BusinessMirror June 01, 2023

By Jovee Marie N. dela Cruz @joveemarie

THE House of Representatives on Wednesday went to a sine die adjournment with the adoption of the Senate version of the proposed Maharlika Investment Fund (MIF), a priority measure of the Marcos administration.

Both the House and the Senate end this week the First Regular Session of the 19th Congress.

The adoption of the Senate version was decided during a prebicameral meeting between members of the Congress on Wednesday, just hours after the Senate, voting 19-0-0, approved on second and on third reading,

in quick succession, the MIF bill certified by the President.

Critics slammed the quick passage of the bill, with Akbayan Party calling it the “largest investment scam” of the country. Economic managers, however, all defended the MIF measure as necessary to hasten Philippine economic progress and reduce poverty. With the bicameral conference committee’s adoption of the Senate version, the bill will now be transmitted to the President for signature.

House Committee on Ways and Means Chairman Joey Sarte Salceda, a member of the Maharlika bicameral committee, said the MIF is the first but “it does not have to be the last sovereign wealth

fund (SWF) that the government can create.”

“The House has decided to adopt the Senate version, so that the Executive can begin crafting the rules and regulations – which no doubt will be as significant as the law itself. We expect the President to announce that he has signed it by SONA,” he said, referring to the State of the Nation Address in late July.

As promised, Salceda said the MIF will not touch the funds of the SSS, GSIS, Philhealth, or HDMF.

“We are thankful for the Senate for retaining most of the accountability and transparency safeguards established by the House,” he added.

To refine the implementation,

Salceda said he raised some points that “I hope can be addressed by the Executive.”

Salceda said he suggested that the government allow multilateral financing institutions like the World Bank and the Asian Development Bank to be strategic partners with a stake in the founding of the MIF.

“These banks bring in not only capital, but also experience, institutional expertise, and international credibility to the Fund,” he said.

“I also suggested that we make a provision for listing in the stock market. The Senate version, which we adopted, can allow for that in See “Maharlika,” A2

PHL DEBT HITS NEW HIGH OF P13.91T AT END-APRIL

By Jasper Emmanuel Y. Arcalas @jearcalas

THE Philippines’s outstand -

ing debt has climbed to P13.911 trillion, the highest in the country’s history, on the back of more external borrowing worsened by the depreciation of the local currency, according to the Bureau of the Treasury (BTr).

The country’s outstanding obligations as of end-April rose by 9 percent from the P12.763 trillion recorded in the same month last year, based on Treasury data.

Likewise, it was P54.24 billion higher than the P13.856-trillion debt registered in March, Treasury data also showed.

“[National Government] outstanding debt increased by P54.24 billion or 0.4 percent from the previous month due to the net issuance of external debt and local currency depreciation against the US dollar,” the Treasury said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the latest outstanding debt of the country “reflects” the “need” to finance “wider” budget deficits in recent months.

“Higher prices/inflation...also fundamentally increased/bloated government expenditures, higher interest rates/financing

See “Debt,” A2

POLL: GEN Z WORKERS SEEK TRAINING, BALANCE, GOOD PAY

By Andrea E. San Juan

GLOBAL thought leader in talent research and employer branding Universum revealed in its latest annual global talent insight report that Filipino Gen Zs prioritize employers who are able to offer training and development, a conducive work environment and high future earnings.

The Philippine portion of the Universum Talent Survey 2023 polled 5,698 students from 103 universities from November 2022

to March 2023.

The Universum survey showed the future talent pool prioritizes employers that offer professional training and development and have a friendly work environment with flexible conditions.

In fact, the survey showed 82 percent said they are interested in exploring remote work opportunities.

Nonetheless, respondents acknowledge the challenges that come with a remote work setup: 46 percent of the

See “Gen Z,” A2

NGCP cites progress in power transmission

By Lenie Lectura

THE National Grid Corpo -

ration of the Philippines (NGCP) better manages the country’s power transmission system than when it was being run by the government from 2000 to 2008, the grid operator asserted on Wednesday.

The NGCP’s overall performance in operating the grid from 2009 to 2022 was significantly better as indicated by improved performance indicators.

Among the key indicators is the Frequency of Tripping (FOT), which measures the number of

times high-voltage transmission lines tripped or experienced forced outages for every 100 circuit kilometers (ckm). NGCP’s performance, it said, showed a significant decrease in tripping incidents across all three major island grids.

In Luzon, the average FOT has gone down from 6.4732 in 20002008 to 1.3386 in 2009-2022, from 6.6530 to 0.9508 in Visayas, and from 8.0788 to 1.3285 for Mindanao.

NGCP also improved the grid’s capability to mitigate the impact of power interruptions on overall

See “NGCP,” A2

GSIS ANNIVERSARY President Ferdinand R. Marcos Jr. joins the Government Service Insurance System (GSIS) in celebrating on Wednesday (May 31, 2023) its 86th anniversary in Pasay City, where he also led the inspection of the GSIS Kadiwa para sa Manggagawa at the GSIS head office. Joining him are (from left) GSIS President and General Manager Jose Arnulfo “Wick” Veloso, Pasay City Mayor Imelda “Emi” Calixto-Rubiano, and Acting Chairman of the Board of Trustees Rodolfo G. del Rosario Jr. The GSIS was among six entities excluded, in the final version of the Maharlika Investment Fund bill, from contributing to the MIF. REY BANIQUET/PNA

MIF can help pension funds grow members’ money–PBBM

By Samuel P. Medenilla   @sam_medenilla

PRESIDENT Ferdinand R. Marcos Jr. on Wednesday said pension funds should still be able to invest in the proposed Maharlika Investment Fund (MIF) despite the opposition of some lawmakers, who successfully excluded these, in the Senate version, from the list of entities initially mandated to contribute to the seed fund.

During his interview with reporters after the 86th Anniversary Celebration of the Government Service Insurance System (GSIS), Marcos said MIF can help pension funds generate more revenue for their members.

“If the pension fund decides the

Maharlika Fund is a good investment, it’s up to them if they want to invest in it,” Marcos said.

“So not only pension funds, but corporations. Those funds—what they do are to further grow their funds so they give [it to their members],” he added.

However, he assured that staterun pension funds will not be tapped as fund contributors for the MIF, which aims to enable the government to increase its investments on strategic and commercial projects.

“We will not use it as a seed fund. We will not use the pension fund as a seed fund [for the MIF],” Marcos said.

Pending versions

THE President made the pronouncements when asked for his reaction

to the Senate’s decision to pass on third and final reading Senate Bill (SB) 2020, creating the MIF.

Among the provisions of the bill was an explicit ban for the Government Service Insurance System (GSIS), Social Security System (SSS), Philippine Health Insurance Corporation (PhilHealth), Pag-IBIG Fund, Overseas Workers Welfare Administration (OWWA), and the Philippines Veterans Affairs Office (PVAO) from investing in the MIF.

This amid the oppositions from some lawmakers as well as some progressive and labor groups on the use of any pension funds for the MIF.

Similar protests also prompted the House of Representatives to remove SSS and GSIS from the list of fund contributors to the MIF in House Bill (HB) No. 6088 last year.

A bicameral conference committee was held on Wednesday to harmonize the provisions of SB 2020 and HB 6088, but the process was shortened after the House contingent reported that the House leadership decided to adopt the Senate version of the MIF bill.

GSIS President and General Manager Jose Arnulfo “Wick”

A. Veloso said they will wait for the final version of the MIF legislation to determine if they will be allowed to invest in the MIF.

“We will only do one thing— whatever will be the decision of our lawmakers because they are the ones who are listening to the demands of the public, which they also abide by,” Veloso told reporters in Filipino after the GSIS anniversary event.

costs that added to the government’s debt servicing costs, still relatively weaker peso exchange rate vs. the US dollar compared to a year ago that increased the peso equivalent of the national government’s outstanding debts,” Ricafort added.

Treasury data showed that the Philippine Peso weakened in April against the US dollar as the average exchange rate stood at P55.497 compared to P54.318 in March.

Ricafort said fresh record highs for the country’s outstanding debt in the coming remain possible as the national government is set to issue US dollar-denominated or Euro-denominated retail bond issuances in the third quarter.

the P8.935 trillion recorded in April 2022.

“This was slightly offset by the P2.47-billion effect on onshore foreign currency-denominated securities caused by peso depreciation against the US dollar,” it said.

“From the end-December 2022 level, [national] domestic debt has increased by P249.45 billion or 2.7 percent,” it added.

Meanwhile, the country’s external debt was 2.5 percent higher than the previous month’s P4.343 trillion and was 16.4 percent than the P3.827 trillion recorded amount last year, according to the Treasury.

“For April, the increment to external debt was due to the P27.98billion net availment of external loans and P94.28-billion impact of local-currency depreciation against the US dollar,” it said.

the implementing rules and regulations.

Listing, of course, subjects the MIF to more transparency and public accountability standards,” he added.

‘Largest scam’

CALLING it the “country’s largest investment scam,” the Akbayan Party on Wednesday

slammed the Senate’s quick passage of the MIF bill, approved on second and third and final reading by senators on the eve of the adjournment of the First Regular Session of the 19th Congress.

“Our lawmakers just passed a measure enabling the country’s largest investment scam. And the government itself is the con artist,” declared Akbayan in a statement on Wednesday morning, hours after the Senate voted with 19 yes votes, one no vote and one abstention at 2:30 in the morning.

Deputy Minority Leader Risa Hontiveros, an Akbayan member, cast the lone negative vote. Sen. Nancy Binay abstained.

Minority Leader Aquilino “Koko” Pimentel III, who delivered a lengthy turno en contra speech detailing the perils of creating a supposed sovereign wealth fund (SWF), not on surplus monies but largely on debt and on contributions from the central bank, was absent during the final vote. Senators Imee Marcos and Chiz Escudero, who have warned against rushing passage of the MIF bill in its

current form, were also not around when the vote was called.

Clarification

Meanwhile, Salceda said the rules also need to clarify the extent of coverage by the Civil Service Commission.

“ While the Senate version provides for compensation rules, we can clarify in the IRR how the CSC will regulate MIF employees,” he said.

Meanwhile, Salceda appreciated the Senate’s effort to remove special exemptions, including tax exemptions.

“I agr ee with the point that government neutrality is a desirable element in an investment corporation. But I expressed my reservations on requiring regular dividends out of the MIF. The point of an investment company is to compound its funds, and dividend remittances even when the Fund can achieve a bigger return, can reduce the power of compounding. While the Treasurer has assured me that the President can exempt the MIF from dividends, I hope they give the MIF sufficient time to compound its funds,” he said.

“I also requested that we ensure that members of the Board, during meetings, attend themselves and are not represented by proxies,” he added. With Butch Fernandez

NGCP. . .

Continued from A1

grid operations, which are measured by the System Availability (SA) indicator and System Interruption Severity Index (SISI).

Also, SA for Luzon is at 99.3160 percent, Visayas at 99.6538 percent, and Mindanao at 99.7206 percent.

For the SISI, Luzon only averaged 10.7236 system minutes of interruptions in 2009-2022, compared to 13.8978 from 2000-2008; in Visayas, 47.3318 system minutes of interruption during NGCP time from an average of 176.3350 system minutes pre-privatization; and 9.124 system minutes from 10.434 in Mindanao.

“These indicators are the most tangible proof of our performance felt by end-users. Our improved numbers are attributed to the continuous upgrading and expansion projects such as wood pole replacement, substation additions, capacitor bank projects, and new transmission lines, effectively reinforcing the stability and reliability of the grid,” NGCP said in a statement.

Also, the average Voltage Limit Compliance (VLC) improved across all three grids, while Frequency Limit Compliance (FLC) improved in both Luzon and Visayas, generally ensuring stability of the transmission grid.

“Since NGCP took over transmission operations in 2009, we performed over and above our targets year-on-year. This is a result of the company’s commitment to deliver on our mandate to provide quality transmission services. We assure our stakeholders that NGCP’s ongoing projects and programs seek only to further improve our services,” the company added.

NGCP’s performance indicator ratings are the basis of its incentives, as indicated in the Performance Incentive Scheme (PIS), which is reviewed and approved every regulatory period by the Energy Regulatory Commission (ERC).

“New official development assistance [ODA] and other multilateral funding especially for the country’s various infrastructure projects would also add to the country’s outstanding national government debt in the coming months, as infrastructure spending as a [share] of GDP increased to more than 5 percent in recent years and likely to be sustained as a policy priority,” he added.

The Treasury said 32 percent of the country’s outstanding debt as of end-April was sourced externally while 68 percent came from domestic borrowings.

The national government’s domestic debt during the reference period stood at P9.46 billion while external debt amounted to P4.45 trillion, according to the Treasury.

The Treasury said the national government’s outstanding domestic debt was slightly lower than the P9.513 trillion recorded in March, but was 5.8 percent over

Gen

Continued from A1

respondents agreed that internet connection is a remote work issue, followed by the potential impact on work-life balance, with 42 percent; and limited social connection with colleagues, 42 percent.

Meanwhile, the Universum study showed the future talent pool’s annual salary expectation dropped by about 25 percent.

T he study showed that Filipino Gen Zs target an initial annual salary of P374,403 or about P31,000 per month.

T his is lower compared to the P495,966 annual salary or about P41,000 monthly salary expectation in the 2022 report.

Moreover, the survey showed that young female Filipinos expect a salary that’s 10 percent less than their male counterparts. The average annual salary expectation of female respondents is P360,606 compared to male respondents’ P399,081.

A cross three different strands surveyed by Universum—Business/Commerce, Science Technology, Engineering, and Mathematics (STEM), and Humanities/ Liberal Arts/Education—professional training and development is among the “important attributes” that students look for in an employer.

Ethics, balance, respect

THE global talent research firm also divulged that Filipino Gen Zs are looking for a company that “upholds ethical standards, promotes work-life balance and respects their employees.”

“ They want to work in a company that offers secure employment, can serve as a good reference for future career and offers opportunities for international travel or relocation,” Universum said in a statement on Wednesday.

The Universum study also revealed that 54 percent of the surveyed young Filipinos would choose private employers over companies in the public sector.

As to the size of the company, the study showed that despite the growth of the start-up scene in the Philippines in recent years, a majority of the country’s future workers still prefer companies with “organizational maturity.”

S eventy-nine percent of survey respondents say they would rather work for a well-established organization instead of a start-up, which only 21 percent of the respondents agreed to work in.

“On the other hand, thirdcurrency adjustments against the US dollar trimmed P12.30 billion from the peso value of foreign currency debt,” it added.

The Treasury noted that the national government’s external debt has increased by P242.83 billion or 5.8 percent from the endDecember 2022 level.

Meanwhile, the national government’s guaranteed obligations fell slightly to P380.69 billion from P384.12 billion in March. It was also nearly 8 percent lower than the P413.43-billion guaranteed obligations recorded in April of last year.

“For the month, the lower level of guaranteed debt was due to the net repayment of domestic guarantees amounting to P5.51 billion and third-currency adjustments amounting to P1.87 billion,” the Treasury said.

“These were tempered by the impact of local currency depreciation amounting to P3.95 billion,” it added.

T he survey also found that 57 percent of the respondents would choose to work for large organizations compared to the 43 percent who chose small to medium-sized companies.

Meanwhile, the report revealed a “growing preference” among young Filipinos to work for global firms.

“Aligned with their pursuit of international travel or relocation and a strong future career path, 74 percent of respondents want to jump-start their careers in companies with global operations while 52 percent would choose companies with global origin,” Universum said. Mean while, the study said only 26 percent would select companies with Philippine-based operations and 48 percent would work for companies of local origin.

‘Ideal’ employers

AS to the “top ideal employers” among students pursuing business and commerce courses, they have ranked Bangko Sentral ng Pilipinas (BSP), Philippine Airlines, Google, Ayala Corporation and San Miguel Corporation as their top 5 attractive employers.

F or STEM students, the top ideal employers are Google, Microsoft, Intel, Ayala Corporation and Pfizer. Meanwhile, students of humanities, liberal arts and education have selected Google, ABS-CBN Corporation, GMA Network, Philippine Airlines and Microsoft as the employers they would most want to work for.

As a t ech-savvy generation, Universum said 69 percent or the majority of survey respondents said they would use Facebook to learn more about their employers, followed by the employer’s corporate website, with 45 percent; and 44 percent said they opt to use a career website.

For his part, Mike Parsons, AsiaPacific (APAC) Managing Director for Universum, underscored the importance of understanding the preferences of the country’s future talent pool and how organizations can prepare or address those.

“ The challenge for employers who want to attract the best and brightest is to juggle providing a work environment that presents opportunities but at the same time offers flexibility and work-life balance. Awareness among companies of what future employees seek would be valuable not only in hiring the best candidate but also in retaining them, which is essential for both the individual’s and the company’s growth and success,” Parsons noted.

Maharlika.

The Nation

PNP forms special task force to probe killing of Mindoro radio broadcaster

By Rene Acosta @reneacostaBM

Gunmen shot and killed a radio broadcaster in Oriental m i ndoro on

Wednesday dawn, the second member of the media who was assassinated in seven months.

Cresenciano Aldovino Bunduquin, 50, resident of Barangay, C anubing 1, Calapan City, Oriental m i ndoro, died after he was shot by two motorcycle riding men, the Philippine n a tional Police (P n P) reported.

An initial report sent by the Police Regional Office 4-B to Camp C rame said the victim was attacked past 4 a.m. in Barangay Sta. Isabel, Calapan City.

Policemen are still investigating the motive of the attack and w orking to identify the assailants as hot pursuit operations are also being carried out. Bunduquin was a program host at the DWXR 101.7 F m in m i ndoro and his program was also aired on online radio mu X , which he reportedly owned.

P n P c hief General Benjamin Acorda Jr. has ordered the regional police to create a special investigation task group to investigate t he killing and possibly hasten its resolution.

“This will pave the way for a deeper probe to expedite the gathering of pieces of evidence and testimonies,” Acorda said in a statement, assuring that the case will be solved.

“We are maximizing our efforts

to get more pieces of evidence and testimonies in order to shed light on this incident and facilitate the immediate arrest of the p erpetrators,” he said.

The P n P c hief said investigators are coordinating with t he family and colleagues of the victim to get more information and in their effort to ascertain the motive of the attack.

“While his work as a media representative involves discussion of critical issues, we cannot f ully conclude as of this time that the motive is work-related, but we are exploring all possible angles as of this time,” he said.

Presidential Task Force on m e dia Security head u n dersecretary Paul Gutierez, in a statement issued on Wednesday afternoon, said one of the suspects h ad been arrested.

“While the driver of the motorcycle had already been neutralized, the [real] gunman remains at large and is now the subject of a police manhunt,” he said.

Gutierez said a P50,000 bounty has also been offered as a reward for any information

Negros Oriental gov Reyes dies

Dum A G ue

T e C ITY— n egros

Oriental Governor Carlo Jorge

of the governor’s death and turn over documents,” m ol as said.

that will lead to the arrest of the gunman.

Gutierez thanked Acorda and other police officials for creating a special investigation task f orce that would investigate the killing.

He also assured assistance to the family of Bunduquin.

In October last year, hard hitting radio commentator Percival Percy Lapid” m a basa was killed by suspects in a case that has been pointed to former Bureau Corrections chief Gerald Bantag as the alleged mastermind.

Senator Grace Poe, meanwhile, issued a brief statement f ollowing Bunduquin’s killing

“We strongly condemn this deplorable crime. e v ery media man’s murder is one less truth seeker who helps give information and voice to communities. W e expect authorities to do their job in immediately bringing the perpetrators to justice,” s he said. e n ding impunity for crimes against members of the media is a way to guarantee freedom of expression and access to information for our people.

“Guido” Reyes died of a terminal illness at a hospital in m e tro m a nila on Wednesday, a Provincial Capitol official said. He was 62.

Provincial Administrator Karen m ol as confirmed with the Philippine n e ws Agency (P n A ) in an interview that the governor succumbed to a terminal illness while being treated at St. Luke’s Hospital.

Reyes’ daughter, she said, informed her of the governor’s passing “about an hour ago.”

“I am now on my way to inform Vice Governor m a nuel ‘Chago’ Sagarbarria

n o other details were made available as of this writing.

Reyes took over the position of governor of n e gros Oriental immediately after Governor Roel Degamo was killed inside his residential compound in Pamplona where he was giving government aid to beneficiaries on m a rch 4.

Reyes was elected as vice governor during the m a y 9, 2022 elections where he ran in tandem with Degamo.

Vice Governor m a nuel “Chaco” Sagarbarria will take Reyes’ position as governor. He is scheduled to take his oath at 3 p.m. on Wednesday. PNA

DOTr’s Villacorta named LTO OIC

Lawyer Hector Villacorta has been named as officer-in-charge (OIC) of the Land Transportation Office (LTO), replacing resigned agency chief Jay a r t Tugade.

H e was appointed by Department of Transportation (DOTr) Secretary Jaime Bautista, through a Special Order, following Tugade’s resignation last month.

a s sistant Secretary Villacorta will be the LTO OIC while waiting for permanent appointment by President Ferdinand Marcos Jr.,” Bautista was quoted as saying.

C oncurrently the DOTr a s sistant Secretary for Communications and Commuter af fairs, Villacorta assured the transport chief that the LTO will continue with its mandate in providing excellent service to the Filipino people by focusing on critical issues, including the issuance of driver’s license and vehicle plates.

“This is not really a transition. It is a continuation of the efforts done by the LTO all these many decades. I know the LTO started even before there were automobiles to find out which animal should draw carts behind them. a n d so we live in an institution where personalities may change, but we

will carry on. a n d when we see the dawn of this office, we will never forget those who helped us through the night,” Villacorta said. a former Commission on a p pointments (C a) secretary during the terms of Senate Presidents a q uilino “Koko” Pimentel III and Vicente Sotto III, Villacorta was also the chief of staff of Sotto. a practicing lawyer, Villacorta was a product of the University of Santo Tomas (UST) Law in 1971 and Colegio de San Juan de Letran. He will have to spearhead initiatives to address issues within the LTO, including the shortage of license cards as well as the problems with the IT management systems.

Tugade announced his resignation on May 22, citing differences with the DOTr in ways of working.

Today as I turnover the agency with the very capable and competent a t ty. Villacorta, I turnover the agency not with dreams but with real and tangible programs, policies and accomplishments and I challenged my successor to continue and add to the many reforms that we have already started here in our agency,” said Tugade.

Lorenz S. Marasigan

SEIPI seeks meeting with Palace on rationalization of incentives

By Andrea E. San Juan

THE Semiconductor and Electronics Industries in the Philippines Foundation Inc. (SEIPI) said it is hoping to meet with the Office of the President (OP) to address the issue on incentives rationalization to help attract more investments and be at par with Philippines’ Asean neighbors.

Foremost among the issues being faced by the major organization of foreign and Filipino electronics, according to SEIPI President Danilo C. Lachica said is the incentives rationalization in the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE).

With the high operating costs in the Philippines, we’re at a disadvantage when you compare us to our neighbors Vietnam, Thailand, and Malaysia, who have been significantly more successful in attracting

FDIs [foreign direct investment],”

Lachica said in a televised interview on Wednesday.

W ith this, the SEIPI chief said, they are still hoping to talk to the OP. However, he said, they have spoken with the Departments of Trade and Industry and Finance.

Hopefully we can get an audience with the Office of the President to explain to them what’s going on and to review the incentives rationalization to attract more investments at par with our Asean neigh -

Rep. Daza urges CHED, DBM to tap ₧10.1-B HEDF fund for scholarships

ASENIOR House deputy minority leader on Wednesday said reforms in the Commission on Higher Education (CHED) are crucial to receive the benefits from the Universal Access to Quality Tertiary Education Act, and save some private colleges from closure.

“ We have one of the best if not the best law on free education but we’re wasting it due to poor implementation,” Senior Deputy Minority Leader Rep. Paul R. Daza of Northern Samar said.

T he Universal Access to Quality Tertiary Education Act (Republic Act 10931) took effect in 2018 after being signed by former president Rodrigo Duterte on August 3, 2017.

“ It took a very strong political will to be able to enact a law like this. As far as we know, there are less than 30 countries in the world where there is free tertiary education—and many are in developed and uppermiddle income countries. We are among the luckiest, so to speak. However, it seems we are wasting this golden opportunity,” Daza added.

R A 10931 mandates free college tuition in State Universities and Colleges (SUCs). The law also recognizes that those who are part of the Department of Social Welfare and Development’s (DSWD) Listahanan, 4Ps, among others, should also get Tertiary Education Subsidy (TES) in addition to the free tuition, which can range from P40,000 (SUC’s) to P60,000 per year (Private Colleges), to support their living expenses.

H owever, Daza, quoting CHED Region 1 Director Danilo Bose, said that there is no fund allocated for new TES beneficiaries because it was not included in the General Appropriations Act in 2021, 2022, and 2023.

C HED allocated TES only for those in 3rd and 4th year college beneficiaries.

A dditionally, in the recent four congressional hearings, the lawmaker said it was revealed that the Higher Education Development Fund (HEDF) currently has P10.1 billion unspent allocation.

T he CHED also revealed

bors,” Lachica noted.

T he head of SEIPI has been prodding the government since last year to revisit the incentives rationalization in the CREATE law, saying it has led to diversion of expansionary plans from the Philippines to other Asian countries.

L achica said the problem is “we are not seeing as much new product and technologies invested in the Philippines.” He added that there are some but “they are few.”

He said if one is a CEO of a multinational firm, “you’re gonna make decisions of where you will place new products and technologies. And this will be in sites where your cost of operations will be low, considering the impact of the incentives as well.”

If we are not seeing new products, new technologies, as much as we’re used to, what’s going to happen is when these existing products are eventually going to be obsolete,” Lachica said.

He also noted that the 3 million direct and indirect workers or $49 billion exports that SEIPI has are

Senate ratifies bicam report on bill raising veterans’ disability pension

“not going to be at the same level as we know today.”

T he SEIPI chief also emphasized, “The time is ticking,” adding, “We’ve got 8 or 9 years for this transition period. It is not too late for the government to review where we’re at and hopefully, implement mitigating measures, corrective actions, in place.”  L ast month, Lachica said a battery manufacturer was “going to build an expansion in Asia.” However, he said, “Unfortunately they chose Malaysia instead of the Philippines.”

He said this has been the trend because of some parts of the incentives rationalization in the CREATE law that need tweaking.

L ast July 2022, the SEIPI chief underscored that there were about $3.2 billion of investments that could have gone to the Philippines but have instead been moved by multinational firms to other countries, including Vietnam, Thailand, Malaysia, and China due to issues on the CREATE law, particularly the rationalization of incentives.

AFTER nearly three decades, disabled veterans can now look forward to getting a higher monthly pension as the Senate ratified on Wednesday the reconciled bicameral conference committee report on the measure that will standardize and upgrade the benefits due to military veterans and their dependents.

“Para sa mga beterano nating mga sundalo at kanilang pamilya, malaking tulong sa kanilang arawang gastusin ang pagtaas ng kanilang buwanang disability pension. Ang kasalukuyang natatanggap nila na may halaga na lang na P287 ay hindi sapat kahit man lang para makapanood sila ng sine. Paano pa kaya kung ipambibili nila ito ng kanilang gamot?

Kaya makatwiran lamang na ibigay natin ang nararapat na benepisyo na utang natin sa kanila,” said Senator Jinggoy Ejercito Estrada, principal author and sponsor of Senate Bill 1480.

E strada, chairman of the Senate Committee on National Defense and Security, said the ratification of the bill rationalizing the disability pension of veterans will correct the grave injustice and accord disabled veterans the dignity, respect, and care that they truly deserve.

T he disability base rate will be raised to P4,500 from the current P1,000 or an increase of 350 percent. Those presently receiving P1,700, which has the highest disability rating, will be receiving

P10,000 or an increase of P8,300, equivalent to 488 percent. The P500 monthly pension for the spouse and each unmarried minor child will be adjusted to P1,000.

O nly minor differences were made in reconciling the disagreeing provisions of Senate Bill No. 1480 and House Bill No. 7939, which will amend Republic Act 6948 as the House agreed to use the Senate version as the working draft, Estrada said.

I ncidentally, both Houses proposed similar rates of increase, he added.

A lso, Section 1 of the Senate version was adopted, which simplified and clarified the provision on who will be entitled to the Total Administrative Disability pension of P1,700. This will cover the veterans who have reached the age of 70 but have not been receiving any disability pension.

T his is the second bill principally authored by Estrada to be ratified by the Senate in the current Congress, the first of which is the bill amending the rules on fixed terms and tours of duty of the Armed Forces of the Philippines Chief of Staff.

P resident Ferdinand R. Marcos Jr. last May 17 signed Republic Act 11939, or the Act Further Strengthening Professionalism and Promoting the Continuity of Policies and Modernization Initiatives in the AFP, which amended RA 11709.

that TES payables to different private schools have already reached around P6 billion.

D uring the latest hearing in the lower chamber, Daza said CHED agreed to ultimately utilize the HEDF to settle the TES they owe because some schools are already at risk of closure as they have yet to receive reimbursements.

“ Do we really have to wait for these schools to close down before deciding to pay them?”

Daza asked.

Under current regulations, the Listahanan identifies poor families, including 4Ps beneficiaries. According to DSWD, it submitted in 2019 a list of potential TES beneficiaries of about 1 million students. However, only about 12,000 received funding.

Daza also pointed out that, based on the CHED’s most recent data, the attrition rate for academic years (AY) 2017-2021 increased to a staggering 47.61 percent across all Higher Education Institution categories (State, Local, and Private). This was a 9.78 percent increase from the 37.83 percent attrition rate for AY 2016-2021.

“It’s sad. We have the funds to change this. The question now is, does CHED and DBM (Department of Budget and Management) have the will to do what must be done? They have the power to utilize the HEDF. They could have done so sooner,” he said.

“

I’m calling on DBM and the economic managers to immediately reimburse the private colleges as many are in danger of closing and to augment the CHED TES for the 2024 budget year,” said Daza.

C iting the World Economic Forum (2022), Daza said students risk losing $17 trillion in lifetime earnings in present value, or about 14 percent of today’s global GDP, because of Covid-19-related school closures and economic shocks.

This gives us all the more reason to prioritize education. The perennial habit or culture of taking education off the list of priorities has to be stopped. We need reforms and we can begin in CHED,” Daza added.

‘TATAK PINOY‘ Senator Sonny Angara, chairperson of the Senate Committee on Finance, leads the public hearing on Senate Bill 2218, or the “Tatak Pinoy” (Proudly Pinoy) bill, which seeks to mandate the formulation, financing, implementation, monitoring, and evaluation of a comprehensive and multi-year strategy aimed at expanding and diversifying the capabilities of local enterprises. Angara said the Philippines is falling behind when it comes to manufacturing and producing very advanced products, but he believes that Filipinos are capable of facing the challenge. “I believe that if we invest more in technology and research, we can increase our trade capabilities and improve the income of our countrymen,” Angara said on Wednesday, May 31, 2023. BIBO NUEVA ESPAÑA/SENATE PRIB

Economic team: All safeguards vs abuse built into MIF bill

Continued from A18

A s to the changes made in the MIF, Balisacan said, “It’s fine. We respect the changes.”

Won’t swell debt

MEANWHILE , the Socioeconomic Planning Secretary does not see the MIF increasing the national debt.

“ No I don’t think so...that’s a small...P125 to P500 billion capitalization that’s not really....Besides, there’s going to be strategic areas that are profitable,” Balisacan said.  “ They will be investing those in profitable areas like energy projects are quite profitable,” he added.

B alisacan stressed that, “we are supposed to address those to ensure that there are enough controls there, safeguards.”

E arlier, the Akbayan Party on Wednesday slammed the Senate’s quick passage of the MIF bill on the eve of the adjournment of the First Regular Session of the 19th Congress.

A kbayan Party President Rafaela David said “Safeguards may be in place now, but a law is only as good as its execution. And we should not be lulled into a false sense of security just because these measures exist in the bill. Lalo nga tayong dapat mag-ingat at magbantay  [all the more reason for us to be vigilant].”

However, budget chief Pangandaman said, “I think we’ve exhausted all our time and effort in making

Four more Davao del Norte villages energized

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

DAVAO CITY—More than 60 households in four sitios of an interior barangay in Davao del Norte finally saw light after a long time as the Aboitiz-owned Davao Light and Power Co. Inc. ramped up its rural electrification coverage.

S alvador Coco, barangay chairman of Magsaysay of Carmen town, identified the areas as Puroks 4A, 4B, 4B - Area 2. T he four sitios were now completely energized as part of the Sitio Electrification Program (SEP) of Davao Light, the municipal government Carmen, and the Department of Energy-Region 11.

sure that the law that we’re going to pass is something that is more acceptable.”

S he added, partly in Filipino: “There are so many safeguards— we have an audit committee, there’s an advisory board, and there’s a congressional oversight committee. It adheres to the internationallyknown Santiago principles, there is a COA [Commission on Audit] as well, and a procurement law, so I think we have enough safeguards.”

No pension funds

ONE of the contentious issues raised by critics of the MIF was the proposed contribution of the state pension funds to the seed fund, but senators adopted a provision that explicitly barred them and four others from investing in the MIF.

T he funding sources for the MIF will now come from the Land Bank of the Philippines, the Development Bank of the Philippines, privatization proceeds, the Philippine Amusement and Gaming Corporation, and Bangko Sentral ng Pilipinas dividends, according to Pangandaman.

“ The major change from the first one they filed is the pension. They’re no longer there, and then there’s much more safeguards now that they have provided.  So I think it will be more acceptable to everyone,” Pangandaman said.

Davao Light quoted a resident and also the head of Barangay Peace and Order, Benedicto Nalzaro, as saying the electrification program helped the residents feel safer in their homes and community, “We are really happy that we now have electricity. We feel more at ease in our homes because it’s well-lighted.

He said many residents are employed in big companies, banana plantations, and farms, “and there is really a big difference now that the streets are well-lighted. Residents feel more at ease when going to and from work.”

N alzaro said the new electricity connection would now address the technological gap among their

students, especially on the use of gadgets and the internet. “Before, students would need to go to the library or to an internet shop in the energized parts of the municipality if they needed to research their assignments. Now, they can use their cellphones and connect to the internet at home,” Nalzaro said. We thank Davao Light and the Department of Energy because there won’t be much progress in Carmen without electricity. Every business— whether industrial or small—needs electricity,” said Jerry Nalupa of the Carmen municipal government during the switch-on ceremony conducted at the barangay hall early this month.

Representatives from the local government unit (LGU) of Carmen, Davao del Norte, and Davao Light formalized the completion of the sitio electrification project in Barangay Magsaysay during the switch-on ceremony. “ Thanks to the support of the LGU of Carmen, we were able to fast track the Sitio Electrification Project to three months. That’s how fast electrification is now,” said Jerome Ryan Deleonio, head of the Distribution Services Department of Davao Light.

A s of early last year, the Davao Light reported that it has energized the households of 500,000 families to hit 99.02 percent of its target under SEP. T he company started its rural electrification program in 2018 for its franchise area covering Davao City, Panabo City, and the other Davao del Norte municipalities of Carmen, Dujali and Santo Tomas.

313.

Php 30,000 - Php 59,999

314.

LI, YINGJIE Chinese Construction Technician Brief Job Description: Manage and supervise facility development and image enhancement projects. Coordinate logistics and communication between clients, vendors, and stakeholders. Follow all state and safety requirements to implement good safety conditions at the work site.

SHAN, LICHUN Chinese Construction Technician Brief Job Description: Manage and supervise facility development and image enhancement projects. Coordinate logistics and communication between clients, vendors, and stakeholders. Follow all state and safety requirements to implement good safety conditions at the work site.

Basic Qualification: Able to speak and communicate using Mandarin is an advantage. Able to explain problems simply and clearly. Proficient in MS Office. Able to follow health and safety regulations. Excellent mathematical and problem-solving skills.

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

Basic Qualification: Able to speak and communicate using Mandarin is an advantage. Able to explain problems simply and clearly. Proficient in MS Office. Able to follow health and safety regulations. Excellent mathematical and problem-solving skills.

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The World

Pentagon: Chinese fighter jet flew past nose of US aircraft

By Peter Martin & Iain Marlow

administration’s efforts to curb Beijing’s access to advanced semiconductors.

And while communication continues between agencies, China has rebuffed US requests for senior-level military talks. On Monday, China’s military reaffirmed its rejection of a Pentagon request for the US and Chinese defense chiefs to meet at an upcoming security conference in Singapore.

Defense Secretary Lloyd Austin departed Tuesday for Japan, where he’ll meet with government officials before heading to Singapore for the Shangri-La Dialogue.

meet, saying the delay in revealing the incident stemmed from the declassification process and the need for diplomatic communications.

Such close encounters have happened from time to time in the region, most famously in 2001, when a US Navy EP-3 airplane collided in midair with a Chinese fighter jet. The Chinese jet crashed and its pilot was never found, while the EP-3 landed on China’s Hainan Island, provoking a 10-day standoff after which the 24 American crewmembers were finally released.

Moscow drone attack exposes Russia’s vulnerabilities, fuels criticism of military

By The Associated Press

ADRONE attack that targeted Moscow on Tuesday exposed glaring breaches in its air defenses and underlined the capital’s vulnerability as more Russian soil comes under fire amid expectations of a Ukrainian counteroffensive.

The attack, which lightly damaged three apartment buildings, angered Russia’s hawks, who scathingly criticized President Vladimir Putin and the military brass for failing to protect the heart of Kremlin power more than 500 kilometers (310 miles) from the front line.

Five of the eight drones that took part in the raid were shot down, the Defense Ministry said, while three others were jammed and forced to veer off course. Some Russian media and bloggers alleged a larger number of drones were involved, but those claims couldn’t be verified.

The pilot of the J-16 fighter flew “directly in front of the nose of the RC-135, forcing the US aircraft to fly through its wake turbulence,” according to a statement from the US IndoPacific Command. “The RC-135 was conducting safe and routine operations over the South China Sea in international airspace, in accordance with international law.”

A video of the May 26 encounter filmed from the cockpit of the American aircraft shows the Chinese warplane—against a clear blue sky—banking from right to left across the path of the US jet, which visibly shakes as a result. The Chinese jet was

about 400 feet (122 meters) from the US plane, officials said.

Liu Pengyu, spokesperson for the Chinese embassy in Washington, denounced the US’s frequent “close-in reconnaissance on China,” saying it “poses a serious danger to China’s national security”. He said in a statement that “the US’s provocative and dangerous moves are the root cause of maritime security issues. China urges the US to stop such dangerous provocations, and stop deflecting blame on China.”

The risky interaction comes with the two nuclear-armed powers mired in disagreements, from concerns about each other’s military buildup to the Biden

The US says that militaryto-military communication is necessary to prevent accidents or misunderstandings from spiraling into military conflict.

China’s embassy in Washington didn’t immediately respond to a request for comment.

A senior US defense official who spoke on condition of anonymity said that the Pentagon doesn’t believe these incidents are the result of Chinese pilots operating independently. Rather, the latest intercept is part of a broader pattern across the South China Sea, the East China Sea, the Taiwan Strait and elsewhere, the official said.

The official said that the timing of the US disclosure wasn’t a response to China’s refusal to

China claims all of the South China Sea as its own territory, an assertion challenged by Vietnam, the Philippines and other countries. Beijing has embarked on an extensive land-reclamation campaign, building landing strips and bases on disputed reefs and atolls.

In its statement, the US repeated its standard formulation that it will keep flying, sailing and operating “wherever international law allows.”

Liu, the Chinese embassy spokesperson, said “China will continue to take necessary measures to resolutely defend its sovereignty and security, and work with regional countries to firmly safeguard peace and stability in the South China Sea.” Bloomberg News

Nato to send 700 more troops to Kosovo to help quell violent protests

By Zenel Zhinipotoku & Llazar Semini

The Associated Press

PRISTINA, Kosovo—Nato

will send 700 more troops to northern Kosovo to help quell violent protests after clashes with ethnic Serbs there left 30 international soldiers wounded, the alliance announced Tuesday.

The latest violence in the region has stirred fear of a renewal of the 1998-1999 conflict in Kosovo that claimed more than 10,000 lives, left more than 1 million people homeless and resulted in a Nato peacekeeping mission that has lasted nearly a quarter of a century.

The clashes grew out of a confrontation that unfolded last week after ethnic Albanian officials elected in votes overwhelmingly boycotted by Serbs entered municipal buildings to take office.

When Serbs tried to block them, Kosovo police fired tear gas to disperse the crowd.

More violence followed on Monday when Serbs clashed with police and Nato peacekeepers.

Nato Secretary-General Jens Stoltenberg said an additional reserve battalion would be put on high readiness in case additional troops are needed.

“These are prudent steps,” said Stoltenberg, who made the announcement in Oslo after talks with the Norwegian prime minister.

The Nato-led peacekeeping mission in the region is known as KFOR and currently consists of almost 3,800 troops.

Also Tuesday, KFOR’s multinational peacekeepers used metal fences and barbed-wire barriers to reinforce positions in a northern town that has become a hot spot. The troops sealed off the municipal building in Zvecan, where unrest on Monday sent tensions soaring.

A former province of Serbia,

Kosovo’s 2008 declaration of independence is not recognized by Belgrade. Ethnic Albanians make up most of the population, but Kosovo has a restive Serb minority in the north of the country bordering Serbia.

Stoltenberg condemned the violence and warned that Nato troops would “take all necessary actions to maintain a safe and secure environment for all citizens in Kosovo.”

He urged both sides to refrain from “further irresponsible behavior” and to return to EU-backed talks on improving relations.

The United States and most European Union nations have recognized Kosovo’s independence from Serbia while Russia and China have sided with Belgrade. China on Tuesday expressed its support for Serbia’s efforts to “safeguard its sovereignty and territorial integrity,” and Moscow has repeatedly criticized Western policies in the dispute.

In response to the confrontation last week, Serbia put the country’s military on the highest state of alert and sent more troops to the border with Kosovo. The Serbs protested again Monday, insisting that both ethnic Albanian mayors and Kosovo police must leave northern Kosovo.

The confrontations worsened when Serbs attempted to enter the municipal offices in Zvecan, 45 kilometers (28 miles) north of the capital, Pristina. They clashed first with Kosovo police and then with the international peacekeepers.

In a video message issued Tuesday evening, Kosovo Prime Minister Albin Kurti said the mayors elected on April 23 “are the only ones who have the legitimacy to be at the municipal buildings and to the citizens’ service.”

Instigators of the violence have been identified, according to the prime minister, who named some

Serb businessmen who oblige their employees to protest.

“In Kosovo, power is won through elections, not with violence and crime,” he said.

The United States and the EU recently stepped up their efforts to negotiate an agreement between Serbia and Kosovo, fearing instability as Russia’s war rages in Ukraine. The EU has made it clear to both Serbia and Kosovo that they must normalize relations if they’re to make any progress toward joining the bloc.

“We have too much violence in Europe already today. We cannot afford another conflict,” the EU’s foreign policy chief, Josep Borrell, told reporters Tuesday in Brussels.

As a first step to easing tensions, he said, Kosovo police should suspend the operation focusing on municipal buildings in the north, and violent protesters should “stand down.”

In response to the recent unrest, Nato has decided to increase its KFOR troops with the deployment of “operational reserve forces” for the Western Balkans, a statement said, without specifying a number. Another unit will be on standby “to be ready to reinforce KFOR if necessary.”

A statement issued Tuesday by KFOR said 30 soldiers—11 Italians and 19 Hungarians—were hurt, including fractures and burns from improvised explosive incendiary devices.

Three Hungarian soldiers were “wounded by the use of firearms,” but their injuries were not lifethreatening, the statement added.

Serb officials said 52 people were injured, including three seriously. Four protesters were detained, according to Kosovo police.

“Both parties need to take full responsibility for what happened and prevent any further escalation, rather than hide behind false narratives,” KFOR commander Maj. Gen. Angelo

Michele Ristuccia said. Belgrade and Pristina have blamed each other for the escalation.

Meanwhile, ambassadors from the so-called Quint countries— France, Germany, Italy, the United Kingdom and the US—met Monday with Kurti in Pristina and on Tuesday with Serbian President Aleksandar Vucic in Belgrade.

Vucic later also met with the ambassadors in Serbia of Russia and China.

In a statement from his office, Vucic expressed “immense dissatisfaction and strong concern” over what he described as international “tolerance” of Kurti’s actions that fueled violence against Serbs.

Urgent measures to guarantee the security of the Serbs in Kosovo are a precondition for any future talks, Vucic insisted.

Kurti has thanked KFOR troops for “valiant action to preserve peace in the face of violent extremism.”

Russia and China both have sharply criticized Western backing for Kosovo’s independence.

Russian President Vladimir Putin often has cited the “precedent” of Nato bombardment of Serbia in 1999 to justify his unlawful annexation of parts of Ukraine.

The conflict in Kosovo erupted in 1998 when separatist ethnic Albanians rebelled against Serbia’s rule, and Serbia responded with a brutal crackdown. About 13,000 people, mostly ethnic Albanians, died.

Nato’s military intervention in 1999 eventually forced Serbia to pull out of the territory and paved the way for the establishment of the KFOR peacekeeping mission.

The attack followed a May 3 drone strike on the Kremlin that lightly damaged the roof of the palace that includes one of Putin’s official residences. Other drones have crashed near Moscow in what Russian authorities described as botched Ukrainian attempts to attack the city and infrastructure facilities in the suburbs.

Last week, the Russian border region of Belgorod was the target of one of the most serious cross-border raids since the war began, with two far-right proUkrainian paramilitary groups claiming responsibility. Officials in the southern Russian city of Krasnodar near annexed Crimea said two drones struck there Friday, damaging residential buildings. The attacks also drew calls for bolstering Russia’s borders.

Ukrainian authorities rejoiced over Tuesday’s drone attack but customarily avoided a claim of responsibility, a response similar to what they said after previous attacks on Russian territory.

In a sarcastic tweet, Mykhailo Podolyak, an adviser to Ukrainian President Volodymyr Zelenskyy, said that “even artificial intelligence is already smarter and more far-sighted than the Russian military and political leadership.”

The Russian military pummeled the Ukrainian capital of Kyiv and other cities with cruise missiles and exploding drones for the past three nights, a significant spike in such attacks that have been regularly launched since October. The Ukrainian military said it shot down most of the missiles and remained coy about reporting damage from the strikes.

Putin cast the attack on Moscow as a Ukrainian attempt to intimidate its residents. He said Moscow’s air defenses worked as expected, but admitted that protecting a huge city is a daunting task.

“It’s clear what needs to be done to beef up air defenses, and we will do it,” he added.

Military watchers said the drones used in the attack were relatively crude and cheap but could have a range of up to 1,000 kilometers (over 620 miles). They predicted more could follow.

Some of the drones seen flying toward Moscow were the Ukrainian-made UJ-22s, capable of carrying explosives; others spotted in the skies near Moscow were similarly small vehicles.

Mark Cancian, a senior adviser with the Center for Strategic and International Studies International Security Program, noted that part of the reason why drones could make it all the way to Moscow undetected was because Russian air defenses are mostly focused on fending off attacks by more sophisticated weapons.

“They are oriented on missiles, ballistic missiles, regional missiles, aircraft, bombers, but not short- range drones, you know, which might be flying very low over the ground,” Cancian told The Associated Press. “The Russian air defense was just not designed to do this.”

The Russian military will likely move some of its air defense assets away from the front line to help protect Moscow, Cancian said, a move that would weaken Russian troops in the face of a Ukrainian counteroffensive.

“That’s good for the Ukrainians in the sense that they’re pulling these systems away from other areas where they could be used maybe from front-line units,” he said.

The Kremlin’s muted response to the attack irked some hawkish commentators and military bloggers in Moscow, who had criticized the Russian leadership for failing to mount a stronger response.

Yevgeny Prigozhin, the maverick millionaire head of the Wagner private military contractor that plays a key role on the battlefield in Ukraine, scolded the Russian military leadership and denounced them as “scum” and “swine” for failing to protect Moscow.

“You, the Defense Ministry, have done nothing to launch an offensive,” Prigozhin said in a statement released by his office. “How dare you to allow the drones to reach Moscow?”

Ramzan Kadyrov, the strongman leader of the Russian province of Chechnya who sent forces from the region to fight in Ukraine, urged the Kremlin to declare martial law nationwide and use all its resources in Ukraine “to sweep away that terrorist gang.”

Some Kremlin watchers noted that Putin’s calm reaction that contrasted with angry statements from Russian hawks reflects his belief that the public won’t be unsettled by the attack.

“Putin has talked repeatedly about the Russian people’s remarkable patience and tenacity,” Tatiana Stanovaya of the Carnegie Endowment said in a commentary. “No matter how defiant another Ukrainian attack is, Putin doesn’t think that it could provoke public discontent with the government.”

She noted that while playing down the strikes makes the authorities look “embarrassed and helpless,” it fits Putin’s course to drag out the conflict.

James Nixey, the director of the Russia and Eurasia program at Chatham House, said Tuesday’s attack signaled a growing Ukrainian determination to launch strikes deep inside Russia and predicted more will come.

“This is not the first and it’s not the last,” Nixey told AP. “The Ukrainians are in various respects flexing their muscles, seeing what they’re capable of hitting back. It is one more part of the Ukrainian play to ensure that they are not just playing defense, but they can play some offense as well.”

Despite the loud calls for revenge, the Russian military can’t do much more than what it has been doing since starting the war, Nixey noted.

“The reality is that Russia does have limits in what it can do. It’s got limits on manpower, limits on its finances, limits on its artillery munitions, missiles, drones, everything,” he said. “They’re already expending all their efforts, all their monies, all their treasure, all their blood if you like on prosecuting their war in Ukraine.”

ACHINESE fighter jet swerved in front of a US reconnaissance aircraft over the South China Sea in an “unnecessarily aggressive maneuver,” the Pentagon said, part of what a senior American official described as a pattern of more confrontational behavior in the region.

S emini reported from Tirana, Albania. Associated Press writers Dusan Stojanovic and Jovana Gec in Belgrade, Serbia; Lorne Cook in Brussels; and Nicole Winfield in Rome, contributed to this report.

Agriculture/Commodities

Poland explores agri investment opportunities in Bangsamoro

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

DAVAO CITY —Poland is exploring investment opportunities in the Bangsamoro region’s agriculture sector, according to the Bangsamoro Autonomous Region in Muslim Mindanao’s (BARMM) Ministry of Agriculture, Fisheries, and Agrarian Reform (Mafar).

J arosław Szczepankiewicz, charge d’ affaires at the Embassy of Poland, met with Mafar Minister Mohammad Yacob last May 19 to explore potential avenues for collaboration between the Polish government and Mafar.

T he Polish delegation and Mafar representatives discussed a range of projects designed to uplift the lives of farmers, encompassing farming, processing, and logistical aspects, the Bangsamoro Information Office said.

“ We would like to express our gratitude to the Embassy of Poland for visiting the BARMM region and for choosing us to be your potential partner in agricultural development,” Yacob said.

Others in the meeting were Miguel Santos, business development manager of Polish Investment and Trade Agency PFR Group, Bartek Wasiewski, head of Foreign Trade Office, Mariannie Lauban-Baunto, regional director of the Department of Agrarian Reform-Soccskargen, Mark Ryan Juanitas, chief operating officer of One Mark Engineering Technologies, Christopher Juanitas, project manager, and Ela Barba, management associate.

M eanwhile, the BARMM gave P84.24 million worth of agricultural and fishing machinery and equipment to the Special Geographic Area’s (SGA) Midsayap Clusters 1 and 2 in North Cotabato

By Henry Empeño Contributor

BOTOLAN, ZAMBALES

This town, which has the biggest land area among Zambales municipalities and one of the most populous, is set for some P55.36 milion worth of development projects this year, as the local government unit (LGU) seeks to boost its potential in agriculture and tourism.

M ayor Jun Omar C. Ebdane said the budget for project implementation will be drawn from the 20 percent Development Fund from the Annual Internal Revenue Allotment (IRA) and the Local Disaster Risk Reduction and Management Fund (LDRRMF).

T heprojectsincludevariouspublic facilities, road construction and repair, procurement of equipment and vehicles, flood-control and slope-protection projects, and purchase of emergency equipment and supplies that will complement existing community facilities and strengthen economic growth.

“ This year, we are going to continue with projects that will fast-track development in the community and hasten improvement of the quality of life of our people,” Ebdane said.

In the last six months, we finished road construction at Barangay Paco, repair of the Korokoy Road from Barangay San Miguel to Barangay Danacbunga, and repair and improvement of classroom building at the Polytechnic College of Botolan. We will have more of these kinds this year.”

E bdane said his office, in consultation with other departments of the Botolan LGU, has identified 8 projects to be

last month.

T hirteen villages in these clusters benefited from the government’s aid. The Midsayap Cluster-1 received equipment for the barangays of Central Labas, Kapinpilan, Malingao, Mudseng, Sambulawan, Tugal, and Tumbras, while Cluster 2 received equipment for Damatulan, Kadigasan, Kadingilan, Kudarangan, Nabawalag, and Olandang.

T he Ministry of the Interior and Local Government (MILG) distributed P45.84 million worth of agricultural equipment, including 5 tractors with implements for rice production, 5 mechanical rice transplanters, 5 rice harvesters, 5 tractors with implements for corn production, 5 corn harvesters with corn kit, and 8 trailers for combine harvesters.

T he MILG also distributed 300 motorized fishing boats with nets worth P38.4 million. These boats will help boost the livelihoods of local fishermen and support their communities.

B ARMM Chief Minister Ahod Ebrahim said the turnover ceremony marked the successful completion of the Bangsamoro Integrated Rehabilitation and Development (BIRD) program, which is a special project of the Ministry of Interior and Local Government (MOLG) funded under the Special Development Fund (SDF).

The Government of the Day acknowledges the need to develop, support and innovate our agricultural sector. That is why we reiterate its call towards developing agriculture, fisheries’ productivity and food security in the region as stipulated in the 12-point priority agenda,” Ebrahim said.

The Bangsamoro Government ensures that all Bangsamoro farmers are well-supported in all parts of the homeland.”

World Bank approves $176-M loan for PHL fisheries project

with relevant laws and regulations, according to the lender.

B eyond the fishers themselves, the international financial institution said a “wide range” of people involved in the fisheries and aquaculture industry are expected to benefit from this project.

This includes fishing gear and aquaculture equipment providers, cold chain suppliers, seafood processors, and market operators and exporters, many of whom are located outside the immediate project area.”

A ccording to the World Bank, the Bureau of Fisheries and Aquatic Resources (BFAR) has created 12 Fisheries Management Areas (FMAs) nationwide, with the goal of managing fishery resources “sustainably and in an environmentally friendly way.”

By Andrea E. San Juan @ andreasanjuan

T he Washington-based multilateral lender said its board of executive directors has given the nod for a $176-million loan for the Philippine Fisheries and Coastal Resiliency Project (FISHCORE).

T he lender said FISHCORE seeks to improve fisheries management, enhance the value of fisheries production, and elevate incomes in

selected coastal communities.

D espite the importance of the fisheries sector, WB said it has faced challenges with fish stocks which declined by an average of 20 percent over the past decade due to “overexploitation, destructive fishing methods, habitat degradation, and negative impacts from land-based activities.”

T hrough FISHCORE, WB said the Philippine government aims to “counter” these trends and support sustainable growth in the fisheries sector.

“ This project aligns with the country’s commitment to environmentally sound practices in fishing and aquaculture expansion while ensuring improved incomes for those involved in the fishing industry—including those involved in production, processing and marketing,” Ndiamé Diop, World Bank Country Director for Brunei, Malaysia, Philippines, and Thailand said in a statement on Wednesday.

FISHCORE seeks to “broaden” both domestic and international opportunities for fishery products, ensuring a reliable supply of fish for national food security and nutrition, and boosting competitiveness of small and medium fishery enterprises, ensuring compliance

W B said FISHCORE will be implemented in two of these FMAs, namely FMA 6 and FMA 9, which are major fishing grounds on the northwest coast of Luzon, and in archipelagic waters between the Visayas and Mindanao. “ FISHCORE will support the Philippine government in designing and establishing improved fisheries management systems in the selected FMAs’ coastal and municipal waters,” WB Senior Environmental Economist Jingjie Chu said.

The funding will be utilized to support fisheries management and law enforcement, capacity building, infrastructure resilient to extreme weather conditions, and other necessary investments to balance increasing productivity while conserving the natural resources in these FMAs.”

T he fisheries sector currently contributes 1.3 percent to the Philippines’s GDP and provides approximately 1.6 million jobs or around 4 percent of labor force, including for low-income families engaged in subsistence fishing. It also provides over 50 percent of Filipino families’ sources of protein, according to WB.

funded under the LDRRMF, with a total cost of P21.53 million.

A lso, 19 projects will be implemented with funding from the 20 percent Development Fund for a total cost of P33.83 million.

T he biggest projects set under the LDRRMF are the construction of an operations center for the Municipal Disaster Risk Reduction and Management Office at P3 million; phase 1 construction of drainage canal and flood control/ slope protection works at Barangay Paco, P3 million; shore protection and rehabilitation along barangays Bangan to Danacbunga, P2.5 million; and purchase of welfare goods, food supplies, and other necessities for disaster response at P6.46 million.

Underthe20percentDevelopment Fund, meanwhile, the biggest projects are the purchase of tractor for tourism operations at P3.5 million; minidump truck, P3 million; construction of parking area and landscaping at the Botolan People’s Market, P3 million; construction of welcome/ thank you arches at barangays Panan and Bancal, P4 million; and construction of additional facilities at Dr. Florentino Doble Memorial Hospital, P2.5 million.

Mayor Ebdane said he expects the implementation of more development projects in the coming months with continued windfall from dredging operations at the mouth of the Bucao River here, which yields lahar sand sold mostly for reclamation projects in Manila Bay.

L ast year, we received P30 million as municipal share from the dredging operations, and this helped us address our budget deficit. This year, we will get more shares from dredging and I hope that a good portion of this would be able to fund more development projects.

DA seizes smuggled fish products in Navotas City raid

THE Department of Agriculture for Inspectorate and Enforcement (DA-IE) recently seized smuggled fishery products worth P1.5 million in Navotas City.

T he DA-IE raid at the Icy Point Cold Storage Processing Corp. also resulted in the apprehension of 3 personnel.

The department will ensure that the storage facility will be shut

down, while its owners will be held accountable for trading smuggled agri-fishery commodities,” DA Assistant Secretary James Layug said in a statement.

“ It is clear that they violated the Anti-Agricultural Smuggling Act [10845], Food Safety Act of 2013 [RA 10611], and BFAR FAO 195.”

T he DA official said the raid was conducted in response to the information it received regarding the

alleged illegal sale of frozen golden pompano to the general public.

B FAR said the confiscated products were not given a Certificate of Necessity (CNI) or a Sanitary and Phytosanitary Import Clearance.

T he operation yielded 99 boxes of golden pompano, 114 boxes of frozen Pangasius fillet, 33 boxes of deep sea golden pomfret, 144 boxes of frozen round scad, 133 boxes of salmon head, 22 boxes of salmon

belly, and 14 boxes of whole salmon.

T he smuggled products have an estimated accumulated value of P1.5 million.

“ The seized commodities lack the necessary clearances from the appropriate Food Safety Regulatory Agency [FSRA]. Food safety remains to be one of the DA’s major concerns, and selling fishery products in the market could endanger public health.” Raadee S. Sausa

Commodity crash signals disinflation is taking hold for now

FROM copper to wheat to natural gas, the cost of some of the world’s most important products is crashing, bringing longawaited relief for consumers that were stung by last year’s soaring prices.

T he commodity crunch unleashed by Russia’s invasion of Ukraine has taken a sharp reversal, with a Bloomberg gauge dropping more than 10 percent since the start of the year to the lowest since 2021. Driving the disinflationary trend are a world economy flirting with recession, Europe’s industrial slump and China’s weaker-than-expected emergence from Covid Zero policies.

For households and businesses, the benefits are already starting to show up as headline inflation rates fall, taking some pressure off central banks to keep aggressively raising borrowing costs. Even so, some prices are proving more sticky, and there’s uncertainty over how long-lasting the disinflationary pressures will be, limiting the extent that this will ease the cost-of-living squeeze.

The drop in commodity prices seems to reflect the stuttering rebound of China, a looming US

recession and supply side destruction in Europe,” said Carsten Brzeski, global head of macro at ING. “It’s indeed possible that inflation could turn into temporary disinflation.”

Energy prices have been at the forefront of this year’s commodities plunge, particularly in Europe, where natural gas futures have tumbled by about two thirds this year after shooting to records last summer.

E ven oil and its derivatives have gotten cheaper, despite an agreement by producing countries to curb crude output. Diesel prices in the United States have fallen more than 30 percent from their 2022 peak, providing relief for truckers, farmers and consumers in the world’s largest economy.

In Spain, inflation slowed more than anticipated in May as fuel costs fell and the growth in food prices eased. Euro-area price growth, due to be published Thursday, is also expected to have cooled sharply.

T he big question is how much further those rates will weaken before leveling off. Even if raw material costs fall, other inputs, particularly wages, may be far

slower to follow.

But for now, input prices appear to be largely heading downward. On top of that, the supply-chain disruptions that hit large parts of the global economy have also started to ease, and container freight rates have collapsed.

I n China, a fading post-Covid rebound is capping price pressures on metals. Nickel has plunged 30 percent this year and zinc is down more than 20 percent. Copper has also declined in the past few weeks.

“ The recovery in China has been much more bifurcated to services than industrial demand, which has really impacted industrial metals,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “There is also a wide-ranging outflow of investment dollars away from commodities due to higher rates and uncertainty about global growth.”

For consumers, stubbornly high grocery bills are still a massive weight on household budgets in many parts of the world, but there are signs that food inflation could also lose momentum.

Futures for wheat have more

than halved from last year’s record high. Russia and the European Union, the top two shippers, are set for bumper 2023 harvests, cushioning the shortfalls wrought by the war in Ukraine.

Brazil is collecting its biggestever corn and soybean crops, tempering feed bills for chicken and hog herds. And vegetable oil prices have dropped sharply. R estaurants and retailers are starting to take note. Last week, the chief financial officer of US burger chain Red Robin Gourmet Burgers Inc. said on an earnings call that commodity inflation was less strong in the first quarter than expected and should continue to moderate. The head of BJ’s Wholesale Club Holdings Inc. said the retailer has “seen disinflation across the business.”

How this ultimately translates through to retail prices is less straightforward, given that agricultural commodities are just one part. Transportation, labor and other costs all play an important role too, and most consumer companies purchase several months of supply in advance. Bloomberg News

THE World Bank (WB) has approved a loan for a project that aims to improve the country’s fisheries output and increase the income of local fishers.

PHOTO FROM WWW.DA.GOV.PH

Zambales town eyes devt projects in agri, tourism

What can ignite a US-China war?

The United States sanctioned Chinese General Li Shangfu in 2018 under the so-called Countering America’s Adversaries Through Sanctions Act when he headed the equipment Development Department of the Chinese military. The sanctions were related to China’s purchase from Russia of 10 SU-35 combat aircraft in 2017 and S-400 surface-to-air missile system-related equipment in 2018, according to the State Department.

China named General Li as minister of national defense on March 12, 2023, prompting pundits to say this might hinder deconfliction talks between the two superpowers.

US officials said current sanctions on General Li will not prevent him from conducting official meetings with his American counterpart. But Beijing wants the US to lift the sanctions as a goodwill gesture, which China sees as a critical step to resuming military talks between the defense chiefs of the two nations. President Joe Biden refused to lift the sanctions.

From Bloomberg: “China declined a US request for the countries’ defense chiefs to meet this week, Beijing’s latest rebuff of the Biden administration’s efforts to restore ties with key officials amid heightened tensions. The US had proposed in May that Secretary of Defense Lloyd Austin meet his counterpart Gen. Li Shangfu in Singapore during the Shangri-La Dialogue, a marquee Asia-Pacific security gathering.”

The US Defense Department called China’s decision a “concerning unwillingness” to engage in military discussions. The US position is that the sanctions do not technically prohibit a meeting between Austin and Li, so there is no need to remove them.

The Defense Department “believes strongly in the importance of maintaining open lines of military-to-military communication between Washington and Beijing to ensure that competition does not veer into conflict,” Pentagon Press Secretary Brig. Gen. Pat Ryder said in a statement Monday.

Singapore Defense Minister Ng Eng Hen fears that the US-China relations, which have been in a free fall, might lead to an armed confrontation.

“The stakes have never been higher,” Ng said at the opening ceremony of the IMDEX Asia 2023 naval and maritime exhibition in Singapore. “In my mind, the top priority for all government leaders is to avoid a physical conflict in Asia. Should that calamity ever befall us, whatever the cause and justifications, the world, as we know it, will be radically changed and indeed impoverished,” Ng added.

“A simultaneous war in Europe and Asia will be disastrous for all of us,” the minister said. Given the high stakes, Ng said that the phrase “too big to fail” applies to the US-China relationship, their relationship with Southeast Asia, other Asian countries and Europe.

That parties are even contemplating the possibility of war, parsing war game outcomes and adjusting strategies “tell us that we have to redouble our efforts in diplomacy, conflict prevention and mitigation, confidence-building measures and cooperation,” Ng said, adding that this is a priority for all leaders and “we cannot fail our people.”

Ng also called on regional leaders to renew their commitment to a rules-based order to guide interactions in the maritime domain—particularly the United Nations Convention on the Law of the Sea. In this regard, he called on China and the Association of Southeast Asian Nations to conclude a substantive code of conduct based on UNCLOS, which has been in the works for 20 years.

Thucydides was an Athenian historian and general. His History of the Peloponnesian War described how the ancient Greek world was ripped apart. Thucydides attributed the war between Sparta and Athens to two causes: the rise of Athenian power, and the fear that this created in the established power, Sparta.

“Thucydides’ Trap” is a term popularized by American political scientist Graham Allison to describe an apparent tendency towards war when an emerging power threatens to displace an existing great power as a regional or international hegemon. It was coined to describe a potential conflict between the US and China.

The South China Sea has emerged as a potential flashpoint in the Asia Pacific region. After the visit of former House Speaker Nancy Pelosi to Taipei in August, a tense encounter happened between US and Chinese aircraft and warships.

The Pentagon released on Thursday a May 26 video showing a Chinese fighter jet swerving in front of a US reconnaissance aircraft over the South China Sea in an “unnecessarily aggressive” maneuver. Pundits said the most worrisome scenario is an unintended escalation, which could lead to war.

BusinessMirror

Winter is coming

John Mangun

OUTSIDE THE BOX

AmonTh ago, I wrote a column, “The Chairman of The Bored.” The local stock market has progressed far beyond boring to “Comatose; a state of deep unconsciousness for an indefinite period, especially as a result of severe illness or injury.”

Ignore the “severe illness” part as there is no current illness to the Philippine economy in general or listed corporations in particular regardless of what your political fanaticism may be telling you. We are recovering from the global Covid lockdown illness.

Factual examples. “PSE listed firm XYZ tripled net income and grew revenue by 56 percent in First Quarter 2023 versus the same period in 2022, generating revenues higher 22% than in the first quarter of prepandemic 2019.”

Nominal annual Philippine GDP per capita adjusted by Purchasing Power Parity is up 11 percent from the 2020 low but 3 percent below 2019 high. The Philippines’ “Full Year GDP Growth” at 7.6 percent in 2022 was the highest post-Edsa.

You can pound your fist on the table and complain about inflation, government debt, the budget deficit/surplus, interest rates, the global economy, and a variety of other government fiscal issues. But the fact is that the macroeconomics indicators are moving in the right direction. All of these are long-term situations that are slow to reverse direction, but they are turning positive.

Let’s move to the issues that the analysts and “experts” are telling you in the newspaper and TV “sound bites” that are affecting the trading on the Philippine Stock Exchange.

The US debt ceiling increase will be resolved. Keep in mind that it is as much a political issue as a financial one. You do not need to worry about it until Joe Biden stumbles and mumbles trying to say “The US

will never pay interest on its $31.4 trillion debt. Bite me.”

Take this to the bank. Russia’s war in the Ukraine will continue for weeks, months, or years until the citizens of the US and Europe get fed up with paying for it. And Russia will never “surrender.” Live with it.

Climate Change/Global Warming will not destroy planet Earth until 2030 or 2050 or 2099. Take your pick. In the meantime, it is probably not sensible to stop taking a bath, watching Netflix, or refrain from investing in whatever vehicle you choose.

China and the US have been at “war” over Formosa/Taiwan/The Republic of China since the “1955 Taiwan Strait Crisis.” This too is a long-term matter that is a political issue in both Beijing and Washington D.C. It too will eventually be resolved peacefully. Maybe.

What the PSE is experiencing is a “liquidity freeze” and that is evident from the low trading volume.

Liquidity is a term used in the financial world to refer to how easily an asset can be bought or sold. A “liquidity freeze” occurs when the market for whatever reason “freezes up,” making it difficult to trade stocks. This is the perfect example of a “liquidity freeze.”

I went to Festival Mall last Saturday particularly to shop at Land-

mark department store. The aisles were filled with consumer goods of every imaginable type. The mall was crowded with waiting lines outside nearly every restaurant and people were buying at the coffee shops to sit outside on the concrete at the “River Park.”

Landmark was effectively empty. The “sellers” were there ready to go. The buyers were not. That is what our stock market is facing. We think that the stock market like the department store is always liquid at a price. But just as on the PSE, Landmark did not have all its goods at “Buy 1, Take 1” or “Take 3” or whatever. As on the PSE, there was no desperate selling even with only a few buyers. That is a liquidity freeze. How deep it will go and for how long the freeze will last is unanswerable. Until stock buyers are comfortable that there will be buyers in the future— and they won’t be left holding the bag—more Winter Is Coming.

For now, it is a “Catch-22” or “Ouroboros” dilemma. Eventually, more buying will lead to more buying, which will lead to more buying thawing the freeze. What will be the trigger for that to occur? I have no idea.

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.

Supreme Court affirmations of favorable decisions outweigh reversals on seafarer’s cases

Pinoy Marino Rights

LABoR is winning in the Supreme Court as affirmations of favorable decisions outweigh reversals on seafarer’s compensation cases.

The inclusion of an escrow provision in the Magna Carta for Filipino Seafarers will go beyond its benevolent objective at the expense of curtailing labor rights.

Data from the Department of Migrant Workers (DMW) reveal that in a span of 20 years, or from 2002 to 2022, there were 5,985 maritime cases that availed of the voluntary arbitration (VA) process, mostly filed before the National Conciliation and Mediation Board (NCMB).

From 2018 to 2022, 81.5 percent (3,582 cases) are for disability benefits, 7.1 percent (501 cases) for death benefits, and 1.1percent (313 cases) for other monetary benefits.

From 2016 to 2022, out of the

At the Supreme Court, 79 cases were decided with 40 affirmations, 19 affirmations with modifications, 23 reversals and 2 remanded to the CA. The affirmation rate is 70 percent (53 cases) wherein 96 percent (51 cases) are in favor of labor while only 4 percent (2 cases) are in favor of management.

2,031 decided voluntary arbitration cases, 1,618 were appealed to the Court of Appeals; and 98 cases were later brought up from the Court of Appeals to the Supreme Court.

A total of 2,795 cases were settled.

At the Supreme Court, 79 cases were decided with 40 affirmations, 19 affirmations with modifications, 23 reversals and 2 remanded to the CA. The affirmation rate is 70 percent (53 cases) wherein 96 percent (51 cases) are in favor of labor while only 4 percent (2 cases) are in favor of management.

The reversal rate is 30 percent (23 cases) wherein 96 percent (22 cases) are in favor of management while 4 percent (1 case) for labor.

At the Court of Appeals, 602 cases were decided with 288 affirmations,146 affirmations with modifications,166 reversals, and 3 remanded to the VA.

The affirmation rate is 72 percent wherein 87 percent (378  cases) are in favor of labor while 13 percent (56 cases) are in favor of management.

The reversal rate is 28 percent wherein 10 percent (17 cases) are in favor of labor while 90 percent (146 cases) are in favor of management.

The proponents of the escrow provision argue that more than P2.5 billion worth of claims awarded by the NCMB alone from 2018 to 2022 had been reversed by either the CA or the Supreme Court.

The inclusion of the escrow provi-

sion aims to amend the Labor Code that will have significant impact on the “immediately final and executory” nature of decisions issued by the National Labor Relations Commission (NLRC) and the NCMB.

Proponents stressed that such move is necessary to ensure the restitution of monetary awards in case the appropriate appellate court annuls or partially or totally reverses the monetary judgment award.

Except for the uncontested amounts, the proceeds shall remain in escrow until such time the finality of the decision issued by the appropriate appellate court is obtained.

Proponents argue that seafarers seek “benefits even beyond the claims they are actually entitled” linked with alleged ambulance chasing to sanitize the problematic legal battle for compensation. They blamed the dwindling numbers of deployed seafarers on the increasing number of litigated cases. Such argument is debunked by the affirmation rate of the VA decisions favorable to seafarers in the CA and SC.

The reversal rates in the Court of Appeals (28 percent) and Supreme See “Gorecho,” A17

Photo by UX GUn on UnsPlash

Dennis Gorecho

Demonic moneyProtecting Filipino consumers from the risks posed by substandard products

Dr. Jesus Lim Arranza

MAKE SENSE

DEMONIC

Alabanza sarcastically asked, “when did making money [become] so demonized?” It was a combination reply-question to Senator Raffy Tulfo as to why money earned by NGCP for its lawful and perhaps efficient operation went to dividend releases instead of using the income or profit to improve and expand its services to cover more area deemed underserved.

Tulfo, apparently, for added spice, for extra media mileage, included the ownership and national security issues to his inquiry as Senate Committee chair.

But we will tackle the lingering issue of security and of Chinese ownership, next time.

Well, let The Bridge provide the proper context. My understanding is that NGCP is a privately owned corporate entity whose nature and motive of organization and existence is to make money. That’s absolute. NGCP, even as a public utility, its main occupation is to make money and generate profits from operating, maintaining and developing (OMD) the state-owned power grid in accordance with the franchise’s terms and conditions provided for in the award to NGCP by government.

Prior to the privatization, the transmission system was operated and maintained by the National Transmission Corp. (TransCo), a GOCC. In January 2009, NGCP started the OMD of an interconnected system that transmits gigawatts of power at thousands of volts from where it is produced to where it is needed, especially, of course, to the more depressed and isolated areas of the land. Ironically, we suffer from exorbitantly high electricity rates.

So, from 2009, or five years later since its takeover of the power grid’s OMD, from 2014, 2015, 2017, 2019 and 2022, NGCP, the private entity, made no less than P104.4 billion. Huge, as in huge money made from only a mere capital outlay, from available figures given by NGCP themselves, amounting to P61 billion. The profit cited above does not exclude yet what they made in year 2020 and 2021.

On a year-on-year basis, NGCP was easily making an average of P20.88 billion. During the Covid pandemic period from 2020 to 2021, NGCP did not give us the figures. But they may have probably made just half of the annual average due to the nationwide downfall in economic and production activities during the period.

On dividends, NGCP owners, according to Alabanza, made P91 billion during the last five years. Of the P104.4 billion generated income from the governmentowned transmission assets, ty-

continued from A16

Court (30 percent) cannot overshadow the fact that almost 70 percent of decisions of the appealed VA cases are affirmed in favor of labor.

The numbers contradict the sweeping allegations that most cases

For me, as long as the objective of satisfying the requirements of the power grid OMD is realized or achieved, and everything is complied with in the franchise terms, there is no problem with making money because no private corporate entity was organized to lose money.

coon Sy and his co-owners, harvested P18.2 billion annually.

Alabanza justified “that their dividends and net income may not necessarily line up,...profits or dividends are taken from retained earnings, which have accumulated over the year so it’s not a one is to one.”

With so huge a profit generated in a short period of time, and nothing is on record that NGCP incurred losses at any given year from start of operations up to the present, I think there’s basis for others who are envious of NGCP, in particular Tulfo, and quoting him tells us much with the words “ mapapa-sana all ka na lang talaga.”

With the huge amount of money raked in by the fortunate franchise owners from a government that even enacted a law called EPIRA (Electric Power Industry Reform Act) or RA 9136 perhaps not directly to ensure huge profits to the franchisee, but providing an efficient and responsive power grid entity, as an undercurrent, who is now to blame? Is it demonic to make money from legitimate business? I don’t think so.

For me, as long as the objective of satisfying the requirements of the power grid OMD is realized or achieved, and everything is complied with in the franchise terms, there is no problem with making money because no private corporate entity was organized to lose money.

But considering the limitations under RA 9136, where it excludes the development of nuclear power generated energy, President Marcos said it is “outdated” and is suggesting amendment to ensure supply at low cost in recognition of the fact that our current energy cost is one major obstacle to the progress of all Filipinos and the national development, in general.

Mr. President Marcos, the Philippine Ports Authority remains deaf to the complaints of losing bidders that the specifications were tailor-fitted to the security agency currently in contract with PPA. Perhaps, you can do something about the complaints.

For comments, e-mail me @andalbilly@yahoo. com

are “frivolous” and are associated with “ambulance chasers” or lawyers who go to lengths to push seafarers to file labor cases against their foreign employers.

Both Senators Raffy Tulfo and Risa Hontiveros are vocal in their opposition to the escrow provision.

Tulfo said he will not hesitate to expose the lobbyists once they try

AS a consumer protection measure, the government, through the Department of Trade and Industry, included flat glass in its list of products under mandatory standard. In fact, the DTI ordered that “all imported flat glass must pass the quality standards for ICC (Import Clearance Certification) and all manufacturing plants must be PS-certified (Philippine National Standards) to ensure safety on the use of this major construction material.”

And since failure to follow the quality standards for flat glass products could result in legal penalties and liability as they are generally adopted out of concern for the safety of Filipino consumers, some glass importers whose business are obviously affected, fought and filed their opposition to the new DTI standard policy on flat glass at two separate courts in the country. This prompted the courts to issue an injunction to stop DTI from enforcing the new standard policy on flat glass.

The new standard policy on flat glass was issued to enhance consumer protection. Unfortunately, its implementation was stopped because of the court injunction. The Office of the Solicitor General, as DTI’s legal counsel, filed a petition to lift the injunction by the two courts. But after over three years, the courts

It’s about time that the state puts its foot down. Only when government authorities and concerned agencies put policies into effect and categorically declare that all flat glass products in the market must pass the government’s quality standards can we possibly stop an undersirable event from happening when the “big one” comes. It is government’s duty to protect Filipino consumers from the risks that come with unknowingly buying and using substandard products.

have yet to issue a resolution on the OSG petition asking them to lift the injunction.

Meanwhile, flat glass importers could be stacking up on their glass importations while the injunction remains in effect. This development practically makes the country’s flat glass market an unregulated sector, despite DTI’s issuance of mandatory standards.

Flat glass is being used in panel windows and even the walls of highrise buildings. Given the injunction that has stopped for three years the implementation of the new standard policy on flat glass, will this not unduly risk the lives and limbs of consumers using unregulated flat glass?

The Philippines should learn from the devastating earthquake in Turkey that killed thousands of people.

We always talk about the “big one.”

What if a strong earthquake comes and injuries or deaths happen because of the unregulated flat glass market?

While I was discussing with a lawyer friend, Atty. Danton Lucinario, about the risks to consumers of the courts’ long delay in lifting the injunction on flat glass products, Lucinario explained that if the delay will endanger the safety and general security of the people, the government has the mandate to use its police power to secure the safety and well-being of its people.

Under the Constitution, police power is primarily lodged with the Legislative department of government. However, by virtue of a valid delegation, it may also be exercised by the President of the Philippines,

administrative boards and local governments under the general welfare clause, which says: “Every local government unit shall exercise the powers expressly granted, those necessarily implied therefrom, as well as powers necessary, appropriate, or incidental for its efficient and effective governance, and those which are essential to the promotion of the general welfare.”

The general welfare, also sometimes referred to as the “public welfare” or the “public good,” is the concern of the government for the health, peace, and safety of its citizens. The continued use in the country of unregulated flat glass is one serious incident waiting to happen.

It’s about time that the state puts its foot down. Only when government authorities and concerned agencies put policies into effect and categorically declare that all flat glass products in the market must pass the government’s quality standards can we possibly stop an undesirable event from happening when the “big one” comes. It is government’s duty to protect Filipino consumers from the risks that come with unknowingly buying and using substandard products.

Dr. Jesus Lim Arranza is the chairman of the Federation of Philippine Industries and Fight Illicit Trade; a broad-based, multisectoral movement intended to protect consumers, safeguard government revenues and shield legitimate industries from the ill effects of smuggling.

Ahead of House debt ceiling vote, Biden shores up Democrats and McCarthy scrambles for GOP support

Associated Press

By Lisa Mascaro, Kevin Freking & Stephen Groves | The

WASHINGTON—Hard-fought to the end, the debt ceiling and budget cuts package is heading toward a crucial US House vote as President Joe Biden and Speaker Kevin McCarthy assemble a coalition of centrist Democrats and Republicans to push it to passage over fierce blowback from conservatives and some progressive dissent.

Biden is sending top White House officials to meet early Wednesday at the Capitol to shore up support ahead of voting. McCarthy is working furiously to sell skeptical fellow Republicans, even fending off challenges to his leadership, in the rush to avert a potentially disastrous US default.

Despite deep disappointment from right-flank Republicans that the compromise falls short of the spending cuts they demanded, McCarthy insisted he would have the votes needed to ensure approval.

“We’re going to pass the bill,” McCarthy said as he exited a lengthy late Tuesday night meeting at the Capitol.

Quick approval by the House and later in the week the Senate would ensure government checks will continue to go out to Social Security recipients, veterans and others, and prevent financial upheaval at home and abroad. Next Monday is when Treasury has said the US would run short of money to pay its debts, risking an economically dangerous default.

The package leaves few lawmakers fully satisfied, but Biden and McCarthy are counting on pulling majority support from the political center, a rarity in divided Washington, testing the leadership of the president and the Republican speaker.

Overall, the 99-page bill restricts spending for the next two years, suspends the debt ceiling into January

to block the measure.

Seafarers will wait for longer years before they receive the NLRC/NCMB award if the proposed escrow provision will be included.

Without any leverage in prosecuting his monetary claims, chances are, the seafarer bows to the demand of his employer to either drop his claim or accept a small settlement.

2025 and changes policies, including new work requirements for older Americans receiving food aid and greenlighting a controversial Appalachian natural gas line that many Democrats oppose.

For more than two hours late Tuesday as aides wheeled in pizza at the Capitol, McCarthy walked Republicans through the details, fielded questions and encouraged them not to lose sight of the bill’s budget savings.

The speaker faced a sometimes tough crowd. Leaders of the hardright House Freedom Caucus spent the day lambasting the compromise as falling well short of the spending cuts they demand, and they vowed to try to halt passage by Congress.

“This deal fails, fails completely,” Rep. Scott Perry, R-Pa., the chairman of the Freedom Caucus, said earlier in the day, flanked by others outside the Capitol. “We will do everything in our power to stop it.”

A much larger conservative faction, the Republican Study Committee, declined to take a position. Even rank-and-file centrist conservatives were not sure, leaving McCarthy desperately hunting for votes.

Rep. Nancy Mace, R-S.C., said after the “healthy debate” late into the night she was still a no.

Ominously, the conservatives warned of potentially trying to oust McCarthy over the compromise.

In cases of seafarers with medical conditions, some incur huge debts to sustain their medication while others die before the decision by the Supreme Court is released from the time of its filing or 7.2 years on average, according to the Commission on Human Rights. The escrow provision will be violative of the constitutional right of

“There’s going to be a reckoning,” said Rep. Chip Roy of Texas. Biden was speaking directly to lawmakers, making more than 100 one-on-one calls, the White House said.

The nonpartisan Congressional Budget Office said the spending restrictions in the package would reduce deficits by $1.5 trillion over the decade, a top goal for the Republicans trying to curb the debt load.

McCarthy told lawmakers that number was higher if the two-year spending caps were extended, which is no guarantee.

But in a surprise that could further erode Republican support, the GOP’s drive to impose work requirements on older Americans receiving food stamps ends up boosting spending by $2.1 billion over the time period. That’s because the final deal exempted veterans and homeless people, expanding the food stamp rolls by some 78,000 people monthly, the CBO said.

House Democratic leader Hakeem Jeffries said it was up to McCarthy to turn out votes from some two-thirds of the Republican majority, a high bar the speaker may not be able to reach. Some 218 votes are needed for passage in the 435-member House.

Still, Jeffries said the Democrats would do their part to avoid failure.

“It is my expectation that House Republicans would keep their promise and deliver at least 150 votes as it relates to an agreement that they themselves negotiated,” Jeffries said. “Democrats will make sure that the country does not default.”

Liberal Democrats decried the new work requirements for older Americans, those 50-54, in the food aid program. And some Democratic lawmakers were leading an effort to

equal protection since it will partake of the nature of class legislation because it singles out seafarer claims from other labor claims, both local and overseas.

A provision that will adversely affect a seafarer’s cause in whatever manner or nature has no place in a legal document that should be for their protection in the first place.

remove the surprise provision for the Mountain Valley Pipeline natural gas project. The energy development is important to Sen. Joe Manchin, D-W. Va., but many others oppose it as unhelpful in fighting climate change.

The top Democrat on the House Natural Resources Committee, Rep. Raul Grijalva of Arizona, said including the pipeline provision was “disturbing and profoundly disappointing.”

Rep. Pramila Jayapal, D-Wash., chair of the Congressional Progressive Caucus, had this warning for McCarthy: “He got us here, and it’s on him to deliver the votes.” Wall Street was taking a waitand-see approach. Stock prices were mixed in Tuesday’s trading. US markets had been closed when the deal was struck over the weekend.

The House aims to hold procedural votes Wednesday afternoon with final action expected in the evening. It would then send the bill to the Senate, where Democratic Majority Leader Chuck Schumer and Senate Republican leader McConnell are working for passage by week’s end.

Schumer called the bill a “sensible compromise.” McConnell said McCarthy “deserves our thanks.”

Senators, who have remained largely on the sidelines during much of the negotiations between the president and the House speaker, began inserting themselves more forcefully into the debate.

Some senators are insisting on amendments to reshape the package from both the left and right flanks. But making any changes to the package at this stage seemed unlikely with so little time to spare before Monday’s deadline. Associated Press writers Farnoush Amiri, Mary Clare Jalonick and Seung Min Kim contributed to this report.

Otherwise, it becomes a tool of oppression and inequity to the prejudice of the seafarer.

The magna carta should expand, and not limit, the seafarers’ rights.

Atty. Dennis R. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez.com or call 0917-5025808 or 0908-8665786.

was the exact word used by the National Grid Corp. of the Philippines spokesperson, Assistant Vice President Cynthia Alabanza, in reaction to the question raised by a neophyte senator on the issue of dividend payouts to the franchisee shareowners.

‘SLIGHTLY SLOWER’ Q2 GROWTH LIKELY–SLIMTC

SUN LIFE Investment Management and Trust Corporation (SLIMTC) on Wednesday projected that the country’s GDP in the second quarter would be slower than the first quarter while maintaining its 5.35-percent full-year economic growth outlook for 2023 due to base effects.

SLIMTC President and Chief Investment Officer Michael Enriquez explained that the country’s economic growth this year would be buoyed by growth in consumption and capital outlay amid an anticipated global growth slowdown.

Enriquez noted that consumer growth has been “very robust,” especially for non-food spending. The country’s GDP in the first quarter was at 6.4 percent.

“ Our economists are more leaning toward a slightly slower second quarter [GDP] since we are looking at 5.35 percent average for the year. This is really mainly due to higher growth posted last year,” Enriquez said in a virtual press briefing.

Based on SLIMTC’s estimates, the country’s GDP this year could be between a low of 4.3 percent to a high of 6.4 percent.

In terms of inflation, Enriquez said SLIMTC sees it tapering off already as the rate of increase in the prices of goods and services has already peaked in January.

SLIMTC expects the country’s inflation rate to average at 5 percent this year following a “more stable” deceleration in monthly changes of the Consumer Price Index.

G iven this situation, Enriquez added that they expect the BSP to continuously maintain its current policy rates before starting to cut it a “little bit” by early next year. We do not expect the BSP to aggressively cut rates. They may pause and then they may cut a bit. But we won’t see interest rates at the lowest level like three years ago,” he said. “ It could be lower than where it is right now but not as lower than what we saw prior to the pandemic,” he added.

D uring its last meeting earlier this month, the Monetary Board (MB) kept the prevailing interest rates on BSP’s overnight reverse repurchase facility at 6.25 percent.

T he interest rates on the overnight deposit and lending facilities were also maintained at 5.75 percent and 6.75 percent, respectively.

T he BSP said it decided to pause its aggressive monetary policy tightening campaign as it believes that inflation is now “firmly on track” to hit the government’s target.

Jasper Emmanuel Y. Arcalas

Economic team: All safeguards vs abuse built into MIF bill

By Jasper Emmanuel Y. Arcalas @jearcalas & Andrea E. San Juan

THE economic team of the Marcos Jr. administration assured the public that the approved Senate version of the Maharlika Investment Fund (MIF) — which the House later adopted— contains all the safeguards against abuse and ensures prudent use of the P500-billion fund.

The Senate leadership has pulled out all the stops to ensure that the bill we bring to the President reflects the administration’s objective of creating a profitable and secure investment fund,” Finance Secretary Benjamin E. Diokno said in a statement on Wednesday.

S enate Bill (SB) 2020 was approved on second and on third and final reading at dawn on Wednesday within 7 days after President Marcos Jr. certified it as urgent.

T he bill was passed on third reading around 2:30 a.m. on Wednesday after nearly 12 hours of interpolations by senators. “ This is a great stride towards our long-term progress and will boost our efforts for economic growth. Thank you to Senator Mark Villar for leading the debates and to all our senators for staying in session until 2:30 am to thoroughly debate this bill,” Budget Secretary Amenah F. Pangandaman said.

P resent at the extended Senate session were Diokno, Pangandaman, Executive Secretary Lucas P. Bersamin, National Economic and Development Authority Secretary Arsenio M. Balisacan, and Bangko Sentral ng Pilipinas Governor Felipe M. Medalla.

S eparately,Balisacan said the approval of the Maharlika bill signifies “strengthened” investment platforms for the Philippines.  “ The fact that it is now passed, I

May inflation could slow on lower oil, food prices–BSP

By Jasper Emmanuel Y. Arcalas @jearcalas

T he BSP projected that the inflation for May could settle within the range of 5.8 percent to 6.6 percent.

T he BSP identified higher prices of rice, vegetable and other key food items coupled with the increase in LPG and Meralco electricity rates as the “primary” sources of upward price pressures.

Meanwhile, the cumulative rollback in domestic petroleum prices as well as lower poultry and fish prices and electricity rates of various regional power distributors could lead to lower inflation in May,” the BSP said in its monthahead inflation report.

T he BSP said it will continue to “monitor” developments that could

affect its outlook for inflation and growth “in line with its data-dependent approach to monetary policy formulation.”

B SP Governor Felipe M. Medalla earlier said that the central bank is expecting the country’s headline inflation to be within its target range as early as September due to easing of prices of goods and services. Our forecast is that by September or October, the headline inflation on a year-on-year basis will be below 4 percent unless there are new developments,” Medalla told reporters in an interview last Monday in Taguig City.

T he national government’s inflation target is between 2 and 4 percent. (Related sto -

ry: https:// businessmirror com.ph/2023/05/30/bsp-seesinflation-within-target-rangeby-september/)

Medalla said the government’s anti-inflation measures, which involved monetary and non-monetary actions, are already working, as exemplified by the downward trend in the country’s inflation rate.

Medalla explained that the BSP has observed that headline inflation, on a month-on-month basis, has been stagnant or near zero since January.

“At least from one month to the next, inflation is now moving that much. Of course, that will be the temporary effect of already high prices, but once that is gone, it will normalize,” he said.

The decision of the government to relax the importation of goods with short supply contributed to that, plus the fact that our higher policy rates also began to work,” he added.

Medalla added that the BSP sees no more lingering supply shocks that could impact the prices of goods in the country.

T he country’s improving inflation situation encouraged the BSP last month to pause its aggressive monetary policy tightening campaign. (Related story: https:// businessmirror com.ph/2023/05/19/bsp-pauses-interest-rate-hikes-as-inflation-cools-and-consumerdemand-eases/)

T he BSP earlier said it expects inflation to average 5.5 percent this year, lower than the February estimate of 6.1 percent.

T he increase in commodity prices is also expected to average 2.8 percent in 2024, slower than the 3.1 percent estimate made in the last monetary policy report.

think it strengthens our platforms for investment because...we in the economic team have been saying ...we need to augment/complement the platforms that we have in engaging with the private sector, expanding investments in strategic areas,” Balisacan told reporters on the sidelines of the GermanPhilippine Chamber of Commerce and Industry (GPCCI) Forum on Wednesday in Makati City.

Now that it’s signed, Balisacan mentioned “strategic areas that [they] would be interested in,” and these include infrastructure and power, among others. He added that, “we have so much need for capital so we won’t run out of areas for investment.”

A n earlier story of the BusinessMirror said that at Tuesday’s period of amendments, senators revised the bill—as suggested by Senator Raffy Tulfo—to explicitly prohibit the Social Security System (SSS), Government Service Insurance System (GSIS), Philippine Health Insurance Corporation (PhilHealth), Home Development Mutual Fund (Pag-IBIG), Overseas Workers Welfare Administration (OWWA), and Philippine Veterans Affairs Office (PVAO) from investing in the MIF, whether on a mandatory or voluntary basis.

Investments from these agencies had been a major cause for concern among some senators and pensioners. Minority senators Aquilino Pimentel III and Risa Hontiveros noted that while the House version dropped these institutions from those mandated to provide the MIF seed fund, the prior Senate version had opened a “backdoor” for pension funds to come in on “voluntary” basis—if their boards allowed them to make investments in MIF on a judgment call that such would earn money for their members.

97% rice self-sufficiency is new target–PBBM

By Samuel P. Medenilla @sam_medenilla

IT may now take longer for the Philippines to achieve near “rice-sufficiency” under a new government road map to boost production for the food staple.

I n a press conference at the 86th Anniversary of the Government Service Insurance System in Pasay City on Wednesday, President Ferdinand R. Marcos Jr. announced they are now targeting to achieve 97-percent rice sufficiency by 2028. “ You do not have to really go to

100 percent because the 3 percent are those niche products like organic or special grain like Japanese rice,” Marcos said, speaking partly in Filipino.

“ But with the 97 percent [rice sufficiency], we can say we can feed our citizens sufficient rice,” he added.

I n February, Marcos said the government is eyeing to achieve self-sufficiency in rice in just two years through major reorganization in the government.

However, during the Rice Industry Convergence Meeting held at the National Irrigation Admin -

istration (NIA) in Quezon City on Wednesday, the government unveiled a new timeline to boost the country’s rice production.

M arcos said among the highlights of the new road map is the consolidation of farmlands to make farm mechanization more efficient.

You cannot mechanize if you are tilling only 0.6 hectares. Sometimes that is the available land... you cannot use large tractors for that, which will be very efficient. They can harvest 40 hectares in a day,” Marcos said.

T he President also said they also discussed the introduction of

digitalization and new technology in the agriculture sector to help increase rice harvest.

He said such will provide farmers updated data and help attract more young people to engage in farming.   C urrently, the average age of Filipino farmers is 56 to 57 years old.

“ We engage them [young people] with new technologies because they will be the ones who will operate those systems, those new technological systems. And that will make it interesting for young people to come into the sector,” Marcos said.

THE Bangko Sentral ng Pilipinas (BSP) said the country’s inflation for May could slow to its lowest rate in 12 months at 5.8 percent on the back of lower prices of oil, fish and chicken.

MANILA JOB FAIR As the Manila Local Government Mega Job Fair buzzes with activity at the Universidad de Manila on Wednesday, May 31, 2023, graduating students seize the opportunity to explore job prospects. According to a global survey by Universum, a thought leader in talent research and employer branding, Filipino Gen Zs prioritize employers who are able to offer training and development, a conducive work environment and high future earnings. Story in A1, “Poll: Gen Z workers seek training, balance, good pay.” NONIE REYES

MEDALLA

Editor: Jennifer A. Ng

Companies

B1

Thursday, June 1, 2023

Century Properties buys out partner in housing venture

By VG Cabuag @villygc

The two companies, however, promised to partner again as investors in projects in the Philippines and in Asia.

The CPG board has approved the company’s acquisition of the 40 percent stake of Mitsubishi in Phirst Park Homes Inc. (PPHI) and Tanza Properties Inc., giving the real estate developer full ownership of the fast-growing business unit.

“This acquisition is part of the group’s strategic move to consolidate interests in the business segment where the market is robust,

allowing us to create more value for our stakeholders, contribute more to serving the needs of our fellow Filipinos for decent, quality and affordable first homes,” CPG Executive Chairman Jose E.B. Antonio said.

“We remain cognizant of the strong fundamentals of the affordable housing market. The housing backlog continues to be a reality, which has caused us to fare well despite macro-economic headwinds,” CPG President and CEO Marco R. Antonio added.

The approval of the buyout is aligned with Mitsubishi’s business direction in the region, according to the company’s executive vice president and group CEO for urban development group Takuya Kuga.

“PPHI has expanded to become one of MC’s core businesses in the real estate market in the Philippines. With MC’s business management system and value-added cyclical growth model, we believe that together with CPG, MC was able to incubate and increase the value of PPHI by contributing to various fields,” Kuga said.

“The great outcome that we initially projected to achieve in 10 years’ time has been substantially realized within 5 years. As MC has already achieved its optimal goal for this particular investment, we believe that it is the ideal opportunity to pursue new seeds of growth in other emerging markets both in the Philippines

GMA Network to air hit shows in Africa

and the Asian region.”

The company said they are now making arrangements to discuss the two firms’ next venture.

Launched in 2017 as an affordable housing brand, Phirst Park is on its way to achieve in 2023 the launch of 15 projects it set out to do with Mitsubishi 5 years ago.

CPG also announced in 2022 its expansion into other markets, with ventures in the socialized and economic housing, and midincome residential markets under Century Phirst Corp., a new subsidiary fully owned by CPG.

Century Phirst has then proceeded with the opening of three flagship projects—Phirst Sights Bay in Bay, Laguna, its ticket into the socialized and economic housing segment; Phirst Editions Batulao, in Batangas, its maiden midincome development; and Phirst Centrale Hermosa, its first mixed-use township in Hermosa, Bataan.

INAEC orders Regent seagliders

By Lorenz S. Marasigan @lorenzmarasigan

LOPE z-L ED INAEC Aviation Corp. said on Wednesday it has signed a deal with Boston-based sea glider manufacturer Regent to introduce sea glider planes to the Philippines.

INAEC President Jay Lopez said the company has firmed up an order of 15 Viceroy seagliders, which have a capacity of 12 passengers each. He said the planes will be used “initially on tourism for the archipelago nation.”

“Seagliders are a game changer for the Philippines. They will open up new opportunities to reach currently inaccessible islands and allow visitors to experience more of the natural beauty our country has to offer,” Lopez said.

“We’re excited to work with Regent to introduce innovative technologies like seagliders that are safe and affordable while being consistent with the Lopez Group’s strategic direction to provide environment-friendly and sustainable modes of transport for travelers.”

He added that the companies plan to work together to “engage various stakeholders, including the broader public, to identify infrastructure and operating requirements ahead of the launch of commercial service.”

“Island nations like the Philippines are a perfect match for seagliders, where communities are connected by shared coastal waterways and can benefit from more affordable and convenient mobility between them,” said Billy Thalheimer, co-founder

and CEO of Regent.

“We’re thrilled to have such strong alignment with INAEC in our shared mission to deliver safe, sustainable, and memorable passenger experiences for all travelers.”

Regent seagliders are a new category of maritime vehicle that combine the high speed of an airplane with the low operating cost of a boat.

These all-electric, zero-emission vessels operate exclusively over water and leverage existing dock infrastructure to carry people and goods up to 180 miles with current battery technology.

Regent has built an order book of over 500 seagliders worth more than $8 billion from airline and ferry operators around the world. The company expects its Viceroy seagliders to enter service by middecade.

Ayala ties up with DOT for HoHo bus tours

By Ma. Stella F. Arnaldo @akosistellaBM

Special to the BusinessMirror

THE AYALA Group has collaborated with the Department of Tourism (DOT) for the country’s first-ever Hop-On, Hop-Off (HoHo) bus tours by offering 4 of its properties as designated stops in Makati City.

In her remarks at the recent launch of the bus tours at the Glorietta, Ayala Malls Marketing and Communications Head Chrissy Roa said, while Makati is well known as a major financial district, “Truth be told, it is the OG Live, Work, and Play City and has so much more to offer in arts, culture, entertainment, and food, among others. And HoHo’s specially-curated tourist spots and stops in Makati are a testament to that.” At the preview of the bus tour, for instance, took guests to the Washington Sycip Park, Museo ng Makati, and the Poblacion district.

According to DOT data, there were 5.3 million overnight tourists in the National Capital Region last year, of which Makati ranked third in terms of the highest number of visitors at 969,927, after Pasay and Parañaque, respectively.

Makati City and Manila are the pilot areas for the project, which the DOT hopes to replicate across the country. Tourists only have to pay P1,000 to take the HoHo bus and explore both cities.

Designated stops

FOR her part, Tourism Secretary Christina Garcia Frasco said, “The Hop-On, Hop-Off tours give our tourists the opportunity not only to be reminded of the spirit of modernity and innovation that Makati has always been known for, but also to get to know the soul of your city that lies in your hidden gems, in your museums, in the many stops that are covered by this tour. This will allow our tourists—domestic and international alike—to get to know the people of Makati, to get to know your rich history, culture, and heritage.”

Designated stops in Makati include: Glorietta 2, Washington Sycip Park, RCBC Plaza, Circuit Makati, Century City Mall, Makati Museum, Rockwell Center, and the Ayala Triangle. There will be a bus at midday that can take tourists to the Mall of Asia in Pasay if they want to explore Manila next, at no extra charge.

Designated stops in Manila are the CCP Star City, Raja Sulayman

Plaza in Malate, Luneta Park, Manila City Hall and National Museums, Jones Bridge Escolta, Binondo, and Intramuros. The Hoho bus tours will be fully operational by June 25.

Curated private tours

IN a post on its Facebook page, the DOT said the HoHo bus tours project targets individuals traveling in a group as well as fully independent travelers, and provides them the convenience and flexibility of booking their tours to a destination through a seamless, contactless system. They will be able to board the tour bus at designated stops within the city and visit Makati and Manila’s attractions, and enjoy activities based on suggested itineraries by the DOT team assigned at each stop. Visitors can also opt to avail of private and guided tours, which shall be paid separately.

The DOT and its partners are finalizing the website, which will allow tourists to book their passage on the Hoho bus and choose merchants who can provide curated, guided tours. The private tours, based on itineraries pre-approved by the DOT, will be conducted by agency-accredited tour guides retained by accredited tour operators.

GMA Network Inc. said on Wednesday it has signed deals to air 14 of its hit shows in the African region, in its bid to become a “major provider of topnotch Filipino content in the world’s second largest continent.”

The listed broadcaster said its content distribution arm GMA Worldwide has sold 14 titles for a total of 492 hours, with the shows set to air on major TV stations in Africa from 2023 to 2024.

Shows such as The First Nanny (First Yaya), The First Lady, Once Again, Someone to Watch Over Me, and Impostora, will be available this year in 41 countries in Sub-Saharan Africa.

Meanwhile, the Crocodile Whisperer (Lolong), The Fake Life, Sahaya, and Hidden Lies (Anak ni Waray vs Anak ni Biday) are set to be shown in the said countries the following year.

Also to premiere in Ghana this 2023 as well are series Article 247,

Rhodora X, Love of My Life, Broken Faith (Magkaagaw) and Beautiful Strangers.

“These latest deals give viewers all over Africa the chance to experience and enjoy the best of Filipino entertainment from the Philippines’s leading provider of superior content, GMA Network,” the company said in a statement.

Citing Nielsen TV Audience Measurement data from January to December 2022, GMA said in a statement that its combined people net reach, including GTV and its other digital channels, was at 96 percent or 78 million viewers in Total Philippines.

In terms of ratings, the network’s flagship channel, GMA-7, ranked first in Overall Channel Rankings. Its second free-to-air channel, GTV, was in the second spot, while its DTT channels, I Heart Movies and Heart of Asia, ranked 5th and 6th, respectively.

Lorenz S. Marasigan

The board of Century Properties Group Inc. (CPG) has approved the company’s buyout of its Japanese partner Mitsubishi Corp. (MC) in their affordable housing venture.

Govt eyes GSIS as fund gaffer for MUP pension

THE government is now eyeing to tap the Government Service Insurance System (GSIS) to serve as fund manager for the proposed pension fund for military uniformed personnel (MUP).

“This means we will be the ones to invest if there will be a new [pension] fund for our military uniformed personnel. We will be the ones to manage the fund and find ways to keep it growing,” GSIS President and General Manager Jose Arnulfo

A. Veloso said in Filipino during an interview with the media during the 86th Anniversary of GSIS last Wednesday.

Veloso also said the GSIS is also being considered to manage the disbursement of the said fund.

“We will not reinvent the wheel. We will just ask all the people who have been just doing it to be with us. Otherwise, if they want to do it, we can let them distribute it to their individual members,” the GSIS chief said.

“As of now there is nothing firm on that and there are still other discussions, but during discussion our role is only as a fund manager,” Veloso added.

Solid reputation

IN his speech at the GSIS anniver-

sary event, President Ferdinand R. Marcos Jr. said he decided to enlist the state-run pension fund to help in reforming the pension scheme for MUPs due to its “almost century worth of operational knowledge.”

“I thank GSIS for your involvement and participation because your experience and acquired skills has been an important part of this ongoing process,” Marcos said.

He noted GSIS has “earned a solid reputation” not only in fund management, but also maintaining actuarial solvency and strategic income generating activities.

Last February, the GSIS reported its gross premium written reached P6.8 billion—the highest recorded in the history of the state pension fund—which it attributed to its ongoing aggressive marketing campaign.

The government is currently pushing to reform the pension scheme for MUPs since it is purely state-funded thus making it unsustainable.

To address this, the Department of Finance proposed several reforms for the MUP pension system, which includes requiring all active service and the new recruits to pay pension contributions gradually.

Samuel P. Medenilla

Higher credit card, MV loans expanded in Apr

LOANS of universal and comm ercial banks (U/KBs) in April increased by 9.7 percent year-on-year, data from Bangko Sentral ng Pilipinas (BSP) showed on Wednesday.

Based on the central bank’s data, it shows that on a month-on-month seasonally-adjusted basis, outstanding U/KBs loans, net of reverse repurchase (RRPs), went up marginally by 0.6 percent.

Meanwhile, outstanding loans to residents, net of RRPs, increased by 9.6 percent in April from 10.2 percent (revised) in March.

Data also shows that outstanding loans for production activities grew by 8.3 percent in April from 9.0 percent (revised) in the previous month, largely driven by the continued rise (about 12.4 percent) in lending to key sectors, particularly electricity, gas, steam and air-conditioning supply.

Loans for wholesale and retail trade and repair of motor vehicles and motorcycles also rose 10.3 percent, for manufacturing 9.3 percent, for information and communication, 19.0 percent, and real estate activities, 4.5 percent.

“Consumer loans to residents expanded at a faster rate of 22.3 percent in April from 21.8 percent [revised] in March, driven by the increase in credit card and motor vehicle loans,” the BSP said.

Outstanding loans to non-residents also rose by 12.2 percent in April, albeit slower than the 13.1-percent (revised) increase in the previous month, it added.

The sustained expansion in bank lending activity suggests that domestic liquidity remains sufficient to support economic activity.

Moving forward

LOOKING ahead, the BSP said it will continue to ensure that domes-

GSIS’s feat prompts Marcos to call for full digitalization

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand R. Marcos

Marcos made the pronouncement after the Government Service Insurance System (GSIS) reported during its 86th anniversary celebration last Wednesday was able to successfully process 95 percent of its more than one million multi-purpose loan (MPL) application online.

GSIS President and General Manager Jose Arnulfo A. Veloso said of the said MPL applications, 593,020 were processed through the GSIS “Wireless Automated System Kiosk” while 405,812 through the pension fund’s digital application.

Only 46,048 of the applicants processed their MPL applications over the counter.

“Now, that for me would be a very, very good target for all of our

agencies in government and all our departments in government down to the LGUs,” Marcos said in his speech during the celebration.

The president noted that such digital transformation will help public servants to efficiently provide the necessary service to their clients amid the increasing complexity and demands of their operations.

“This will not only improve the delivery of services, but will boost the satisfaction, morale and productivity of government workers,” Marcos said.

A statement by the GSIS read the pension fund also tweaked its MPL by offerong a longer and more flexible payment period, ranging from one year to 15 years, at an interest rate

of 6 percent per annum. “Eligibility conditions have been relaxed, allowing government employees who have served for only one month to apply for the MPL,” the GSIS statement read.

New projects

THE President said the online services of GSIS will be further improved by the enhanced GSIS mobile application, which was rolled out last Wednesday.

GSIS documents read that the new version of the application will enable its members to apply for loans, view records, track payments and check account status, among others.

Marcos also lauded GSIS after it launched last Wednesday its housing program to provide qualified members and their families with housing units “amid the rising real estate prices.”

The project consists of three components: a rent-to-own scheme for GSIS’s 15,000 residential properties; an extension of the housing loan condonation program until 2025; and, the construction of decent lowcost housing units for government workers.

Two of the initial housing units to be constructed under program

will be high-rise condominiums to be located in Fairview, Quezon City and Cogeo, Antipolo. Both projects will allow government workers to purchase two-bedroom units for P1.6 million with an affordable financing plan, which has no required downpayment and 30day repayment term at 12,000 per month. The president thanked the GSIS for the program “and for offering these viable options to its members to ensure that no one gets left behind.”

Achievements, plans

VELOSO also announced that the GSIS achieved a remarkable milestone, generating P6.8 billion in gross premiums written, the highest recorded figure in the organization’s history. This represents a 16-percent increase compared to the previous year, making GSIS the largest nonlife insurance company in the country, with the General Insurance Fund worth P41.92 billion.

Additionally, the GSIS said it is expediting the fire insurance claim of the Philippine Postal Corp. (PhilPost) and, once the final report from the insurance adjuster is completed, the fire insurance check for PhilPost will be released promptly.

tic liquidity and credit dynamics are consistent with the prevailing stance of monetary policy, in keeping with its price and financial stability mandates.

For her part, Domini Velasquez, chief economist at China Banking Corp., said that the slowdown in bank lending points to the BSP’s monetary policy adjustments becoming more pronounced in the economy.

As expected, we are now realizing the full effects of the policy tightening last year, she said.

“However, we are seeing diverging growth trends between production and consumer loans. High interest rates likely put off companies’ expansion plans, hence the lower growth rate for production activities in April,” Velasquez added.

The economist also said that on the other hand, consumer loans continued to post higher growth which suggests robust consumer spending despite high inflation and borrowing costs.

“Moving forward, we expect loan growth to soften as borrowers may avoid locking in high interest rates, especially for long-term loans,” Velasquez said.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael Ricafort said that higher local interest rates partly slowed down the demand for loans, as well as higher inflation and risk of recession in the US, which is the world’s largest economy that could slow down global trade and other economic activities worldwide.

“April U/KBs loans the slowest in more than a year [since March 2022]; slower against 10.2 percent a month ago [March 2023] and 10.1 percent a year ago [April 2022]; but still among the fastest in nearly three years or since May 2020,” he added.

Raadee S. Sausa

April money supply hits ₧16.3T, up 6.6% from March

By Raadee S. Sausa

DOMESTIC liquidity (M3) has increased in April by 6.6 percent year-on-year (Y-o-Y), data from Bangko Sentral ng Pilipinas (BSP) showed.

BSP data showed that M3 grew hit P16.3 trillion in April 2023 from the 6.2-percent (revised) growth recorded in March.

On a month-on-month seasonally-adjusted basis, M3 increased by about 0.5 percent, the BSP said in a statement last Wednesday.

The BSP also shows that domestic

claims rose by 11.9 percent Y-o-Y in April from 12.4 percent in the previous month.

The central bank said claims on the private sector grew by 9.7 percent in April, the same rate of expansion recorded in March, with the sustained expansion in bank lending to non-financial private corporations and households.

Moreover, data shows that net claims on the central government also increased by 20.1 percent in April from 21.1 percent (revised) in March, owing to the decline in the deposits of the national government

with the BSP.

Net foreign assets (NFA) in peso terms decreased by 0.2 percent Y-oY in April, following the 3.9-percent (revised) contraction in March.

The foreign assets of banks declined mainly on account of higher bills payable. Meanwhile, the BSP’s NFA position expanded by 2.5 percent in April after contracting in the previous month.

Looking ahead, the BSP said monetary authorities will continue to ensure that domestic liquidity conditions remain consistent with the prevailing stance of

monetary policy, in line with the BSP’s price and financial stability objectives.

Michael Ricafort, chief economist of Rizal Commercial Banking Corp. said the growth of domestic liquidity in April was the fastest in four months or since December 2022.

Ricafort added that April’s print is slightly faster against 6.2 percent a month ago (March 2023) but also slower against 7.3 percent a year ago or April 2022.

He added that the April M3 is still among the slowest in more than three years or since August 2019.

PBB 2022 income growth rate hits 12.3%, 57.7% in Q1

PHILIPPINE Business Bank Inc.

(PBB) announced a consistent increase in its net income, with a growth rate of 12.3 percent in 2022 and an impressive 57.7 percent in the first quarter of this year, according to separate disclosures made to the Philippine Stock Exchange (PSE).

The bank said it completed the P1.75-billion capital raise early this year, which included a P1.25-billion private placement by the Yao Family and Zest-O Corp. and a P500 million Stock Rights Offer (SRO). The proceeds increased PBB’s capitalization and enhanced the bank’s ability to expand its loan and investment securities portfolio.

In 2022, PBB posted a net profit of P1,311.4 million, a significant rise from P1,168.2 million the previous year. Similarly, the bank’s core income demonstrated a positive trend, reaching P3,085.3 million in 2022, representing a year-on-year growth of 10.4 percent. Pre-tax pre-provision profit reached P2,683.1 million

in year-end 2022, a P142.8 million increase from last year. Net interest income also saw an increase, totaling P5,547.4 million in 2022.

PBB witnessed growth in loans and receivables, reaching P103.5 billion in 2022, demonstrating a 12.9 percent increase. On the funding side, total deposits amounted to P114.5 billion in year-end 2022.

Net profit

THE bank’s total resources stood at P134.6 billion in 2022. PBB’s total equity amounted to P14.6 billion in 2022, resulting in a book value per share of P21.68 net of preferred shares.

During the first quarter of 2023, the bank reported a net profit of P488.8 million, compared to P310.0 million in the same period of 2022. Pre-tax pre-provision profit also significantly grew by 41.9 percent from 582.9 million in the first quarter of 2022 to P827.2 million in the first three months of 2023. Net interest income also recorded a P303.0 mil-

lion increase to P1,598.5 million in the first quarter of 2023.

Loans and receivables further rose to P103.6 billion as of March 2023 while total deposits amounted to P111.1 billion in the first quarter of 2023.

In the first quarter of 2023, PBB raised a total of P1.75 billion capital which comprises the P1.25 billion private placement and P500 million from its SRO. The proceeds increased PBB’s capitalization and enhanced the bank’s ability to expand its loan, investment securities portfolio and partially comply with the minimum capital requirement for a universal bank license.

Upgraded license

PBB Chief Operating Officer Cynthia

A. Almirez was quoted in a statement as saying they see “more and more people are opting for the speed and convenience of using mobile banking to pay bills, check their balances and make transfers on the go” as

the Philippines further develops its digital sector.

“In line with this, PBB is expanding its reach by offering mobile banking services to suit the needs of its clients,” Almirez added. “The bank continues to show resilience despite the global market uncertainties, domestic challenges and interest rate hikes. PBB remains committed to delivering long-term value for its clients and shareholders.”

The PBB executive said the lender “will continue to capitalize its balance sheet, boost operational capabilities and improve its services.” PBB’s adequacy ratio reached 13.85 percent in 2022, while the minimum liquidity ratio stood at 21.75 percent. In the first quarter of this year, the adequacy ratio was 13.56 percent, with the minimum liquidity ratio at 21.77 percent. With an upgraded license, PBB will be able to provide a full-suite of financial services for a wider range of clients.

Top ESG Funds in Asia boost returns in market ignored by money managers

ASIA’S top ESG funds are reaping the rewards of investing in Japan, a market largely ignored even by local money managers focused on sustainability.

Four of the five best performers in the region this year are focused on Japan, boasting total returns of more than 17 percent, according to data compiled by Bloomberg of ESG funds with at least $250 million in assets. That tops the average gain of 1.1 percent for Asian ESG funds overall, and the 16 percent return for

Japan’s Topix stock gauge. Money managers with sustainable mandates in Japan have generally avoided their domestic market, citing relatively low returns and subpar environmental, social and governance practices. Those that have stuck close to home are benefiting from improved corporate governance, a dose of inflation and an endorsement from billionaire investor Warren Buffett. That’s compounding optimism about Japanese stocks, which have been among the best

performers in the world this year.

The Alma Eikoh Japan and Goldman Sachs Japan Equity Partners join the top Asia ESG funds this year, with returns of more than 20 percent each. The Alma Eikoh fund has seen gains from industrial companies including Japan Airlines Co. and Mitsubishi Heavy Industries Ltd. The former is raising billions of yen for transition financing while the latter is seeking to use hydrogen and carbon-capture technologies to reduce carbon emissions. Almost a

quarter of the Goldman Sachs fund’s weighting is in technology firms like Sony Group Corp. ESG-focused funds comprise investments with general attributes including a focus on climate change and clean energy as found in Bloomberg data.

Mid-cap bets

JAPANESE mid-cap stocks meanwhile are helping the performance of the iMGP—Japan Opportunities fund, which has beaten 90

percent of peers this year, according to Bloomberg data. The Tokyo Stock Exchange’s January push for companies to boost their return on equity and get their prices above book value is geared toward smallto-mid-caps, said money manager Joël Le Saux.

Mid-caps may not be the “best in class in terms of ESG rankings” but that doesn’t mean their ESG performance is poor, said Le Saux, whose so-called Article 8 fund gets its designation from buying portfo-

lio companies that have better ESG scores and emit less carbon than the benchmark.

“They just don’t have the resources to write the nice reports that ESG ratings agencies like” and are penalized for it, he added. For Japan, the big risk from an ESG perspective will be environmental as emissions regulations kick in, he said. The world’s fifth-biggest emitter has started pricing carbon with a voluntary emissions trading scheme this year. Bloomberg News

Jr. called on government agencies to “fully embrace” digitalization by making as much as 95 percent of their transactions done online.

Health& Fitness

DepEd to strengthen campaign against smoking, vaping for a healthier nation

By Rory Visco Contributor

which the CDC said is highly addictive and may harm adolescent brain development, and perhaps other harmful substances.

With the introduction of vaping, Dr. h e rbosa said this shifted the fight against the dreaded tobacco but added that “we continue to have a vision wherein the government can implement more measures on tobacco control to protect public health, strengthen tobacco control laws, raise awareness on the dangers of smoking, and impose stricter regulations on tobacco advertising, packaging and sales.”

Editor: Anne Ruth Dela Cruz

UNFPA CommENdS HoUSE CommiTTEE For APProviNg bill THAT AddrESSES AdolESCENT PrEgNANC y iN PHl

Protecting the youth F o R D r. Dexter g a lban, Assistant Secretary for Youth Affairs and Special Concerns at the Department of e d ucation (Dep e d ), the first-ever medical doctor appointed as assistant secretary at the agency and is also a registered nurse, he emphasized that the Dep e d ’s primary role is to defend and protect the future of the country’s learners, the future of the nation, and that includes defending them against the scourge of smoking and vaping, he said.

By Rizal Raoul S. Reyes Contributor

o n e may promise not to give in to temptation, but is nevertheless defeated by relentless prodding, that it’s just a simple puff that may seem quite harmless. h o wever, one ends up liking it—not just liking it but sadly, getting addicted to it.

And that supposedly simple and innocuous puff again claims a life, a life destined to suffer from other health-related upheavals.

Tobacco’s terrible toll

T h e 2021 g l obal Adult Tobacco Survey (g ATS) revealed that among adults or those aged 15 years and up, 15.1 million currently smoke, or about one in every five Filipino adults, with 34.7 percent composed of men and 4.2 percent represented by women, and 1.5 percent are eng aged in using smokeless tobacco products, 2.3 percent of which are men and 0.7 percent women.

o n J une 4, 2019, Congress ratified Republic Act 11346, a piece of legislation that imposes an excise tax, or a tax on the production, sale or consumption of a commodity, such as fuel, alcohol and tobacco, among others.

Still, despite legislative measures enacted to stymie the use of

tobacco, it continues to be a pressing public health concern according to Dr. Ted h e rbosa, a former Department of h e alth (D o h ) of ficial and public health champion, who was one of the panelists during a recent forum held at the Kamuning Bakery Café in Quezon City in celebration of World No Tobacco Day on m a y 31, 2023. This is a global initiative that seeks to raise awareness about the harmful effects of tobacco use and to advocate for a smoke-free future, and have a healthier, happier Philippines, and whose theme this year is “We Need Food, Not Tobacco.”

A shift in the fight against tobacco DR. h e rbosa, who said his own father was a victim of the bad effects of smoking, also said there is a need to re-examine the approach in combating tobacco, which already entered another form for consumption, using a specific device that is now called “vaping,” or more popularly called as “ e - cigarettes” or “e-cigs.”

The Centers for Disease Control and Prevention (CDC) said the use of e-cigarettes remain unsafe for kids, teens and young adults since most e-cigarettes contain nicotine,

h e u rged the public to continue to bring the fight against tobacco consumption through these efforts, together with the observation of World No Tobacco Day 2023. “We have to double our efforts in this fight so that the next generation will live in a smoke-free environment. It is crucial that we prioritize their health and wellbeing.”

h e also called on the smokers, expressing that quitting is not an easy task but it is a journey worth embarking on. A former smoker himself who was able to quit, h e rbosa emphasized that they can also kick the habit. h e s aid that there are several stop smoking or smoking cessation clinics that the government and the private sector helped put up in order for smokers to succeed in quitting smoking. e ve ry step has been taken to ensure a smoke-free life in the future, Dr. h e rbosa said, and he also believes in the value and the power of educating the youth about the bad effects of smoking on their health.

“Knowledge is our most potent weapon in this battle against tobacco addiction, and we thank our partners from government, civil society and other organizations in helping bring out the message of a smoke-free society.”

“The primary targets of the tobacco industry and those that promote vaping are the young learners because they are seen as replacement smokers or vapers because those who have been affected physically are now suffering the consequences, and that’s why they need more young people to get into the habit,” Dr. g a lban explained.

And this is where the Dep e d comes in, Dr. g a lban said. h e pointed out that the agency has already released a Department o r der creating various tobacco control measures and guidelines, and an expanded order will now include vaping. h e s aid that tobacco and vaping, at the end of the day, are forms of substance dependence, and these are dangerous to the youth because this may lead the youth to engage in drinking alcohol or worse, drugs.

h e l ikewise reiterated that the Dep e d w ill continue to exert efforts, revise its policies, and work with its partners to ensure that it will defend the future of the country’s learners, and to keep them resilient. “Resilience is key to make the country’s young learners critically minded so that they will not become victims of the strategic marketing efforts of the tobacco industry and those who champion vaping.”

DOH warns of rise in infectious disease cases with El Niño

By Claudeth Mocon-Ciriaco

The looming e l N iño can increase the spread of infectious diseases, the Department of h ealth (D oh ) warned.

Due to the extreme temperatures, scarcity of clean water, and frequent rains, the following diseases may be contracted by the public during e l Niño: diarrhea, sunburn, fatigue, heat cramps/stroke, food poisoning, asthma, nausea and other diseases due to consumption of food affected by Red Tide, cholera, typhoid fever, and other vector-borne disease such as dengue.

The D o h also shares these tips with the public on protecting themselves from e l N iño heat stroke and exhaustion:

n h y drate yourself always drink water;

n Refrain from going out from 10

am to 3 pm;

n Wear sunglasses, sunscreen, and light clothes; and

n Bring an umbrella whenever you go out in the sun.

m e anwhile, to prevent the occurrence of dengue, the D oh reminds the school administrators and the public on the 5S Strategy, which is:

n Search and destroy mosquito

mUNTiNlUPA To givE FrEE brEAST CANCEr EArly dETECTioN TESTS

By Roderick L. Abad

Contributor

Be L I e V IN g that prevention is better than cure, mu ntinlupa City is helping Filipinas to carry the heavy burden of breast cancer as it provides them with free access to early detection tests.

The local government unit (L g U) has entered into a memorandum of agreement ( m o A ) with the m e dical Center mu ntinlupa ( m C m ), Inc., to give pro bono breast ultrasound and mammography tests to determine early the breast cancer among

mu ntinlupeños.

“We definitely welcome this development as this enables the city government to address the problem of breast cancer head-on,” m a yor Ruffy Biazon said. “By early detection, we hope to save many families from the heartbreak of losing mothers and women family members to an otherwise preventable disease.” Per the moA , the mu ntinlupa government will cover the cost of the tests of patients and target beneficiaries identified by the Kalingang mu nti Action Center (K m AC) and verified by the g ender and Development (g A D) o f fice

through their respective processes.

The Sangguniang Panlungsod gave the legal basis for the deal, recently approving Resolution 2023-238 allowing the local chief executive to represent the L g U for the signed agreement. m C m was represented by Chairman of the Board Ning I. Singh m D , and management consultant Uriel S. h a lum m D

The International Agency for Research on Cancer (IARC) estimated that one out of 13 Filipinas have the tendency to develop breast cancer in their lifetime, making them significantly under high risk.

The United Nations Population Fund (UNFPA) Philippines recently commended the h o use of Representatives Committee on Youth and Sports Development for recently approving a bill that addresses adolescent pregnancy in the country.

“UNFPA Philippines appreciates the recent progress of the adolescent pregnancy bill at the h o use of Representatives since teenage pregnancy was already declared a national social emergency. UNFPA supports the pursuance of legislation that would expand the choices of adolescents to sexual and reproductive health services without discrimination,” said UNFPA Philippines Country Representative Dr. Leila Saiji Joudane, who previously served as a resource person for the deliberation of the bill.

Furthermore, Joudane said UNFPA has also been closely monitoring a counterpart bill at the Senate which is awaiting plenary discussion.

“Adolescent pregnancy is one of the biggest challenges that the Filipino youth are facing today. UNFPA looks forward seeing the adolescent pregnancy bill approved by both chambers of Congress and enacted into law,” Joudane noted.

e a rly and unintended pregnancy has great repercussions on a young person’s health and future,” she added, explaining that it is often the reason for adolescents to drop out of school and being unable to secure jobs with adequate pay.

the accelerated provision of Comprehensive Sexuality e d ucation (CS e ) f or all children and adolescents. An initial report from the Department of e d ucation last January 2023 showed that only around 1.1 million learners or about 3.4 percent of the estimated 32 million young Filipinos aged five to 19 years old were reported to receive CS e S he said UNFPA also called for adolescent access to sexual and reproductive health services without parental consent. “The Philippines’ unmet need for family planning among young women aged 15 to 19 (27.9 percent) is significantly higher than any other age group. It means that adolescent girls are already in need of family planning and requesting for family planning, but they cannot have access to family planning,” Joudane said. Since there is no evidence, Dr. Joudane debunked the myth that access to contraception makes adolescents more sexually active.

“There are global reports showing data that prove that the ‘abstinence-only’ approach is ineffective and programs that combine a focus on delaying sexual initiation with proper information on contraceptive use are more successful,” she said. “That is why it is important to accelerate the roll out of CS e nationally, to provide correct information to adolescents which will allow them to make informed and responsible decisions on their health.”

Harmful stereotypes, social barriers

breeding sites;

n Uphold self-protection like using insect repellents;

n Seek early consultation at the nearest health care facility;

n Support fogging, spraying, and misting in hot spot areas; and

n Sustain hydration.

“The implementation of the 5S strategy calls for everyone to become prime moves in controlling the mosquito population and in avoiding any possible dengue deaths within the community,” the D o h said.

Furthermore, the D o h re minds everyone that health and consultation services are available through the primary care and KonsulTayo services.

The D o h assured that it is active in providing awareness to strengthen community participation and involvement.

Similarly, the g l obal Cancer Report, which surveyed 15 Asian countries, found that the Philippines has the highest breast cancer death rate among its counterparts.

Countless studies and expert recommendations have shown that higher survival rates are possible through early detection tests such as breast ultrasound and mammography.

But these procedures are prohibitively unaffordable or low-income countries, making access to these tests highly significant to any tactic aimed at tackling the problem of breast cancer.

“We believe [that by making these tests more accessible,] we can change that,” Biazon stressed.

Highest adolescent birth rate

A LT h o U gh adolescent pregnancy among those 15 to 19 years old has decreased to 7.2 percent in 2021 from 14.4 percent in 2013, Joudane pointed out that the Philippines still has one of the highest adolescent birth rates among AS e A N countries. The number of births by mothers aged 10 to 14 years has also shown a slight increase (1,903 in 2016 and 2,113 in 2020 according to the Philippine Statistics Authority).

“This also means that the Philippines is losing out on the opportunity of accelerated economic growth that we could achieve if the Filipino youth are able to reach their full potential,” Joudane said, adding that one out of three people in the Philippines are below 18 years old.

The UN agency also highlighted an alarming trend: that 59.5 percent of adolescent births were fathered by adult men older than 20 years old. Because of this, “It is important that the Filipino youth are empowered and educated when it comes to their sexual and reproductive health and rights. They should be protected from all forms of violence and harmful practices such as sexual exploitation,” the UNFPA country representative said.

Comprehensive Sexuality Education

Amo N g the recommendations previously presented by UNFPA Philippines to both chambers of Congress during the deliberation of the adolescent pregnancy bill is

Be SID e S e nsuring access to quality sexual and reproductive health services for adolescents as part of the Universal h e alth Care Law, UNFPA also recommended addressing harmful stereotypes and social barriers that push adolescents, especially girls, into early unions and pregnancy.

o t her recommendations included addressing the needs of vulnerable groups; engaging youth, especially boys; protecting youth against poverty, child marriage and rape; providing opportunities for adolescents and young mothers; and generating more data and evidence on adolescent pregnancy in the Philippines.

Joudane said having laws that uphold the rights of adolescents, especially girls, are in accordance with key human rights treaties ratified by the Philippines, such as the United Nations Convention on the Rights of the Child (UNCRC) and the Convention on the e l imination of All Forms of Discrimination Against Women (C e DAW).

g lobally, UNFPA is promoting commitments to achieving three transformational goals by 2030: ending preventable maternal deaths, ending unmet need for family planning, and ending gender-based violence and other harmful practices against women and girls including child marriage.

In the Philippines, UNFPA works with the government, civil society, development partners, other UN agencies, academe, and the private sector to reach those furthest behind first and leave no one behind, especially young people, the poorest, the conflict and disaster-affected, indigenous peoples and people with disabilities.

FOR someone, regardless of age, to be enticed to take that smoking whiff can be attributed to a lot of factors, whether through peer pressure from most-of-the-time immature friends, classmates, neighbors, or perhaps even strangers in a public place like a bar.

Stories that teach financial freedom

SINCE I started working in 1999, I have come across the difficult financial situations of my co-workers. There were some where their payroll cash cards had been perennially pawned to debtors. There were others who engaged in incurring debts with exorbitant interest rates but had no choice, which then led to the debt multiplying in a short span of time. The latest encounter I had was a desperate need for funds where they pawned their own home to an independent debtor for a ridiculously small amount relative to the value of their humble home. In addition, we would occasionally get phone calls from credit card companies repeatedly looking for an employee about their credit card debt.

My financial advice to my co-workers never changed since Day 1. I would advise them to spend 30 percent of their pay and save 70 percent, especially if they are still single and living rent-free with their parents. Later on as one’s expenses went up due to having a family or other family members to support, maybe the expense ratio goes up to 50 percent or even 70 percent. However, at least 30 percent should still be saved.

Financial literacy in the Philippines has truly been a challenge. Our culture of “ bayanihan, ” which we expect from other family members, is noble but also tends to not push us to be financially independent as a person or as a family. It is not an easy task to impart the subject of financial literacy. I especially think that it should start early. That’s why I am glad about this new way of how financial literacy is being taught to Filipinos… through stories.

Visa, a world leader in digital payments, and Tanghalang Pilipino, the award-winning and resident theater company of the Cultural Center of the Philippines (CCP), announce the launch of their all-new web series Dami Mong Alam! This new series aims to promote the importance of financial literacy among Filipinos and build upon the success of previous collaborations between Visa and Tanghalang Pilipino.

Dami Mong Alam! follows the story of the Dimasinop siblings as they navigate challenges in managing their finances and learn important lessons in financial management. The five-

episode web series, written by acclaimed playwright Eljay Castro Deldoc and directed by Antonette Go, covers various financial management topics, such as budgeting, debt freedom, saving habits, delayed gratification, diversified income, and setting financial goals.

“Visa is dedicated to promoting financial literacy among Filipinos as we recognize that it is a key factor in our nation’s economic stability and inclusive growth. We are proud to partner with Tanghalang Pilipino once again, and we are thrilled to launch this all-new web series to further promote stronger basic financial management,” Visa Country Manager for the Philippines and Guam Jeff Navarro shared.

The main characters of the web series are the

Dimasinop siblings (Rupee, Euro, Franc, and Ringgit) who learn valuable financial management skills with the guidance of their Tyong Dong and other characters. In addition, financial expert and entrepreneur Ameena Rey-Franc will provide insights and tips in after-show interviews to help viewers better understand financial literacy concepts.

Dami Mong Alam! made its debut on May 21, 2023, through DZRH’s youth-oriented program, called Tara, Peeps. It also streams for free via Tanghalang Pilipino’s social media platforms. This is the third collaboration between Visa and Tanghalang Pilipino. In 2017, they toured several schools in the country with the interactive theater play Lukot-Lukot, Bilog-Bilog . In 2021, the

play became a five-episode web series, LukotLukot, Bilog-Bilog Pa More , reaching even more Filipinos despite the pandemic’s restrictions. It is our honor to partner with Visa again to promote financial literacy through Dami Mong Alam! Our collaboration harnesses the power of arts and theater to impart valuable financial lessons and enable Filipinos to make informed decisions regarding their finances,” Tanghalang Pilipino Company Manager Carmela Millado-Manuel said.

To watch the financial literacy web series, viewers can tune in to DZRH TV every Sunday at 3:30 pm, or visit Tanghalang Pilipino’s Facebook page and YouTube channel. Dami Mong Alam! runs until June 18.

Want to live more healthy? Consider nutrient-packed meal replacement

By Jt Nisay

WHILE much has been made about the importance of maintaining a healthy weight—from looking and feeling healthy to keeping certain conditions at bay like high blood pressure and even certain cancers—attaining our ideal BMI (body mass index) can be daunting.

It can be overwhelming, having to think about doing this or doing that,” said Amway Global senior research scientist Dr. Gigi Kwok-Hinsley. The Los Angeles-based research and clinical investigator understands the plight of many, and reassured that hitting one’s healthy weight does not always entail three-hour exercises or going on a severely limiting diet.

Rather, the key is making small changes. “It’s about making that first change,” she said, citing simple practices such as going on a five-minute walk or adding a piece of fruit to one’s diet. “Make them small. Soon, you’ll make your second small step. Before you know it, you’re taking leaps.”

Kwok-Hinsley was in the country recently to launch an improved version of BodyKey by Nutrilite, a nutrient-packed meal replacement shake that’s ready in seconds, perfect for those always meaning to live healthier but are on-the-go round the clock.

The brand is formulated like what a balanced meal should look like. It now presents more protein from

soy and chia seeds than its previous iteration with 17g plant protein to help satisfy hunger and reduce cravings. It also contains 5g fiber to support healthy digestion, 22 vitamins and minerals to provide the key nutrients of a healthy balanced meal, along with 200 calories to help maintain energy levels.

BodyKey is backed by Nutrilite, one of the flagship brands of entrepreneur-led health and wellness company Amway. With over 80 years of experience in nutrition research and development, Nutrilite is the only global vitamin and mineral brand to grow, harvest and process plants on its own certified organic farms. This also makes it the only brand in the world that can truly claim traceability from seed to shake, ensuring products that are pure, safe and effective.

BodyKey by Nutrilite has also taken the extra steps to ensure the shakes come with more safety and clean labels. It has no artificial flavors, colors, sweeteners and preservatives, and they are made with non-GMO ingredients. The brand contain zero trans fat and are vegetarian-friendly as well.

As an entrepreneur-led health and wellness company, Amway is committed to supporting its customers in their journey to overall health and wellness by offering an arsenal of products that can help them improve their quality of life,” said Amway Philippines Country Manager Leni Olmedo.

In the Philippines, BodyKey by Nutrilite is available in three flavors: chocolate, café latte, and berry. More information is available at @OfficalAmwayPH on Facebook and at www.amway.com.ph.

Weight management is always something that

Food, eating habits to avoid to save your health

By Athena Trifonia Rueda-Tiglao, RND, MAEd

APPETIZING as it may look, it seems to lead to lifetime of regret. Almost everything we crave and thus consume daily are perceived comforts and satisfies us. Yes, sometimes food can heal but food only does wonders when we consume them at the right time and in appropriate quantities.

In my decades of diet counseling, let me share with you the top five foods and eating habits to avoid to keep a healthy life:

1. Deep-fat-fried foods

SUBMERGING food in a large volume of oil is not good for one’s health. It may give you comfort in your mood or satisfy your cravings. But as the food absorbs the oil, it clogs our arteries resulting in hypertension or may lead to other heart-related diseases. You may opt for boiled, steamed, baked, grilled, or roasted methods of cooking.

2. Trans fat

IT’S known to be used for baked products, processed foods, even pastries. It increases shelf life of food products. However, consuming trans fat-laden food results in increased intake of saturated fatty acids that have been clinically proven to be associated with cardiovascular diseases. It is known as the top killer disease in the Philippines.

3. Processed foods

THESE are foods with additional ingredients to increase shelf life. Preservatives may produce adverse effects on your health, especially if you are having a serious medical condition. Go natural.

4. All about sugar

ALL forms of sweets in the market trigger our appetite. Simple sugars are the main culprit for obesity and other related medical conditions when taken in excess. Sodas and alcohols, whether regular or sugar-free, are not exempt.

everybody is interested in,” Kwok-Hinsley said. “It’s what is working best for your lifestyle, and meal placement has very good evidence to show that it can work with almost anybody’s journey with weight management.”

5. Unlimited portions or servings

IT is a known trend nowadays in some restaurants and hotels. Habitually, we are happy about getting our money’s worth for all the food expenses, like enjoying your drink-all-you-can iced teas and eat-all-you-can buffets, free refill of coffee, complimentary cakes, and the list goes on. But at the end of the day, one has to realize the results of unlimited calories, carbs, proteins, and fats in your body. Regularly indulging in these eat-all-can offers calls for a week-long or even a month-long set of physical activities just to get rid of all the unhealthy stuff gained. Remember, unburned calories mean stored fats. There are so many foods to avoid if you want to have a healthy life, which may become part of a successful weight management program, or due to a specific medical condition. That means you either simply lessen your intake or get rid of unhealthy foods and eating habits.

Avoiding certain foods and habits is not about depriving yourself but rather it is a goal to have an illness-free life. After all, the key ingredients to living a healthy life are self-discipline and a positive mindset at all times.

Hotel101-Global partners with Emma Sleep; to open BGC hotel in July

Filipino footballer Rafael Garcia to join La Liga Academy 2023/24 for the 1st time

RAFAEL Garcia, a 16-year-old Filipino defender from Manila, will participate in LaLiga Academy, an exclusive training program, for the first time at the ESC LaLiga & NBA Centre in Madrid during the 2023/24 season.

The prestigious LaLiga Academy project, which targets athletes between the ages of 13 and 18, is designed to enhance the development of their abilities, focusing on excellence and the integral development of their performance in both the academic and sporting spheres. Participants will be studying in a school integrated into the Centre and training under the LaLiga Methodology for a whole season.

Rafael Garcia can play at center-back and right-back, and during his career he trained at Makati FC, GOM Football Center of Excellence, Southampton Academy and Stallion Laguna FC.

“I love football because it teaches me how to work hard, how to work as part of a team and, above all, about the passion of the game. It has a lot of values that I can transfer to my daily life. Football is a way of life. Everything you learn on the pitch you need off the pitch,” explains the Filipino player, who has already been able to train at the ESC LaLiga & NBA Centre during a few immersion days in April.

This unique complex now has a residence with a capacity of 450 people, two football fields, a gymnasium, a clinic and an international school equipped with a library, laboratory and study rooms. In this first season, 2022/23. 36 players of 24 different nationalities joined the program.

football and studying with them.”

“The development of interest in football in Southeast Asia is evolving exponentially, especially in the Philippines, helping to reach new profiles of young players from all over the world. It is therefore a privilege for LaLiga Academy to have Rafael, who has shown great promise and we hope that next season we can help him develop a series of skills and values through a unique sporting and educational experience,” explains Juan Florit, Head of LaLiga Football Department.

DOUBLEDRAGON Corporation

subsidiary Hotel101 Global Pte. Ltd. recently signed a partnership agreement with Emma — The Sleep Company to be the official mattress provider of all upcoming Hotel101 projects globally.

As stated in the Partnership Agreement, Hotel101 Global will include the Emma Original mattresses as part of the features and amenities of all upcoming Hotel101 HappyRooms globally.

“This initiative of enhanced comfort inside Hotel101’s signature HappyRoom is because we believe that in any hotel the ‘bed’ simply holds the longest touch point with our guests, and delighting you is Hotel101’s top priority,” said Hotel101 Chairman Edgar “Injap” Sia II.

“Hotel101 believes in delivering unbeatable value to its customers and what better way to deliver that value to our customers than with a better night’s sleep! As such, we are partnering with world-renowned companies with similar values that

can cater to Hotel101s aspiration to become one of the Top five hotel brands globally with a total room portfolio exceeding 500,000 uniform rooms operating in 100 countries by 2040,” said Hotel101 CEO Hannah Yulo-Luccini.

Meanwhile, Hotel101-Fort is slated to begin operations on July 2023 and is set to become the largest hotel in BGC/Fort area with its 606 rooms, 33 floors with five basement levels of parking space.

Hotel101-Fort is about a twominute walk to SM Aura Mall BGC and about a three-minute walk to Ayala Market Market Mall BGC.

The facilities and amenities of Hotel101-Fort will include a concessionaire-operated all-day dining restaurant, 24-hour convenience store, a fitness gym, swimming pool and conference meeting rooms.

The Singapore registered Hotel101 Global is the worldwide hotel expansion subsidiary of Philippine parent company DoubleDragon Corporation.

DoubleDragon targets to list its subsidiary Hotel101 Global Pte Ltd at NASDAQ (US Stock Exchange) given that eventually Hotel101 Global is expected to derive over 95% of its revenues outside the Philippines.

The first three overseas Hotel101 projects will be in Niseko Hokkaido Japan, Madrid Spain, California USA. These first three overseas sites will serve as bridge projects to jumpstart the transition of Hotel101 to transcend beyond these first three countries and become a global brand with a truly unique business concept that can be planted in over 100 countries.

Target near term expansion roadmap for Hotel101 Global is to be in these first 25 countries by 2026 namely: Philippines, Japan, Spain, USA, United Kingdom, UAE, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France and China.

Longest–running, largest gathering of Corporate Gifting Solutions returns for 36th edition at SMX

THE longest-running and bestattended corporate gifts show is all set to mount its 36th edition this year. The Corporate Giveaways Buyers’ Show 2023 will be held on June 14 to 16, 2023 at Hall 4 of SMX Convention Center Manila in Pasay City.

This year, the annual trade exhibition for business gifts, premiums, promotional items, and merchandise incentives will have over 100 exhibit booths with more than 80 companies. On display will be a vast array of gifting ideas from trendy mobile and tech gadgets, self-care bundles, eco-

friendly items, food and beverage gifts, leather goods, premium branded VIP gift options as well as traditional gifts like notebooks, desk accessories, shirts, caps, golf umbrellas, drinkware and writing instruments – all customizable with one’s company logo.

“We are proud to bring back Corporate Giveaways which has become an annual venue where companies of all sizes can source the biggest selection of corporate gifts from the country’s best suppliers,” said Raquel Romero, President of World Expos & Concepts, the organizer of the yearly Corporate

Giveaways Buyers’ Show.

“Along with our regular exhibitors, many who have been with us for more than 20 years, we are happy to be welcoming around 25 first-time participants to the show including Aquaflask, Lumi Candles, Bed Bath & Home and Entrego Business Solutions. We are excited for everyone to see these new additions and their top-notch products and services.” Romero added.

Based on data from Corporate Giveaways 2022, about 60 percent of the show’s visitors hold top or middle management positions while 43 percent of visitors classify themselves as company decision makers. For the average quantity of giveaways required, 44 percent were looking for 100 to 500 pieces, while 34 percent required over 1,000 pieces.

Admission to the Corporate Giveaways Buyers’ Show is free of charge. (register here prior to the event). Exhibit hours will be from 10 a.m. to 7 p.m. Only visitors 18 years old and older will be admitted. Everyone will be requested to wear face masks while inside the venue. Visit www. corporategiveawaysbuyershow.com for more information.

“What I like most about the ESC LaLiga & NBA Centre is probably the football pitch: it’s where the magic of football happens,” explained García. “At LaLiga Academy I will be able to enjoy meeting new teammates from different countries. I will discover new cultures. I’m looking forward to playing

LaLiga Academy was the first annual program launched by LaLiga in Spain, and joins the more than 550 grassroots football sports projects in more than 43 countries that have been implemented since 2015. Brought together within LaLiga Grassroots, the project was launched in 2021 to promote global grassroots football. LaLiga is a pioneer among the major competitions in that it has created a network of permanent academies based on its own training system, which is especially valued at international level, forged from the wealth of knowledge accumulated in Spanish grassroots football.

QC to recognize best climate solution, disaster risk reduction and management initiatives

TO advance its efforts on disaster resiliency and environment conservation as well as encourage more QCitizens to take part in the city’s climate action, the Quezon City Government on Tuesday, May 23, officially launched the country’s first Green Awards.

The Quezon City Green Awards recognizes and incentivizes barangays, Sangguniang Kabataan, youth-based organizations, and businesses that implement outstanding and inclusive programs on Disaster Risk Reduction and Climate Action.

“The collaboration and cooperation of the community and various stakeholders play a big role in disaster preparedness and addressing the adverse impact of the climate crisis. The city’s resiliency and climate action will not come into fruition without the support of every QCitizen,” Mayor Joy Belmonte said.

All barangays, Sangguniang Kabataan, youth-based organizations, and businesses can participate in the QC Green Awards. It has three categories – Green Award, Resiliency Award, and Green and Resilient Champion.

The Green Award recognizes institutions that have made significant contributions in addressing climate change and advancing sustainable practices, while the Resiliency Award honors initiatives that demonstrate resilience, preparedness, and response in the face of natural or man-made disasters. On the other hand, the Green and Resilient Champion award will be given to businesses and barangays who have initiated outstanding practices that deal with the impacts of climate change and disasters.

Interested participants will have to register in the QC Green Awards microsite (greenawards.quezoncity.gov.ph) and submit all necessary requirements through its official email address, greenawards@quezoncity.gov. ph. Submission of entries will be open from

June 1 to July 15, 2023.

Each entry will undergo intensive assessment and field validation of city departments, led by the Disaster Risk Reduction and Management Office (DRRMO), Climate Change and Environmental Sustainability Department (CCESD), City Administrator’s Office, QC Youth Development Office (YDO), Business Permits and Licensing Department (BPLD), and Barangay and Community Relations Department (BCRD). Finalists will have to present their programs to the Green Awards pool of judges.

A total of 16 exemplary organizations and institutions will be awarded in October. They will receive a trophy and a cash grant that they can use in their current and upcoming climate action and disaster risk reduction and management projects.

Training sessions will also be conducted for target participants to familiarize them with the award’s mechanics and assessment process.

“With the QC Green Awards, we hope to engage more QCitizens in our efforts towards our vision of establishing a livable, green, sustainable, climate and disaster resilient future for all,” the mayor added.

Quezon City is among the leading cities in the Philippines that pushes for climate justice. In 2019, the city declared a climate emergency which prompted the establishment of various climate solutions and the passage of landmark ordinances for the environment.

QC is also the lone Philippine City member of the C40 Cities, a global network of mayors taking urgent action to confront the climate crisis and create a future where everyone can thrive.

The complete mechanics and information about the QC Green Awards can be accessed at greenawards.quezoncity.gov.ph.

SIXTEEN -year-old Rafael Garcia is the first Filipino to participate in LaLiga Academy.

Survey: GPCCI-based firms upbeat on German-Phil. economic relations

economy in the next 12 months, with a drastic decrease (-24 percent) in “worse” ratings from Fall 2022 (from 27 percent to 3 percent). Investments and employment also show higher uptick: 46 percent said they plan to invest higher in the country in the next 12 months, and 50 percent said they will hire more people locally.

DIPLOMATIC DISPATCH

Malou

Talosig-Bartolome

However, they also identify certain risks, such as shortages of skilled labor, disruptions in supply chains and economic policy uncertainties.

Additionally, these companies anticipate an increase in geopolitical obstacles such as inflation, trade barriers and cyber security threats over the next five years.

These were the results from the Spring 2023 AHK World Business Outlook Survey conducted by the German-Philippine Chamber of Commerce and Industry (GPCCIAHK Philippinen) in April 2023.

“Our recent survey shows a bullish business interest of German businesses in the Philippines,” said Executive Director Christopher Zimmer of GPCCI. “We are excited about more developments soon, as we promote the Philippines in our

lined-up activities this year such as Trade Secretary Pascual’s Germany visit this July, future business delegations and our flagship event: Mabuhay Germany.”

Confident local biz prospects

THE Spring 2023 survey reports that more than half (62 percent) of German-Philippine corporations are in a better business situation, with a significantly improving trend compared to Spring 2021 (21 percent).

Expectations also showed positive results, with a vast majority (74 percent) of responding firms forecasting confidence in business development for the next 12 months, with notable 0 percent in worse ratings.

More than half (54 percent) of participating companies anticipate better development of the local

In addition, when compared to Asean and Asia-Pacific neighbors, the Philippines generally exhibited “better” or “higher” results in almost all areas of the survey.

“The positive outlook of companies engaged in German-Philippine economic relations is attributable to the recent activities of the Philippine government in the EU,” said GPCCI president Stefan Schmitz. “We urge the government to capitalize on this positive momentum, as it can generate renewed interest in the [local] market, given the country's ongoing economic development.”

New risks, geopolitical challenges

THE Spring 2023 Survey included questions about major risks anticipated by respondents for their companies in the next 12 months.

It found that 44 percent identified

the lack of skilled workers as the most significant risk, followed by supply-chain disruptions at 39 percent, and economic policy conditions at 35 percent.

With regard to potential geopolitical challenges for their respective companies in the next five years, inflation/monetary policy environment (47 percent) was identified as the most pressing concern, followed by an increase in political influence on supply chains (42 percent), and cyber security issues (37 percent).

“We are pleased to announce that the Philippines has achieved exceptional results in the Spring 2023 survey, leading among its neighboring countries in the Asean region,” said GPCCI director and Policy and Advocacy chairperson Dr. Marian Norbert Majer. “This is a testament to the concerted efforts of the government, private sector, and the Filipino people to enhance the business environment.”

“However,” Majer cautioned, “we urge the government to take action on the challenges identified by participating companies—particularly in the area of human-capital development—given that it is the country’s most valuable resource.”

India business roadshow attracts investors to Iloilo

ILOILO CITY—The provincial and city governments of Iloilo welcomed the India Business Roadshow yesterday, which was expected to attract investments.

The Embassy of India’s Economic and Commerce counselor Nishikant Singh who was joined by representatives of the Philippine Chamber of Commerce and Industry (PCCI) and India Business Forum Philippine Association Inc. (IBF) paid a courtesy visit to Governor Arthur Defensor Jr. and Mayor Jerry Treñas of this city on May 10 as they informed the officials of the investment forum.

The IBF consists of country heads, CEOs and representatives from Philippines-based Indian companies.

In a press conference, Defensor said the province is ready to bringin the business sector as a response to their request for business-tobusiness or business-to-government sessions with Indian firms.

“They are planning to expand [business-process outsourcing or BPO here in Iloilo via voice-over Internet protocol or VOIP],” Defensor said. “They also want to increase our…cultural [exchanges], because they said that many of their countrymen would want to come here as tourists.”

Treñas, in a statement, said the

upcoming event shows the efforts of the city to provide a business-friendly environment which has already resulted in investors coming-in to bring more employment opportunities not only in Iloilo City but the whole of Western Visayas.

“Iloilo is one of the important centers for us to focus on. And through [the] India Business Roadshow, we would also like Indian companies to see Iloilo, and [feel the opportunities available] there,” Singh stated, as he said the platform was a

venue where Indian companies and Filipino businesses met and talked to each other.

“It [was a good opportunity. For the first time, this India Business Roadshow happened in Iloilo…so it was] the start of a journey,” the counselor added.

The business forum will be the sixth of the series of roadshows by the Embassy of India.

Together with the PCCI, six initial sectors have been identified as the focus of the forum, including

information technology and business process management, health care, agriculture (agrochemical and irrigation), automobile, renewable energy (waste to energy), as well as tourism and services.

Meanwhile, Defensor said the sectors that were identified met the development thrusts of the province in maximizing agricultural production, creating a value chain, and in the process generating employment and businesses for agricultural tourism.

Perla Lena/PNA

Tourism Malaysia fires-off this year’s sales mission

AIMING to lure a greater number of Filipino tourists, Tourism Malaysia recently conducted its first sales mission to Manila and Davao for 2023 from May 20 to 28.

The program also targets to boost inbound tourism to Malaysia by highlighting niche segments such as those from the family; MICE or meetings, incentives, conferences and events; health care and medical tourism; education; and for the digital nomads.

Led by Dato' Dr. Ammar Bin Abd. Ghapar who is Tourism Malaysia’s director-general, the delegation comprised 19 organizations including Melaka Tourism, Malaysia Healthcare Travel Council, Selama District Council of Perak, Malaysia My Second Home agency, as well as other industry players and product owners.

Highlighted also through the event are the upcoming “Visit Mela-

ka” and the “Visit Perak Year 2024,” as the Malaysian states featured the unique cultures and experiences tourists may also expect that they have to offer.

These will also pave ways and create momentum for the upcom-

ing “Visit Malaysia Year 2025,” when the Southeast Asian country is projected to have 23.5 million international tourists and RM76.8 billion in receipts.

Malaysian sellers and Filipino buyers gathered through business

SINCE the pandemic forced my children to attend classes online, I got a chance to listen to their lectures. Part of the curriculum for Grade-5 children in Social Studies ( Araling Panlipunan) are the basic concepts of “territory,” “sovereignty,” “exclusive economic zone [EEZ]” and “UNCLOS” or the United Nations Convention on the Law of the Sea.

Wow! I thought that was good. My children are learning about maritime zones. And so I listened intently at how the teachers explained such matters.

In Filipino, the teacher declared that the EEZ is part of the territory of the Philippines. Then went on to ask: “What is your favorite seafood? Are you aware that you might not be able to enjoy it once [another country] claims the islands where the fish you like is sourced?”

Technically, the questions are fallacious. But for the sake of simplification, yes, they can be considered correct in principle. I couldn't fault the teachers for simplifying those concepts to Grade-5 students. They are actually what’s being reported in the media.

While writing about China’s occupation of the Panganiban (Mischief) Reef in 1995, I also grappled with the concepts and had to review the history of the South China Sea/West Philippine Sea (SCS/WPS) dispute. There was no Internet back then, so that means I had to read them from books and archived newspapers from the libraries.

I was fortunate that I got a chance to sit-in during lectures of former University of the Philippines (UP) dean Merlin Magallona and Prof. Rafael Lotilla (now energy secretary) at the Department of Foreign Affairs’s Foreign Service Institute. Maritime-law experts from the DFA like ambassadors Gilberto Asuque and Henry Bensurto were also very accommodating of my questions every now and then.

After learning a thing or two from those discussions, I sent my editors an infographic of how incoherent our laws on Philippine territorial limits were. A UP professor called my attention, saying I was divulging state secrets!

So that’s how we in the “fourth estate” were trying to balance our reporting. We need to simplify very complex issues but at the same time, we need to balance if we are already giving too much information—to the detriment of our national security.

After more than 20 years we in the Philippine media still report the same problem. Our borders are porous, and we still lack fighter jets and submarines to protect our shores, Meanwhile, the Chinese Navy, Coast

Guard or militias “harass” our maritime-law enforcers and fishermen. Many diplomats believed that the territorial dispute would last for a very long time. The more practical solution at the moment is to manage the dispute by having boring negotiations to effect a Code of Conduct.

“Sir, I was still a virgin when that ‘code’ was discussed initially,” I kidded Secretary of Foreign Affairs (SFA) Enrique Manalo during an informal forum with members of the diplomatic press corps last Thursday. “I’m nearing menopause, and there’s still nothing to speak about.”

A career diplomat, Manalo took the joke well and as a cunning negotiator, he was quick to correct me: “There was a negotiation then for a Declaration for a Code of Conduct,” he said, referring to the agreement signed between Asean and China in 2002.

“Yes,” I said. “That was just an intention to have a Code of Conduct.”

He assured: “We will do our very best to have [one…] at least during your lifetime.”

That drew a hearty laugh from the diplomatic press circle. (Note: It was an off-the-record meeting, but I got the SFA's clearance to write about this portion only.)

I knew that simply having a “declaration” to be bound by rules in the SCS/WPS was already a difficult feat. China wanted the entire Asean on board, and the bloc naturally has the propensity of taking its sweet time in the name of “consensus-building.” But they did it with one important note: status quo. No more taking over new islands and rocks.

A new generation of media is now writing about the same set of issues with our maritime security. Negotiations are boring. So when reports of harassment or boat sinking happen, they still land in the front pages of newspapers or top stories in broadcast-news programs.

That is the reason negotiations are hard work. Some say the fact that China and Asean are still talking is by itself an accomplishment. But 10 years is already too long, especially in the age of the Internet, Viber, WhatsApp and Telegram.

Nobody owns the sea. The body of water is a world resource. Its security and health are important to the world. We need to convince China that it is also in their best interest that Filipino children are growing who are not hating it.

Forget about oil and gas for the meantime—a new generation is taking over, digital savvy and more attuned to the effect of the global community who can offer hopefully better, long-lasting solutions to our maritime problems.

sessions and gala dinners in both cities, apart from two seminars conducted that focused on leisure, shopping and niche tourism markets.

“The Philippines has always been the Top 10 source market for international travel to Malaysia,” says Dato’ Dr. Ammar. “Our challenge is to move forward after the pandemic and to work together [in creating] a seamless and unforgettable experience for tourists when they visit Asean as a single yet multifarious travel destination.”

In 2022 more than 159,442 tourists from the Philippines visited Malaysia, and Tourism Malaysia aims to continuously increase this number soon through new segments featured in the sales mission. There are currently 64 flights per week from Manila to Malaysia via Malaysia Airlines, Philippines Airlines, AirAsia and Cebu Pacific.

THE Philippines sent staff officers to the French Armed Forces-led Croix du Sud (“Southern Cross”) exercise from April 24 to May 6, 2023, as participants from 19 countries gathered in New Caledonia—a French territory—for the joint and multinational exercise dedicated to the interoperability of military forces in the context of postnatural disaster crisis management in the South Pacific.

Coming back from a few years of hiatus due to the pandemic, this year’s Croix du Sud exercise brought together some 3,000 military and civilian personnel, 10 ships, and 15 aircraft.

The two-week exercise was built around the scenario of emergency assistance after a natural disaster through humanitarian assistance and disaster relief or HADR to strengthen cooperation among mil-

itary partners in the region. It also showed the capacity of the French Armed Forces to receive and command a significant volume of foreign detachments.

Australia was the largest foreign contributor with 250 participants, including an infantry company, a C- 27J aircraft, and an Australian defense vessel Reliant The United States was the secondlargest foreign contingent with approximately 240 participants, a C-130 aircraft, and the frigate USS Oakland

The United Kingdom, Fiji, New Zealand, and Tonga also commissioned troops to participate. Aside from the Philippines, seven other countries participated with staff officers including Canada, Germany, Indonesia, Netherlands, Papua New Guinea, Peru, Singapore. Brunei, Indonesia, Japan and Malaysia participated as observers.

BUSINESSES engaged in GermanPhilippine economic relations have expressed significant optimism regarding their local commercial prospects.

Labadan holds fort for local bets in Asian rhythmic gymnastics tilt

By Josef Ramos

BREANNA LABADAN flashed the form gained from her training in Europe to stay in contention after the individual all-around  qualifiers at the start Wednesday of the 14th Senior Rhythmic Gymnastics Asian Championships at the Ninoy Aquino Stadium.

L abadan tallied 56.70 points after the hoop and ball events to place seventh overall in the competition organized by the Gymnastics Association of the Philippines (GAP) and supported by the Philippine Sports Commission (PSC).

A bronze medalist in last year’s 31st Vietnam Southeast Asian Games,  Labadan, 16, scored 28.50 and 28.20 in hoops and ball, respectively. She will still compete in the clubs and ribbon events.

D aniela de la Pisa, a cancer survivor, meanwhile, couldn’t flash to the hilt the form and grace that won her gold at the 30th SEA Games the country hosted in 2019 and ran 33rd in ball with 23.15 points. She skipped the hoops.

As long as she competes in three events in the qualifiers and finishes among the top 18, Daniela can still compete in the finals,” said GAP president Cynthia Carrion Norton.

C ompetition manager Anna Carreon also said that De la Pisa

remains still eligible for the allaround finals with her chances hinging in clubs and ribbons that are on tap Thursday.

Trisha Mae Montifalcon, the only other Filipino seniors entry on

MEDVEDEV HATES CLAY

like it. I don’t.”

Wednesday, scored 20.15 points in her one and only event, hoops, and ranked 29th.

Uzbekistan’s Takhmina Ikromova was first in the hoops and ball with identical scores of 33.70 points each for a front-running total output of 67.40 points.

K azakhstan’s

Athletes arrive in Phnom Penh for Para Games

FILIPINO athletes and officials have started to arrive by batches in Phnom Penh for the Cambodia 12th Asean Para Games that open Saturday at the Morodok Techno National Stadium.

Team Philippines is 246-strong with athletes in e-sports, a demo event, flying in Friday ahead of the main bulk for for the biennial

12-sport competitions Cambodia is hosting after the 32nd Southeast Asian Games that closed two weeks ago.

P hilippine Sports Commission

commissioner Walter Torres, who’s chef de mission to the games, and his deputy Irene Soriano flew in a few days earlier.

Philippine Paralympic Committee

(PPC) president Mike Barredo is expected Thursday and PSC chairman Richard Bachmann

Saturday in time for the opening ceremony.

It’s the biggest in the history of the ASEAN Para Games,” said Torres referring to the country’s delegation. “It’s to get them going in the international scene since this is the starting point of everything.”

Torres said he got a commitment from the PPC to improve on the 2830-46 (gold-silver-bronze) haul for a fifth-place performance in Surakarta, Indonesia, last year.

Athletics, chess and swimming should again be the main source of gold medals having hauled all 28 mints in Surakarta.

C oaches Tony Ong of swimming is eyeing to break the 12 golds won in Indonesia and so is Joel Deriada of athletics who wants more than six titles in Phnom Penh.

F lag-bearer and Surakarta

Tokong leads surfing bid in El Salvador

JOHN MARK TOKONG and six other athletes will aim for berths to the World Beach Games when they compete in the International Surfing Association (ISA) World Surfing Games short board competitions starting Thursday at the Surf City in El Salvador.

Joining Tokong, according to  United Philippine Surfing Association (UPSA) President Dr. Jose Raul Canlas, are Philmar Alipayo, Noah

THE Philippine National Volleyball Federation (PNVF) completed recently the Luzon leg of the National Coaching Certificate Course that drew more than a hundred participants at the Rizal Memorial Coliseum.

A total of 112 male and 12 female participants joined the PNVF activity which its president, Ramon “Tats” Suzara, said is part of the federation’s goal of propagating the International Volleyball Federation’s (FIVB) global coaching program.

We didn’t expect the heavy turnout but it goes to show that volleyball is now a major team sport in the country,” said Suzara, who was joined by his secretary-general Donaldo Caringal in gracing the event.

The resource speakers and course instructors included FIVB coaches Sergio Veloso and Jorge Edson Souza de Brito, both Olympian and renowned Brazilian coaches, as well as PNVF auditor and head of rules and referees commission

Arkfeld, Bjorn Pabon, John Carby and lady surfers Nilbie Blancada and Vea Estrellado.

We’re now praying that we have four more surfers who’ll qualify for the World Games,” Canlas told BusinessMirror on Wednesday. “It’s going to be an exciting week for all of us, but guarded optimism that we will qualify to World Beach Games in Bali.”

The UPSA already qualified

Games triple-gold winner Ariel Aligarbes leads the swimming team, while Jerold Mangliwan heads the athletics squad.

Q uadruple gold medalist Sander Severino is also expected to shine anew in chess, which snatched 10 gold medals last year.

Favored for a golden performance is the men’s wheelchair basketball team which booked a direct spot to the Hangzhou Asian Para Games this October after a historic bronze medal effort in the Asia-Oceania tourney in Thailand last month.

Rogelio Esquivel and Aping Agudo after making the top four of the recent ISA longboard championships also in El Salvador.

The short board action runs until Tuesday and will determine who will qualify for the World Beach Games in Bali, Indonesia, set from August 5 to 12.

My preparations have really improved so I really feel good at the moment,” Tokong said. “I just plan to keep my confidence high and continue to focus on the goal.”

C anlas is the country’s chef de mission to the World Beach Games.

Josef Ramos

ARIS—If anyone thought a couple of recent runs to Week 2 at the French Open and a claycourt title a little more than a week ago made Daniil Medvedev a little fonder of the red stuff, forget it. A first-round loss as the No. 2 seed at Roland Garros—against Thiago Seybolt Wild, a qualifier ranked 172nd who never had won a Grand Slam match anywhere until Tuesday—sure reminded Medvedev of his distaste for the slow surface used in Paris

“I had a mouthful of clay since probably the third game of the match, and I don’t like it. I don’t know if people like to eat clay, to have clay in their bags, in their shoes, the socks—white socks, you can throw them [into the] garbage after clay season,” said Medvedev, who won the 2021 US Open and reached three other major finals on hard courts.

“Maybe some people

PSeybolt Wild needed to win three matches in qualifying rounds last week just to make it into the men’s bracket—something he’d failed to do on eight previous attempts at Slams— but looked very much like he belonged on Court Philippe Chatrier. He hit big forehands and kept his nerve down the stretch to oust Medvedev, 7-6 (5), 6-7 (8), 2-6, 6-3, 6-4.

It’s the first time the secondseeded man lost in the first round of the French Open since 2000, when Pete Sampras—no fan of clay himself—was eliminated by Mark Philippoussis.

It definitely was the happiest day of my life,” said Seybolt Wild, a 23-year-old from Brazil. “I knew it was going to be a tough match, but I knew how to play. I have watched him play 1,000 times already. I just had to believe in myself.”

So what was his game plan going in?

Walking on the court, I really just wanted to get the angles, try to get to the net as much as possible, try to use my forehand against his,” Seybolt Wild explained. “It worked pretty well.”

D id it ever.

Employing a high-risk, highreward style, Seybolt Wild compiled a 69-45 edge in total winners, including 47-15 on the forehand side.

He hadn’t even played a tour-level main-draw match at all in 2023, instead competing on the lower-level Association of Tennis Professionals (ATP) Challenger Tour. At his most recent event, in Turin, Italy, Seybolt Wild made it to the quarterfinals and left with a paycheck for $5,950.

His life is going to be better if he plays like this every match,” Medvedev said. “He’s going to get more money, more sponsors, win big titles. But he has to play like this. Not once on the Philippe Chatrier, but a lot of times in different tournaments all over the world throughout the year.”

At his news conference, Seyboth

Malixi expresses high hopes in LPGA debut at Americas Open in New Jersey

RIANNE MALIXI hopes to make the most of her first foray in a Ladies Professional Golf Association (LPGA) Tour event thrilled but determined to come out of the Mizuho Americas Open stronger and better.

T he $2.75 million event, one of the biggest in the sport outside of

Big turnout in PNVF Luzon coaching course

the major championships, unfolds Thursday at the Liberty National Golf Club in New Jersey with the world’s leading players, led by this year’s two-time winners and current world No. 1 Jin Young Ko of Korea and No. 4 Lilia Vu of the US, bannering the field. Playing an LPGA event

Yul Benosa, Odjie Mamon, Christian Fernandez, Norman Miguel and Karl Chan.

P roject director and organizer Oliver Mora said the class ballooned following the accommodation of walk-in participants coming from the provinces, including Vigan City, Puerto Princesa City and Legazpi. Philippine Sports Commissioner Fritz Gaston and PNVF treasurer Ricky Palou closed the course with Suzara also rewarding the participants with free tickets to the Volleyball Nations League Men’s Competition the federation is hosting from July 4 to 9 at the Mall of Asia Arena.

The course shifted to Dumaguete City for the ongoing Eastern and Central Visayas Leg that ends Sunday, followed by the Southern Mindanao Leg in Davao City from June 14 to 18, Western Visayas Leg in Dumangas (Iloilo) from June 21 to 25 and the Northern Mindanao Leg in Cagayan de Oro City from June 27 to July 1.

Basketball gods

THE basketball gods are fickle. But they do know how to put on a good show.

A fter that “meant to be” point-one-of-a-second miracle put-back by Derrick White in Game 6 of the Eastern Conference Finals, the energy and storytelling shifted in the direction of Massachusetts. “ Boston in 7” went the Twitter tweets. “Boston gonna

beat Miami now. Game over.” Trae Young of the Atlanta Hawks predicted.

Even Miami head coach Erik Spoelstra was kinda shook after the insane game outcome. “At this time right now, I don’t know how we’re going to get this done, but we’re going to go up there and get it done. And that’s what the next 48 hours is about,” Spo said in the post-game press conference.

Th at wild, improbable ending looked like the basketball gods had indeed decreed something wicked for Boston. Not only did Jayson Tatum and company pull off a highly improbable three consecutive wins after being down 3-0 in the series. The very nature of the Derrick White feat seemed to indicate a go-ahead from basketball heaven.

For Miami Heat fans who celebrated too early in Game 6, the Game 6 final score was a total embarrassment.

In Boston, Celtics fans celebrated like they had already won the championship. A fan climbed a street pole and waved his hand in the air. The team watched Boston Red Sox tapes that showed how their baseball counterparts had also pulled off the nearly impossible in 2004 for inspiration. The Red Sox then became the first and only team in Major League Baseball to come back from 0-3 and win a best-of-seven series.

Would the Boston Celtics also make history by being the first NBA team to come back from a 0-3 hole and win in Game 7? Would they keep the momentum of their amazing

three straight wins going? Would they make more National Basketball Association history after that one-for-the-books Derrick White miracle? The fact that Game 7 would be played in Boston where the crowd would be at its most rabid and forgiving was itself a nudge in Boston’s direction.

So everybody expected Miami to get a drubbing in Boston. Everybody expected the Cs to totally dominate their division rivals and keep their dreams of Banner 18 alive. But here’s where the best scriptwriters of the basketball gods stepped in. On the very first play of Game 7, Jayson Tatum landed awkwardly and injured his ankle. Although he stayed in the game and grinned through the pain and discomfort of that freak accident, his injury would handicap the Celtics decisively for the rest of the game.

He could not play his usual defense. That weakness affected the team’s overall defense as a whole. Pressure thus fell on Jaylen Brown’s shoulders to take on the leader role and not just be the talented the co-star. The pressure proved too much. On that game of games, Brown succumbed to pressure by committing eight crucial flaws.

M alcolm Brogdon’s right forearm strain made him less than perfect. Robert Williams too kept throwing up, playing through a stomach virus in Game 7.

T hese are not Celtics excuses. These are variables injected by the basketball gods into the scenario of

DANIIL MEDVEDEV: I had a mouthful of clay since probably the third game of the match, and I don’t like it. AP

Wild drew the sort of attention and questions that arrive when a relatively unknown player pulls off a stunning win. One reporter pulled out some puns related to Seyboth Wild’s last name, including references to whether this was his “wildest victory” and exceeded his “wildest dreams”—to which the response was: “I honestly don’t know how many times I have heard that joke, but it never gets old.”

L ater, a query arrived about a far more serious matter: The Rio de Janeiro state prosecutors’ office charged Seyboth Wild in June 2022 with domestic violence against his ex-partner. He has denied any wrongdoing; a ruling is expected sometime this year.

I don’t think it’s a subject we should talk about...right here,” Seyboth Wild said. “I don’t think it’s a question you should be [asking].” Medvedev’s exit was the most significant result as the first round closed, although there was one former French Open champion sent home: Barbora Krejcikova , who won singles and doubles titles at Roland Garros in 2021, lost in the first round of singles for the second consecutive year. She was defeated Tuesday by Lesia Tsurenko, 6-2, 6-4. AP

alongside the top pros would be a great opportunity for me to learn and gain experience,” said the International Container Terminal Services Inc. (ICTSI)-backed Malixi, one of the invited players from the American Junior Golf Association (AJGA) to the 12th leg of this year’s LPGA Tour.

The Americas Open will provide an opportunity for 24 of the top AJGA players to compete alongside the 120-player LPGA field for their own individual title.

Play will be under the Stableford scoring format.

Th is marks the first time the LPGA and the AJGA have partnered to showcase the current stars competing with the future of the sport, paving the way for an unprecedented week of learning and access to inspire the next generation of LPGA Tour players.

T hey get to pit talent and skills with the world’s best in the last two rounds.

T his year’s LPGA’s two-time winners and current world No. 1 Jin Young Ko of Korea and No. 4 Lilia Vu of the US, headlines the field that includes world No. 3 Lydia Ko of New Zealand and fellow major champions Brooke Henderson of Canada, Aussie Minjee Lee, 2021 US Women’s Open titlist Yuka Saso and former world No. 1 Atthaya Thitikul of Thailand.

perhaps the most interesting Eastern Conference Finals in recent memory.

I ’ll say it again. You can’t fight Fate. Destiny is a blind date. Kismet cavorts with Lady Luck to produce the results that have been written in the stars since time immemorial. We didn’t play our game from start to finish. Defensively, we just lost it all…Offensively we were scrambled and trying to do everything ourselves..you hate to have that be the end of your season, especially with the fight that we’ve shown,” Celtics forward Grant Williams told ESPN.

A nd so the Celtics failed to make history in their biggest stage of all. Instead, it was the Miami Heat—the team that clawed out of the play-in tournament to make the playoffs, then toppled each of its opponents one by one that distinguished itself in the record books. They are the first eighth-seeded team to make it to the NBA Finals in 24 years.

T he Miami win is also a testament to the genius of Erik Spoelstra and the resilience of his hardy, fighting team. Now the Heat face another team out to make history when the NBA Finals begin on June 2 (Manila time). The Denver Nuggets are in their first ever NBA Finals since they joined the league in 1976. You must agree. The basketball gods will be busy tinkering with plotlines and unexpected twists once again.

PHILIPPINE National Volleyball Federation president Ramon “Tats” Suzara (center) with the organizers and participants of the Luzon National Coaching Certificate Course.

BREANNA LABADAN and Trisha Mae Montifalcon perform their routines with the hoops. ROY DOMINGO

Elzhana Tanizyeva (65.10) and Aibota Yertkayzy (62.50) trailed the Uzbek.