BusinessMirror June 06, 2022

‘CloseConsumers borders, cutupbeat Omicron BSP: onexposure next 12 risk’ mos By U. Ordinario ByCai Bianca Cuaresma

CC

@caiordinario @BcuaresmaBM

LOSING the expect country’s borders ONSUMERS the economy one of the most immediate toisbe less favorable toward their courses action the governneeds in of the second quarter of ment must take to prevent thebetter lat- in the year, but would likely turn est Covid-19 variant, Omicron, from the next 12 months, a recent survey by reaching shores, accordthe BangkoPhilippine Sentral ng Pilipinas (BSP) ing to local economists. showed. he new varBank’s iant is quarterly a threat,conInTthe Central e s p e c i a l l y w it h t he hol id Filipino ay s sumer expectations survey (CES), coming up andfound moretoforeigners households were be more pessibeingin aterms llowed travel to and theecomistic of to their income Philippines, De La Sa lle Univernomic prospects between April and June sityear. y economist Mar ia Ella Oplas this told BusinessMirror.

In particular, consumer sentiment—as The usuallyconfidence bring in inmeasured holidays by the so-called Overseas Filipino Workers (OFWs) to dex (CI) in the BSP’s survey—declined who are eager to spend Christmas

w w

with6.4 their loved ones, while forpercent from 9.3 percent. eignersThe living in temperate regions CI is computed as the perusually want to relax in tropical centage of optimistic respondents countries Philippines.

This minuslike the the percentage of pessimisyear’s of OFWsinisthe expected to ticinflux respondents local econbe heavier many of them were omy. Asince lower confidence index unable to come for the holidays means thehome pessimists increased in December 2020. versus the optimists during the “My recommendation is to protect survey period. the borders.

Do not allow people with According to the survey results, a history of travel to countries with the respondents’ less upbeat senpositive cases enter,” Oplas said. of timent fortothe second quarter “We2022 should be morefrom restrictive.

[We stemmed their concerns haveabout to be]three moremain protective terms issues:inthe faster of our measures.” increase in the prices of goods, low Oplas that in while this will to no said increase income, andbe high a setback to some industries, this unemployment rate. is a fair measure considering that Just last week, BSP Governor thisBenjamin could helpDiokno prevent placing the said the growth country in another strict lockdown,

n Monday, June 6,29,2022 17 17 No.No.52 241 Monday, November 2021Vol.Vol.

which, she said, the economy no of prices accelerated above 5can percent longer afford. in May this year, on the back of con“It is better that we do protective tinued increases in petroleum and preventive measures than exkey food items during theget month. posed We have a lotrange to lose,” Theagain. government target is at Oplas “We should do it now so 2 tosaid.

4 percent. that we openotjust O ncant he he rbefore h a ndChrist, conmas.

If it gets contained, we can sumer sentiment for theopen next it again.”

12 months improved, as the CI Ateneo Center for Economic Reincreased to 30.4 percent from search and Development (ACERD) 23.6 percent.

Associate Directorattributed Ser Percival Respondents their K. “Peña-Reyes said closing the brighter” year-ahead outlook country’s borders would be effecto expectations of more availtive but jobs, should still adhere to the able additional and high standards set by the World Health income, good governance and Organization (WHO). salary increase.

What is needed, Broken down,Peña-Reyes consumerstold were this newspaper, is for travel less confident in both therestricNationtions to be put in place swiftly and

for to (NCR) be proactive in al government Capital Region and areas imposing them. outside NCR for the second quarter instances when the ofPrevious 2022 compared to the previous country had the opportunity to imquarter. poseMeanwhile, travel restrictions did next not prefor the 12 vent the spread Covid-19. was months, the of outlook ofThat responmainly decision wasmore not dents because in both the areas was also made immediately, he said. optimistic.

“Kung papatay patay [If we’re The households’ spending outslow] and we get caught flat-footlook on goods and services for the ed, [that’s risky]ofWe2022 werewas tooalso resecond quarter active instead of proactive before. higher as the CI increased to 40.4 We shouldfrom learn29.6 from that,” in Peñapercent percent the Reyes said.survey “It’s a delicate previous round. balancing act. “This We need to push testing suggests that moreand retracing to be properly informed spondents expect higher spending ofon our decisions.

Blanket/shotgun basic goods and services over approaches could have direthe consethe next three months,” BSP quences on the economy.” said.

See “Omicron,” A2

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

NATL GOVTBORROWINGS BORROWINGS NG GROSS FOR 10 MOS DIPEND-APRIL TO P2.75T DIP 28% AS OF T T

By Bernadette D. Nicolas

By Bernadette D. Nicolas

n

@BNicolasBM

Omicron risk spurs revival of quarantine rules in PHL

@BNicolasBM

HE national government’s gross HE national as of end-April borrowings government’s dropped by 28.4 percent year-ongross year to P1.18astrillion as the government borrowings of relied less onshrank domestic lenders. end-October

by almost 6 percent Latest data from to the Bureau year-on-year of the Treasury showed that the P2.75 trillion. national government’s gross bor-

rowings in the first four months of the year dropped by P470.08 billion Latest from the Bureau from last data year’s P1.65 trillion.of the Treasury showed that the domesgovernIn the same period, gross ment’s gross borrowings during the tic borrowings, which comprised 10-month fell by 5.99 bulk of theperiod total, plunged bypercent nearly from P2.92 trillion a year ago.

35 percent to P915.49 billion from With only atwo months P1.41 trillion year ago. left for this year, the latest figure already More than half of theisamount equivalent to 89.6 percent of isits sourced locally came from the P3.07-trillion borrowing program. suance of Retail Treasury Bonds Broken down, in March this gross year,domestic wherein borthe rowings from January to October government raised P457.8 billion. settled at P2.23 trillion, by Other domestic bordown row ing 5.08 percent from P2.35 trillion in 2020.

The bulk of the amount was sourced from Fixed Rate Treasury Bonds (P1.19 trillion), followed by short-term borrowings from Bangko Sentral ng Pilipinas or BSP (P540 billion),By Retail Treasury Bonds/PreLorenz S. Marasigan myo Bonds (P463.3 billion), @lorenzmarasigan Retail Onshore Dollar Bonds (P80.84 billion). In theEVELOPING same period, there was and maralso a net redemption of Treasury keting the Philippines Bills amounting to P43.94 billion. as a major logistics hub Net debt redemption in Asia, a promise thatmeans Presithere were moreFerdinand debts repaid comdent-elect “Bongpared to the amount durbong” Marcos Jr.borrowed made during ing the period. his campaign, is doable, accordMeanwhile, gross foreign boring to the International Chamrowings in the same period ber of Commerce (ICS). also contracted by 9.7 percent to P518.7 ICS Chairman Esben Poulsbillion from last year’s P574.4 billion. son, in an interview, said MarThis wastoraised cos has employthrough a capableglobal team bonds (P146.17 billion), blueprint program to develop a concrete loans euro-deas (P139.98 to how to billion), make the Philipnominated bonds (P121.97 pines a logistics centerbillion), in Asia; a project loanthat (P86.41 and and pair teambillion), with strong yen-denominated samurai bonds political will to implement it.

(P24.19 billion).

By Samuel P. Medenilla @sam_medenilla

sources include Fixed Rate Treasur y Bonds (P331.24 billion), and short-term borrowings from Bangko Sentral ng Pilipinas (P300 billion).

There was also a net debt redemption of P173.54 billion in Treasury Bills. Net debt redemption means there were more debts repaid compared to the amount borrowed during the period.

On the other hand, gross foreign borrowings from January to April climbed by 9.24 percent year-onyear to P267.9 billion from P245.25 billion.

I

See “Gross Borrowings,” A2

WHAT WOULD IT TAKE TO SEE BBM’S ‘LOGISTICS HUB’ DREAM?

D

See “Borrowings,” A2

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

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

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

Acting Presidential spokesperson Karlo B. Nograles announced on Sunday that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) suspended the implementation of its Resolution 150A MEGA ENDORSER A young royal from Dubai, HH ShaikhaNo. Jawaher AL A (s.2021), effectively imposing Khalifa, tries out the Filipino ice cream in Fort Santiago as part of her five-day stricter protocols for all inbound familiarization tour in the Philippines.

According to the entrepreneur who is travelers. also involved in causes to empower women and the youth, the Philippines is a note, IATF Resolution beautiful country and people are soTo nice, adding, she will definitely be150back.

A had allowed fully The historic walled city of Intramuros is one of the key cites being vaccinated pitched by the non-visa travelers from Green List Department of Tourism as the easing of pandemic alert levels encourages the areas to enter the country withREYES entry of more visitors to the country. NONIE out the need for facility-based quarantine as long as they secure negative Reverse TranscriptionPolymerase Chain Reaction (RTPCR) test within 72 hours prior capacity ously rising, they cannot easily to their utilization departure.of Republic Cement’s plants been affected by pass on the to the consumers programs ascost President Duterte “Except forhas countries classified the dumping of cement from Vietbecause of the unwarranted presis expected to sign the industry as ‘Red,’ the testing and quarantine nam, specifically 5 percentinternain 2019 sure coming from dumped cement development plan in early 2022. protocols for all inbound and 19 percent in 2020. from Vietnam.

Rosales said the PCA will notastional travelers all ports of entry “Coal prices have increased Although the in Covid-19 pandemic stop updating but its list coconut shallhave comply with theintesting and tronomically we of cannot pass may played a part such capacfarmers and enjoined them to regquarantine protocols for ‘Yellow’ on the cost. We’re losing revenues; ity reduction, Dizon revealed that ister ordervolumes,” to reap thesaid benefits list countries,” said, citing we’reinlosing Dizon. it was “mainly Nograles because of imports” from Vietnam. of IATF Resolution While he admitted that Repubof the decades-long idled coconut the provision lic Cement’s profit position slightly said the lockdown or the levy fund. “We will not stop at 3.1 No.Dizon 151-A. improved 2017 andindi2020, Enhanced Community Quarantine million.

Webetween hope that more He noted Hong Kong, which has it was only because the company (ECQ) measure, the most viduals will register in our coconut confirmed a case of the stringent Omicron poured in an investment of about lockdown classification imposed by farmers registry,” he said. variant, will also fall under the YelP10 billion into operational imthe Philippine government, resulted The updating of the coconut low list countries. provements. in the shutdown of their four plants farmers registry is mandated by The suspension of theplants rules for in Luzon, but the other lo“But our revenues were still Republic Act (RA) 11524 or the “Green List” countries will be in cated outside Luzon still proceeded suppressed because of imports at Coconut Trust Fund Act. effecttheir fromoperations.

November 28, 2021 to with dumpedIndustry prices,” stressed Dizon.

Likewise, Dizon pointed See “3-M farmers,” A2 out that December 15, 2021.

See “Local cement,” A2

Local cement makers decry ‘ d umping’ by Vietnam OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND

“I believe that his concern is, if he surrounds himself with a team of capable people, and there is political will and leadership to Emmanuel do it,ByitJasper is doable.

I thinkY.itArcalas will @jearcalas have a major impact because the Philippines’s location in the OREasthan 3 million globe lends itself a major lococonut said. farmers and gistics hub,” Poulsson workers Marcos earlier in are the now cam-registered with the government’s paign trail said he intends to regwhich serves as theofbasis useistry, the strategic location for the number of people the Philippines and leverageto be utilization it tocovered “aspireby to the become a majorof the P75-billion coconut levy fund. logistics hub in the region.”

Philippine Coconut Authority To do this, he said back then, Deputyneeds Administrator the(PCA) government to build Roel M. Rosales said 3.11 million infrastructure thatabout will support coconut farmers and farm workthe needs of a logistics hub. ersSee have been registered “Logistics hub,” A2 with the government since it started up-

M

By Andrea E. San Juan

dating its registry following the enactment of Cement the Coconut FarmEPUBLIC and the loers and Trust Fund law. cal Industry cement manufacturing industryexplained denounced theabout conRosales that tinued dumping of cement imports 500,000 coconut farmers and from Vietnam, hasthe resulted workers weresaying addedit to PCA’s in 2018 material injury domestic manlist that hadtoabout 2.5 million ufacturers. coconut farmers and farm workers.

In his recent testimony before the The PCA’s nextReinier step is Dizon, to conTariff Commission, exclusion-inclusion protheduct Vicean President for Strategy and cedure Development by making the updated Business of Republic farmers’ registry public, volume providCement, said his company’s of ing sales, as well asthe pricing, have been everyone opportunity to severely by cement check affected the veracity of theimports list, Rofrom Vietnam. sales added.

The Commission is on in itspublic sec“The list will be posted ond day of public hearings on the spaces where people can easily see

R

plea of local cement manufacturers to impose them. This allows definitive everyone toantisee dumping measures againstand Type who are listed in the registry if 1farmer and Type 1Psee cement imported doesn’t his name then he from Vietnam. shall coordinate the PCA imDizon said thewith negative effect on mediately,” he explained at aimports recent Republic Cement of cement dialogue with is coconut from Vietnam backedfarmers. by the con“On the other hand, if people fidential data on its sales volume submitted the commission for would see to names on the list and its appreciation. they think they are not coconut “Pricing a function farmers or is their details of aredemand incorand supply but our pricing hasPCA been rect, they can report it to the affected by imports at dumped prices for immediate action,” he added. across the country,” added Dizon.

The PCA official Dizon bared thatnoted whilethat the the completion of the initial cost of energy mainly from list coal of coconut registry would and other farmers fuels make up around be percent just in time for the expected 70 of Republic Cement’s production cost, andlevy-funded is continurollout of coconut

Continued on A2

PESO EXCHANGERATES RATESn nUSUS50.4600 52.5800 n JAPAN 0.4050 n UK 66.1404 n HK 6.7028 n CHINA 7.8644 n SINGAPORE 38.3768 n AUSTRALIA 38.1941 n EU 56.5130 n SAUDI ARABIA 14.0187 Source: BSP (June 3, 2022) PESO EXCHANGE n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021)

News

BusinessMirror

A2 Monday, June 6, 2022

Ways and means chief: Tax hikes alone aren’t a solution P

By Butch Fernandez

@butchfBM

REPARING to assume his post as chairman of the Senate’s Ways and Means Committee in the 19th Congress, Senator Sherwin Gatchalian said the huge fiscal challenge to a new Marcos administration that will inherit a P12.7 trillion debt, while still helping pandemicaffected sectors to recover, cannot be solved simply by raising taxes or imposing new ones.

Crucial to the effort to shore up tax revenue is making collections more efficient by a combination of the right people, streamlined processes and political will, the senator said in a radio interview on Sunday.

“In fact,” Gatcha lian said, “the Ways and Means Committee doesn’t just talk about taxes, but also collection” of taxes.” His reaction was sought as the outgoing Duterte administration’s transition team pitched a combination of fiscal fixes, including new taxes or higher rates, in a bid to free up resources for a new government battling with a huge pandemicinduced debt.

Most people, the lawmaker added, concede there is a need to pay taxes so government has money.

“But people resent that some taxes are misused,” he said in a mix of English and Filipino, adding that “many small businessmen I talked

to” still chafe over the corruption that goes on in the payment of their taxes/fees.

Sometimes, Gatchalian said, those collecting taxes will deliberately raise the adjustment of tax due, so they have elbow room to lower this upon payment of a bribe.

“Our priority should be to wipe out corruption before talking of raising taxes,” asserted Gatchalian.

This is why, the senator stressed, the new Bureau of Customs (BOC) and the Bureau of Internal Revenue (BIR) appointees should not simply be those who profess to be clean, but they “must know the pasikot sikot [ins and outs], the system of collection.”

He pointed out that, “corruption is not just at the top,” lamenting that “many MSMEs complain of corruption at lower levels.”

Many taxpayers are ready to pay taxes, but hate the corruption that goes with it, the lawmaker la-

mented.

Asked if he agrees that the choice of BOC heads should be limited to ex-military men, Gatchalian replied that he understood the rationale for such: “They put ex-military men because they are looking for syndicates, corrupt officials, etc.

I admit that these things are happening, but we should also look at reforming the system. One way is by computerization.”

He concluded, “So, we also need someone who can improve the system; this is a key qualification for BOC head.”

For instance, Gatchalian recalled their experience in his Valenzuela bailiwick. “If you just raise taxes, only the corrupt—officials and taxpayers—will be happy. The corrupt officials will manipulate the assessment, the corrupt taxpayer will simply not pay the right taxes.”

Sources of tax revenue

IF government is to boost tax collections, Gatchalian suggests: “let’s look at vices and non-essentials, i.e., gambling.”

On proposa ls to impose a “Wealth Tax,” the senator acknowledged this merits attention, promising, “We will study that very well.”

Reacting to calls to suspend excise tax on oil products, Gatchalian said: “I do not favor that, because that spells a big loss to government coffers,” adding that it will do more

harm, because public services will suffer as government faces a P200billion loss.

He would rather focus on targeted ‘ayuda’ for affected sectors like Public Utility Vehicle (PUV) or tricycle drivers. The ones most in need should be directly helped, Gatchalian said.

But, the senator stressed that “time is of the essence, ruing that more often, “targeted nga pero patay na ang kabayo [but it gets there too late], by the time the subsidy arrives; aid gets to them after six months.”

The senator cited the need for digital payments to have speed, saying: “If e-sabong can be paid via GCash, what more with ayuda?”

On unbundling of energy rates, Gatchalian noted that the courts “issued a TRO” (Temporary Restraining Order) on a move by the Department of Energy (DOE) to push unbundling of charges, but acknowledged that petroleum companies do have the right to keep some of their trade secrets.

“For purposes of transparency, I agree with unbundling, but we can’t compel them to reveal everything,” the senator said.

What can be revealed in the unbundling process? Gatchalian suggests that “first, the source of petroleum inventory, and very important, the timing when it was bought,” explaining that, “the oil company cannot raise prices if [they] just bought it.”

Logisticshub...

Continued on A1

Marcos wants to do this as he expects a surge in global trade amid the e-commerce revolution.

“For a country the size of the Philippines, if this politician re-

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Gross borrowings...

Continued from A1

To recall, the national government raised P117.3 billion through its issuance of threet r a nc he dol l a r - de nom i n ate d global bonds, including its maiden green bonds.

Other sources of foreign borrowings include program loans (P89.08 billion), a project loan (P32.95 billion), and the multitranche yen-denominated samurai bonds (P28.55 billion).

For April alone, the national government’s gross borrowing level plummeted by 62.77 percent to P101.26 billion from P271.95 billion.

Gross domestic borrowings for the month settled at P66.38 billion this year, down by 37.47 percent from P106.15 billion in 2021.

Likewise, gross foreign borrowings dived by 78.96 percent to P34.88 billion in April this year from last year’s P165.8 billion.

As of end-April, the national government’s outstanding debt hit another record-high at P12.76 trillion, just two months before President Duterte steps down from office.

By the end of this year, the government expects the country’s outstanding debt to soar to P13.42 trillion.

The national government’s debtto-GDP ratio as of the first quarter of the year rose to a 17-year-high at 63.5 percent, above the internationally recommended 60-percent threshold by multilateral lenders for emerging markets like the Philippines. It is also the highest since the country’s debt-to-GDP ratio hit 65.7 percent in 2005 under the Arroyo administration.

Finance Secretary Carlos G. Dominguez III has since said that

the current debt level remains “sustainable” as the country needed to ramp up its borrowings for Covid-19-related expenditures amid weaker revenue collections during the pandemic.

The Department of Finance recently proposed that the next administration implement a set of fiscal measures seen to generate a total average of nearly P350 billion per year from 2023 to 2027 to help the country outgrow its debt at a faster rate.

The three-package proposed fiscal consolidation and resource mobilization plan includes the imposition of several taxes, 3-year deferment of the second tranche of reduction in personal income tax rates, and the expansion of valueadded tax (VAT) base and removal of VAT exemptions, except for education, agricultural products, health, financial sector, and raw food, among others.

To prevent the government from using borrowings to pay for the P3.2 trillion in incremental debt that the government incurred during the Covid-19 pandemic, the Bureau of the Treasury said at least P249 billion per year in incremental revenues must be raised.

Estimated to generate an annual average of P349.3 billion in revenues, the proposed fiscal consolidation plan will not only help the government accomplish this but this will also help the country reduce its debt as a share of its economy from the projected 60.7 percent this year to 55.4 percent in 2025.

Without the reforms, the country’s debt-to-GDP ratio in 2025 is seen to reach 58.2 percent.

ally could deliver on his promises and make improvements in port infrastructure and access to port [infrastructure], then in terms of contribution into trade exports and, generally, business would be enormous. It is heartening that he said he would do this and I hope that he will,” Poulsson said.

Marcos also intends to turn

Philippine terminals into “smart ports,” saying that he plans to invest in information and communications technologies such as port automation through artificial intelligence.

“All these things—the financial commitment that it takes and political will to execute—that’s the hard part,” Poulsson noted.

Local cement...

Continued from A1

“The plants in Cebu and Iligan, they were still allowed to continue to operate but those in Luzon, we have to stand down. We still had

ample inventory so when we were permitted to sell, we have enough inventory to sell during that period,” Dizon said.

According to Dizon, what made matters worse is that instead of selling more, Republic Cement found that the market remained “suppressed ” because of the tough competition brought by the unabated cement imports from Vietnam amid the stringent lockdown in the Philippines.

“Imports are still coming to the country in Luzon despite the lockdown.

They have some advantage because in Vietnam they did not have the same lockdown in their cement manufacturing as we did here,” Dizon enoted.

Dizon said they suffered more as their “hands were cuffed at least in Luzon for that period.”

Based on his experience in the industry, he said there is sufficient basis to conclude that other local cement manufacturers are also bearing the brunt of continued cement imports from Vietnam.

“This is not unique to Republic Cement as we are operating in this country together with other players. It is, thus, logical to assume and conclude in that regard that the dumping of cement in the country is not felt alone by Republic Cement,” said Dizon.

Dizon added that it is not only member-companies of the Cement Manufacturers’ Association of the Philippines (CeMAP) but also non-members who are supporting the petition

to impose definitive anti-dumping duty against cement imports from Vietnam.

In December 2021,the Department of Trade and Industry (DTI) imposed a provisional anti-dumping duty on certain Vietnam cement imports found to be flooding the Philippine market—and hurting local players due to their much lower price tag.

The DTI noted in December 2021 that cement imports from Vietnam comprised nearly 90 percent of the Philippines’s total import of the construction material.

Based on DTI’s report on the preliminary investigation on the antidumping case against Vietnam cement imports, the local manufacturers were “not able to take advantage of the growth in demand for cement during the period of investigation (POI).”

The trade department noted in December 2021 that, “Proliferation of dumped imports makes it difficult to raise capital as volatile market conditions result in uncertainty over future cash flows.”

“The decline in Ebitda [earnings before interest, tax, depreciation and amortization] is impacting the company’s cash generation and the ability to generate an acceptable return on new investments,” the DTI added.

The Philippines has a law against dumping of imported goods. Republic Act 8752, or the “Anti-Dumping Act of 1999,” provides protection to a Philippine domestic industry which is being materially injured, or is likely to be materially injured by the dumping of articles imported into or sold in the Philippines.

The action under this legislation becomes an international trade concern because it represents an accusation that a trading partner is trading unfairly.

The trade department said that the Philippines, being a member of the World Trade Organization (WTO), adheres to the rights and obligations identified in the WTO Agreement on anti-dumping practices.

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The Nation BusinessMirror

Bulusan residents ordered to prepare for evacuation

By Rene Acosta @reneacostaBM

& Bernadette D. Nicolas @BNicolasBM

A

UTHORITIES have alerted communities near Mount Bulusan in Bulusan, Sorsogon to be on alert for possible evacuation in case the volcano’s eruption will worsen following its successive phreatic explosions on Sunday.

Mount Bulusan made phreatic eruptions at around 10:30 a.m. and 10:54 a.m., according to the National Disaster Risk Reduction and Management Council (NDRRMC) citing the reports of local disaster officials on the ground.

The Philippine Institute of Volcanology and Seismology (Phivolcs) reported that the volcano made phreatic eruption at around 10:37 a.m., with the explosion lasting for about 17 minutes.

As such, the Phivolcs issued “Alert Level 1,” which mandated the evacuation of families living within the 4-kilometer permanent danger zone and alerted farther communities for possible evacuation.

NDRRMC Spokesman Mark Cashean E. Timbal said a small community has so far remained within the danger zone as local officials have already moved out other communities under an existing program to clear the permanent danger zone from human habitation.

“We were informed that there is a ’sitio’ of the municipality

of Bulusan composed of 66 families that are still living within the danger zone. Although we received info that they are relatively unaffected at this time,” Timbal said.

“No ash fall experienced in their community due to the strong westerly direction of winds that carried the ash elsewhere. But the residents are on standby in case evacuation will be required by the LGU [local government unit],” he added.

Timbal said that based on reports they received from disaster officials in Sorsogon, particularly from the town of Bulusan, no communities elsewhere have also been affected by ash fall as a result of the eruption.

The same was also reported by officials and policemen from the neighboring town of Barcelona.

Malacañang said President Rodrigo Duterte is “closely monitoring” the condition at Bulusan following the eruption.

In a statement, Presidential Communications Secretary and Acting Presidential Spokesman Martin M. Andanar assured the public that government agencies are ready to extend assistance.

“All concerned agencies are on standby 24/7 after ‘Alert Level 1’ has been raised,” Andanar said. “We remind the public, particularly the residents of surrounding areas, to be vigilant, monitor any development regarding the volcano’s condition and cooperate with local authorities.”

Zamboanga road projects ‘nearly finished’–DPWH

By Lorenz S. Marasigan @lorenzmarasigan

T

HE Department of Public Works and Highways (DPWH) said on Sunday that two flagship road projects in Zamboanga Peninsula are “nearly finished.”

It listed the two projects as the 23.73-kilometer Alicia-Malangas Road in Zamboanga Sibugay and 15. 35 -k i lometer Ta mpi l isa nSandayong Road in Zamboanga del Norte.

“The improvement of roads particularly in rural areas of Mindanao is a crucial pathway to poverty alleviation and in addressing armed conflict as it provides access to safe, affordable, accessible and sustainable transport systems for the people,” Public Works Acting Secretary Roger G. Mercado said.

The Alicia-Malangas Road project involves concrete paving of once dusty and bumpy narrow road traversing 15 barangays of the Municipalities of Alicia and Malangas

towards a designed carriageway width for a national secondary road of 6.70 meters with shoulder width of 1.5 meter on both sides.

On the other hand, upgrading of Tampilisan-Sandayong Road, a combined barangay/municipal road to standard specifications of a secondary national road will be a new direct link between the cities of Dipolog and Pagadian by passing the town of Ipil.

The two infrastructure projects are part of the P25.26-billion “Improving Growth Corridors in Mindanao Road Sector” project, a program funded by a loan agreement with the Asian Development Bank.

“Providing an all-weather road access to rural areas to reduce poverty and promote peace and social development will contribute significantly to an improved standard of living for people and establishes trust towards the government that change is happening,” Public Works Undersecretary Emil K. Sadain said.

Editor: Vittorio V. Vitug • Monday, June 6, 2022 A3

CA affirms reclusion perpetua sentence of Palparan, 2 others

T

By Joel R. San Juan

@jrsanjuan1573

HE Court of Appeals (CA) has affirmed the decision issued by the Regional Trial Court of Malolos, Bulacan, in 2018 sentencing Army Maj. Gen. Jovito Palparan and two other Philippine Army officers to reclusion perpetua or a maximum of 40 years in jail in connection with the disappearance of two University of the Philippines students in 2006.

In a 61-page decision penned by Associate Justice Angelene Mary Quimpo-Sale, the CA’s First Division modified the trial court’s ruling as to the penalty and interest imposed against Palparan and fellow accusedappellants Lt. Col. Felipe Anotado, Jr. and S/Sgt. Edgardo Osorio who were found guilty of kidnapping and serious illegal detention under Article 267 of the Revised Penal Code.

It held that the P100,000 civil indemnity and P200,000 moral damages awarded to the families of missing University of the Philippines student-activists Sherlyn Cadapan and Karen Empeño by the trial court against the petitioners are correct but the said amount should be subject to 6-percent interest per year from the date of finality of the decision until full payment.

The kidnapping and illegal detention of the two UP students was allegedly carried out on the suspicion that they were members of the communist New People’s Army and/or its front or militant organizations.

The CA held that accused-appellants raised the defense of denial and alibi in seeking the reversal of the trial court’s decision.

Positive testimony

HOWEVER, the CA declared: “Accused-appellants’ denial cannot

be upheld and accorded greater evidentiary weight in light of the positive testimony of the prosecution witnesses. To repeat, the prosecution evidence is credible, clear and categorical.”

“As presented and proved by the prosecution, the facts established the concerted acts of the 3 accusedappellants aimed at carrying out the unlawful intent of taking and detaining the 2 victims,” the CA ruled.

The prosecution presented witnesses Wilfredo Ramos, Oscar Leuterio and Raymond Manalo to testify against Palparan and his fellow accused-appelants.

The CA said the claim of the accused-appellants that there are inconsistencies in the testimony of the prosecution witnesses cannot be given weight since these involve minor matters that are irrelevant to the case.

“These inconsistencies actually indicate that the testimonies of the prosecution witnesses were not rehearsed,” the CA said.

Based on the testimonies of the witnesses, it was established that Empeño and Cadapan were taken by accused-appellant Osorio and other armed men on June 26, 2006 at 2 a.m. in Barangay San Miguel, Hagonoy, Bulacan, and then brought to Fort Magsaysay, Nueva Ecija.

From Fort Magsaysay, the two

women were loaded on to a vehicle.

Around August or September 2006, they were taken and seen in Camp Tecson, San Miguel, Bulacan.

IN September of 2006, Palparan arrived in Camp Tecson onboard a white vehicle.

Palparan did not alight from the vehicle while his companion in civilian clothes fetched the two women and boarded them on to the white vehicle. They were returned to Camp Tecson after three days and were detained there for around three months.

The victims were taken to the Barangay Hall of Sapang, San Miguel, Bulacan, where they were detained for one week.

In November 2006, the victims were taken to the military camp/ detachment in Limay, Bataan.

The witnesses said Anotado visited the two women in the bodega where they stayed on three separate instances.

Credible, clear

FROM May to June 2007, the victims were taken to and placed in a safehouse in Iba, Zambales before they were brought back to Limay, Bataan, after a month where they were last seen.

“The testimonies of these witnesses are credible, clear and categorical. These prosecution witnesses were also detainees themselves who saw and got to know the two victims Sherlyn and Karen when they were in various military camps and detachments in Nueva Ecija, Bulacan, Bataan and Zambales,” the CA pointed out.

“The details in their testimonies prove that they actually saw the victims and that they got acquainted with them. These witnesses, particularly Raymond Manalo testified lengthily on direct and cross examinations. When subjected to rigorous cross examination, their testimonies remained clear and consistent,” it added.

During their detention, Manalo testified that he met and managed to talk to the two missing UP students.

He added that he saw Cadapan and Empeño being subjected to torture by their captors.

The CA also noted that as commanding general of the 7th Infantry Division, Palparan had overall control and supervision within his area of responsibility, which covers Camp Tecson.

On the other hand, Anotado, as commanding officer of the 24th Infantry Battalion also had control and supervision over the camp in Limay, Bataan.

Denied involvement

THE CA also did not give merit to the claim of Osorio and Anotado that they were in Quezon City and not in Bulacan or Bataan where they were allegedly seen.

Palparan, on the other hand, claimed that he was mostly at the headquarters of the 7th Infantry Division, in Fort Magsaysay, Nueva Ecija.

But the Court noted that Fort Magsaysay is just three or four towns away from Camp Tecson, the place where he was seen by witness Manalo and travel time would only take a little more than 30 minutes.

On the other hand, Bulacan and Bataan, according to the CA, are just a few hours away from Quezon City and it was not physically impossible for Osorio and Anotado to be in both places in a day.

Palparan has denied any involvement in the kidnapping of the two UP students.

He said the cases against him were orchestrated by enemies of the state, particularly the communist movement with the intention of putting down someone like him who is opposing them strongly Palparan was arrested by a composite team of the National Bureau of Investigation and the Armed Forces of the Philippines’s Naval Intelligence Group in August 2014 after three years in hiding.

He was arrested by virtue of an arrest warrant issued by the Malolos RTC in 2011 in connection with the kidnapping and serious illegal detention case.

‘New DOE chief must focus on amending energy laws’

By Jovee Marie N. Dela Cruz @joveemarie

H

OUSE Deputy Speaker Rodante D. Marcoleta called on the next Department of Energy (DOE) secretary to focus amendments to energy-related laws as among energy sector-related reforms.

Marcoleta said the new DOE chief should focus on reforms that would address the electricity charges in the country, which he said has been increasing.

These include amending existing laws, particularly those allowing large power firms to take advantage

and profit from systems loss-charging fees, he added. Among these are Republic Act (RA) 7832 (Anti-Pilferage of Electricity and Theft of Electric Transmission Lines/Materials Act of 1994) and RA 9136 (Electric Power Industry Reform Act, or Epira).

“Whoever is appointed there must really address the country’s problems on power generation, transmission and distribution. We need reforms and we need to identify one by one,” he said following a TV interview. “Kailangan talagang makabayan kung sino man ang matutukoy at mahirang na kalihim ng DOE.” [Whoever would be identified and appointed DOE secretary needs

to be really patriotic.]

Amid reports on the supposed offer of President-elect Ferdinand R. Marcos Jr. to lead the DOE, Marcoleta said he is not pushing for an appointment to the position.

Explaining the reason behind the refusal, Marcoleta said he will choose to go where his help is needed. That is why Marcoleta said is more inclined to continue his legislative work as Sagip Partylist Representative and continue pushing for measures in line with his advocacies.

Marcoleta said he was thankful to be considered for the position of Energy Secretary.

“Whoever is appointed there [he or

she] really needs to address the country’s problems and [implement] reforms so that the promise to lower the electricity bill can be fulfilled,” he said.

In November last year, Marcoleta called on Congress to look into the legislative franchise of the Manila Electric Co. (Meralco) following significant disparities in the energy generation supply purchases of Meralco as reported to the Energy Regulatory Commission (ERC).

During the early period of the pandemic, Marcoleta said households were all “shocked to receive the so-called adjusted billing statements that were not based on meter reading but on such a dubious algorithm.”

Marcos wants another look at PHL’s readiness for RCEP P RESIDENT-ELECT Ferdinand R. Marcos, Jr. wants to first thoroughly assess the country’s competitiveness before pursuing the ratification of the Regional Comprehensive Economic Partnership (RCEP) trade agreement, which the Senate did not take a vote on before adjourning sine die last June 1.

“In my view, let’s have another look at it… Anyway, with RCEP, we can look again at what will be the effect, let’s study that thoroughly – if we ratify it now, what will be the effect on our farming community, our farmers especially?” he said at the weekend, in a mix of English and Filipino.

Following the Senate’s failure

to ratify the trade agreement before Congress went on sine die adjournment, RCEP’s ratification or rejection now falls under the 19th Congress during Marcos’s incoming administration.

Marcos said RCEP is good as it aims to encourage trade and all great economies engage in the same.

He, however, pointed out that the state of the country’s competitiveness could be a stumbling block to the effectiveness of RCEP. The agricultural sector should be sufficiently robust to take on the competition that will ensue with the opening of the markets, he said, a concer that had been repeatedly raised by those who opposed rushing

ratification during Senate hearings.

“I’m a great proponent, a believer in trade. No country has progressed without building up its trade, they have manufacturing, and they have goods they export , “ he continued.

“They (progressive countries) are very involved in trade. All the great economies in the past, 200 to 300 years, really became rich because of trade and commerce,” the incoming Chief Executive said.

However, the country must first ensure that it is ready to compete with fellow member nations before entering in the pact, the former senator strssed.

He was especially concerned about the competitiveness of the agricul-

tural sector and the local farmers.

“So, let’s have a look at it again and make sure our agri sector will not be on the losing end. When we ratify that, our systems trhatr would allow us to compete must be ready.

Because if we cannot compete, our local sectors will be wiped out,” he warned, partly in Filipino.

“We have lately been importing a lot and we don’t want that. We want to beef up the agricultural sector. We want to have sufficient food supply for the Philippines in case of any crisis,” he continued.

The RCEP Agreement was signed by the Philippines together with nine other ASEAN Member States and Asean trade partners Australia,

China, Japan, Korea, and New Zealand on November 15, 2020 during the 4th RCEP Leaders’ Summit. It is the world’s largest free trade area in terms of global trade, GDP, FDIs, and market.

The Department of Trade and Industry highlighted the critical role of RCEP in boosting equitable economic growth especially for MSMEs, through the expansion of regional trade, services, and investment linkages.

The agency also presented the 4Cs in which the key benefits of RCEP for the Philippines can be summarized, namely: a) cheaper costs for sourcing key inputs of the manufacturing sector; b) convenience for businesses in trading

with key FTA partners; c) competitiveness for Philippine industries; and d) complementation of existing government support programs.

During the campaign for the May 9 elections, Marcos proposed to revisit the country’s existing foreign trade agreements, especially those affecting agriculture, to assess if they are working out for the country’s benefit.

In the late ‘80s, the Philippines implemented trade reforms that substantially opened up the economy.

Later on, the proliferation of regional trading arrangements worldwide and the rise of Asian bilateralism prompted the Philippines to begin thinking about jumping on the FTA bandwagon.

Economy BusinessMirror

A4 Monday, June 6, 2022 • Editor: Vittorio V. Vitug

PHL medical services exports dropped 43% in 2020–WTO

By Andrea San Juan

P

HILIPPINE medical services exports dropped by 43 percent in 2020, according to the World Trade Organization (WTO).

In partnership with the World Bank, the WTO noted in its report on Friday that medical services exports through mode 2 (consumption abroad such as consumers’ travel to obtain medical services) dropped in 2020.

“The pandemic exacerbated inequality, disproportionately affecting economies relying on revenue from medical travel and also affecting people in poorer countries seeking treatment abroad,” the WTO report noted.

The countries which showed decrease in their medical services exports were Philippines, Armenia, Malaysia, Jordan, Costa Rica, Turkey, Vietnam, among others.

Among the ten countries mentioned, the Philippines placed second to the last, showing a drop in

medical services exports by 43 percent. Meanwhile, Armenia showed the biggest drop in its medical services exports by 81 percent. The United Arab Emirates, meanwhile, placed tenth revealing only a 36 percent drop.

“This report underscores how trade is a force for good in terms of enabling access to medical goods and services—but also points to where we can improve,” WTO Director General Dr. Ngozi Okonjo-Iweala said.

Okonjo Iweala added that the objective of the report is to help policymakers draw lessons for trade policy and international cooperation by examining trade and trade policies in medical goods and services before and during the Covid-19 pandemic.

“A main lesson of the report is that trade plays an important role in ensuring access to medical goods and services both in normal times and, as the past two years have shown, in times of crisis,” said Okonjo-Iweala.

For her part, Mari Pangestu, the World Bank Managing Director of

Development Policy and Partnerships, highlighted the “unique role” that the WTO and the World Bank can play in utilizing trade to improve global health security.

“We need greater trade openness—not economic nationalism..

The report being presented today highlights the crucial role of international trade in the Covid-19 pandemic response..We need to work collectively to ensure that we can prepare for and respond more effectively to the next pandemic,” Pangestu said.

The WTO emphasized that the report stresses that open markets can increase access to medical services and goods—including the inputs needed to manufacture them, improve their quality and diversity, and reduce costs.

Further, the world trade organization stressed that open trade, combined with government financial support, also enabled the innovation that led to the rapid development of vaccines during the Covid-19 crisis.

“But excessive concentration of

production, restrictive trade policies, supply chain disruptions and regulatory divergence can jeopardize the ability of public health systems to respond to pandemics and other health crises,” the report finds.

The report stated that in 2020, global trade in medical services fell by 9 percent, hindered significantly by pandemic-related travel restrictions, border closures, and decreased movement of healthcare workers.

Trade through the cross-border movement of patients (mode 2) and health care workers (mode 4) dropped by 58 percent and 39 percent, respectively. As a result, trade in medical services declined by 9 percent, to $71.6 billion In contrast, cross-border supply (mode 1) of medical services (including Telehealth) soared in 2020. The report noted that, “The pandemic and its associated lockdown measures accelerated the provision of medical services remotely (a trend that started in the past decade) and the rise of digital health services.”

www.businessmirror.com.ph

Ilijan power plant to stop supply from Malampaya

By Lenie Lectura

@llectura

S

TARTING today, the 1,2000 megawatt (MW) Ilijan power plant will no longer source fuel from the Malamapaya gas field.

“Malampaya is about to conclude its Gas Supply and Purchase Agreement (GSPA) with the National Power Corp. (NPC) for supply of indigenous natural gas to the 1,200MW Ilijan gas-fired power plant,” said Malampaya operator Shell Philippines Exploration B.V. in a statement.

SPEX and partners expressed appreciation to the NPC and the following entities: Power Sector Assets and Liabilities Management Corp. (Psalm); KEPCO Ilijan Corp.

(Kepco); and, Department of Energy for their “great collaboration in powering progress of our economy with domestic natural gas for over two decades now.”

While the Ilijan plant is currently being operated by Kepco, the plant is still owned by Psalm. The state firm took over the assets of the NPC. The DOE allayed concerns that power supply may not be enough brought about by the expiration of the GSPA for Ilijan.

“Our supply outlook is good and

we do not foresee any alert relative to the end of natural gas supply agreement with Ilijan power facilities,” DOE Director for Electric Power Management Industry Bureau (EPMIB) Mario C. Marasigan said.

When asked where what type of fuel can Ilijan utilize now, Marasigan said one option is “they may use diesel while waiting for the operation of LNG [liquefied natural gas] facilities,” albeit more expensive than gas.

Also, Ilijan’s Build-Operate-Transfer contract will expire soon. The plant will soon be turned over to its Independent Power Producer Administrator (IPPA), which, in this case, is South Premiere Power Corp. (SPPC), a subsidiary of SMC Global Power Holdings Corp. of the San Miguel group.

The power arm of the conglomerate is set to bring in LNG to fuel its gas plants, including Ilijan, sometime August this year.

DOE Undersecretary Felix William B. Fuentebella earlier said the plant was being prepared for turnover to SPPC. Part of the turnover process was for the agency’s representatives to visit the plant “to look into the details of fuel and power output relating to whether there will be red [alerts] or yellow alerts going to happen.”

Minimum wage rates raised in Calabarzon, Davao regions

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MORE DOUGH RISING

A worker at a bakery shop in Dapitan, Manila, brings out freshly-baked bread; ready for display. Several reports quoted industry players asking for a P4-increase in prices of bread, especially the Filipinos’ regular breakfast fare, pan de sal. NONIE REYES

DAR gives govt-owned land to Siargao farmers

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HE Department of Agrarian Reform (DAR) said it has distributed a total of 1,153 hectares of government-owned land to 849 agrarian reform beneficiaries (ARBs) last week.

DAR Secretary Bernie F. Cruz led the distribution of the certificate of land ownership awards during simple rites last June 3. The distribution came after President Rodrigo Duterte issued Executive Order (EO) 75 (Series of 2019) on February 1, 2019, subjecting the government-owned land under the Comprehensive Agrarian Reform Program (CARP).

“When you become a CARP beneficiary, you have to pay a specified amount for land amortization,” Cruz said. “But if you are a beneficiary of EO 75, it’s free; you don’t have to pay even a single cent.”

Cruz disclosed that the CLOAs were expedited to help farmers of Siargao get back on their feet after Typhoon Odette (international name Rai) ravaged their farms.

After EO 75 was issued, Task Force Agrarian Siargao-Dinagat, headed by DAR Undersecretary David D. Erro, was created. The task force identified the government-owned lands suitable for agriculture in the municipalities of Burgos, Del Carmen, Gen. Luna, San Isidro, Pilar and Socorro. Jonathan L. Mayuga

WO more regional wage boards issued new orders raising the minimum wage rates in Calabarzon and the Davao Region and are expected to benefit around 2 million workers.

In a statement issued last Saturday, Labor and Employment Secretary Silvestre H. Bello III disclosed the Regional Tripartite Wages and Productivity Board-Region 4A (RTWPB-Region 4A) issued Wage Order (WO) RBIVA-19 implementing a P47 to P92 daily pay hike.

Bello further said that “the wage increases shall be given in two tranches.”

“Workers will benefit from the number of increases upon effectivity of the new wage order and six months thereafter,” he added.

Once the order takes full effect, it will raise the minimum wage rate in the region to the following rates:

non-agriculture sector to P470 in the extended metropolitan area and the cities of Antipolo and Dasmariñas; P429 in component cities and (first class) municipalities; and, P390 in the emerging growth areas (second and third class municipalities) and resource-based areas (fourth, fifth, and sixth class municipalities).

For the agriculture sector in the region, the following rates will apply: P429 in the extended metropolitan area, in the cities of Antipolo and Dasmariñas, and component cities and (first class) municipalities; P390 in the emerging growth areas (second and third class municipalities); and, P350 in the resource-based areas (fourth, fifth, and sixth class municipalities).

RBIVA-19 will also adjust the minimum wage in Calabarzon for those employed in the retail and service establishments employing

not more than 10 workers in the region at P350.

In a related development, Bello said the RTWPB-Region 1 issued WO RBXI-21 granting a P47 daily-wage increase to minimum wage earners in its jurisdiction.

Bello said the wage order will be implemented in two tranches: P31 upon its effectiveness and another P16 effective January 1, 2023.

The RBXI-21 also granted workers in the retail/service establishments employing not more than 10 workers a P15-increase starting April 1, 2023.

Upon the full effectivity of the said wage order the following daily minimum wage rates will be in place in the Davao region: P438 for agriculture workers; P443 non-agriculture sector workers; and, P443 for those employed in retail/service establishments employing not more than 10 workers. Samuel P. Medenilla

Okada camp, Tiger Resorts still at it on ‘violence’ narrative; TRLEI hits Pagcor continued from a10

Such manifest bias, added the firm, violates the antigraft law, or Republic Act 3019.

At the heart of this issue, TRLEI said, “is the status quo ante order (SQAO) that the Kazuo Group claims to empower its forceful and brutal takeover of the premises of Okada Manila.”

TRLEI continued: “We wish to stress that status quo ante refers to the state of affairs that existed previously. The SQAO neither authorized nor empowered Kazuo Okada, more so his cohorts, to install a new Board of Directors or officers. The status quo in 2017 in no way includes the newly installed Board of Directors and officers. Plain and simple, the newly installed Board is not the status quo Board in 2017.”

Pagcor’s side

FOR its part, Pagcor said it received on May 4, 2022, received a letter from the Herrera Teehankee & Cabrera Law Offices informing it of the SQAO issued by the Supreme Court in the case of Kazuo Okada vs. Tiger Resort, Leisure, & Entertainment, Inc. (TRLEI) et al., G.R. No. 256470.

A copy of the SQAO was provided with the letter, which provides: “ISSUE a STATUS QUO ANTE ORDER, effective immediately, and continuing until further orders from this Court, and ORDER respondents,

their agents, representatives, or persons acting in their place or stead, to MAINTAIN THE STATUS QUO prevailing prior to petitioner’s removal as stockholder, director, chairman and CEO of Tiger Resort Leisure and Entertainment, Inc. (TRLEI) in 2017.”

“Considering that the matter at hand involves an intra-corporate dispute pending before the Supreme Court, PAGCOR, as a Government regulatory body, is duty bound to observe due process and comply with the issuances and directives of the Supreme Court,” Pagcor said.

Pagcor said its Monitoring Team assigned in Okada Manila “monitored the situation with the purpose of protecting the interests of PAGCOR and the Government, and to ensure that operations are not disrupted and the welfare of the playing patrons is ensured.”

“Based on the report of the Pagcor Monitoring Team, at around 9:45 AM on 31 May 2022, the team from the former management of TRLEI arrived at Okada Manila. They were headed by Mr. Antonio Cojuangco and Mr. Dindo Espeleta, accompanied by Atty. Herrera, members of the Philippine National Police and Sheriff from the Supreme Court.

“They proceeded immediately to the Hotel’s office to meet Mr. Hajima Tokuda. The Sheriff served the Supreme Court Status Quo Ante

Order to Mr. Tokuda. Atty. Herrera informed Mr. Tokuda that based on the SQAO, Mr. Kazuo Okada was restored as Chairman and CEO of TRLEI. He then formally introduced the group of Mr. Kazuo Okada (who was present at that time thru zoom conference). The video conference ended at around 12:10 p.m.

“The Pagcor Monitoring Team on duty at that time reported that Mr. Tokuda was then escorted outside the premises without being bodily hurt. The whole incident was covered by Close Circuit Television (CCTV) cameras.

Vincent Lim of the Okada camp, meanwhile, also quoted a statement from Major General Val de Leon, director of the PNP Directorate for Operations, disproving that violent tactics attended the takeover.

He said the Parañaque Police were also present at the enforcement of the Supreme Court’s SQAO upon the request of the local sheriff.

“Major General Val de Leon’s statement now categorically puts to rest any disinformation being put out to the public regarding the Okada Manila Takeover. And as all the facts surrounding the controversial takeover of Okada Manila

by Kazuo Okada’s group now comes to light, it is becoming clear who is actually in the right in this ongoing corporate rivalry,” it said.

Tiger Resorts files MR

TIGER Resorts, meanwhile, have filed an urgent motion for reconsideration to ask the Supreme Court to revoke or reconsider its status quo order.

While waiting for the SC decision, Okada then reinstalled the board of directors and officers of TRLEI, which was recognized by Pagcor as the legitimate board and officers of the local company.

TheboarddesignatedOkadaaschairman, Antonio Cojuangco as president and Dindo Espeleta as vice chairman.

In using the SQAO for their takeover, the Okada group “abused court processes, thereby making a mockery of the administration of justice,” according to TRLEI. “The SQAO is a temporary or provisional order, while the assigned division of the Supreme Court is still studying the case and has yet to decide on the merits of the case,” it said.

TRLEI claimed the Okada faction forcibly brought officials led by Hajime Tokuda out of the hotel.

“We are appalled at the blatant disregard of authority by the group of Mr. Cojuangco. Without the necessary court order, they arrived with a private security group who forcibly carried the legitimate members of the TRLEI Board out of the property premises,” the statement quoted Atty. Estrella Elamparo, Senior Partner of Divina Law, as saying. VG Cabuag

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, June 6, 2022 A5

By Bernadette D. Nicolas @BNicolasBM

D

ESPITE the rapid increase in subsidies extended by the government to staterun Philippine Crop Insurance Corp.

(PCIC) through the years, its agricultural insurance has only reached a third of the country’s farmers, according to a World Bank study.

The study done by a team from the World Bank’s Disaster Risk Financing and Insurance Program (DRFIP) also revealed that the agricultural insurance provided by PCIC is also not well targeted to ensure that taxpayers are getting their value for money.

Senior Financial Sector Specialist of the DRFIP Benedikt Signer presented an overview of the World Bank study to the PCIC board led by Finance Secretary Carlos G. Dominguez III. Signer said the study found out that PCIC is “very exposed to catastrophe losses which are not reinsured” and that its premium rating, capital management, financial reporting, and other aspects of its operations are not in line with international best practices.

“So, to put it very bluntly, I guess as a starting point, the World Bank’s findings were that the current agriculture insurance approach in the Philippines is not providing adequate value for money to the Philippine taxpayer, nor adequate protection to farmers,” Signer said in his presentation during a PCIC board meeting held last May 5.

To recall, President Duterte last year signed Executive Order 148 authorizing the transfer of PCIC from the Department of Agriculture to the Department of Finance to ensure that operations of the PCIC will be aligned with “national developmental policies and the government’s overall fiscal plan.” On its website, PCIC said its principal mandate is to provide insurance protection to farmers against losses arising from natural calamities, plant diseases, and pest infestations.

In 2021, the PCIC received its record-high government subsidy of P4.6 billion, surging by 45.8 percent from P3.16 billion in 2020, based on data from the Bureau of the Treasury.

Last year’s level also eclipsed its previous record-high subsidy of P3.95 billion in 2019 by 16.8 percent.

During the meeting, Signer added that PCIC’s capital “is not maximally and efficiently invested” and the state-run firm’s insurance products are also not suitable for the majority of Filipino farmers, especially for small subsistence holders and growers.

He said PCIC’s paid claims do not adequately reflect losses and are often paid late.

He also lamented that the agricultural insurance market in the country has been structured in such a way that the PCIC enjoys a de facto monopoly in this field, which has discouraged the entry of new players.

Recommendations

TO overcome the challenges faced by the PCIC and to strengthen its

BUSINESSMIRROR FILE PHOTO

‘PHL needs to overhaul agri insurance scheme’

operations for the benefit of farmers and taxpayers, Signer said the World Bank proposed that the PCIC institute several reforms.

These include clarifying policy objectives for agricultural insurance by identifying who to protect, based on whether it would lead to loss of consumption or loss of income and ability to repay loans; reviewing government strategy and support, including subsidies; and overhauling PCIC operations and capital management.

The World Bank said the government must also review the products PCIC offers by developing appropriate index-insurance products for subsistence and semi-commercial farmers and improving/targeting existing indemnity crop insurance

for high-value crops and commercial farming, and reforming the market structure by letting the private sector come in and gain access to premium subsidies, and considering alternative market structures such as a coinsurance pool.

In the short-term, the World Bank recommended the creation of a steering committee to improve the operations and cost-efficiency of PCIC through bringing it under the regular oversight and reporting of the Insurance Commission, developing and refining its rating methodology as well as its reinsurance, investment and dividend strategies; and revising the coverage and loss-adjustment methodology for its existing products, Signer said.

The World Bank said the government must conduct feasibility studies for new products; developing and reviewing options for premium subsidy reform; conducting international knowledge exchange with other countries; and exploring the use of new technologies, including satellite monitoring and geo-tagging of farms.

In response, Dominguez said the PCIC board can still find time to either accomplish or at least start to accomplish the creation of a steering committee before President Duterte’s term ends this month.

The finance chief said the governance committee of the PCIC board, which he chairs, will act as the steering committee while National Trea-

surer Rosalia V. De Leon will act as his alternate in the governance panel.

For her part, De Leon recommended that the governance committee also start working on proposed legislation that aims to reform the PCIC so it would be ready for filing in the next administration.

Apart from the creation of a steering committee, Dominguez said the PCIC board can also act on the World Bank’s recommendation on knowledge exchange and exploring new technologies to improve PCIC’s services by visiting India, one of the countries that have learned from its missteps and have now improved on its agricultural insurance program.

Meanwhile, Land Bank of the Philippines (LandBank) president and CEO Cecilia Borromeo said PCIC can also adopt World Bank’s recommendation to develop appropriate index-insurance products for its stakeholders to ensure that subsistence farmers receive coverage that would work for them, rather than those suited for semicommercial farmers.

Other PCIC board members present during the meeting were PCIC President Jovy Bernabe, Government Service Insurance System (GSIS) President-General Manager Rolando Macasaet; Agriculture Undersecretary Dr. Fermin Adriano (representing Agriculture Secretary William Dar); subsistence farmers’ sector representative, Dr. Gina Terencio; GSIS Executive Vice President Nora Malubay and LandBank Senior Vice President Emellie Tamayo.

Govt issues final guidelines for importing rabbits Decline in sugar output drives up wholesale, retail prices in May–report

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE Department of Agriculture (DA) has issued the final guidelines for the importation of rabbits into the country as part of government efforts to boost the domestic production of the animal.

The DA recently published Memorandum Circular (MC) 20, which was signed by Agriculture Secretary William D. Dar. The agency said the guidelines were issued to facilitate the “safe importation” of superior rabbit genetics from other countries while “preventing the inadvertent” introduction and spread of transboundary animal diseases.

“The DA recognizes the increasing interest of many Filipino farmers in raising rabbits for meat production due to the ease in propagation and minimal production costs,” MC 20 read.

“The growing awareness and local acceptance of rabbit meat as an alternative protein source amid the rising prices of major livestock commodities such as pork and poultry meat have ignited a subsequent increase in the SPS [sanitary and phytosanitary] Import Clearance request for meat-type rabbit breeds.”

The new MC superseded the department’s earlier MC 15 series of

2021 that provided the transitory guidelines on the importation of rabbit into the Philippines (Related story: https://businessmirror. com.ph/2021/08/26/da-releasesimport-rules-on-superior-rabbitbreeds-for-meat-production/).

Under the guidelines rabbit importers must be authorized by the Bureau of Animal Industry National Veterinary Quarantine Services Division and shouldsubmitthe necessary documentary requirements like business permit and letter of intent to import.

“Only certified rabbit farms and authorized exporters endorsed by the source country shall be accepted,” MC 20 read.

Only rabbits sourced from countries that are free from rabbit hemorrhagic disease/viral hemorrhagic disease (RHD/VHD), myxomatosis and tularemia for the past 12 months would be allowed.

Furthermore, the MC 20 stipulated that the imported rabbits must be “born and bred” in the exporting country and must be subjected to the government’s protocol regarding vaccinated or unvaccinated rabbits.

“All rabbits must be kept in a facility where no case of RHD, Myxomatosis and Tularemia was reported for the past twelve months prior to shipment or since its birth and no clinical case was found when inspected by an Official Veterinarian prior to

shipment,” it read.

“The rabbits were treated for internal and external parasites within 30 days of exportation.”

The imported rabbits must be at least 60 days of age and must not be pregnant during the time of travel. The rabbits should also be embedded with microchip or identification marks.

The imported rabbits will be subjected to domestic quarantine procedures to “evaluate the health status” of the animals for a period of 30 days.

“Rabbits which are found to have signs of any infectious diseases shall be disposed of immediately to avoid the further spread of the disease,” the guidelines read.

“Should there be any mortality in the imported rabbits during the quarantine period, the importer must immediately report to VQO and submit a documentation of its proper disposal within the farm,” it added.

The imported rabbits shall be released upon completion of the minimum 30-day quarantine period.

The import rules also outlined the procedures for SPS-IC import clearance application, border clearance and processing of imported rabbits, quarantine procedures, and penalties regarding live rabbit importation. The import rules took effect immediately last June 2.

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HE country’s raw sugar production as of May 22 declined by 14.55 percent to 1.765 MMT from the 2.065 MMT recorded a year ago, data from the Sugar Regulatory Administration (SRA) showed.

SRA projected that the country’s total sugar output in the current crop year would be at 1.982 MMT, the lowest in more than a decade. (Related story: https://businessmirror. com.ph/2022/03/10/phl-maysee-lowest-sugar-output-in-adecade/) Data from the SRA indicated that total sugarcane milled during the reference period reached 20.455 MMT, 15.82 percent lower than the 24.3 MMT recorded last year. However, sugar yield was up slightly by 1.74 percent to 1.75 50-kilogram bags per ton of cane (LKg/TC) from last year’s 1.72 LKg/TC. The country’s raw sugar demand was also down by 2.13 percent to 1.596 MMT from 1.631 MMT. Total raw sugar stocks as of May 22 plunged by more than a third to 339,290.02 MT from 516,683.10 MT due to lower output.

SRA data also showed that the country’s refined sugar production declined slightly to 681,150.15 MT from 690,663 MT. However, local demand for refined sugar grew by 5.79 percent to 769,500.6 MT from last year’s 727,351.15 MT. Total physical refined sugar inventory as of May 22 was at 143,896.05 MT, 57.82 percent lower than the 341,182.10 MT recorded last year.

Due to lower sugar production, the wholesale and retail prices of both raw and refined sugar rose by double digits on an annual basis.

The average millsite price of sugar expanded by 38.47 percent to P2,267 per LKg from P1,637.16 per LKg. The average wholesale price of raw sugar rose by 41.67 percent year-on-year to P2,550 per LKg while refined sugar fetched at P3,250 per LKg, 38.3 percent higher than last year’s P2,350 per LKg. The average retail price of raw sugar rose by 20 percent yearon-year to P54 per kg while the average retail price of refined sugar grew 28.44 percent on an annual basis to P70 per kg, SRA data showed.

The shortfall in domestic raw

and refined sugar production and supply has prompted the SRA to authorize the importation of 200,000 MT of sugar to stabilize domestic prices.

SRA Administrator Hermenegildo R. Serafica earlier said the “runaway sugar prices” could have been prevented if the government’s import program had not been stalled by legal challenges.

(Related story: https:// businessmirror.com. ph/2022/05/23/local-sugarprices-surge-as-suppliesshrink/) “This would have been addressed earlier by the stalled implementation of the SO [sugar order 3]. Be that as it may, it is hoped that this importation will cushion the skyrocketing prices of sugar,” Serafica told the BusinessMirror via SMS last month.

SRA data showed that importers have not yet brought refined sugar under the sugar importation program for crop year 2021-2022 since the implementation of SO 3 resumed last month. Jasper Emmanuel Y. Arcalas

Converting kids to plant milk is “a huge untapped market,” said Alex Ruimy, co-founder of venture capital firm Rage Capital, which has a stake in Ripple. “We’re not just talking about moms at home. We’re talking about schools, everything.”

Overall, milk alternatives have received more than $1 billion in funding since 2015, according to PitchBook. This includes Perfect Day, which makes lab-created milk, taking in more than $700 million from investors. Bloomberg News

Plant-based milk is coming for your kids

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LANT milk is on the cusp of another boom as the industry courts a huge demographic it has ignored so far: children.

Using colorful bottles of oat and pea milk packed with protein and prebiotics, the category is winning over parents. At Ripple Foods, a startup that has raised more than $200 million, its plant-based option for kids has more calcium and vitamin D than cows’ milk. Sales of the offering have more than doubled expectations since launching in 2021, and distribution is increasing by more than 10,000 locations this year, including its debut in Kroger, America’s largest grocery chain.

Milk alternatives have swept through the United States in recent

years, approaching 20 percent of the market and $4 billion in sales. Yet that growth came largely from adults adding them to coffee and smoothies.

Now the industry is turning to children—easily America’s biggest milk drinkers—in a looming threat to the $16 billion US dairy industry that has seen consumption decline for decades.

“When it came to the heaviest consumers in the category, no one was designing a product for them,” said Ripple Foods Chief Executive Officer Laura Flanagan, 53, who greenlit the creation of a kids offering shortly after joining the Berkeley, California-based company in 2019. “It was hugely exciting to uncover this unmet need.”

The opportunity is significant with kids traditionally consuming about

twice as much milk as adults, but the US dairy industry is also entrenched.

A glass of milk has symbolized childhood for generations. Iconic campaigns like “Got Milk” and its milk mustache hardened the idea that being a good parent meant giving it to your offspring to help them grow strong with all its calcium and protein.

But the success of products like Ripple’s are showing how much today’s kids and their millennial parents have changed. Thanks to the popularity of brands like Oatly, about 60 percent of US households are buying alternative milk, according to data from researcher Mintel Group. Dairy allergies have also been rising in young children.

Sales of imitations rose 15 percent

last year and are on track to nearly double to $6.3 billion by 2026.

While plant milks haven’t traditionally marketed benefits like protein or calcium, these products for children do. The bottle for Ripple Kids also touts Omega-3 for brain development and prebiotics that support “happy tummies.”

Ripple raised another $60 million in September—pushing its valuation to about $350 million, according to PitchBook. The company, co-founded by one of the entrepreneurs who started the Method brand of ecofriendly cleaning products, is now on a brand awareness campaign. It will include prime-time TV ads and boosting production to expand retail locations by 11-fold this year.

The World BusinessMirror

A6 Monday, June 6, 2022

Editor: Angel R. Calso

evacuated after private plane Russia pummels eastern Ukraine Biden entered airspace near beach home as Ukrainian forces repel advance R

By John Leicester, Inna Varenytsia & Andrea Rosa The Associated Press

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YIV, Ukraine—Reinforced Russian troops backed by airstrikes pummeled a portion of eastern Ukraine on Saturday, blowing up bridges and shelling apartment buildings as they fought to capture two cities that would put a contested province under Moscow's control, Ukrainian officials said.

Russian and Ukrainian forces battled street-by-street in Sievierodonetsk and neighboring Lysychansk, regional governor Serhiy Haidai said. Russian strikes killed four people, including a mother and child, in the nearby village of Hirske, Haidai said.

The cities are the last major areas of Luhansk province still held

by Ukraine. The Russian attacks are central to the Kremlin’s reduced wartime goal of seizing the entire Donbas region, where Moscowbacked separatists have fought Ukrainian forces for eight years and established self-proclaimed republics.

Russia also escalated attacks in Donetsk, the other province that makes up the Donbas, the Ukrainian military said as the war reached its 101st day.

Reflecting the close combat, Russian and Ukrainian military officers blamed each other for a fire that destroyed a 1912 wooden church at the Sviatohirsk monastery, one of Ukraine's holiest Orthodox Christian sites. The sprawling, 16th-century monas-

3 dead, at least 11 wounded in Philadelphia shooting

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HILADELPHIA— Three people have died and at least 11 other people were wounded in a shooting late Saturday night in Philadelphia, authorities said.

The Philadelphia Police Department responded to reports of a person with a gun in a large crowd.

Police Inspector D. F. Pace said during a news conference that shots were fired into the downtown crowd and an officer shot at a suspect. It is unclear if the suspect was hit.

“You can imagine there were hundreds of individuals just enjoying South Street, as they do every single weekend, when this shooting broke out,” Pace said.

The conditions of those who were wounded by gunfire remains unknown.

Authorities say no arrests have been made but that two weapons were recovered.

The department said on Twitter to avoid the area and that several people were injured. AP

tery, which sits on the bank of the Siverskiy Donets River, has been hit several times previously during the war, most recently on Wednesday, when three monks were killed.

In his nightly video address Saturday, President Volodymyr Zelenskyy accused Russia of “deliberately and systematically destroying Ukrainian culture and its historical heritage, along with social infrastructure like housing and everything needed for normal life.”

Zelenskyy said 113 churches have been damaged or destroyed during the invasion, including some that survived the battles of World War II. In recent days Russian forces have focused on capturing Sievierodonetsk, which had a prewar population of about 100,000. At one point they held 90% of the city, but Ukrainian soldiers clawed back some ground, Haidai reported Friday. Zelenskyy described the city's situation as “extremely difficult” on Saturday.

Western military analysts said Russia was devoting significant

A man stands looking at a building destroyed during attacks, in Borodyanka, on the outskirts of Kyiv, Ukraine on Saturday, June 4, 2022. AP Photo/Natacha Pisarenko

troop strength and firepower to what British officials called a “creeping advance” in the Donbas.

"The combined use of air and artillery strikes has been a key factor in Russia’s recent tactical successes in the region,” the UK Ministry of Defense said in a Saturday assessment. The ministry warned that after launching so many guided missiles, Russia was employing unguided missiles that have “almost certainly caused substantial collateral damage and civilian casualties.”

The Ukrainian military reported that it repulsed nine attacks in the Donbas over 24 hours. The claim could not be independently verified.

While Russian forces are concentrated on the Donbas, Ukraine has staged counterattacks to try to regain territory in the south.

After seizing most of the Kherson and Dnipropetrovsk regions, as well as the port city of Mariupol, Moscow has installed local administrators, offered residents Russian passports and taken other steps to consolidate its hold on oc-

cupied areas.

Russian shelling killed at least three civilians in the Black Sea port city of Mykolaiv, Mayor Oleksandr Senkevich said Saturday.

The Institute for the Study of War, a Washington-based think tank, said Russian-installed officials and troops face growing resistance among the local population and “an increase in partisan activity in southern Ukraine.”

The institute cited accounts on Russian Telegram channels of threats against locals who received Russian passports.

The Ukrainian Center for National Resistance, which established a website to advise people on sabotage and other techniques, said Kherson residents were encouraged to burn down a Russian passport center.

The Ukrainian military noted with approval the trouble that occupation authorities were encountering, saying Russian-installed leaders in Kherson were wearing bulletproof vests and traveling in armored vehicles. Varenytsia and Rosa reported from Sloviansk, Ukraine.

American spy agencies review their misses on Ukraine, Russia

By Nomaan Merchant & Matthew Lee The Associated Press

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ASHINGTON—The question was posed in a private briefing to US intelligence officials weeks before Russia launched its invasion in late February: Was Ukraine's leader, Volodymyr Zelenskyy, made in the mold of Britain’s Winston Churchill or Afghanistan’s Ashraf Ghani?

In other words, would Zelenskyy lead a historic resistance or flee while his government collapsed?

Ultimately, US intelligence agencies underestimated Zelenskyy and Ukraine while overestimating Russia and its president, even as they accurately predicted Vladimir Putin would order an invasion.

But Kyiv, Ukraine’s capital, did not fall in a few days, as the United States had expected. And while American spy agencies have been credited with supporting Ukraine's resistance, they now face bipartisan pressure to review what they got wrong beforehand—especially after their mistakes in judging Afghanistan last year.

Intelligence officials have begun a review of how their agencies judge the will and ability of foreign governments to fight. The review is taking place while US intelligence continues to have a critical role in Ukraine and as the White House ramps up weapons deliveries and support to Ukraine, trying to predict what Putin might see as escalatory and seeking to avoid a direct war with Russia.

President Joe Biden’s administration announced it would give Ukraine a small number of high-tech, mediumrange rocket systems, a weapon that Ukraine has long wanted. Since the war began on February 24, the White House has approved shipping drones,

anti-tank and anti-aircraft systems, and millions of rounds of ammunition.

The US has lifted early restrictions on intelligence-sharing to provide information that Ukraine has used to strike critical targets, including the flagship of the Russian navy.

Lawmakers from both parties question whether the US could have done more before Putin invaded and whether the White House held back some support due to pessimistic assessments of Ukraine. Sen. Angus King, an independent from Maine, told officials at a Senate Armed Services Committee hearing last month that “had we had a better handle on the prediction, we could have done more to assist the Ukrainians earlier.”

Ohio Rep. Mike Turner, the top Republican on the House Intelligence Committee, said in an interview that he thought the White House and top administration officials had projected “their own bias on the situation in a way that lends itself to inaction.”

The Senate Intelligence Committee sent a classified letter last month to the Office of the Director of National Intelligence asking about how intelligence agencies assessed both Ukraine and Afghanistan. CNN first reported the letter.

Director of National Intelligence Av r i l Ha ines told law ma kers in May that the National Intelligence Council would review how the agencies assess both “will to fight” and “capacity to fight.” Both issues are “quite challenging to provide effective analysis on and we're looking at different methodologies for doing so,” Haines said.

While there is no announced timetable on the review, which began before the committee’s letter, officials have identified some errors. Several people familiar with prewar assessments spoke to The Associated Press on condition of anonymity to discuss sensitive intelligence.

Despite its vast advantages, Russia failed to establish air superiority over Ukraine and failed at basic tasks such as securing its battlefield communications. It has lost thousands of soldiers and at least eight to 10 generals, according to US estimates.

Russian and Ukrainian forces are now fighting in fierce, close quarters combat in eastern Ukraine, far from the swift Russian victory forecast by the US and the West.

While Russia has entered recent proxy wars, it had not directly fought a major land war since the 1980s. That meant many of Russia’s projected and claimed capabilities had not been put to the test, posing a challenge for analysts to assess how Russia it would perform in a major invasion, some of the people said. Russia’s active weapons export industry led some people to believe Moscow would have many more missile systems and planes ready to deploy.

Russia has not used chemical or biological weapons, as the US publicly warned it might. One official noted that the US had “very strong concerns” about a chemical attack, but that Russia may have decided that would cause too much global opposition. Fears that Russia would use a wave of cyberattacks against Ukraine and allies have not materialized so far.

Other Russian problems were well-known, including low troop morale, a prevalence of drug and alcohol abuse among troops, and the lack of a noncommissioned officer corps to oversee forces and deliver instructions from commanders.

“We knew all of those things existed,” said retired Lt. Gen. Robert Ashley, the former director of the Defense Intelligence Agency. “But it just became a cascading effect of how overwhelming all of that became when they tried to do even the most simple of operations.” Associated Press writer Lolita C. Baldor contributed to this report.

EHOBOTH BEACH, Del. — A small private airplane mistakenly entered restricted airspace near President Joe Biden's Delaware vacation home Saturday, prompting the brief evacuation of the president and first lady, the White House and the Secret Service said.

The White House said there was no threat to Biden or his family and that precautionary measures were taken. After the situation was assessed, Biden and his wife, Jill, returned to their Rehoboth Beach home.

The Secret Service said in a statement that the plane was immediately escorted from the restricted airspace after “mistakenly entering a secured area.” The agency said it would interview the pilot who, according to a preliminary investigation, was not on the proper radio channel and was not following published flight guidance.

As is standard practice for presidential trips outside Washington, the Federal Aviation Administration published flight restrictions earlier this week before Biden's beach town visit. The restrictions include a 10-mile radius no-fly zone contained with a 30-mile restricted zone.

A CBS News reporter said on Twitter that he saw Biden motorcading to a Rehoboth Beach fire station. The group of reporters that

President Joe Biden walks down the steps of Air Force One at Dover Air Force Base, Del., Thursday, June 2, 2022, as he heads to Rehobeth Beach, Del., for the weekend. AP Photo/Susan Walsh

travels with the president was not part of the motorcade.

Federal regulations require pilots to check for flight restrictions along their route before taking off.

Still, accidental airspace breaches, particularly around temporary restricted zones, are common.

US militar y jets and Coast Gu a rd he l ico pt e r s a re of t e n used to intercept a ny pl a nes that violate the f light restrictions around the president. Intercepted planes are diverted to a nearby airfield where aircrews are interviewed by law enforcement and face potential criminal or civil penalties. AP

Mystery solved: UK Queen shares secret with Paddington

By Danica Kirka & Sylvia Hui The Associated Press

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ONDON —Now we know what is in Queen Elizabeth II's handbag.

The long-time mystery was solved Saturday when the British monarch made the second star turn of her career, appearing in a mini-movie to kick off a concert celebrating her 70 years on the throne. The sketch featured the queen having a cream tea with British national treasure Paddington Bear at Buckingham Palace.

After drinking all the tea and destroying the cakes, the duffle-coat wearing bear from deepest Peru told Elizabeth how he always had a reserve supply of marmalade sandwiches with him, lifting up his red hat to reveal his favorite treat.

“So do I,” the queen responded before opening her bag and declaring: “I keep mine in here.”

The scene recalled the moment Elizabeth appeared as a Bond girl in a short film for the opening ceremony of the 2012 London Olympics.

“Her majesty is well known for her sense of humor, so it should be no surprise that she decided to take part in tonight’s sketch,” the palace said.

“There was an interest in the filming and animation process and the opportunity to invite a famous bear to tea was just too much fun to miss.”

The queen’s performance with an animated bear drew laughter and loud applause from the overflow crowd at the concert outside Buckingham Palace that was the highlight of the third of four days of festivities celebrating her Platinum Jubilee. The 96-year-old monarch did not attend the concert in person due to what the palace describes as “episodic mobility issues.”

Despite the queen’s absence, spirits were high during an event that culminated with appearances by the monarch’s son and grandson. Prince Charles and his son Prince William paid tribute to the queen in separate speeches that honored the past and looked to the future.

Anne Middleton, 61, who travelled from Cardiff in Wales for the jubilee celebrations, said she loved the Paddington sketch and the queen’s decision to skip the event didn’t dim the festivities.

“Not for me,” she said, decked out from head to toe in the flags of the UK and Wales. “She turned up on the first day, and we know she would have been there if she could have been.”

Charles opened his short speech by

addressing the queen as “Your Majesty, mummy,” then paid tribute to her “lifetime of selfless service.”

The queen’s eldest son and heir recalled the ever-growing list of world leaders Elizabeth has met and the endless stacks of state papers she has reviewed during a reign that has now stretched from the early days of the Cold War to the information age.

But he also highlighted his mother’s role as a symbol of stability, unifying the UK and the Commonwealth as they negotiated this rapidly changing world.

“You have met us and talked with us. You laugh and cry with us and, most importantly, you have been there for us, for these 70 years," Charles said as scenes from the queen’s life were projected on the palace walls. “You pledged to serve your whole life—you continue to deliver. That is why we are here. That is what we celebrate tonight.”

William preceded his father with remarks that underscored the queen's long-time commitment to the environment as he highlighted the need to combat climate change. The presentation began with a clip of the queen’s 1989 Christmas message, in which she called on all nations to work together to protect the earth for “our children and our children’s children.”

That message is still relevant today, William said.

“It’s my firm hope that my grandmother’s words are as true in 70 years' time as they are tonight, that as nations we come together in common cause, because then there is always room for hope.”

The queen has not attended any of the jubilee festivities since Thursday, when she waved to supporters from the balcony on Buckingham Palace.

The monarch also decided not to go to the Epsom Derby earlier Saturday, and was represented at the prestigious annual horse race by her daughter, Princess Anne.

The queen, known as a horse lover, has only missed the Epsom Derby a handful of times. On Saturday, five of her former racehorses were paraded, and 40 jockeys who have ridden for the queen formed a guard of honor before the national anthem was played.

“She’s been breeding horses for over 60 years,” Frankie Dettori, one of the jockeys, told the BBC. “She knows all the blood lines and she’s won lots of races and she’s very knowledgeable.”

“I’m sure today she’ll find a TV and she's going to watch it live, because she loves the Derby so much,” he added.

The World BusinessMirror

www.businessmirror.com,ph

N. Korea test-fires salvo of short-range missiles

By Kim Tong-Hyung The Associated Press

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EOUL, South Korea—North Korea test-fired a barrage of short-range ballistic missiles from multiple locations toward the sea on Sunday, South Korea's military said, extending a provocative streak in weapons demonstrations this year that US and South Korean officials say may culminate with a nuclear test explosion.

Possibly setting a single-day record for North Korean ballistic launches, eight missiles were fired in succession over 35 minutes from at least four different locations, including from western and eastern coastal areas and two inland areas north of and near the capital, Pyongyang, South Korea's Joint Chiefs of Staff said.

It said the missiles flew 110 to 670 kilometers (68 to 416 miles) at maximum altitudes of 25 to 80 kilometers (15 to 56 miles) while reaching speeds of Mach 3 to 6.

South Korean Joint Chiefs of Staff chairman Gen. Won InChoul held a video conference about the launches with Gen. Paul LaCamera, an American general who heads the South Korea-US combined forces command in Seoul, and they reaffirmed the allies’ joint defense posture, the JCS said in a statement.

Sung Kim, US President Joe Biden's special envoy for North Korea, also discussed the launches with South Korean officials while on a visit to Seoul, and they expressed “deep regret” that North Korea was continuing weapons development despite grappling with a Covid-19 outbreak at home, Seoul’s Foreign Ministry said.

Japanese Defense Minister Nobuo Kishi said none of the missiles fell inside Japan’s exclusive economic zone.

The launches came a day after the US aircraft carrier Ronald Reagan concluded a three-day naval drill with South Korea in the Philippine Sea, apparently their first joint drill involving a carrier since November 2017, as the countries move to upgrade their defense exercises in the face of North Korean threats.

North Korea has long condemned the allies' combined military exercises as invasion rehearsals and often countered with its own missile drills, including short-range launches in 2016 and 2017 that simulated nuclear attacks on South Korean ports and US military facilities in Japan.

Discussing the launches with his national security officials, South Korean President Yoon Suk Yeol lamented that North Korea was firing missiles at a pace of once every nine days this year and vowed to strengthen the South’s defense in conjuncture with its alliance with the United States, according to his office.

Japanese Prime Minster Fumio Kishida called for maximum efforts to gather information about the launches and to ensure the safety of aircraft and vessels, although there were no immediate reports of damages.

The US Indo-Pacific Command said it was aware of North Korea’s launches but assessed that the event doesn’t pose an “immediate threat to US personnel or territory, or to our allies.”

The launches were North Korea's 18th round of missile tests in 2022 alone—a streak that has included the country's first demonstrations of intercontinental ballistic missiles in nearly five years—as it continues to exploit a favorable environment to push forward weapons development with the U.N. Security Council divided over Russia's war on Ukraine.

Experts say North Korean leader Kim Jong Un's brinkmanship is aimed at forcing the United States to accept the idea of the North as a nuclear power and negotiating economic and security concessions from a position of strength.

South Korean and US officials say there are signs that North Korea is also pressing ahead with preparations at its nuclear testing ground in the northeastern town of Punggye-ri. The North's next nuclear test would be its seventh since 2006 and the first since September 2017, when it claimed to have detonated a thermonuclear bomb to fit on its ICBMs. On Friday, Sung Kim, the US envoy, said Washington is “preparing for all contingencies” in close coordination with its Asian allies as he participated in a trilateral meeting in Seoul with his South Korean and Japanese counterparts over the nuclear standoff with North Korea.

The United States has vowed to push for additional international sanctions if North Korea conducts a new nuclear test, but the prospects for further UN Security Council measures appear dim.

Russia and China vetoed a US-sponsored resolution that would have imposed additional sanctions on North Korea over its latest ballistic tests on May 25, which South Korea’s military said involved an ICBM flown on a medium-range trajectory and two short-range weapons. Those tests came as Biden wrapped up his trip to South Korea and Japan, where he reaffirmed the US commitment to defend both allies in the face of the North's nuclear threat.

North Korea in March launched an ICBM almost straight up at full-range capacity and saw it fly higher and for longer than any weapon it had ever tested, demonstrating the potential to reach the entirety of the US mainland.

While Kim's ICBMs have garnered much international attention, he has also spent the past three years expanding his arsenal of shorter range solid-fuel missiles threatening South Korea and Japan. He has punctuated his tests with repeated comments that the North would use its nuclear weapons proactively when threatened or provoked, which experts say portend an escalatory nuclear doctrine that may create greater concerns for neighbors.

Nuclear negotiations between Washington and Pyongyang have stalled since 2019 over disagreements in exchanging the release of crippling US-led sanctions against North Korea and the North’s disarmament steps.

Despite deepening economic woes, Kim has shown no willingness to fully surrender an arsenal he sees as his strongest guarantee of survival and is clearly trying to convert the dormant denuclearization talks into a mutual arms reduction negotiation with the United States, experts say.

Kim's pressure campaign comes as the country deals with a deadly Covid-19 outbreak across his largely unvaccinated autocracy that lacks public health tools.

GAVI, the nonprofit that runs the UN-backed COVAX distribution program, said Friday it understands that North Korea has accepted an offer of vaccines from ally China and has started to administer doses. It isn't immediately clear how many doses of which vaccines the North received or how the country was rolling them out. AP writer Mari Yamaguchi in Tokyo contributed to the report.

Monday, June 6, 2022

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NATO chief speaks with Erdogan about Finland, Sweden joining

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RUSSELS—NATO SecretaryGeneral Jens Stoltenberg has met with Finland’s prime minister and spoken to Turkey’s president as he seeks to overcome Turkish resistance to Finland and Sweden joining the alliance.

Stoltenberg, who visited Washington this week, tweeted late Friday that he met with Finnish Prime Minister Sanna Marin while there and discussed “the need to address Turkey’s concerns and move forward” with the Finnish and Swedish membership applications.

Russia’s war in Ukraine pushed the

Nordic countries to apply to join NATO, but Turkish President Recep Tayyip Erdogan accuses Sweden and Finland of supporting Kurdish militants deemed

by Turkey to be terrorists.

Stoltenberg said he had a “constructive phone call” with Erdogan, calling Turkey a “valued ally” and praising Turkish efforts to broker a deal to en-

NATO Secretary-General Jens Stoltenberg talks to reporters outside the White House after meeting with President Joe Biden on Thursday, June 2, 2022, in Washington. AP Photo/Evan Vucci

sure the safe transportation of grain supplies from Ukraine amid global food shortages caused by Russia's invasion.

Stoltenberg tweeted that he and Erdogan would continue their dialogue, without elaborating.

Erdogan’s office released a statement in which it said the president had emphasized that Sweden and Finland should “make it clear that they have stopped supporting terrorism,” have lifted defense export restrictions on Turkey and are “ready to show alliance solidarity.”

The Nordic states, among other countries, imposed limitations on arms sales in the wake of Turkey's 2019 military incursion into northern Syria.

The NATO chief’s diplomatic efforts came before a gathering of senior officials from Sweden, Finland and Turkey next week in Brussels, where NATO is based, to discuss Turkey’s opposition to the applications. AP

Supreme leader declares Iran took Greek oil tankers

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EHR AN, Iran—Iran’s Supreme Leader Ayatollah Ali Khamenei acknowledged Saturday that Iran took two Greek oil tankers last month in helicopter-launched raids in the Persian Gulf.

The confiscations were retaliation for Greece's role in the US seizure of crude oil from an Iranian-flagged tanker the same week in the Mediterranean Sea over violating Washington’s harsh sanctions on the Islamic Republic.

“They steal Iranian oil off the Greek coast, then our brave men who don’t fear death respond and seized the enemy’s oil tanker,” Khamenei said during an 80-minute speech on the anniversary of the death of the late founder of the Islamic Republic, Ayatollah Ruhollah Khomeini. “But they use their media empire and extensive propaganda to accuse Iran of piracy.”

“Who is the pirate? You stole our oil, we took it back from you. Taking back a stolen property is not called stealing,” he added.

The seizures ratcheted up tensions between Iran and the West already simmering over Iran’s tattered 2015 nuclear deal with world powers. Tehran has been enriching more uranium, closer to weapons-grade levels than ever before, causing concern that negotiators won’t find a way back to the accord and raising the risk of a wider war.

Iran’s seizure of the tankers was the latest in a string of hijackings and explo-

sions to roil a region that includes the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all traded oil passes. The incidents began after then-President Donald Trump unilaterally withdrew the US from the nuclear deal, which saw Tehran drastically limit its enrichment of uranium in exchange for the lifting of economic sanctions.

The US Navy blamed Iran for a series of limpet mine attacks on vessels that damaged tankers in 2019, as well as for a fatal drone attack on an Israeli-linked oil tanker that killed two European crew members in 2021. Iranian hijackers also stormed and briefly captured a Panamaflagged asphalt tanker off the United Arab Emirates last year and briefly seized and held a Vietnamese tanker in November.

Tehran denies carrying out the attacks but a wider shadow war between Iran and the West has played out in the region's volatile waters. Tanker seizures have been a part of it since 2019, when Iran seized the British-flagged Stena Impero after the United Kingdom detained an Iranian oil tanker off Gibraltar. Iran released the tanker months later as London also released the Iranian vessel.

Iran last year also seized and held a South Korean-flagged tanker for months amid a dispute over billions of dollars of frozen assets Seoul holds.

Satellite images analyzed by the AP on

Wednesday confirmed that one of the two tankers remained off the coast of the Iranian port city of Bandar Abbas. The Planet Labs PBC images from Tuesday showed the Prudent Warrior between Bandar Abbas and Iran's Qeshm Island near the strategic Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all the world's oil traded passes.

It remained unclear where the second ship, the Delta Poseidon, was.

Talks in Vienna on the nuclear deal have been stalled since April. Since the deal's collapse, Iran has run advanced centrifuges and has a rapidly growing stockpile of enriched uranium. Nonproliferation experts warn Iran has enriched enough up to 60 percent purity—a short technical step from weapons-grade levels of 90 percent—to make one nuclear weapon if it chooses.

Iran insists its program is for peaceful purposes, though United Nations experts and Western intelligence agencies say Iran had an organized military nuclear program through 2003.

Khamenei, who has final say on all state matters, in his speech Saturday also accused the US of supporting recent protests in Iran sparked by price hikes and the slashing of subsidies by the government.

Teachers for weeks also demonstrated in favor of better pay and working conditions.

The value of the Iranian currency, the

In this photo released by an official website of the office of the Iranian supreme leader, Supreme Leader Ayatollah Ali Khamenei speaks on the anniversary of the death of the late founder of the Islamic Republic, Ayatollah Ruhollah Khomeini, shown in the poster at top center, at his mausoleum in Tehran, Iran on Saturday, June 4, 2022. Khamenei acknowledged Saturday that Iran took the oil from two Greek tankers last month in helicopter-launched raids in the Persian Gulf. Office of the Iranian Supreme Leader via AP

rial, has been weakening for years but recently tumbled to new lows, reflecting growing anxiety over Iran’s economy, Khamenei criticized what he called the decades-long US opposition to the nation and said Washington pins its hopes to such protests. Khamenei, 82, said Iran’s enemies try to pit Iranian citizens “against the Islamic system” through psychological warfare, the Internet and financial support. AP

Cambodians vote in local polls amid intimidation, threats China plans to

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HNOM PENH, Cambodia—Cambodians headed to the polls Sunday in local elections that are their first chance to vote since the ruling party of long-serving Prime Minister Hun Sen swept a 2018 general election that was widely criticized as unfair.

Hun Sen’s Cambodian People's Party is certain to sail to easy victory again following what the UN Human Rights Office charged Thursday was a pattern of “threats, intimidation and obstruction targeting opposition candidates.”

“Candidates have faced numerous restrictions and reprisals that have hindered their activities, with imprisonment of a number of candidates that appears designed to curb political campaigning,” the agency said. It added that at least six opposition candidates and activists were in detention four days before the polls, awaiting trial, while others summonsed on politically motivated charges had gone into hiding.

Cambodia’s delegation at the UN Geneva offices said in a statement that the criticism was “erroneous, politicized and selective.” It said “all political parties, including opposition ones, have fully exercised their rights in line with the laws and registered schedules without any threats and obstruction.”

Hun Sen and his wife cast their ballots Sunday morning in Kandal province near the capital, Phnom Penh.

Hun Sen, an authoritarian ruler in a nominally democratic state, has held power for 37 years. He has said he intends to stay in office until 2028 and has en-

Cambodian Prime Minister Hun Sen, of the Cambodian People’s Party (CPP), inserts his ballot into a ballot box at a polling station in Takhmua in Kandal province, southeast of Phnom Penh, Cambodia on Sunday, June 5, 2022. Cambodians headed to the polls Sunday in local elections that are their first chance to vote since the ruling party of long-serving Prime Minister Hun Sen swept a 2018 general election that was widely criticized as unfair. AP Photo/Heng Sinith

dorsed one of his sons to succeed him.

His party is the only one to field candidates nationwide in all 1,652 communes. Its only serious rival, the Candlelight Party, has candidates in 1,632 communes, and the royalist FUNCINPEC Party has challengers in 688 communes.

There are a total of 82,786 candidates from 17 political parties with 9.2 million registered voters.

The local elections are held a year ahead of the general election, and are regarded as a test of the parties' strength.

In the last communal elections in 2017, the main opposition Cambodia

National Rescue Party made an unexpectedly strong showing, which led Hun Sen’s government to crack down on it as well as independent media. The party was dissolved by the Supreme Court on a charge of treason, widely seen as politically motivated, and the free press was driven out of business or cowed into submission.

Without the Cambodian National Rescue Party on the ballot, Hun Sen’s party was assured of victory in the general election the following year.

Several Western nations imposed sanctions on the government after concluding the 2018 election was neither free nor fair. The harshest measure came from the European Union, which withdrew some preferential trading privileges.

The dissolved Cambodia National Rescue Party, whose sitting members were also ousted from their political posts, remains banned, with most of its top leaders in exile.

The Candlelight Party is now seeking to challenge the ruling party by rallying its former supporters, though its activities have remained severely curtailed.

The original Candlelight Party was founded in 1995 by Sam Rainsy, the main political rival of Hun Sen, and later folded into the Cambodia National Rescue Party. Sam Rainsy, faced with legal harassment, went into self-exile in France, and the co-founder of the Cambodia National Rescue Party, Kem Sokha, is currently being tried on a thinly supported treason charge. AP

complete space station with latest mission

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EIJING—China is preparing to launch a new three-person mission to complete work on its permanent orbiting space station, the China Manned Space Agency said Saturday.

The Shenzhou 14 crew will spend six months on the Tiangong station, during which they will oversee the addition of two laboratory modules to join the main Tianhe living space that was launched in April 2021.

Their spaceship is due to blast off from the Jiuquan Satellite Launch Center on the edge of the Gobi Desert at 10:44 a.m.

Sunday (0244 GMT), the agency said. The crewed space flight program's workhorse Long March 2F rocket will provide propulsion.

Commander Chen Dong and fellow astronauts Liu Yang and Cai Xuzhe will assemble the three-module structure joining the existing Tianhe with Wentian and Mengtian, due to arrive in July and October. Another cargo craft, the Tianzhou-3, remains docked with the station.

The arrival of the new modules will “provide more stability, more powerful functions, more complete equipment,” said Chen, 43, who was a member of the Shenzhou 11 mission in 2016.

Liu, 43, is also a space veteran and was China’s first female astronaut to reach space aboard the Shenzhou 9 mission in 2012. Cai, 46, is making his first space trip.

China's space program launched its first astronaut into orbit in 2003, making it only the third country to do so on its own after the former Soviet Union and the US. AP

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Monday, June 6, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Filipinos pin high hopes on incoming administration

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he presidency is arguably the hardest job in the country because the president needs to represent the varied, competing interests of more than 110 million Filipinos. The challenge for incoming President Ferdinand “Bongbong” Marcos Jr. is to govern well and create favorable circumstances to attract broad public support. To do this, he needs to serve not only the 31 million people who voted for him but also those who did not. He should now be blind to political colors to achieve his campaign slogan of “unity.”

Filipinos have high expectations of the incoming Marcos administration.

Most of these expectations were created during the presidential campaign.

But Marcos Jr. will take office at a most challenging time, when almost all countries are facing myriad problems like economic slowdown, broken supply chain, surging inflation, limited government revenue, and food shortages, on top of the lingering pandemic.

The new administration will inherit a “much better” economy, according to Bangko Sentral ng Pilipinas Governor Benjamin Diokno, the incoming Finance secretary. In a recent TV interview, Diokno said: “The next administration will be inheriting a sound tax system that we reformed many times under this administration. It will also be a recipient of many structural reforms like the amendments of the retail trade act, the foreign investment act, and public service act. In other words, it will inherit a much better economy than what we had in the previous one.” (Read, “Next admin inherits ‘much better’ economy–Diokno,” in the BusinessMirror, May 10, 2022).

Diokno, however, admitted there are big challenges that await the Marcos administration, especially in the area of managing the country’s resources after the pandemic. “Before the pandemic, the debt to GDP ratio of the Philippines was about 39.6 percent. Now it rose to 60.5 percent because of the Covid-19 response and the accompanying drop in revenues,” Diokno said. “But this level is still pretty much manageable as long as we continue to grow between 6 and 7 percent in the next few years,” he added.

Among the next administration’s “first order of business,” according to the Central Bank chief, is to present a “fiscal consolidation program” for the Filipinos and the international community. Diokno said it needs to plan for efficient allocation of budgetary resources, especially to fund the continuation of the country’s infrastructure reform.

There are pressing issues that the new administration needs to address. But if we were to put our two cents in, it would do well for the incoming Marcos administration to define its top priorities with the poor Filipinos in mind. For example, it can focus on food supply and prices first because food accounts for more than half of the consumption of the ordinary Filipinos. High food prices impact poor Filipinos the most. Without the needed policy response, rising food prices are likely to worsen the country’s poverty situation.

Our incoming economic managers will have to find effective ways to address supply problems and price pressures. That’s a tall order to fill because the pandemic and the Ukraine war have elevated prices of global food, which will most likely continue for the rest of the year. To make matters worse, nine countries in May put in place restrictive measures on food exports. This created food shortages and contributed to increasing prices.

BusinessMirror columnist Dr. Alvin P. Ang said “the options are tight because subsidies are not possible due to financial constraints, and price controls may only exacerbate the situation.” He added: “The pandemic palay output actually improved by 7 percent, from 4.3 MT in March 2020 to 4.6 MT in March 2022. The challenge is sustaining the increase in palay and other agricultural output so that we can cushion possible global shortages.”

During the presidential campaign, candidate Marcos Jr. said that if the agriculture sector is supported in terms of loans, research and development and infrastructure, the sector could succeed in its role as a foundation of the country’s industrialization. He also pledged aid and loans to hog raisers to lower pork prices and increase supply.

We hope that our incoming president will deliver on his campaign promises and make sustainable agriculture a top priority of his administration. A strong farm sector underpins the country’s food security.

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The responsible traveler Atty. Jose Ferdinand M. Rojas II

RISING SUN

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fter two years in the heat of the Covid-19 pandemic, Philippine tourism tries to bounce back and encourage people to travel around the islands again. Backed by programs and promotion by the Department of Tourism (DOT), local travel is being rebuilt and reimagined to be more sustainable, inclusive, accessible, and resilient. Just this April, the country hosted the 21st Global Summit of the World Travel & Tourism Council.

The Philippines has also been nominated in the 29th World Travel Awards for the following categories: Asia’s Leading Beach Destination 2022, Asia’s Leading Dive Destination 2022, Asia’s Leading Tourist Attraction 2022—Intramuros, Philippines, Asia’s Leading Tourist Board 2022—Philippines Department of Tourism, and Asia’s Leading Wedding Destination 2022—Cebu, Philippines. Everyone is invited to cast their votes here: https://www.worldtravelawards.com/register And as we start to travel around

the Philippines again, the Department of Health issues a timely reminder: “Continue to wear the best-fitting mask, isolate when sick, double up protection through vaccination and boosters, and ensure good airflow.” That’s because the DOH just released a statement to announce that the Omicron BA.5 strain of the Covid-19 is most likely being transmitted locally already after it has recently been detected in the country.

Aside from being conscious healthwise, environmental consciousness is very important as we

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visit tourist spots, islands, beaches, and communities around the country. The DOT invites everyone to become a “zero-waste warrior and eco-staycationer” by keeping our surroundings clean, planting trees, supporting local communities, bringing reusable bottles, bags, utensils, etc. The DOT even has a social media campaign to raise awareness about environmental eco-tourism.

One can win a trip to El Nido, Palawan for two by uploading their “eco-

Attending to road transport, finally

Founder Publisher

Aside from being conscious healthwise, environmental consciousness is very important as we visit tourist spots, islands, beaches, and communities around the country. The DOT invites everyone to become a “zero-waste warrior and ecostaycationer” by keeping our surroundings clean, planting trees, supporting local communities, bringing reusable bottles, bags, utensils, etc. The DOT even has a social media campaign to raise awareness about environmental eco-tourism.

STREET TALK

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mong the four modes of transportation—air, land, maritime and rail—that are under the purview of the Transportation department, the land transport or the road sector is considered as the most complex in terms of the challenges that it presents. This does not mean that the other modes of transport are less complex or less important. In fact, they require more specialized planning and budgets given the infrastructural requirements (ports, airports, rail networks), but managing these sectors is not as challenging as that of the road sector. And if there is one area that the government has neglected, admittedly it is the road sector.

Fixing this sector is easier said than done simply because its very characteristic presents the need for a unique approach, unlike the others which are more structured and more institutionalized. For one, this sector carries the most commuters. The combined annual ridership (pre-pandemic) of air, maritime and rail reached a little over 200 million passengers. Staggering, yes, but jeepney passengers alone on a daily basis reach 32 mil-

lion per day or more than 200 million in a week; and this does not include bus, taxis and other modes of road transport, not to mention the undocumented and illegal ones.

Second, air, rail and maritime operator ownership, because of the investments required, is limited to less than a hundred mega operators to include the rail concessions awarded by the government.

With the road sector, you have more than a million operators with all

Think of road transport as the avenue where we have the great divide that affects our society economically, socially, and even politically. Where else can those with money easily resolve their transport concerns not provided for by government by buying their own vehicles, regardless of the effect of their self-interest solutions to the worsening traffic affecting millions of ordinary commuters.

the mom-and-pop single operations found even in the remotest barangays. It can be compared to a sari-sari store of transport, where the smallest unit of interaction can be found in all corners of our archipelago. Third, the road sector is the most underdeveloped among the four, also perhaps because of its complexity. Consider all the jeepneys, tricycles and habal-habal in areas that are unserved or underserved. It does not help that the government agencies overseeing the road sector are not all under the Transportation department.

Tricycles are supervised by the Lo-

friendly” travel photos and geo-tagging and writing short descriptions about them. Upload your entries with the following tags: tourismphilippines (Tiktok), tourism_phl (Instagram), https://www.facebook.com/ DepartmentOfTourism (Facebook), and @TourismPHL (Twitter). Also, use the hashtags #KeepTheFunGoing and #ChallengeDone in your captions and then tag 3 friends in the post. Profiles and posts must be set to public so everyone can view the entries.

Their web site, https://philippines.travel/saveourspots, has more important information like suggestions about outdoor activities that promote sustainability, sustainable travel tips, videos and articles, a list of green hotels in the Philippines, events and festivals, tips to become an eco-warrior, and more.

It is relatively easy to buy tickets and book hotels, but travelers need to spend more time thinking and planning about how to travel responsibly. Because the message is pretty clear: if we take care of our tourist and travel spots and make an effort to preserve them, our children and the next generations will get to enjoy these beautiful destinations, too.

cal Governments department while all road infrastructure are under Public Works. Even the approval of vehicle standards is done by the Trade department.

We are not espousing that road transport be a distinct undertaking separate from the Transportation department. That will only worsen the situation by making what apparently needs the necessary sectoral attention be now coordinated with the rest. What we are saying is that perhaps this sector be given the necessary priority, for once.

We understand our priorities on rail, as that presents the long term solution to our transport woes.

Also, the airports and the seaports given the geographical nuance of our country. But land transport affects us the most —and on a daily basis. And providing the needed attention as well as a real solution to road transport can provide a breath of fresh air that will have overreaching effects on other aspects of our country’s well-being.

Plus road transport solutions are cheaper than air, maritime or rail.

Think of road transport as the avenue where we have the great divide that affects our society See “Orbos,” A9

Opinion BusinessMirror

www.businessmirror.com.ph

Statutory and regulatory An exercise in civility accounting in the electric power industry Siegfred Bueno Mison, Esq.

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Increased awareness of the consequences of an unruly behavior manifested by an overt act could help deter its commission. In the case of Garcia, he was penalized with a 3-month suspension and a P60,000 fine. Article 287 of the Revised Penal Code offers a tougher penalty for light coercions or unjust vexation, which includes imprisonment.

Such an act of rudeness is nothing new, especially in contact sports like basketball where passion and tension collaborate all the time and devise a whole set of merchandise, physical injuries included. On countless occasions where emotions run high, a party may already cause damage to the other before being repelled. And regret, as purely defined, always comes after the fact.

Assistant coach Garcia eventually slid back to civility afterward and apologized for his “unacceptable and unprofessional behavior.” However, as the MPBL puts it, his acts already tarnished the image of the league and possibly endangered the health of the other party. Sanctions ought to be harsh, not just to punish the act done, but also to deter a similar act in the future.

In the halls of Malacañang or in any other podium where a set of eager crowds listen to President Duterte, invectives or plain “mura” are a commonly heard. Even the Pope and former US President Obama were “victims” of his insatiable rant, whether said in jest or to stress a point. He says it so glibly that some would think crude language is already second nature to him. Admittedly, I used to lose my cool, churn out boorish words, and bawl out my subordinates in

sation about transferring seats, one passenger felt insulted and, in the heat of anger, hurled invectives or plain “mura,” Duterte style, against a flight attendant. Cases and counter cases were filed, unnecessarily burdening our Legal Department, not to mention the stress on the passenger. The case was resolved after two years, only by way of an out of court compromise. Lesson? We should all guard our thoughts, careful not to be overwhelmed by our emotions as the devil is quick to manipulate moments of temporary weakness and lead us to commit regrettable conduct. If Coach Garcia managed to pause for a second, there might have been no spitting incident.

Increased awareness of the consequences of an unruly behavior manifested by an overt act could help deter its commission. In the case of Garcia, he was penalized with a 3-month suspension and a P60,000 fine. Article 287 of the Revised Penal Code offers a tougher penalty for light coercions or unjust vexation, which includes imprisonment. Moreover, Section 73 of Republic Act 10951, unjust vexation is punishable by imprisonment ranging from one day to 30 days and/ or a fine of P1,000 to P40,000. The Supreme Court has defined unjust vexation as any human conduct, without violence, that unjustly annoys an innocent person (Baleros Jr. v. People of the Philippines,January 30, 2007). The overriding question to be settled is whether the act caused annoyance, irritation, torment, distress or disturbance to

THE PATRIOT

By Alfredo J. Non

Part One

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rinciples of accounting and auditing existed and have been observed for many years now, most especially in the more developed countries. The Philippines has gone a long way in this area and is currently at par internationally as far as financial accounting and auditing standards are concerned.

Up until the 1970s, American practice dominated the practice of accounting and auditing. There is a compilation of Philippine generally accepted accounting principles (Philippine GAAP). However, these do not have the mandatory effect, and were merely recommendatory.

Changes started to be introduced with the creation of a Philippine accounting standards body in the 1980s, which was charged with the approval and publication of accounting and auditing standards generally acceptable in the Philippines, but still with reference to standards promulgated by the American standardsetting bodies.

Then, as financial problems escalate in the 1990s, stricter standards and controls were introduced together with other concepts. Control-based audit approach shifted to risk-based approach; statistical sampling and transaction-flow analysis was introduced in place of block-testing. In early 2000, corporate governance started to become a requirement internationally with the Philippines among the first to implement a Corporate Governance Code sometime in 2004. Risk Management has been in practice many years back but became formally recognized in the 1990s and, in early 2000 was developed in a more comprehensive approach called Integrated Risk Management.

With these developments came other changes. With the development of a risk-based audit approach in external auditing, internal audit approach also changed significantly. It followed a risk-based approach working hand in hand with company management to ensure that business risks are addressed by management instead of working as a stand-alone unit working in a separate environment like a watchdog that in most cases tend to reperform rather than analyze.

Now, a company is judged on how it addresses the requirements of good internal controls, risk management practices, corporate governance practices and lately, the concept of Corporate Social Responsibility.

Business is no longer just for profit.

It considers all stakeholders in the business. The same is true for accounting and auditing. While the audit report is addressed to the Board of Directors, the auditors’

The objective of an audit is to form an independent opinion on the financial statements of the audited entity. The opinion includes whether the financial statements show a true and fair view, and have been properly prepared in accordance with accounting standards together with the disclosures thereon.

Orbos . . .

for wishing that we can have that chance to finally give the much needed attention to this neglected transport sector. And rather than infrastructure build up to shore up a one time-big time solution, it will be an honest to goodness assessment of what needs to be done to finally begin resolving the answers needed for this sector; no matter how difficult its complexities maybe. It may not be the highly pronounced and drum beating program such as the “Build, Build, Build,” but attending and resolving the problems of the road sector with people-centered policies. Expect it to be tedious and sometime humiliating to finally nail a path to resolving this. But maybe this is what is needed in order for us to fly high, steam ahead and sail away and make our country truly take off insofar as real people transport is concerned.

continued from A8

economically, socially, and even politically. Where else can those with money easily resolve their transport concerns not provided for by government by buying their own vehicles, regardless of the effect of their self-interest solutions to the worsening traffic affecting millions of ordinary commuters.

In the meantime, those with less are left to whatever road transport network is provided for by the government, and we know that is nothing to be proud about, even after decades of trying to provide or pretending to provide solutions.

Anybody who has traveled in Metro Manila knows what I am talking about: Organized chaos, survival of the fittest, as they say, where only those with the strongest character and patience can make it out.

With the new administration coming in, we cannot be blamed

responsibility extends to every user of the financial statements.

The objectives of accounting in any business are—systematically record transactions, sort and analyzing them, prepare financial statements, assessing the financial position, and aid in decision making with financial data and information about the business.

The objective of an audit is to form an independent opinion on the financial statements of the audited entity. The opinion includes whether the financial statements show a true and fair view, and have been properly prepared in accordance with accounting standards together with the disclosures thereon.

Statutory accounting follows generally accepted accounting principles promulgated by the Philippine Financial Reporting Standards (PFRS), which are in line with the international rules under the International Financial Reporting Standards.

Philippine reporting standards are also contained under Rule 68 of the Philippine Securities and Exchange Commission. CPAs designated as external auditors reporting for statutory purposes are obliged to observe the auditing standards contained under Philippine Accounting and Auditing Standards.

While as a general rule, regulatory accounting and statutory accounting follow the same set of principles, regulatory accounting sometimes follows a different set of rules specific to the industry. For this series of articles, I will focus only on the electric power industry.

To be continued.

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

The author may be reached via: tmo45@geoergetown.edu

Monday, June 6, 2022

andemonium broke loose in a basketball game. At least within the emotional banks of assistant coach Efren “Yong” Garcia of the San Juan Knights MPBL team, a maelstrom of sentiments conspired and caused him to spit at Valenzuela player Lord Casajeros. Garcia was caught on camera spitting on Casajeros late in the second quarter of their game in the Maharlika Pilipinas Basketball League in San Juan City. Whether or not a verbal tirade accompanied the act, the saliva sputtering out of Garcia’s mouth and landing on Casajeros’ bare shoulders is enough of an affront and alarm. At the height of a Covid-19 pandemic, the incident is considered as not only unthinkable but utterly forbidden. the Army. Emotions can run in excess and overpower a sense of decency and civility. And before we realize it, psychological, and sometimes physical scars are already imprinted.

This string of behavior among us has unfortunately become so commonplace. While most of us were taught not to use the same mouth for blessing and cursing (James 3:10, of the Bible), we have seen our government leaders of late blatantly verbally abuse others. Assistant coach Garcia lost his composure during that basketball game and ended up spitting at the other team’s player. Outgoing President Duterte lashed out and verbally bashed those who oppose him, either from desperation or disappointment. Influenced by such tendencies, Garcia’s players or Duterte’s followers can easily lose control and also use verbal abuse.

Feeding our emotions plays a definitive role here, normally setting the trigger for the outburst.

Altercations and arguments caused by traffic and flight delays are the best illustrations of the damaging effects of feeding one’s emotions to a fault. This calls to mind a story of an unruly passenger when I was still with Philippine Airlines (PAL). In what seemed to be a simple conver-

A9

the mind of the person to whom it is directed (People v. Reyes, 60 Phil.

369). Unjust vexation may exist without inflicting any physical or material harm, without any compulsion or restraint, without the physical presence of the offended party at the time the crime was being committed (Maderazo v. People, GR 165065, 26 September 2006).

With these lessons in Criminal Law, we should be reminded not to take the law into our own hands.

Easier said than done, I suppose, but not impossible. As believers, we are known by our “fruit,” and we are taught to cultivate the “fruits of the Spirit” in our hearts and minds. In Galatians 5:22-23, the Apostle Paul lists nine specific behaviors that are the result of the work of the Holy Spirit in a Christian’s life, viz.: “But the fruit of the Spirit is love, joy, peace, forbearance, kindness, goodness, faithfulness, gentleness and self-control. Against such things there is no law.” The “fruit” in this verse can mean “deed, action, or result.”

Our struggles to calm our mouths, minds, and hands will be more manageable with spiritual strength that can only come from an intimate relationship with Jesus which equates to an affiliation with the Spirit. The result of the work of the Spirit in a believer’s life is among others, selfcontrol. Once ingrained, these gifts ought to neutralize our tendencies to use invectives, bad words, spitting and quarreling. All these have no place in a believer’s life.

Just like any muscle, we should exercise our speech in civility so our faith will not be an exercise in futility.

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

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

Pope Francis fuels new speculation on future of pontificate

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By Nicole Winfield | The Associated Press

OME—Pope Francis added fuel to rumors about the future of his pontificate by announcing he would visit the central Italian city of L’Aquila in August for a feast initiated by Pope Celestine V, one of the few pontiffs who resigned before Pope Benedict XVI stepped down in 2013.

Italian and Catholic media have been rife with unsourced speculation that the 85-year-old Francis might be planning to follow in Benedict’s footsteps, given his increased mobility problems that have forced him to use a wheelchair for the last month.

Those rumors gained steam last week when Francis announced a consistory to create 21 new cardinals scheduled for Aug. 27. Sixteen of those cardinals are under age 80 and eligible to vote in a conclave to elect Francis’ successor.

Once they are added to the ranks of princes of the church, Francis will have stacked the College of Cardinals with 83 of the 132 voting-age cardinals. While there is no guarantee how the cardinals might vote, the chances that they will tap a successor who shares Francis’ pastoral priorities become ever greater.

In announcing the Aug. 27 consistory, Francis also announced he would host two days of talks the following week to brief the cardinals about his recent apostolic constitution reforming the Vatican bureaucracy. That document, which goes into effect Sunday, allows women to head Vatican offices, imposes term limits on priestly Vatican employees and positions the Holy See as an institution at the service of local churches, rather than vice versa.

Francis was elected pope in 2013 on a mandate to reform the Roman Curia. Now that the nine-year project has been rolled out and at least par-

tially implemented, Francis’ main task as pope has in some ways been accomplished.

All of which made Saturday’s otherwise routine announcement of a pastoral visit to L’Aquila carry more speculative weight than it might otherwise have.

Notable was the timing: The Vatican and the rest of Italy are usually on holiday in August to mid-September, with all but essential business closed. Calling a major consistory in late August to create new cardinals, gathering churchmen for two days of talks on implementing his reform and making a symbolically significant pastoral visit suggests Francis might have out-of-the-ordinary business in mind.

“With today’s news that @Pontifex will go to L’Aquila in the very middle of the August consistory, it all got even more intriguing,” tweeted Vatican commentator Robert Mickens, linking to an essay he had published in La Croix International about the rumors swirling around the future of the pontificate.

The basilica in L’Aquila hosts the tomb of Celestine V, a hermit pope who resigned after five months in 1294, overwhelmed by the job. In 2009, Benedict visited L’Aquila, which had been devastated by a recent earthquake and prayed at Celestine’s tomb, leaving his pallium stole on it.

No one at the time appreciated the significance of the gesture. But four years later, the 85-year-old Benedict

Francis was elected pope in 2013 on a mandate to reform the Roman Curia. Now that the nineyear project has been rolled out and at least partially implemented, Francis’ main task as pope has in some ways been accomplished.

All of which made Saturday’s otherwise routine announcement of a pastoral visit to L’Aquila carry more speculative weight than it might otherwise have.

would follow in Celestine’s footsteps and resign, saying he no longer had the strength of body and mind to carry on the rigors of the papacy.

The Vatican announced Saturday Francis would visit L’Aquila to celebrate Mass on August 28 and open the “Holy Door” at the basilica hosting Celestine’s tomb. The timing coincides with the L’Aquila church’s celebration of the Feast of Forgiveness, which was created by Celestine in a papal bull.

No pope has travelled to L’Aquila since to close out the annual feast, which celebrates the sacrament of forgiveness so dear to Francis, noted the current archbishop of L’Aquila, Cardinal Giuseppe Petrocchi.

“We hope that all people, especially those harmed by conflicts and internal divisions, might [come] and find the path of solidarity and peace,” he said in a statement announcing the visit.

Francis has praised Benedict’s decision to retire as “opening the door” for future popes to do the same, and he had originally predicted a short papacy for himself of two to five years.

Nine years later, Francis has shown no signs he wants to step down, and he has major projects still on the horizon.

In addition to upcoming trips

this year to Congo, South Sudan, Canada and Kazakhstan, in 2023 he has scheduled a major meeting of the world’s bishops to debate the increasing decentralization of the Catholic Church, as well as the continued implementation of his reforms.

But Francis has been hobbled by the strained ligaments in his right knee that have made walking painful and difficult. He has told friends he doesn’t want to undergo surgery, reportedly because of his reaction to anesthesia last July when he had 33 centimeters (13 inches) of his large intestine removed.

This week, one of his closest advisers and friends, Honduran Cardinal Oscar Rodriguez Maradiaga, said talk of a papal resignation or the end of Francis’ pontificate was unfounded.

“I think these are optical illusions, cerebral illusions,” Maradiaga told Religion Digital, a Spanish-language Catholic site.

Christopher Bellitto, a church historian at Kean University in Union, New Jersey, noted that most Vatican watchers expect Francis will eventually resign, but not before Benedict dies. The 95-year-old retired pope is physically frail but still alert and receiving occasional visitors in his home in the Vatican gardens.

“He’s not going to have two former popes floating around,” Bellitto said in an email. Referring to Francis’ planned visit to L’Aquila, he suggested not reading too much into it, noting that Benedict’s gesture in 2009 was missed by most everyone.

“I don’t recall a lot of stories at the time saying that Benedict’s visit in 2009 made us think he was going to resign,” he said, suggesting that Francis’ pastoral visit to l’Aquila might be just that: a pastoral visit.

A10 Monday, June 6, 2022

PINAY HOSPITAL WORKER SPAT AT IN NYC, PUNCHES OFFENDER

By Malou Talosig-Bartolome @maloutalosig

T

HREE days after US President Joe Biden met Korean superstar BTS to sound off an anti-Asian discrimination in the light of the Covid-19 pandemic, another case of Asian hate crime occurred again in New York City, victimizing a Filipino hospital worker.

Only this time, the perpetrator picked on the wrong Asian.

The Pinay victim has “DNA of the Philippine boxing greats embedded all over her fist,” said a consular official. “[The attacker] saw a few stars,” Philippine Consul General to New York Elmer Cato tweeted.

Cato did not name the victim, but described her as a young hospital worker who comes from a “family of boxing legends from the Central Philippines.”

So far, there is only one Philippine boxing legend who has family members who were also boxing champions—Hall of Fame boxer Gabriel “Flash” Elorde, who hailed from Cebu.

Cato described the attacker as a young woman “with hate issues.” “ T he woman boarded the M a n h at t a n - b ou nd t r a i n at Queensboro Plaza at around 10:30 am and sat next to a young Filipino hospital worker. The woman did not appear homeless and even had Starbucks coffee with her. As the train neared the 59th and Lexington Streets

Station, the woman, for no reason, spat on her hand and then wiped her saliva on the scrubs of the unsuspecting Filipino,” Cato said in his Facebook post.

“The Filipino did not take it sitting down and gave the woman a lesson she certainly would not forget,” Cato added.

Foreign Affairs Secretary Teodoro Locsin Jr. said a punch is the “only universal language instantly understood by any ‘foreigner’ however abysmally ignorant a lot of them are.”

Locsin lamented in a reply to the tweet of Cato: “That’s what Americans who do not act American are: foreigners in their own land of promise.

America is American at its best— or nothing.”

Crimes perpetrated by attackers who despise Asians and Asian-Americans because of the Covid-19 pandemic rose by 124 percent in 2020 and even further by 339 percent in 2021 in the US. New York City reported a drastic rise from 30 to 133 anti-Asian hate crimes, a 343-percent increase.

New York City officials have met with Cato and other Philippine officials, apologizing over the attacks and promising to step up efforts to make the city safer for foreign workers and visitors. The attacks continued, however.

During their meeting with Biden at the White House, sevenmember South Korean boyband BTS said they are “devastated by the recent surge of hate crimes.”

Raw nickel export halt pitched as minerals value rises 32%

T

By Cai U. Ordinario

@caiordinario

HE Philippines should stop exporting raw nickel and build at least two ferro-nickel smelters in order to take advantage of the rise in demand for electric vehicles, according to a local expert.

In an interview with the BusinessMirror, mining engineer Graciano M. Calanog Jr. said building a ferro-nickel smelter will allow the Philippines to maximize the potential of its rich nickel deposits. Calanog said the country has the second-highest deposits of nickel in the world.

Doing so, Calanog said, will bring the country a step closer to its goal of becoming an industrialized nation. He said if the country is able to build smelters and process nickel before exporting them, the Philippines can become an industrialized country in a decade.

“It would be better if we have an electric battery plant and an electric vehicle [industry]. Indonesia, they are close to building their own cars.

Soon, they will surpass us,” Calanog told the BusinessMirror over the weekend. “We’re throwing nickel away and it’s such a waste.”

In a study, Calanog said, the Philippines only has two High Pressure Acid Leach (HPAL) processing plants

and no ferro-nickel smelters. There have also been no reports of foreign investors proposing to set up an electric battery and electric vehicle plant in the Philippines.

However, one caveat in building a smelting facility is the need for power, specifically coal. Calanog said renewables cannot be used in the production of ferro-nickel because nickel as a mineral needs carbon, given an environment that has lots of oxygen.

Calanog added that coal-fired power plants are also less expensive than resorting to renewable power.

These power plants would be able to generate enough power for the smelting facility and would not to have tap onto the national grid for its power needs. “[Operating ferro-nickel smelters needs] coal-fired power plants so it will not draw power from the national grid. The cost may not even reach P5 billion,” Calanog said. “Indonesia has a lot of coal-fired power plants. We cannot do away with coal. If we do away

with coal, we will be making our lives miserable. Renewables are expensive.”

PSA data PSA said the total monetary value of the country’s mineral reserves grew 32.3 percent.

Based on the Mineral Accounts of the Philippines, PSA said the monetary value of class A nickel, gold, copper, and chromite reached P378.04 billion in 2021. In 2020, the value was at P285.81 billion.

The PSA also said the total resource rent of the four mineral resources contributed 0.2 percent or P44.87 billion to GDP in 2021.

“The Mineral Accounts of the Philippines aims to provide information on the stocks and changes in stocks of four metallic mineral resources in the country, namely: nickel, gold, copper, and chromite,” PSA explained.

“These accounts allow for the monitoring of the sustainability of the extraction of these valuable yet depletable natural assets. The compilation adheres to the System of Environmental-Economic Accounting 2012 Central Framework [SEEA-CF],” it added.

The bulk of the total monetary value of mineral reserves amounted to P186.62 billion in 2021.

This was accounted for by Class A nickel reserves, the value of which increased by over 50 percent to P186.62 billion in 2021 from

P121.60 billion in 2020.

PSA said this was followed by Class A gold reserves, which amounted to P143.45 billion in 2021. This represented a growth of 12.7 percent from P127.32 billion in 2020.

The data also showed that the value of Class A copper reserves increased by 30.9 percent to P46.38 billion in 2021 from P35.43 billion in 2020.

In 2021, Class A chromite reserves were valued at P1.60 billion, a 9.5-percent increase from P1.46 billion in 2020, PSA said.

“Class A reserves are commercially recoverable mineral resources which are confirmed to be economically viable by a defined development project or operation,” according to PSA. Meanwhile, PSA said that in terms of physical asset, accounts declined in 2021, led by Class A nickel reserves.

The data showed these minerals contracted 4.8 percent to 474.49 million metric tons in 2021 from 498.68 million MT in 2020.

This was followed by Class A gold reserves which contracted 3.6 percent to 475.14 thousand kilograms in 2021 from 492.75 thousand kilograms in 2020.

The data also showed Class A copper reserves declined 1.6 percent to 3.26 million MT in 2021 from 3.31 million MT in 2020.

A decrease of less than 1 percent was recorded in Class A chromite reserves to 35.97 MT in 2021 from 35.98 million MT in 2020.

RECOGNITION Employees of Pilipino Mirror (Unang Tabloid sa Negosyo) who have rendered five and 10 years of service receive their certificate of recognition from ALC Media Group Chairman D. Edgard A. Cabangon in a simple ceremony in Makati City recently.

Okada camp, Tiger Resorts still at it on ‘violence’ narrative; TRLEI hits Pagcor

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HE antagonists in the highprofile cor porate drama involving Okada Manila continued to dispute each other’s version of what happened in last week’s management takeover by the group of Japanese casino magnate Kazuo Okada of the $2-billion integrated resort and casino in Entertainment City.

In a statement, Vincent Lim, assistant vice president for corporate marketing and communications of Okada Manila, said the claims of violent takeover of the casino were “untrue” and such statements were “misleading.”

In turn, the Manila-based Tiger Resorts, Leisure and Entertainment Inc. (TRLEI), which operates Okada Manila, took issue with what it called the premature bias shown by regulators on the matter, as the Philippine Amusement and Gaming Corp.

(Pagcor) released a report of its field unit, claiming a peaceful takeover.

Lim said certain individuals from Hong Kong-based Tiger Resorts Asia Ltd. (TRAL) had claimed that Okada’s team violently took over the facility on Tuesday last week with the help of 50 bodyguards accompanied by the local sheriff and Pagcor personnel.

The Hong Kong firm operates TRLEI, which in turn operates Okada Manila.

“The misleading statement fur-

ther asserted that officials of TRAL were forcibly removed from the premises of Okada Manila by the enforcing team. Nothing could be further from the truth,” Lim said in a statement.

This, as Universal Entertainment Corporation (UEC) and TRAL, the parent companies of TRLEI, “vehemently denounced Pagcor’s decision to blatantly take the side of the usurper Kazuo Okada in the ongoing intra-corporate dispute.”

UEC and TRAL, both of which recognize the TRLEI Board of Directors led by TRLEI Co-Vice Chairman Michiaki State, decried Pagcor’s “biased involvement in the intracorporate dispute between Mr. Kazuo Okada and TRLEI.” They cited “supervening events” that confirmed Pagcor’s leaning toward the Okada group. “In a letter dated 24 May 2022, Pagcor maintained its earlier position to accede to Kazuo Okada’s request to: [a] deny attempt by the current Management of TRLEI to transfer and/ or assign assets and funds from the casino operations of TRLEI without approval of the Board of Directors constituted on 2 May 2022; and [b] transact, negotiate or enter into contracts and agreements with TRLEI only through its new representative, Mr. Dindo A. Espeleta, beginning 2 May 2022 until further notice.”

Then, on May 22, 2022, Pagcor

and the Kazuo Group held a meeting, electing Espeleta as TRLEI’s supposed representative to Pagcor.

“Its bias towards the Kazuo Group manifested heavily during the flagrantly violent takeover of Okada Hotel by the Kazuo Group,” said the TRLEI in a statement at the weekend.

“Pagcor’s President and Chief Operating Officer Mr. Alfredo Lim was quoted as saying that the takeover was peaceful and orderly —this despite the viral videos showing the complete opposite,” added TRLEI. “Furthermore, the Kazuo Group claimed that Pagcor recognizes his sham board of directors,” even though, as a government-owned or -controlled corporation (GOCC), Pagcor is only mandated by Presidential Decree No. 1869 (PD No. 1869) to “regulate, operate, authorize and license games of chance, games of cards and games of numbers, particularly casino gaming in the Philippines.”

It is not authorized by law to adjudicate intra-corporate disputes, stressed TRLEI. Neither is it permitted to exercise its regulatory powers “by favoring a party in an intra-corporate dispute, a matter well within the jurisdiction of the Securities and Exchange Commission [SEC],” added TRLEI. Continued on A4

Companies

Editor: Jennifer A. Ng

Monday, June 6, 2022

B1

Megaworld: Bulk of capex for new real estate projects

M

By VG Cabuag

@villygc

egaworld Corp., the property development arm of businessman Andrew Tan, said it is allocating P50 billion for capital spending this year, some 39 percent higher than last year’s P38 billion in actual spending.

Around three quarters of the budget will be spent for real estate developments, mainly on the construction of new residential properties and land development of townships, while 25 percent will be used for investment prop-

erties and land banking.

“We have accelerated some projects to pave the way for opportunities coming from the pandemic recovery,” Kevin Andrew L. Tan, the company’s executive vice president and chief strategy officer, said.

The company said it is launching four additional townships across the country, one in Metro Manila, two in Cavite, Laguna, Batangas, Rizal and Quezon area and one in Mindanao. These new townships will cover around 500 hectares of land, which will be injected into the company’s existing land bank of around 4,500 hectares.

It did not mention the specific location of the said proposed mixed-use developments.

“This will bring the total number of Megaworld’s townships to 32 this year. We look forward to further expanding our portfolio of residential, office, hotel, and mall properties in these new areas that are considered among the key growth centers in the country today,” Tan said.

Megaworld is also scheduled

to launch 14 new residential and commercial lot projects with a total sales value of P30 billion.

These new projects are in Maple Grove and Arden Botanical Estate in Cavite, Eastland Heights in Rizal, The Hamptons Caliraya in Laguna, The Upper East in Bacolod, Iloilo Business Park in Iloilo City, Capital Town in Pampanga, McKinley West in Taguig City, Alabang West in Las Piñas City, Arcovia City in Pasig City, Paragua Coastown in Palawan, Northwin Global City in Bulacan, and another one in Makati City.

Currently, Megaworld has 28 integrated urban townships in the country.

Last month, the company reported that its income for the first quarter leaped by 41 percent to P3.5 billion from last year’s

P2.49 billion on the recovery of economic activity.

Consolidated revenues reached P13.1 billion, some 29 percent higher from last year’s P10.2 billion, as all of the company’s business segments posted double-digit growths. “ This is definitely a strong start for us, and affirms that our improved performance can be sustained. While there was some concern last January due to the

Omicron variant, consumer confidence remained on the uptrend and our quick recovery showed that we are now in a better position to manage the pandemic and move forward,” Tan said.

Real estate sales for the quarter grew 36 percent year-on-year to P8.1 billion as construction activities normalized. Reservation sales also rose 12 percent to P23.2 billion from the previous P20.7 billion.

First Philec, Meralco eye decarbonization schemes

By Lenie Lectura @llectura

F

irst Philec Inc. of the Lopez Group and Pangilinan-led Manila Electric Co. (Meralco) are closely working together on nextgeneration solutions to help decarbonize the local power industry.

During the First Philec-Meralco Sustainability Conference, both companies discussed their shared vision of a sustainable and reliable power grid. These include the supply chain, digital transformation, and the launch of alternative products and services.

Meralco, for its part, is pursuing the Smart Grid Project as part of efforts to improve the reliability and resiliency of the grid, empower cus-

tomers, and integrate sustainability into the system. First Philec, Southeast Asia’s largest high-efficiency distribution transformer manufacturer, launched last year a green transformer model made from recyclable and biodegradable materials.

First Philec’s Head of Customer Development Luis Trinidad said the main objective of the conference was to co-create and co-develop strategies and solutions that address sustainability challenges in the grid.

“By sharing information about our respective programs, the conference helped to align and support these programs, hopefully, for fasttracking implementation.

The approaches and initiatives that we tackled at the conference, including those in the pipeline, may

comprise the next generation decarbonization solutions of both First Philec and Meralco,” Trinidad said.

According to Meralco Senior Vice President and Head of Networks Ronnie Aperocho, Meralco’s vision of the Grid of the Future has the capability to “self-heal” and operate resiliently against natural disasters and attacks.

Also, Meralco First Vice President and Chief Sustainability Officer Raymond Ravelo said a smart and sustainable grid can safely and seamlessly tap distributed energy resources, such as renewables and energy storage systems, aside from allowing customers to actively participate in vehicle-to-grid, vehicleto-home, and other energy efficiency programs.

Berjaya Philippines Inc., TKC Metals Corp., Prime Media Holdings Inc. and Boulevard Holdings Inc. Top losers were F and J Prince Holdings Corp. B, Macay Holdings Inc., Liberty Flour Mills Inc., Seafront Resources Corp., SPC Power Corp., Easycall Communications Philippines Inc. and Monde Nissin Corp.

which can unsettle both the equities and the fixed-income market.

The broker advised to trade the range and accumulate stocks during low prices. Immediate resistance for the main index is seen at 6,850 points and support at 6,600 points.

This week

Broker Regina Capital Development Corp. advised to sell on rallies on the stock of Union Bank of the Philippines (UBP) as it attracted the bulls’ attention over the past trading sessions, with its price rising more than 3 percent to P84 per share.

“At this level, UBP is just a few points shy of touching its 100 day moving average resistance at P84.80. In line with this, all indicators are humming the same bullish tune,” it said, adding that the increase in stock price may soon bring profit-takers out of hiding.

Union Bank shares closed at P84 apiece on Friday.

Meanwhile, the broker gave the same recommendation on the stock of DMCI Holdings Inc. (DMC) as its stock price rally is not yet over.

“The directional indicators are telling us that both the buying pressure and the momentum are soaring, while selling pressure weakens. All things considered, DMC is likely to reach its resistance in the following weeks,” it said.

It placed a weekly target on the stock at P9.85 per share.

DMCI shares closed last week at P9.18 apiece. VG Cabuag

STOCK-MARKET OUTLOOK Last week

Share prices rose slightly last week even as investors were undecided about their investment decisions due to uncertainty over the government’s economic policy and monetary tightening.

The benchmark Philippine Stock Exchange index gained 15.26 points to close at 6,741.40 points.

The main index was up on Monday, reaching the 6,800-point level, but down for three straight sessions, before closing higher by the end of the week.

Volume of trade was high during the week, reaching an average value of P11.26 billion, mainly due to the P35.36 billion worth of trade on Tuesday, the last day of trading for May. Most of the transactions, however, came from the foreign investors who cornered an average of 69 percent of all the trades for the week. Foreign investors, however, were still net sellers at P1.01 billion.

All other sub-indices ended mixed. The broader All Shares index gained 6.39 points to close at 3,602.52 points, the Financials index added 2.75 to 1,609.68, the Industrial index fell 223.08 to 9,212.21, the Holding Firms index rose 152.88 to 6,305.61, the Property index climbed 40.77 to 3,101.38, the Services index declined 43.59 to 1,863.53 and the Mining and Oil index surged 811.52 to 12,466.02.

For the week, gainers slightly edged losers 112 to 104 and 37 shares were unchanged.

Top gainers were PTFC Redevelopment Corp., Basic Energy Corp.,

Trading may remain volatile this week as investors await for concrete economic policy from the incoming administration, with the headwind during the previous weeks may be reflected during the inflation figures announcement this week.

“A 50 basis point rate hike from the Fed is street consensus at the moment, but risk assets will continue to be under heavy volatility,” broker 2TradeAsia said.

The government will announce the country’s May inflation rate this week, which would be a key focus for investors.

“Particular interest will be on the supply-side drivers to differentiate from the election-related impact that will unnaturally bloat the figure,” the broker said.

The said inflation figure will be crucial for the Bangko Sentral ng Pilipinas’s move during the policymaking Monetary Board meeting on June 23.

The BSP had already hinted of a possible 25 basis points increase this month to keep up with the pace of increase of the US Federal Reserve. The broker said any whiff of entrenched inflation will make monetary policy unpredictable,

Stock picks

Companies B2

Monday, June 6, 2022

Solon sees no hurdle in Razon’s takeover of Malampaya project

BusinessMirror file photo

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By Jovee Marie N. Dela Cruz

@joveemarie

he chairman of the House Committee on Strategic Intelligence on Sunday said he sees no hurdle to Philippine ports and gaming tycoon Enrique Razon Jr.’s takeover of the Malampaya deepwater gas-to-power project from Dennis Uy’s Udenna Corp.

Surigao del Sur Rep. Johnny Pimentel, the panel’s chairman, said Razon would be “in a strong position” to take advantage of Malampaya’s existing infrastructure as the springboard for the development of a potential integrated gas hub.

“We in Congress have always maintained that private parties are free to get in and get out of existing petroleum service contracts,” Pimentel said in a statement.

“These transfers of operating and/ or participating interests in petroleum service contracts are private commercial transactions involving the sale of investments between corporations.”

In these transactions, he said the role of the Department of Energy (DOE) is merely to oversee the orderly handover of operations with a view to ensuring project continuity and development.

Malampaya’s 504-kilometer undersea pipeline delivers gas to power plants in Batangas that in turn supply 20 percent of the country’s demand for electricity.

Prime Infra Holdings, Inc., led by Razon, is acquiring a controlling stake in the Malampaya deep-water gas-to-power project from Uy’s Udenna Corp.

A recent statement from the infrastructure arm of the Razon Group said the acquisition process has kicked off and will close subject to the consent of various parties including the DOE and the Philippine National Oil Co.-Exploration Corp.

(PNOC-EC). The transaction, it added, will also go through other regulatory and lend-

ers’ approvals within that period.

PNOC-EC has a 10-percent stake in the Malampaya gas project, which has been providing about 20 percent of the country’s power needs.

Uy’s UC38LLC has a 45-percent stake in the gas project. UC38 bought its Malampaya interest from Chevron Malampaya.

The remaining 45 percent is held by Udenna Corp.’s Malampaya Energy XP Pte. Ltd. Malampaya operator Shell Philippines Exploration B.V. (SPEX) earlier sold its stake to Malampaya Energy. PNOC-EC, however, withheld its consent and the DOE has yet to approve the deal.

Uy’s combined 90-percent share in the Malampaya gas field is valued at roughly $1 billion. Prime Infra, however, did not say how many shares it is buying.

Moreover, Pimentel said Razon, through publicly listed Apex Mining Co., also has a 30-percent participating interest in the other petroleum service contract that contains the Sampaguita gas discovery located 250 kilometers southwest of Malampaya.

Pimentel said he would not be surprised if Razon also ends up acquiring a majority stake in Sampaguita.

Dubbed as the next Malampaya, Sampaguita is estimated to contain anywhere from 3.5 trillion to 4.6 trillion cubic feet of gas.

The estimate is comparable to if not bigger than Malampaya’s 3.4 trillion cubic feet when it was first discovered in 1989.

Wenceslao seeks arbitration over 13-yr delay in payments

R

-1 Consortium, headed by DM Wenceslao, said in a statement last June 3 that it had already initiated arbitration proceedings with the Philippine Reclamation Authority (PRA) last May to settle their pending outstanding issues and payment.

The company said it had to send a notice of arbitration to PRA as it has been several years that they have been waiting to be paid by PRA for their reclamation works in Manila bay completed in 2008. PRA has already acknowledged the same notice last May 26 and com-

mitted to communicate at the soonest possible time.

Thus Wenceslao said it is puzzled by the reported probe initiated by 1Pacman representative Eric Pineda on the alleged delay in their reclamation project as said project was completed more ten years ago.

The company said PRA had already received its share and proceeds from the same project and transferred and sold the same share to other parties.

Acknowledging Wenceslao’s and R1’s accomplishments in the reclamation project, PRA has early on pledged payment to Wenceslao for its accomplishments through PR A’s board resolution made in 2009.

In 2019, PRA, having acknowledged what is long overdue to Wenceslao, again reiterated in another Board resolution made in August 2019 to approve the final release of its pledged payment in favor of Wenceslao. To date, Wenceslao has not received the same.

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Lenders to debarred parties: Exit doesn’t mean eligibility

By Cai U. Ordinario

@caiordinario

T

HE debarment period faced by a number of Filipino firms and individuals slapped by multilateral institutions will soon be expiring, but this may not guarantee their eligibility to participate in future projects.

Based on the public sanctions list made available by Manila-based Asian Development Bank (ADB) and The World Bank Group based in Washington, nine firms and individuals will see the period of their debarment ending this month and next year.

However, reinstatement in the pool of contractors and suppliers of multilateral organizations is not automatic upon the expiration of the debarment period. For the ADB, reinstatement is contingent on the request of these firms and parties, which will be up for evaluation.

“A debarred party is not automatically reinstated upon the expiry of the minimum debarment period. To restore eligibility, debarred parties must seek reinstatement,” ADB Office of Anticorruption and Integrity (OAI) documents stated.

“Upon receipt of a request for reinstatement, [the] ADB, through [its] OAI, will reassess the sanction in order to determine whether to reinstate the party or extend the period [e.g., if the party is known to have engaged in any integrity violation during its sanction period], in accordance with the procedures on reinstatement,” the document stated.

Based on the sanctions list of the World Bank, Berkman International Inc. whose debarment began on June 29, 2017 will see its 5-year debarment period expire on June 28.

Two other firms will see their World Bank Group debarment periods expiring are the Philippines Branch Zhejiang Hydro & Power Construction Group Co., Ltd. in June 2023 while Ramky Cleantech Services (Philippines) Pte. Ltd. in August 2023. Both were sanctioned for two years.

The list also includes Innology Solu-

tions Inc. and its president whose debarment period will end on September 15, 2023. The company and the official will see their ADB debarment period expire earlier in February 2023.

Four other firms and individuals linked to LFP Trading and One-Chem Industrial Sales Philippines will see their debarment periods expire on February 12, 2023. These entities were cross-debarred by the World Bank based on findings by the ADB that they violated the Manilabased multilateral development bank’s “integrity principles and guidelines.”

“Cross-debarment is an agreement among the African Development Bank Group, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank and the World Bank Group [referred to as multilateral development banks] to mutually enforce each other’s debarment actions, with respect to the four harmonized sanctionable practices, i.e. corruption, fraud, coercion, and collusion,” the Cross-Debarment website stated.

Since 2001, the World Bank Group has publicly sanctioned more than 700 firms and individuals. Over fiscal years 2015-2022, the Sanctions Board issued 30 decisions against a total of 39 respondents where only fraud had been alleged and 33 were found liable for fraud.

The World Bank said its Sanctions Board imposed on the respondents letters of reprimands and fixed debarments ranging from three months to three years. Debarments with conditional release have minimum periods of debarment ranging from 15 months to six years.

Meanwhile, the ADB said that as of April 2022 it sanctioned a total of 2,946 firms and 1,133 individuals. A total of 1,615 firms and 868 individuals are currently debarred from participating in any projects.

However, ADB data showed a total of 1,331 firms and 265 individuals have been reinstated. The data also showed 468 firms and 266 individuals were cautioned and reprimanded by the bank.

Editor: Dennis D. Estopace • Monday, June 6, 2022

B3

Think tank suggests pension reform to fund infra projects

By Ma. Stella F. Arnaldo

‘S

Special to the BusinessMirror

HOW us the money!”

Economic think thank Global Source Partners (GSP) believes President-elect Ferdinand R. Marcos Jr. should use his enormous political capital to push for unpopular budget reform legislation to raise enough funds for his administration to undertake needed infrastructure to grow the economy.

“On top of mind is the reform of pensions for military and uniformed personnel, which in its present form, will lead to ballooning and unaffordable costs for government,” it said. The Department of Finance has estimated that government is required to allot about P850 billion to pensions of military and other uniformed personnel annually for the next 20 years.

The incoming Marcos Jr. administration will be saddled with a P13trillion debt, low tax collections due to the recent corporate tax reform law, and rising expenditures.

GSP’s local analysts are former Finance Undersecretary Romeo L. Bernardo and former Bangko Sentral ng Pilipinas (BSP) Economist Marie Christine G. Tang.

Old, or just seasoned?

The GSP acknowledged Marcos Jr.’s economic team headed by the designated BSP Gov. Felipe M. Medalla and incoming Finance Secretary Benjamin E. Diokno as “knowledgeable and experienced…despite looking like a gerontocracy…the team reveals [a] readiness to put into action learnings gleaned from decades of working in their respective fields.”

Diokno has stressed the need to grow the economy by at least by 6 percent. However, he has yet to show how they can raise more funds.

“We await a more concrete fiscal consolidation plan that gives details of the new administration’s revenue and expenditure programs as well as timetable for bringing down the budget deficit and debt.”

The new economic managers are expected to continue the current administration’s infrastructure program to foster the post-pandemic recovery.

“The big question is how to finance sustaining infrastructure spending at the 5 percent of the gross domestic product [GDP] annual target.”

As such, the GSP believes Diokno will start leaning toward publicprivate partnerships for infrastructure projects due to the lack of fiscal space. But the takeup may be slow given that private sector’s appetites for such had been “badly dampened by the outgoing administration’s hostile posture.”

Raises GDP growth forecast

THE think tank is raising its forecast GDP growth to 6.8 percent this year from their earlier forecast of 6 percent, but will maintain its 5.5-percent growth projection in 2023.

“Any upsides to enable the economy to sustain growth above 6 percent will hinge on the new administration’s ability to raise market confidence in its managerial ability and economic program [including broadening the base of economic growth], as well as a less tumultuous global environment that makes cross-border investment decisions possible. In this regard, recently legislated freer foreign investment rules can help attract foreign capital,” it said in its latest country paper.

Government projects a GDP growth rate between 7 percent and 9 percent this year.

Energy and food supply issues stemming from the ongoing con-

flict between Russia and Ukraine, however, are expected to put pressure on consumer prices, thus GSP is also raising its inflation forecast to 5.5 percent this year, from its earlier forecast of 3.8 percent, and to 4 percent, from 3.3 percent, in 2023.

Slower policy rate hike seen

ACCORDING to the GSP, “downside risks are significant emanating mainly from the many risks in the global environment, including US recession risk from much more aggressive [Federal Reserve] policy rate hikes and the impacts on highly-indebted economies and emerging markets, possible escalation of the war in Ukraine and sanctions on Russia that could cause not just energy prices to soar anew but food shortages and more export bans, as well as further slowdown in world growth due to the knock-on effects and China’s strict zero-covid policy.”

The BSP projects an average inflation rate of 4.6 percent in 2022 and 3.9 percent in 2023.

The GSP expressed confidence the Marcos Jr. administration would not overturn a law liberalizing rice trade that has reined in inflation as current surveys show price increases remain foremost on Filipinos’ minds.

“In any event, although we do not think that the BSP would need to match one for one the planned US Fed rate increases, we are anticipating more 25 basis points hikes in upcoming meetings, assuming for now that policy rates will rise by a total of 100bp this year and 50bp next year.”

US junk issuance Lunatics see meager gains since relaunch of failed crypto token set to weaken R after deal rally

T

HE thaw in the US high-yield primary market may prove short-lived as worries about inflation and higher borrowing costs persist, with Federal Reserve Vice Chair Lael Brainard noting that half-point interest rate hikes this month and next are “reasonable.”

The recent momentum in junk issuance is showing signs of fading after a deluge of new deals from a variety of borrowers over the course of the week. About $7 billion of fresh debt was issued amid a fierce highyield rally triggered by Fed Reserve policy minutes that hinted at a let-up in monetary tightening. That momentum has somewhat faded since, as economic concerns continue to swirl.

Spreads across BB corporate bonds are “too tight for comfort,” warned Barclays Plc credit strategists. The macro picture remains gloomy in both the US and the rest of the world, Bradley Rogoff, head of fixed income research at the bank, wrote in a note Friday. “We expect volatility to remain elevated as the Fed tries to find the right balance.”

There is only one junk-bond sale on the docket for next week: Satellite telecom company Maxar Technologies Inc. is selling a five-year bond to finance the redemption of its 9.75 percent senior secured notes maturing next year. It will market the offering through Wednesday.

Maxar is also in the US leveraged loan market with a $1.5 billion deal that will refinance an existing term loan and notes maturing in 2023. The transaction is one of five in general syndication at the moment.

The market found its footing with the launch of around $8 billion in offerings this week, accompanied by a price index spike and fund flows swinging back to positive, all of which could encourage other offerings to come forward—including potential mega transactions such as those financing the buyout of Citrix Systems Inc. As of Friday morning New York time, only one bank meeting has been penciled in for next week. Automated software provider Kofax Inc. will hold a lender call Monday for a roughly $1 billion loan sale supporting its buyout by Clearlake Capital Group LP and TA Associates Management LP. Bloomberg News

ESULTS aren’t living up to expectations for a quick recovery held by many of the investors who received new Luna tokens following last month’s collapse of the cryptocurrencies tied to the failed Terra blockchain.

The average price of the Luna 2.0 token has remained below $11 in the week since they were distributed by Terra, according to data compiled by tracker Kaiko. Just a day before the TerraUSD (UST) stablecoin began to lose its 1-to-1 peg to the dollar on May 7, its affiliated token Luna was trading at about $86.

Around $40 billion in market value was erased for holders of UST and Luna—whose devotion to the project had earned them the nickname Lunatics—when the stablecoin depegged. Still, that didn’t prevent champions of Luna 2.0 from hyping the token with predictions that it would surge back “to the moon,” a

This May 16, 2022, photo shows a Luna token representation. The crypto token’s re-launch met a rocky start as spot prices on exchanges showed little confidence from investors. Bloomberg News

popular crypto market catchphrase.

While there is not a widely recognized data point to calculate a market value for Luna 2.0, a rough estimate by data tracker CoinMarketCap puts the total value at about $1.37 billion. That is based on 210 million new Luna tokens in circula-

tion, using amounts claimed by the those who run the Terra project.

Luna had a market value of about $27.8 billion on May 6, before it crashed.

A representative of the Terra project declined to comment on the performance of Luna 2.0.

UST was designed to maintain its dollar peg through both algorithms and trading incentives involving Luna. The growth of Terra had exploded over the past two years, with investors attracted by the 20 percent interest rate offered by its quasibank app Anchor. The blockchain, however, wound down in a few days, as a chain of events trigged a “death spiral,” a long-existing flaw of the project, that sent prices of UST and Luna to virtually zero.

Clara Medalie, research director at Kaiko, explained that to verify independently and accurately the market capitalization of a cryptocurrency, the data source essentially needs to run software, or a node, to validate and store the full history of the transaction of the blockchain.

“I imagine no data provider, including Kaiko, wants to invest engineering resources into running a

Terra node assuming that the whole ecosystem is pretty much dead,” Medalie said.

The new Terra blockchain, which went live just about a week ago, was part of a plan in a communityapproved proposal by Terra’s main backer Do Kwon. The original Terra blockchain was abandoned and is known now as Terra Classic. The new Terra blockchain does not include stablecoins. Seven projects have gone live on the blockchain so far, according to Terra.

“The airdrop was really poorly structured. It rewarded equity holders—LUNA holders—over savers or bond holders—Anchor depositors or UST holders,” said Thomas Dunleavy, a senior analyst at crypto research firm Messari. “Any network in crypto is built on trust, by not only users but also builders who commit their time and capital to grow the network.” Bloomberg News

Budget Reform bill seen an alternative to imposing more taxes

By Jovee Marie N. dela Cruz @joveemarie

H

OUSE Committee on Ways and Means Chairman Joey Sarte Salceda believes the Budget Reform bill he plans to refile is an alternative to imposing additional taxes, if enacted into law by the incoming administration.

“I will refile the bill, hopefully with enhancements from the incoming Finance and Budget chiefs,” the lawmaker said.

Salceda was the principal author and sponsor of the bill, then approved as House Bill (HB) 7302. The Duterte administration first identified it as a priority reform measure in 2018, the year that incoming Finance Secretary Benjamin E. Diokno led the Department of Budget and Management (DBM). Salceda again re-filed an enhanced version of the bill in 2021 as HB 9214 or the “Budget Modernization Act.”

Explaining the bill in summary, Salceda explained in a statement that “the reform will institutionalize the good practices already adopted by the budget department during the Duterte administration.”

“This is crucial because our reforms have to be two-pronged if we do not want to raise too many new taxes. We need more efficient tax collection and spending with higher multiplier effects on productivity.

The [proposed] Budget Reform Act is the foundational framework for reforms on the spending side.”

Shifts, ‘one-fund’

THE bill pushes for a shift from an obligation-based budgeting to an annual cash-based budgeting making the appropriations law the authority of agencies to contract out and disburse funds within the fiscal year.

The bill will also enforce the “one-fund” concept wherein funds received by the national government

shall accrue to the general fund and remitted to the national treasury and that special funds shall be authorized by law and limited to trust, revolving and retained funds.

The “special purpose funds” shall be limited to the following: national disaster risk reduction and management fund; contingent fund; and, the statutory shares of local government units (LGUs).

Savings can be declared only due to completion, fiscal discontinuance or abandonment of an activity or project for which the appropriation is authorized. To reduce arbitrary declaration of savings, discontinued or abandoned activities shall no longer be proposed for funding in the next two fiscal years. Allotments not used due to fault of the agency shall also not be considered savings.

Constitutional officers will also be authorized to use savings to cover a deficiency in any existing item of

appropriation within their respective offices.

The bill provides an integrated financial management information system, a single portal of all financial transactions and reports to be used by national government agencies, government-owned or -controlled corporations (GOCCs) and LGUs to integrate budgeting, cash management and accounting processes.

Sanctions, enhancements

THE bill also imposes sanctions and penalties for failure to comply with the reporting and posting of requirements. The bill proposes that the Department of Budget and Management disapprove any request for release of allotments under the negative list, modifications or use of savings as one sanction. The Commission on Audit may also disallow any expenditure for noncompliance of the requirements. Disbursements may also be rendered void.

Salceda also said he is studying adding provisions that will set parameters for the quality of spending, particularly for infrastructure.

“I think we should add basic principles for what qualifies as effective public spending in the Budget Reform Act. Principles the Committee of Ways and Means has consistently upheld in this 18th Congress, such as cost-benefit analyses, distribution of benefits across income classes, among others, should be very good principles to include in our budget process.”

“These principles were also principles we upheld when I was chairman of the Committee on Appropriations during the GMA administration, but in an unwritten manner.

So, it would be good to have them institutionalized,” he said.

“I guarantee that we will refile the measure with enhancements,” Salceda said.

Explainer BusinessMirror

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At 100 days, Russia-Ukraine war by the numbers

Nadiya Trubchaninova cries over the coffin of her son, Vadym, who was killed on March 30 by Russian soldiers in Bucha, Ukraine, during his funeral in the cemetery of nearby Mykulychi, on the outskirts of Kyiv, on April 16, 2022. AP/Rodrigo Abd

By Jamey Keaten & Yuras Karmanau

O

The Associated Press

ne hundred days into Russia’s invasion of Ukraine, the war has brought the world a neardaily drumbeat of gut wrenching scenes: Civilian corpses in the streets of Bucha; a blown-up theater in Mariupol; the chaos at a Kramatorsk train station in the wake of a Russian missile strike.

Those images tell just a part of the overall picture of Europe's worst armed conflict in decades.

Here's a look at some numbers and statistics that—while in flux and at times uncertain—shed further light on the death, destruction, displacement and economic havoc wrought by the war as it reaches this milestone with no end in sight.

The human toll

Nobody really knows how many combatants or civilians have died, and claims of casualties by government officials—who may sometimes be exaggerating or lowballing their figures for public relations reasons—are all but impossible to verify.

Government officials, UN agencies and others who carry out the grim task of counting the dead don't always get access to places where people were killed.

And Moscow has released scant i n for m at ion about c a su a lt ies among its forces and allies, and given no accounting of civilian deaths in areas under its control. In some places—such as the long-besieged city of Mariupol, potentially the war's biggest killing field—Russian forces are accused of trying to cover up deaths and dumping bodies into mass graves, clouding the overall toll.

With all those caveats, “at least tens of thousands” of Ukrainian civilians have died so far, President Volodymyr Zelenskyy said Thurs-

day in comments to Luxembourg’s parliament.

In Mariupol alone, officials have reported over 21,000 civilian dead. Sievierodonetsk, a city in the eastern region of Luhansk that has become the focus of Russia’s offensive, has seen roughly 1,500 casualties, according to the mayor.

Such estimates comprise both those killed by Russian strikes or troops and those who succumbed to secondary effects such as hunger and sickness as food supplies and health services collapsed.

Zelenskyy said this week that 60 to 100 Ukrainian soldiers are dying in combat every day, with about 500 more wounded.

Russia's last publicly released figures for its own forces came March 25, when a general told state media that 1,351 soldiers had been killed and 3,825 wounded.

Ukraine and Western observers say the real number is much higher: Zelenskyy said Thursday that more than 30,000 Russian servicemen have died—“more than the Soviet Union lost in 10 years of the war in Afghanistan”; in late April, the British government estimated Russian losses at 15,000.

Speaking on condition of anonymity Wednesday to discuss intelligence matters, a Western official said Russia is “still taking casualties, but...in smaller numbers.” The official estimated that some 40,000 Russian troops have been wounded.

A child looks out a steamy bus window with drawings on it as civilians are evacuated from Irpin, on the outskirts of Kyiv, Ukraine, on March 9, 2022. AP/Vadim Ghirda

In Moscow-backed separatist enclaves in eastern Ukraine, authorities have reported over 1,300 fighters lost and nearly 7,500 wounded in the Donetsk region, along with 477 dead civilians and nearly 2,400 wounded; plus 29 civilians killed and 60 wounded in Luhansk.

The devastation

Relentless shelling, bombing and airstrikes have reduced large swaths of many cities and towns to rubble.

Ukraine’s parliamentary commission on human rights says Russia’s military has destroyed almost 38,000 residential buildings, rendering about 220,000 people homeless.

Nearly 1,900 educational facilities from kindergartens to grade schools to universities have been damaged, including 180 completely ruined.

Other infrastructure losses include 300 car and 50 rail bridges, 500 factories and about 500 damaged hospitals, according to Ukrainian officials.

The World Health Organization has tallied 296 attacks on hospitals, ambulances and medical workers in Ukraine this year.

Fleeing home

The U.N. refugee agency UNHCR estimates that about 6.8 million people have been driven out of Ukraine at some point during the

conflict.

But since fighting subsided in the area near Kyiv and elsewhere, and Russian forces redeployed to the east and south, about 2.2 million have returned to the country, it says.

The UN's International Organization for Migration estimates that as of May 23 there were more than 7.1 million internally displaced people—that is, those who fled their homes but remain in the country. That's down from over 8 million in an earlier count.

Land seized

Ukrainian officials say that before the Febr uar y invasion, Russia controlled some 7 percent of Ukrainian territory including Crimea, which Russia annexed in 2014, and areas held by the separatists in Donetsk and Luhansk.

On Thursday, Zelenskyy said Russian forces now held 20 percent of the country.

While the front lines are constantly shifting, that amounts to an additional 58,000 square kilometers under Russian control, a total area slightly larger than Croatia or a little smaller than the US state of West Virginia.

The economic fallout in Russia and Ukraine...

The West has levied a host of retaliatory sanctions against Moscow including on the crucial oil and gas sectors, and Europe is beginning to

People survey the destruction amid the smoldering remains of a shopping center in Kyiv, Ukraine, following a shelling by Russian forces on March 21, 2022. AP/Rodrigo Abd

wean itself from its dependence on Russian energy.

Evgeny Gontmakher, academic director of European Dialogue, wrote in a paper this week that Russia currently faces over 5,000 targeted sanctions, more than any other country. Some $300 billion of Russian gold and foreign exchange reserves in the West have been frozen, he added, and air traffic in the country dropped from 8.1 million to 5.2 million passengers between January and March.

Additionally, the Kyiv School of Economics has reported that more than 1,000 “self-sanctioning” companies have curtailed their operations in Russia.

The MOEX Russia stock index has plunged by about a quarter since just before the invasion and is down nearly 40 percent from the start of the year. And the Russian Central Bank said last week that annualized inflation came in at 17.8 percent in April.

Ukraine, meanwhile, has reported suffering a staggering economic blow: 35 percent of GDP wiped out by the war.

“Our direct losses today exceed $600 billion,” Andriy Yermak, the head of Zelenskyy’s office, said recently.

Ukraine, a major agricultural producer, says it has been unable to export some 22 million tons of grain. It blames a backlog of shipments on Russian blockades or capture of key ports. Zelenskyy

accused Russia this week of stealing at least a half-million tons of grain during the invasion.

...And the world

The fallout has rippled around the globe, further driving up costs for basic goods on top of inflation that was already in full swing in many places before the invasion. Developing countries are being squeezed particularly hard by higher costs of food, fuel and financing.

Crude oil prices in London and New York have risen by 20 to 25 percent, resulting in higher prices at the pump and for an array of petroleum-based products.

Wheat supplies have been disrupted in African nations, which imported 44 percent of their wheat from Russia and Ukraine in the years immediately before the invasion. The African Development Bank has reported a 45-percent increase in continental prices for the grain, affecting everything from Mauritanian couscous to the fried donuts sold in Congo.

Amin Awad, the UN crisis coordinator in Ukraine, said 1.4 billion people worldwide could be affected by shortages of grain and fertilizer from the country.

“This war’s toll on civilians is unacceptable. This war has no winner,” he told reporters in Geneva via video from Kyiv on Friday. “Today we mark a tragic milestone. And we know what is needed the most: An end to this war.”

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BusinessMirror

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Editor: Gerard S. Ramos

• Monday, June 6, 2022

Pride 2022: Dignity over vanity

F

OR Filipino LGBTs, Sen. Risa Hontiveros is a sparkling presence in these gloomy times as she always comes out swinging as a sincere ally. Her tweet from 2019 resurfaced recently, and it’s just as relevant today as we celebrate Pride Month: “Kids, I know it can be hurtful to read comments online nowadays, especially if you’re lesbian, gay, bi or trans and especially if you’re not out.

Let me tell you: There’s nothing wrong with you and you’re not alone. We’ll keep fighting so that things get better, I promise.” n JAMES COOPER X MARICEL SORIANO. Just days after giving a heartwarming eulogy for the Queen of Philippine Movies, Susan Roces, Maricel Soriano experienced another heartbreak: the loss of trailbazing makeup mogul James Cooper.

“Thank you for the many years of love and friendship, and treating me like your own daughter,” the Diamond Star posted. “You are a big part of who I am today and I will be forever grateful. I love you, my Mother Goose. Till we meet again.” n BINGBING LIU X KAYAKO HIGUCHI IN ‘VOGUE TAIWAN.’ Chinese model BingBing Liu and Japanese model Kayako Higuchi front the “Love Issue,” which celebrates the saying, “True love is like a ghost, everyone knows it but no one has seen it.” The fearless mag further explains: “Today’s diverse forms of love lead us to reflect on our choices and existence, but in a word, the so-called love is not good or bad, everything is just love.” n TENNESSEE WILLIAMS V. GORE VIDAL V. TRUMAN CAPOTE. In the 2014 book, Pink Triangle: The Feuds and Private Lives of Tennessee Williams, Gore Vidal, Truman Capote, and Members of Their Entourages by Darwin Porter and Danforth Prince, the three American literary enfants terrible start as friends, then rivals, then frenemies.

The trail they blazed and burned as flamboyant

gay icons are exhaustively explored in this salacious, juicy and informative tell-all. n PAOLO BALLESTEROS X MEGA DRAG. An acclaimed actor and makeup artist, Paolo fronts the first cover (wearing a Botticelli-esque seafoam patina-on-pearl encrusted corset over a silk organza play on waves and crests, ethereal wrap and skirt by Jan Garcia) of this mag that features the colorful drag artists in the country. Rumors are rife that he is the host of Drag Race Philippines, but only Fil-Am drag queen Jiggly Caliente has been officially announced.

“Nagkakaroon ka ng power na kaya mong gawin ang kahit ano ’pag naka-drag, na parang on a normal day, maiilang kang gawin,” Paolo says in the cover story. n RAJA X MADAME. In the “Snatch Game” of RuPaul’s All Stars Drag Race, the Season 3 champion was robbed yet again of a Legendary Legend Star. The IndonesianAmerican was impeccable as the iconic Madame, whose brassiness you can enjoy on YouTube.

“Who is #Madame you ask? Madame is the creation of Wayland Flowers, a puppeteer, comedian, and superstar in the 1970s and 1980s. I was a child in the 1980s when first discovering #Madame on episodes of Solid Gold. As a boy who obsessed over all puppetry, she was my first vision of raunchy, bawdy humor, drenched in ostrich feathers and rhinestones,” Raja explains on Instagram.

“Wayland was one of the thousands of talented people we lost to HIV/AIDS, in 1988. I hope he’s watching from heaven proud. I felt it was my responsibility to introduce Madame to a generation that would’ve otherwise never known [her].” n CYNTHIA ERIVO X BLUE FAIRY. An Oscar short of an EGOT, Cynthia lends her magical pipes as the Blue Fairy in Robert Zemeckis’ live-action Pinocchio, blessing us her version of the classic tune “When You Wish Upon a Star.” The queer British-Nigerian Broadway and screen star will soon play another magical character, Elphaba, in the upcoming Wicked films. n LAVERNE COX X BARBIE. The iconic doll-maker declared: “Trailblazer. Icon. Advocate. In honor of her 50th birthday, Barbie is thrilled to welcome Laverne Cox as the newest Barbie Tribute Collection doll, recognizing her impact in TV, film, fashion, and the LGBTQ+ community. Additionally, we are proud to celebrate Laverne’s milestone birthday with a donation to TransFamily Support Services because everyone deserves to feel safe, seen, and celebrated for who they are.”

n VALENTINA (WITH KYLIE SONIQUE LOVE) X PLAYFUL PROMISES. Lingerie label Playful Promises’ #LoveisLove campaign enlisted Drag Race royalty for a capsule collection that celebrates #Pride with intricate rainbow embroidery, bright colors and strappy styles. Says Valentina, the nonbinary goddess, “I also love that @playfulpromises donates $1 for every order to a choice of charity, including #LGBTQ+ charities.” n TOM DALEY X AMI PARIS. Ami (which offers stylish and comprehensive wardrobes for men and women that blur the boundaries between casual and chic) collaborates with British Olympic diving champion Tom Daley, who hand-knitted two sweaters (Ami de Coeur Rainbow Jumper and the Cropped Cable Jumper in an alpaca and merino wool blend), one to be sold via an online auction and one as an Nonfungible Token (NFT).

Ami will donate 100 percent of the proceeds to Kaleidoscope Trust charity, which focuses on fighting for the human rights of LGBTQIA+ people across the Commonwealth. n FUSCHIA ANN RAVENA X MISS INTERNATIONAL QUEEN 2022. Fuschia (yes, that’s how she spells it) is set to compete in the most prestigious transgender pageant on June 25 in Pattaya, Thailand. She posts, “As the first @miqphilippinesofficial queen, I vow to use my voice and my platform to keep spreading the message of love and fight for acceptance and equality for everyone in our community. I know I am here for a reason and I’m not wasting any chances in making a difference.” n LOURD RAMOS X CENTURY TUNA SUPERBODS 2022.

The irrepressible beauty diva is flexing his toned physique against hunks with rippling muscles in this fitness contest. “[It’s] a dream come true. I may not have the perfect abs and chest but I have the perfect inspiration to achieve my goal! Represented the LGBT! Out & Proud!” n RISEN MAR ASLAPAL X IARTH JHON RANIS. Makeup Edmark Marwyn Entero conceptualized this public service announcement-cum-photoshoot for LGBT Barangay Patag (Cagayan de Oro).

Risen shares: “We aim to support policies at school, work, or other places that help protect LGBT people from discrimination. Even if the issues seem small, they can have a big impact on people’s lives. If you see or hear of an unfair rule or policy, talk to a peer or trusted adult about your concerns and what you can do to make a change.” n

Whether you’re planning a simple ceremony or something more grand, you can still walk down the aisle in style with Kultura’s Selebrasyon collection.

There are beautifully designed bridal gowns and barongs—traditional or reinvented for modern brides and grooms—and marked by the elegant craftsmanship of our local designers and artisans. All these can also be worn by entourage, sponsors and guests.

Brides-to-be will love Kultura’s exquisite Filipiniana embroidered, beaded, or hand-painted ensembles. There are exquisite gowns that will make

walking down the aisle breathtaking when worn with delicate veils from the store. For the modern bride, there are pieces like terno-sleeved tops that can be mixed and matched with silk pants and long skirts.

Grooms can choose from Kultura’s selection of elegant barongs in piña silk, silk cocoon, cotton silk, organdy, and jusi materials with intricate embroidery details.

Favors, tablescape dining accessories, entourage gifts and décors are also available making Kultura (www.kulturafilipino.com) a one-stop shop for that Filipino-themed wedding.

The season of ‘I do’ FILIPINOS love weddings. Perhaps it’s because of the romantic in us and these have a way of bringing families and friends together. While many still prefer traditional weddings, new concepts like destination weddings and ready-to-wear bridal gowns have become popular in recent years.

Weddings have become more intimate occasions attended by only immediate family members during the past two years because of the pandemic.

But with the recent easing of restrictions, we see couples planning grander ones closer to their dream weddings.

KOREAN SUN-PROTECTION PRODUCTS PROVIDE OTHER BENEFITS HAVE you noticed how it’s been so hot the past few days even if the sun doesn’t show itself much? The absence of the sun doesn’t mean you shouldn’t wear sunscreen, a skin-care essential that needs to be part of your daily routine.

I recently wrote about how Japanese and Korean sunscreens were superior because of so many factors, one of which is they don’t sting the eyes. I also love the textures of Korean and Japanese sunscreens as they’re usually the milky or gel type. I recently had the chance to explore the Korean brand Face Republic, which is available on Shopee Mall. I can’t tell you how many Korean, Japanese and even Chinese products I’ve purchased off Shopee Mall. I really love the convenience of online shopping.

Now, back to Face Republic, a brand well-known for its sun-protection products that provide broad-spectrum UVA and UVB protection. Face Republic Glow Screen Sun Gel is a lightweight chemical sunscreen with SPF50+ PA++++. It’s non-sticky but has a glowy finish. Face Republic Full Bloom Sun Tint SPF50+ PA++++ has a tone-up finish, meaning it’s tinted. My favorite is the Face Republic Purity Sun Essence SPF50+ PA++++, a physical sunscreen. I love it because the texture is so lightweight it feels like you have nothing on your face. There’s a slight white cast in the beginning (because it’s a physical sunscreen) but that disappears after about 30 seconds. Another thing I like about Face Republic sunscreens is that they’re all reef-safe.

Face Republic is also known for being vegan and ecofriendly. If there’s one more thing about Korean beauty that I really appreciate, it’s that they have a lot of calming products.

I damaged my skin barrier a few years ago by using too many actives and I really need calming products.

Face Republic Hydro Barrier Ceramide Cream is a rich cream with soothing and hydrating properties. This is perfect as a soothing cream for those who were exposed to the sun the whole day. Face Republic Calming Care AHA/ BHA Moisturizer has cica, aloe and plant-derived squalane to help calm irritated skin. This is good for those with oily skin as it is a gel. Meanwhile, Face Republic Calming Blemish Madecassoside Serum has Madecassoside (1,000ppm) and Tea Tree leaf extract (5,000ppm). Madecassoside is an antioxidant that inhibits inflammation, and improves skin hydration. Madecassoside has been found to be beneficial for inflamed, acne-prone skin, and photodamaged skin but it’s gentle enough to be used twice daily.

I’m not really into brightening products but Face Republic’s Gold Mineral Cleanser, Vita Capsule Luminous Serum and Vita Glow Toning Cream are good for after-sun care. Enjoy discounts of up to 59 percent on Face Republic products in Shopee’s 6.6 Mid-Year Sale. More information is available at www.shopee.ph/face_republic?tab=3.

In other news, I cannot count the pairs of Skechers shoes that we have in the house. My mom owns at least 10 while my daughter has two. I just got my first pair recently at Power Plant Mall, where the biggest store of Skechers in the Philippines is located. The 2,900-square-foot store in Makati houses a wide range of the brand’s footwear, apparel and accessories. Skechers is known as “The Comfort Technology Company” for a good reason. Its patented Arch Fit Technology, Max Cushioning Technology, Hyper Burst Technology, Air-Cooled Memory Foam, Relaxed Fit Technology and Stretch Fit Technology are proof of that. If you’ve ever traveled wearing a pair of Skechers, you know that these shoes are built for comfort.

Skechers GOwalk, one of the brand’s best-selling categories globally, is designed not only for walking but for casual wear as well. The shoes from this category are the ones our moms and aunties love to wear, and I don’t mean that disparagingly. My daughter has a pair and she swears by the comfort they provide. She once wore her Skechers GOwalk on a trip to Hong Kong where she walked around 15,000 steps a day and she said her feet did not suffer.

“Skechers is a global brand that Filipino consumers have grown up with and love. We are delighted to open biggest branch in Metro Manila so far in Rockwell Center. We are excited to let our customers experience the comfort and style which Skechers has always been known for,” said Skechers Philippines country manager Sue Pasustento.

In 2021, the company changed its operations in the Philippines to become a directly-owned operations, expanding its capital investment in the country. Skechers now has two stores in Metro Manila and five total retail destinations across the Philippines.

Superbods 2022 finalists revealed THE 32 hot, healthy and fit men and women who stood out from hundreds of hopefuls will soon take the spotlight as finalists of Century Tuna Superbods Love Strong 2022, the most anticipated health and fitness event in the Philippines.

With the powerful and relevant theme “Stay Strong to Love Strong,” this year’s diverse roster of finalists carry with them their reasons to have a strong and healthy body to take on challenges—highlighting the importance of having a healthy lifestyle for the people they care about, especially amid the pandemic.

Century Tuna Superbods 2022 launched a more inclusive competition that’s open to anyone regardless of age, background and gender—aspirants simply needed to make a stand and become an inspiration to

Filipinos to be the best version of themselves.

After the online auditions for this year’s competition, the final callbacks were held at Sofitel Philippine Plaza Manila, the official venue partner for Superbods 2022. The aspirants were carefully screened to vie for the title Century Tuna Superbod.

“We would like to congratulate this year’s finalists for making it this far. We are excited to witness their Superbods journey and see how they can inspire others to become better versions of themselves,” said Century Pacific Food Inc. vice president and general manager for Tuna Division Carlo Endaya.

In the female category, the 16 beautiful and fit finalists are Andrea Abalos, Christelle Abello, Michelle Arceo, Xandria Bautista, Sherlyn Doloriel, Lovely

Elazegui, Vienne Feucht, Querubin Gonzales, Mary Gonzalez, Julia Mendoza, Nadia Mostoles, Chrystalle Omaga, Kerri Reilly, Selena Reyes, Mia Salisbury, and Kim Velasco. The 16 fit and strong male finalists are George Baker, Kirk Bondad, Edison Borja, Wani Manotoc, Herson Parias, Paul Pedley, Gee Plamenco Jr., Patrick Ramirez, Lourd Ramos, Anjo Resurreccion, Ramon Reyes, Julian Roxas, Jaime Santamaria, Jean Santos, Mark Soriano, and Erik Visser.

The 32 finalists are undergoing a series of activities and challenges leading up to the finals night in July.

Two grand winners will receive P500,000 each, while the two runners-up will receive P200,000 each, taxfree. All four winners will also get a year’s worth of Century Tuna products and other exciting prizes.

THE male and female finalists of the highly anticipated health and fitness event.

B5

B6 Monday, June 6, 2022

TMP Tech graduates go to Japan for further training at Toyota and Hino

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HE premiere automotive technical institution in Santa Rosa City, Laguna, Toyota Motor Philippines School of Technology (TMP Tech), completed its pilot dispatch of automotive technicians for Toyota Motor Corporation (TMC) and Hino Motors, Ltd. (Hino) dealerships across Japan. Twenty-six (26) TMP Tech graduates were deployed from March to May 2022, with 42 more set to join within the year as Japan further eases its borders.

Under strategic partnerships with TMC and Hino, TMP Tech now serves Japan’s automotive after-sales service workforce, making it the newest trainingto-employment program that provides opportunities in the global Toyota Network.

This program will continue to provide the two Japanese partners with a stable pipeline of highly skilled technicians trained under Toyota standards. With the first batches of dispatched graduates, TMP Tech have filled-in technical intern requirements in 16 prefectures of Japan.

TMP Tech’s advanced and fast-track curriculum equipped its graduates through Toyota-specific courses and training at an actual Toyota dealer locally. As part of the program requirements, students of TMP Tech’s 2-year General Job Automotive Servicing Course also underwent additional courses such as

Japanese language and culture trainings, which will enable them to better adapt to Japanese work environments and in serving the market needs.

Graduates dispatched also have the Technical Education and Skills Development Authority (TESDA) national certifications, which make their skills equivalent to ProTechnician level of the globally known Toyota Education Automotive Mastery for the 21st century (TEAM21) training program.

TMP Tech sees the potential for Filipino talents in the international arena as demand for highly skilled automotive technicians remain high globally. To date, over 200 TMP Tech graduates have been employed overseas, including those who completed

the training programs for global Toyota partners in Japan, the State of Qatar, and the Kingdom of Saudi Arabia.

Established in 2013, TMP Tech was jointly founded by TMC honorary chairman Dr. Shoichiro Toyota and Toyota Motor Philippines Corporation founding chairman Dr. George S.K. Ty to become a world-class automotive technical education institution for the Filipino youth. These founders’ vision is realized through the development of highly competent automotive professionals and creation of employment opportunities in both local and global Toyota Network.

TMP Tech - Hino Batch1.jpg|First batch of TMP Tech graduates bound for Hino dealerships in Japan.

MERALCO COMMISSIONS NEW ESCODA GIS SUBSTATION. Meralco recently commissioned its new Escoda GasInsulated Switchgear (GIS) Substation which relieves the loading of the existing transformer banks in adjacent Paco and Tegen substations. Located along Escoda Street corner F. Agoncilllo Street in Malate, Manila, this project involved the commissioning of a new 83-MVA power transformer bank and new distribution feeders. This will also improve operational switching flexibility in the City of Manila, benefitting customers in the areas of Ermita, Malate, Paco, San Miguel, Quiapo, and portions of Sampaloc and Pandacan. Meralco and its subsidiaries are continuously working to improve its distribution system, providing safe, adequate, reliable and sustainable electric service to its customers.

All COVID-19 travel restrictions lifted in Oman

O

FIRST batch of TMP Tech graduates bound for Hino dealerships in Japan.

MAN Air welcomes all guests to the Sultanate of Oman on board its award-winning flights. All remaining COVID-19 precautionary safety measures and procedures in place at airports across Oman have been lifted, as of 22 May 2022.

Arriving international travellers no longer need to register through the eMushrif portal or undertake a PCR test before or upon arrival, as

previously required. Furthermore, authorities have removed all quarantine requirements as well as the requirement to download the Tarassud+ Track & Trace application prior to departing for Oman.

Guests departing Oman should ensure that they are aware of all pre-departure requirements and requirements during their flights, which are provided at omanair.com

2022 Stevie confers gold on Sitel‘s pandemic program

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ITEL Group®, one of the largest global providers of customer experience (CX) products and solutions, announced that it has been recognized with a Gold Stevie Award for Most Exemplary Employer in the 2022 Asia Pacific Stevie Awards for its agile and comprehensive response to COVID-19. The award highlights the efforts of the recently integrated Sitel Group and Sykes Enterprises Inc. and how the company responded to the challenges of the global pandemic.

“The pandemic made it necessary for all businesses to adjust and adapt to ensure the safety and security of their people,” shared Pamela Donato, Vice President of Human Resources, Sitel® Philippines and China, and Diversity, Equity and Inclusion.

“Our COVID-19 response programs were people-centric and designed with the help of our associates and with their needs in mind. We conducted focus group discussions and leveraged feedback into creating a coordinated COVID-19 response strategy.”

Programs included initiatives such as offering free vaccinations for associates and their families. They also partnered with health providers to launch the COVID-19 Home Care Management Program. Employees and their COVID-19 impacted households can receive medical support like consultations, tests and supplies. Telemedicine was also available, as well as access to mental health support through webinars and online activities.

Associates were also given access to loan options and company incentives and the opportunity to advance credits, bonuses and leave conversions. HR support was also provided through remote assistance with online video communication platforms.

Sitel and SYKES held several virtual employee engagement events and activities to help boost employee morale plus programs to promote camaraderie and health and wellness, including SitelFit events, virtual contests, raffles, games and more. Activities were designed to make associates feel like

they were still together even when they were physically apart.

Work-from-home programs were also implemented, providing associates with technology kits, ergonomic chairs and internet allowances.

The BPO also launched MAXhubs which served as smaller agile centers for work, recruitment, and equipment distribution. Simultaneously, legacy SYKES launched a program to provide meals, supplies, shuttle services and free lodging for on-site associates as well as a comprehensive virtual course used to educate associates on health protocols, national guidelines and safety requirements during the COVID-19 lockdown.

“We are honored to be a Stevie awardee. The recognition affirms that our investments and efforts are well placed and effective in making a positive difference in people's lives during a very challenging time. It also strengthens our reputation as a company that cares for its people,” Donato said.

Biñan City ends 12th Puto Latik Festival with employees’ day

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HE Biñan City government feted their employees on the last day of the highly successful 12th Puto Latik Festival which was held from May 15 to May 23.

Roman E. Carencia, Biñan City Information Officer, related that the city government celebrates Employees’ Day every May 23 to recognize outstanding employees and their contribution and achievements.

“This year, the City Human Resources Development Office headed by Jenny Anne Sarmiento, in partnership with the Biñan City Culture, History, Arts and Tourism Office (BCHATO), organized a Thanksgiving Mass after the Flag Raising Ceremony at the Alonte Sports Arena,” he said.

“It was followed by the P.R.A.I.S.E. Award ceremonies, free haircut for employees, boodle lunch and the opening of the Volleyball Friendship Game,” Carencia added.

BIÑAN City local government officials and employees led by Biñan City Vice Mayor Angelo “Gel” Alonte attend a thanksgiving mass as part of the Employees’ Day celebration.

Overall, Carencia said the 12th Puto Latik Festival was a success and that the city government was very happy with the overall turnout of the Biñanenses.

“We have been celebrating and hosting the Puto Latik festival for the past 12 years and I can say that the festival has always been successfully done. No pandemic nor calamity can hinder the celebration of Biñan’s people, culture, history, arts and tourism,” Carencia said.

The nine-day festival was organized

by BCHATO headed by Bryan Jason Borja with the full support of Biñan City Lone District Rep. Marlyn “Len” Alonte, Biñan Mayor Walfredo “Arman” R. Dimaguila, Jr. and Vice Mayor Angelo “Gel” Alonte.

“Those who deserve a pat on the back are BCHATO, the City Information Office and all the other departments who worked hand in hand to make this festival possible and the department who helped in the preservation of peace and order during the events like the Philippine National Police, Public Order and Safety Office, City Marshal and the City Disaster Risk Reduction and Management Office,” Carencia said.

GWES takes place in Manila on June 5 to 6, 2022

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ITH its aim to empower women from all over the world to discuss and solve women’s issues in a non-political way, as well as to honor women champions, showcase women’s skills, and motivate more women of any race and color to win all challenges in life and become an inspiration to mankind, the Global Women Empowerment Summit (GWES) 2021’s Manila leg is set to take place on June 5 to 6, 2022 at the Manila Marriott Hotel in Pasay City.

The event is set to showcase “The Best of the Philippines” through a series of forum and activities including immersive pocket events highlighted by the presence of Her Royal Highness Sheikha Jawaher Bint Khalifa Al Khalifa of the United Arab Emirates and Bahrain, who will be the Royal Guest of Honor and Keynote Speaker.

Honorable Pasay City Mayor Ms. Imelda

“Emi” Calixto-Rubiano will open the event joined by Marriott Hotel Manila’s General Manager Mr. Bruce Winton, and GWES Overall Chairperson and CEO Ms. Love Charmaine Uychoco. The Global Women Empowerment Summit 2021 was officially appointed to Afro Asian World Events, the MICE Division of Afro Asian Travel and Tours, Inc., a leading DMC in the Philippines.

They will be the Philippine Ground Handler and Business Event Management Company for the 2021 edition of the Global Women Empowerment Summit. This event is co-sponsored by the Department of Tourism, Philippine Airlines, Informatics, Ralphs Wine, Le Charm Suites, and Distelleria Limtuaco. For the latest news, updates, and other information, you find Global Women Empowerment Summit's official Facebook Page.

Qualitech receives award for business excellence

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HE Qualitech Diagnostic and Medical Services was recognized as the Best Trussted Diagnostic and Medical Franchising Company by the Golden Globe Annual Awards for Business Excellence last May 27, 2022. Mr. Henry Monzones, president and CEO of Qualitech received the award at the Manila Hotel Grand Ballroom Fiesta Pavillon. (Photo/ Mark Nilo Odiaman)

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, June 6, 2022 B7

The coronavirus chronicles:

Rethinking redux I

PR Matters

By Millie F. Dizon

N last week ’s column, we explored the power of rethinking and how it can impact our lives and work. This is especially meaningful now that we are in mid-year 2022, and are navigating a whole new post-pandemic world.

In another Inc.com article, Minda Zetlin suggests a mental readjustment in four key areas: your relationships with other people, your relationship with circumstances, your relationship with time, and your relationship with yourself. She says This 4-Step Plan Will Help You Reach Your Most Ambitious Goals in 2022.

This time, she gets a little help from Wendy Capland, executive coach to such companies as IBM and Bank of America, and author of the best-selling book, Your Next Bold Move.

Capland says that these are the four things that “stop you from dreaming, that stop you thinking that something is or is not possible for you. That can stop you in your tracks.”

Here is Capland’s advice on how you can keep these relationships from becoming obstacles in your work or life.

this planet, let alone in our workweek. That is why it is often said that time is currency and should not be wasted.

As such, as Capland says, “if you can’t find the time for something you truly care about, you should reexamine your priorities.

Figure out if any of the things you spend time on could be reduced or eliminated.”

More importantly, “make a date with yourself—write it in your calendar—to set aside time for whatever it is you want to make sure to do.”

Rethink your relationship with yourself

Rethink your relationships with others

Relationships are very important in work and in life. This is especially true in the Philippines when good relationships can open doors, and give us an edge when doing our tasks. These can also make us very happy.

There are times, however, when we have to rethink relationships that don’t seem to be going right.

Capland recalls a time when she asked her manager for a raise and was told that she had the maximum salary for her position— and couldn’t possibly be paid any more. Then she left, and another manager came in and said, “Oh, we’ll give you a promotion. That’ll do it.”

When we face rejection, we can work on changing a person’s perceptions, “making sure your boss, customer, or co-worker knows just what you can do and how much your work can benefit them. That may help your boss or your customer see you in a new light.”

Johnson’s baby #dikanagiisa short film

ADoboPicks: Johnson’s tribute to mothers, Heineken’s high-tech bottle opener, and more campaign favorites from this week

MANILA, PHILIPPINES—The creative industry is brimming with tons of amazing ideas, so it’s no surprise that there’s never a shortage of great campaigns to admire and celebrate.

From gripping stories and new perspectives that embody what a brand stands for to new fun ways people can engage with a brand, here are five campaigns that caught adobo Magazine’s eye this week:

Not many Mother’s Day ads did what Johnson’s Baby did so well in their moving #DiKaNagiisa short film: reminding everyone that motherhood comes in many beautiful forms beyond being someone’s birth mom, and each one is as valid as the next.

This tearjerker features three amazing mothers: a child welfare worker who takes care of orphaned and neglected kids, a lola raising her three grandchildren and great-grandchild, and a trans mom who gives her child all her love and care as she faces the challenges of being a trans parent. In the film, they sing their own versions of the Johnson’s Baby lullaby, highlighting both their uniqueness as moms and the one thing they have in common: the gentleness, care, and hard work that they dedicate to their kids.

If not, “it may be time for you to rethink the relationship and whether it’s time to move on to another one.” Whatever you do, “if someone in your life or work has a limiting view of you and your abilities, don’t let that limiting view bleed into your own view of yourself.”

Rethink your relationship with circumstances

We cannot control circumstances around us—what is happening in our family, our workplace, our neighborhood, our country. The pandemic is one circumstance where many of us felt helpless,

‘The Closer’ bottle-opener by Heineken and Publicis Italy

With this campaign by Publicis Italy, Heineken effectively cements its brand as the beer you can look forward to at the end of a long, hard day of work.

And who doesn’t want that beer?

The Closer, a bottle opener that shuts down work apps once you use it, is the high-tech solution that combines the relief of calling it a day at work with the excitement of getting to enjoy what comes after.

The campaign film for The Closer paints a perfect picture of what many professionals struggle with: work-life balance. In the film, when someone cracks open a Heineken beer, it doesn’t take long for everyone to go from initial panic at the loss of Wifi and power to relief that they finally have a moment to disconnect from work and connect with their life outside of it.

but after two years, we have seen how different people have had different responses. Some responses have allowed them to rise above the circumstances, others have not been so lucky.

The reality is “only you can determine whether you are truly bound by circumstances.” With this, it will be good for us to ask yourself some what-if questions.

W hat if this circumstance could be changed in this way?

What if you could ask someone for help with part of it? What if there is a way to turn this circumstance to your advantage? These are some ways of rethinking.

Wunderman Thompson and KitKat’s AI Staring Contest

Everyone that knows of the chocolate bar also knows their iconic decades-old slogan: Have a Break. Have a KitKat. And this new quirky campaign by Wunderman Thompson shows once more how committed KitKat is to the branding people love them for.

Highlighting the importance of taking a break while at work, KitKat launched Blink Break, a digital staring contest where you compete against AI animals. Using MediaPipe’s cutting-edge Face Mesh technology, the game can detect whether or not you blink. If you win, you get to advance to a different level with a new animal. It’s a great way to introduce new and fun ways to relax in between tasks.

Rethink your relationship with time

“I cannot tell you how often I hear, ‘I don’t have the time,’” Capland says. “But if I told you you need to drop everything right now and go to the hospital because someone you love had a terrible accident, you can be damn sure you can do it. People just use the excuse, ‘I’m too busy, I don’t have the time.’”

If you want something, “you have to reprioritize what you’re doing so you will have time for it.”

In Four Thousand Weeks, Oliver Burkeman points out that we all have a limited amount of time on

‘Pride Generation’ series by Dr. Martens and PRETTYBIRD UK

It’s always refreshing to see brands that put a spotlight on real members of the LGBTQ+ community and the work they do to fight for the rights that they deserve. “Pride Generation,” a video campaign series by Dr. Martens and PRETTYBIRD UK is successful because of exactly that.

By featuring active voices in the community, Dr. Martens puts an emphasis on what pride is truly about: activism, organization, and fighting for concrete change, all of which are often ignored in mainstream pride events and campaigns by big corporations. The first in the video series is a conversation between two community organizers—Lady Phyll, the cofounder of London Black Pride, and Lucia Blayke, the founder of London Trans+ Pride.

Believe it or not—your own beliefs can be stopping you from reaching your goals, Capland says.

“Our beliefs create our thoughts, create our actions, create our results,” she says. “You can look at everything you have around you and your life, and you can tie it all back to the belief you have.”

A limiting view of your capabilities, for example, could rob you of the success you deserve. If your beliefs are holding you back, how can you change that? How can you change your relationship with yourself?

Capland believes in getting another point of view or seeking outside help—a counselor, a coach, a trainer, a mentor.

All in all, “changing how we see our circumstances, how we prioritize our time, our relationships with others, and most importantly—rethinking all these areas can help move you forward in your career and life. It can take you to places might never imagined?” Will you give it a try?

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman.

We are devoting a special column each month to answer the reader’s questions about public relations.

Please send your comments and questions to askipraphil@gmail.com.

Chevrolet and McCann Shanghai ‘Do Something Cool’ campaign

With many other automobile ads out there, it can be hard to find a way to create ones that will make a new model stand out from the rest. But “Do Something Cool,” McCann Shanghai’s latest campaign for Chevrolet’s latest model Tracker RS, proves it’s not impossible for automobile ads to surprise viewers with a laugh.

“Do Something Cool” is a series of automobile ads where drivers benefit from the car’s high-tech features in the most unexpected ways. From the voice recognition feature helping a driver make sure his command is obeyed over his parrot’s to a group of friends using the car’s impressive speed to do fun basketball tricks, this campaign shows you that the new Tracker RS doesn’t just give you everything you want in a car. It also opens up possibilities for things you didn’t know you needed.

Sports

MVP? IT’S SCOTTIE! S

By Josef Ramos

COTTIE THOMPSON admitted he’d never expected to hold over his head the Most Valuable Player (MVP) trophy during the Leo Prieto Awards of the Philippine Basketball Association that ushered in the 47th season at the Smart Araneta Coliseum.

An unsuspecting MVP Thompson is—he who’s been the usual suspect each a Barangay Ginebra San Miguel opponent loses a ball, misses a rebound or fails to stop the tireless Gin King.

“I never thought that I could win the season MVP and despite those rumors, I never put it in my mind,” Thompson, 28, told reporters after glaring in the spotlight by his lonesome at the Big Dome’s midcourt. “I can’t believe that I received the award.”

Thompson just returned from a postponed two-week honeymoon with wife Jinky—a special moment that brought the newly weds to Georgia, Armenia and Dubai. They got married last December at the Pearl Farm Resort in Davao del Norte but had to reschedule the honeymoon because of the ongoing PBA season.

When his name was called, it was wife Jinky, who else, who gave Thompson a tight embrace and a sweet kiss.

“We spent two weeks for our honeymoon and we just returned home last May 11,” he said. “I never had that MVP in my mind because there are many players deserving of the award.”

Indeed Thompson pulled the rug from under his fellow stars, including Magnolia’s Calvin Abueva, NorthPort’s Robert Bolick and TNT’s Philippine Cup best player Mikey Williams.

Thompson averaged 13.9 points, 9.0 rebounds, 5.4 assists and 1.2 steals in 33 games in Season 46 highlighted by his stellar performance in the Governors’ Cup—which Ginebra won—where he finished with 14.6 points, 9.2 rebounds, 5.91 assists and 1.13 steals average in 23 games.

Joining Thompson on the Mythical Five were Williams, San Miguel Beer’s June Mar Fajardo, Abueva and NorthPort’s Arwind Santos.

Named to the Second Mythical Team were CJ Perez of San Miguel Beer, Bolick, Mathew Wright of Phoenix, Christian Standhardinger of Ginebra and Ian Sangalang of Magnolia.

With six PBA titles, two PBA Finals MVP trophy, a Sportsmanship

AN FRANCISCO—A peek at Golden State’s practice Saturday wouldn’t have suggested that the Warriors are trailing the Boston Celtics in the National Basketball Association (NBA) Finals.

Stephen Curry was making most of his shots, as usual. Klay Thompson was bobbing his head in time with the music in between his own shot attempts. Draymond Green was at the other end of the floor with the forwards yelling “Oh, yeah!” at nobody in particular.

The biggest game of their season is Sunday. Say this much for the Warriors: They don’t seem nervous about it.

The Celtics can take a 2-0 lead— and absolute command—of the NBA Finals on Sunday when they visit the Warriors in the second game of the title series. It’s not must-win time for the Warriors, technically, but opening a series with two home losses would mean they’d need to pull off something nearly unprecedented to win a championship.

“It’s really important to turn the page one way or the other,” Warriors coach Steve Kerr said. “If you win and you get happy and you let your guard down, then you’re in trouble.

And if you lose and you feel sorry for yourself, then you’re in trouble doing

B8

| Monday, June 6, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

DESERVING RESIDENT

AT WORLD’S NO. 1

P GINEBRA’S Scottie Thompson says he’s an unsuspecting Most Valuable Player.

COURTESY RUDY ESPERAS Award in 2020, a four-time AllStar and Most Improved Player in 2018, the National Collegiate Athletic Association 2014 MVP with University of Perpetual Help System DALTA joined the elite group of MVP winners.

“It’s a big achievement, it boosts my confidence and makes me feel motivated,” he said.

But Thompson said that seeing 2012 MVP Mark Caguioa and Joe Devance retiring before the season make him sad.

“I never thought of replacing them as the new face of the franchise,” he said.

Thompson topped the players, media and PBA votes with 2,836 points while Williams finished second with 1,332.

Juami Tiongson of Terrafirma bagged the Most Improved Player award while Kevin Alas of NLEX got the Sportsmanship trophy.

Cliff Hodge of Meralco, Jio Jalalon of Magnolia, Chris Ross of San Miguel Beer, Kelly Williams of TNT and Santos made up the All-Defensive Team.

TURNING A PAGE IN GAME 2

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BusinessMirror

that, too. It’s all about how you respond.”

Boston has a similar approach. Much was made of how the Celtics didn’t have any players with finals experience before the series opener Thursday night— they used a 48-18 run to pull away late and win 120-108. But moments after the final buzzer, there was no celebrating in the winning locker room—just a reminder from Marcus Smart that, like Kerr said, the page needed to turn quickly to Sunday.

“I know it may sound arrogant, but when you play for the Celtics, the expectation is to win a championship,” said Boston’s Al Horford, who led the Celtics 26 points in Game 1 on Thursday night and turned 36 on Friday. “Even when I got here in ’16, that was the expectation even then. That’s what it is in the organization. We don’t have to talk about it. We don’t even talk about it at this point. We’re just taking it a game at a time.”

The Celtics ended Golden State’s 13-game winning streak in Game 1’s at home, and that means the Warriors are trailing 1-0 in these playoffs for the first time. AP

The True Worth of Malarayat WHEN architect Toti Turalba takes to the greens of Mount Malarayat Golf and Country Club, he feels a certain pride in designing, creating and managing one of the top golf courses in the Philippines.

He admits though it’s more than a world-class golf course. It’s certainly more than the breath-taking views of

ARIS—Iga Swiatek’s winning streak began to feel like a burden, she said, with all of the attention it gained as it grew, all of the pressure to keep it going, especially with a Grand Slam title in the offing.

As good as her forehand is, as skilled as her hit-the-ball early reflexes are, as much as her serve keeps improving, what Swiatek needed, above all, was a way to shut out the noise, to ignore all the stats and facts, and to find a way to focus— match to match, set to set, game to game, point to point, shot to shot.

During the French Open, she did that away from the court by reading (Alexandre Dumas’ “The Three Musketeers” was one choice) and on the court by singing in her head (a Dua Lipa song she called a “guilty pleasure”). Most of all, she allowed her play to rule the day. Thanks to a 6-1, 6-3 victory over 18-year-old American Coco Gauff in Saturday›s final, the topranked Swiatek leaves Roland Garros with her second championship—and a run of 35 matches without a loss.

“It is, like, basically the hardest part of the job, I would say, because you can see at Grand Slams that there are a lot of surprises. It’s not easy to cope with all that different atmosphere and the pressure,” Swiatek, who is 21, said after adding this trophy to the one she won in Paris in 2020 while ranked outside the top 50. “For me, I felt the baggage. The hardest thing is like not letting yourself think about that and overanalyze and not letting yourself think about all the numbers and the odds.”

Ah, yes. The numbers.

They’re impressive.

Swiatek has won

her past six tournaments. She has won 56 of her past 58 sets. She is 42-3 this season. She has won 16 sets by a 6-0 score. And her unbeaten streak now is one better than the best Serena Williams ever had, 34, and equals the longest this century (Williams’s older sister, Venus, had a 35-match run in 2000).

“Kind of doing something more than Serena did,” Swiatek said, “it’s something special.”

Swiatek has emerged as a dominant figure in tennis, stepping into a gap that presented itself with 23-time Grand Slam champion Serena out of action for nearly a year and three-time major champ Ash Barty announcing in March she would retire at age 25 and relinquish the No. 1 ranking.

That allowed Swiatek to move up to the top of the Women’s Tennis Association (WTA), and she’s shown she is a deserving resident there.

“She does a good job of taking the pressure moments and really rising to the occasion. And today she rose to the occasion,” said the 18th-seeded Gauff, who was appearing in her first Grand Slam final and hadn’t dropped a set in the tournament. “I do that pretty well, too, but today, she was just on another level.”

Gauff is now 0-3 against Swiatek.

“The past couple months have truly been amazing and you totally deserve it,” Gauff told Swiatek, then added with a

chuckle: “Hopefully we can play each other in more finals, and maybe I can get a win on you one of these days.”

On the warmest day of the tournament, with the temperature at 82 degrees Fahrenheit (28 Celsius), just a few puffs of white in the blue sky at the outset turned into thick, foreboding gray clouds by the second set, accompanied by a thunderclap.

The match ended after 1 hour, 8 minutes, before the rain arrived.

Gauff did not get off to the best of starts: It was 4-0 in a blink.

Swiatek broke serve right from the get-go, with plenty of help from Gauff, who put a forehand into the net, double-faulted—eliciting some sighs of “Awwwww” from the crowd—dumped a forehand into the net, and pushed another forehand long.

Not in all cases, of course, but often, the spectators at Roland Garros tend to back an underdog or whichever player is trailing—both of which applied to Gauff. So there was a surfeit of shouts of “Allez, Coco!” One person yelled, “Coco, you can do it!” There were repeated cries of her chant-ready, two-syllable first name.

PhilCycling National Championships for Road get going in Tagaytay City

T DOWN one game in the series, Stephen Curry and the Golden State Warriors don’t look in a hurry. AP

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HE Asics Rock “n” Roll (RnR) Running Series on June 19 will put accent on Manila’s historical markers, including the Walled City of Intramuros and the National Museum, marking the first time that the capital

the mountains in the background and the well-manicured grass and open plains. It’s more than the awards Malarayat has won. More than the Philippine National Opens and Asian tournaments held there.

“It’s how the golf course has given back and helped the community,” he proudly says.

In the early 1990s, Malarayat was a sleepy agricultural town in Lipa City. The closure of the American military bases in the country hurt the area as did many others.

The entire land was one massive poultry farm and economic hardship and labor concerns hurt the local community.

Tasked to rehabilitate the land, Active Group Inc.—the Turalba family’s architectural firm— assessed the land.

“We didn’t plan to do a golf course,” shared Turalba who is now President and CEO of Active Realty and a director of Malarayat. “None of us—his father and mother included—were golfers. Nor were we from Batangas. We’re all architects.”

“This property was shown to us and it was an old poultry farm. Because of the good weather, it’s good for poultry. It used to supply Clark Airbase and other American military

HE PhilCycling National Championships for Road returns after a two-year hiatus from June 21 to 24 with Tagaytay City as main hub, according to Philippine Olympic Committee (POC) and PhilCycling President Rep. Abraham “Bambol” Tolentino.

“With the pandemic restrictions eased, it’s high time to bring the National Championships back on the road,” Tolentino said. “We scrapped the races in 2020 because of the Covid-19 pandemic and last year,

we could only stage the National Trials under a strictly-controlled environment in Clark.”

The national championships—copresented by Standard Insurance and the MVP Sports Foundation and supported by the POC, Philippine Sports Commission, Tagaytay City Mayor Agnes Tolentino, Eighth District of Cavite and Province of Cavite—will feature races in road, individual time trial and criterium for men and women elite, under-23, juniors (17-18) and youth (16-under).

As things appeared to be getting away from her, Gauff slapped her thigh or covered her eyes, shook her head or looked up toward her parents in the stands.

What she never did was waver or concede anything.

Gauff began the second set by breaking Swiatek for the only time, and then holding to go up 2-0. Might this transform into a much closer contest? Might Gauff push Swiatek to a third set? AP

THE top-ranked Iga Swiatek leaves Roland Garros with her second championship—and a run of 35 matches without a loss. AP

Registration is ongoing online via the PhilCycling Facebook page.

Participants will be screened and determined based on their skill set as the national championships demand only riders who are potentials for the national team. The final roster of participants will be announced on June 17.

The top five riders in the road races, top three in criterium and top two in the ITT will be named to the national team for the period July 1 to December 31, 2022. The next sets of finishers will be considered for the national pool.

The races are also supported by the First District of Batangas as well as the municipalities of Laurel, Agoncillo and Talisay and the local Philippine National Police commands.

Asics RnR run organizers put emphasis on historic spots city’s sights and landmarks will be featured in such kind of a sporting competition.

It is but one of the many firsts in the first-ever RnR race in Southeast Asia and first in Asia after the pandemic with organizers and the host city guaranteeing a successful staging

of the four-category event more distinctive to regular marathon races.

For one, it mixes running and endurance with partying and a concert that will have participants treated to music throughout the route enhanced with themed water stations and a musical bash at

facilities but following the closure of the bases, nagkaproblema ’yung landowners.”

The bank asked what Active Realty could do with the property.

“When we are asked to do something with a property, we do not come in thinking—ah, we should do a condominium, a golf course, or what not. We always make it a point to look at what the land gives us.”

“We thought, ‘Oh, maganda ‘to as a golf course.’ It was more of the land lent itself for it to become a golf course with the mountain in the background, the rugged terrain.

The correct soil, and of course, great weather.”

It was a hidden golf course in nature.

“Hindi namin pinilit. We respected the terrain.”

To help design and build Malarayat, Turalba learned to play golf and did so on many of the world’s famous courses.

For his firm and him to come up with the best possible design, he had to play the game, know and understand the feel of top golf courses in the world.

“I became serious at golf,” Turalba recalled. “I had a handicap of 12 at that point.”

In building Malarayat, Active Realty brought in

the finish that will run through midnight.

Registration is ongoing at www. runrocknroll.com.manila with onsite listup at Garmin stores (through cash or Gcash) at Glorietta I, SM Mall of Asia, SM Megamall, The Podium, Ayala Vertis North, SM North, SM Aura, Uptown and Alabang Town Center.

unemployed farmers from the old poultry farm to become caddies, landscapers, groundskeepers, maintenance staff and other jobs related to the golf course and its corresponding facilities as it expanded.

“It’s nice to win these awards,” Turalba beamed. “But the true reward is seeing the community thrive. Before you would see them walking to and from. Now they have motor bikes, vehicles, they have better homes. You see the smiles on their faces, it’s a great feeling to see what the golf course has done for this community.”

Anywhere between 400 to 500 Lipa City residents are employed by Malarayat and its country club.

More to that, Malarayat has been the home to many junior golfers through the years.

“We saw Yuka Saso and Bianca Pagdanganan among others play here and we allow them to do so for free. If it helps them become world-class players, then we at Malarayat are happy to have been a part of their journey.”

And what a journey it has been for Turalba and his family. This golf course, and its community.

“We are grateful for the awards, but the community we have…that is the reward we bask in.”