BusinessMirror June 14, 2023

THE Marcos Jr. administration’s economic managers issued Tuesday an eightpage rebuttal to the paper published by the UP School of Economics (UPSE), maintaining that the Maharlika Investment Fund (MIF) is critical in the country’s economic development.

In a joint statement, the economic managers answered pointby-point the arguments raised by some UPSE faculty members in their paper published last week.

The economic managers asserted that the MIF and the proposed Military and Uniformed Personnel (MUP) pension reform would allow the country to reduce its reliance on foreign and domestic loans to fund

the government’s annual budget. They noted that passage of the MIF bill and the MUP bill are legislative priorities of the current administration in providing “radical reforms” to improve the country’s economic and fiscal standing.

“Both measures symbolize the administration’s recognition that nations should begin finding ways to gradually close the gap in the budget deficit, and reflect the concerted efforts to promote continued fiscal sustainability,” the joint statement read.

“This will allow our nation to move away from reliance on foreign and domestic loans to fund our annual budgetary requirements and will move us closer to self-sustain-

ability in sourcing financial requirements,” it added.

The economic managers reiterated that the MIF would “widen” the fiscal space in the near- to mediumterm, as it would slash the “heavy” reliance on local funds and development assistance to bankroll the country’s infrastructure projects.

“By providing an alternative source to public infrastructure spending, there would be a bigger budgetary allowance for other priority expenditures,” they said.

The economic managers also argued that the MIF is aligned with the Medium-Term Fiscal Framework (MTFF) and the 8-Point Socio-economic Agenda.

Furthermore, they argued that

the MIF also “operationalizes” the Philippine Development Plan, citing a provision that the government “diversify and explore” alternative sources of financing in managing the country’s debt.

“The Maharlika Investment Corporation [MIC] and the MIF aim to execute and sustain high-impact infrastructure and development projects, ease fiscal constraints, and maximize expected returns for our country’s investments,” they said.

“The objectives are clear: to invest funds that are available in government instrumentalities and utilize them for investment purposes on the basis of their individual

GLOBAL ECONOMIC JITTERS BLAMED FOR $500-M DROP

Q1 FDI inflows down nearly 20%

By Jasper Emmanuel Y. Arcalas @jearcalas

THE country’s foreign direct investments (FDI) net inflows in the first quarter declined by nearly a fifth to $2.042 billion from $2.542 billion a year ago, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.

BSP data showed that the $500-million drop was caused by the contraction across all major components of the FDI.

In March alone, FDIs to the Philippines plunged 30.7 percent to $548 million from $792 million in the same month of last year, according to the BSP.

“The said decline resulted from lower net inflows across all major FDI components amid investor concerns over subdued global growth prospects,” it said in a statement on Tuesday.

BSP data showed that debt instruments accounted for the bulk of the March FDI. Net investments in debt instruments fell by 37.2 percent to $389 million from $620 million last year.

Meanwhile, FDIs in the form of equity other than reinvestment of earnings dropped by 11.7 percent year-on-year to $94 million, while reinvestment of earnings remained relatively flat at $65 million.

“Equity capital placements during the month originated mostly from Singapore, Japan, and the United States. These were directed mainly to the 1) manufacturing; 2) information and communication; and 3) real estate industries,” the BSP said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort noted that “increased” market volatility

See “FDI,” A2

By Andrea E. San Juan @andreasanjuan

ADELEGATION of five

Philippine game development companies generated an initial US$1.67 million in export sales and 71 more trade leads following the business-to-business meetings during the country’s participation in the Nordic Game

2023 in late May in Sweden, the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB) said.

The DTI-EMB and the International Trade Centre (ITC) said it collaborated with the Game Developers Association of the Philippines (GDAP), as they organized the first Philippine participation in Nordic Game.

The game development com -

panies are: GameOps, Inc., Neun Farben Corporation, Mata Technologies, Inc., Seaversity Inc., and Taktyl Studios.

DTI Trade Promotions Group (TPG) Assistant Secretary and Officer-in-Charge Glenn G. Peñaranda said this initiative is part of the country’s efforts to build linkages with possible European clients and diversify export markets for Philippine

game development companies.

“Through the support of the ARISE Plus Philippines Project funded by the European Union, Philippine companies were able to showcase their capabilities in Europe’s major game development conference and establish business connections with prospective clients,” Peñaranda said.

See “Export,” A2

By Samuel P. Medenilla @sam_medenilla

WITH the growing impact of artificial intelligence (AI) in the operations of more establishments, the Department of Labor and Employment (DOLE) backed the proposed legislation regulating the production and use of the new technology.

“We are always watchful to ensure that [artificial intelligence] will not be harmful to the health, safety and continuation of the livelihood of our workers,” Labor Secretary Bienvenido E. Laguesma said in a radio interview on Tuesday.

“However, we will not oppose the introduction of new ways to improve the [work] process and improve productivity,” he added. New legislation

THE labor chief made the pronouncement when asked about his position on House Bill (HB) No. 7396 or the Act Promoting the Development and Regulation of AI in the Philippines.

Among the salient provisions of the bill is the creation of the Artificial Intelligence Development Authority (AIDA).

Surigao del Norte 2nd District Rep. Robert “Ace” Barbers said he

See “DOLE,” A2

Napolcom, PNP file raps vs 50 cops in 990-kg drug bust

By Jonathan L. Mayuga @jonlmayuga

FDI. . .

Continued from A1

during the reference period—a result of uncertainties caused by some US regional bank failures—contributed to the drop in the country’s FDIs in March.

Ricafort pointed out that the Regional Comprehensive Economic Partnership (RCEP), which took effect in the Philippines last June 2, would help the Philippines attract more FDIs.

Administrative cases will also be slapped against them within the next two weeks.

At a hybrid press conference on Tuesday, Department of the Interior and Local Government (DILG) Secretary Benjamin “Benhur” Abalos Jr. said the criminal raps were filed before the Office of the Ombudsman.

The cases involved violations of Republic Act 3091 or the Anti-Graft and Corrupt Practices Act Reublic Act 9165 or the Dangerous Drug Act, Falsification of documents, False Testimony, Malversation of Private Property, and Obstruction of Justice.

Among the 50 respondents, 12 were police commissioned officers.

Abalos is confident the case against the suspects is airtight, taking into consideration the evidence and the sworn affidavits gathered during the investigation.

“We have culled this not only from the investigation of the Napolcom but also from the investigation of the Special Investigative Task Force of the PNP.  The investigation done was comprehensive,” he said. In filing the criminal complaint, Abalos said the PNP officers’ testimonies that they were just following orders were also taken into account.

A closed-circuit television footage indicating the alleged pilferage of over 40 kilos of the drug haul triggered

allegations of recycling drugs by the PNP, which also partly forms part of the evidence against the suspects.

Of the 50 active PNP officers, Lt. General Benjamin Santos was the highest-ranking official. He was charged based on the principle of command responsibility.

Without going to the specifics, Napolcom Vice Chairman Alberto Bernardo said at that time the alleged crime was committed, Santos was the deputy chief for operations.

He added that as the case unfolds before the Office of the Ombudsman, more PNP officers may be included in the complaint. “We believe that based on their counteraffidavit, some of the accused said they were just following orders,” he said.

The filing of the criminal complaint also took into consideration the facts of the case, the casing, the drug bust, and the Senate and House of Representatives investigations uncovered over the past few weeks.

“Some said they are not among the involved.  They will have the opportunity to prove that [before] the Ombudsman,” said Bernardo.

According to Abalos, the case buildup will be “a continuing process.  As evidence arises, as sworn affidavits come in…”

In March, former Police Master

Sergeant Rodolfo Mayo Jr., the policeman who was arrested in a drug buy-bust operation in October last year that resulted in one of the biggest drug hauls in the country’s history, was dismissed from the service.

Some 990 kilograms of suspected shabu with an estimated value of over P6.7 billion was seized after a series of anti-drug operations in Manila.

At the time of his arrest, Mayo was an intelligence officer for the PNP Drug Enforcement Group. The drug bust caught the attention of lawmakers, who sought a public inquiry to get to the bottom of the drug fiasco.

Abalos was quoted in newspaper reports as saying there was a massive attempt to “cover up” Mayo’s arrest in connection with the drug haul.

Export. . .

Continued from A1

Peñaranda also noted that with sustained initiatives to develop and promote Philippine capabilities in game development, the Philippines can position itself as a “major player” in the game development sector globally. In fact, he added that preparations are now ongoing for the next mission to Gamescom 2023 in August, which will be held in Cologne, Germany.

For her part, Sylvie Cochin, Arise+ Project Manager at the International Trade Centre, said participating in Nordic Game 2023 under Arise+ with their partners at DTI and the Philippine game industry allowed them to generate export sales and establish “valuable” trade leads, opening doors to new European clients.

“This initiative has the potential to truly diversify export markets for the gaming industry of the Philippines,” Cochin stressed.

In a statement on Tuesday, DTI said Nordic Game is Europe’s leading game developer conference. It gathers regional and international industry professionals and executives in the game development community.

The event features various activities, including speaking engagements from leading industry figures in the region and renowned global experts, business matching meetings, and trade fairs, DTI said.

The ARISE Plus Philippines project aims to improve the Philippines’s trade performance, competitiveness, and economic integration. ITC provides full support to Philippine companies through training and coaching on export marketing, and on building market linkages with the European and other markets.

In line with this, Trade Secretary Alfredo E. Pascual emphasized that the government is set to launch the Philippine Export Development Plan (PEDP) 2023-2028 on June 15.

“Through the PEDP, we aim to assist more exporters and aspiring exporters in building and strengthening their linkages in international markets, and in capacitating them to meet the demands of their customers by implementing initiatives that are attuned and responsive to the needs of Philippine businesses. We aim to make them competitive global players,” Pascual said in a statement on Tuesday.

The free trade agreement would also boost the Philippines’s stature as a possible “access point to bigger export markets of the other RCEP member countries in the region and in other parts of the world,” Ricafort added.

“For the coming months, net FDIs could pick up further amid an easing trend in inflation and eventually interest rates,” he said.

Ricafort outlined the factors that could boost the country’s FDI in the coming months: “fast” economic growth in the region, further reopening of the economy, the country’s attractive demographics as well as reopening of China and recent investment commitments secured by the administration.

On a January-to-March period basis, the estimated amount of the three FDI components were as follows: $261 million of equity other than reinvestment of earnings, $202 million of reinvestment of earnings and $1.579 billion of debt instruments, based on BSP data.

BSP data showed that during the three-month period, FDIs in the form of debt instruments declined by 22.1 percent from last year’s $2.027 billion.

Meanwhile, FDIs in the form of equity other than reinvestment of earnings from January to March was 15.9 percent lower than last year’s $311 million, while the value of reinvestment of earnings was 0.7 percent lower than the $204 million recorded amount last year.

UPSE. . .

mandates,” they added.

Continued from A1

Last week, Finance Secretary Benjamin E. Diokno disclosed that the enactment of the MIF and the proposed Public Private Partnership (PPP) Act would easily double the country’s annual infrastructure spending to as much as 12 percent of gross domestic product (GDP). (Related story: https://businessmirror. com.ph/2023/06/08/diokno-defends-maharlika-fund-vs-upsecolleagues/)

According to Diokno, doubling the country’s infrastructure spending hinges on the success of the proposed PPP Act and the implementation of the MIF.

The Finance Secretary estimated that as early as next year, the country could see its annual infrastructure spending program hitting 10 percent to 12 percent of GDP from the current share of 5 to 6 percent. The Marcos administration wants to sustain its infrastructure expenditure program of 5 percent to 6 percent of GDP annually until 2028.

This year, the government’s infrastructure program is pegged at almost P1.3 trillion, equivalent to 5.3 percent of the country’s GDP.

“If the PPP and the MIF push through, we can reach 10 percent to 12 percent per year [in terms of infrastructure spending]. The 5 percent to 6 percent [infrastructure spending] comes from the budget, therefore, more or less it is assured,” Diokno told reporters in a chance interview in Pasay City.

“Most of the priority projects already have feasibility studies and some are in detailed engineering [stage]. [Attaining the 10 percent to 12 percent infrastructure spending of GDP] could be as early as next year,” he added.

Last week, nearly two dozen faculty members of the UPSE expressed “grave concerns” regarding the proposed MIF and urged President Marcos Jr. to “seriously reconsider” signing the measure into law.

The faculty members published a discussion paper describing the MIF as “still beyond repair.”

They urged Marcos to “seriously reconsider” enacting the measure into law.

The paper had six arguments on why the MIF “violates” fundamental principles of economics and finance and how it poses “serious” risks to the economy and the public sector. (Related story: https://businessmirror.com.ph/2023/06/07/upse-facultymembers-air-grave-concerns-with-mif/) Jasper Emmanuel Y. Arcalas

DOLE. . .

Continued from A1

filed HB 7396 in response to reports of how AI can be used to spread misinformation and displace jobs.

Bureau of Local Employment (BLE) Director Patrick P. Patriwirawan, Jr. said they are now preparing DOLE’s position paper on HB 7396.

“DOLE will be supportive of legislations that promote efficiency and productivity but always in consideration of a balance to protect workers rights and ensure continuity of their employment, instead of being restrictive and simply regulatory,” Patriwirawan told BusinessMirror in an SMS.

Skills training

LAGUESMA said they are now conducting a study to determine the labor impact of AI, automation, and other disruptive technology from the so-called 4th Industrial Revolution.

Based on their initial observations, AI and automation are expected to cause job displacements in the labor-intensive industries such as the manufacturing sector, he said.

“But not all of the human resources will be replaced [by new technology] since workers still have their advantages,” Laguesma said.  In fact, he said, the introduction of AI and automation in business operations can also create new high-skill jobs in establishments.

DOLE will come out with new measures to upskill workers so they will qualify for the said new job opportunities, he added.

“We should level-up our skills and not have a negative perception of new technology. We should have the concept of lifelong learning,” Laguesma said.

THE National Police Commission (Napolcom) and the Philippine National Police (PNP) have filed criminal raps against 50 active police officers in connection with the 990-kilogram drug haul in October last year.

THE GRAND MIDORI ORTIGAS TOWER 2 SHOWCASES A HARMONY OF ELEMENTS

DISCOVER a new way of living in the city where you can find harmony and balance as you pursue your life goals. The Grand Midori Ortigas by premier real estate developer Federal Land offers two towers of Zen living in the heart of the city, fostering mindfulness, simplicity, and finding inner peace that is manifested outwardly.

With the launch of its second tower, The Grand Midori Ortigas, located in Ortigas Center, offers more Filipinos the chance to experience a Zen-inspired sanctuary conducive for realizing tranquillity in the city.

Design inspired by the essential

For this project, Federal Land tapped into the creativity of world-renowned Tokyo-based architecture firm Tange Associates as the project’s Design Consultant. The firm is best known for combining traditional Japanese artistry with modern perspectives as seen in its work on Yoyogi Gymnasium, St. Mary Cathedral, Tokyo Aquatics Center, and more. For The Grand

Midori Ortigas, Tange Associates forged the authentic infusion of Japanese design and innovation into the building’s architecture to create a unique living experience that is both elegant and purposeful.

The Grand Midori Ortigas features a graceful façade that combines the Japanese tatami with the Filipino “banig” to craft a flowing weave pattern that provides a comforting feel of Filipino home. The façade’s horizontal and vertical louvers also serve as a form of climate control measure to improve air flow and quality as well as a sunshade device. Inside, amenity spaces are inspired by the Japanese concepts ‘wabi-sabi’ which refers to finding beauty in imperfection, and ‘miyabi’ defined by the expression of elegance and refinement, presents a unique living experience for mindful and contemporary urbanites.

Units that suit lifestyles of discernment

The Grand Midori Ortigas offers thoughtfully-

designed residential units to suit lifestyles of discernment. Refined details, elegant simplicity—living spaces to find balance and harmony every day.

Each unit is designed to make the elements flow harmoniously, with light and airy interiors framed by expansive windows. Potential homeowners can choose from a variety of unit types at Tower 2: studio (35.5 to 38sqm), one-bedroom (48 to 64sqm), and two-bedroom (69 to 107sqm) variations. All units are built in consideration of creative and practical space planning to provide homeowners the leeway for personal design and comfort.

The Flex Suite: A space that adapts to you

Evolving lifestyles call for flexible living spaces.

The Grand Midori Ortigas presents an array of Flex Suites configured to accommodate distinct needs for urban living. Available at Tower 2, the Flex Suite is a 64sqm one-bedroom unit with a 13sqm multipurpose area—better

known as the Flex Space—that can be personalized specific to the homeowner’s current needs and lifestyle.

An intuitive space, the Flex Suite comes with a built-in sliding room partition, an invitation to homeowners to carve out a space to pursue their passions. New parents can create a nursery, an artist can curate a studio space or hobby room, health buffs can set up a work out area, or an employee can put up a home office fast and easy. The possibilities are endless with the Flex Suite.

Zen-sible amenities for a welcome respite

To encourage a balanced life, the property also includes a wide variety of amenities to offer a much-needed break from the fast-paced experience of city living. Zen-inspired indoor and outdoor amenities can be found throughout The Grand Midori Ortigas. Those who wish to engage in an active lifestyle would love the fitness gym, yoga room, exercise lawn, and lap pool.

The game room, videoke room, pool lounge, and Jacuzzi are available for downtime after work or school.

There’s a study lounge and a conference room for those working or studying remotely but wish to do it out of their own units from time to time. The young and young at heart will make new friends at the children’s playroom, children’s pool and children’s play area. The Zen garden and landscaped area with lounge make for a perfect escape if you’re yearning for some peace and quiet.

A prime location where motion meets ease

The Grand Midori Ortigas is conveniently located at the true mid-point of Metro Manila, Ortigas Center. Those who will choose to call this home will enjoy the convenience of living close to comfortable lifestyle choices such as shopping malls and leisure spaces, restaurants and coffee shops, as well as exclusive schools and hospitals.

T his idyllic condominium community is strategically positioned along the Exchange Road in Ortigas Center, with up-and-coming infrastructure developments such as the Metro Manila Subway System and Ortigas Greenway Project, providing residents convenient mobility options as they go around the metropolis. The Grand Midori Ortigas is also near the new BGC-Ortigas Center Link’s Kalayaan Bridge linking Pasig to Bonifacio Global City, efficiently cutting down travel time between both business districts to some 15 minutes.

A r elaxing respite at the heart of the city, The Grand Midori Ortigas is the ideal home for those looking to lead a well-balanced life that embraces urban conveniences with serenity and bliss. For inquiries, visit www.midori.com.ph or email invest@federalland.ph to book a private viewing at the showroom located at GF One Wilsons Square Wilson Street corner Ortigas Avenue, San Juan City.

CA sets July confirmation of Teodoro and Herbosa

THE Commission on Appointments (CA) will tackle the appointment papers of G ilberto “Gibo” Teodoro Jr. as Secretary of the Department of National Defense and Teodoro “Ted” Herbosa as Secretary of the Department of Health when session reopens in July, a CA assistant m inority leader said on Tuesday.

According to Surigao del Sur Rep. Johnny Pimentel, Malacañang has already delivered to the b icameral CA the appointment of Teodoro and Herbosa.

Pimentel said the first regular session of the 19th Congress a djourned last June 3, and the second session won’t commence until July 24.

The second regular session of the 19th Congress will open on July 24, the same day of the second State of the Nation Address of t he President.

“The June 6 ad interim appointment papers of the two Cabinet s ecretaries were both received by the CA on June 8,” Pimentel said.

“The CA won’t be able to tackle their appointments for now because Congress is adjourned. We a re not in session,” Pimentel said. The 25-member CA is vested by the 1987 Constitution with the power to screen the competence, fitness and integrity of key presidential appointees, and to approve or disapprove these.

Under the Constitution, President Ferdinand Marcos Jr. is em powered to issue key appointments, while Congress is not in session, and such appointments are

c alled ad interim appointments.

“An ad interim appointment has immediate effect. Thus, the individuals who were issued ad interim appointments may enter upon the discharge of their functions right away,” Pimentel said.

A n ad interim appointment ceases to be valid upon disapproval by the CA or, if not confirmed, u ntil the next adjournment of Congress, according to Pimentel.

Teodoro served as defense secretary under president Gloria Macapagal Arroyo, from 2007 to 2009.

Herbosa served as health undersecretary under the late president Benigno “Noynoy” Aquino III f rom 2010 to 2015.

“The CA has also received the nomination papers of Mersole Mellejor as Philippine ambassador to Nigeria, with concurrent jurisdiction over 12 other Central and West African countries, along with the interim appointment papers of Raquel Solano as Chief of Mission, Class II,” Pimentel said.

Under the 1987 Constitution, the following presidential appointees or nominees are subject to CA c onfirmation:  Heads of executive departments, Ambassadors, other public ministers and consuls, Officers of the Armed Forces from t he rank of colonel or naval captain, Regular members of the Judicial and Bar Council and Chairpersons and Commissioners of t he Civil Service Commission, Commission on Elections, and the Commission on Audit.

Jovee Marie N. Dela Cruz

Makati-Taguig territorial row elevated to SC anew

By Joel R. San Juan   @jrsanjuan1573

THE Taguig City government is eyeing to take over from Makati City’s jurisdiction the 729-hectare Fort Bonifacio Military Reservation, including the Bonifacio Global City (BGC) complex and several barangays, which the Supreme Court (SC) earlier declared to be part of the former’s territory.

This was revealed by Taguig Mayor Lani Cayetano as she officially asked SC to direct Makati C ity Mayor Abigail “Abby” Binay to “show cause” why she should not be sanctioned for her “improper conduct” in connection w ith her recent pronouncements related to the territorial dispute.

Cayetano personally led the filing of an extremely urgent manifestation with motion ad cautelam a gainst Binay.

“Wherefore, respondent City of Taguig most respectfully prays that the Honorable Court grant leave and admit this manifestation with motion and, after due c onsideration, require petitioner City of Makati and Mayor Abigail Binay to show cause why they should not be sanctioned,” the manifestation read.

The Taguig City government was referring to Binay’s “troubling” claim in media interviews t hat they received an order setting the case involving the Fort Bonifacio Military Reservation areas fo r a hearing or oral arguments.

Following Binay’s claim, Cayetano said Taguig’s legal team w ent to the SC to inquire on the existence of an order or document setting the case for hearing or oral arguments.

The Taguig mayor said lawyer Warren San Jose of Taguig’s Legal Office was able to confirm with the staff of the SC’s Third Division, which is handling the issue, t hat no such order or resolution has been issued.

Cayetano, however, admitted that Binay’s camp has filed a second motion for reconsideration, which is considered a prohibited pleading, of the Court’s final ruling on the case

issued last April 2023.

“Mayor Binay insinuates that the Honorable Court favorably granted ex parte, at least its prayer for oral arguments when there appears to be no such order or document, and especially because respondent City of Taguig has not even been asked to comment,” the six-page manifestation said.

“How then can petitioner or Mayor Binay honestly claim that there is an order setting the case for oral arguments when she admitted in her interview that there i s yet no action on petitioner’s omnibus motion? By its stories, petitioner City of Makati makes it appear that they have ‘insider information’ not officially available to the public or even to the o ther parties,” it added.

It also told the Court that it has received some information over the past several days claiming that the Makati government has gained the support of certain top government officials on its apparent bid t o reopen the land dispute case.

“While such social media post could have been dismissed as nothing more than ‘fake news,’ an interview with Mayor Abigail Binay subsequently surfaced which e choed the same message that the fight is allegedly not yet over, and appeared to support and confirm the social media post on the supposed ‘reopening’ alluded to in t he post above,” the manifestation read.

While this claim turned out to be totally false, it appeared to support the social media posts about the proposed reopening of the case,” Cayetano said, referring to the posts that claimed Mayor Binay allegedly spoke to President Ferdinand Marcos Jr., First Lady Liza Araneta-Marcos, and Chief Justice Alexander Gesmundo, who “all supposedly promised to help reopen the case.”

The posts went viral days before Mayor Binay’s media interviews.

According to Cayetano, the social media posts insinuate that there’s an attempt to interfere with the independence of the judiciary.

That tends to put a cloud of

doubt on the impartiality of the SC and the integrity of the judicial system,” she said.

She noted that Binay is a lawyer, and, therefore, an officer of t he court who has an obligation not to issue any false or misleading statement about the case, nor g ive the appearance of influencing the court and undermining its independence.

Preparing for ‘transition’

MEANWHILE, Cayetano said Taguig’s transition team, together with concerned government agencies, has started meeting for the s mooth and peaceful takeover of the subject property.

The mayor added that she is hoping to be able to execute the Court’s ruling within the year.

“Yes of course. We respect the Court’s decision and part of honoring that decision is to ensure that t here will be a smooth transition process...” Cayetano said when asked if she is eying to assume jurisdiction over the property within the year.

Cayetano said the Taguig government remains open for a dialogue with Makati City officials fo r the transition process.

When asked how the transition can be implemented without B inay’s cooperation, Cayetano answered: “Well, it’s gonna be unfortunate if Mayor Binay will not cooperate in the transition process but we are already coordinating with other government a gencies.”

Cayetano insisted that the Court has written “finis” to the controversy, as an entry of judgment has been issued by the Court l egally certifying that the decision in its favor has become final and executory.

Last April, the Court’s Third Division issued a statement that it will not entertain any further pleadings, motions, letters or other communications in connection w ith the territorial dispute.

Mayor Abby’s camp: We’re ready to answer manifestation REACTING to Cayetano’s filing of a motion seeking sanction against

Binay, Makati City Administrator Claro Certeza said they are ready to answer Taguig’s manifestation before the SC.

However, Certeza questioned the social media posts invoked by Taguig in its manifestation, which it said have “dubious authorship, accuracy, and credibility.”

These social media posts invoked by Taguig have made outrageous and irresponsible allegations against the President, the F irst Lady and the Court itself. They have been ignored by credible media outlets and for good r eason. No right thinking lawyer would petition the High Court on the basis of these posts. Yet, Taguig, displaying unfathomable wisdom, has chosen to do so,” Certeza said.

Mayor Abby Binay is currently in London to attend the London Tech Week and a garden reception at 10 Downing Street hosted b y Prime Minister Rishi Sunak.

Entry of judgment done SC Spokesman Brian Hosaka said the Court’s Special Third Division has already ordered the entry of judgment after it affirmed with finality its December 1, 2021, declaring that t he contested land is part of the territory of Taguig City.

Hosaka issued the clarification after the Makati City government said it has filed an omnibus motion asking the SC to hear the case en banc, a legal recourse that is provided for under Section 2 Rule 2 of t he SC Internal Rules.

However, Hosaka said the plea to refer the case before the Court en banc was also denied by the SC Third Division, noting, “The Court en banc is not an Appellate Court to which decisions or resolutions of a Division may be appealed.”

The Court has permanently barred Makati City from exercising jurisdiction over, making improvements on, or otherwise treating as part of its territory Parcels 3 a nd 4, Psu 2031, comprising Fort Bonifacio, including the so-called Inner Fort comprising of Barangays Pembo, Comembo, Cembo, S outh Cembo, West Rembo, East Rembo and Pitogo.

The Philippine Army headquarters, Navy installation, Marines H eadquarters, Consular area, JUSMAG area, Heritage Park, Libingan n g mga Bayani, AFP Officers Village and the so-called six villages a re situated within the said areas. With Claudeth Mocon-Ciriaco

Meralco told to exercise ‘extraordinary diligence’ as Naia’s power distributor

ALAWMAKER on Tuesday reminded the Manila Electric Company (Meralco) to exercise “extraordinary diligence” following its reported admission that personnel employed by its subsidiary may have committed a “procedural lapse” that caused the most recent power outage at the Ninoy Aquino International Airport’s (Naia) Terminal 3.

Bicol Saro Party-list Rep. Brian Raymund

Yamsuan pointed out that on top of its obligation to the Manila International Airport Authority (MIAA), which oversees Naia’s operations, to provide electricity, the power distribution firm has a greater responsibility to the people it serves because it is a public utility.

“Ex ercising extreme caution or extraordinary diligence should not be forgotten by Meralco when it comes to providing its services to the public,” the lawmaker said.

Mer alco apologized to the public over the weekend after reportedly admitting that Meralco Energy Inc. (MServ) personnel accidentally caused the 37-minute power outage at Naia 3 on Friday June 9, 2023.

MS erv, a wholly owned subsidiary of Meralco, was reportedly testing Naia 3’s electrical facilities when one of its employees accidentally left grounding conductors attached to an electrical equipment, which triggered the outage that started from 12:50 p.m. and lasted until 1:29 p.m. S even flights were delayed due to the power interruption, but none was canceled.

Yamsuan said that an apology may not be enough to get Meralco off the hook because if it is proven that the “procedural lapse” was due to Meralco’s negligence or failure to exercise extraordinary diligence. The lawmaker said Meralco could even be held liable under the law.

Under the pr ovisions of the New Civil Code, an establishment or enterprise is

held responsible for damages caused by their employees “on the occasion of their functions.”

“We have been pounding at MIAA officials and blaming them for the power outages at the airport during the congressional hearings held on this issue. Now that Meralco is at fault, is an apology enough?” Yamsuan asked.

The House Committee on Transportation chaired by Antipolo 2nd District Rep. Romeo Acop earlier held several hearings on the power outages that occurred at the entire Naia last January 1 and at the Naia Terminal 3 on May 1 of this year. Yamsuan is a member of the committee.

The January 1 power outage shut down the country’s airspace, which left around 65,000 passengers stranded a nd o ver 300 flights grounded. The May 1 power interruption affected more than 9,000 passengers.

Yamsuan said the latest power outage at Naia Terminal 3 may not have been as severe as the previous incidents, but it has undoubtedly tarnished the country’s image before the international community.

T he Bicol Saro lawmaker recalled that during one of the hearings, APEC Party-list Rep. Sergio Dagooc had questioned why Meralco service personnel were not on standby at Naia to man the power distributor’s substations at the airport and ensure that the supply of electric power remains uninterrupted.

Mer alco reportedly bills the MIAA about P40 million a month for providing electricity to the country’s premier international gateway. Dagooc pointed out that being a big consumer, MIAA deserves to be provided with value-added services by Meralco.

“I agr ee with our esteemed colleague, Congressman Dagooc that MIAA should review its agreement with Meralco to ensure that Meralco delivers its services with utmost efficiency,” Yamsuan said.

Jovee Marie N. Dela Cruz

DOE to form team to audit and assess performance of TNP, system provider

By Lenie Lectura @llectura

THE Department of Energy (DOE) is creating a performance assessment and audit (PAA) team for the operations of the transmission network provider (TNP) and system operator (SO).

Department Order No. 2023-06-18 stated that the conduct of the PAA is meant “to establish a comprehensive and sustainable mechanism to confirm and validate the level of compliance” of the TNP and SO. This will then be the basis for the DOE or the Energy Regulatory Commission (ERC) to recommend to Congress any actions to be taken in respect of the franchise and as basis for Congress to act upon such recommendations.

Section 46 of the EPIRA (Electric Power Industry Reform Act) states that Congress may, upon recommendation of the DOE

IFEX 2023 generated $162M in export sales–CITEM exec

By Andrea E. San Juan @andreasanjuan

THE 16th International Food Exhibition (IFEX) Philippines, an international food and ingredients trade show, posted a 52-percent increase in export sales of $162 million in actual and negotiated export sales, compared with its 2022 edition, according to the Center for International Trade Expositions and Missions (CITEM).

In a news statement released on Tuesday, CITEM, the export promotions arm of Department of Trade and Industry (DTI), said the annual food trade event attracted almost 9,500 local and international trade visitors and buyers.

CITEM also noted that physical business-to-business (B2B) meetings, with the assistance of DTI-Export Marketing Bureau (EMB), generated over

$61 million in export sales.

Visitors, on the other hand, generated P9.7 million in retail sales during the event.

On the top export commodities, the export promotions arm noted fruits and vegetables contributed the most with nearly $80 million generated in export sales alone, followed by snacks and crispy and savory food generating over $21 million in export sales.

Meanwhile, domestic sales generated by the trade show this year reached P147 million.

For his part, CITEM Executive Director Edward Fereira said the event “proves” that Filipino food is on track to become one of the world’s food-sourcing destinations for Asian cuisine, especially with the growing presence of businesses from the region.

“This year’s IFEX has been

outstanding as we have brought together the best tasting and the highest-quality of food products and ingredients under one roof with representations from the regions of the Philippines,” Fereira said.

The CITEM official also underscored the importance of events such as the IFEX Philippines, saying that Filipinos can not only share innovations within the food sector with the global market but also “impart the centuries-old culture and heritage of the Philippines.”

“Through the event, we bridged more businesses together and improved our relations with our current partners as we gear toward responding to the growing demand for Asian and healthy food products like durian and ube [yam],” Fereira added.

Last year, the country’s major International food trade show generated $107.1 million in export sales.

In a media briefing held on May 26, 2023, IFEX Project Manager Rowena G. Mendoza told reporters that with the “magnitude” of exhibitors, “most likely we can bring you a better figure for the export sales lalo na ang ating mga regions and also even ‘yung ating mga consolidators, ‘yung ating mga food exporters. Talaga na they can already stand on their own.”  Fereira earlier noted that in its 16th year, the food trade event aims to position the Philippines as a “sourcing destination” that is not only capable of meeting global demands but also offers some of the “most distinct and innovative products on the market.”  IFEX Philippines is CITEM’s longrunning trade event and sourcing program for Philippine and global food and ingredients.

This year’s edition ran from May 26 to 28,2023.

WB okays ₧11.42-B funding for BFAR’s FishCoRe project

THE Bureau of Fisheries and Aquatic Resources’ (BFAR) collaborative project with the World Bank (WB) worth P11.42 billion is ready for implementation in August this year.

The seven-year Philippine Fisheries and Coastal Resiliency (FishCoRe) project, with a total funding of $209 million or P11.42 billion, was approved by the WB Board of Executive Directors recently.

“We thank the World Bank and all our partner national government agencies for helping us prepare for the eventual implementation of the FishCoRe project,” BFAR National Director Demosthenes Escoto said in a statement.

with packaging and labeling intervention, and provision of climate-resilient technologies, and storage house for dried seaweed production, among many others.

The project also seeks to develop and diversify fisherfolk livelihood through various technologies like integrated multitrophic aquaculture (IMTA), communitybased nursery production of sea cucumber, abalone, sea urchin, aquasilviculture, stock enhancement activities, and the like.

“The development of infrastructure such as fish landing sites, fish ports, cold storage, and mobile laboratory facility and equipment is another priority of the project,” Escoto said.

The project will be implemented in two Fisheries Management Areas (FMA), the FMA 6 and 9, or the major fishing grounds on the northwest coast of Luzon, and in archipelagic waters between the Visayas and Mindanao.

These two FMAs were selected after a two-stage selection process where all 12

FMAs were assessed based on a set of criteria drawn and agreed upon by the Department of Agriculture and BFAR and submitted to the WB in the early stages of preparation. These criteria include the level of vulnerability to threats, status of fisheries resources, contribution to fisheries production, institutional capacity for governance, aquaculture potential, and without existing and pipeline official development assistance. Raadee S. Sausa

and/or the ERC, revoke any franchise or privilege granted to a party who violates the provisions of the EPIRA.

The DOE’s Electric Power Industry Management Bureau will lead the team. Its members include representatives from the Grid Management Committee, Philippine Electricity Market Corporation, National Transmission Corp., Power Sector Assets and Liabilities Management Corp., and ERC.

Within six months from effectivity of the order, the first PAA will be conducted. Thereafter, the succeeding PAAs shall be executed at least every three years from previous audit.

The ERC will issue the necessary rules in support of the DOE order.

The order was signed by DOE Secretary Raphael Lotilla on June 8, 2023 and was posted on its website on June 13.

“This project is a holistic approach which confronts from all sides the various longstanding issues being faced by the fisheries sector; from ensuring the sustainability of our fisheries and coastal resources for food security, to enabling maximized benefits of our fisherfolk towards poverty reduction through improved management on all facets to ensure a robust and resilient fisheries sector,” he added.

Meanwhile, the project is now set to provide multiple fisheries interventions to enhance both ecosystem and community resilience and benefit over 1.15 million fisherfolk, small and medium enterprises, other fisheries stakeholders, and residents in coastal communities across the country.

“Fisheries is a key sector in the economy that contributed 12.81 percent to the country’s total agricultural gross value-added in 2022,” the BFAR said.

Currently, it provides livelihood to about 1.49 million individuals in the country.

Moreover, Filipinos mostly consume fish and fishery products, constituting 11.68 percent of each person’s total food intake, next only to rice and rice products.

‘Ted’

in DOH’s bid to secure more bivalent vax

REGISTRATION requirements and high vaccine demand abroad hinder government attempts to secure more Covid-19 vaccine, according to the Department of Health (DOH).

S ecretary Teodoro J. Herbosa said the DOH could no longer easily procure Covid-19 vaccines with the expiration of the national public health emergency this year.

The state of public health emergency allowed the local use of Covid-19 jabs as long as the Food and Drug Administration (FDA) could issue the necessary emergency use authorization (EUA) for procurement.

Without a public health emergency declaration, Herbosa said Covid-19 vaccines must now be registered with the FDA to be used locally.

“ So we hit a snag there, but we are trying hard to get all these bivalent [vaccines],” Herbosa said.

F urther complicating their vaccine procurement attempts, he added, is the high demand for Covid-19 jabs worldwide.

“Remember w e are not the only country

that wants the bivalent, all other countries are also scrambling to get some of it,” Herbosa said.

Priority sectors

THE DOH said it is aiming to purchase more vaccines since it currently has only 390,000 Covid-19 bivalent vaccine, which were donated by the COVID-19 Vaccine Global Access (COVAX).

“ This 390,000 jabs are really insufficient. So what we will have to do is to prioritize who needs it first,” Herbosa said.

T he said Covid-19 jabs will be allocated for the elderly, for those with existing comorbidities, and health-care workers.

In preparation for the rollout of the said jabs, which arrived in the country this month, Herbosa said they have already started redistribution to their different regional offices.

“We will continue to push for people to get vaccinated because it will prevent you, especially if you are at high risk of mortality, from dying,” Herbosa said. Samuel P. Medenilla

Escoto, moreover, said that this sector has continuously been at the receiving end of challenges and threats to its sustainability such as illegal, unreported, and unregulated fishing, declining fish catch, high postharvest losses, and widespread poverty in the fishing communities.

The project also eyes to address these challenges through the adoption of the ecosystem-based approach to fisheries management (EAFM), therefore enhancing the value of fisheries production and elevating income in coastal communities through science, knowledge, and technology.

Specifically, the project will support the development and implementation of appropriate fisheries management policies, improve institutional capacities for strengthened law enforcement, establish support facilities for the rehabilitation of coastal and marine habitats, and other necessary investments to balance increasing productivity while conserving the country’s natural resources.

FishCoRe aims to develop aquaculture and fisheries enterprises in aquaindustrial business corridors through subprojects like satellite multi-species hatcheries, offshore mariculture in climate-resilient cages, postharvest handling and fish/shellfish processing,

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Ukraine recaptures seven villages in early stages of counteroffensive

By Jamey Keaten The Associated Press

Deputy Defense Minister Hanna Maliar wrote on the Telegram app that the Ukrainian flag was again flying over the village of Storozhov, in the eastern Donetsk province, and that her troops had also retaken three other nearby small villages and three in neighboring Zaporizhzhia province.

“The battles are tough, but our movement is there, and that is very important,” President Volodymyr Zelenskyy said in his nightly video address.” He added that rainy weather is challenging his troops, and that he’s discussed with his military commanders “which points of the front we need to strengthen and what actions we can take to break more Russian positions.”

On Sunday, Ukrainian officials said their troops took the Donestk villages of Blahodatne, Makarivka and Neskuchne—south of the town of Velyka Novosilka. Maliar reported Monday that the Zaporizhzhia province settlements of Lobkove, Levadne and Novodrivka were also now back under Ukrainian control.

Russian officials did not confirm Ukraine’s gains, which were impossible to verify and could be reversed in the to-and-fro of war. The gains amounted to only small bits of territory and underscored the difficulty of the battle ahead for Ukrainian forces, who will have to fight meter by meter to regain the roughly one-fifth of their country under Russian occupation.

Recent fighting on the western edge of the 1,000-kilometer (600-mile) front line has been complicated by a dam breach that sent floodwaters into a part of the Dnieper River separating the two sides.

Western analysts and military

officials have cautioned that an effort to rid Ukraine of entrenched and powerfully armed Russian troops could take years, and the success of the Ukrainian counteroffensive is far from certain.

French President Emmanuel Macron said in Paris that the Ukrainian counteroffensive began several days ago and “is set to be deployed over several weeks, if not months.”

Vladimir Rogov, an official with the Moscow-appointed administration of the Zaporizhzhia region at the western end of the front line, said “heavy battles” were raging in the area Monday involving Russian artillery, mortars and air power.

The villages are part of an area where the Russian front lines jut out into territory held by Ukraine. While just a few kilometers (more than 1 mile) deep, the protrusion has recently become one of several epicenters of intense fighting along the front line that cuts across southern and eastern Ukraine.

Despite their small size, the capture of the villages involved an incursion into the first line of Russian defenses and could allow Ukrainian forces to try a deeper thrust into occupied areas.

Russian forces control far less Ukrainian land than they did before a blistering Ukrainian counteroffensive last year that retook the northern city of Kharkiv and southern city of Kherson, among other places.

On Saturday, Zelenskyy said “counteroffensive, defensive actions are taking place” without specifying whether it was the all-out counteroffensive that has long been expected after a vast infusion of Western firepower and air defense systems into Ukraine. A day earlier, Russian

President Vladimir Putin asserted that the counteroffensive had started and Ukrainian forces were taking “significant losses.”

Ukrainian forces have focused on the Zaporizhzhia region and an area near the devastated Donetsk city of Bakhmut, among other locations.

Russian authorities have said their troops are largely holding their ground.

But Semyon Pegov, a prominent Russian military blogger who goes by the nickname WarGonzo, acknowledged Russian troops had withdrawn from Blahodatne, Neskuchne and Makarivka, and said Ukrainian forces were trying to push forward along the banks of the Mokri Yaly River on Monday.

Alexandet Kots, military correspondent for Russian daily Komsomolskaya Pravda, said Ukrainian forces were attempting to advance, despite heavy losses, toward the town of Staromlinovka, which sits on a strategic highway leading to the port city of Mariupol. Russian forces captured the city over a year ago, after Ukrainian forces held out for several months in a grueling and desperate defense.

Separately Monday, the Ukrainian Defense Ministry said least four civilians were killed and 16 others wounded by Russian shelling over the last 24 hours.

In Donetsk, Russian shelling hit nine towns and villages and left one civilian dead and two others wounded. Donetsk Gov. Pavlo Kyrylenko posted images of apartment buildings and a cultural center damaged by Russian strikes in the town of Avdiivka.

In Kharkiv, to the north, Russian forces pummeled several settlements with artillery, mortar and rocket fire, wounding at least three people, regional state administration chief Oleh Synehubov wrote on Telegram.

The reported Ukrainian advance came as authorities on both sides of the front line pressed on with rescue and relocation efforts for civilians in the Kherson region driven from their homes by flooding from the breach of the Kakhovka dam last week.

With many homes and shops submerged in polluted river water, the UN and other aid groups say access to fresh drinking water is crucial and that water-borne diseases pose a big risk. Thousands of people have been evacuated, though some remain.

Kherson Gov. Oleksandr Prokudin said Monday that water levels have been receding. They now average about 3 meters (nearly 10 feet) higher than normal—down from about 5 meters at the peak level last week. More than 32 towns and villages remain flooded, he said, and Russian forces have continued shelling inundated areas held by Ukraine on the river’s western bank.

On Sunday, Prokudin said three people were killed when Moscow’s troops opened fire on a boat evacuating people from Russianoccupied areas toward Ukrainianheld ones.

T he Associated Press writers Illia Novikov in Kyiv, Ukraine, and Yuras Karmanau in Tallinn, Estonia, contributed to this report.

By Eric Tucker & Jill Colvin The Associated Press

WASHINGTON—Donald Trump arrived in Florida on Monday ahead of a history-making federal court appearance on dozens of felony charges accusing him of illegally hoarding classified documents and thwarting the Justice Department’s efforts to get them back.

Trump’s Tuesday afternoon appearance in Miami will mark his second time since April facing a judge on criminal charges. But unlike a New York case some legal analysts derided as relatively trivial, the Justice Department’s first prosecution of a former president concerns conduct that prosecutors say jeopardized national security, with Espionage Act charges carrying the prospect of a significant prison sentence.

Ahead of his court date, he and his allies have been escalating efforts to undermine the criminal case against him and drum up protests. He’s ratcheted up the rhetoric against the Justice Department special counsel who filed the case, calling Jack Smith “deranged” as he repeated without any evidence his claims that he was the target of a political persecution. And even as his supporters accuse the Justice Department of being weaponized against him, he vowed Monday to appoint a special prosecutor to investigate President Joe Biden and his family if Trump is elected to a second term.

Trump landed in Miami around 3 p.m. Monday and got into a waiting SUV. He was expected to huddle with advisers before his court appearance, as he looks to line up additional lawyers following the departure before his indictment last week of two attorneys who had handled the defense for months.

He’s encouraged supporters to join a planned protest at the Miami courthouse Tuesday, where he will face the charges and surrender to authorities.

“We need strength in our country now,”

Trump said Sunday, speaking to longtime friend and adviser Roger Stone in an interview on WABC Radio. “And they have to go out and they have to protest peacefully. They have to go out.”

“Look, our country has to protest. We have plenty to protest. We’ve lost everything,” he went on. He also said there were no circumstances “whatsoever” under which he would leave the 2024 race, where he’s been dominating the Republican primary.

Other Trump supporters have rallied to his defense with similar language, including Kari Lake, the unsuccessful Republican gubernatorial candidate in Arizona who pointedly said over the weekend that if prosecutors “want to get to President Trump,” they’re “going to have to go through me, and 75 million Americans just like me. And most of us are card-carrying members of the NRA.”

Trump’s calls for protest echoed exhortations he made ahead of a New York court appearance in April, where he faces charges arising from hush money payments made during his 2016 presidential campaign, though he complained that those who showed up to protest then were “so far away

that nobody knew about ‘em,” And just like in that case, he plans to address supporters in a Tuesday evening speech hours after his court date.

After his court appearance, he will return to New Jersey, where he’s scheduled a press event to publicly respond to the charges. He’ll also be holding a private fundraiser.

Trump supporters were also planning to load buses to head to Miami from other parts of Florida, raising concerns for law enforcement officials who are preparing for the potential of unrest around the courthouse. Miami Mayor Francis Suarez said the city would be ready, and police chief Manuel A. Morales said downtown could see anywhere from a few thousand up to 50,000 protesters. He said the city would be diverting traffic and possibly blocking streets depending on crowd size.

“Make no mistake about it,” Morales said. “We are taking this event extremely serious. We know there is a potential of things taking a turn for the worse but that’s not the Miami way.”

The Justice Department unsealed Friday an indictment charging Trump with 37 felony counts, 31 relating to the willful retention of national defense information. Other charges include conspiracy to commit obstruction and false statements.

The indictment alleges Trump intentionally retained hundreds of classified documents that he took with him from the White House to his Florida estate, Mara-Lago, after leaving the White House in January 2021. The material he stored, including in a bathroom, ballroom, bedroom and shower, included material on nuclear programs, defense and weapons capabilities of the U.S. and foreign governments and a Pentagon “attack plan,” the indictment says. The information, if exposed, could have put at risk members of the military, confidential human sources and intelligence collection methods, prosecutors said.

Beyond that, prosecutors say, he sought to obstruct government efforts to recover the documents, including by directing personal aide Walt Nauta—who was charged alongside Trump—to move boxes to conceal them and also suggesting to his own lawyer that he hide or destroy documents sought by a Justice Department subpoena.

Some fellow Republicans have sought to press the case that Trump is being treated unfairly, citing the Justice Department’s decision in 2016 to not charge Democrat Hillary Clinton for her handling of classified information through a private email server she relied on as secretary of state. But those arguments overlook that FBI investigators did not find any evidence that Clinton or her aides had willfully broken laws regarding classified information or had obstructed the investigation.

New Hampshire Republican Gov. Chris Sununu, speaking Sunday on CBS News, said there was a “huge difference” between the two investigations but that it “has to be explained to the American people.”

Colvin reported from New York. Associated Press writers Adriana Gomez Licon in Miami and Terry Spencer in Doral, Florida contributed to this report.

Russian attack on Zelenskyy’s hometown kills at least 6, several trapped in rubble

By Jamey Keaten

The Associated Press

KYIV, Ukraine—At least six people were killed when Russian missiles hit civilian buildings in an overnight attack Tuesday in the central Ukrainian city of Kryvyi Rih, regional officials said, as rescuers scrambled to retrieve people believed trapped under the rubble.

The strike involving cruise missiles hit a five-story residential building, which was engulfed in fire, Gov. Serhiy Lysak of the Dnipropetrovsk region wrote on Telegram.

After initial reports of three dead, Kryvyi Rih mayor Oleksandr Vilkul wrote on the social media app that the death toll had risen to a least six, and seven people were feared trapped under the rubble. Authorities initially said at least two-dozen people were injured.

The devastation in President Volodymyr Zelenskyy’s hometown

is the latest bloodshed in Russia’s war in Ukraine, now in its 16th month, as Ukrainian forces are mounting counteroffensive operations using Western-supplied firepower to try to drive out the Russians.

Images from the scene relayed by Zelenskyy on his Telegram channel showed firefighters battling the blaze as pockets of fire poked through multiple broken windows of a building. Charred and damaged vehicles littered the nearby ground.

“More terrorist missiles,” he wrote. “Russian killers continue their war against residential buildings, ordinary cities and people.”

The aerial assault was the latest barrage of strikes by Russian forces that targeted various parts of Ukraine overnight. Kharkiv, Ukraine’s secondlargest city, was attacked with Iranian-made Shahed drones, and the surrounding region was shelled, local Gov. Oleh Syniehubov said on Telegram. The shell -

ing wounded two civilians in the town of Shevchenkove, southeast of Kharkiv.

The mayor of Kharkiv, Ihor Terekhov, separately reported early Tuesday that the drone strike damaged a utilities business and a warehouse in the city’s northeast. Neither Terekhov nor Syniehubov referenced any casualties within Kharkiv.

The Kyiv military administration reported that the capital came under fire as well on Tuesday, but the incoming missiles were destroyed by air defenses and there were no immediate reports of any casualties there.

Ukrainian forces are “moving forward” outside Bakhmut, the commander of the country’s ground troops said on Tuesday morning. In a Telegram post, Oleksandr Syrskyi said that Russian forces are “losing positions on the flanks” near the embattled eastern city, while characterizing

Ukrainian operations in the area as “defensive.”

For weeks, Ukrainian officials have been reporting small gains west of Bakhmut, which Moscow took last month following the war’s longest and bloodiest battle.

A day earlier, Ukrainian Deputy Defense Minister Hanna Maliar said the country’s troops recaptured a total of seven villages spanning 90 square kilometers (35 square miles) of eastern Ukraine over the past week—small successes in the early phases of a counteroffensive.

Russian officials did not confirm those Ukrainian gains, which were impossible to verify and could be reversed in the to-and-fro of war.

The advance amounted to only small bits of territory and underscored the difficulty of the battle ahead for Ukrainian forces, who will have to fight meter by meter to regain the roughly one-fifth of their country under Russian occupation.

KYIV, Ukraine—Ukrainian troops have retaken seven villages spanning 90 square kilometers (35 square miles) from Russian forces in the past week, the deputy defense minister said Monday as the early stages of Kyiv’s counteroffensive notched small successes.

VITALII SHPALIN, 60, sits on a bed in a hospital in Kherson region, Ukraine on Monday, June 12, 2023, after he was shot on Sunday while fleeing on a boat from a flooded village on the left bank of the Dnipro River in Ukraine. AP/EVGENIY MALOLETKA

Trump prepares for court appearance as 1st ex-president to face federal criminal charges

New Zealand receives record numbers of foreign workers

By Tracy Withers

FOREIGNERS are flocking to New Zealand in record numbers after the nation loosened immigration rules to plug labor shortages.

A record net 98,391 nonNew Zealand citizens arrived in the year through April 30, while 26,061 citizens departed, Statistics New Zealand said Tuesday in Wellington. That saw net immigration rise to 72,330, the biggest annual gain since July 2020 and up from a revised 65,755 in the 12 months through March.

New Zealand urgently needs a range of workers, from nurses and doctors to mechanics, engineers and construction staff, to ease labor shortages that became acute when the border was shut during the Covid-19 pandemic. The nation’s central bank said last month that the immigration surge reflects pent-up demand and should

soon start to wane.

“This is a positive sign that we are getting the workers our economy needs,” said Immigration Minister Michael Wood. “We know that many industries have been calling out for workers as the global labor shortage bites, and we want our immigration settings to be responsive to that.”

While the influx could reduce upward pressure on wages, it may also fuel demand for goods and services, leaving its impact on inflation unclear.

In the month of April, net immigration slowed to 5,785 from more than 13,000 in each of the two previous months. Economists suggest that is a sign of an approaching peak in arrivals.

“The data signals a sizable desire to move to our corner of the world,” said Mary Jo Vergara, senior economist at Kiwibank in Auckland. “We may see a continued increase in non-New Zealand migrant flows ahead, but we think we’re nearing peak load.”

The Reserve Bank, which brought an end to its rate-tightening cycle in May, said it will continue to assess incoming data including the mix of immigrants. They include workers in the country for as little as two years but also those with families who settle and buy houses.

“It’s that kind of mix that you need to have an understanding of, and immigration data has historically been quite volatile as well,” Assistant Governor Karen Silk told Bloomberg in an interview last month.

In the year through April, there were 144,263 non-New Zealand citizen arrivals offset by 45,872 non-citizen departures. The level of non-citizen arrivals is higher than the 60,200 average in the five years prior to April 2020, the statistics agency said. Bloomberg News

“Did it make the full transition (to digital) that the (New York) Times has made?” Rosenstiel said. “By all measures, you would have to say no. And the last couple of years have been a lot harder.”

The Post went through rounds of layoffs late last year and in early 2023, and saw cutbacks including the ending of its Sunday magazine. The pandemic and inflation has sorely impacted the news industry; the Los Angeles Times said last week it was cutting some 10% of its newsroom staff, and NPR said the same thing earlier this year. Gannett, the nation’s largest newspaper chain, has laid off hundreds of journalists.

Washington Post publisher Fred Ryan leaves newspaper after 9 years at helm

By David Bauder AP Media Writer

WASHINGTON Post publisher and chief executive Fred Ryan, who presided over explosive growth during the Trump years but couldn’t avert the effects of the industry’s downturn over the past two years, said Monday he’s leaving the publication after nearly a decade.

Ryan, 68, will lead the newly formed Center on Public Civility at the Ronald Reagan Presidential Foundation, the newspaper said. He’ll be replaced at the Post on an interim basis by Patty Stonesifer, formerly chief executive of the Gates Foundation and a member of the Amazon board, newspaper owner and Amazon founder Jeff Bezos said.

Ryan, the former CEO and a founder of Politico, oversaw the appointment of Sally Buzbee— the former Associated Press executive editor—as the Post’s top editor, replacing Marty Baron, in 2021.

A year after Bezos bought the newspaper in 2013, Ryan was appointed to lead The Washington Post, taking over from Katharine Weymouth—granddaughter of legendary longtime CEO Katharine Graham—and ending the Graham family’s eight-decade tenure as leaders of the largest newspaper in the

nation’s capital.

Under the motto “Democracy dies in darkness,” the Post aggressively covered the ascension and presidency of Donald Trump with flair, essentially doubling its newsroom staff and sharply boosting its digital footprint.

While it’s never easy to be at the top of such a large organization, “if you step back and look at the last nine years, it has been an excellent period at The Washington Post and for the journalism it holds dear,” said Neil Brown, president of the Poynter Institute, a news industry think tank.

“He took an exceptional brand and modernized it with vibrant and important journalism,” Brown said.

If the Post benefitted from a “Trump bump” like other news organizations, a Washingtonbased news organization was also susceptible to the problems that would come with that ending, said Tom Rosenstiel, a veteran Washington journalist and now professor at the University of Maryland.

Its list of digital subscribers grew to three million at the end of the Trump administration but has since dropped to over 2.5 million. Its digital site had 139 million visitors in March 2020, and was down to 58 million in December 2022, according to the Post.

Ryan angered several at the Post late last year when he refused to take questions about layoffs from his own company’s journalists at a newsroom meeting.

Ryan told the Post that his departure has nothing to do with the recent downturn.

“I have no doubt that the high-quality journalism of the standard of The Washington Post will always be successful,” he said.

Ryan has led the Post “through a period of innovation, journalistic excellence and growth,” Bezos said in a memo to the newspaper’s staff. “His focus on the intersection of journalism and technology has been on great benefit to readers and has laid the foundation for future growth.”

With Bezos bankrolling the Post, the organization and a new leader would appear to have ownership in place committed to keeping quality intact, Brown said.

Ryan also served as chief of staff to Reagan after he left the presidency until 1995 and is currently chair of the board of trustees at the Ronald Reagan Presidential Foundation and Institute.

“If you think the news business is a challenge, taking on the challenge of bringing civility to public debates might be the only job Fred Ryan can find that would be potentially more daunting,” Rosenstiel said of Ryan’s destination.

WASHINGTON Post publisher Fred Ryan speaks at the Ronald Reagan Presidential Library in Simi Valley, California on July 22, 2018. Ryan is leaving the newspaper after nine years in charge. Newspaper owner Jeff Bezos announced Ryan’s departure in a memo to staff on Monday. He’ll continue as publisher and CEO for two more months. AP/MARK J. TERRILL

The way to rice self-sufficiency

The year 2013 was a milestone of sorts for the Philippine rice sector. Despite the onslaught of Supertyphoon Yolanda (international name: haiyan), the country’s rice self-sufficiency level reached nearly 97 percent—the target that the current administration wants to hit by 2028. One of the most powerful storms of all time also affected rice fields in the Philippines, but this did not result in an extensive damage to the local output of the staple.

The Philippine Statistics Authority (PSA) publishes regular reports on a number of agricultural indicators, including food sufficiency and import dependency. In its Agricultural Indicators System, the PSA reported that the rice self-sufficiency ratio (SSR), or the extent to which a country’s commodities is derived from its own domestic production, reached 96.82 percent in 2013. The figure was almost 5 percentage points higher than the 91.89 percent recorded in 2012.

From 81.27 percent in 2010, rice SSR had averaged more than 90 percent in 2011 to 2016, based on data from the PSA. The highest SSR was recorded in 2013, when it reached nearly 97 percent, while the lowest was seen in 2015, when the figure was at nearly 89 percent.

The average import dependency ratio from 2011 to 2017 was at a single digit, which means domestic production during those years was able to meet most of the rice requirements of the country. The rice SSR can be attributed to a number of programs implemented by the government, including the so-called “quick-turn-around” scheme, which encouraged farmers to plant immediately after the main wet season crop. Farmers participating in the QTA scheme were given free certified seeds and crop insurance coverage.

It also helped that the National Food Authority procured huge volumes of the staple at the time. The food agency purchased a buffer stock that is good for at least 15 days or around half a million tons. Having a sure buyer like NFA may have motivated farmers to increase their plantings.

What this means for the current administration is that the 97 percent rice SSR is not an impossible dream. While the government can no longer intervene via the NFA, it has the means to further increase production. For one, the Rice Competitiveness Enhancement Fund guarantees that the state would always have the money to bankroll initiatives that will prop up rice output.

The target rice SSR, however, would mean that the Philippines should produce more than 20 million metric tons, something that has never been achieved before. The Aquino administration had set the target of producing 20 MMT of rice as early as 2013, but storms and dry spells made it difficult for the Philippines to hit it. In 2015, when the country recorded a rice SSR of below 90 percent, dry spells caused by El Niño struck 58 provinces and damaged crops worth billions of pesos.

Many of the policymakers in the current administration have seen first-hand the devastating impact of climate change on the rice sector. Droughts and typhoons have upended even the best-laid plans. It would take a combination of tried and tested mechanisms and innovative schemes to help farmers cope with weather aberrations, produce the staple required by a growing population amid spikes in production costs, and bring the rice SSR to 97 percent.

As Iran emerges from isolation, Israel is feeling cornered

By Ethan Bronner & Henry Meyer | Bloomberg Opinion

earlY this month, Israeli Prime Minister Benjamin Netanyahu held a mock wartime meeting of his security cabinet in a bunker. Communities in northern Israel are preparing shelters for a long-term conflict. and the military is working overtime on a new laser system to intercept rockets.

Their focus is Iran and its nuclear ambitions.

For years, Israel has considered a nuclear-armed Iran to be an existential threat, and directed its energies to confronting it and its regional proxies in Syria, Lebanon and the Palestinian areas.

But much is new in the past few months. Iran has emerged from diplomatic isolation, forging a key military alliance with Russia from which it’s seeking air defenses, restoring diplomatic ties with Saudi Arabia and pushing its allies to fire missiles at Israel. It is also enriching more and more uranium, including a small amount almost to weapons grade — while denying any plans for making a bomb.

All of these developments, along with a political crisis in Israel triggered by Netanyahu’s attempt to overhaul the judiciary, have pushed the government in Jerusalem into a position from which it’s issuing daily warnings and letting everyone know that it would not hesitate to act, even alone, if it felt enough of a threat from Iran.

Don’t wait THoSE who know the country say that while there is an element of

public posturing, there is also serious intent.

“Iran is hardening its defenses, meaning Israel could lose the option to attack,” said Dennis Ross, a former White House Middle East envoy. “As someone who has worked on this issue and talked to the Israelis for a long time, the one thing I am personally convinced of is they will never allow themselves to lose the option. You don’t wait until it is one minute to midnight.”

Israeli officials cite the topic wherever they go. Nir Barkat, Israel’s economy minister, told Bloomberg TV in New York recently, “Iran threatens the world. They want to create a bomb in order to use it. We’re maybe first in line, but we’re not the only one.”

But Israel’s ability to deliver a decisive blow is questionable, especially if it acted alone and not alongside the US, which says it wants a diplomatic solution to Iran’s nuclear program. Washington and Tehran denied recent reports that they’ve been quietly exploring a new nuclear deal, though Iran said this week the two are close to an agreement on prisoner swaps.

Netanyahu rejects the US stance toward Iran, telling Sky News that “diplomacy can only work if it’s cou-

pled with a credible military threat.”

Internal mess

A MoNG experienced Israel watchers, there is skepticism that Netanyahu would strike Iran. Dina Esfandiary, a senior adviser for the Middle East at the International Crisis Group, believes he’s diverting attention from his difficulties at home, especially the widespread outrage over plans to weaken the judiciary.

“When everything is a mess internally, the best thing is to reiterate that you have an enemy outside,” she says.

But even opponents of Netanyahu say that, on Iran, they back him. “on t his, there is no coalition or opposition in Israel,” said Yair Lapid, opposition leader, when he was in New York recently. “Everybody’s on the same note.”

In private, Israeli officials worry whether they can get the job done without their main ally. And they are concerned that deep divisions within Israeli society—exemplified by this year’s mass protests over the judicial plan—could hinder preparations and give their enemies the impression that they’re more vulnerable.

“The Saudi-Iranian deal is helping Iranians feel stronger,” said Jacob Nagel, a former Israeli national security adviser. “The Iranians are giving the money, training, instructions and weapons to push Israel into a multi-front confrontation.”

Israel warplanes took out an Iraqi nuclear reactor in 1981 and a Syrian one in 2007—and there’s talk about doing the same with Iran.

Israel came close to doing so twice before under Netanyahu. In 2010 his inner security cabinet, backed by the defense establishment, pulled him back, and in 2012 the US talked it down. Today’s security cabinet is more hawkish.

The intense preparation, then and now, serves as a messaging tool, to persuade the US and Iran that Israel means business and to slow or stop Iranian uranium enrichment and missile production.

Regional spillover

A STRIk E on Iran could roil oil markets and turn into a regional conflagration, affecting states such as Saudi Arabia and the United Arab Emirates as well as shipping routes through the Gulf.

It could also trigger a massive backlash against Israel, including from Iranian-backed Hezbollah and Hamas.

Hezbollah, a Lebanese group thought to have more than 100,000 missiles, can retaliate to set off a brutal conflict, according to Bradley Bowman, a former US army officer who works for the Foundation for Defense of Democracies, which backs firmer action against Iran.

“If only a portion of that arsenal were employed against Israel, there is a danger that its defenses could be overwhelmed,” said Bowman.

Iran’s strengthening military ties with Russia are also a source of alarm in Israel.

Iran has provided drones and, in return, sought Russian help in air See “Iran,” A15

China orders last Indian journalist in country to leave

By Bloomberg News

The last Indian journalist in China has been asked to leave, as Beijing and New Delhi eject each other’s reporters in a tit-fortat row deepening a rift between the asian economic powerhouses.

Chinese authorities have instructed the Press Trust of India reporter to leave the country this month, according to a person familiar with the matter. His departure will wipe India’s media presence from the world’s second largest economy at a moment of deteriorating ties.

Indian media outlets had four reporters based in China earlier this year. The Hindustan Times reporter left over the weekend, while two Indian journalists from public broadcaster Prasar Bharati and The Hindu newspaper were denied visa renewals in China in April.

China has gone from having 14 journalists in India in 2020 to just a single reporter, Chinese Foreign Ministry spokesman Wang Wenbin told reporters at a regular press briefing in Beijing on Monday.

“At present, India still has not approved a visa extension of the only remaining Chinese journalist in India,” Wang said. “We hope that India will meet China halfway and continue to issue visas for journalists and remove unreasonable restrictions.”

India’s foreign ministry did not reply to a request for comment. Earlier this month, it said in a statement that Chinese reporters had been operating in the South Asian country without any difficulty, but this was not the case for Indian journalists in China. Both countries were in touch over the issue, it added.

Relations between Beijing and New Delhi have been tense since a deadly brawl on their shared Himalayan frontier in 2020. China has sought to keep that dispute separate from the overall relationship and

focus on trade and economic ties, but India has said relations cannot go back to normal until the border issue is resolved.

The visa rejections come as India hosts the Group of Twenty and the Chinese-founded Shanghai Cooperation Dialogue meetings this year. Xi is expected to attend the G-20 leaders summit in September as China looks to build its diplomatic and political presence globally.

Indian officials familiar with the matter, who asked not to be identified due to the sensitivity of the situation, said the visa spat began a few months ago over Indian journalists hiring assistants in China to help with reporting. Beijing imposed measures limiting employment to three individuals at a time who must come from a pool provided by the Chinese authorities, they said. India doesn’t have a cap on hiring.

China dates the row back even further. Wang said on Monday that India started to issue short-term visas to Chinese journalists in 2020. This made it difficult for reporters to obtain residence permits and bank

accounts, according to an account published by a Xinhua News Agency journalist of his time in India.    A Chinese official separately said there had never been any limits imposed on the number of assistants Indian media could hire.

China and the US have also been in a years-long dispute over journalist visas. After the Trump administration designated a handful of Chinese media companies as “foreign missions” and put caps on the number of Chinese journalists in the country, Beijing responded by revoking press credentials for reporters at US media companies.

In 2020, two Australian journalists based in China fled the country as diplomatic tensions worsened between the two nations. The two men were initially banned from leaving and spent five days under consular protection until Australian diplomats could negotiate their departure. That year, Beijing accused Canberra of raiding the homes of Chinese state-media staff and seizing their property. With assistance from Colum Murphy and Jing Li / Bloomberg

Ambassador

Alarm bells ring as local investors cool on South Africa’s debt

By Robert Brand & Colleen Goko Bloomberg Opinion

SouTh Africa’s reliance on deep local markets to finance most government borrowing is no longer a given.

Domestic investors are demanding ever-higher yields as foreigners pull back from the market, just as the National Treasury gears up to refinance almost 1 trillion rand ($53 billion) of debt over the next three years. That’s raised alarm bells at the South African Reserve Bank, which warned last month that the growing reluctance from domestic investors to continue absorbing government issuance could drive borrowing costs even higher.

The average yield for 10-year bonds sold at the government’s weekly auction has climbed to 11.27 percent, compared with 10.2 percent five years year ago, according to data compiled by Bloomberg. In that time, domestic funds, banks and insurers absorbed about 2 trillion rand of government bonds, boosting their share of the debt to 75 percent from 58 percent, according the Treasury data.

“It is difficult to see them absorbing another 1 trillion rand in the coming three years,” said Rashaad Tayob, the Cape Town-based head of fixed income at Foord Asset Management, whose Abax Balanced Prescient Fund has outperformed nine out of 10 peers over the past three years. “Allocations to bonds are higher everywhere, and the ability to buy more is constrained.”

Rising borrowing costs along with stagnant economic growth are complicating the government’s pledge to reduce its budget deficit and curb debt. A 254 billion rand ($14 billion) bailout for stateowned power company Eskom Holdings SOC Ltd. means government debt will probably peak at 73.6 percent of GDP in fiscal 2026—a higher level and three years later than previously expected. Debtservice costs—the fastest-growing expenditure line item for about a decade—will increase to almost 20 percent of main-budget revenue. Failure to consolidate debt could see the country’s credit rating slide deeper into junk.

Weak demand from foreign investors for new government bond issuance is placing a greater burden on the domestic market, and marks a “structural shift” considering the significant increase in government borrowing over the past five years, the Reserve Bank said in its Financial Stability Review last month.

“It raises concerns about the capacity of South African investors to continue absorbing new issuances of government bonds in future,” the central bank said. “As local participants increasingly step in to absorb the declining appetite for new issuances by non-residents, this raises financial stability concerns regarding market liquidity, increased volatility and higher domestic government bond yields.”

The government is concerned about outflows from the bond market though the rise in domestic holdings “demonstrates the depth of local financial institutions,” the National Treasury said in an e-mailed response to Bloomberg’s questions.

It’s considering its funding mix to help limit borrowing costs as debt comes due for redemption.

“Higher interest rates will result in higher debt-service costs and debt levels,” the National Treasury said. “To mitigate the refinancing risk as a result of high redemptions, government will determine the best mix of debt instruments and maturities to finance the borrowing requirement,

continued from A14

defense and missile development.

Israel sent high-level officials to Moscow in May asking Russia to refrain.

The growing potential for an Israeli strike has unsettled others in

Rising borrowing costs along with stagnant economic growth are complicating the government’s pledge to reduce its budget deficit and curb debt. A 254 billion rand ($14 billion) bailout for state-owned power company Eskom Holdings SOC Ltd. means government debt will probably peak at 73.6 percent of GDP in fiscal 2026—a higher level and three years later than previously expected. Debt-service costs— the fastest-growing expenditure line item for about a decade— will increase to almost 20 percent of main-budget revenue. Failure to consolidate debt could see the country’s credit rating slide deeper into junk.

while minimizing refinancing risk, currency risk and overall borrowing costs.”

Faltering demand

A L SO contributing to faltering demand from local investors was an amendment last year to prudential rules, allowing pension and mutual funds to invest as much as 45 percent of their assets abroad, up from 30 percent previously. That further limits the incentive for local funds to buy domestic bonds, said Foord’s Tayob.

To be sure, demand at the most recent bond auctions has improved as yields near the highest since the pandemic attracted buyers. Outflows have also eased, with foreign investors net buyers of the bonds to the tune of 3.4 billion rand last week, according to JSE Ltd. data. As inflation moderates and global interest rates stabilize, demand for South Africa’s debt may improve, said Mike Keenan, a fixed-income strategist at Absa Group Ltd.

“Even though the debt pile is high, we believe that National Treasury will continue to service its debt over the coming years, partly because it has become more flexible with its funding mix,” said Keenan, who sees the 10-year yield falling to around 10.8 percent by year-end, from around 11.89 percent on Monday.

But any more political upheaval, such as the recent diplomatic spat with the US over South Africa’s alleged arms supplies to Russia, and ongoing economic challenges including a power crisis and transport hurdles will keep borrowing costs elevated, said Nishan Maharaj, a portfolio manager at Cape Town-based Coronation Asset Management, which oversees about 623 billion.

“They will be able to refinance, however the cost of that refinancing will be well above nominal GDP, and probably lead to a worsening of the fiscal dynamics,” Maharaj said. “South African bonds trade at a level that encompasses quite a bit of risk premium. With assistance from Prinesha Naidoo and Monique Vanek / Bloomberg

the region. Until last year, Saudi Arabia suffered a series of drone and missile attacks on oil and other facilities that were claimed by Iranian-backed Houthi militias in Yemen.

Saudi-Israel prize

THE Saudis saw a China-mediated deal with Iran as a way to “reduce tensions with their neighbors and focus

Dr. Jesus Lim Arranza MAKE SENSE

IN the Declaration of Principles and State Policies of the 1987 Philippine Constitution, Section 4 states: “The prime duty of the Government is to serve and protect the people.”

This provision is enshrined in specific laws intended to protect the people’s welfare. One such law is the Consumer Act (Republic Act 7394) that sets quality standards for critical products to weed our substandard materials being sold in the market—especially construction materials—that put people’s lives and properties at risk.

Republic Act 7394 was enacted “to protect the interests of consumers through the promotion of public health and safety measures, and the prevention of deceptive and unfair acts of unscrupulous businessmen.”

Apart from setting out quality guarantees that businesses must provide to their customers, the Consumer Act was created to do these tasks:

To develop and provide safety and quality standards for consumer products, including performance or useoriented standards, codes of practice and methods of tests;

To assist the consumer in evaluating the quality, including safety, performance and comparative utility of consumer products;

To protect the public against un-

There’s a sense of urgency to resolve the stalemate in the implementation of quality standards on flat glass, particularly at this time when we are seeing abnormal weather patterns due to climate change, and—as what experts have been saying—the imminence of, God forbid, The Big One.

reasonable risks of injury associated with consumer products;

To undertake research on quality improvement of products and investigation into causes and prevention of product-related deaths, illness and injuries;

To assure the public of the consistency of standardized products.

As chairman of the Federation of Philippine Industries, I am naturally often asked about my views regarding quality standards. And just last week, I shared in this column my opinion on the resolutions issued by Makati and Pasay City courts enjoining the Department of Trade and Industry (DTI) from implementing the quality standards on glass.

As a backgrounder, a new policy detailing the standards on flat glass was issued to enhance consumer protection. Unfortunately, its implementation was stopped because of the court injunctions. The Office of the Solicitor General, as DTI’s legal counsel, filed a petition to lift the injunctions by the two courts. But after over three years, the courts have yet to issue a resolution on the OSG petition asking them to lift

the injunctions. This development practically makes the country’s flat glass market an unregulated sector, despite DTI’s issuance of mandatory standards.

The Office of the President took cognizance of my column and promptly referred the matter to the DTI.

I am deeply pleased by the quick action of Malacañang, as I am sure they are also fully aware of the magnitude of potential risks being posed by an unregulated flat glass market.

There’s a sense of urgency to resolve the stalemate in the implementation of quality standards on flat glass, particularly at this time when we are seeing abnormal weather patterns due to climate change, and— as what experts have been saying— the imminence of, God forbid, The Big One.

Essentially, in my opinion, this is a case of the courts forcing the government to abandon its constitutional duty to protect the citizens.

Every day that these restraining orders linger, I fear for the safety of the general public. Everyone should keep in mind that the court injunctions do not only affect the manufac-

turers and importers of flat glass who are the main protagonists in the case.

I need to reiterate my view on product standards—governments all over the world are imposing them to protect their citizens from the perils associated with the use of substandard materials. This is not about favoring one businessman over the other. The quality standards apply to both the manufacturers and the importers.

Let me pose this question (actually, out of a lingering fear), what if due to bad weather or an earthquake, a substandard glass panel from a building or a house was shattered and fell on people, in the process hurting, or worse killing, them? Whose fault is it going to be—the government’s, the courts’, the importer’s or manufacturer’s?

Should the families of the victims blame the state for reneging on its duty to protect them; the courts for issuing the restraining orders and letting them linger this long despite the exigency of the matter; or the manufacturer or seller of the substandard glass panel?

I’m sure we all have our own opinions on this, whether they are based on statutes or plain common sense.

In the meantime, while the matter is on a standstill, the public is at risk and the state—or at least the Executive Branch—cannot do anything about it.

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

UK tech vies for AI startups to escape Silicon Valley’s shadow

By Mark Bergen

T

Then, when Prime Minister Rishi Sunak vowed to make the nation a science “superpower” by the decade’s end, executives balked at the sums of money tabled to support the ambition. This included £1 billion ($1.2 billion) to bolster domestic semiconductor development, while the US and EU announced $50 billion and €43 billion ($46.3 billion) respectively. Nigel Toon, the chief executive officer of the UK chip startup Graphcore, warned paltry investments in homegrown UK tech “will quickly be consumed” by titans overseas.

By most counts, less money is going into British tech startups now, too. In 2018, the UK and Ireland accounted for more than 34 percent of every VC deal across Europe and Israel, according to research firm Pitchbook. By the first quarter of 2023, that figure was down to a little under 28 percent. France, southern Europe and the Nordic region all increased their shares during those years.

And yet, there’s no shortage of veteran London investors unswayed in their optimism. They say there’s an opportunity for the UK to seize tech’s next wave by setting its own financing and regulation rules, distinct from Brussels and the US.

“This was the quarter that we stepped out of Silicon Valley’s shadow,” said Saul Klein, cofounder and managing partner of LocalGlobe LLP.

Klein’s enthusiasm stems from two events. In March, the UK branch of Silicon Valley Bank was snapped

on development,” said Riad Kahwagi founder of INEGMA, a Dubai-based security research group.

One positive effect of the IranianSaudi rapprochement, according to several Israeli officials, is that the US felt threatened by China’s role and stepped up its own efforts to reconcile with Riyadh. That could help Israel with its big goal: diplomatic

up by HSBC Holdings Plc after its dramatic weekend collapse, shifting Britain’s premier startup lender from an insular, risk-taking California bank into an established global institution. The swift sale showed an agility Klein believes the UK could flex more often after Brexit.

“It’s nimble enough that, especially now, given its own regulatory environment outside of the EU, you can create sandboxes for innovation,” he said. (Klein serves on Sunak’s Council for Science and Technology but said he was speaking in a private capacity.)

The other cause for his optimism was Google putting its artificial intelligence research units under the head of DeepMind, the company’s London-based AI lab—effectively placing Google’s strategic priority, the development of world-leading AI, in British hands. The worldwide craze over AI presents the UK’s best chance of becoming a tech superpower and averting a crippling backslide, according to technologists like Klein.

London is already home to numerous emerging unicorns in the red-hot field of generative AI, such as Stability AI, an open-source developer, and Synthesia, a creator of text-to-video tools. Isomorphic Labs, DeepMind’s drug-discovery spin out, is just a block away from the Francis Crick Institute, a leading biomedical center in north London.

University College of London, which produced DeepMind, has cre-

relations with Saudi Arabia.

Both Israel and Washington consider a Saudi-Israeli deal to be a key prize, potentially bolstering Israeli security and discouraging Iran from any direct attacks.

Still, Saudi authorities have said publicly that an independent Palestinian state—which Netanyahu has said is very unlikely to happen any-

hIS year did not begin well for technology in the uK. Venture financing evaporated. Companies cut staff and tightened belts. A bank collapse shocked startups. Bosses at two of Britain’s largest tech firms, Deliveroo and Revolut, both chastised uK regulators for stifling innovation. And the sector’s crown jewel, Arm Ltd., decamped for a uS listing, spoiling London’s image as an attractive investment capital.The other cause for his optimism was Google putting its artificial intelligence research units under the head of DeepMind, the company’s London-based AI lab—effectively placing Google’s strategic priority, the development of world-leading AI, in British hands. The worldwide craze over AI presents the UK’s best chance of becoming a tech superpower and averting a crippling backslide, according to technologists like Klein.

ated a £120 million tech fund focused on converting AI research into commercial enterprises, and has invested in 30 startups. And, according to the data firm Dealroom, investors have put more money into AI startups in the UK so far this year than fintech companies, a first since 2011.

“When you think not just AI for AI’s sake,” Klein said, “but the applied AI—like health, like finance, like education—there’s a better chance than average it’s going to happen here first.”

The current tech craze is pulling scientists from UK’s larger institutions. Sasha Haco, CEO of London AI company Unitary, says she’s “inundated” with applications from engineers fleeing academia or bigger tech firms for the allure of startup life. “I never would have got that a year ago,” Haco said.

Another opportunity is regulation. In May, Sunak met with the chiefs of DeepMind, OpenAI and Anthropic, a California AI firm that recently opened a London office. Afterward, Sunak released a statement that said the UK was “well placed to lead the international discussion” on regulating AI appropriately. The prime minister also took a two-day v isit to Washington to win President

time soon—is a precondition.

In private, they’ve also told the US they want defense and security guarantees, access to top-notch weaponry and help developing their own uranium reserves. For now, Israel is increasingly focused on a possible military confrontation.

Joe Biden’s backing for his AI ambitions, among other interests, and earlier in June announced the UK would hold a global summit on AI safety later this year.

The EU has written draft proposals for regulating AI focused on the impact on law enforcement, employment and potential misuses. In the tech sector, there’s concern the final rules, slated to be finalized this year, could extend to policing largelanguage models, like ChatGPT, or open-source technology.

By contrast, UK officials are looking at regulating particular applications rather than setting blanket rules overseeing the tech, according to James Hodge, group vice president for the software firm Splunk Inc., who sits on industry group TechUK’s AI committee. He said UK officials are more attuned to the risks and have discussed requiring companies to disclose training data and computing resources used in AI models, like food labeling. Hodge described the government’s approach as a “really, really positive step.” It might not be enough. Nathan Benaich, a London-based AI investor with Air Street Capital, believes softer regulation alone isn’t going to give the UK any competitive edge. “Much more urgent,” he said, “is injecting significantly more ambition into our science and tech strategy.” Salaries in the UK remain relatively low, however—a brutal recruiting handicap when many machine-learning specialists can fetch salaries in the seven figures.

Raza Habib, the founder of Humanloop, a startup that makes software tools for businesses using AI models like ChatGPT, said Sunak’s meeting with industry leaders was a welcome sign. But he noted that startups tend to gravitate to places where there are ample engineers and potential customers. Bloomberg

between Iran and world powers in 2018, Tehran has accelerated its processing of uranium. The UN’s atomic energy watchdog, the International Atomic Energy Agency, recently detected a small amount enriched to 84 percent levels of purity, slightly below the 90 percent grade typically used for weapons.  With assistance from Caroline Alexander / Bloomberg

When the hands of government are tied, the people suffer

Pilot rollout of food stamps OKd to reduce malnutrition

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand R. Marcos Jr. has approved the pilot rollout and eventual full implementation of the food stamp program, which is expected to help reduce the number of malnutrition and stunted children.

In a press briefing in Malacañang, Press briefer Daphne O. Paez disclosed the President made the decision when he met with officials of the Department of Social Welfare and Development (DSWD) and the Department of Health (DOH) on Tuesday.

D uring the meeting, Marcos approved the proposed 1 million household beneficiaries for the food stamp program or the “Walang Gutom 2027.”

He also sought the implementing agencies’ commitment to ensure the food—to be made accessible in the program—will be nutritious, and will also be given to single parents, as well as pregnant and lactating

women in line with the Republic Act (RA) No.11148 or the First 1000 Days Law.

Under RA 11148, the government will provide an “enabling environment for the sustained provision of critical early child care interventions for the first 1000 days of a child’s life, for optimal growth and development.”

Pilot project

FOLLOWING the program’s approval, DSWD is now set to launch the pilot of the food stamp program next month.

We are doing the pilot so that we don’t end up with wasteful spending.

We want to make sure that when we do expand the program on its regular run, even if the President already approved, we want to learn from the pilot and we want to start right—that was the takeaway,” DSWD Secretary Rexlon “Rex” T. Gatchalian said.

He said the US$3 million budget for the pilot will come from grants from the Asian Development Bank (ADB), Japan International Cooperation Agency (JICA), and the French Development Agency.

I t will cover 3,000 family beneficiaries, who will each receive tap cards that they can use to buy a select list of food commodities worth P3,000 from DSWD-accredited local retailers.

T he beneficiaries will come from the Listahan 3 of DSWD, which includes 1 million households falling under the “food-poor” criteria of the Philippine Statistics Authority (PSA).

D SWD Undersecretary Eduardo

M. Punay said they will coordinate with the Department of Trade and Industry (DTI) and the Department of Agriculture (DA) to select the establishments

WATER-IMPOUNDING INFRA EYED NEAR NCR

to be accredited for the program. Prevalent stunting

DOH Secretary Teodoro J. Herbosa stressed the importance of addressing the prevalence of malnutrition and stunting due to its potential impact on the country’s future workforce.

Stunting is defined by the World Health Organization (WHO) as low height-for-age.

Currently, Herbosa said stunting affects 21.6 percent of infants who are 0 to 23-months old; and 28.7 percent of children under five years old.

The effects of malnutrition and stunting, you don’t recover it like a wound, which heals; it’s permanent,” the DOH chief said.

That’s why if you want a human capital or citizens, who will work to be intelligent and pass school, you really need to feed them well during their early life years,” he added.

H e said they hope the food stamp program together with other government interventions such as the promotion of breastfeeding will help reduce the stunting incidents by 50 percent.

TO control flooding and ensure water supply in Luzon, President Ferdinand R. Marcos Jr. has ordered the construction of water-impounding facilities near Metro Manila.

M arcos gave the instruction after being briefed by members of the Water Resources Management Office (WRMO) and other government agencies on the government’s comprehensive water management plan.

“So that will be the location where we will control [floodwaters] so it will no longer enter Manila and we will be able to collect water for agriculture and other uses,” Marcos said.

We should not waste [flood] water because we need it. So let us find a way to store it,” he added.

T he President said they are now eyeing several possible locations for the impounding facilities.

D uring the meeting, the Department of Public Works and Highways (DPWH) gave updates on their P351-

billion flood control programs, and the National Irrigation Administration (NIA) on their management of dammed rivers.

M arcos ordered a review of the flood control projects of DPWH to determine if the agency need additional funds for the purpose.

A mong those highlighted in the briefing were the ongoing flood control projects in Pampanga, Cavite, Leyte and Cagayan De Oro City; as well as those in the pipeline in the Abra River Basin, Ranao River Basin, Tagum-Libuganon River Basin, and the Central Luzon-Pampanga.

A lso discussed were the P5.86-billion rainwater collection system program under Republic Act No. 6716; installation of 6,002 rainwater collection systems nationwide; and the construction of access roads leading to irrigation areas identified by the NIA under the Katubigan Program implemented jointly with the DPWH.

Grab drivers need LTFRB nod as tourist transport franchise prior to DOT accreditation

Project details

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

THE Department of Tourism (DOT) will be “recalibrating” its project with ride-hailing platform Grab Philippines, to reflect the inputs of tourism stakeholders, after meeting with major associations on Tuesday.

T he 1.5-hour meeting at the DOT was presided by Undersecretary for Legal and Special Concerns Mae Elaine T. Bathan, and was attended by officers of the Tourism Congress of the Philippines, the Philippine Hotel Owners Association, Philippine Tour Operators Association, National Association of Independent Travel Agencies, Rajah Travel Corp., Pacific Asia Travel Association, and an assortment of travel agencies associations.

I n her opening remarks at the meeting, Bathan said of the GrabTours Manila project, “The ondemand tours are not new. Other countries are also doing that…” adding,  “We also want to follow suit, and we want to digitalize our way forward and with this new mode of digital assistance that will be introduced, we wish our visitors to explore more conveniently what tourism providers are able to present using this innovative tourist services.”

P articipants in the meeting separately shared with the BusinessMirror that the DOT failed to fully address the issue of accrediting Grab partner-drivers/vehicles as tourist transport services. “Grab didn’t seem to understand what kind of accreditation is needed to bring tourists around.

T hey then said they had partner-drivers who will form a cooperative, which can be

accredited by the DOT,” said a source who spoke on background.

Accreditation issue

IN a Viber message, Bathan explained, “Grab drivers will not be accredited. Grab will serve as a platform for a new business model that will connect tour operators and travel agencies, thereby widening their market segments.”

S eparately, DOT Assistant Secretary for Tourism Regulation Coordination and Resource Generation Ma. Rica Bueno said, “DOT accredits vehicles with LTFRB [Land Transportation Franchising and Regulatory Board] tourist transport franchise.”

She added, however, “DOT can’t accredit Grab in general because it doesn’t have a franchise as a tourist transport. However, drivers/vehicle owners can form a transport cooperative and apply for a tourist transport franchise with LTFRB.” She said the cooperative has to have a minimum of 10 vehicles, similarly to the regular tourist transport companies which seek DOT accreditation.

ACCORDING to TCP President Roberto Zozobrado, “The meeting went very well,” but the project will still be finalized. “They [DOT] will call a meeting again, this time, with all the tour operators and we’re going to build it up step by step.”

F or her part, Rajah Travel president Aileen Clemente said, “Let’s wait and see what final business model will be adopted.

In the final partnership, they have to make sure the accredited tourism enterprises will not be displaced.”

Z ozobrado said, DOT officials claimed the project with Grab “was from the start” going to include professional tour guides, and acknowledged their mistake in posting on their Facebook page that the ride-hailing app’s partner-drivers will double as tour guides as well. This paper’s source, however, said Grab presented such a model because that was DOT’s parameters for the partnership. (See, “‘DOT invited Angkas for tour guide tieup,’” in the BusinessMirror , June 9, 2023.)

T he TCP official added, there will be no more pickups from hotels as earlier announced by the DOT in a news statement. “But if the tourist takes a Grab car and at the last minute wants to go on any tour, then the  driver will offer the Grab app, and in the app, it will show the [accredited] tour operators. One click on the tour operator, then there’s a whole list of tour packages being offered. If the guest wants the tour right away, all the Grab driver has to do is deliver to wherever the tour will start. The pickup point will be decided by the tour operators.”  (See, “DOT now says Grab project includes pro tour guides,” in the BusinessMirror ,  June 13, 2023.)

S amuel P. Medenilla

BATHAN

Companies

Editor: Jennifer A. Ng

Wednesday, June 14, 2023

Voyager sets sights on fresh funds for enterprise segment

By Lorenz S. Marasigan @lorenzmarasigan

PLDT Inc. Chairman Manuel V. Pangilinan confirmed that the company will participate in this year’s fresh round of fundraising.

“I think there’s an effort to raise some money. [The amount is] anywhere between $100 million and

$150 million. I think the focus of attention is new stockholders but I think given market conditions I think the existing shareholders may have to participate for a portion,” he said at the sidelines of PLDT’s annual stockholders meeting on Tuesday.

Aside from PLDT, existing investors in Maya include KKR, Tencent, International Finance Corp. (IFC), IFC Emerging Asia Fund, and IFC Financial Institutions Growth Fund, SIG Venture Capital, EDBI, and First Pacific Company Ltd. Pangilinan noted that Voyager is now in talks with potential “foreign investors” for this round of fundraising.

As to when Voyager will post positive contribution to PLDT’s top line, Pangilinan quipped that it is “a mystery.”

“I think in the next two to three years, I think you should be okay. I think the recovery will be led by the enterprise part of the business— merchant acquiring—and by the bank. I think if they’re able to really

grow that loan book because they have no problem in growing their deposit levels,” Pangilinan said.

“So they have a lot of money to lend and they should be able to do that in time. So it just is just a question of time that they will produce profits enough to compensate for the losses flowing from the digital wallet because GCash is way ahead of Maya.”

Aside from its e-wallet, the Maya app houses its digital bank called Maya Bank, offering different financial technology solutions such as savings, loans, and credit, among others.

It also has an enterprise arm called Maya Business, which offers payment solutions to merchants in the Philippines.

DMCI Homes: Luzon land bank up 49%

DMCI Homes Inc., the midsegment property development arm of the Consunji Group, on Tuesday said its Luzon bank went up by 49 percent to 96.9 hectares from 65.1 hectares after acquiring properties in Batangas, Bulacan, Laguna and Pampanga.

With the expanded land bank, DMCI Homes plans to develop new formats such as leisure, condotel and township projects, the company said.

“We recognized a demand for leisure properties and saw it as an opportunity to expand our product line. By offering quality and best value in this market, we hope to duplicate the success of our core residential line,” DMCI Homes President Alfredo R. Austria said.

The company said Solmera Coast is scheduled for launch this month. It is an Asian tropical-inspired condotel project in San Juan, Batangas under the DMCI Homes Leisure Residences sub-brand.

Under the condotel format, the

condominium units will be owned by individual investors, who will then rent out their units to guests through DMCI Homes Leisure Residences.

This business model allows the company to generate revenues from both the sale and rental of the units.

Buyers, in turn, can use the unit as a vacation home and receive a share in the rental revenue, which can help offset the cost of ownership.

“DMCI Homes Leisure Residences is for buyers who want to invest in premium properties that provide one-of-a-kind experiences and attractive returns,” Austria said.

Aside from Solmera Coast, the leisure sub-brand will include a Japanese-inspired nature park in Laguna and a mountain resort in Benguet.

DMCI Homes has earmarked

P18.6 billion for its capital expenditure this year, mainly for project development and land acquisitions.

The said amount is an 18 percent increase from the previous year’s P15.8 billion.

From January to March, its capital spending rose by 27 percent to P4.2 billion from P3.3 billion, which mostly went to project development.

The company is expected to face headwinds this year as high interest rates and hybrid work models temper demand. Inflated raw materials cost could also erode their margins.

“To navigate these challenges, we will explore new product formats, such as leisure and premium offerings. We will also employ value engineering techniques to identify cost-efficient options, while exploring alternative business models, such

ALC Group expands into television industry

ALIW Broadcasting Corporation is set to embark on a significant milestone as it officially introduces Aliw 23, its digital broadcast television and free-to-air channel, on June 23, 2023, at The Podium Hall in Mandaluyong City. This highly anticipated launch signifies a major progression for Aliw Broadcasting Corporation, as it expands its presence in the television industry, building upon the accomplishments of its Home Radio and DWIZ brands.

With the theme “Reaching and Engaging More Filipinos nationwide and Worldwide,” Aliw 23 is committed to providing the Filipino people with relevant news and entertainment on a global scale. The channel has prepared a diverse range of meaningful segments and programs to deliver a complete television experience for its viewers.

Atty. Mc neil Rante, Executive Vice President and General Manager, expressed the channel’s dedication to public service, stating, “We will continue to be of service to the Filipino people by providing only the truth and unwavering public service.” Aliw 23 aims to become a trusted source of information and a platform for engaging content that resonates with its audience. o n e of the key features of Aliw

23 is that all its programs can be viewed free of charge, without any subscription required. This accessibility ensures that the channel can reach a wide audience and fulfill its mission of connecting with Filipinos nationwide and even globally.

Chairman D. Edgard A. Cabangon reflects on the late Ambassador Antonio Cabangon Chua, founder of the ALC Group of Companies, stating, “This achievement fills me with confidence that my father, the late Ambassador Antonio Cabangon Chua would have been proud to witness the expansion of the business he established. Serving the Filipino people has always been his vision, and establishing a broadcasting channel was one of his aspirations

for the ALC Group. I am certain he would be delighted to see this dream become a reality.”

As the launch of Aliw 23 draws near, anticipation builds among Filipinos eager for a fresh and engaging television experience. The channel’s commitment to providing quality content and fostering public service demonstrates its determination to become a leading player in the Philippine broadcasting landscape.

Aliw Broadcasting Corporation is a proud member of the ALC Group of Companies, which is the home of some distinguished brands in various industries including insurance, banking and finance, pre-need, memorial care, hotels, and media, among others.

as joint ventures, to further optimize our operations,” DMCI Chairman Isidro A. Consunji said. VG Cabuag

B1

RAM o n S. An G , president of conglomerate San Miguel Corp. (SMC), on Tuesday said he would be “thankful” if the company’s performance this year would match its 2022 results.

Ang said during the company’s annual stockholders’ meeting that 2023 will be “a challenging year” because of high inflation, higher cost of borrowing and the fluctuation of crude prices in the world market. He also noted the reduced power and food demand.

“So, but despite all of that, because the company is doing everything we can, our first quarter is still good,” Ang said.

“But, you know, if we compare 2022, which is a national election year, the volume is definitely much better than this year, 2023. So, if we can at least match the previous year’s performance, I think we should be very thankful.”

In 2022, San Miguel’s net income fell 44 percent to P26.76 billion from the previous year’s P48.16 billion.

Excluding the effects of foreign exchange and the CREATE Law, or Corporate Recovery and Tax Incentives for Enterprises Act, its net income reached P43.21 billion, still lower than the previous year’s P47.04 billion.

For 2022, it had record revenues of

P1.5 trillion, some 60 percent higher than the previous year’s P941.19 billion.

“In fact, the challenges we face only strengthen our commitment to continue helping grow our economy, and boost shared prosperity for all. o u r projects today serve the purpose of making meaningful change and preparing us for tomorrow,” Ang said.

“This will help our country attain food and energy security, support regional growth, and local industries and make opportunities available to many Filipinos.”

SMC’s net income rose 27 percent to P17.73 billion in the first quarter from the previous year’s P13.94 billion on strong sales across its businesses.

Revenues rose 9 percent to P346.72 billion from the previous year’s P316.76 billion, bolstered by higher volumes coming from Petron Corp., San Miguel Brewery Inc. and SMC Infrastructure.

our strong first quarter results reflect our commitment to execute well on our strategic priorities as we navigated through a very challenging environment. With raw material prices expected to stabilize, we are confident we can deliver an even better performance in the coming months,” Ang said. VG Cabuag

Voyager Innovations Inc., the operator of financial technology (fintech) player Maya, is raising as much as $150 million this year, as it ramps up efforts to further grow its enterprise and consumer businesses.

‘San Miguel is facing a challenging year’

Independent director

GSIS working to cut overdue loans

By Jasper Emmanuel Y. Arcalas @jearcalas

Finex Free enterprise

George s. Chua

JUST what is an independent director? Normally, this would mean a member of the board of directors of a company who brings a unique, unbiased perspective.

The term is commonly used to denote a director who is not an employee of the firm or organization where they serve as a member of the board. They are supposed to be independent of management and free from any business or other relationship which could or could reasonably be received to materially interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

Not all corporations are required to have independent directors and under Section 22 of the Revised Corporation Code and Securities and Exchange Commission (SEC) Memorandum Circular 16 only certain corporations are required to have independent directors such as issuers of registered securities to the public, public companies with assets of at least fifty million pesos, listed companies in the PSE, finance companies, investment companies and houses, brokers and dealers of securities, pre-need companies, stock and other securities exchange/s.

The obvious intent is of course to protect the interest of the shareholders and other stakeholders in these companies, which is indeed a laudable goal. However, is having independent directors actually doing this? Taking into account that independent directors have limited or nominal shares, not part of management and not having any business dealings and/or relationship with the company, they still have a primary interest of receiving fees and other benefits from the company.

In most cases, the compensation and fees received by independent directors are quite substantial and the main business objective of maximization of shareholder wealth is not always consistent with the ideals of an independent director. Perhaps there is no such thing as an independent director since they too have a vested interest. Management will work towards achieving the greatest compensation and/or bonus, shareholders will clamor for maximization of shareholder wealth and employees will always aspire to have higher pay, better benefits and ideal working conditions.

It is only natural that people tend to work for their best interest and it is only under certain conditions that this impartiality may work. I would think that the US jury system is an example where serving citizens do get no more than a basic allowance. Another example would be compulsory military service enforced in other countries. It is difficult to imagine the impartiality of independent directors who get their fees from the company they serve and are selected by the people who are running these companies.

I wonder if the SEC has done a study on how long on average an independent director serves in a board which has a nine year cumulative limit, how many companies on average does an independent director works in simultaneously and what the average aggregate compensation is for these independent directors. Perhaps it is something that the regulators could put a more logical limit, to attract more independence. In addition, there must be some kind of criteria and evaluation of the performance of an independent director to determine if they are indeed doing their function as intended.

The views and comments of Dr. George S. Chua are his own and not of the BusinessMirror or the Financial Executives Institute of the Philippines (Finex). The author was 2016 Finex president, 2010 to 2020 Federation of Philippine Industries president and currently an active entrepreneur with investments in fintech, broadcast, media, telecommunications, properties. He is also a regular member of the National Press Club. Dr. Chua is also a Professorial Lecturer at the University of the Philippines Diliman and BGC Campus. Comments may be sent to georgechuaph@yahoo.com.

GSIS President and General Manager Jose Arnulfo A. Veloso said last Tuesday that the P45-billion overdue

loans flagged by the Commission on Audit (COA) has been now trimmed to P42.01 billion as the state pension

fund continues to chase after its errant members.

Veloso pointed out that from January to April alone, the GSIS was able to collect about P3.6 billion from the overdue loan obligations of its members.

“Isa-isa po namin sinusuri at sinusuyod ang lahat ng may pagkakautang po sa amin. Iyon pong nakakausap namin binibigyan po namin ng reconciliation at condonation program,” Veloso said during a radio interview on June 13. “Nagdagdag po kami ng collection agents para mapabilis po ang pagkolekta.” [We are scrutinizing and chasing one by one the members that have outstanding loans with us. We provide reconciliation and condonation programs to some of them. We have

‘Amid inflation, Nlex toll hike vexing’

SENATE Minority Leader Aquilino Martin “Koko” Pimentel III prodded the Toll Regulatory Board (TRB) and the North Luzon Expressway (Nlex) Corp. to “put on hold the provisional increase in toll rates” amid worsening traffic conditions on the expressway and the “added burden of inflation” inflicted on the Filipino people.

In a statement issued last Tuesday, Pimentel III picked up the cudgel “on behalf of the hundreds of thousands of motorists plying” the Nlex.

“I appeal for some considerations and reprieve on the proposed increased toll rates,” the opposition lawmaker said. “Our people are still grappling with the effects of inflation and, therefore, implementing a toll increase at these challenging times would exacerbate their economic hardships.”

Pimentel III pointed out that the TRB just recently approved a provisional increase in toll rates at Nlex, wherein Class 1 vehicles (car,

jeepney, van or pickup) will have to pay an additional P7 in Nlex’s open system effective June 15, P17 for Class 2 vehicles (bus and light trucks), and P19 for Class 3 vehicles (heavy and trailer trucks). Nlex’s open system covers Balintawak in Caloocan, Mindanao Avenue and Marilao in Bulacan.

The Senate Minority Leader noted that in the Nlex closed system, starting at Marilao to Santa Ines in Mabalacat City, motorists will pay an additional P26 for Class 1, P65 for Class 2 and P11 for Class 3.

“Any increase at this point would be unjustifiable and unfair to the motorists who have to deal with sometimes Edsa-like traffic on the expressway, specifically from Balintawak to Meycauayan,” Pimentel III protested.

Bago sila humingi ng dagdag na bayad, ayusin muna nila ang trapik sa Nlex,” the lawmaker suggested. [Before they ask for extra fees, they should fix the traffic in Nlex first.]

Pimentel III said he is calling on the management of Nlex Corp. “to address this perennial traffic buildup on our major expressway.”

The Senate Minority Leader cited the firm’s data that at least 280,000 vehicles use the Nlex on a daily basis.

“It has come to our attention that traffic congestion on Nlex has become a recurring problem that causes delays and inconvenience for motorists,” the opposition senator added, citing additional reports reaching his office.

In turn, Pimentel III called on the TRB to prioritize the interests of the public and ensure that the toll rates remain fair and reasonable.

“To approve a provisional increase in light of these serious traffic concerns and the worsening inflation in the country is a disservice to the Filipino people,” the Senate Minority Leader added, stressing that “it is time that the government provides some relief to our motorists,” he added. Butch Fernandez

Mixed results mark auction of T-bills

THE investors asking rates for short-term government debt papers rose to the third straight week, forcing Tuesday’s Treasury bills (T-bills) tender to end in mixed results with the government unable to borrow its full P15-billion target amount.

“Results were mixed in today’s Treasury bill auction as the Auction Committee decided to fully award bids for the 182-day and 363-day securities while partially awarding the 91-day T-bills,” the Bureau of Treasury’s (BTr) auction committee said in a statement on Tuesday.

The BTr successfully raised P13.6 billion from the T-bills auction, which was 1.3 times oversubscribed with total bids reaching P20.049 billion.

The Treasury made a full award of P5 billion each for the 182-day and 363-day T-bills while it partially awarded the 91-day T-bills amount-

ing to P3.608 billion.

With the mixed results, Tuesday’s auction snapped the Treasury bureau’s four consecutive weeks of full award for T-bills. The 91-day T-bills fetched an average rate of 5.922 percent, higher than the previous week’s 5.827 percent.

Meanwhile, the interest rates for 182-day and 364-day T-bills averaged 5.978 percent and 6.062 percent, respectively, which were higher than their previous week’s level of 5.891 percent and 5.98 percent, respectively.

The average rates during the auction were also higher than their secondary market counterparts: 5.863 percent for 91-day T-bills; 5.901 percent for 182-day T-bills; and, 5.948 percent for 363-day T-bills.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort

already added more agents to fasttrack the collection of outstanding dues.]

Veloso noted that the accumulated due and demandable loans of GSIS from its active and inactive members stood at P74 billion in 2016.

The COA in its annual audit report on the GSIS, which was made public recently, pointed out that active and inactive members of the state pension fund have an overdue obligations amounting to P45.583 billion.

Nonetheless, in a rejoinder included in its audit report, the COA commended the GSIS management for its efforts to “enhance” its system “to achieve a more effective collection facility.”

Furthermore, the COA said the

GSIS has an uncollected outstanding private loans receivable of nearly P3 billion (P2.114 billion in principal and P823.153 million in interest) from some 21 private companies.

Veloso said the collaterals, which are mostly real estate properties, of the 21 companies that owe the GSIS over P2.1 billion are already under the state pension fund’s possession. Veloso explained that some of the properties are still under litigation.

“But all of these real estate are already with the GSIS,” he said.

“We are now having discussions on what is the best way to liquidate these properties. Is it through a joint venture? leasing? or to sell. We are crafting policies to address those,” he added.

said the uptick in the T-bills yields were caused by “higher” US treasury yields due to bigger supply as a result of the law passed raising the US debt ceiling.

“The markets recently priced in a possible 0.25 [basis points] Fed rate hike on July 26, 2023, as also signaled earlier by some Fed officials,” Ricafort said.

“As any future Fed rate moves— pause or hike—could be matched locally to maintain a healthy interest rate differential at +1.00 basis points to also help stabilize the peso exchange rate and overall inflation,” he added.

For the month of June, the Treasury aims to raise P185 billion from the sale of T-bills and T-bonds. The BTr plans to generate P60 billion from four auctions of T-bills and P125 billion from five auctions of T-bonds.

Jasper Emmanuel Y. Arcalas

Solon wants shady online lenders probed

By Butch Fernandez @butchfBM

SENATE Majority Leader Emmanu-

el Joel Jose Villanueva filed Senate Resolution 641 paving the way for an inquiry into unauthorized and unregistered online lending platforms victimizing hundreds of vulnerable Filipinos.

The Villanueva Resolution was prompted by rising cases reported to his office involving transactions through digital platforms, noting that there has also been an increase in abusive collection and debt recovery practices by some companies.

“Our office has been receiving hundreds of complaints from people who were harassed, intimidated, and shamed by the collecting agents of these online lending platforms for being unable to pay their loans on time,” the Majority Leader said.

“We need to put a stop to this inhumane and unethical practice and make sure that our kababayans are truly protected,” Villanueva added.

The Majority Leader reminded that measures should be in place and properly implemented to guarantee that consumers are only transacting with registered and authorized online lending companies to protect their interest and general welfare.

He recalled that early this year, the Securities and Exchange Commission (SEC) revoked the Certificates of Registration of 2,084 lending and financing companies that failed to secure their Certificates of Authority (CA) and cancelled the CA of 39 financing and lending companies due to various violations.

In a number of cases, Villanueva noted that some lending firms unduly increase the interest rates and other charges for failure to pay on schedule.

At the same time, some collectors also hurl “expletives and violent language” at the debtors to force them to pay.

Villanueva also asked the appropriate Senate committee to look into reports that some online lending platforms are engaging in irresponsible data harvest-

ing that violate their clients’ right to privacy and safe and secure transactions.

Republic Act (RA) 11765 (Financial Products and Services Consumer Protection Act) provides that financial service providers are prohibited from employing abusive collection or debt recovery practices against their financial consumers.

In addition, RA 7394 (Consumer Act of the Philippines) specifically provides for the promotion of “fair, honest and equitable relations among parties in consumer transactions.” Meanwhile, RA 3765, or the Truth in Lending Act, mandates that lenders must be honest regarding the finance and other related charges that they impose on borrowers, and to make them aware of the true cost of credit.

“Our people should be protected against deceptive, unfair, and unconscionable acts and practices, including abusive collection and debt recovery practices,” Villanueva said adding that “debtors deserve to be treated fairly and with dignity.”

BIR removes 26, suspends 2 employees from

BUREAU of Internal Revenue Commissioner Romeo D. Lumagui Jr. revealed that the BIR has removed 26 and suspended two employees since last year. These numbers show how the BIR is committed to discipline members of its ranks pursuant to Lumagui’s pillar of integrity and professionalism of the institution and its employees, a statement from the BIR read.

“As we transform the BIR into an institution of integrity and excellence, we have removed 26 and suspended 2 erring employees. Keep in mind that you have no business working for the BIR if you fail to meet our standards for ‘integrity and profes-

Service

sionalism,’” the Commissioner said.

The reasons for the dismissal of erring BIR officials varies from grave misconduct, serious dishonesty, frequent unauthorized absences, falsification of official documents, gross neglect of duty, insubordination and absence without official leave. Lumagui said he intends to have a regular investigation of BIR officials. If there are grounds for dismissal, the BIR will dismiss the official, the BIR chief said. If there are grounds for suspension, that official will be suspended, according to Lumagui. “We are committed to provide a new BIR to the public. One that has integrity and professionalism,” the BIR chief said.

People tied to investment scheme nabbed in Baguio

By VG Cabuag @villygc

THE Securities and Exchange Commission (SEC) announced the arrest of several people selling securities without the required license during an event called “Real EsTea Talk” held in a hotel on Legarda Road, Baguio City.

The SEC said through a statement that members of its Enforcement and Investor Protection Department (EIPD) also served a cease-and-desist order it issued last June 10 against Baguio-based Casa Infini Builders and Realty Co. Ltd. and its affiliated companies.

The SEC said members of its EIPD were backed up by personnel of the Presidential Anti-Organized Crime Commission, the Regional AntiCybercrime Unit Cordillera and the Baguio City Police Office.

The SEC said the joint operation led to the arrest of Jennylyn Galletes De Los Santos Floresca, together with 24 other agents, partners and employees.

The SEC also filed a complaint charging Floresca and those arrested for violating the Securities Regulation Code (SRC) and Republic Act (RA) 11765 (Financial Products and Services Consumer Protection, or FCPA, law in relation to RA 10175, or the Cybercrime Prevention Act of 2012.

The criminal complaint led to the indictment of Floresca, together with three others for violation of the SRC and FCPA per resolution issued by the Baguio City prosecutor during the inquest proceedings.

“[Evidence] shows that there is reasonable ground to hold respondents Floresca, Ruhhiya Ymana, Jerick Sadernas and Jacqueline Melchor liable for violations of Sections 8, 26 and 28 of the [SRC] for their acts of offering securities without the required registration statement duly filed with and approved by the SEC, for investment fraud, and for soliciting investments without license,” read

the partial disposition by the Baguio City Office of the City Prosecutor.

The SEC issued the order against the Casa Infini group, including Ray Education Directions Consultancy Services, Casa Infini Realty Management Co. Ltd., Ray International Philippines Corp., Be Unrivaled Productions Inc. and Sine Cordillera and Casa Infini Properties and Development Corp. for unauthorized investment solicitation activities.

The entities identify Floresca as either a partner or incorporator. Floresca has also been the subject of an earlier cease-and-desist order issued by the SEC on March 16 for casino junket financing operations. The order included Hector Liao Pantollana, Horizon Players Club, Philippine National eSports League and other Baguio City residents collectively known in social media as “Team Z.”

The groups were found to have enticed the public to invest in their alleged real estate projects in Baguio City either as a buyer-investor or partner financier. The latter were promised a guaranteed monthly interest rate of 4.5 percent for 12 months, equivalent to 54 percent per year.

During the “Real EsTea Talk” event, Casa Infini persuaded more than 700 into its investment scheme, according to the SEC. Operatives during the event witnessed the actual placement of funds amounting to hundreds of thousands of pesos from 19 would-be investors.

Casa Infini and Casa Infini Realty Management are registered partnerships with the SEC while Ray International Philippines and Casa Infini Properties and Development are registered corporations. Ray Education is a sole proprietorship registered with the Department of Trade and Industry.

The groups, however, have never been issued a secondary license that would authorize them to offer or sell investments to the public.

THE chief of the Government Service Insurance System

(GSIS) said the agency “is doing its utmost effort” to collect the overdue loans obligations of its members after government auditors called the state pension fund’s attention regarding the outstanding dues.

SECRET MOMMY

THE politician and the semi-retired actress were an item for a number of years. Eventually, they lived together and had a baby. After they broke up, the politician made sure the actress would be well taken care of. The actress is now dating a controversial celebrity but she still hasn’t revealed to the public that she’s a mom. It’s not that she’s ashamed of her child. She just wants to know and experience what’s like to see other people. She also doesn’t want her child to be exposed to any sort of publicity. She herself stopped working so that she could concentrate on taking care of her child. Now that she and the politician are no longer together, the actress still hasn’t publicly disclosed that she is a mother, even if it’s an open secret.

IT’S ABOUT TIME

THE young actress has finally ended her celebrated romance with a non-showbiz guy and there are a lot of speculations about what really happened. One story goes that she found videos of him with another woman on his phone. Yet another story alleges that he spent an important day with another woman instead of the young actress. What’s clear though is that he seems to have betrayed her. What’s even clearer is that her fans are celebrating the end of this romance. They’ve always felt that the guy wasn’t good enough for the young actress, and that she deserves better. They just wish that she would concentrate on her career instead of her love life.

HIS OWN CAREER

THIS guy, who’s an internet celebrity, seems very standoffish but it looks like he’s just putting up a defensive front. He’s always so annoyed when people ask him about his superstar wife and their child because he doesn’t want people to think that he is using them in his own work. So if you’ve seen footages of him answering questions at press conferences, you’ll see that he really gets annoyed when asked about his wife and child. The guy is a celebrity in his own right and he doesn’t want to be just his wife’s husband. He wants his career separate from his wife’s and that’s understandable.

HAPPY AND CONTENT

IT’S a good thing that the actress and her rich husband finally had a baby because without a child, she would be trapped in a loveless marriage. As it is now, she is very happy and content unlike a few years back when she was listless and discontented. She was unsure where the marriage was headed. But the baby saved her because it gave her direction. The actress’ husband is years older than her and she didn’t know it when she married him but he is a drug addict who can spend days in a stupor. He wasn’t cruel or anything like that to her. He was just unattentive. The baby changed all that. The husband became more attentive and present in the marriage, so for now the actress is happy.

Rachel Maddow’s ‘Deja News’ podcast a boon to fans who like her historical tangents

BY DAVID BAUDE�

The Associated Press

NEW YORK—Rachel Maddow has something special for anyone who appreciates the occasional digressions into history on her weekly MSNBC show.

She and her longtime producer, Isaac-Davy Aronson, debuted the first episode of Rachel Maddow Presents: Deja News on Monday. The six-episode podcast looks at historical incidents that can teach us lessons about current events.

The first program, about a little-remembered February 6, 1934, riot outside the parliament building in Paris has obvious parallels to the January 6, 2021, Capitol insurrection in Washington.

“If January 6 was history repeating itself in some form, does that help us?” Maddow asks in the episode. “Does that help us in our understanding of what January 6 meant and what we should do about it going forward? Would it be comforting to us to know that this really wasn’t the first time, or would we be just even more weirded out about it?”

Both of Maddow’s prior podcasts have roots in history: “Bag Man” was about former Vice President

HOROSCOPE

Eugenia Last

CELEBRITIES BORN ON THIS

DAY: Lucy Hale, 34; Kevin McHale, 35; Diablo Cody, 45; Boy George, 62.

HAPPY BIRTHDAY: Pay attention to what’s going on around you. It will be easy to misinterpret the information you receive and how others feel about you or your decisions. The more aware you are, the easier it will be to bring about good changes for you and everyone your decisions will affect. Face challenges with optimism and an open mind. Accept and adjust. Your numbers are 4, 10, 16, 23, 36, 41, 45.

ARIES (March 21-April 19): Challenging yourself physically will ease stress and help you sidestep an argument with someone who doesn’t see things your way. Concentrate on improving what you can contribute and adding features that attract exciting people and offers.

★★★

TAURUS (April 20-May 20): Simplify your life instead of overextending yourself emotionally or financially. Discipline will help you reach your goal in a timely fashion. Don’t hesitate to ask for help or call in favors. ★★★

GEMINI (May 21-June 20): A lifestyle change will help you deal with situations holding you back. Your happiness is dependent on choosing what’s right and best for you. Love is heading your way, and acting on how you feel will lead to progress. ★★★

CANCER (June 21-July 22): When asked for help, offer suggestions. Don’t take on a burden that doesn’t belong to you. Look for alternative ways to use your skills, and you’ll discover a unique offer that helps lower debt. Learn from someone who has experience and inside information. ★★★★

Spiro Agnew, and “Ultra” examined American extremists.

“I have this soft spot for history as an explanatory thing,” she told The Associated Press. “I’m a completist. If you tell me something is going on geologically, I want to know about the formation of the star that created the solar system, that created that planet, that created that rock.”

Deja News is the nickname that The Rachel Maddow Show privately uses for some of its historical segments. While they can occasionally test a viewer’s patience during a TV show—get to the point, Rachel!—the stories are perfect for a podcast.

Extra time allows the podcast to more thoroughly examine the historical similarities and grapple with what may come next, Aronson said. “Having that time and space to breathe is really great,” he said.

A day after the Paris riot, the new head of France’s government resigned and was replaced by someone more conservative—precisely what the demonstrators wanted. Yet the incident united leftists, and led to the election of a much more liberal government two years later.

Cinemalaya 19 announces short film finalists

THE Cultural Center of the Philippines and the Cinemalaya Foundation Inc. reveal the 10 competing films that will vie for the Best Short Film in this year’s Cinemalaya Philippine Independent Film Festival.

From 192 submissions, the 10 finalists are: Tong Adlaw Nga Nagsnow Sa Pinas by Joshua Caesar Medroso; HM HM MHM by Sam Villa-Real and Kim Timan; Golden Bells by Kurt Soberano; Hinakdal by Arvin Belarmino; Kokuryo: The Untold Story of Bb. Undas 2019 by Diokko Manuel Dionisio; Ang Kining Binalaybay kag Ambahanon Ko para sa Imo by

Kent John Desamparado; Maudi Nga Arapaap (Last Dream) by Daniel James Magayon; Makoko Sa Baybay by Mike Cabarles; Sibuyas Ni Perfecto (Perfecto’s Onion) by Januar Yap; and Sota by Mae Tanagon.

The competing short films tackle a myriad of human stories, including a zombie tale, family adventure, comingof-age chronicles, LGBT narrative, and a documentary on horse caretakers, showcasing different techniques and approaches. The 10 competing short films will be screened during the Cinemalaya Philippine Independent Film Festival, slated from August 4 to

13, 2023, at the Philippine International Convention Center located inside the CCP Complex in Pasay City. The best short feature film will be awarded a cash prize amounting to P150,000 and a Balanghai trophy during the Cinemalaya Awards Night on August 13.

Now in its 19th year, the Cinemalaya is an all-digital film competition that aims to discover, encourage and support the cinematic works of Filipino filmmakers that boldly articulate and freely interpret the Filipino experience with fresh insight and artistic integrity.

LEO (July 23-Aug. 22): Redirect your energy to avoid a falling out with someone of consequence. Take a closer look at yourself and concentrate on being your best rather than trying to change others. Getting along and knowing when to say no will solve a pending problem. ★★

VIRGO (Aug. 23-Sept. 22): Adapt and keep moving forward. Refuse to get into a standoff with someone who challenges you. Consider what makes you happy, and strive to reach the goals you set for yourself. A change of plans will present an unexpected opportunity and an entertaining pastime.

LIBRA (Sept. 23-Oct. 22): Handling important matters with finesse will positively impact your lifestyle. Make changes at home that lower your overhead. An educational pursuit will give you something to think about, but don’t buy into someone else’s dream; model your future after your needs. ★★★

SCORPIO (Oct. 23-Nov. 21): Use your imagination and discipline to bring about opportunity and the ability to adjust to the demands you encounter. Embrace challenges with optimism and use your skills to uncover what makes you feel passionate. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Go the distance and see what you discover. You’ll gravitate toward people from different walks of life. Before you let someone mesmerize you, research the validity of the suggestions you receive. Pay attention to physical fitness, eating habits, and overall health and well-being. ★★★

CAPRICORN (Dec. 22-Jan. 19): You’ve got wiggle room regarding your assets and liabilities. A positive adjustment to your living arrangements will encourage better profits. Don’t trust a colleague who fishes for information that might incriminate you. ★★★★★

AQUARIUS (Jan. 20-Feb. 18): Think before you act. You’ll be left out if you try to challenge or change others. Communication will be the key to getting along and coming to terms with what’s possible. Love is in the stars, but demands are likely to unfold. ★★

PISCES (Feb. 19-March 20): Invest in your skills, experience and ideas. Don’t let anyone stifle your dreams; trust and believe in what you want out of life. A positive attitude will garner insight into what others can contribute and what you’ll have to do in return. ★★★★

BIRTHDAY BABY:

You are charismatic, energetic and generous. You are engaging and exuberant.

PHOTO BY CRIS TACOLM ON UNSPLASH

FREE AmIGURUmI wORkSHOP OPENS TO THE PUBLIc

TURNING Over New Leaves,” a free crochet art workshop for ages 16 and up, is slated for Saturday, June 17, 2023. The hybrid activity aims to introduce young creatives and professionals into amigurumi, the Japanese art of crocheting small stuffed creatures.

A portmanteau of ami, which means knitted or crocheted, and nuigurumi, a tiny plush doll, the craft has become a significant part of the Japanese kawaii movement since ‘80s. With the growing fascination on all things cute, it has likewise gained popularity in the West in the 2000s.

Ideal for those who wish to elevate their love for the flora, as well as hobbyists who want to explore a new recreational project, Turning Over New Leaves is a walk-through into the fundamentals of amigurumi.

The session will equip learners with the skills and techniques in creating their very own dolls. They will work with simple patterns, which they can likewise use to kickstart their very own plush plant collection or business.

The workshop is organized by the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde.

Turning Over New Leaves will be facilitated by crochet artist Sharon See. A former film and TV production designer, she started crocheting when she was 11 years old and has not stopped since. Her works have graced group shows.

The worshop is free and open to the public. It will be conducted onsite and online on Saturday, June 17, 2 pm. Interested participants may register through bit. ly/TurningOverNewLeaves.

MCAD is located at the De La Salle-College of Saint Benilde Design + Arts Campus, Dominga Street, Malate, Manila. More information is available via mcad@benilde.edu.ph.

‘Deja News’...

Continued from B4

Nearly 90 years later, though, like-minded French citizens honor leaders of the far-right riot with rallies commemorating the day and visits to the grave of its leader.

In Maddow’s view, news is too often covered in a vacuum, when a passing knowledge of history can put things into better perspective.

“Recognizing that some of these problems are recurrent, rather than truly novel, doesn’t make the problems any smaller,” she said. “It just makes me more confident in my ability to keep engaging, to not shut down, to not be overly scared or intimidated by the scale of a problem and to think about it with the help of people like us in previous generations who had to contend with the problem before.”

It also underscores the importance of who is in charge of writing and teaching history, she said.

Anticipation for Deja News, which has a logo starring an inquisitive groundhog, put it near the top of Apple’s podcast chart before being released. New episodes will come out every Monday, with the second one showing how Florida Gov. Ron DeSantis’ battles with woke politics and the LGBTQ community echo an effort from nearly 60 years ago.

Maddow is a year into her new schedule, with her TV show airing on Monday nights.

“It’s great,” she said of the reduced workload. “It has absolutely saved my life.”

Five nights a week on TV was burning her out. She initially resisted the once-a-week schedule, not wanting to do a magazine-type review of the week’s news. Instead, they hit upon the trick of doing it as if it were just another daily show, focused on that day’s news.

She’s immersed in other projects. Besides Deja News, she’s adapting “Bag Man” and “Ultra” into movies, finishing a book that will be out this fall and making a scripted TV series about a group of women in post-World War II Washington that is being held up by the writer’s strike.

“I need to learn time management,” she said. “I’m actually probably working more hours than I used to. My girlfriend thought I was going to have more time off and more time to spend with her.”

She appears on MSNBC during big events, like last Thursday, when news broke that former President Donald Trump had been indicted. But she said she’s been energized by the ability to try new things.

“I thought I had the best job in the world but I didn’t,” she said. “Now I do.” n

Stopping an argument

WHEN leading people, you will have arguments with other group heads who might see things differently because they also need to look out for their own teams. When this happens, you do not have to resolve the issue right away and the best thing to do is to stop the argument and come back to it when both parties have cooled down. You need to do this to maintain good relations with the other teams because you know that you will be needing them later on.

In dealing with arguments at work, you will only aggravate the situation if you shout, or if you are constantly on their backs. If needed, take a break from each other so you can simmer down and evaluate where things are going. People may not be aware of the gravity of what they have done, so be careful with what you say. Even if they have wronged you and even if you are in the right, they also have feelings and what you say will matter when things have cooled down and both of you are trying to resolve the argument. As a general rule, do not say anything that would permanently damage your professional relationship. Remember that actions have consequences, and it does not really matter who is wrong or right. What matters is how both of you can move forward so that you can professionally work with each other again. There are consequences that will unnecessarily trigger and disrupt your working relationship but try talking these out so that one is aware of what the other person is feeling. If possible, plan what you both can do when this happens.

Take a break from each other for a while. Just walk away and give them the space they need to evaluate what just happened and to hopefully find ways to re-establish your working relationship. This also does not mean stonewalling the other person by just sitting there and ignoring whatever they say. This only aggravates the situation further because it tells the other person that you are unwilling to compromise. When you tell them that you need to step away and think about how to resolve the issue, assure them that you are doing so because you want to find a way to make it work. This gives both of you room to think without further antagonizing each other.

When they tell you how they feel, do not invalidate their feelings by saying that they should not feel that way, or that they are being too sensitive. Acknowledge how they feel but also assure them that you are working on your part to make the professional relationship work. Be prepared that the working dynamics might change but assure them that you will treat them with respect and courtesy. In all these, learn to put yourself in the other person’s shoes and how they would react if you pursue certain actions so that they will understand that you are serious in maintaining good working relations with them.

In dealing with others in an argument, you also need to be mindful of your own feelings and emotions. Sometimes, personal issues and current work conditions affect the way we deal with others.

before talking to them.

If you are in the wrong, the most powerful thing you can say is “I am sorry.” This shows that you accept responsibility for what you have done and helps the other person move past being angry to finding solutions. But when you do say you are sorry, be specific on what you are asking forgiveness for. Some people just say sorry but do not understand how their actions have affected the other person. When you apologize, be as specific as you can with saying you are sorry so that the other person knows what they are forgiving you for. If you cannot say you are sorry, at least offer that you will think about it. A flat-out refusal tells the other person that you have come to a conclusion already and that you refuse to listen. I have been in an argument where I was told that I was stubborn and that I should remember that he was not a bad person. That made me realize that the one I was arguing with was also a person with feelings and my outright refusal to listen clouded my judgment. And because I was lost in my anger, I did not see how little details affected what we were arguing about.

Make the other person understand that you know where they are coming from so that they can become less combative. As someone leading other

with what they did. It merely tells the other person that you see it from their point of view. Assuring them you understand helps break down their defensive barrier and puts both of you in a position to work on a solution rather than looking for reasons to blame the other.

If the arguments keep recurring, probe deeper to know the root cause of the problem. Arguments can sometimes be symptomatic of a deeper issue between you and the other leader.

You need to get to the bottom of the issue so you can also protect your team from carrying the burden of repeatedly answering the same issues. Find out why the issue keeps recurring and develop action plans to address the root cause. This prevents future arguments and helps ensure your team can work smoothly with others.

When we get in an argument, the natural instinct is either to fight or flight. Arguments help both parties in identifying what they need to work on if they are to continue working with each other. But there are times when you just have to stop and walk away so that when you go back to each other, you are both in the proper state of mind to arrive at a solution. But when an argument pushes both parties against the wall repeatedly, it might be best to just agree to disagree and walk away from it all. n

THe UgLy SIDe OF beAUT y: CHeMICALS IN COSMeTICS

THReATeN COLLege-Age WOMeN’S RePRODUCTIVe HeALTH

WALK through the personal care aisles of your local store and you’ll see dozens of products that promise to soften your skin, make you smell better, extend your lashes, decrease wrinkling, tame your curly hair, or even semi-permanently change the color of your lips, hair or skin.

Remember the adage “If it seems too good to be true, it probably is”?

Many of product promises like these are based on chemicals that can also be hazardous to your health, including endocrine-disrupting chemicals that can interfere with fertility and reproduction, fetal growth and infant development.

That’s a big concern, because these products are heavily marketed to young women in the years before they might consider starting a family.

Recent studies have demonstrated that college-age women use cosmetic products at higher rates than other groups. Additionally, many of these young women are unaware of the health risks from frequent use of popular products containing contaminants of emerging concern. And finding cleaner alternatives often means paying more.

As an epidemiologist who has fought my own fertility battles, I study exposure

to endocrine-disrupting chemicals found in everyday products, such as cosmetics, shampoos, lotions and plastics. I have been working to raise awareness of the health risks to young people and encourage prudent use of cosmetic products.

According to the US Food and Drug Administration, the term “cosmetic” can include deodorants, perfumes, lotions, nail polish, shampoos and other hair products, as well as eye, lip and face makeup.

This is important to know, because unless these products are used to treat a condition, such as dandruff or perspiration, they are not federally regulated in the same way drugs are. That leaves it up to cosmetic companies to decide how to communicate product safety.

Personal care products contain many types of chemicals that manufacturers add for specific purposes, including some that can interfere with or disrupt the normal functioning of the endocrine system. For example, they commonly add UV filters like oxybenzone to protect skin from sun damage, phthalates to enhance fragrance, parabens and triclosan for their antimicrobial properties, and per- and polyfluoroalkyl substances, or PFAS, to enhance durability.

However, not all of these chemicals are present in all products, so figuring out how to avoid exposure can be complicated. For example, in a 2021 review of studies detecting endocrine-disrupting chemicals in daily-use cosmetic products, phthalates were present in perfumes, shower gels, shampoo and nail polish. Parabens were detected in lotions, creams, shampoos, body wash, face cleansers and lipstick. Triclosan was detected in toothpastes, soaps and other cleansers. And UV filters were present in sunscreens, lotions, toothpaste, and lipstick.

Many of these chemicals can co-occur in products, putting consumers at risk of exposure to multiple chemicals at once, and sometimes without warning, as labels do not always list endocrine-disrupting chemicals among the ingredients.

Why are chemicals in cosmetics a health risk?

As you rub cosmetic products onto your skin, breathe in their scent or use them to brush your teeth, the chemicals found within can travel throughout your body, targeting your endocrine, nervous and cardiovascular systems.

When these chemicals are endocrine disruptors, such as phthalates, parabens,

triclosan and PFAS, they can mimic naturally produced hormones or block hormone receptors. Their presence can result in abnormal hormone production, secretion or transport throughout the body.

These hormonal changes can lead to reproductive problems, including poor sperm quality, miscarriage and endometriosis. They can also lead to thyroid disruption and abnormal growth and development.

Neurological conditions such as attention-deficit/hyperactivity disorder (ADHD), cognitive impairment and depression have also been linked to chemicals added to cosmetic products. So have cardiovascular issues such as high blood pressure, insulin resistance and coronary heart disease.

The level of risk is often difficult to measure and depends in part on the amount of exposure, the type of chemical and how the chemical interacts with the endocrine system. One study of women ages 18-44 in Utah and California found increased exposure to a common phthalate was associated with twice the odds of developing endometriosis, which can be painful and interfere with pregnancy. THE cONVERSATION

A Trip to Toym Imao’s Vibrant Expressions at Lucky Chinatown

am a history buff,” he added.

Lastly, with a successful career spanning 30 years, Imao plans to build a place where he can showcase all his creative works and where he can host art residencies, give workshops with friends and fellow artists, and build a vibrant artist community outside Metro Manila. “I saw many talented and passionate young people who unfortunately did not make the cut because they lacked proper skills and training,” Imao said.

As for Megaworld Lifestyle Malls, its goal is to develop this partnership with Imao and other local artists, thus continuing the promise to create platforms for more local products, businesses, and artists to be featured on their premises.

MEGAWORLD Lifestyle Malls’

Lucky Chinatown in Binondo, Manila will feature a giant jeepney installation from acclaimed Filipino artist Toym Imao at its heart as part of its tribute to the 125th Independence Day of the Philippines.

Originally intended as a heartfelt tribute to the resilient jeepney drivers impacted by the pandemic, the country’s biggest jeepney installation made out of yarn returns as a symbol of Philippine culture and perseverance, the perfect centerpiece for the mall’s grand Independence Day exhibit.

The iconic jeepney will be joined by more nostalgia-driven art pieces from Project Hulmahan’s exhibit to highlight Imao’s giant jeepney installation at Megaworld Lifestyle Malls, which will run until June 18.

“I have worked with Megaworld and its owners in the past, and I am a frequent visitor here so it was an easy decision to make. It also helped that the mall already has a specific artwork in mind to feature,” shared Imao in a brief media event for the installation.

The partnership demonstrates Megaworld’s mall operating arm’s commitment to showcase Filipino culture through products and art across its properties. Imao’s work combines spectacle and intimacy, depicting images and symbols that highlight the familiar elements of Filipino childhood and culture.

“It’s a public art installation meant to be seen by the public so Lucky Chinatown Mall is a good venue. “Celebrating Freedom” also appealed to me because I

ARANETA HOTELS INC. IS NAMED DREAM EMPLOYER OF THE YEAR

AT 18TH EMPLOYER BRANDING AWARDS™. The Philippines’ Best Employer Brand Awards 2023 has awarded Araneta Hotels Inc., doing business as Novotel Manila Araneta City with the support of Araneta Group and Accor Hotels, the award “Dream Employer of the Year” at the 18th Employer Branding Awards™ which happened on June 7, 2023.  The selection process for Dream Employer follows an evaluation by a panel of judges. In an initial screening, nominees were evaluated based on five categories: (1) Employee Satisfaction; (2) Talent Development; (3) WorkLife Balance; (4) Corporate Social Responsibility (CSR); and (5) Measurable Results. Novotel Manila Araneta City dedicated this victory to their  own Heartists® whose mission is to create meaningful experiences for our community of travelers and nomads all around the globe to keep us all aligned and connected.  Receiving this recognition on behalf of the Novotel Manila Heartists® were from left to right, Erwin Doña (Director of Marketing Communications), Maria Manlulu-Garcia (General Manager), Kristine Alba (Director of Talent & Culture), and Darwin Labayandoy (Hotel Manager).

“We are striving to give our local artists the proper platform amplification assistance we can provide for them as Megaworld Lifestyle Malls wants to be at the forefront of such a movement, to be recognized as a company that supports the arts and culture in all its endeavors year round. We hope that this will be a start of something bigger for us and Toym down the road,” shared Lucky Chinatown general manager Norico Mizoguchi.

Get to see Toym Imao’s iconic jeepney made out of yarn along with Project Hulmahan’s exhibit of art pieces depicting Filipino traditional games at the atrium of Lucky Chinatown on Independence Day, and will remain available to the public until June 18, and have a blast with the rest of the day’s festivities.

Road to 30 Years: Empire East ReimAGIning the Path to Innovative and Sustainable Living

AS it approaches its 30th year in the real estate industry, Empire East, a pioneering property developer in the Philippines, has consistently led the way in sustainable development.

“Sustainability is our transformative opportunity. It’s our responsibility to build communities that thrive for generations. Embracing green technologies, renewable energy, and conscious design is a strategic advantage and a moral imperative. Let’s create a future where real estate harmonizes with nature and sustainability is the cornerstone of progress.” said Empire East President and CEO Atty. Anthony Charlemagne C. Yu.

Empire East embraces sustainability across its residential developments and Corporate Social Responsibility (CSR) programs, aligning with various UN Sustainable Development Goals (SDGs). For instance, they lead SDG 11 by establishing transit-oriented communities, encouraging residents to utilize public transportation, and reducing their carbon footprint. SDG 8 is also addressed through its dedication to creating abundant lifestyles and authentic environments that support economic growth. Additionally, the company contributes to SDGs 1 and 2 by implementing programs that enhance the well-being of neighboring communities, such as organizing feeding programs and donation drives.

SM Foundation conducts 4 medical missions in May

IT was in 2001 when the first SM Foundation medical mission was conducted to make basic health care services accessible to those who can barely afford services in private clinics and hospitals for their medical consultation and diagnostic tests.

Since then, SM Foundation has been mounting medical, dental and diagnostic missions throughout the country where SM businesses are located. Aside from volunteer doctors from partner organizations, SM Foundation also deploys its mobile clinics that are stationed in Luzon, Visayas and Mindanao.

For the month of May, SM Foundation

conducted four medical missions in Trece Martires, Iloilo City, Quezon City, and Nasugbu, Batangas.

The venue for the May 12, 2023 medical mission in Trece Martires was SM City Trece Martires. A total of 600 services were provided. Medical consultation was the most availed of among the services reaching 411. Other services and the corresponding statistics include dental (50), sugar test (31), uric acid test (34), cholesterol test (27), ECG (20), and x-ray (27).

On May 16 to 17, 2023, the two-day medical mission at the Jaro Gymnasium in Iloilo City benefitted market vendors.

On the first day, a total of 397 services

were rendered: medical (193), dental (61), sugar test (40), cholesterol test (27), uric acid test (36), xray (27), and ECG (13). On the 2nd day, the number of services more than doubled at 829: medical (480), dental (140), sugar test (48), cholesterol test (27), uric acid test (38), xray (44), and ECG (52).

The medical mission that was conducted in Quezon City on May 24, 2023 was for residents of U.P. Bliss in Barangay San Vicente. At the Suntay Social Hall, 306 patients availed of 511 services. Of this number, 231 were medical consultations; 75, dental; 53, x-ray; 54, ECG; 34, sugar tests; 19 cholesterol tests; and 45, uric acid tests.

Project partners were U.P. Bliss Senior Citizens Achievers Chapter; UP Bliss Community Association; Brgy. San Vicente, Q.C. under Brgy. Captain Willy Real, Quezon City Medical Society, DMIRIE and Quezon City Rotary Club.

With its partners, the Looc Barangay officials, DMIRIE Foundation and Manila Southcoast Development Corporation, SM Foundation then conducted a medical and diagnostic mission to residents in Barangay Looc, Nasugbu, Batangas on May 26. 2023. A total of 267 patients availed of 363 medical consultations, dental and diagnostic services. Dispensed services were medical consultations (181), dental (86), x-ray (31), ECG (15), sugar test (16), cholesterol test (16), and uric acid test (20).

During the pandemic, Empire East’s continued its operations in a hybrid site-based and remote work setting, with the health and safety of its employees and clients as top priority. It leveraged the productivity of its workforce through the use of centralized digital systems and online applications to maximize the benefits of a hybrid work setup.

These strategies developed and upskilled the employees toward digital processes that minimize the use of traditional paper transactions that resulted into more effective, efficient, and smoother transactions in the company’s overall operations.

Empire East Cares initiatives, encompassing its corporate social responsibility (CSR) programs, have been designed harmoniously with several critical objectives of the United Nations’ Sustainable Development Goals (SDGs). Throughout the previous years, Empire East’s CSR endeavors have focused on tackling poverty and hunger, fostering optimal health and well-being, and establishing sustainable communities, among various other areas. These efforts reflect the core values and essence of Empire East.

In 2022, as Empire East celebrated its triumph over the pandemic, the company remained dedicated to its mission of inclusive nation-building by providing support and empowerment to communities in need.

Empire East’s efforts to empower and support communities were exemplified through various activities such as donation drives, feeding programs, and tree-planting initiatives conducted across different regions throughout the country. In May 2022, the company’s Property Development Division (PDD) orchestrated a tree-planting event at Playa La Caleta Nursery in Bataan. Their goal is to annually plant mangrove seedlings with the aim of nurturing them into a thriving forest. Collaborating with the Department of Environment and Natural Resources (DENR), the team successfully planted 100

Narra seedlings during this single-day event.

In December 2022, Empire East’s Finance Department extended its support by distributing more than a hundred food packs and grocery items to families in Payatas, Quezon City.

Also, prior to the holiday season, employees from the Credit and Collection Department (C&C) took the initiative to organize a feeding program and generously donated slippers and goods to nearly 150 families in Brgy. Capisan, Zamboanga City. Through collaborations with local government units and foundations, Empire East and its dedicated volunteer-employees have contributed to the planting of more than 700 trees and seedlings across various locations in the country. These efforts have been instrumental in supporting diverse reforestation initiatives.

The future of sustainable township living, Empire East Highland City, located in PasigCainta, boasts eco-friendly features and amenities that improve not only the lifestyle of its homebuyers but also provide a better community for the natural environment and future generations.

Empire East’s objective of fostering the well-being of individuals goes beyond the achievements in property development that it has accomplished. The company is deeply committed to engaging with the surrounding communities, employing a comprehensive approach to provide support and instill hope. Following the aftermath of Typhoon Ondoy in 2009, which caused widespread devastation in Metro Manila, Empire East established Empire East Cares, its corporate social responsibility arm. Since then, the company has consistently provided aid and support in response to natural disasters that have impacted the country over the years.

The company’s efforts to support communities have been recognized through the receipt of national and international awards, highlighting the impact of their initiatives, including:

Gold Winner for Excellence in Brand CSR - 2020 PANAta Awards

Bronze Award for Innovation in Community Relations or Public Service Communications - 2020 Asia Stevie Awards

Special Recognition in Corporate Social Responsibility - PropertyGuru Philippine Property Awards 2018

As Empire East journeys towards its 30th year in the real estate industry, its dedication lies in elevating the quality of urban living to new heights and reshaping the meaning of authenticity in home purchasing and lifestyles. The company will persist in its mission to enhance cityscapes within and beyond Metro Manila in the coming years.

NEW PROGRAM ON IBC 13. A NEW public affairs program will soon air over IBC 13. The “Bagong Barangay ng Mamamayan in Action” will be hosted by Rep. Rodante Marcoleta and Deparment of the Interior and Local Government (DILG) Undersecretary Felicito “Chito” Valmocina. The new program will go on air starting June 15, 2023 from 4 pm to 5 pm and every Thursday thereon. The two government officials will tackle barangay issues and other matters.

DemanD for commercial properties boosting sm prime’s growth

By Rizal Raoul S. Reyes

After the successful launch of its newest pre-LEED certified building, FourE-com Center, Alexis Ortiga, Business Unit Head for SM Prime’s Commercial Properties Group stressed SM Commercial Properties Group is riding on the rebounding property market and growth trajectory of the Philippine economy.

“The launch of FourE-com Center and our upcoming developments come at an opportune time, owing to renewed appetite for fresh and meaningful experiences, increased consumer spending,

continued rebound in travel and domestic tourism, and growing demand in the traditional office, IT-BPO, and logistics segments,” said Ortiga.

He added the group spearheads the development, leasing, and management of various product lines, including SM Estates, SM Offices, and SM Warehouses across the country.

According to a recent Property Report, the real estate segment is further buoyed by the reopening of the economy, thereby unlocking opportunities in the office segment for flexible workspaces and growing demand for outsourcing firms beyond Metro Manila.

Colliers Philippines urged landlords and tenants to continue seizing opportunities within and

Airbnb preps for travel surge with new offerings

By Roderick L. Abad

AIRBn B s aid it is improving its platform in preparation for the expected 300 million plus guests arrivals globally this year as the pandemic is finally over.

It starts with the launch of 2023

Summer Release to kick off Airbnb

Rooms, an all-new take on the original Airbnb, giving more affordable w ays for tourists to experience a destination by staying with a local.

This offering is anchored on its findings on the seasonal travel trends—timely to the World Health Organization’s declaration of the end of Covid-19 pandemic as a global health emergency.

For instance, rooms remain one of the accommodation channel’s most popular types of stay for guests, and nights stayed in private room listings in the Philippines grew by more than 200 percent.

With the end of travel restrictions, Airbnb guests have already p lanned stays in over 72,000 cities and towns this dry season. Top t rending summer destinations for Filipinos include San Juan in Ilocos, Pasay City in Metro Manila, I loilo City in Western Visayas, and Dumaran in Palawan. They are also eyeing to visit international destinations with Hong Kong, Bangkok, and S ingapore topping the list.

“With Airbnb Rooms, we’re getting back to the idea that started it a ll—back to our founding ethos of sharing,” Airbnb Cofounder and Chief Executive Officer Brian Chesky said. “Airbnb Rooms are often more affordable than hotels, and they’re the most authentic way to experience a city.

outside Metro Manila. Moreover, landlords should continue offering concession to firms especially amid a tenant-leaning market. Colliers Philippines believes it is important to achieve optimal levels of occupancy despite elevated vacancies. Tenants, meanwhile, should take advantage of rental corrections in selected business districts and continue employing flight-to-value strategies

“We’re seeing a steady recovery in the office market. As such, our robust pipeline of office projects in and outside of Metro Manila will cater to the strong position of the IT-BPO sector and other growing segments, such as health care, logistics, telecommunications, government, industrial and financial services,” noted Ortiga.

SM Offices is gearing for bigger expansion, catering to global companies, Philippines’ top corporations, and retail locators. Aside from beefing its provincial footprint,Ortiga said SM Offices is adding another marquee office building in the SM Mall of Asia Complex with the commencement of SixE-com Center later this year.

“SM Offices captured more than 80% of all closed office transactions in the Bay Area last year. This is a testament to the SM Mall of Asia Complex’s [MOAC] complete positioning as a magnet for entertainment, residence, retail, and work. A lot of global and local companies realize that the MOAC Estate is less congested and more accessible than other cities in

Metro Manila, thus the increasing preference to locate their businesses here,” Ortiga explained.

Further, the SM Commercial Properties Group is broadening its SM Warehouses portfolio to Calamba, Parañaque, Taguig, and Tarlac, adding to its current stock in Silangan, and Pasig.

Further, the company is boosting its presence in Central Visayas Region through its SM Seaside Complex Cebu, which is getting more popular as an events mecca for concert goers in the region and will see significant developments in the coming years—replicating SM Prime’s success with the SM Mall of Asia Complex.

Ortiga said SM Prime’s Commercial Properties Group continues to pursue its thrust towards

community building by creating more sustainable structures and amenities.

“As we’ve been seeing from first quarter performance results across a majority of industries, e-commerce, retail, logistics, and outsourcing activities have outperformed the same period year on year. And as we confidently move forward from the pandemic, SM Prime Commercial Properties Group has its hands full gearing up for a bullish future. We are implementing a growth strategy that intends to take advantage of a robust business environment and one that will continue SM Prime’s commitment towards nation building and including sustainable developments for future generations of Filipinos,” Ortiga said.

Golf Ridge’s new model unit gives glimpse of the country club lifestyle

This is the soul of Airbnb.”

Over 50 additional features and upgrades of Airbnb app are expected, based on customer feedback and l istening sessions with guests and hosts, as well as 25 improvements like new pricing tools for accommodation owners.

E xclusive to Airbnb Rooms, the Host Passport enables the guest to get to know the host first prior to booking. For easy discovery, there’s a new c ategory featuring a curated set of 1 million private bedrooms. Listings include access to shared spaces like the kitchen, living room or backyard.

Airbnb redesigned the “type of place” filter to make it easy to switch between Airbnb Rooms, entire homes, or all types of places. It’s s imple to view the average price for each type of place with an improved price filter that updates based on the guest’s choice.

For the latest privacy features, all Airbnb Rooms will clearly show if the bedroom door has a lock. The listing page, likewise, indicates if the bathrooms are shared or private, and whether people other than the host will be in the home during the stay.

Other added features and enhancements include total price display, transparent checkout instructions, improved maps, redesigned w ishlists, simpler and more affordable monthly stays, priority customer s ervice on a trip, pay over time, and instant rebooking credit.

“Our design-driven approach means we’re always making Airbnb better, and our over 50 new features and upgrades are just the beginning. We will never stop improving Airbnb,” Chesky said.

LIVI n G in a golf community offers more than having easy access to golf courses anytime, it allows residents to enjoy the sport while immersing themselves in the distinctive country club lifestyle that perfectly combines modern living and recreation.

T his is the kind of life that one can have at Golf Ridge Private Estate, Filigree’s residential golf community situated beside the esteemed Mimosa Plus Golf Course at Filinvest Mimosa+, Clark Freeport Zone.

W ith its construction in progress, Golf Ridge gave future residents a feel of the country club lifestyle with exclusive access to the fully-furnished o ne-bedroom model unit at the Sales Gallery, Filinvest Mimosa+.

Design intent

DE SIG n E D b y Hirsch Bedner Associates (HBA), an international design f irm based in the USA, the model unit showcases the seamless flow of nature into the indoors. Inspired by the concept “Growth Rings”, a cross section of the stem of woody plant, n o rman Agleron, HBA part -

ner explained: “We took cues from t he location of the project to come up with the “Growth Rings” concept. We translated this by using different finishes that mimic the real wood and that give us a natural and warmth feel of the space.”

Converging indoors and outdoors

T HE c onnection between the indoors and outdoors can also be seen in the model unit’s open layout for the kitchen, dining and living room. The design enables sunlight to travel and connect indoor space with the outdoors allowing residents to enjoy a b righter room and a direct view of the greeneries from the golf course. Meanwhile, the furniture designs that were selected are soft and modern in detail to contrast the hard i nterior and architectural details of the unit.

This concept extends beyond the walls of the residential units as guests and residents can experience the coveted country club living through the luxurious amenities that are specially curated for the health and well-being of residents. Within walking distance

of their homes, they can utilize the infinity pool, abundant green spaces, outdoor lounge, fitness centers, biking trails, residential lobby, private d rop-off, and game room, to name a few.

Moreover, the Mimosa Plus Golf Course just beside the residential property means that residents can have total access to golf courses whenever they want to practice their swings.

Experience the country club lifestyle soon

T H ROUGH t he Sales Gallery, designed to welcome and accommodate c lients and their inquiries, guests can also have a peek into the other treasured offerings of Golf Ridge; foremost its masterfully-crafted generous living spaces which range from one-bedroom to three-bedroom units. Most of the units offered have its own balcony where residents can bask in the picturesque landscape view of the Mimosa Plus Golf Course or of the Mimosa Skyline.

While these topnotch features already prove that Golf Ridge is

worth one’s investment, it is further strengthened by other considerations: Its strategic location in Clark, P ampanga brings stronger capital appreciation for investors as Clark is not only known to be the top destination for the growing number of go lf enthusiasts in the country but is also the hotspot for business and leisure tourism.

“The unveiling of the model unit at the Sales Gallery is a significant moment for us as it allows potential buyers to not only see the beauty of Golf Ridge and its units, but they might also come to realize that the residential property is built within a very accessible and highly strategic location with land values only e xpected to appreciate over time,” said Daphne Sanchez, Filigree deputy head.

S o with all these amenities and features to be enjoyed, future residents can visit the newly-launched m odel unit and experience the distinctive country-club lifestyle offered b y the Golf Ridge Private Estate. To know more, visit www.golfridge. com.ph.

SM Prime’s Commercial Properties Group is currently experiencing rapid growth brought by the demand for world-class commercial properties by expanding its portfolio in Metro Manila and key regions across the country.

FiliGREE s Golf Ridge Private Estate is strategically located in Clark, Pampanga, beside the esteemed Mimosa Plus Golf Course at Filinvest Mimosa+

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ENVER—Confetti flying in Denver.

The Nuggets sharing hugs while passing around the National Basketball Association (NBA) championship trophy.

T hose scenes that, for almost a half-century, seemed impossible, then more recently started feeling inevitable, finally turned into reality Monday night.

T he Nuggets outlasted the Miami Heat, 94-89, in an ugly, frantic Game 5 that did nothing to derail Nikola Jokic, who bailed out his teammates with 28 points and 16 rebounds on a night when nothing else seemed to work.

Jokic became the first player in history to lead the league in points (600), rebounds (269) and assists (190) in a single postseason.

Not surprisingly, he won the Bill Russell trophy as the NBA Finals MVP—an award that certainly has more meaning to him than the two overall MVPs he won in 2021 and ’22 and the one that escaped him this year.

“ We are not in it for ourselves, we are in it for the guy next to us,” Jokic said. “And that’s why this [means] even more.”

D enver’s clincher was a gruesome grind.

Unable to shake the tenacious Heat or their own closing-night jitters, the Nuggets missed 20 of their

Sunday’s incessant rain doesn’t seem to bother the protagonists in the 2023 Philippine Racing Commission Triple Crown Series Second Leg at the Metro Manila Turf Club in Batangas—but it does on the camera lens of BusinessMirror’s veteran photographer Roy Domingo whose shot looks like it’s been pixelized. Top favorite Jaguar (Dance City out of Delta Gold), owned by former Deputy Speaker Juan Miguel “Mikey” Macapagal Arroyo, wins the P3.5-million Second Leg.

NUGGETS STRIKE GOLD, WIN FIRST NBA TITLE!

B8

Wednesday, June 14, 2023

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

Sports

first 22 3-pointers. They missed seven of their first 13 free throws. They overcame that to take a late sevenpoint lead, only to see Miami’s Jimmy Butler go off. He scored eight straight points to give the Heat a one-point lead with 2:45 left.

Butler made two free throws with 1:58 remaining to help Miami regain a one-point lead. Then, Bruce Brown got an offensive rebound and tip-in to give the Nuggets an edge they wouldn’t give up.

Trailing by three with 15 seconds left, Butler jacked up a 3, but missed it. Brown and Kentavious Caldwell-Pope made two free throws each down the stretch to clinch the title for Denver.

Butler finished with 21 points.

“ Those last three or four minutes felt like a scene out of a movie,” Heat coach Erik Spoelstra said. “Two teams in the center of the ring throwing haymaker after haymaker, and it’s not necessarily shot making. It’s the efforts.”

G rueling as it was, the aftermath was something the Nuggets and their fans could all agree was beautiful. There were fireworks exploding outside Ball Arena at the final buzzer. Denver is the home of the Larry O’Brien Trophy for the first time in the franchise’s 47 years in the league.

The fans in this town are unbelievable,” said team owner Stan Kroenke, who also owns the Colorado Avalanche, the team that won its third Stanley Cup last year. “It means a lot to us to get this done.”

The Heat were, as Spoelstra promised, a gritty, tenacious bunch. But their shooting wasn’t great, either. Miami shot 34 percent from the floor and 25 percent from 3. Until Butler went off, he was 2 for 13 for eight points. Bam Adebayo finished with 20 points.

The Heat, who survived a loss in the play-in tournament and became only the second No. 8 seed to make the finals, insisted they weren’t into consolation prizes. AP

YULO VIES IN ASIAN TOURNEY

By Josef Ramos

CARLOS YULO targets a men’s all-around berth in the world championships as he vies in the Asian Artistic Gymnastics Championships starting Thursday at the OCBC Arena in Singapore.

Yulo already qualified in floor exercise, vault and parallel bars with the all-around missing on his list for the world championships Belgium is hosting in Antwerp from September 30 to October 8.

He [Yulo] knows what’s at stake in this tournament—it’s the world championships slot heading to

Granada, Gaccion triumph in Caliraya Jr. PGT

MIKO GRANADA exploded with 62 points to run away with the boys’ crown while Alethea Gaccion snared the girls’ trophy with 53 points in the Junior Philippine Golf Tour (PGT) Series at the Caliraya Springs Golf Club in Cavinti, Laguna, Monday.

Granada, priming up for a premier junior tournament in the US next month, put up a solid eight-under 64 round in calm conditions, coming away with six birdies to produce a pair of 32s he laced with an eagle on the par-5 No. 4 of the

Miami’s fairy tale saga ends

THE Denver Nuggets winning the National Basketball Association (NBA) crown on Tuesday was widely expected to happen.

D enver’s 94-89 title-clincher Tuesday over the Miami Heat completed a lopsided 4-1 triumph in the best-of-seven showdown totally anticipated by a sellout hometown crowd in Denver’s Ball Arena.  Even before the Finals could begin on June 2, Miami was

par-72 course, which also hosted a PGT leg last April.

Th at led to 62 points under the Modified Stableford scoring system and an 11-point romp over Zachary Villaroman, who shot three birdies against four bogeys for a 73 worth 51 points in the premier 13-15 age group category of the series that drew 26 players.

Shinichi Suzuki also posted 51 points from a gross 73 but Villaroman took the runner-up honors via countback, pooling 29 points in the last 9 holes against the former’s 24

the Paris Olympics,” Gymnastics Association of the Philippines president Cynthia Carrion-Norton told BusinessMirror Tuesday. “That’s why I’m very satisfied seeing him jumping during practice earlier. I feel his energy.”

Yulo earned his qualification for Antwerp from his medal-clinching performances in the country-hopping International Gymnastics Federation apparatus series early this year.

But Yulo, who flew to Singapore from Tokyo over the weekend, will have his hands full in the Asian championships which drew gymnasts from 45 countries, including China, Japan and Vietnam.

points at the rolling layout which also hosted the boys’ and girls’ 9-10 and 11-12 tournament last month.

Gaccion, on the other hand, pounded out 53 points from an up-and-down gross of 73 that featured five birdies against four bogeys and a double bogey as she edged Velinda Castil by two points in their side of the battle in the 18-hole tournament organized by the PGT under the International Container Terminal Services Inc. golf program.

C astil fought back from a two-bogey, one-double bogey card after 13 holes with a birdie on No. 14 but closed out with four pars for a 75 worth 51 points while Kiara Therese Montebon likewise fell short of her rally, birdying Nos. 16 and 17 for a 76 and 50 points.

Preparations for FIBA World Cup in high gear

PREPARATIONS for the country’s co-hosting of the International Basketball Federation (FIBA) World Cup is running well with 72 days to go before the tournament returns to the country.

Joint Management Committee head John Lucas and Deputy Event Director Erika Dy announced that planning and organization for the staging of the event is 80 percent complete with a test event to be held later this month to simulate the World Cup atmosphere.

On June 27 and 28, we’ll actually have our test event where we will hold games following the FIBA time which is

the giveaway underdog that had only two chances to win: Nil & none.

The Nuggets immediately went to business by scoring an easy 104-93 victory in Game 1.  They dropped a 111108 decision in Game 2 when the Heat hogtied the entire Denver crew except Nikola Jokic.

But that solitary win came because Erik Spoelstra, our very own Fil-Am who has been coaching the Miami Heat for almost a decade now, was damn lucky to have caught Denver coach Michael Malone flat-footed.

It was a coaching ploy Spoelstra had sprung on Malone—that of allowing Jokic to fire shots virtually unguarded while handcuffing all of Jokic’s teammates.

A star like Jokic can have it all but, alas, Denver’s chief goal of winning the game will still go pfft.  Basketball, like practically all team sports, cannot be won by a single person.

Spoelstra’s gambit on Jokic—an old tactic, actually— can work wonders versus coaches too steeped on methodology and bookish lines.  Like Malone.

But tricks could craft success, usually only once or even twice, but not all of the time.

M iami had actually been on a roll in arranging its date with Denver, scaling mountains in beating top dogs Milwaukee, New York and Boston en route to the Finals.

4 p.m. and 8 p.m. at the Smart Araneta Coliseum and 4:45 p.m. and 8:30 p.m. at the Mall of Asia. So simultaneous mangyayari ang mga laro,” Dy told the Philippine Sportswriters Association Forum on Tuesday at the main lobby of the Rizal Memorial Sports Complex.

Joining the two in the session presented by San Miguel Corp., Milo, Philippine Sports Commission, Philippine Olympic Committee and the Philippine Amusement and Gaming Corp. were Philippine Sports Commission chairman Richard Bachmann and local media committee head Virgil Villavicencio.

But like most fairy tales, Miami’s is no exception:  They all come crashing to Earth in no time.

Denver’s 109-94 win in Game 3 signaled reality’s dawning, so that the Nuggets’ 108-95 victory in Game 4 simply set the tone for their 94-89 Game 5 title-clincher.

A bit of endgame suspense in Game 5 dramatized Denver’s 47-year wait for its breakthrough win since its NBA debut in 1976.

A fter Miami took an 89-88 lead with 1:58 left on Jimmy Butler’s charities, Denver dropped a final 6-0 blast to frustrate the Heat’s ill-fated stab at glory.    A gain, fact over fiction in the final reckoning:  Denver was No. 1 in the Western Conference and Miami was a mere No. 8 in the Eastern Conference.  Mismatch.

Truth shines like a lamp hidden underneath a bed:  Denver’s superiority over Miami was as plain as the “rain in Spain” or “it don’t rain in Indianapolis in the summertime.”

I n the end, Miami had but a fling with greatness, a joyride worth still remembering.

THAT’S IT By winning the French Open on Sunday with a three-set win over Norway’s Casper Ruud and become the owner of most majors with 23, Novak Djokovic is now the GOAT (Greatest Of All Time) in tennis.  Cheers!

YULO

H anoi Southeast Asian Games double gold medal winner Aleah Finnegan, Lucia Gutierrez, Kylee Anne Kvamme, Emma Lauren Malabuyo and Ancilla Lucia Mari Manzano are also competing in Singapore in women’s artistic starting on Wednesday.

SEA Games vault gold medalist Juancho Miguel Besana and floor exercise winner John Ivan Cruz, Justin Ace de Leon and Jann Gwynn Timbang open their campaign in the men’s contest also on Thursday.

Arcilla, Madis reach semis in Davao meet

DURABLE Johnny Arcilla rolled to another lopsided win but second seed Jose Maria Pague needed to pounce on Ronard Joven’s cramps to barge into the men’s open singles semifinals of the Palawan PawnshopPalawan Express Pera Padala (PPS-PEPP) Malita Open in Davao Occidental on Tuesday.

The top-ranked Arcilla smothered Alexis Acabo, 6-1, 6-3, after shutting down Carlos Santiago, 6-0, 6-0, and whipping Rodolfo Barquin, 6-1, 6-0, for a semifinals clash with John Bryan Otico, who sustained his giant-killing spree by ousting No. 4 Vicente Anasta, 7-5, 6-4, at the Malita courts.

O tico earlier bundled out fifth-ranked Eric Jed Olivarez, 6-2, 6-4, following a walkover win over Christian Angus in the first round and a 6-2, 6-2 triumph over Eric Jay Tangub.

In the women’s open singles, top seed Tenielle Madis moved into the semifinals with 6-0, 6-0 victories over Nina Nano and Rovie Baulete although the M’lang bet faces a formidable challenger in Elizabeth Abarquez, who escaped with a 4-6, 7-5, 11-9 decision over Lenelyn Milo before crushing Danna Abad, 6-1, 6-1.

T he De la Salle-Zobel product, however, will need a lot of everything to get past the veteran Arcilla and earn a shot at the top purse of P80,000 in the event hosted by Mayor Bradly Bautista and held under the PPS-PEPP program headed by Palawan Pawnshop president and CEO Coming off a 7-6(4), 6-3 win over Noel Salupado in the quarters, Pague yielded in a frenzied firstset duel with Joven but fought back in the next to hack out a 6-7(6), 6-0, 2-1(ret.) win as the latter cramped out.

But Pague will still have to overcome No.

3 Charles Kinaadman, who slammed Jeleardo Amazona, 6-2, 6-2, in the Last 8 phase after easing past Nicolas Gutierrez, 6-1, 6-0, and thwarting Jude Padao, 6-3, 6-4, in the other half of the 64-player draw of the weeklong tournament held in coordination with Davao Occidental Gov. Franklin Bautista.

PHILIPPINE Sports Commission chairman Richard Bachmann (third from left) with (from left) Virgil Villavicencio, John Lucas and Erika Dy.

THE Denver Nuggets snatch the championship after going through a gruesome grind. AP