of the movie Kaibigan Ko’ng Santo Niño, produced by Lea Productions and directed by Armando de Guzman. Out of more than 300 applicants, the then 8-year-old Alajar bagged the role of Oreng, a feat that would see her pitting acting talents with the superstars of that era: Gloria Romero, Eddie Garcia and Luis Gonzales. After countless roles in movies, television and even theater, Alajar has metamorphosed into a consummate actor, and she continues to fly high in whatever assignment she decides to take on, both as an actor and as a director. For the last decade, Alajar has been churning out highly-rated series for GMA, averaging one or two per year. Among the more memorable shows she has helmed were Kirara, Del Tierro, Villa Quintana, Yagit, Let the Love Begin, The Half Sisters and most recently Prima Donnas, which ended on a very high note after being on air for two successful seasons. In between directorial jobs, she’d accept acting roles. “I miss acting. That is why if I get the chance during lulls from directing TV drama series, I try to squeeze in acting jobs, most often in independent movies where work finishes in two weeks.” And like the A-lister that she has always been, her outputs as an actress become inspiration for the younger generation of actors. “I always tell those who ask me for advise: Do not ever believe your own hype. Never feel superior over your coactors. Never put in your mind that you are inimitable or infallible. The accolades, the screaming fans, the deafening applause, the number of likes and praise on your social-media accounts, all these are temporary,” she said, adding, “Everything goes in cycles. There will always be newer, fresher, more gifted, more beautiful, sexier discoveries that will surface. Always be thankful that you have a job. Always be grateful that you are in good health to be able to perform your job well. And always be your best when you perform these jobs entrusted to you.” Alajar is happy that she was cast in the Philippine adaptation of the Korean hit series Start-Up, playing the role of the grandmother of the two main female

characters Dani and Ina, roles assigned to Bea Alonzo and Yasmien Kurdi. Her character will also be instrumental in helping the leading male character Tristan (played by Alden Richards) to lay the foundation of his dreams and aspirations. The original Korean halmoni (meaning grandmother) was beautifully essayed by Kim Hae-sook. “Previous to this, I was always given villain characters on TV dramas. I’d often be seen as scheming, angry, grouchy but for this new series, I am the loving, tender, generous, solicitous, kind-hearted grandmother to my two granddaughters. It is a major shift for me playing a kind soul and quite a challenge, too, because I have to get really deep into my character’s core and even try to let my facial muscles relax so I’d look gentle and calm onscreen,” said Alajar, who is a doting grandma to eight lovely grandkids in

real life. “I have six here in the Philippines and two are based in the US.” She said that the Start-Up team has been working at full speed because airing dates have been finalized by the network, and fans and followers of the Korean series are eagerly awaiting how this local adaptation will fare. “We are all hyped-up and looking forward to a very good season,” she enthused, adding that her character’s name in the new series is Joy (ligaya in Filipino). “After this, I won’t mind accepting another acting assignment right away if the role and the project are both promising. In the near future I’d also like to explore directing a film if there is a really good material. Let’s see. I find joy, meaning and fulfilment in both acting and directing.” n

Marvel teases new Avengers movies, ‘Black Panther’ sequel Marvel Studios unveiled the first trailer for Black Panther: Wakanda Forever—set to “No Woman No Cry”—to fans at Comic-Con on Saturday in San Diego. It was just one part of the massive Hall H presentation, which also included first-looks at Guardians of the Galaxy Vol. 3, Ant-Man and the Wasp: Quantumania and new information about Phase 6 of the Marvel Cinematic Universe, which will conclude with two Avengers movies in 2025: Avengers: The Kang Dynasty and Avengers: Secret Wars. Black Panther: Wakanda Forever director Ryan Coogler was on site in San Diego to preview the highly anticipated film, which is due to arrive in theaters on November 11 and serve as the conclusion to Phase 4. Coogler paid tribute to Chadwick Boseman, who died in August 2020. “The impact that he made on this industry will be felt forever,” Coogler said.

After the massive success of Black Panther in 2018, plans for a sequel were quickly set into motion. But those were altered after Boseman’s unexpected death from colon cancer. The studio said it would not recast Boseman’s role of T’Challa. but very little has come out about the film in the years since. Production wrapped in March after several delays, one of which was due to an injury sustained by Letitia Wright, who plays T’Challa’s brainy sister Shuri. Also returning are Lupita Nyong’o, Danai Gurira, Winston Duke and Angela Bassett, but not Daniel Kaluuya, whose Nope schedule conflicted. Phase 5, Marvel Studios head Kevin Feige said, will kick off in February with Ant-Man and the Wasp: Quantumania and conclude with Thunderbolts in July 2024. The new Blade, starring Oscar-winner Mahershala Ali, also got a release date of November 3, 2023, and Captain America and the New World Order,

featuring Anthony Mackie’s Sam Wilson, will hit theaters on May 3, 2024. The Guardians of the Galaxy will also come to an end in the midst of Phase 5 in May. Director James Gunn showed up in San Diego to confirm that Vol. 3 would be the last for the space rogues. Chris Pratt, Zoe Saldana, Karen Gillian and Dave Bautista are all returning for the film. New cast members include Will Poulter, as Guardians adversary Adam Warlock, and Maria Bakalova. Paul Rudd, Evangeline Lilly, Jonathan Majors and director Peyton Reed made the trip to San Diego to show some footage from Ant-Man and the Wasp: Quantumania. Phase 6 will launch with a new Fantastic Four movie on November 8, 2024, and finish with Avengers: The Kang Dynasty, set for May 2, 2025, followed by Avengers: Secret Wars, on November 7, 2025. AP

Maxene Magalona explores how to find freedom in new short WHAT does it mean to be free, and how can one discover freedom? Renowned filmmaker Quark Henares explores this idea in his latest short film, titled How to Find Freedom, created in partnership with global smart device brand OPPO (www.oppo.com/ph). Many young people these days find themselves trapped in the mundane cycle of day-to-day life, wanting for inspiration or any dose of excitement. Henares puts these people into focus in the three-minute film, empowering viewers to step out of your comfort zone and discover different facets of yourself. Shot on OPPO’s newest flagship

device, the OPPO Find X5 Pro, the short film follows the main character, portrayed by actress Maxene Magalona, at first going about the tedious routine of her everyday life, uninspired and bogged down by work and memories of a former relationship. After what seems to be a serendipitous interaction online, she then pushes herself to enjoy life again by trying new things—from simple activities like visiting an art gallery and adopting a cat, to the more daring like singing in front of a crowd of strangers, and even paragliding. Unveiled earlier this year, the

OPPO Find X5 Pro is the brand’s newest flagship device, co-designed with Hasselblad, the pioneers in photography. With a cutting edge MariSilicon X Chip powering its 50MP triple camera setup, the OPPO Find X5 Pro has the best and most advanced night photography features found in a smartphone. Now, you can capture images in any light, thanks to its industryleading features like 4K Ultra Night Video, Ultra HDR Video and Ultra Dark Video. And, with its 1 Billion Colour Bionic Display, you can relive your best after-dark moments in spectacular detail.

B6 Tuesday, July 26, 2022

Gawad Amerika’s Outstanding Young Entrepreneur 2022 is a Filipino businessman and concert producer

DOT supports PH National Museum; proposes inclusion in tourism circuits

EPARTMENT of Tourism (DOT) Secretary Christina Garcia Frasco affirmed the Department’s full support to the National Museum of the Philippines (NMP) during her attendance at the 3rd quarter regular Board of Trustees (BoT) meeting held at the National Museum in Manila. Frasco is joined, as members of the NMP BoT, by the Education Secretary, the Tourism Committee Chair of the House of Representatives and the Senate, the Chairperson of the National Commission for Culture and the Arts (NCCA), the Director-General of the National Museum, and eight representatives of the private sector in the National Museum Board. It may be noted that that the NMP’s mandate is to establish, manage and develop museums not only in Manila but also in key locations around the country. Frasco expressed her gratitude to the members of the board, and offered the Department of Tourism’s assistance in the marketing and promotions of museums across the country, as well as the establishment of tourism circuits for museums so public knowledge and access to these museums could be in the mainstream. “I wish to thank all of you for what you have done to push forward the preservation of our heritage. My personal presence here signals my intention to give the full support of the DOT to the National Museum of the Philippines and to all of your projects nationwide. I wanted the support to be tacitly manifested by

PRESENT at the meeting were Evangelina Lourdes Arroyo- Bernas, NMP Chairperson; Jeremy Barns, Director General of NMP; Jorell M. Legazpi, Deputy Director for Museums; and Board of Trustees from the private sector Andoni M. Aboitiz, Dr. Jurgenne Primavera, and Dr. Rene R. Escalante. Sen. Nancy Binay and other trustees joined the meeting virtually. my physical presence and you can be rest assured that I will be your ally in the Department of Tourism,” remarked Frasco. An advocate of culture and the arts herself, the former Mayor of Liloan added “All of your efforts deserve to be highlighted and the general public needs to really know about all the activities, because giving the general public access to all of these worthwhile endeavors would also benefit both the museum and the public in general, in that, we are able

to provide a mainstream access to all that the museums have to offer. Frasco has earlier directed the officials of the DOT to reach out to local government units all over the country to equalize marketing and promotions. This, she added, can also be executed for the properties managed by the NMP. “I hope to have a similar effort done for the National Museum because I will be very interested to explore how we can assist in increasing engagement for its endeavors,” said the tourism chief.

Kaspersky‘s security solutions is 100% ransomware protected

V-TEST, the independent IT security institute, has recognized Kaspersky Endpoint Security for Business and Kaspersky Small Office Security as standouts in its Advanced Threat Protection test for ransomware protection. The assessment found that both Kaspersky business solutions were capable of successfully defending against ransomware in 10 real-life scenarios. Ransomware attacks are on the rise. While Kaspersky's research found that almost two-thirds (64%) of organizations have already been the victim of a ransomware attack, experts from the global Ransomware Task Force predict this threat will keep escalating due to the current economic and political climate. The assessment, conducted by AVTEST, investigated how successfully security products protect against ransomware. The test process involved running the solutions through 10 defined ransomware scenarios involving an e-mail with an infected attachment.

The attachment contained dangerous attacks such as Office files with scripts, which then execute further steps via tools such as PowerShell. According to the test results, Kaspersky products for business once again proved their ransomware protection capabilities. Both of the analyzed solutions were able to detect the attacks and fully block them, receiving the maximum protection score of 40 points. The tests resulted in AV-TEST awarding the solutions the “Advanced Approved Endpoint Protection” certificate. “With ransomware on the rise, businesses need to be confident that their networks are secured and these threats are

not able to penetrate their perimeter in the first place. Our latest detailed report describing various techniques and procedures used by different ransomware groups shows that they have many similarities. This can help organizations better recognize and protect against such attacks with proper expertise and security solutions,” says Alexander Liskin, Head of Threat Research at Kaspersky. “The AV-TEST result is a strong acknowledgment of the work Kaspersky researchers have achieved to deliver products that offer ultimate ransomware protection and prevent adversaries from breaking into a network and intercepting corporate data,” adds Liskin. The full report, 26 Security Solutions Undergo an Advanced Threat Protection Test Against Ransomware, by AV-TEST is available here. Learn more about Kaspersky Endpoint Security for Business, and Kaspersky Small Office Security on the Kaspersky website.

DLSU offers IP and Innovation Joint Master’s Degree Program

DE La Salle University President Br. Bernard Oca FSC (middle) and University Legal Counsel and Director of the DLSU Intellectual Property Office Atty. Christopher Cruz (3rd from right) represent the University in this undertaking with the Intellectual Property Office of the Philippines (IPOPHIL) and the World Intellectual Property Organization Academy.

E La Salle University is hosting and organizing the first Joint Master’s Degree Program on IP and Innovation in a business school in Asia-Pacific. The DLSU Intellectual Property Office (DIPO) and the Department of Commercial Law under the Ramon V. del Rosario College of Business, in cooperation with the Intellectual Property Office of the Philippines (IPOPHIL), have been working with the World Intellectual Property Organization Academy to roll out the program in 2023. Designed for management professionals, entrepreneurs, and other non-IP experts, the program is a response to a demand in the region as IP is increasingly used as an economic driver for growth and development. DLSU will release a separate announcement on the details of the program for candidates and scholars from Asia-Pacific.

S-BASED Filipino businessman Tommie Mopia is this year’s recipient of Gawad Amerika’s Outstanding Young Entrepreneur Award 2022. The Iloilo native left for the United States 13 years ago in his family's quest for greener pastures. After more than a decade of adjusting, adapting, and exploring abroad, our Ilonggo kababayan has established the TGM Group of Companies Inc., St. Anthony Hospice, CB Hospice, Tram Hospice, Quad Care Hospice, and Comprehensive Healthcare Services under his command. In these acquisitions, he takes so much pride, especially as an immigrant. “Being Filipino-American living in Los Angeles, I am part of one of the minorities. There is a constant need for me to prove what I can offer. With Asian hate cases rising, I strive to pave the way for others to respect and acknowledge our presence. If the majority sees that you are contributing to the workforce, shaping their economy by boosting job placements and work opportunity, that means a lot,” he stressed. Before the pandemic, TGM took on a different path as it managed and produced concerts for Filipino and international artists. Mopia quipped, “I am one of the youngest executive producers and co-producers to do live concerts all over Southern California, Las Vegas, and Hawaii. I have worked with

TOMMIE Mopia artists like, Jake Zyrus, Jed Madela, Lani Misalucha, Nonoy Zuñiga, etc.” This year, his intention to bring Fil-Am talents and produce concerts for them in the Philippines has intensified following his involvement in the recent Iconic concert of Regine Velasquez and Sharon Cuneta in the US. Making a name in the US proves to Mopia that success is for everyone who works hard and makes the difference. “Prove others wrong by setting and achieving high standards for your business. Believe in yourself. You are braver than you think, more talented than you know, and capable more than you imagine. Only those who attempt the absurd can achieve impossible,” he said.

Get to know the new Pinoy Coco Pandesal from Gardenia

GARDENIA Bakeries (Philippines), Inc. President and General Manager Simplicio Umali, Jr. led the Pledge of Commitment in championing the Filipino consumers' right to basic needs. With him were former DTI Sec. Ramon Lopez and former DOST Sec. Fortunato Dela Peña

OR everyone who loves to enjoy their pandesal for breakfast, merienda or even as midnight snack, you’ll be glad to discover that Gardenia, the leading bread manufacturer in the Philippines, along with the other members of the Philippine Baking Industry Group (PhilBaking), now offers Pinoy Coco Pandesal! A joint project of the Department of Trade and Industry (DTI), Department of Science and Technology (DOST), Department of Agriculture (DA), the Philippine Baking Industry Group, and the Virgin Coconut Oil Producers and Traders Association of the Philippines, Inc. (VCOP), the launch of the

Pinoy Coco Pandesal serves to address the rising cost of wheat flour in the global market. At the same time, it is an initiative that will benefit coconut farmers in the country. The Pinoy Coco Pandesal is made with 90% wheat flour and 10% coconut flour – an ingredient that is more sustainable and locally available. In addition, coconut flour is also rich in fiber and a good source of protein. Gardenia’s Pinoy Coco Pandesal is available in stores and supermarkets nationwide including Puregold, SM, Robinsons, 7-Eleven, South Star, Sta. Lucia, Waltermart, Fishermall and Mercury Drug at Php 23.50 SRP.

Six global retail experts headline the 28th NRCE

HE Philippine Retailers Association (PRA) has invited six of the world’s top industry experts to speak at the upcoming 28th National Retail Conference and Expo (NRCE) and provide guidance to local retailers as they thread the difficult path toward full recovery from the impact of the pandemic. Happening on-site this August 11 to 12 at the SMX Convention Center, this year's NRCE – the most important and biggest retail industry event in the country – is aptly themed “Retail: Ready, Re/set/ GROW!” PRA President and SEVP-COO of Wilcon Depot Rosemarie Bosch Ong said the 28th NRCE is a giant step toward the creation of a roadmap to a better retail industry. Tom Oliver, consultant to top Fortune 500 companies, will be delivering the keynote speech on the first day of the event. He founded the Tom Oliver Group, now a trusted advisor to many of the world's most influential family businesses. A “worldfamous management consultant,” he has worked with brands such as Pepsi, Johnson & Johnson, and Google. Don Rae, Group Head and Senior Advisor of Globe Business, will be discussing advanced profiling through data analytics and streamlined eCommerce operations. A veteran in telecommunications, he is also the Chairman of Yondu, a portfolio company of the Globe Group. Cathy Ileto, SM Retail’s Vice President for Corporate Communications, has decades of experience in strategic communications. She is currently in-charge of the overall brand health of the company. Included in her purview as well is crafting a well-curated employee experience and an extensive push for sustainability communications.

EDWIN Hawson

TOM Oliver

Edric Mendoza, Chairman of Homeschool Global, is a changemaker. His focus is on personal finance, entrepreneurship, and innovative learning. He is a registered financial planner, an anchor of PlusNetwork's FUNDamentals, and a former anchor of ANC's On The Money. NRCE Day 2 will feature Edwin Hawson, President of the Central Marketing Group (CMG) for the Central Group of Companies Thailand, as the keynote speaker. CMG is the exclusive distributor and licensee for many iconic brands such as Casio, Dyson, Guess, Calvin Klein Jeans, and many others. Day 2 will also have Georg Platzer, Store Manager of Ikea Philippines who will be speaking about the Ikea experience. The rest of the second day will have invited speakers delving into topics such as building supply chain resiliency, reinventing businesses for a new reality, and catering to a new generation of Filipino consumers during the pandemic. The NRCE is the biggest and longestrunning retail industry event in the country. It is where top retailers and suppliers meet in one venue to share knowledge, build camaraderie, and find new ways to accelerate the growth of their careers and respective businesses. Interested retailers can still register to attend the event at the NRCE website (www.nrce-ph.com).

World Features

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

BusinessMirror

Tuesday, July 26, 2022

China’s 15 million dejected Gen Z, jobless and slowing the economy

HE most educated generation in China’s history was supposed to blaze a trail towards a more innovative and technologically advanced economy. Instead, about 15 million young people are estimated to be jobless, and many are lowering their ambitions. A perfect storm of factors has propel led unemploy ment among 16- to 24-year-old urbanites to a record 19.3 percent, more than twice the comparable rate in the US. The government’s hardline coronavirus strategy has led to layoffs, while its regulatory crackdown on real estate and education companies has hit the private sector. At the same time, a record number of college and vocational school graduates—some 12 million—are entering the job market this summer. This highly educated cohort has intensified a mismatch between available roles and jobseekers’ expectations. The result is an increasingly disillusioned young population losing faith in private companies and willing to accept lower pay in the state sector. If the trend continues, growth in the world’s second-largest economy stands to suffer. The sheer number of jobless under-25s amounts to a 2 percent to 3 percent reduction in China’s workforce, and fewer workers means lower gross domestic product. Unemployment and underemployment also continue to impact salaries for years—a 2020 review of studies reported a 3.5 percent reduction in wages among those who had experienced unemployment five years earlier. More young people taking roles in government may leave fewer jumping into new sectors and fueling innovation. “The structural adjustment faced by China’s economy right now actually needs more people to become entrepreneurs and strive,” said Zeng Xiangquan, head of the China Institute for Employment Research in Beijing. Lowered expectations have “damaged the utilization of the young labor force,” he added. “It’s not a good thing for the economy.” Pre-pandemic, 22-year-old Xu Chaoqun was prepared for a career in China’s creative industries. But a

fruitless four-month job hunt has left him setting his sights on the state sector. “Under the Covid outbreak, many private companies are very unstable,” said Xu, who majored in visual art at a mid-ranked university. “That’s why I want to be with a state-owned enterprise.” Xu is not alone. Some 39 percent of graduates listed state-owned companies as their top choice of employer last year, according to recruitment company 51job Inc. That’s up from 25 percent in 2017. A further 28 percent chose government jobs as their first choice. It’s a rational response in a pandemic-hit labor market. All workplaces have been hit hard by China’s snap lockdowns and strict quarantine measures, but private companies were more likely to lay off workers. Beijing’s main employment-boosting policy has been to order the state sector to increase hiring. President Xi Jinping may be relieved that the country’s unemployed youth are trying to join the government rather than overthrow it. During a June visit to a university in the southwestern China’s Sichuan province, he advised graduates to “prevent the situation in which one is unfit for a higher position but unwilling to take a lower one.” He added that “to get rich and get fame overnight is not realistic.” The message is getting through: Graduate expectations for starting salaries fell more than 6 percent from last year to 6,295 yuan ($932) per month, according to an April survey from recruitment firm Zhilian. Stateowned enterprises grew in appeal over the same period, the recruiter said. But lower income expectations and talent shunning the private sector are likely to lower growth in the long term, challenging the president’s plan to double the size of China’s economy from 2020 levels by 2035—by which point it would likely overtake the US

in size. The phrase “tang ping”—“lying f lat”—spread through China’s Internet last year. The slogan invokes dropping out of the rat race and doing the bare minimum to get by, and reflected the desire for a better work-life balance in the face of China’s slowing growth. As the unemployment situation has continued to worsen, many young people have adopted an even more fatalistic catchphrase: “bailan,” or “let it rot.” That concept is “a kind of mental relaxation,” said Hu Xiaoyue, a 24-year old with a psychology masters degree. “This way, even if you fail, you will feel better.” When Hu started looking for work last August, she found it easy to land interviews. “But when it came to spring, only one in 10 companies would offer an interview,” she said. “It fell off a cliff.” China’s state-owned enterprises (SOEs) aren’t all unproductive behemoths. But the weight of economic evidence suggests they are, on the whole, less efficient and less innovative than privately owned companies. China’s economic boom has coincided with a falling share of SOE jobs in urban employment—from 40 percent in 1996 to less than 10 percent pre-pandemic. That trend could now go into reverse. Last year, China launched a regulatory crackdown on formerly highflying sectors dominated by private companies that previously attracted ambitious young people. Internet companies were hit with fines for monopolistic behavior, real estate businesses were starved of financing and the private tutoring sector was almost entirely shuttered. Regulatory filings show that China’s top five listed education compa-

nies reduced their staffing by 135,000 in the last year after the crackdown. The largest tech companies have kept their headcounts stable, and Zhilian says that there were more tech jobs advertised in the first half of this year than the same period in 2021. Even so, the sector’s allure has faded. A graduate of the highly ranked Central University of Finance and Economics in Beijing, Hu was set for the tech sector—she interned at three Internet companies including video-sharing giant Beijing Kuaishou Technology Co. But she has changed her mind. “People who are going to work for Internet companies are all worrying about themselves because they feel like they could be fired any time,” she said. Instead, Hu landed a position at a research institute within state-owned China Telecom Corp. “The working hours of my future job will be 8:30 a.m. to 5:30 p.m., and the workload will be quite light. Internet companies are too consuming,” she said. As well as the movement of talent towards state-owned companies, there’s another mechanism at work that can damage long-term growth. Studies by from the US, Europe and Japan have shown that the longer young people are unemployed at the start of their careers, the worse their long-term incomes, an effect known as “scarring.” That’s the risk facing Beiya, who was laid off from an e-commerce company this year. The 26-year-old, who gave only one name because she feared that talking about losing her job could hit her employment prospects, missed out on a role with TikTok parent company Bytedance Inc. because of her limited experience.

“I’m a good candidate with potential but they want to see me in two years,” she said. “But how can I get the experience if no one gives me a job now?” The state sector already employs around 80 million people and the figure could grow by as much as 2 million on a net basis this year, according to Lu Feng, a labor economist at Peking University. “But compared with total demand for jobs, it’s still relatively small,” he said. “We still need private firms to hire.” That will only happen if the economy grows. To meet its employment goals, economists say China needs GDP to increase between 3 percent and 5 percent this year. Economists are predicting growth closer to 4 percent—with the outlook highly uncertain due to the prospect of more lockdowns to contain the spread of the coronavirus. “Lack of clarity on an exit strategy from the Covid-Zero policy makes companies wary of hiring,” said Chang Shu, Bloomberg Economics’ chief Asia economist. Beijing has launched a version of the job-support programs seen in Europe during the pandemic, offering tax rebates and direct subsidies to companies who promise to retain workers. But the amounts involved are small: The incentive for hiring a new worker is just 1,500 yuan. Provincial subsidies for graduates who start businesses are also small—just 10,000 yuan in the prosperous Guangdong region. Even if China can return to strong growth in the second half of this year, the youth unemployment problem will persist—the rate has been rising since 2017, reaching 12 percent pre-pandemic. Economists attribute that to two factors: urbanization and a mismatch between the education system and employers’ needs. The hundreds of millions of workers who moved from the countryside to cities used to return to their villages during labor market slumps, acting as an economic shock absorber. Now, younger migrants increasingly stay put when they lose their jobs, pushing up urban unemployment. “A lot of them are not even raised in rural areas. So they regard themselves as urban people,” says Peking University’s Lu. “The constraints for the government have changed substantially, it’s tougher than in the past.” Second, the annual number of graduates in China has increased tenfold over the last two decades—the

fastest higher-education expansion anywhere in the world, at any time. The share of young Chinese people attending college is now almost 60 percent, similar to developed countries. The number of vocational graduates lags far behind those receiving academic degrees. Such is the stigma around vocational education that students rioted last year when told their university was being rebranded as a vocational school. Highly educated young people are rejecting factory jobs. “That’s the basic matching problem. It is huge in this country,” said Lu. That’s left manufacturers complaining about shortages of skilled technicians. “There are not a lot of people applying for those jobs, such as electrician or welder,” said Jiang Cheng, 28, an agent for electronics factories in central China. Other sectors are oversubscribed. According to a 2021 study of 20,000 randomly selected jobseekers on Zhilian’s website, some 43 percent of the job applicants wanted to work in the IT industry, while the sector accounted for just 16 percent of recruitment posts. Half of jobseekers had a bachelor degree, but only 20 percent of jobs required one. “There is now compelling evidence of over-education,” the study’s authors wrote, warning that the misalignment “could have profound influences on both individuals and the nation.” In the longer term, it’s possible that government intervention may get the private sector hiring again, while education reforms and market forces can smooth the misalignment in the labor market. China is easing its regulatory campaigns, and a vocational education law passed this year aims to improve standards. A study by Wang Zhe, an economist at Caixin Insight, found college majors that attracted a wage premium in 2020 became more popular in 2021. As applicants’ academic choices adapt to demand in the jobs market, mismatches stand to ease. But the share of graduates from China’s nine top-ranked universities joining the private sector has fallen since the pandemic, according to research from Hong Kong’s Lingnan University. That suggests ideological shifts, and not just market forces, are at play. Some graduates at top universities are adopting “ cadre style,” according to online forums where they seek tips on where to buy the black zippered windbreakers favored by Xi.

‘THE MONEY IS GONE’: EVACUATED UKRAINIANS FORCED TO RETURN HOME By Cara Anna

The Associated Press

OKROVSK, Ukraine—The missile’s impact flung the young woman against the fence so hard it splintered. Her mother found her dying on the bench beneath the pear tree where she’d enjoyed the afternoon. By the time her father arrived, she was gone. Anna Protsenko was killed two days after returning home. The 35-year-old had done what authorities wanted: She evacuated eastern Ukraine’s Donetsk region as Russian forces move closer. But starting a new life elsewhere had been uncomfortable and expensive. Like Protsenko, tens of thousands of people have returned to rural or industrial communities close to the region’s front line at considerable risk because they can’t afford to live in safer places. Protsenko had tried it for two months, then came home to take a job in the small city of Pokrovsk. On Monday, friends and family caressed her face and wept before her casket was hammered shut beside her grave.

“We cannot win. They don’t hire us elsewhere and you still have to pay rent,” said a friend and neighbor, Anastasia Rusanova. There’s nowhere to go, she said, but here in Donetsk, “everything is ours.” The Pokrovsk mayor’s office estimated that 70 percent of those who evacuated have come home. In the larger city of Kramatorsk, an hour’s drive closer to the front line, officials said the population had dropped to about 50,000 from the normal 220,000 in the weeks following Russia’s invasion but has since risen to 68,000. It’s frustrating for Ukrainian authorities as some civilians remain in the path of war, but residents of the Donetsk region are frustrated, too. Some described feeling unwelcome as Russian speakers among Ukrainian speakers in some parts of the country. But more often, lack of money was the problem. In Kramatorsk, some people in line waiting for boxes of humanitarian aid said they were too poor to evacuate at all. Donetsk and its economy have been dragged down by conflict since 2014, when Russianbacked separatists began fighting Ukraine’s

FAMILY and friends of 35-year-old Anna Protsenko, who was killed in a Russian rocket attack, walk to a cemetery for her burial, during her funeral procession, on the outskirts of Pokrovsk, eastern Ukraine, on Monday, July 18, 2022. Protsenko was killed two days after coming home. She had done what authorities wanted, evacuating eastern Ukraine’s Donetsk region as Russian forces move closer, but starting a new life elsewhere was uncomfortable and expensive. AP/NARIMAN EL-MOFTY government. “Who will take care of us?” asked Karina Smulska, who returned to Pokrovsk a month after evacuating. Now, at age 18, she is her family’s main money-earner as a waitress. Volunteers have been driving around the Donetsk region for months since Russia’s invasion helping vulnerable people evacuate,

but such efforts can end quietly in failure. In a dank home in the village of Malotaranivka on the outskirts of Kramatorsk, speckled twists of flypaper hung from the living room ceiling. Pieces of cloth were stuffed into window cracks to keep out the draft. Tamara Markova, 82, and her son Mykola

Riaskov said they spent only five days as evacuees in the central city of Dnipro this month before deciding to take their chances back home. “We would have been separated,” Markova said. The temporary shelter where they stayed said she would be moved to a nursing home and her son, his left side immobilized after a stroke, would go to a home for the disabled. They found that unacceptable. In their hurry to leave, they left his wheelchair behind. It was too big to take on the bus. Now they make do. If the air raid siren sounds, Markova goes to shelter with neighbors “until the bombing stops.” Humanitarian aid is delivered once a month. Markova calls it good enough. When winter comes, the neighbors will cover their windows with plastic film for basic insulation and clean the fireplace of soot. Maybe they’ll have gas for heat, maybe not. “It was much easier under the Soviet Union,” she said of their lack of support from the state, but she was even unhappier with Russian President Vladimir Putin and what his soldiers are doing to the communities

around her. “He’s old,” she said of Putin. “He has to be retired.” Homesickness and uncertainty also drive returns to Donetsk. A daily evacuation train leaves Pokrovsk for relatively safer western Ukraine, but another train also arrives daily with people who have decided to come home. While the evacuation train is free, the return one is not. Oksana Tserkovnyi took the train home with her 10-year-old daughter two days after the deadly attack on July 15 in Dnipro, where they had stayed for more than two months. While the attack was the spark to return, Tserkovnyi had found it difficult to find work. Now she plans to return to her previous job in a coal mine. Costs in Dnipro, already full of evacuees, were another concern. “We stayed with relatives, but if we needed to rent it would have been a lot more,” Tserkovnyi said. “It starts at 6,000 hryvnia [$200] a month for a studio, and you won’t be able to find it.” The Associated Press journalist Inna Varenytsia contributed.

Sports BusinessMirror

| Tuesday, July 26, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Barredo guardedly optimistic of PHL stint in Para Games

HILIPPINE Paralympic Committee president Mike Barredo was guardedly optimistic about the prospects of the national para team which leaves on Tuesday on a chartered Philippine Airlines flight for the 11th Asean Para Games set July 30 to August 6 in Surakarta, Indonesia. “I am guardedly optimistic about the chances of our national para athletes due to the circumstances leading to the 11th Asean Para Games,” said Barredo on the eve of the departure on Monday of the contingent composed of 144 athletes, 38 coaches and 40 officials. “Since the last one held in 2019 in Kuala Lumpur, we have missed two editions of the Para Games,” noted the PPC president, including the 10th edition that was supposed to be hosted by the Philippines in early 2020 but was shelved due to the Covid-19 pandemic. “Due to the restrictions and limitations under the pandemic, the training of our national para athletes has been limited while there has also been a drought in international exposure and competition as well,” Barredo said. “The last international competition that majority of our athletes have had was the 2018 Asian Para Games while some were fortunate to compete in the qualifiers and participate in the Tokyo Para Games last year,” he added. Barredo was grateful for the bubble training of the national athletes of over a month provided by the Philippines Sports Commission at the PhilSports Complex in Pasig City as well as its funding of the country’s participation in the regional sportsfest for para athletes. “Thanks to the PSC, at least our athletes will be more prepared for the battles that await them in Indonesia,” he said. “So duplicating our finish in the 2017 Para Games in Malaysia would be a workable target,” said Barredo, referring to the 20 gold, 20 silver and 20 bronze medals Filipino athletes won to finish fifth overall in the 11-nation meet five years ago. “Nonetheless, I believe our national para athletes are hungry and eager to perform their best for the country in Indonesia. They all want to make their countrymen proud,” he stressed, citing the wave of outstanding feats of Filipino athletes in recent weeks. A former football player and avid fan of the sport, Barredo mentioned the Filipinas, the national women’s football team, in capturing the Asean Football Federation Women’s Championship trophy for the first time and the bronze medal won by pole vaulter Ernest John Obiena in the world athletic meet in Eugene, Oregon yesterday. “Inspired by feats of the Filipinas and pole vaulter EJ Obiena, I am certain that our national para athletes are just as keen to share the spotlight in the coming days by bringing home medals and honors for the country in the Para Games,” Barredo said.

THE former fish factory worker from Denmark Jonas Vingegaard pulls off a memorable performances in the mountains in cycling’s biggest race. AP

VINGEGAARD TOUR DE FRANCE CHAMP K

ING of the mountains. Champion on the ChampsElysees. Jonas Vingegaard blossomed from a talented rookie to a dominant leader in his own right over three weeks of epic racing to win his first Tour de France title on Sunday. The former fish factory worker from Denmark dethroned defending champion Tadej Pogacar with memorable performances in the mountains in cycling’s biggest race. The 25-year-old Vingegaard, who was runner-up to Pogacar in his first Tour last year, excelled in the scorching heat that enveloped France this month and came out on top of a thrilling duel with Pogacar, the big favorite at the start of the race. Jasper Philipsen won Sunday’s last stage—a mainly processional ride around Paris to the ChampsElysees—in a sprint ahead of Dylan Groenewegen and Alexander Kristoff. Vingegaard competed last year as a replacement for Tom Dumoulin in the Jumbo-Visma squad. It was a revelation for Vingegaard as he realized that he could fight for the overall title after dropping Pogacar in the famed Mont Ventoux climb, but his Slovenian rival was at the top of his game and largely untouchable. A year later, Vingegaard stood on top of the podium after building his triumph with two phenomenal rides in the Alps and the Pyrenees.

The official overall margin of victory was two minutes and 43 seconds but Vingegaard slowed down toward the end of the stage to celebrate with teammates, crossing well after Pogacar. Geraint Thomas, the 2018 Tour champion, was 7:22 off the pace in third. Three weeks ago in Copenhagen, the Jumbo-Visma team started the race with two leaders—Vingegaard and three-time Spanish Vuelta winner Primoz Roglic. But Roglic’s challenge took a blow when he suffered a dislocated shoulder and lost more than two minutes to Pogacar on the cobbled fifth stage of the race, leaving Vingegaard in a sole leader’s role. Vingegaard more than exceeded expectations from that moment. He made his intentions clear in the first big mountain stage up the Col du Granon to seize the race leader’s yellow jersey from Pogacar, who fell more than two minutes behind that day. Having claimed the famed tunic during a stage featuring three monster Alpine climbs, Vingegaard kept it until the end. With the help of teammates including the versatile Wout Van Aert, Vingegaard responded to the relentless attacks launched

reached for his feelings about the medal that shimmered like gold. But that didn’t matter at this time as his pole and his skills did the talking. “It’s the world championships and we are very proud of him,” Philippine Olympic Committee (POC) President Abraham “Bambol” Tolentino told BusinessMirror on Monday. “Bronze is bronze in

the worlds. It’s absolutely a big achievement.” “He jumped like a hungry lion,” Tolentino added. As ecstatic was Obiena’s long-time mentor and confidante Jim Lafferty. “I cannot adequately express how proud I am of EJ,” Lafferty said. “He has battled so much adversity, a level of which would have beaten mere

by Pogacar day in, day out. His supremacy in the mountains was such that, in addition to his overall win, Vingegaard also claimed the jersey for king of the mountains— not bad for a rider who comes from a country whose highest point is barely 170 meters above sea level. Vingegaard and Pogacar were clearly in a class of their own this year as their closest rival, Thomas, was reduced to being a mere spectator in the leaders’ fight. Vingegaard delivered his decisive blow in the Pyrenees, posting a second stage win at the Hautacam ski resort. There the Dane responded to a series of attacks from Pogacar and ultimately dropped the Slovenian in the last big mountain stage of this year’s race to increase his overall lead to more than three minutes. Pogacar cracked about

OBIENA STAMPS MARK IN WORLDS By Josef Ramos

RNEST JOHN “EJ” OBIENA clinched the men’s bronze medal on Monday at the World Athletics Championships—an announcement that he, indeed, has arrived and is now in the company of the elite in men’s pole vault. And he earned the podium finish alongside the great Armand Duplantis in Asian record fashion at Hayward Field in Eugene, Oregon. The 26-year-old Obiena cleared 5.94 meters not only to reset the Asian record of 5.93 meters he booked in Sweden last year, but also claimed for the Philippines its first world track and field medal. That second attempt cost him a potential silver though. American Christopher Nilsen also did 5.94 meters but on his first attempt, thus claiming the silver medal behind, who else, “Mondo” himself. Duplantis cleared 6.21 meters to beat his world record by .01. Just like before his stint in Eugene when he shunned interviews, Obiena couldn’t be

AFTER soaring to a new Asian record, Ernest John “EJ” Obiena is now in the company of the world’s elite—world champion and record holder Armand Duplantis of Sweden and Christopher Nilsen of the US. AP

Pirates slay Tamaraws in preseason hoopfest

AC GUADANA caught fire and drained seven threepointers for 29 points to power Lyceum of the Philippines University to a 71-62 victory over Far Eastern University (FEU) for its first win in the Filoil EcoOil Preseason Cup on Monday at Filoil EcoOil Centre in San Juan. It was an absolute shooting showcase from the sophomore guard who made seven of his nine attempts from rainbow country to lead the Pirates in establishing a 20-point lead in the third quarter. The Tamaraws staged a late rally and got to within nine, 69-60, after a Patrick Sleat split from the line with 52.3 seconds left. But Maverick Venoya nailed a big bucket with 34.8 seconds remaining to seal off

Super Kiwi

the win for Lyceum. “I just have to remind my players that they have to enjoy the game. Sometimes if they don’t enjoy, they’re pressured,” said coach Gilbert Malabanan as the Pirates gained their first win in Group B. Lyceum also drew solid games from John Barba, who had nine points and eight rebounds, and veteran Renzo Navarro, who finished with seven points, seven assists, two boards and two steals as the team collectively went 10-of-26 from three-point zone. L-Jay Gonzales poured 11 points for FEU in its second straight defeat. Emilio Aguinaldo College, meanwhile, used a strong 14-3 finish to pull the rug under University of the East, 72-65. Adam Doria drained five treys for 21 points and JP Maguliano chipped in 13

OF all people who saw his gift and talent for fighting, it was Sam Marsters, who was a bouncer at a nightclub where “Super Samoan” Mark Hunt was involved in an altercation who invited Hunt to go to his gym to receive training for kickboxing. And as they say, the rest is history. Hunt won the K-1 Grand Prix World Championship in 2001 and after a stint in Japan’s Pride Fighting Championship, the man famous for “Walk-off knockouts” joined the biggest MMA promotion in the world, the UFC. Despite having a background in Brazilian jiu-jitsu where he is a promotion away from being a black belt, most of his wins were by knockout. Hunt beat Antonio Silva and Frank Mir despite the two fighters testing positive for PEDs after the fight. He lost by unanimous decision to Brock Lesnar

points, seven rebounds and four assists for the Generals’ first win in Group A. “Very evident that we’re too tight. I told them to not get pressured even though we faced a UAAP [University Athletic Association of the Philippines] team,” said coach Oliver Bunyi as EAC crawled back from a 13-point first-half hole, 41-28. Adamson University, on the other hand, seized the early lead in Group A with a 67-48 drubbing of Arellano University and University of Santo Tomas (UST) used a late spurt to turn back Jose Rizal University (JRU), 86-78, in their respective openers also on Monday. Joshua Barcelona unleashed seven of his 10 points in the Soaring Falcons’ 21-point fourth quarter performance to fend off the Chiefs en route to their second straight win.

mortals. He has shown he is a lion, a world-class competitor in every sense of the word.” Lafferty added he wasn’t surprised Obiena made the podium. “He’s No. 6 in the world,” he said. “Everything’s a clear possibility and he did it.” Obiena buddy, Rio 2016 Olympics gold medalist Thiago Braz da Silva of Brazil, as fourth with 5.87 meters, followed by Oleg Zernikel of Germany, Renaud Lavillenie of France and Bo Kanda Lita Baehre also of Germany. The men’s pole vault competitions started with 31 athletes but only 12 advanced to the final with Obiena as the only Asian in the group. Jeanette and dad and coach Emerson Obiena followed their son’s campaign on YouTube and celebrated from their home in Tondo. “We’re very, very happy,” Jeanette Obiena said. Obiena won gold at both the 2019 and postponed 2022 Southeast Asian Games and qualified for the Tokyo

Adamson University coach Nash Racela, though, was not too pleased with his side noting, “The way we played was very lousy. I just want our team to learn to see the bigger picture,” Racela said. “Ayokong short-sighted sila. I want to have that mentality that we want to prepare for the games in October.” Matt Erolon shot 5-of-6 from downtown to lead the Soaring Falcons with 15 points while Cedrick Manzano added 10 points, seven rebounds, two assists and two steals to send Arellano University to its first loss. Sherwin Concepcion dropped eight of his 20 points in the final canto as he drained six treys on top of his five rebounds and three assists, while Bryan Santos nabbed all of his 20 points in the first quarter to earn the Growling Tigers’ first win. UST waxed hot late, staging a 20-5 assault to grab an 85-71 lead in the final 1:29 and leave JRU in the dust.

but he too tested positive for PEDs after their fight. The Lesnar fight was changed to a “no contest” after Lesnar’s positive test. I think that Mark Hunt should’ve been declared the winner instead of changing it to a no contest. I think fighters should be declared the winner if their opponents tests positive for a banned substance, not a no contest. The UFC has held two events in New Zealand. The second and last was one was at Spark Arena in Auckland which was headlined by Mark Hunt against Derrick Lewis which Hunt won by knockout. The event held in Auckland was a culmination of all the hard-work, obstacles, tests, trials, tribulation and adversity that Hunt has overcome. I guess you could say, he came full circle. Mark Hunt has an ongoing lawsuit against the UFC

four kilometers from the finish in the final ascent, with his hopes of winning a third consecutive title all but over. He fought until the very end but Vingegaard was again the strongest in Saturday’s individual time trial to effectively secure the title. “The battle between me and Jonas for the yellow jersey has been very special,” Pogacar said. “I think we have some very interesting next two or three years ahead of us. Jonas has stepped up his game this year.” The light-framed Vingegaard is not perhaps as naturally gifted as Pogacar, who has shown over the past couple of years that he is capable of winning Grand Tours and the most prestigious one-day classics as well. But Vingegaard surely learns fast. Vingegaard did not experience his first ascent before he was already 16. His climbing skills would not remain unnoticed for long, though. After he posted a record time on the Coll de Rates climb during a training camp in Spain with his former team ColoQuick, he joined Jumbo-Visma in 2019 and rapidly improved. In his first Tour last year, he showed proper leadership skills after Roglic crashed out of the race, and followed up with a cold-blooded ride to victory this summer. AP

Olympics also as the only Asian and finished at 11th place. He persevered by staying in Italy and Europe and religiously followed his revered Ukrainian coach, Vitaly Petrov. He tried to clear 6.0 meters on Monday, but missed. Nevertheless, the bronze has indeed made Obiena a hungry lion. “Hungry for more and the best is yet to come!” he glared on social media.

Coo, Puentevella in PSA Forum

EWLY-APPOINTED commissioner Bong Coo will join Samahang Weightlifting ng Pilipinas president Monico Puentevella in a two-part session of the online Philippine Sportswriters Association Forum on Tuesday. Coo, the 74-year-old legendary bowler, will discuss her plans and programs in the 10 a.m. session following her appointment at the Philippine Sports Commission (PSC) last week. Puentevella meanwhile, will talk about the coming campaigns of Filipino weightlifters, including their recent stint in the Asian Youth and Junior Welterweight Championships in Tashkent, Uzbekistan. The public sports program is presented by San Miguel Corp., Milo, PSC, Philippine Olympic Committee, Amelie Hotel Manila, Unilever, and the Philippine Amusement and Gaming Corp. The weekly Forum is livestreamed via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation and aired on a delayed basis over Radyo Pilipinas 2, which also shares it on its official Facebook page.

which is similar to another former MMA UFC fighter Cung Le’s lawsuit, the crux of which is taking care of your fighters—but both are stories for another column. After all is said and done, Hunt will go vegetarian and fly back to Australia to be a husband to his wife and a father to his kids. He’s taken his kids to all of his fights and in my interview with him, made no mention of any of his children showing any interest in competing in combat sports. I don’t blame them, the life of a professional boxer and MMA fighter is challenging. Hunt is currently in Thailand preparing for a fight in boxing. He understandably could not disclose any details about it but he seems to be looking forward to it. Hunt was born to fight, a born fighter. He’s a fighter both in life and inside and outside the squared circle and the eight corners of the octagon.