BusinessMirror June 30, 2022 by BusinessMirror

Peso closes at P55.06, weakest state in 16 yrs B B C @BcuaresmaBM

THE WORLD »A9

NATO CHIEF SAYS ALLIANCE FACES BIGGEST CHALLENGE SINCE WWII

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion

FTER weeks of depreciation, the local currency crossed the P55 territory on Wednesday—marking its weakest state against the US dollar in more than 16 years. Data from the Bankers Association of the Philippines (BAP) showed that the local currency opened trade at P54.9 to a dollar on Wednesday, traded at a high of P55.1 to a dollar and a low at P54.88 to a dollar before closing the day’s trade at P55.06 to a dollar. The total traded volume was at $1.28 billion on Wednesday, lower

than the $1.65 billion total traded volume on Tuesday. Wednesday’s peso value was the weakest since October 27, 2005, when it hit P55.08 against the greenback. Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the latest peso exchange rate movements were due to a number of factors, including a “healthy downward correction” in the stock market, and the positive dollar sentiment due to hawkish signals from the Fed. ING Bank economist Nicholas Mapa, meanwhile, said the peso was also “on the backfoot” given BSP policy dissonance with the

Fed. “Although BSP has signaled rate hikes are in the pipeline, some investors may be worried that the pace is not quite as fast to quell red-hot inflation and keep pace with the Fed’s projected rate hike schedule,” Mapa said. “BSP also making mention that they will allow the currency to find its level may have also frayed nerves further,” he added. Earlier this week, Fitch Solutions said the aggressive path of the United States Federal Reserve is weakening the value of the local currency, and could potentially further shave off value from the peso should the Bangko Sentral

ng Pilipinas (BSP) fail to “keep up” with the Fed’s normalization path. According to the think tank, the BSP’s future moves on its monetary policy will be crucial to the movement of the peso. “If BSP chooses to stand pat in subsequent meetings, real interest rate differential could narrow and trigger capital outflows, exacerbating downside volatility for the peso,” Fitch Solutions said. In the BSP’s monetary policy meeting this month, it has hiked its rate by 25 basis points, the second 25 basis point hike for the year. The next monetary policy meeting of the BSP is scheduled on August 18.

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

(2017, 2018, 2019, 2020)

DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

6-YR GOCC REMITTANCES TO TREASURY HIT P374.5B www.businessmirror.com.ph

■

Thursday, June 30, 2022 Vol. 17 No. 265

P.  |     | 7 DAYS A WEEK

IT-BPO group: CREATE Law changes can better cover hybrid work issue

B B D. N

@BNicolasBM

TATE-RUN corporations’ cash dividend remittances since President Duterte took office in 2016 hit P374.54 billion, the highest ever amount collected under any administration.

This was also more than double the amount collected under the administration of the late President Benigno Aquino III at P164.81 billion and is also more than six times the equivalent of the P60.82 billion dividend remittances under the Arroyo administration, the Department of Finance (DOF) said on Wednesday. The amount was remitted by government-owned and -controlled corporations (GOCCs) since July 2016 up to the last few weeks before Duterte ends his term today (June 30), according to a report of the DOF’s Corporate Affairs Group to Finance Secretary Carlos G. Dominguez III. Under Republic Act 7656 or the Dividends Law, GOCCs are required to declare and remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the national government. For the first half of this year, total cash collected by GOCCs have already hit P58.25 billion, higher than the dividend remittances in the same period in 2021 at P57.55 billion. In 2020, the Duterte administration also collected the highest amount of dividends ever—amounting to P135.13 billion—but this was partly due to Republic Act 11469 or the Bayanihan to Heal as One Act which authorized the President “to allocate cash, funds, investments, including unutilized or unreleased subsidies and transfers, held by any GOCC or any national government agency” to help address the Covid-19 emergency. Even without the Bayanihan Law, the 2020 GOCC dividend remittances are still on a par with the 2019 level, according to DOF. Dividend remittances of GOCCs in 2020 were used to augment the funds for the government’s cash-intensive pandemic response programs, including providing emergency subsidies

B A E. S J

HE IT and Business Process Association of the Philippines (IBPAP) said the longterm implementation of work from home (WFH) or hybrid work can be better addressed through the amendment of a provision in the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law. In a statement on Wednesday, IBPAP President Jack Madrid emphasized that the “continued study and eventual amendment of Section 309 of CREATE” could be addressed through the revision of the applicable portions of the law’s Implementing Rules and Regulations (IRR). Madrid pointed out that it will be an important undertaking for IBPAP and its partners in the government to collaboratively work on the global competitiveness of the IT-Business Process Management (IT-BPM) industry in the Philippines. Section 309 of Republic Act No. 11534 or CREATE law states: “A qualified registered project or activity under an Investment Promotion Agency administering an economic zone or free port shall be exclusively conducted or operated within the geographical boundaries of the zone or free port being

A FLOAT carrying children symbolizing the future generation passes by the National Museum in Manila as preparations go into full swing for the inauguration ceremony of Ferdinand “Bongbong” Romualdez Marcos Jr. at noon of Thursday, June 30, 2022, as the 17th President of the Republic. NONIE REYES

S “IT-BPO,” A

ALL ROADS LEAD TO BBM INAUGURATION RITES B S P. M @sam_medenilla

HE historic inauguration of Ferdinand “Bongbong” R. Marcos Jr. as the 17th President of the country at the National Museum in Manila on Thursday noon is set to draw over 1,200 people, prompting authorities to enforce stringent screening measures. The Philippine National Police (PNP) said this is the total audience capacity near the stage at the venue, but it noted more people could be accommodated in the Golf Club around Intramuros, Manila. “It [golf club area] could accommodate almost 300,000 [people], but we have to observe social dis-

tancing, so it could be less,” PNP Director for Operations Valeriano T. de Leon said in a televised interview last Wednesday. Marcos will take his oath as president before Chief Justice Alexander G. Gesmundo. Only three other Filipino presidents, namely, Manuel L. Quezon, Jose P. Laurel, Manuel A. Roxas, held their inauguration at the National Museum, which was previously known as the Old Legislative Building. Usually, the presidential inaugurations, including that of Marcos’s father, the late Ferdinand E. Marcos Sr., were held in the Quirino Grandstand in the Rizal Park. Initially, Marcos considered holding his “simple and tradi-

tional” inauguration at the Grandstand, but his camp reconsidered due to the existing field hospital in that area.

Presidential activity

IN a statement, the Inauguration Committee organizing the event said Marcos is expected to head first to Malacañan Palace on Thursday morning for the traditional meeting with the outgoing president, Rodrigo R. Duterte, before proceeding to the National Museum for the inauguration. The ceremony will start with the singing of the National Anthem and an interfaith prayer, to be followed by a 30-minute military C  A

S “-Y,” A

PESO EXCHANGE RATES

■ US 54.7570 ■ JAPAN 0.4022 ■ UK 66.7543 ■ HK 6.9776 ■ SINGAPORE 39.4645 ■ AUSTRALIA 37.8152 ■ SAUDI ARABIA 14.5902 ■ EU 57.6263 ■ CHINA 8.1630

Source: BSP (June 29, 2022)

News BusinessMirror

Thursday, June 30, 2022

www.businessmirror.com.ph

Job-focused economic blueprint of new govt seen to cut poverty

B C U. O

@caiordinario

HE economic blueprint of the Marcos administration will focus on jobs to grow the economy by as much as 8 percent and slash poverty incidence to a single-digit, according to the country’s new Socioeconomic Planning Secretary.

ity to create jobs for Filipinos. “The medium-term plan will focus on jobs, that’s what the President wants, to focus on the creation of jobs. We are not just concerned about the quantity of jobs but more importantly the quality of jobs and the resiliency of those jobs. Growing jobs, improving the quality of jobs and greening the jobs is making those jobs resilient to shocks like pandemics or climate change,” Balisacan explained. The creation of more jobs is also part of Balisacan’s advocacy of attaining an inclusive economy. If more quality and resilient jobs are created, more Filipinos will have a source of income and may even help retain the country’s skilled labor or those wanting to go abroad to find better economic opportunities. “I think [it would be] a green-

blue [colored PDP]. The resiliency thing is always associated with green but sometimes the green, say green technology, is often associated with advanced countries, that’s not what we should go for. [We should go for] technologies that are efficient, cost effective, and address our immediate needs. [Why blue?] That’s my favorite color,” Balisacan said. Apart from the focus of the PDP, Balisacan said, the new administration will fast-track the release of the blueprint in order to guide departments on where they should prioritize their programs. The target is for the creation of a new blueprint by year end. Balisacan said the PDP timeline is: signed by the President by the end of the year and distributed to Congress and the respective Implementing Agencies and stakehold-

ers by the start of 2023. This, however, will drastically change the calendar for the PDP. In the first two weeks in office of the new administration, Balisacan hopes to already get the “bare bones” of the PDP so NEDA can produce the blueprint before 2023. The new PDP will be for the years 2023 to 2028. “We will organize the system differently this time so that we will be able to make the development of the PDP dynamic, the agencies involved in the PDP will already know what to expect from the very start. Hence, before they launch their ships to the ocean, they should already have those elements so that when they announce their priorities, announce their strategies, these should already be consistent with that blueprint,” Balisacan said.

In a virtual interview on Wednesday, National Economic and Development Authority (Neda) Director General Arsenio M. Balisacan told BM that addressing job quantity and quality will be the primary focus of the country’s next medium

term socioeconomic blueprint. Balisacan said the target for the medium term is to grow the economy between 6.5 and 8 percent, as well as post a growth of 6.5 to 7.5 percent this year and reduce poverty to around 9 percent by 2028. These will be anchored on the abil-

6-Yr...

ALL ROADS LEAD TO BBM INAUGURATION RITES

C  A

to low-income families, displaced workers, and other groups hard hit by the Covid-driven global economic slowdown.

civic parade. After Senate President Vicente “Tito” C. Sotto reads his proclamation from Congress,

Marcos will take his oath of office at exactly 12 noon as mandated by the Constitution. He will then deliver his inaugural speech, followed capped by

the singing of his inaugural song, Pilipinas Kong Mahal, by Cris Villonco and the Young Voices of the Philippines. Marcos will then return to Malacañang for the mass oathtaking of his designated Cabinet secretaries. A People’s Concert is set Thursday evening as part of Marcos’s thanksgiving to his supporters. Among those to perform there are world-renowned classical pianist, Cecile Licad, and the Philippine Philharmonic Orchestra— both were personally hand picked by Marcos.

Screening process

WITH the sheer number of participants expected to witness the inauguration, PNP said it will implement a strict screening process for participants in the event. Very important guests will undergo prescreening and orientation at the Philippine International Convention Center (PICC) in Pasay City before being transported to the National Museum for the start of the event. Meanwhile, the general population will be screened by the National Capital Region Police Office (NCRPO). De Leon said they want to prevent the inauguration from becoming a superspreader event for Covid infections. Health Undersecretary Maria Rosario S. Vergeire urged those who will participate in the event to strictly adhere to minimum health standards (MHS). She urged people to always wear their mask properly, making sure it covers both their nose and mouth; and to always wash their hands and bring alcohol. Vergeire also appealed to the attendees to be first fully vaccinated against Covid-19 before going to

the inauguration. PNP and the Presidential Security Group (PSG) will preposition over 9,000 personnel around the National Museum.

Allowed demonstrations

THE advice on MHS compliance, de Leon said, also applies to groups expected to hold protests on Thursday in Manila. The PNP official said demonstrators will be allowed to hold their activities at the designated freedom parks in Manila—Liwasang Bonifacio, Plaza Miranda, Plaza Moriones, and Plaza Dilao. “The moment they step out of the area as a group, they will be prevented [by the PNP],” de Leon said. “We know that the world will be watching us and we would like to showcase how orderly and how disciplined Filipinos are,” he added. He noted the restriction aims to prevent not only the disruption of the inauguration ceremony, but also the large-scale traffic rerouting scheme being implemented by the Metropolitan Manila Development Authority (MMDA) for the event, which led to the closure of several main thoroughfares in Manila. Among those affected are P. Burgos Avenue, Finance Road, Taft Avenue, Ayala Boulevard, Gen. Luna Street, and C. Victoria Street. De Leon said they appreciate the initiative of several cities in Metro Manila to declare June 30, 2022 as a special non-working holiday to minimize traffic movement in NCR during that day. As of Thursday morning, the local governments of Manila, San Juan, Pasay and Navotas have already declared a special non-working holiday to allow people to attend the inauguration, and to help ease traffic congestion.

IT-BPO...

C  A

administered by the Investment Promotion Agency in which the project or activity is registered.” Under such provision in the law, there is a proviso that any project or activity conducted or performed outside the geographical boundaries of the zone or free port shall not be entitled to the incentives provided in this Act. Two weeks ago, the IBPAP, in a statement, urged the Fiscal Incentives Review Board (FIRB) to reconsider its decision suspending income tax incentives for every month of a registered business enterprise (RBE)’s non-compliance with the 100-percent return-tooffice (RTO) directive, which it said threatens the growth of the IT-BPM industry. Even at the risk of being meted out penalties imposed by the FIRB on companies that are non-compliant with the RTO directive, some of these RBEs will opt to allow employees to continue working from home, the IBPAP stressed. The flagship organization of the IT-BPM industry noted earlier in its statement that the decision of IT-BPM RBEs to forego their income tax perks is a “difficult interim measure” to address the needs of their employees and meet the demand of clients who prefer work-fromhome (WFH) or hybrid work arrangements. IBPAP said earlier that while some investors like Concentrix were reported to have given up tax incentives altogether to continue WFH/hybrid work arrangements, such a difficult decision was built on the company’s commitment to prioritizing the needs of its 100,000+ Filipino employees who expressed an overwhelming preference for a hybrid work arrangement. Moreover, the said BPO stood its ground that flexible work models will ultimately result in greater productivity and scale for its global customer base and long-term business viability. In March, the Bureau of Internal Revenue (BIR) warned that income tax incentives granted to RBEs in the IT-BPM sector will be suspended if they violate the work-from-home threshold set by the Fiscal Incentives Review Board (FIRB). The FIRB is authorized by the IRR of CREATE law to oversee the administration and grant of tax incentives by the Investment Promotion Agencies (IPAs). Meanwhile, a 2022 report by Colliers cited a survey conducted by the IT Business Process Association of the Philippines (IBPAP) showing that 80 percent of Filipino employees prefer WFH over working on-site. The survey also revealed that 90 percent of employees are more productive in a hybrid model.

Remain independent, statisticians told C  A

Almeda said the better data appreciation for Filipinos will also improve surveys. She said there are always underestimations and overestimations in survey data because many Filipinos do not take surveys seriously. One example: when asked about their age or their weight, the tendency for women is to underestimate their answers to make them younger and slimmer. As for men, they would often overestimate when asked about their height. Almeda said such simple questions included in most surveys could have easily been answered by a more accurate response such as

the exact and correct number. But the lack of appreciation for data hampers the process. She said it is important to start statistics education in school and improve the statistics education of teachers. Almeda said capacity building for teachers and the standardization of the teaching of statistics are important. Meanwhile, former National Statistician Lisa Grace S. Bersales cited improvements to the PSDP, including the review of the statistical development programs (SDPs) that were not undertaken. But more important, Bersales said, the PSA must determine why these SDPs were not undertaken. She said PSA should not be content

with reasons such as a lack in manpower or budget. The PSA initially received a budget of P32 billion for the PSDP 2018 to 2023. This intended to finance 26 chapters and three subchapters and undertake 950 SDPs. The PSDP update, which continued and added 164 SDPs, received a budget of P20 billion. However, this was not a reduction since portions of the initial P32 billion the PSA received for the PSDP have already been used. In total, the PSA received P35 billion for the initial PSDP and the PSDP Update. The additional P3 billion was added to the P17 billion left from the initial grant of P32 billion.

A4 Thursday, June 30, 2022 • Editor: Vittorio V. Vitug

The Nation BusinessMirror

www.businessmirror.com.ph

High expectations for PBBM during first 100 days–PUBLiCUS survey By Butch Fernandez

@butchfBM

ITH 68 percent of Filipinos saying they expect him to perform “very well” in his first 100 days in office, incoming President Ferdinand “Bongbong” R. Marcos Jr. faces high expectations. Poised to formally assume the presidency today, Thursday, President-elect Marcos Jr. faces high expectations to perform well during his first 100 days in office, according to the latest PUBLiCUS survey. In the 2022 PAHAYAG Second Quarter Survey (2022 PQ2), conducted between June 16 and 22, 2022 by PUBLiCUS Asia Inc., respondents were asked to respond to the following query: “Using the rating scale from 1 to 5, where 1 is VERY POORLY, 3 is NEITHER POORLY

NOR WELL, and 5 is VERY WELL, select the option that would best describe how you expect [Ferdinand ‘Bongbong’ R. Marcos Jr.] to perform during the first 100 days of the incoming administration.” Sixty-eight percent of survey respondents indicated they expect Marcos Jr. to perform “well” or “very well” during his first 100 days as President. Fourteen percent said they expect him to perform “poorly” or “very poorly.” Eleven percent said they expect the incoming President to perform “neither poorly nor well,” while 7 percent were unsure. “Our survey suggests that roughly two out of three Filipinos expect President Bongbong Marcos to perform well during the first 100 days of his presidency,” said Atty. Aureli Sinsuat, Executive Director of PUBLi-

CUS, adding that “President Marcos Jr. will have to hit the ground running from Day One to live up to these high expectations.” Survey respondents to 2022 PQ2 were also asked to select and rank the three most important issues that the next President should focus on with 73 percent of respondents choosing the Philippine economy as one of their top 3 issues, with 42 percent ranking the economy as the number one issue for the next President to address, while 53 percent of respondents selected jobs as a top 3 issue, while 32 percent chose education. This, as “economic development, job creation, and education reform are not issues that can be completely addressed over the course of 100 days. However, public perception on

SEC affirms order to shut down news outlet Rappler By VG Cabuag

@Villygc

HE Securities and Exchange Commission (SEC) has affirmed its decision to revoke the incorporation papers of the company that operates Rappler, maintaining that the online news outlet violated the constitutional and statutory restrictions on foreign ownership in mass media. In a 12-page order signed by all five SEC commissioners dated June 28, it directed the agency’s Company Registration and Monitoring Department to effect the revocation of certificate of incorporation of Rappler Inc. and Rappler Holdings Corp. The SEC said public interest will be served when it affirmed its revocation decision on the news outlet since “it will implement the policy of respecting and fully complying with the provisions of the Constitution, to which every Filipino owes allegiance.” “Compliance with the Constitution and the laws cannot be disregarded to further business interests. To rule otherwise would be to condone a blatant violation of the laws of the land, create a dangerous precedent, and worse, a ‘violate now, cure later’ culture where mass media entities who violate the nationality restriction provisions of the Constitution are effectively accorded a preferential treatment that those that have religiously complied with the same requirement,” the SEC order read. The SEC order mainly affirmed its decision released on January 11, 2018 that found Rappler to have violated the foreign equity restrictions in mass media when it issued Philippine Depositary Receipts or PDRs that granted Omidyar Network, a foreign entity control over the media organization. PDRs are a type of investment instrument that accrues interest and can be sold for profit, and used

by individuals and corporations as anyone regardless citizenship can invest in with corresponding company shares. Those Rappler PDRs, however, included a provision that require Filipino stockholders of Rappler to seek the approval of Omidyar Network on fundamental corporate matters, a violation of the absolute constitutional and statutory prohibition on foreign control of mass media. The SEC said it revoked the certificates of incorporation of Rappler, being the mass media entity that sold control to foreigners, and of Rappler Holdings, which it said is an alter ego that existed for no other purpose aside from effecting a scheme aimed at masking the news outlet’s Constitutional violation. T he SEC also declared the PDRs void pursuant to the Securities Regulation Code, for being a fraudulent transaction. Rappler appealed the SEC’s decision before the Court of Appeals (CA). While the appeal was pending, Omidyar Network, through its representative, Stephen King, announced its intention to donate the PDRs to the Filipino staff of Rappler. In a decision dated July 26, 2018, the CA upheld the finding of the SEC that Rappler sold control to foreigners. The appellate court, however, directed the SEC to conduct an evaluation of the legal effect of the alleged supervening donation by Omidyar Network of the PDRs to the staff of Rappler and accordingly remanded the case to the Commission. The CA affirmed and reiterated its 2018 decision in a resolution dated February 21, 2019. The Supreme Court on September 25, 2019 then issued a resolution declaring the case closed and terminated. The CA proceeded to issue another resolution dated December 4, 2019 declaring that its

2018 decision has attained finality as of March 21, 2019. In compliance with the directive of the CA, the SEC, through the Office of the Solicitor General, filed on February 17, 2021 a manifestation containing the findings of a special panel convened by the SEC for the purpose of evaluating the legal effect of the supervening donation. After a careful study of all the pleadings and arguments of the parties, the special panel concluded that the donation of the PDRs to the staff of Rappler “did not cure the violation” of the news outlet. It found that the transfer neither created nor transferred any right in favor of the donees, which would mitigate or cure the violation already committed. “The contentions raised by Rappler and RHC have been squarely and adequately addressed by the SEC and the CA in their respective decisions, resolutions and orders, including the latest issuance from the Commission,” the SEC said. The SEC said the revocation of incorporation papers of Rappler was ordered as early as January 2018 and that the ground for such was affirmed by the CA three times in July 2018, and February 2019 and again on December the same year. “The decision of the CA has attained finality and the latest resolution of the appellate court only bolsters the Commission’s position that Rappler and RHC violated the Constitution and that their certificates of incorporation should therefore be revoked,” the SEC said. Rappler, meanwhile, said in a statement that it had been “notified by our lawyers of this ruling that effectively confirmed the shutdown of Rappler.” It added, “We are entitled to appeal this decision and will do so, especially since the proceedings were highly irregular.”

the Marcos Jr. administration could be expected to remain relatively positive if these top-of-mind issues are prioritized by the incoming President and his team during their first few months in office,” Sinsuat said. Moreover, Sinsuat noted that the continuation of five landmark of Duterte administration programs earned majority support among survey respondents. Seventy-nine percent of respondents said they approve of the continuation of Build, Build, Build program, the highest approval rating registered among the 14 issues tested on the survey. Seventy-three percent said they support the continuation of the “war on illegal drugs,” while 68 percent support the continuation of “independent foreign policy.” At the same time, 64 percent of respondents said they support the

continuation of the Bangsamoro Autonomous Region in Muslim Mindanao transition. Continuation of the National Task Force to End Local Communist Armed Conflict (NTFELCAC) earned an approval rating of 56 percent. “Considering President Duterte’s enduring popularity, it is not surprising that a significant majority of respondents support the continuation of his flagship programs. While the level of policy continuity between the outgoing and incoming administrations remains to be seen, it is reasonable to believe that public opinion on the Marcos Jr. administration will be influenced, at least in part, by its ability to continue and improve upon at least some of the Duterte administration’s more popular flagship programs,” Sinsuat said.

MMDA and LTO ink data sharing, connectivity pact By Claudeth Mocon-Ciriaco @claudethmc3

N a bid to bolster the two agencies’ law enforcement and traffic apprehension functions through more active and timely data sharing, the Metropolitan Manila Development Authority (MMDA) and the Land Transportation Office (LTO) on Wednesday inked a memorandum of agreement (MOA) interconnecting their data system. The MOA signed by MMDA Chairman Romando S. Artes and LTO Chief Assistant Secretary Edgar C. Galvante also aims to help boost road safety by swiftly identifying and weeding out drivers and vehicles involved in multiple violations and traffic incidents since there will be quicker sharing of information on motorists and vehicles involved in traffic violations and apprehensions. Likewise, the establishment of the LTO-MMDA System Interconnectivity Project, calls for daily data sharing between the MMDA’s data systems and the LTO’s Land Transport Management System (LTMS). “This will allow the MMDA to more swiftly determine the ownership and address of vehicle owners caught by its non-contact apprehension system [NCAP] so the parties involved can be informed and their violations settled,” Artes said. According to Artes, this will make the MMDA’s traffic enforcement and apprehension systems more efficient, with real-time access to pertinent LTO records within the LTMS. The LTMS is the LTO’s own d ata repositor y and ser v ices bac kbone t hat is on l ine and client-based, allowing access to stakeholders 24/7. Aside from drivers’ licenses, vehicle registrations, and vehicle

safety inspection records, the LTMS is now interconnected to allied parties like vehicle sellers, insurance companies and government agencies like the Government Service Insurance System and Bureau of Customs. The new partnership will also enhance the NCAP through an e-mail/ text message notification. T his w il l ser ve as advance notification to the traffic v iolators but they w il l stil l be receiv ing a pr inted copy of the notice for the complete details of the apprehension. The MMDA NCAP is a policy that utilizes CCTV, digital cameras and/ or other gadget or technology to capture videos and images to apprehend vehicles violating traffic rules and regulations. For his part, Galvante said with this agreement, “we can quickly pinpoint drivers committing multiple traffic violations resulting in the suspension of their licenses and their mandatory training on road safety and traffic rules.” “Drivers with violations will also be prevented from receiving the new 10-year licenses that are now being granted by the LTO,” Galvante said. The LTO will be speedily furnished with the MMDA’s data on traffic apprehensions, violations, and vehicle alarms which will be logged onto the records of drivers and vehicles enrolled in the LTMS. The MMDA has committed to furnish the LTO with this data starting from 2016. It will also be furnishing the LTO with new records of these violations, apprehensions and alarms on a daily basis. Both agencies will also share data on alarms for motor vehicles involved in traffic violations or incidents so that parties can be more swiftly apprehended or informed of their violations.

AFP, PTF-ELCAC launch ‘Road to Tourism’ program in Sulu By Rene Acosta @reneacostaBM

HE Armed Forces of the Philippines (AFP) and its partner agencies launched in Sulu on Tuesday the “Road to Tourism” program, a grand plan that will promote the province’s local tourism by addressing peace and order and ensure its continued development. Joint Task Force Sulu and 11th Infantry Division commander Major Ignatius Patrimonio witnessed the launching of the program, which is a convergence of efforts by the local military, Sulu’s provincial task force on ending local armed conflict (PTFELCAC) and other agencies from both public and private sectors. The incoming secretary of the Department of Tourism (DOT) has earlier broached the idea of promoting Mindanao as a tourism area, a proposal which due criticisms due to the region’s peace and order concern brought mainly by lawless groups such as the Abu Sayyaf Group (ASG). Sulu’s beauty, including its pristine beaches has kept hidden from the public for decades, overshadowed mainly by reports of lawlessness and terrorism in the province. But Sulu’s security situation and even its development have already improved. During the project’s launching, Patrimonio said the Road to Tourism program is a process of achieving lasting peace and maintaining it is not solely a military centric solution, but a shared responsibility. On the other hand, Brig. Gen. Eugenio Boquio, commander of 1101st Infantry Brigade said the 2nd Special Forces Battalion of Joint Task Force (JTF) Sulu led by Lt. Col. Benito Ramos, in collaboration with the municipal task force of Parang town, orchestrated the program intended for the sustainment of support to ASG returnees and at the same time, promoting local tourism in Sulu. Almost, if not all of the municipalities of the province, have been cleared of ASG presence as a result of the steady surrender and neutralization of the group’s leaders and members. Through the PTF-ELAC, 30 ASG returnees, who were present during the program, received additional support such as sacks of rice and various grocery items. The same sustainment support will be given to 150 ASG returnees in Parang that surrendered since 2017. In a testimony, a former ASG member who surrendered in 2018, shared his life-changing story, a life when he was with the armed group, always on the run, often-experienced starvation and longed for his family and to his peaceful life today. Parang Vice Mayor Madzhar Loong reminisced about the past situation in their municipality when the community hoped for peace and order due to rampant proliferation of lawlessness. He said the situation has changed drastically through the genuine partnership of the local government and security sectors that made the security situation in Sulu improved.

PHL rejects Taiwan plan to hold live fire drills on Ligaw Island By Malou Talosig-Bartolome @maloutalosig

ONSTRAINED by the one-China policy, the Department of Foreign Affairs merely announced its “strong objection” to Taiwan’s plan to hold live fire exercises on Ligaw Island or Itu Aba Island, the biggest land feature in the Spratlys. In a news statement, the DFA said Taiwan bared plans to conduct “unlawful live fire drills” within the vicinity of the island for two days on June 28 and 29. Taiwan, which is being regarded by China as a renegade province, occupied and established permanent structures on Itu Aba in 1956. In 2012, Taiwan constructed a runway and a port.

The Philippines is claiming that Ligaw Island is part of its territory in the West Philippine Sea. Manila also got the favorable ruling from the arbitral tribunal that the island is a “rock” and cannot generate its own exclusive economic zone of 200 nautical miles around it. “Ligaw Island is an integral part of the Kalayaan Island Group over which the Philippines has sovereignty,” the DFA said. Taiwan has been conducting live fire exercises in the area. It involves firing 40-mm grade machine guns and other weapons surrounding the island. Its Coast Guard usually advises mariners to avoid the area when they hold live fire drills. “This illegal activity raises tensions and complicates the situation in the South China Sea,” the DFA added.

Economy BusinessMirror

www.businessmirror.com.ph

Colliers: Average office space rent drops 30% in Metro Mla

OLLIERS, a leading real-estate services and investment management firm, said outsourcing firms and traditional occupiers should take advantage of office rents in major business districts as average office rents in Metro Manila dropped by as much as 30 percent compared to pre-pandemic rates. “In our view, this should provide an opportunity for occupiers to implement f light-to-quality measures and move to core areas such as Makati CBD [Central Business District] and Fort Bonifacio,” said Colliers in its Research Review on Wednesday. Meanwhile, Colliers said landlords should continue offering flexible leasing schemes such as rentfree periods, delayed escalations, longer fit-out periods and tenant improvement allowance to attract and retain tenants. In a Property Market Report released in April, Colliers noted the increasing inquiries for flexible workspaces as occupiers implement their business continuity plans (BCP) and explore the viability of plug-and-play offices and swing (temporary offices) spaces for their employees. The real-estate services firm recommended that occupiers look for new and high-quality workspaces in locations with substantial flexible workspace vacancies such as Makati CBD, Ortigas CBD and Fort Bonifacio. The report reads that in the first quarter of 2022, Colliers saw 306,100 sq meters (3.3 million sq feet) of new office space coming online. The firm noted that this is more than double the 114,300 sq meters (1.2 million sq feet) completed in the fourth quarter of 2021. In 2022, Colliers expects new supply hitting 821,900 sq meters (8.8 million sq feet), 30 percent higher than the 633,900 sq meters (6.8 million sq feet) in 2021. “Some of the buildings due to be completed for the remainder of the year are: Makati Commerce Tower, Park Triangle Corporate Plaza, Filinvest Axis Towers 3 & 4 and SM Fairview Towers 2 & 3,” the report read. From 2022-2026, the real estate services firm projects the annual delivery of 556,400 sq meters (6.0 million sq feet) of new office space. “We see the Bay Area, Fort

Bonifacio, Quezon City and Ortigas CBD covering 64 percent of the new supply during the period,” added the report. The report noted that Colliers recorded about 146,100 sq meters (1.6 million sq feet) of office deals in the first quarter of 2022, up from the 134,100 sq meters (1.4 million sq feet) in the fourth quarter of 2021. “Traditional and outsourcing firms dominated office space takeup during the period. Some of the notable transactions in Q1 2022 include Facebook, Lazada, Arcadis, Orix and ePerformax. These firms took up office space in Fort Bonifacio, Makati CBD and the Bay Area,” the report pointed out. Colliers said it believes that traditional and outsourcing firms are likely to spearhead office absorption in 2022. The Philippine Economic Zone Authority (Peza) required Information Technology and Business Process Management (IT-BPM) firms to implement a hybrid work model following 30 percent work-fromhome (WFH) and 70 percent on-site scheme (previously a 90-10 percent ratio). This was after the Fiscal Incentives Review Board (FIRB) had denied Peza’s petition to extend the 90-10 percent ratio until the end of September 2022. Meanwhile, a survey by the IT Business Process Association of the Philippines (IBPAP) showed that about 80 percent of Filipino employees prefer WFH over working onsite. The survey also revealed that 90 percent of employees are more productive in a hybrid model. On 2023 rent projections, Colliers said that project office rents would see a 5-percent drop in 2022 before a recovery starting 2023, driven by some companies’ return-to-office (RTO) mandates. As employers start to welcome workers back to the office, Colliers recommended that landlords offer spaces that protect their employees’ health and well-being. “This may be in the form of occupying spaces in buildings which have Leadership in Energy and Environmental in Design [LEED], Building for Ecologically Responsive Design Excellence [BERDE] or WELL certifications,” the report read. Andrea San Juan

DSWD starts distribution of P500 monthly ayuda to poor households By Jovee Marie N. Dela Cruz @joveemarie

HE Department of Social Welfare and Development (DSWD) has started the distribution of the promised P500 monthly ayuda as inflation relief, a lawmaker said on Wednesday. Albay Rep. Joey Sarte Salceda said this is the P500 monthly subsidy promised earlier by President Duterte for struggling Filipino households amid the pandemic and rising oil prices. “I have been informed that the Department of Social Welfare and Development will begin distributing the promised P500 monthly ayuda as inflation relief today. Around 1 million families are expected to receive [the subsidy] today through their cash cards and more will do so in the coming days to complete PRRD’s [Duterte] directive that the bottom 50 percent of families be provided aid,” he said. “While this is by no means enough to address the impact of higher oil prices on Filipino families, it will also help ensure that the poorest families do not fall into hunger,” he said. In line with the signing of Joint Memorandum Circular (JMC) No. 1, Series of 2022, the Duterte administration has started the distribution of the cash subsidy under the Targeted Cash Transfer (TCT) Program on June 29, 2022. In a news statement, the DSWD said some 1.2 million household-

beneficiaries who have existing cash cards have received the first tranche amounting to P1,000 or two-months’ worth of subsidies. The DSWD said the TCT program, which was announced by President Duterte earlier this year, aims to cushion the impact of the elevated costs of fuel and other commodities. It added that the intended beneficiaries of the program are the bottom 50 percent of Filipino households around the country. Signed by the DSWD, Department of Finance, Department of Budget and Management, and the National Economic and Development Authority, the JMC provides the guidelines for the implementation of the TCT program. Under the guidelines, the Duterte administration, through DSWD, is providing cash grants amounting to P3,000, or P500 per month for six months, to an approximate 12.4 million household-beneficiaries. The beneficiaries are composed of 4 million households under the Pantawid Pamilyang Pilipino Program (4Ps); 6 million non-4Ps households and individuals who were previously beneficiaries of the Unconditional Cash Transfer Program of 2018 to 2020 under the Tax Reform for Acceleration and Inclusion Law, which include beneficiaries of the Social Pension Program; and 2.4 million households in the database of Listahanan that fall within the first to fifth income decile, or other poverty data sources of the DSWD.

Editor: Vittorio V. Vitug • Thursday, June 30, 2022 A5

GPCCI poll shows positive business outlook for PHL in next 12 months By Andrea San Juan

POSITIVE business outlook is foreseen by the majority of the German business community in the Philippines, as shown by the results of the survey conducted by the German-Philippine Chamber of Commerce and Industry (GPCCI). This, despite the fact that 51 percent of those surveyed expect local economic development to remain “stagnant for the next 12 months.” Moreover, more than half or 55 percent of the respondents are expecting a better business outlook in the next 12 months, while 41 percent of the respondents are expecting local economic improvements given the same timeframe. On investment outlook, the survey also depicted that it has a positive outlook with 44 percent of the respondents anticipating investment developments in the next 12 months, which is a notable increase from 13 percent two years ago. In terms of employment, 48 percent of the respondents will retain the same number of employees in their work force. However, it’s worth noting that 46 percent of the respondents are considering increasing their employment in

the next 12 months, which is considerably higher than the past four surveys conducted. The AHK World Business Outlook (AHK WBO) Survey initiated by GPCCI was participated by 87 companies related to the German-Philippine relations. Thirty-one percent are from the manufacturing industry and construction, 18 percent come from trade, and 50 percent from services. In terms of size, 52 percent of the respondents have less than 100 employees, 21 percent have 100 to 1000 employees and 25 percent have more than 1000 employees. The AHK WBO is based on a regular DIHK survey among member companies of the German Chambers of Commerce abroad, delegations, and representative offices. It covers the feedback from more than 4,200 German companies, branches, and subsidiaries worldwide. In relation to the biggest risk for a company’s economic development, survey results show that figures have changed from previous surveys. In Spring 2022 (March to June), the price of energy at 49 percent is reported to be the biggest risk for companies, noting the increasing prices worldwide. Meanwhile, the second biggest risk at 45 percent is

the price of raw materials followed by 41 percent on concerns regarding the exchange rates. Meanwhile, on the long and short-term consequences of the Russian invasion of Ukraine, most of the respondents at 78 percent see higher costs of energy, raw materials, and intermediate goods as the short-term consequences of the ongoing conflict. Moreover, disruptions of logistics and supply chain are also seen by 61 percent of respondent-companies as the second short-term consequence. Results show that the said crisis further changed companies’ longterm strategies in the international division of labor, with 42 percent of respondents seeing that legislations and trade barriers will increase political influence on supply chains. 41 percent also expect changes in the risk assessment of locations. “Most businesses are reeling from the impact of the Russian-Ukraine war since many European countries are heavily dependent on Russian energy imports, the sanctions that have been imposed because of the outcomes of the war have resulted in significant energy price increases and supply chain disruptions globally,” said GPCCI President Stefan Schmitz.

Schmitz said that they are looking forward to working with the incoming administration to address these issues and to partner in fostering economic growth in the Philippines. German businesses see the quality of education, and availability of qualified workers as location factors for business activity and trade and investment. In relation to this, the survey featured a question regarding the location factors for their respective business activity. Results show that 57 percent voted for quality of education in technical fields while 55 percent are for transportation and logistics, with these as the top 2 factors. Meanwhile, the level of corruption, legal predictability and certainty, and political stability were tied at 54 percent. On the location factors for trade and investment, 68 percent of the participants see the positive impact of the availability of qualified workers in the technical field, while 61 percent see the quality of education in the technical field as a major factor for trade and investment. Transportation and logistics are considered by 59 percent of the respondents to be trade and investment location factors.

KIST program seeks to place PHL as education hub in Asia

HE Philippine Economic Zone Authority (Peza) aims to attract foreign students and position the country as an education hub in Asia through the Knowledge, Innovation, Science, and Technology (KIST) Parks. Peza Director General Charito B. Plaza, in a news statement issued on Wednesday, said “KIST Parks will enable universities to partner with foreign universities to bringing their degree programs, skills training, and technology to their local KIST partners, hoping to attract foreign students and make the Philippines not just an investment destination but also as an education hub of Asia.” According to Plaza, KIST Parks

is a type of an ecozone located within the campuses of state universities and colleges (SUCs). The objective of KIST parks, she said, is to leverage engineering and other much-needed courses required by various industries. “It means we facilitate or ensure that the skills and jobs needed by industries are matched to those offered by these academes,” the Peza chief added. The Peza chief noted that nearly two years ago, outgoing President Duterte officially designated Batangas State University (BatStateU) as a Peza-registered special economic zone through Proclamation No. 947 which was signed on May 22,2020. “With this, Peza welcomed Bat-

New law assures govt aid, privileges, better support for 15-M solo parents By Butch Fernandez

@butchfBM

EN. Richard J. Gordon, conveying the elation of over 15 million solo parents in the country, assured the timely delivery of additional privileges on top of government support soon as the enabling legislation takes effect. Gordon, principal author of Republic Act 1186 or the Expanded Solo Parents Welfare Act, assured the new law will “help empower the many families that may be going through a rough patch in their lives.” “We are thankful that a timely law like this has been passed as it shows the liberality and humanity that our society has become over the years,” Gordon said. The senator added they are hopeful the enabling legislation will also provide timely delivery of state assistance to solo parents and their children. “Kami ay umaasa na ang batas na ito ay makatutulong sa solo parents at kanilang mga anak na magkaroon ng kaunting ayuda at benepisyong hatid ng estado,” he added. Citing a recently-published study by the World Health Organization (WHO), Gordon noted there are about 15 million solo parents, 95 percent or more or about 14 million of whom are women. The new law strengthens the two-decade old Republic Act 8972, which added additional benefits to solo parents and their families and expanded the scope of applicability

of the benefits due them. He affirmed that solo parents are now entitled to a 10 percent discount plus value-added tax exemption for baby’s milk, food, micronutrient supplements, medicine, and other medical supplements for parents earning less than P250,000 yearly, and purchased in the child’s first six years from birth. At the same time, the newly-enacted Gordon law further provides that “if determined to be under the poverty threshold, they shall be given P1,000 as additional financial assistance, on top of a comprehensive package of social protection packages such as livelihood assistance, counseling, legal services, and the like.” “We want to make the solo parents feel that the government is behind them and shall not be shortchanged in terms of the provision of services rendered,” the senator affirmed, adding that “they also will not be discriminated by their employers, including an access to the work-athome set-up, and shall enjoy parental leave and other benefits.” As defined, also included are any other person who bears sole parental responsibility over a child or children, including a foster parent duly recognized by the Department of Social Welfare and Development. At the same time, the bicameral conference committee also expanded the definition of solo parents to spouses of overseas Filipino workers away from the country from an uninterrupted period of time.

StateU as the Philippines’s first-ever Knowledge, Innovation, Science and Technology Park and we hope for their success as a benchmark for the whole country,” said Plaza. Moreover, the De La Salle University, Don Mariano Marcos State University, and the University of Perpetual Help are also among the private universities proclaimed and will soon start their operations as KIST Parks, Peza said. Meanwhile, the Catanduanes State University was approved by the Peza Board as a KIST Park last October 2021 and is currently waiting for its Presidential Proclamation. In fact, Plaza said, Peza has signed memorandums of understanding

(MOUs) with various universities and institutions, namely, the Technological University of the Philippines Visayas (TUPV), the University of the Cordilleras (UC), Polytechnic University of the Philippines (PUP)-Maragondon, STI-Rosario, and prominent universities in Baguio City, namely, the Benguet State University (BSU) and St. Louis University (SLU). With these signed MOUs, Peza pointed out that these universities would provide progressive leadership in applied research, developmental studies in technical, industrial, and technological fields, and production using indigenous materials and effective technology transfer in the countryside. Andrea San Juan

BusinessMirror

Thursday, June 30, 2022

ESTABLISHMENT / ADDRESS No.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

7 PRIME TECH, INC. 10/f Ewestpod, Eton Westend Square, Yakal St. Cor. Don Chino Roces Ave., San Antonio, City Of Makati DEWI KRISNA WATY Indonesian Speaking Customer Service Officer 1.

Brief Job Description: Manage large amount of calls, handle customer concerns KATHARINE NOVEBRIANI Indonesian Speaking Customer Service Officer

Brief Job Description: Manage large amount of calls, handle customer concerns TOMMY JAYA CHANDRA Indonesian Speaking Customer Service Officer

Brief Job Description: Manage large amount of calls, handle customer concerns

EDWIN OREON Indonesian-speaking Customer Service Officer 4.

Brief Job Description: Manage large amount of calls, handle customer concerns

Basic Qualification: Excellent in reading, writing and speaking in foreign language

Brief Job Description: Perform initial triage for issued raised by customers, log, track and update incidents, attempt first time fix resolution for known issues, identify target resolver group & route tickets, do remote trouble shooting; install/uninstall applications for incidents raised by customers.

LEE, TAEYOUNG Customer Service Representative 16.

PARK, SINWOO Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Excellent in reading, writing and speaking in foreign language

CAREAGA ABAITUA, ADOLFO Chief Finance Officer 18.

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

Basic Qualification: Graduate of any 4yr course, preferably IT or Engineering related. Strong working knowledge of the service desk function. Good knowledge level on multiple it technologies. Excellent communications skills both written and verbal. Willing and able to work effectively in a diverse and multi-cultural environment. Willing and able to work on a shifting schedule.

Basic Qualification: Knowledgeable in Computer Applications; At Least 6 Months Work Related Experience; Good Oral and Written Communication Skills in Mandarin

AMAZON OPERATION SERVICES PHILIPPINES, INC. B21 Three E-com Moa Complex, Harbour Drive Cor. Bay Shore, Brgy. 076, Pasay City

CHISTY, MOSTOFA Marketing Manager

Basic Qualification: Fluency in Mandarin language

KIM, HYE MIN Korean Language - Office Marketing 20.

Brief Job Description: Responsible for growing the business in new domains and/or existing accounts, territories or domain levels.

21.

10.

Brief Job Description: To assist customers regarding their queries, complaints, and promotions. JEONG, DONGGEUN Customer Service Representative

11.

Brief Job Description: To assist customers regarding their queries, complaints, and promotions. KIM, JUNGSU Customer Service Representative

12.

Brief Job Description: To assist customers regarding their queries, complaints, and promotions. KIM, MYUNGJU Customer Service Representative

13.

14.

Brief Job Description: To assist customers regarding their queries, complaints, and promotions. KIM, YOUNGHYUN Customer Service Representative Brief Job Description: Customer Support and Data Base Services.

KWON, HYEOKSU Customer Service Representative 15.

Brief Job Description: To assist customers regarding their queries, complaints, and promotions.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 21 years old and above, fluent in Korean language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 21 years old and above, fluent in Korean language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 21 years old and above, fluent in Korean language. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills.

22.

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

Basic Qualification: Information to the Customers , Promote Business and Products. Degree holder , Must be Fluently speak and with Korean Language, Computer Proficient

29.

Basic Qualification: Service Rendered and Complete Line of Products , Promotes Business and Products Degree Holder , Must be Fluently Speak and Write Vietnamese Language Can work Under Pressure

Brief Job Description: Identify , Develop and Implement new Strategies for Selling Products or Services . Have Complete Knowledge

Basic Qualification: Service Rendered and Complete Line of Products , Promotes Business and Products Degree Holder , Must be Fluently Speak and Write Vietnamese Language Can work Under Pressure Salary Range: Php 60,000 - Php 89,999

XIONG, XIAOFANG Mandarin Admin Officer 23.

Brief Job Description: Performs administrative and office support for activities for multiple supervisors. Duties may include fieling telephone calls, receiving and directing visitors, word processing, creating spreadsheets and presentations, and filing.

TANG, ZIHAO Mandarin Customer Service Representative 24.

Brief Job Description: Provides customer service support to the organization by obtaining, analyzing and verifying the accuracy of order of information in a timely manner.

Basic Qualification: College Graduate. Fluent in Mandarin Language. Must work well under pressure and have excellent sense of priorities. Must have at least 1 year working experience.

RANE, AISHVARYA Sr. Manager, Training And Quality 30.

25.

Brief Job Description: Responsible for guiding at large complex on offshore dredging

Basic Qualification: Independency performing research in the field of soil investigation

TETANUN, SOMPRATHANA Field Project Control Specialist 26.

Brief Job Description: Manages a diverse team of project controls professionals to achieve successful results.

31.

27.

Brief Job Description: Improve the presence and reputation of the branch and company act as translator and mediator

28.

Brief Job Description: Providing analytical job in actual business operation for the company and its worldwide clients

33.

Brief Job Description: shall be primarily tasked to manage and oversee the operations, required to do and perform such work and duties as Management may, in its discretion and exercise of prerogative, deem vital and relevant relative to your services

LI, LAI-CHUNG a.k.a. TSAO, LAI-CHUNG Mandarin Speaking Customer Service Representative Brief Job Description: Manage Incoming and Outgoing Calls, Chats and Emails

LI, TSUNG-JU Mandarin Speaking Customer Service Representative Brief Job Description: Manage Incoming and Outgoing Calls, Chats and Emails

XIE, JIAHONG Marketing Manager Mandarin Speaking 34.

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

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

Basic Qualification: A bachelor’s degree holder or above and must have a minimum of 1-3 years work experience Salary Range: Php 30,000 - Php 59,999

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

Brief Job Description: To coordinate marketing campaigns and lead Marketing Staff

Basic Qualification: Work closely with member of the advertising or sales department and to oversee the department’s marketing budget. Salary Range: Php 30,000 - Php 59,999

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

CAO, HUAIYU Chinese Speaking Program Designer 35.

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

CHEN, YANJING Chinese Speaking Program Designer 36.

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

DINH KHANH HIEN Chinese Speaking Program Designer 37.

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

HUA THI LOAN PHUONG Chinese Speaking Program Designer Brief Job Description: Assist/Help customers, give customers information about product and services

LE TAN SAM Chinese Speaking Program Designer 39.

Basic Qualification: Managerial experience and proven leadership abilities.

Basic Qualification: Has Extensive Experience in Software Systems and Business Solutions; Is Proficient and Able to Communicate in Mandarin or Any Chinese Language

Basic Qualification: Excellent communication skills, both written and verbal. Ability to effectively present information to internal and external associates.

DUNFENG MANAGEMENT INC. 17th Floor Units C & D, Marco Polo Ortigas Manila, San Antonio, City Of Pasig

Salary Range: Php 150,000 - Php 499,999

CASPO INCORPORATED 43/f, 45/f, 49/f Pbcom Tower, 6795 Ayala Avenue Corner V.a. Rufino Street, Bel-air, City Of Makati

KENDRICK Operation Analyst

32.

Basic Qualification: Bachelors, engineering general, civil engineering.

Salary Range: Php 150,000 - Php 499,999

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

DIGICHROM INC. Unit 2602 & 2603 26/f Pbcom Tower, 6795 Ayala Ave., Bel-air, City Of Makati

38.

CAFE24 PHILIPPINES, INC. 20th Floor, The Podium West Tower Adb Avenue Cor. Ortigas, Wack-wack Greenhills, City Of Mandaluyong LEE, DAEYOUN Branch Manager

Brief Job Description: Develop, manage, and implement annual plan to align to business drivers, needs, and priorities, Work with client business leaders to understand learning, performance, and quality needs and to understand opportunities to improve business results.

GENG, LIANGXIN Product Marketing Specialist - Residential Aircon Division (philippines)

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

BVI (PHILIPPINES) CORPORATION 6/f Lta Bldg., 118 Perea Street, San Lorenzo, City Of Makati

Basic Qualification: College Graduate; Preferably With 3 Years Trackwork Experience; Fluent in Mandarin/ Basic English

CONCEPCION MIDEA INC. Km 20, East Service Road, Buli, City Of Muntinlupa

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

BOSKALIS PHILIPPINES INC. Unit 3701, 3801 The Orient Square, F. Ortigas Jr. Road, Ortigas Center, San Antonio, City Of Pasig ANDRAG, GUSTAV MANFRED Soil Specialist

Brief Job Description: Management of installation and engineering aspects of OCS on an operational railway

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate. Fluent in Mandarin Language. Must work well under pressure and have excellent sense of priorities. Must have at least 1 year working experience.

QUALIFICATION AND SALARY RANGE

CONCENTRIX DAKSH SERVICES PHILIPPINES CORPORATION Bldg. F, Ayalaland, Technohub, Quezon City

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

BIGDOLPHIN SERVICES INC. Ug-8, Ug-9 & Ug-11 Cityland 10 Tower 2, 154 H.v. Dela Costa St., Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 21 years old and above, fluent in Korean language.

Brief Job Description: Initiate Conversation to uncover Customer’s Need: Develop Rapport with the Customer Have Complete

NGUYEN THE VINH Vietnamese Language - Supervisor Marketing

Salary Range: Php 150,000 - Php 499,999

Basic Qualification: 21 years old and above, fluent in Korean language.

LIN, SHANG-CHIEN Ocs Manager

Basic Qualification: With good oral and communication skills

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

ASIAN TECHNOLOGY SERVICES, INC. 11/f Tower 2, Double Dragon, Macapagal Blvd., Barangay 76, Pasay City HAN, JIWON Customer Service Representative

Brief Job Description: Create Specific Promotions for Affiliates: Develop Report with the customers , Give Appropriate and Relevant

PHAM THI QUYNH YEN Vietnamese Language - Officer Supervisor Marketing

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

Basic Qualification: Bachelor’s Degree Graduate with experience in the technical sales process.

Brief Job Description: Handles and is responsible in marketing department concerns/matters

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

CHAN CHUN CONSTRUCTION PHILIPPINES CORPORATION L2b B8 Belvedere St., Doña Manuela Subd, Pamplona Tres, City Of Las Piñas

BIGCAT SOFTWARE SOLUTIONS, INC. 18/f Pbcom Tower, 6795 Ayala Avenue Cor. Rufino Street, Salcedo Vill., Bel-air, City Of Makati

AMDOCS PHILIPPINES INC. 23rd, 25th, And 26th Floors Eco Tower, 32nd St. Cor. 9th Ave. Bonifacio Global City, Fort Bonifacio, City Of Taguig GOYAL, PAURUSH Sales Director

Salary Range: Php 150,000 - Php 499,999

19.

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

Brief Job Description: Communicates effectively via email and/or telephone with our customer base – buyers, merchants, and internal customers.

Basic Qualification: Advanced technical and academic training in Economics or Business Administration and Company Management. Command of English at professional level.

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

Brief Job Description: Responsible for management, control and financial analysis within the company and coordination with the general finance management of Berge Automocion S.L. Coordinate accounting, administrative and financial tasks.

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

BD MODERN STYLE INTERNATIONAL INC. Unit No.d-22, Bac, Bagong Milenyo Bldg., F.b. Harrison St. St., Barangay 76, Pasay City

Brief Job Description: Performs accounts payable transactions

LIAO, YUYING Investigation Specialist I

Basic Qualification: 21 years old and above, fluent in Korean language.

Basic Qualification: Excellent in reading, writing and speaking in foreign language

Basic Qualification: Accounting

Brief Job Description: Develop and maintain standard operating procedures for all business functions

Brief Job Description: To assist customers regarding their queries, complaints, and promotions.

No.

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

BA MOTORS PHILIPPINES, INC. Unit 2808, 28/f Pacific Star Bldg., Sen. Gil Puyat Cor. Makati Ave., Bel-air, City Of Makati

ACSTREAM MANAGEMENT INC. 2204b/2206, 22/f Pbcom Tower, Ayala Avenue, Bel-air, City Of Makati

Basic Qualification: 21 years old and above, fluent in Korean language.

Basic Qualification: Excellent in reading, writing and speaking in foreign language

MASUMORI, RYOTA Transaction Processing Analyst

CHAO, CHIH-CHIEH a.k.a. GARY CHAO Mandarin Speaking Operations Specialist

Brief Job Description: To assist customers regarding their queries, complaints, and promotions.

QUALIFICATION AND SALARY RANGE

17.

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ESTABLISHMENT / ADDRESS

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

ACCENTURE, INC. 7f, Robinsons Cybergate Tower 1, Pioneer St, City Of Mandaluyong

TARDIVEAU, MATHIEU Sw/app/cloud Tech Support Sr Analyst

No.

www.businessmirror.com.ph

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

LI, LINLIANG Chinese Speaking Program Designer 40.

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

LI, QINGYI Chinese Speaking Program Designer 41.

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

Basic Qualification: With at Least 6 Months Customer Service Experience/ Good in Oral Communication and Written Salary Range: Php 30,000 - Php 59,999

Basic Qualification: With at Least 6 Months Customer Service Experience/ Good in Oral Communication and Written Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at Least 6 Months Customer Service Experience/ Good in Oral Communication and Written Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at Least 6 Months Customer Service Experience/ Good in Oral Communication and Written Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at Least 6 Months Customer Service Experience/ Good in Oral Communication and Written Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With at Least 6 Months Customer Service Experience/ Good in Oral Communication and Written Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

TRAN VU NHAT Chinese Speaking Program Designer 42.

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

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: With at Least 6 Months Customer Service Experience/ Good in Oral Communication and Written

No.

56.

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

Brief Job Description: Supervision in installation of FLSMIDTH mechanical equipment in cement plants.

QUALIFICATION AND SALARY RANGE Basic Qualification: Supervisory level and at least 5 years technical experience with equipment from cement and/or mining industries. Salary Range: Php 150,000 - Php 499,999

FLYING FUTURE SERVICES INC. 3/f Salcedo One Center, 170 Salcedo St., San Lorenzo, City Of Makati FAREAST OUTSOURCE PROCESSING INC. 7th, 8th, 9th Flr. Nu Tower, Moa Coral Way, Barangay 76, Pasay City

43.

CHEN, LINBIAO Customer Service Representative (csr) Brief Job Description: Customer Service Representative (CSR)

Basic Qualification: High School Graduate in Chinese Curriculum , Can Speak and Write Fluent Chinese Mandarin , Can Operate Computer Mandarin Characters

57.

58.

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

44.

HUANG, SHENGLONG Customer Service Representative (csr) Brief Job Description: Customer Service Representative (CSR)

Basic Qualification: High School Graduate in Chinese Curriculum , Can Speak and Write Fluent Chinese Mandarin , Can Operate Computer Mandarin Characters

45.

LIN, CHUNZHEN Customer Service Representative (csr) Brief Job Description: Customer Service Representative (CSR)

46.

LIN, ZHIWU Customer Service Representative (csr) Brief Job Description: Customer Service Representative (CSR)

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

47.

48.

LIU, SHAN Customer Service Representative (csr) Brief Job Description: Customer Service Representative (CSR)

SHEN, SHUISHAN Customer Service Representative (csr) Brief Job Description: Customer Service Representative (CSR)

Basic Qualification: High School Graduate in Chinese Curriculum , Can Speak and Write Fluent Chinese Mandarin , Can Operate Computer Mandarin Characters Salary Range: Php 30,000 - Php 59,999 Basic Qualification: High School Graduate in Chinese Curriculum , Can Speak and Write Fluent Chinese Mandarin , Can Operate Computer Mandarin Characters

59.

49.

SIN NGOC HUONG Customer Service Representative (csr) Brief Job Description: Customer Service Representative (CSR)

60.

50.

SU, QINGZHI Customer Service Representative (csr) Brief Job Description: Customer Service Representative (CSR)

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

51.

THAI THI GIANG Customer Service Representative (csr) Brief Job Description: Customer Service Representative (CSR)

Basic Qualification: High School Graduate in Chinese Curriculum , Can Speak and Write Fluent Chinese Mandarin , Can Operate Computer Mandarin Characters

61.

52.

WANG, MING Customer Service Representative (csr) Brief Job Description: Customer Service Representative (CSR)

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

53.

WEI, SIWAN Customer Service Representative (csr) Brief Job Description: Customer Service Representative (CSR)

Basic Qualification: High School Graduate in Chinese Curriculum , Can Speak and Write Fluent Chinese Mandarin , Can Operate Computer Mandarin Characters

54.

WU, WEI Customer Service Representative (csr) Brief Job Description: Customer Service Representative (CSR)

62.

55.

XIA, JIAN Customer Service Representative (csr) Brief Job Description: Customer Service Representative (CSR)

Salary Range: Php 30,000 - Php 59,999 FLSMIDTH PHILIPPINES, INC. Unit 2001 The Taipan Place, F. Ortigas Jr. Road, Ortigas Center, San Antonio, City Of Pasig

Brief Job Description: Manages the execution of different marketing strategies for a company.

73.

SUDHAKARAN, RATHEESH Inventory Control Specialist 74.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 21 years old and above with marketing executive experience. Salary Range: Php 30,000 - Php 59,999

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

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

75.

LIU, WENCHANG Chinese Speaking Program Designer 63.

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

TANG LIEU HOA Chinese Speaking Program Designer 64.

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

76.

LAWTON, SIMON PAUL Senior Systems Analyst 65.

Brief Job Description: Train and provides guidance to professional staff, analyzes business requirements and participates in developing strategic plans.

Basic Qualification: Bilingual can speak two languages, at least 2 years of relevant experience, college degree and flexible. Salary Range: Php 150,000 - Php 499,999

CHAN KAH CHEUN Mandarin Customer Support Representative 66.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN DOAN TUAN Vietnamese Customer Support Representative 67.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN HOANG DIEU Vietnamese Customer Support Representative 68.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN THI HANG Vietnamese Customer Support Representative 69.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

LE VAN TAN Vietnamese Customer Support Specialist 70.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN THI MY NGAN Vietnamese Customer Support Specialist 71.

Brief Job Description: Experts at their product, and their primary duty is to resolve customer issues quickly and efficiently.

TRUONG THI HANG Vietnamese Customer Support Specialist 72.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak and write in VIETNAMESE and at least college level with related BPO experience. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Read Interpret Constructions Design and Schematics to Determine what type of Support is Required, Determine the type and Amount of Required materials and Labor and Make Arrangements to Acquire both

WU, JIA-HAO Chinese Technical Support Representative 77.

Basic Qualification: Minimum 10 years of working experience on international dredging projects. Salary Range: Php 90,000 - Php 149,999 Basic Qualification: Minimum 2 years of working on international dredging projects. Fluent in English and additional points for Dutch and French. Salary Range: Php 150,000 - Php 499,999

Basic Qualification: Fluent in Mandarin and English Language both in Written and Verbal must Familiar in Expert Planning and Administrative Writing and Reporting Skills Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for. Fluent to Chinese Mandarin is an advantage Salary Range: Php 30,000 - Php 59,999

JOBHUB INC. Phil Song Te Temple Inc, 4/f 900-910 Reina Regente St., 028, Barangay 292, Binondo, City Of Manila CAI, HUANGTANG Marketing Officer (mandarin Speaking) 78.

Brief Job Description: Maximize profits through developing sales strategies that match customer requirements and by promoting services. CHEN, QIQIANG Marketing Officer (mandarin Speaking)

79.

Brief Job Description: Maximize profits through developing sales strategies that match customer requirements and by promoting services. XING, ZHIFANG Marketing Officer (mandarin Speaking)

80.

Brief Job Description: Maximize profits through developing sales strategies that match customer requirements and by promoting services.

Basic Qualification: Fluent in Chinese dialect (Mandarin, Folkien, Cantonese) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Chinese dialect (Mandarin, Folkien, Cantonese) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Chinese dialect (Mandarin, Folkien, Cantonese) Salary Range: Php 30,000 - Php 59,999

LIZARDBEAR TASKING INC. 17th To 20th Floors, Twenty Four Seven Mckinley Building, 24th Street And Seventh Avenue, Fort Bonifacio, City Of Taguig FERNANDES, CHRISTOPHER Vice President Of Learning Experience 81.

INVECH TREASURE PROCESSING CORPORATION 3rd Floor, E Six West Campus Le Grand Avenue, Mckinley West,, Fort Bonifacio, City Of Taguig Basic Qualification: Able to speak and write in VIETNAMESE and at least college level with related BPO experience.

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

JIU ZHOU TECHNOLOGIES INTERNATIONAL, INC. 25/f Robinsons Summit, Jg Summit Center, Ayala Ave., Bel-air, City Of Makati

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

INNOCONEXION TECHNOLOGIES OPC 29/f Pacific Star Bldg., Sen. Gil Puyat Cor. Makati Aves., Bel-air, City Of Makati

Brief Job Description: General organization of the assigned part of the dredging works according to the predefined schedule, budget, and used methods while observing quality, safety, and environmental standards with a minimum risk for personnel and equipment

XIANG, HAICHAO Mandarin Structural Erector Specialist

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

Basic Qualification: Able to speak and write in VIETNAMESE and at least college level with related BPO experience.

JIANGSU DIBANG CONSTRUCTION PHILIPPINES CORPORATION Unit 2106-a West Tower, Psec Exchange Road, Ortigas Center, San Antonio, City Of Pasig

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

Basic Qualification: With Atleast 6 Months Customer Service Experience/ Good in Oral Communication and Written

Brief Job Description: Maintenance and organization of the storage area and warehouse. CROLLEN-VANDROMME, EMANUEL GABRIEL C Operational Superintendent Dredging Works

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree with strong previous skills in the training administration and strong knowledge of training process.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

QUALIFICATION AND SALARY RANGE

JAN DE NUL (PHILS.), INC. 302 3rd/f Aseana Power Station Macapagal Blvd., Cor. Bradco Ave. Aseana City, Tambo, City Of Parañaque

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

Basic Qualification: 21 years old and above with customer service experience.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION VU CAO CUONG Vietnamese Customer Support Specialist

Basic Qualification: Can speak Mandarin

INFOVINE INC. 8th, 9th, 10th/f Aspire Corporate Plaza Bldg., Macapagal Blvd. St., Zone 10, Barangay 76, Pasay City

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: High School Graduate in Chinese Curriculum , Can Speak and Write Fluent Chinese Mandarin , Can Operate Computer Mandarin Characters

Brief Job Description: Identify the current and future skills requirement of an organization and creates flexible learning intervention.

PAN, HAICUI Chinese Speaking Business Financial Officer

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: High School Graduate in Chinese Curriculum , Can Speak and Write Fluent Chinese Mandarin , Can Operate Computer Mandarin Characters

Brief Job Description: Employee shall perform the duties such as reports on daily operations.

No.

GRAND PREMIUM CREST HOLDING INC. 16/f Tower 6789, 6789 Ayala Ave., Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: High School Graduate in Chinese Curriculum , Can Speak and Write Fluent Chinese Mandarin , Can Operate Computer Mandarin Characters

Brief Job Description: Full-time Operations Assistant to Assist on Administrative work of Operations Team

HA THE VIET Marketing Executive Vietnamese Speaking

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: High School Graduate in Chinese Curriculum , Can Speak and Write Fluent Chinese Mandarin , Can Operate Computer Mandarin Characters

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

TANG, YU Learning & Development Chinese Speaking

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: High School Graduate in Chinese Curriculum , Can Speak and Write Fluent Chinese Mandarin , Can Operate Computer Mandarin Characters

Brief Job Description: Maintains Customer Accounts by Updating Information

PHAM HOANG LONG Customer Service Vietnamese Speaking

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: High School Graduate in Chinese Curriculum , Can Speak and Write Fluent Chinese Mandarin , Can Operate Computer Mandarin Characters

Basic Qualification: Can Speak Mandarin

GAMMA INTERACTIVE INC. 21/f Alphaland Makati Place, 7232 Ayala Ave. Cor. Malugay St., Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: High School Graduate in Chinese Curriculum , Can Speak and Write Fluent Chinese Mandarin , Can Operate Computer Mandarin Characters

LIN, PEI-CHI Mandarin Customer Service

YANG, LIUHUA Mandarin Operations Specialist

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION KROG, DENNIS BÆKGAARD Chief Mechanical Specialist (cement Plant Site)

Thursday, June 30, 2022

Brief Job Description: Leads the entire training function in the company including learning & development learning organizational development, new hires & client specific training for all sites across the Philippines.

Basic Qualification: College Graduate (of any relevant field) with at least 7 years of work experience in a senior leadership role in a BPO handling multiple sites in the Philippines and in other geographies. Salary Range: Php 150,000 - Php 499,999

LUFTHANSA SERVICES PHILIPPINES, INC. 8th Floor Aeon Center, Northgate Cyberzone, Alabang, City Of Muntinlupa KA, MINKYU Customer Service Consultant 82.

Brief Job Description: Assist customer with all travel related services & customer enquiries

Basic Qualification: Excellent in verbal and written communication skills especially in Korean language Salary Range: Php 90,000 - Php 149,999

MACH 86 TECHNOLOGIES CORP. 6th-13th Flr. Workspace Bldg., 1419 Industry St. Corner Finance St. Mbp Ayala, Alabang, City Of Muntinlupa XU, HAIFEI Customer Service Representative

Basic Qualification: Fluent in Chinese dialect (Mandarin, Fukien, Cantonese)

Basic Qualification: Able to speak and write in VIETNAMESE and at least college level with related BPO experience.

83.

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

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower, C4 Rd. Edsa Ext., Barangay 76, Pasay City

Basic Qualification: Able to speak and write in VIETNAMESE and at least college level with related BPO experience. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak and write in VIETNAMESE and at least college level with related BPO experience. Salary Range: Php 30,000 - Php 59,999

NGUYEN THI THANH NHAN Vietnamese Customer Service Representative 84.

Basic Qualification: Able to speak and write in VIETNAMESE and at least college level with related BPO experience. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Managing Incoming Calls and Customer Service Inquiries

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

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

NEW ORIENTAL CLUB88 CORPORATION Sky Garage Bldg., Aseana Avenue, Entertainment City, Tambo, City Of Parañaque 1331 Pearl Plaza Bldg., Quirino Ave., Tambo, City Of Parañaque

85.

Basic Qualification: Able to speak and write in VIETNAMESE and at least college level with related BPO experience. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Interacting with customers queries

HONG, YANGYANG Chinese Customer Service Brief Job Description: Customer support and data base services

ZHANG, SHIXIANG Chinese Customer Service 86.

Brief Job Description: Knowledgeable in computer application with good oral and written communication skills

SUNARTI Indonesian Customer Service 87.

Brief Job Description: Knowledgeable in computer application with good oral and written communication skills

Basic Qualification: Knowledgeable in computer application with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Customer support and data base services Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Customer support and data base services Salary Range: Php 30,000 - Php 59,999

BusinessMirror

Thursday, June 30, 2022

A6 A8

ESTABLISHMENT / ADDRESS No.

88.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION CHOW YIK SANG Malaysian Customer Service Brief Job Description: Customer support and data base services LIM HUCK SOO Malaysian Customer Service

89.

90.

Brief Job Description: Knowledgeable in computer application with good oral and written communication skills TAN XIN KEI Malaysian Customer Service Brief Job Description: Customer support and data base services SAI MAUNG MAUNG Myanmari Customer Service

91.

92.

93.

Brief Job Description: Knowledgeable in computer application with good oral and written communication skills CHU VAN THAO Vietnamese Customer Service Brief Job Description: Customer support and data base services

NGUYEN THI HONG THAM Vietnamese Customer Service Brief Job Description: Customer support and data base services NGUYEN THI TRANG Vietnamese Customer Service

94.

ESTABLISHMENT / ADDRESS

Brief Job Description: Knowledgeable in computer application with good oral and written communication skills

QUALIFICATION AND SALARY RANGE Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills

No.

HOANG DANG TUNG DUONG Vietnamese Customer Service Representative 107.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Customer support and data base services

108.

109.

110.

111.

112.

95.

Brief Job Description: Develop and maintain department policies procedures and processes as required XIANG, HONGSHENG Mandarin Speaking Technical Support Supervisor

96.

Brief Job Description: Develop and maintain department policies procedures and processes as required

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

113.

114.

97.

UNG TO MI Chinese Speaking Customer Service Representative Brief Job Description: Dealing with Chinese speaking customers.

115.

MCGEEVER, VICTORIA SIOBHAN Head Of People & Organization 98.

Brief Job Description: Setting up and heading the new people and organization function.

116.

OU, I-NO Customer Service Representative 99.

Brief Job Description: Knowledgeable in computer application with good oral and written communication skills

117.

118.

119.

Basic Qualification: Customer support and data base services

100.

Brief Job Description: Handles administrative request and queries from senior managers / officers. NGUYEN THI YEN Admin Officer

101.

Brief Job Description: Handles administrative request and queries from senior managers / officers. DAU QUANG NHAN Vietnamese Customer Service Representative

102.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. DOAN NGUYEN Vietnamese Customer Service Representative

103.

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services. DOAN VAN KHANH Vietnamese Customer Service Representative

104.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. DONG THI LAM Vietnamese Customer Service Representative

105.

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services. HOANG DANG BIEN Vietnamese Customer Service Representative

106.

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services.

Basic Qualification: Fluent in Vietnamese (verbal and written skills).

120.

121.

122.

123.

124.

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

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. PHAM THI LIEN Vietnamese Customer Service Representative

125.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. PHAM VAN HUY Vietnamese Customer Service Representative

126.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in vietnamese (verbal and written skills).

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. PHAM THI HOA Vietnamese Customer Service Representative

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

Basic Qualification: Fluent in Vietnamese (verbal and written skills).

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. PHAM THANH QUANG Vietnamese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and Written skills)

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. PHAM QUOC THINH Vietnamese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (verbal and written skills).

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. NINH VAN QUANG Vietnamese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and Written skills)

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. NGUYEN VAN VUONG Vietnamese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (verbal and written skills).

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services. NGUYEN VAN HOI Vietnamese Customer Service Representative

SOMI UNLIMITED SOLUTIONS, INC. 10/f Tower 2 Double Dragon Plaza Bldg., Edsa Corner Macapagal Ave. St. Zone 10, District 1, Barangay 76, Pasay City NGUYEN THI HANG Admin Officer

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. NGUYEN THI TRANG Vietnamese Customer Service Representative

Salary Range: Php 150,000 - Php 499,999

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

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. NGUYEN THI NHUNG Vietnamese Customer Service Representative

Basic Qualification: Bachelor’s degree.

SA RIVENDELL GLOBAL SUPPORT, INC. 2/f Star Cruises Ce Bldg., Andrews Drive, Newport City St., Barangay 183, Pasay City

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services. NGUYEN THI NGOC Vietnamese Customer Service Representative

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

PUMA SPORTS PHILIPPINES, INC. ( PUMA,PUMA SELECT AND COBRA GOLF ) G/f Bdo Equitable Bank Tower,, 8751 Paseo De Roxas, Bel-air, City Of Makati

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. NGUYEN NGOC ANH Vietnamese Customer Service Representative

PLATINUM PROVIDERS TECHNOLOGIES INC. 7/f Salamin Bldg.,, I97 Legaspi St.,, San Lorenzo, City Of Makati Basic Qualification: At least 6 months workrelated experience. Good oral and written communication skills in chinese.

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services. NGUYEN MINH CUONG Vietnamese Customer Service Representative

Basic Qualification: Good oral and written communication skills in mandarin Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. NGUYEN KHAC TUAN Vietnamese Customer Service Representative

OUTWIT, INC. 2/f Marvin Plaza, 2153 Chino Roces Ave., Pio Del Pilar, City Of Makati LYU, YA-HUEI Mandarin Speaking Operations Specialist

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. NGUYEN DUC LONG Vietnamese Customer Service Representative

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

Basic Qualification: Good social and presentation skills; Excellent oral and written communication skills

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Fluent in vietnamese (verbal and written skills).

No.

128.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and Written skills)

129.

130.

131.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. PHAM VAN QUAN Vietnamese Customer Service Representative

127.

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in vietnamese (verbal and written skills). Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and Written skills)

133.

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

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services.

Basic Qualification: Fluent in Vietnamese (Verbal and Written skills) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and Written Skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and Written Skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and Written skills) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (verbal and written skills). Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (verbal and written skills). Salary Range: Php 30,000 - Php 59,999

SPARVA INCORPORATED 7/f Insular Life Bldg., 6781 Ayala Ave., Cor. Paseo De Roxas, Bel-air, City Of Makati WILSON Accounts Officer 134.

Brief Job Description: Resolve issues and give information when appropriate to solve issues effectively and promptly.

Basic Qualification: Fluency in English and mandarin is essential. Salary Range: Php 60,000 - Php 89,999

SPEED QUALITY TECH INC. 3/f Eco Plaza Bldg., 2305 Chino Roces Ave. Extn., Magallanes, City Of Makati

135.

136.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and Written skills)

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

TRINH TRONG CHIEN Vietnamese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in vietnamese (verbal and written skills).

Brief Job Description: Attracts Potential Customers by Answering Product and Service

TRAN VAN UOC Vietnamese Customer Service Representative

Basic Qualification: Fluent in Vietnamese (Verbal and Written skills)

Brief Job Description: Attracts Potential Customers by Answering Product and Service

TRAN QUOC VU Vietnamese Customer Service Representative

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

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services.

SY NHAT PHONG Vietnamese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in vietnamese (verbal and written skills).

QUALIFICATION AND SALARY RANGE

QUANG CHAU PHI Vietnamese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in vietnamese (verbal and written skills).

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION PHAN THI GIANG Vietnamese Customer Service Representative

132.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Customer support and data base services

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services. NGUYEN CONG MINH Vietnamese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services. MA THI THU Vietnamese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

Brief Job Description: Attracts potential customers by answering product and service questions; suggesting information about other products and services. HOANG VIET HAI Vietnamese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Customer support and data base services

Brief Job Description: Attracts potential customers by answering product and service queries; suggesting information about other products and services. HOANG VAN DUNG Vietnamese Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

www.businessmirror.com.ph

137.

138.

Basic Qualification: Fluent in Vietnamese (Verbal and Written skills)

Basic Qualification: Fluent in Mandarin both Oral and Witten

CHEN, CHIA-MING Mandarin Customer Service Specialist Brief Job Description: Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin both Oral and Written

HUANG, YU-XIN Mandarin Customer Service Specialist Brief Job Description: Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin both Oral and Witten

LIN, YI-CHUN Mandarin Customer Service Specialist Brief Job Description: Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin both Oral and Witten

NGUYEN ANH TUAN Mandarin Customer Service Specialist Brief Job Description: Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin both Oral and Witten

TAN GEH RHEE Mandarin Customer Service Specialist

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

139.

Basic Qualification: Fluent in Vietnamese (verbal and written skills).

STECONFER PHIL CORP. Unit 203 A 2nd Flr., One Felicity Center Commonwealth Ave., Holy Spirit, Quezon City

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

140.

NAKAGAWA, HIROSHI Japanese Business Services Associate Principal 141.

Basic Qualification: Fluent in Vietnamese (Verbal and Written skills) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and Written skills)

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and Written skills) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and Written skills) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and Written skills) Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Fluent in Vietnamese (Verbal and Written skills) Salary Range: Php 30,000 - Php 59,999

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

Brief Job Description: To improve business development and increase revenues from tax services by focusing on economic zones

Basic Qualification: Must be a native Japanese speaker; with working experience in both international and transaction tax; proficient in English language; with extensive knowledge about Japanese tax; with negotiation and client handling skills; with strong leadership and relationship-building skills Salary Range: Php 500,000 and above

WIKITECH SERVICES INC. 10/f Alphaland Corporate Tower, 7232 Ayala Avenue Ext. Corner Malayag St., Bel-air, City Of Makati 142.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Vietnamese (Verbal and Written skills)

Brief Job Description: Collaborate with supervisory team, analyze the project and implement procedures and working methods on trackwork installation

Basic Qualification: At Least 10 Years of Work Experience in Railways, Construction, Metallurgy, Locksmith and Civil Works

SYCIP, GORRES, VELAYO & CO. 6760, Ayala Avenue, San Lorenzo, City Of Makati

Basic Qualification: Fluent in Vietnamese (Verbal and Written skills) Salary Range: Php 30,000 - Php 59,999

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

PINA SENICA, ANTONIO JOSE Railway Foreman

Basic Qualification: Fluent in Vietnamese (Verbal and Written skills) Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Customer Service

TAN XIN WEI Mandarin Human Resource Specialist

Basic Qualification: Can speak Mandarin

Brief Job Description: Recruiting staffs who can speak Mandarin

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

YU, CAIHUA Mandarin Technical Support Specialist 143.

Brief Job Description: Responsible for the smooth running of computer system and ensuring users get maximum benefits from them

Basic Qualification: Can Speak Mandarin Salary Range: Php 30,000 - Php 59,999

WNS GLOBAL SERVICES PHILIPPINES, INC. 9/f 1880 Bldg., Eastwood City Cyberpark, Bagumbayan, Quezon City KOTWAL, NOOR IMTIYAZ General Manager - Operations 144.

Brief Job Description: Work closely with operations process owners and support function owners to ensure smooth and consistent delivery of good service

Basic Qualification: Minimum relevant experience of 8 years. Graduate/post-graduate. Prior call centre business experience Salary Range: Php 150,000 - Php 499,999

*Date Generated: Jun 29, 2022 Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

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

TheWorld BusinessMirror

Thursday, June 30, 2022

Nato chief says alliance faces biggest challenge since WWII

Clockwise from left, British Prime Minister Boris Johnson, Japanese Prime Minister Fumio Kishida, the President of the European Commission Ursula von der Leyen, European Council President Charles Michel, Italian Prime Minister Mario Draghi, Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron, German Chancellor Olaf Scholz and US President Joe Biden attend a working session during the G-7 leaders summit at Castle Elmau in Kruen, near Garmisch-Partenkirchen, Germany, on Tuesday, June 28, 2022. The Group of Seven leading economic powers are meeting in Germany for their annual gathering Sunday through Tuesday. John MacDougall/Pool Photo via AP

G-7 grapples for ways to punish Russia while taking on China

roup of Seven nations agreed to stick by Ukraine to the bitter end and ratchet up the cost to Russia of its aggression, while leaving much of the detail of how to do so unresolved. At the conclusion of a G-7 summit in Germany, leaders stressed their “unwavering commitment” to the government and people of Ukraine, and made clear their determination to make Vladimir Putin pay for his invasion. “We will continue to impose severe and immediate economic costs on President Putin’s regime for its unjustifiable war of aggression against Ukraine,” the G-7 said in their final statement released Tuesday. After three days of deliberations in the Bavarian Alps that were dominated by the war and its global fallout, the leaders pledged to step up efforts on global energy and food security, and to stabilize economies still recovering from the Covid-19 pandemic. Chancellor Olaf Scholz called it “an important summit in extraordinary times.” But the means of tackling their shared challenges, including a proposed cap on Russia oil prices, remained largely aspirational.

Exploring options

There were strong words of condemnation for Moscow compounding food insecurity, and an additional $4.5 billion was announced for those most at risk of hunger and malnutrition. Yet leaders were only able to “reiterate our urgent call upon Russia” to end its blockade of Ukraine’s Black Sea grain ports that are at the root of the problem. Oxfam said the conclusion was a failure that “will leave millions to starve.” India was one of several partner nations invited to the summit, but there was little sign of Prime Minister Narendra Modi changing his stance to criticize the Kremlin for launching war on its neighbor, or of him putting a halt to Indian purchases of cheap Russian oil. While expressing concern about the burden of energy price increases and energy market instability, G-7 nations agreed only to “explore additional measures to reduce price surges and prevent further impacts on our economies and societies.” That included a plea to “encourage producer countries to increase their production” of oil, and plans to “seek to develop solutions that meet our objectives of reducing Russian revenues from hydrocarbons.” On the oil cap, a proposal advanced by Italian Prime Minister Mario Draghi and taken up by US Treasury Secretary Janet Yellen, leaders agreed to “consider a range of approaches.” Those include “options for a possible comprehensive prohibition of all services, which enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners,” according to the closing statement. French President Emmanuel Macron hailed the oil cap as a good idea and advocated a cap on Russian gas, too, but said that the challenge of implementing it is technical. Ministers were not instructed to flesh it out so much as told “to continue to discuss these measures urgently.” Yellen welcomed the conclusions as a “significant step” regardless, adding that the US will work with allies to advance the efforts.

Gas vulnerabilities

On gas, G-7 leaders acknowledged their own vulnerabilities that have been exposed by the war and Europe’s rush to find alternatives to Russian supplies. Most notably that includes summit host Germany, whose government has warned of the real risk of shortages in Europe’s biggest economy and a Lehman-like domino effect. So they stressed the role of increased deliveries of liquefied natural gas, adding that they “acknowledge that investment in this sector is necessary in response to the current crisis.” That’s a reversal of an agreement affirmed as recently as May to stop funding fossil fuel projects overseas. At the same time, leaders committed to stick with the goal of limiting global warming to 1.5 degrees Celsius, raising the question of how realistic holding to that target will prove to be. “In these exceptional circumstances, publicly supported investment in the gas sector can be appropriate as a temporary response, subject to clearly defined national circumstances, and if implemented in a manner consistent with our climate objectives,” the leaders said.

China challenge

With war in Europe, inflation rampant worldwide, an energy crisis and the pandemic still under way, the summit took place over three days rather than the usual two. US President Joe Biden was notably subdued during the public proceedings, holding few one-on-one meetings and skipping the usual closing remarks to the press. While Russia’s war on Ukraine dominated, G-7 leaders had an eye on the next major challenge, with a section of their communiqué addressed to an increasingly assertive China. That’s also a topic for those leaders heading to Madrid for a NATO summit. There is “no legal basis for China’s expansive maritime claims in the South China Sea,” they said, reminding Beijing of the need to uphold its obligations under international law and to “abstain from threats, coercion, intimidation measures or use of force.” They called on China to respect its commitments to democracy in Hong Kong, referred to Beijing’s “non-transparent and market-distorting interventions” in the economy, and expressed grave concern over the human rights situation in Tibet and Xinjiang. Chinese Foreign Ministry spokesman Zhao Lijian hit back at the G-7 during a regular press briefing Wednesday in Beijing, saying the bloc “is obsessed with creating division and confrontation.” G-7 nations have a “have a poor human rights track record,” Zhao said, adding that they “have no sense of responsibility or morality.” In a section that summed up the summit’s sense of grasping for solutions, the G-7 issued a call to China to press Russia to “stop its military aggression.” But as leaders well know, that’s something Beijing has been reluctant to do. All those strands will come together at the G-20 summit in Bali later this year, a forum where Putin and Chinese President Xi Jinping would normally be expected to be present. Scholz, outlining perhaps the summit’s most tangible outcome, said that G-7 leaders had agreed to attend, too, “if all things go as normal.” “There was broad agreement here in all our discussions that we don’t want to drive the G-20 apart,” he said. Bloomberg News

By Jill Lawless, Joseph Wilson & Sylvie Corbet

The Associated Press

ADRID—Nato leaders were sitting down Wednesday to try to turn an urgent sense of purpose triggered by Russia’s invasion of Ukraine into action—and to patch up any cracks in their unity over money and mission. Secretary-General Jens Stoltenberg said the alliance was meeting in Madrid “in the midst of the most serious security crisis we have faced since the Second World War.” Russia’s invasion of Ukraine has shattered Europe’s peace and driven Nato to pour troops and weapons into Eastern Europe on a scale not seen since the Cold War. Members of the alliance have also sent billions in military and civilian aid to Ukraine. The 30 Nato leaders will hear directly from Ukrainian President Volodymyr Zelenskyy, who is likely to ask them to do even more when he addresses the gathering by video link. Money could be a sensitive issue— just nine of Nato’s 30 members currently meet the organization’s target of spending 2 percent of gross domestic product on defense. The war has already triggered a big increase in Nato’s forces in the east, and allies are expected to agree at the summit to increase the strength of the alliance’s rapid reaction force nearly

eightfold, from 40,000 to 300,000 troops by next year. The troops will be based in their home nations, but dedicated to specific countries on Nato’s eastern flank, where the alliance plans to build up stocks of equipment and ammunition. Stoltenberg said Nato was undertaking “the biggest overhaul of our collective defense since the end of the Cold War.” The leaders are also set to publish Nato’s new Strategic Concept, its oncea-decade set of priorities and goals. Russia is set to be declared the alliance’s number one threat, but the document will also set out Nato’s approach on issues from cybersecurity to climate change—and the growing economic and military reach of China. For the first time, the leaders of Japan, Australia, South Korea and New Zealand are attending the summit as guests, a ref lection of the growing importance of the Indo-Pacific region. Stoltenberg said China was not Nato’s adversary, but posed “chal-

Nato Secretary-General Jens Stoltenberg arrives for a Nato summit in Madrid, Spain, on Wednesday, June 29, 2022. North Atlantic Treaty Organization heads of state will meet for a Nato summit in Madrid from Tuesday through Thursday. AP/Paul White lenges to our values, to our interest and to our security.” The summit opened with one problem solved, after Turkey agreed Tuesday to lift its opposition to Sweden and Finland joining Nato. In response to the invasion, the two Nordic nations abandoned their long-held nonaligned status and applied to join Nato as protection against an increasingly aggressive and unpredictable Russia—which shares a long border with Finland. Nato operates by consensus, and Turkish President Recep Tayyip Erdogan had threatened to block the Nordic pair, insisting they change their stance on Kurdish rebel groups that Turkey considers terrorists. After urgent top-level talks with leaders of the three countries, alliance Secretary Stoltenberg said the impasse had been cleared.

Turkey hailed Tuesday’s agreement as a triumph, saying the Nordic nations had agreed to crack down on groups that Ankara deems national security threats, including the Kurdistan Workers’ Party, or PKK, and its Syrian extension. It said they also agreed “not to impose embargo restrictions in the field of defense industry” on Turkey and to take “concrete steps on the extradition of terrorist criminals.” Stoltenberg said leaders of the 30-nation alliance will issue a formal invitation Wednesday to the two countries to join. The decision has to be ratified by all individual nations, but he said he was “absolutely confident” Finland and Sweden would become members. Stoltenberg sa id he e x pected the process to be finished “rather quickly,” but did not set a time on it.

Rice fields dry up as worst drought in Italy lingers on By Paolo Santalucia The Associated Press

ORTARA, Italy—The worst drought Italy has faced in 70 years is thirsting paddy fields in the river Po valley and jeopardizing the harvest of the premium rice used for risotto. Italy’s largest river is turning into a long stretch of sand due to the lack of rain, leaving the Lomellina rice flats—nestled between the river Po and the Alps—without the necessary water to flood the paddies. “Normally this field is supposed to be flooded with 2 to 5 centimeters (0.8 to 2 inches) of water, but now it seems to be on a sandy beach,” said rice farmer Giovanni Daghetta, as he walked through the dying rice fields in the town of Mortara. Farmers there have been producing the famed Arborio rice for centuries: the wide grains of this local variety are perfect for absorbing the flavors of risotto dishes. According to the United Nations Food and Agriculture Organization, drought stress is the most damaging factor for rice, especially in the early stages of its growth. Heat waves, like those repeatedly hitting Italy with peaks of 40 degrees Celsius (104 Fahrenheit), can significantly reduce the yield of surviving rice. “This paddy hasn’t been irrigated for two weeks now, and 90 percentof the plants have already fully dried,” said Daghetta. “The remaining 10 percent, that are still slightly green urgently need to be submerged with water within two or three days.” But with more dry days forecast ahead, Daghetta

had little hope that would happen. The lack of rainfall has brought governors of various Italian regions to declare a state of emergency in order to conserve water and coordinate the management of minimal resources. The region’s main water sources, the rivers Po and Dora Baltea, are eight times lower than the average seasonal levels, according to the West Sesia irrigation association, which regulates water distribution through the maze of channels which snake through the rice fields. “From the river Po, we were supposed to receive a flow rate of 160,000 liters (42,270 gallons) per second, while we currently have an approximate flow rate between 30,000 and 60,000 liters (7,925 to 15,850 gallons) per second,” said Stefano Bondesa, president of the West Sesia association. As a result of the water shortage, Bondesa was forced to take a few unpopular decisions, recently ruling to stop irrigating poplars, fruit trees and second crops to give priority to rice. Tensions are starting to arise between upstream and downstream regions along the river basin and between hydroelectric plants and farmers who are all vying for the same dwindling resource. It’s feared larger conflicts could be next if rainfall doesn’t relieve empty Italian reservoirs soon. Even Italy’s wealthiest city is feeling the effects of drought. The mayor of Milan signed an ordinance Saturday turning off the spigots of public decorative fountains to save water. Milan’s Archbishop, Mario Delpini, made a pilgrimage on

Saturday to pray for “the gift of rain.” Delpini visited three churches that serve the farming communities on the outskirts of Milan. He recited the Rosary and used holy water to bless a field in front of the St. Martin Olearo di Mediglia church. It seemed his prayers were at least partially heard on Tuesday as Milan and part of northern Italy were temporarily relieved by several scattered showers. But most areas are continuing to worsen. Among the stretch of sand between the Po and Ticino rivers, a river-bed-turned-beach has attracted local residents looking for a sunbathing spot. Piero Mercanti, who now frequents the sandy riverbed with his partner, has been keeping an eye on receding water levels. “We stuck some wooden sticks in the ground last Sunday, to measure how much the river was withdrawing in one week,” he said. On his return a week later, he noted that the river withdrew by an additional 26 steps. Italy’s drought is threatening some 3 billion euros ($3.1 billion) in agriculture, an Italian farm lobby said this week. Italy’s confederation of agricultural producers estimates the loss of 30-40 percentof the seasonal harvest. While unusual heat and lack of rainfall are to blame for the current crisis, Italy has a notoriously wasteful water infrastructure that national statistics agency estimates loses 42 percentof drinking water from distribution networks each year, in large part due to old and poorly maintained pipes. Italy’s civil protection agency

is gathering information from regions and various national ministries to propose a broader state of emergency for affected regions. Hundreds of towns and cities across the north have already passed various orders calling for responsible water use in a bid to avoid the use of rationing.

TheWorld BusinessMirror

A10 Thursday, June 30, 2022

US officials reveal more steps against monkeypox outbreak By Mike Stobbe

AP Medical Writer

EW YORK—Reacting to a surprising and growing monkeypox outbreak, US health officials on Tuesday expanded the group of people recommended to get vaccinated against the monkeypox virus. They also said they are providing more monkeypox vaccine, working to expand testing, and taking other steps to try to get ahead of the outbreak. “We will continue to take aggressive action against this virus,” said Dr. Ashish Jha, White House Covid-19 response coordinator, who has also been playing a role in how the government deals with monkeypox. The administration said it was expanding the pool of people who are advised to get vaccinated to include those who may realize on their own that they could have been infected. That includes men who have recently had sex with men at parties or in other gatherings in cities where monkeypox cases have been identified. Most monkeypox patients experience only fever, body aches, chills and fatigue. People with more serious illness may develop a rash and lesions on the face and hands that can spread to other parts of the body. The disease is endemic in parts of Africa, where people have been infected through bites from rodents or small animals. It does not usually spread easily among people. Last month, cases began emerging in Europe and the United States. Many—but not all—of those who contracted the virus had traveled inter nat iona l ly. Most were men who have sex with men, but health officials stress that anyone can get monkeypox. Case counts have continued to grow. As of Tuesday, the US had identified 306 cases in 27 states and the District of Columbia. More than 4,700 cases have been found in more than 40 other countries outside the areas of Africa where the virus is endemic. There have been no US deaths and officials say the risk to the American

public is low. But they are taking steps to assure people that medical measures are in place to deal with the growing problem. One of the steps was to expand who is recommended to get vaccinated. Vaccines customarily are given to build immunity in people before they are ever infected. But if given within days or even a few weeks of first becoming infected, some vaccines can reduce severity of symptoms. A two-dose vaccine, Jynneos, is approved for monkeypox in the US. The government has many more doses of an older smallpox vaccine— ACAM2000—that they say could also be used, but that vaccine is considered to have a greater risk of side effects and is not recommended for people who have HIV. So it’s the Jynneos vaccine that officials have been trying to use as a primary weapon against the monkeypox outbreak. So far, the government has deployed over 9,000 doses of vaccine. US officials on Tuesday said they are increasing the amount of Jynneos vaccine they are making available, allocating 56,000 doses immediately and about 240,000 more over the coming weeks. They promised more than 1 million more over the coming months. Officials said limited Jynneos doses will be allocated “using a four-tier distribution strategy that prioritizes jurisdictions with the highest case rates of monkeypox,” and that the number of doses distributed would be based on the number of people at risk for monkeypox and on how many of them can’t get ACAM2000 because of HIV. That suggests the largest number of doses might go to states like New York, California and Illinois, each of which has reported more than 40

Taiwan firms step up US chip investments

Taiwanese chip company announced a $5 billion investment in the US this week and another is planning a research center in the Midwest. The back-to-back announcements may help allay concerns among American politicians and business leaders that the country is relying too much on Taiwan for production of semiconductors. Silicon-wafer maker GlobalWafers Co. said on Monday that it plans to build a plant that will be the biggest of its kind on American soil with construction to start later this year. Chip designer MediaTek Inc., a rival to Qualcomm Inc., said on Tuesday it will create a research center in partnership with Purdue University in Indiana. “With the global chips shortage and ongoing geopolitical concerns, GlobalWafers is taking this opportunity to address the United States semiconductor supply chain resiliency issue by building an advanced node, state-of-the-art, 300-millimeter silicon wafer factory,” GlobalWafers Chairwoman and Chief Executive Officer Doris Hsu said in a statement on Monday. Hsu told Taiwan media that 80 percent of its production capacity at the yet-to-be-built Texas plant has been booked. US Commerce Secretary Gina Raimondo has said dependence on Taiwan puts her country in a fragile situation. Former Google chief Eric Schmidt this month amplified concerns that it is a national security risk for America to rely on Taiwan and other Asian countries for the majority of its chip supply. Russia’s attack on Ukraine has heightened such worries, as some see the war increasing the chances that China will seek to invade Taiwan. GlobalWafers and MediaTek are following in the footsteps of Taiwan Semiconductor Manufacturing Co., the world’s largest contract chipmaker, which is building a $12 billion plant in Arizona to diversify its production capacity and satisfy Washington’s demand that some chips for national security use should be made domestically. Even after TSMC first announced its plans for the Arizona plant, US officials and business leaders continued to warn that it is too risky for the world’s chip production to be centralized in Taiwan. They have ramped up their rhetoric in recent months as part of their campaign to get lawmakers to approve $52 billion in federal grants to aid domestic manufacturing. China sees self-governing, democratic Taiwan as part of its own territory, and hasn’t ruled out taking the island through force. A senior Chinese economist at a government-run research group this month called on authorities to seize TSMC if the US hits China with sanctions on par with those leveled against Russia.

Bloomberg News

This 2003 electron microscope image made available by the Centers for Disease Control and Prevention shows mature, oval-shaped monkeypox virions, left, and spherical immature virions, right, obtained from a sample of human skin associated with the 2003 prairie dog outbreak. US health officials are expanding the group of people recommended to get vaccinated against the monkeypox virus. They also say they are providing more monkeypox vaccine, working to expand testing, and taking other steps to try to get ahead of the outbreak.

World not on track to end hunger and cut farm emissions, UN says

he global agriculture sector won’t eradicate hunger by the end of the decade or meet climate goals from the Paris Agreement without a major overhaul, key agencies cautioned Wednesday. A United Nations pledge to eliminate hunger by 2030 appears out of reach, as low-income nations struggle to afford better diets, its Food and Agriculture Organization said in a joint report with the Organization for Economic Cooperation and Development. Greenhouse gas emissions from agriculture are also seen continuing to rise on a business-asusual path. The challenges are two of the most vital issues facing the world’s food sector. Reversing current trends to meet both goals would require a 28 percent increase in agricultural productivity this decade—triple the rate of the last ten years—highlighting the scale of

the problem. Battling hunger has garnered heightened attention this year, as Russia’s invasion of Ukraine choked exports from one of the world’s biggest crop suppliers, stoking food inflation and potentially leaving millions more undernourished. Supply-chain hurdles and erratic weather are also straining global supply. The run-up in crop prices may prove temporary, assuming an end to the war, the report said. Still, grain costs will likely remain high through 2023. Improving food access through social safety nets and distribution programs, especially for the most vulnerable, is key to reducing global hunger, according to the report. Curbing emissions, reducing food waste and limiting calorie intake in rich countries are measures needed to meet climate goals, it said. Bloomberg News

Cynthia S. Goldsmith, Russell Regner/CDC via AP

cases. However, officials on Tuesday did not say exactly which jurisdictions would be at the top of the list. David Harvey, executive director of the National Coalition of STD Directors, was critical of the government’s announcement. “We have more questions than ever about how this vaccine will make it to those most at-risk in an equitable way and how the US will ramp up testing and provide access to the best therapeutics,” Harvey said, in a statement. Another change announced Tuesday: Until now, the Centers for Disease Control and Prevention has advised that vaccines be given after exposure to people whom health officials identify as close personal contacts of cases. But on Tuesday, CDC officials say they are expanding the recommendation to people who were never identified but may realize on their own that they may have been infected. That can include men who have sex with men who have recently had multiple sex partners in a venue where there was known to be monkeypox or in an area where monkeypox is spreading. “It’s almost like we’re expanding the definition of who a contact might be,” said the CDC’s Jennifer McQuiston. If people have been to a party or other place where monkeypox has been known to spread “we recommend they come in for a vaccine,” she said. The CDC’s expansion follows similar steps taken in New York City and the District of Columbia. T he District of Columbia has

identified 19 cases, but case-tracking investigations revea led that some of the infected men had been in gatherings where they were hugging, kissing or in other forms of close intimate contact with people they didn’t know, said Anil Mangla of the D.C. health department. It was clear that “we were missing something here,” and needed to start offering services to others, said Mangla, an epidemiologist. Last Thursday, New York City’s health department—ar med w ith 1,000 of doses of Jynneos from the federal government—announced it was opening a temporary clinic to offer the vaccine to all gay, bisexual and other men who have sex with men who have had multiple or anonymous sex partners in the previous two weeks. But all the appointments quickly filled up that day, and the last round of appointments was Monday. “Until we receive more supply we are unable to release additional vaccination appointments,” said Patrick Gallahue, a spokesman for the city’s health department, in an email. On Monday, the District of Columbia’s health department took a similar step. The department started taking appointments at 1 p.m. Monday but had to stop after 20 minutes, Mangla said. The department only had 200 doses of Jynneos, and it was clear at the point that it the department didn’t have the vaccine supply or staffing to continue to sign up new people, he said.

South Korea approves first homemade Covid vaccine By Kim Tong-Hyung

www.businessmirror.com.ph

The Associated Press

EOUL, South Korea—Health officials in South Korea on Wednesday approved the country’s first domestically developed Covid-19 vaccine for people 18 years or older, adding another public health tool in the fight against a prolonged pandemic. In clinical trials involving some 4,000 participants in South Korea and five other countries, SK Bioscience’s two-dose SKYCovione vaccine appeared to be more effective than the broadly used AstraZeneca shots in building immunity against infections, officials at South Korea’s Food and Drug Safety Ministry said. It isn’t immediately clear how officials will administer the newly developed vaccine or how big of a role the shots will have in the next phase of the pandemic. The shots were designed for the original version of the coronavirus, not the more transmissible omicron variant that wreaked havoc in the country earlier this year. US vaccine giants Pfizer and Moderna have been speeding up their development of booster shots targeting omicron and experts say it’s possible the virus could evolve again in the coming months.

South Korea’s mass immunization campaign has been mainly dependent on Pfizer and Moderna’s mRNA shots. But officials say protein vaccines like SKYCovione, which are similar to shots used for years against the common flu and hepatitis B, could appeal to people who are hesitant to use vaccines developed with newer technologies. “The approval (of SKYCovione) internationally confirms the abilities of our companies to develop Covid-19 vaccines,” Food and Drug Safety Minister Oh Yu-kyoung said in a briefing. She said SK Bioscience is seeking an approval from the World Health Organization for its shots, which would potentially open export opportunities. South Korea has eased most of its virus restrictions after battling an Omicron surge earlier this year, but some experts say the country may see another rise in infections despite a high vaccination rate because of waning immunities and the possible emergence of new variants. The country reported 10,463 new cases of the coronavirus on Wednesday, its first daily increase over 10,000 in 20 days. Health Ministry official Son Youngrae said during a separate briefing it’s too early to tell whether the country is facing another surge after a months-long downward trend.

A fruit seller in Spain. Amid the price spike, Spanish businesses and households are hurting. Bloomberg photo

Spanish inflation soars to 10% as ECB gears up for rate hikes

panish inflation unexpectedly surged to a record, defying government efforts to rein it in and signaling intensifying price pressure as the European Central Bank gears up to raise interest rates for the first time in more than a decade. The surprise 10 percent reading for June dashes hopes that inflation in the euro zone’s fourth-biggest economy had peaked and highlights how a squeeze on consumers, once forecast to be transitory, is instead intensifying. The rate is up from 8.5 percent in May and exceeded all 15 estimates in a Bloomberg survey of economists. The reading will embolden ECB policy makers pushing for big increases in interest rates when they kick off next month. While President Christine Lagarde this week reiterated plans for a quarterpoint rate hike in July to begin a sustained cycle of increases, other officials have floated the idea of more aggressive action. Governing Council member Gediminas Simkus said in a Bloomberg interview published earlier Wednesday that a 50 basispoint hike should be an option at next month’s meeting. The inflation rate in his country, Lithuania, is above 20 percent. His colleague Martins Kazaks said rates can be raised “quite quickly,” and that front-loading of hikes is “reasonable.” Money markets pared tightening bets on Wednesday, pricing 161 basis points of hikes this year compared to 164bps on Tuesday. This would be consistent with two half-point and two quarter-point increases across the next four policy meetings. Spain’s gauge of underlying prices that strips out volatile items also quickened in June, reaching 5.5 percent—the most since 1993. Inf lation expectations among Spanish consumers increased this month, according to a separate release from the European Commission, which showed an overall decline for the euro area. Spain wasn’t alone in bucking the trend—households on the region’s periphery including Greece, Portugal and Estonia also grew more worried. The Spanish data could offer a prelude to figures from the continent’s biggest economies, with Germany set to report later Wednesday and France on Thursday. Inflation in the German states of North Rhine Westphalia, Hesse, Bavaria, Brandenburg, Baden Wuerttemberg and Saxony slowed in June, separate data showed. The euro zone itself will release numbers on Friday. Amid the price spike, Spanish businesses and households are hurting, while the government has squabbled with INE, whose head will step down after months of criticism his office has consistently overestimated price gains. Prime Minister Pedro Sanchez has joined efforts to tame inflation, capping the price of natural gas used to generate electricity, though that measure has proved less of a benefit than envisaged. To help consumes, the government announced a 0.20 euro subsidy for gasoline in March, with the administration paying 0.15 euros and oil firms the rest. As part of a new 9 billion-euro ($9.5 billion) package announced last week, Sanchez will extend the subsidy, which was due to end June 30, through the end of the year. The government says the aid, which also included one-off checks for poor households and lower taxes on power bills, will shave 3.5 percentage points off inflation in 2022. Bloomberg News

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Thursday, June 30, 2022 A11

‘Allot ₧15B for fertilizer aid to hike rice output’ By Jasper Emmanuel Y. Arcalas @jearcalas

RESIDENT-ELECT and incoming Agriculture Secretary Ferdinand R. Marcos Jr. must shell out at least P15 billion to expand the government’s fertilizer subsidy program, which will help farmers raise local rice production. Outgoing Agriculture Secretary William D. Dar said the incoming agriculture leadership the fertilizer voucher program will sustain the productivity of rice planters. “The latest calculations if we want a sustained level of productivity and production volume like last year if not better than the 19 million metric tons (MMT), with the balanced fertilization strategy which will reduce by 50 percent the application

of chemical fertilizer, (government) needs to spend P15 billion,” Dar said in a press briefing on Wednesday. Without the additional fertilizer subsidies, the country’s paddy rice output could decline by 1.1 million metric tons (MMT) to as much as 1.3 MMT or 715,000 metric tons (MT) to 815,000 MT in milled terms. The DA is currently implementing a P5.85-billion fertilizer voucher program, covering some 3 million hectares of rice farms nationwide. (Related story:https://businessmirror.com. ph/2022/03/09/da-issues-rulesfor-fertilizer-aid-scheme/) Under the program, discount vouchers will be used by farmerbeneficiaries to claim fertilizers at accredited merchants. The vouchers will have a value equivalent to P1,131 per hectare for inbred rice and P2,262

per hectare for hybrid rice. The DA said the rice farmers’ production cost of palay rose by P3.13 per kilogram due to more expensive fertilizer which surged to a record P3,000 per 50-kg bag. Due to higher fertilizer prices, rice farmers have been forced to reduce their application of the input, resulting in lower yield. Agriculture Undersecretary Leocadio Sebastian said the country’s palay production may fall below the 2020 level of 19.3 MMT if the government will not be able to mitigate the impact of reduced fertilizer application on output. “But I think the incoming administration is keen on implementing measures to mitigate the reduction. Our palay production target this year is 20.4 MMT,” he said. “So, we will have

A FARMER in Pangasinan displays threshed rice in this BusinessMirror file photo.

PHL may run out of sugar by August–SRA

HE country’s sugar stocks will be depleted by August as demand for the sweetener has outpaced supply due to lower cane production and the delay in import arrivals, according to the Sugar Regulatory Administration (SRA). Calculations made by the Department of Agriculture (DA) and the SRA showed that the country will run out of refined sugar as early as the last week of July. Latest estimates made by the SRA indicated that the country’s current raw sugar stocks of 248,195.40 metric tons (MT) will be wiped out by August 4 while the current supply of refined sugar of 109,004.5 MT will be totally consumed by July 29. Agriculture Undersecretary Fermin D. Adriano said the computation made by the DA’s economic team showed a sugar supply deficit of 203,000 MT and a refined sugar shortfall of about 332,000 MT. SRA Administrator Hemernegildo R. Serafica said the country is already “eating up” its sugar buffer stock. Because of this, Serafica said the country will not have any carryover stocks of sugar at the start of the next crop year on September 1. “That is why there should be carryover sugar stocks at the end of each milling period. But this time, as it is,

we won’t have any carryover stocks,” he said in a statement. Historically and ideally, Serafica said the country must have carryover stocks of 250,000 MT of raw sugar and 200,000 MT to 250,000 MT of refined sugar at the end of any given crop year. “Unfortunately, what is happening is even our carryover stocks from last year is (running out). So we are now already consuming what would have been our buffer stock because our imports were delayed.” (Related story: https://businessmirror.com.ph /2022/06/22/ phl-faces-raw-sugar-shortageas-demand-surges/)

‘Up to BBM’

SERAFICA said one of the options of government to plug the shortfall in domestic sugar supply is to import since it will take some to build up stocks from local sources. He noted that the milling of raw sugar starts in December and peaks in the first quarter of the succeeding year, while refined sugar production begins once there is an ample supply of raw sugar. “If we rely on our local production alone and not allow importation, by August we won’t have enough sugar and we won’t have any carryover stocks for our needs in the coming

months until production builds up.” However, Serafica said it is up to the incoming administration of President-elect and incoming Agriculture Secretary Ferdinand R. Marcos Jr. if the country would resort to importing more sugar. “We leave [it] to the incoming administration. What the SRA is doing now is to implement SO 3 [Sugar Order 3] as far as the shortage is concerned,” he said in a press briefing on Wednesday. SO 3, which reached the courts, authorized the importation of 200,000 MT of refined sugar, of which half are bottlers’ grade and half are standard refined grade. The SRA had also planned to authorize the importation of 350,000 MT of sugar to further boost domestic sugar supply and prevent price spikes. Based on the draft SO, the volume consists of 250,000 MT of refined sugar and 100,000 MT of raw sugar. (Related story: https://businessmirror.com.ph/2022/04/07/ phl-eyeing-importation-of-350kmt-of-sugar/) However, the SRA did not push through with the plan after it received a legal opinion from the Office of the Government Corporate Counsel that it can continue implementing SO 3 except in regions where

a restraining order or preliminary injunction against SO 3 has been issued by the courts.

Fresh all-time highs

THE average retail price of refined sugar in Metro Manila wet markets as of June 23 soared to a fresh record high of P83.79 per kg while its average price in supermarkets reached an all-time high of P74.07 per kg, based on SRA data. Refined sugar sold in Metro Manila markets ranged from P65 per kg to P90 per kg. The average retail price of raw sugar in Metro Manila wet markets is now at P64.50 per kg while its quotation in supermarkets averaged P60.22 per kg. The average retail price of washed sugar in Metro Manila public markets is currently at P61.84 per kg while those sold in supermarkets is at P67.43 per kg. The average wholesale price of refined sugar as of June 23 reached a new record high of P3,991.43 per 50-kg bag, 73.35 percent higher than last year’s P2,302.5, SRA data showed. Also, the average wholesale price of raw sugar rose by more than half year-on-year to a record P2,846.15 per 50-kg bag. Jasper Emmanuel Y. Arcalas

Prices triple in Brazil’s lopsided market for carbon credits

OMETHING is amiss in Brazil’s biggest carbon market. At best, the program known as RenovaBio that mandates fuel distributors purchase biofuel credits is “asymmetrical” and “inefficient,” with an expected shortage of credits driving prices to more than triple since the start of the year, said Joisa Dutra, a professor at the Fundacao Getulio Vargas business school who has studied the program. At worst, its sharpest critics say, the program overpromises on emissions impact, ignores international standards and risks shrinking the potential market for other carbon credits—ones they say could more directly help the country meet its climate goals. “They are not removing any kind of greenhouse gas emissions at all,” said Patrizia Tomasi-Bensik, an engineer who does contract work for a UN climate agency and is arguably the program’s loudest critic. “It’s a huge scheme.” RenovaBio, signed into law in 2017 as an incentive to expand biofuels production, is an important part of Brazil’s plan to cut greenhouse gas emissions 50 percent by 2030 and become carbon neutral by 2050, the country’s energy ministry said in response to questions. As it points out, a Brazilian flex-fuel car running on ethanol produces less carbon dioxide per mile than European electric vehicles. Fuel distributors avoided emitting 24 million tons of greenhouses gases in 2021 thanks to the program, Brazil’s energy ministry said. In short, leaning into biofuels

like sugarcane ethanol as a solution to climate change given the nation’s position as a global agricultural powerhouse just makes sense, advocates of the program say. The program exemplifies just how hard it is to satisfy all parties when trying to meet climate pledges set under the Paris Agreement. Bite off too ambitious a goal and the project may fail; take too small a step forward and critics will cry greenwashing. And unlike other publicly traded commodities such as a barrel of oil or an ounce of gold, there is an ongoing debate over how to even measure a ton of carbon removed from the atmosphere in the first place. That means every attempt to quantify it is under the microscope—and in an increasingly ESG-minded world, not all carbon-reduction schemes will ultimately pass muster. The way this specific program is set up, biofuels producers and im-

porters generate decarbonization credits, known as CBIOs, representing a ton of carbon that would have been emitted by an equivalent amount of fossil fuels. In turn, fossil fuel distributors are required to buy the CBIOs to meet their decarbonization targets. The credits began trading in 2020. But the program is running into some problems—big or small, depending who you ask. For one, it’s lopsided: The government sets a target for the number of CBIOs that need to be purchased, but there’s no corresponding quota for the number that need to be created. That’s leading to a squeeze on availability and driving prices to skyrocket—an added cost for fuel distributors that inevitably trickles down to the consumer in the form of higher gasoline prices, though probably only a few centavos a liter. At current prices, fuel distributors will need to spend

about 7.5 billion reais ($1.4 billion) on CBIOs next year to meet the government’s target, more than sixfold what it cost them last year. Why are prices going up? For one, fuel distributors are required to buy 45 percent more of these credits this year than in 2021, but the production of biofuels has actually been declining since 2019. Brazil’s main sugar industry association, Unica, contends ethanol producers are on track to supply enough CBIOs to meet demand this year; still, fuel distributors are getting nervous about the future. According to estimates from FG/A, a consulting firm based in Sao Paulo state, Brazil’s ethanol output must almost double by 2026 to meet CBIOs targets, an unlikely scenario as there are no major ethanol expansions in the works. In fact, some fuel distributors are likely already buying for 2023 to avoid any shortages, said Plinio Nastari, the president of consultancy Datagro. To be sure, if credit prices do stay elevated, it could encourage mills to produce more ethanol, potentially increasing supply by 5 billion or 6 billion liters per year, said FG/A partner Willian Hernandes. Higher credit prices could even trigger new ethanol projects, boosting the biofuel production to meet long-term goals, he said. Going forward, Unica said it expects ethanol producers to both certify a greater percentage of their production with RenovaBio and produce more ethanol from the same amount of sugarcane. Bloomberg News

a hard time [achieving it] because of the reduction in fertilizer use.” Nonetheless, Sebastian said the government still has enough time to bankroll another round of fertilizer subsidies since planting for the wet cropping season will start next month. He said, however, that the government must act immediately. Agricultural production in the first quarter dipped by 0.3 percent due to the contraction in the output of the crops, fisheries and livestock subsectors. Dar earlier attributed this to “spiraling prices” of fertilizer, a critical input for crops production, particularly rice and corn. (Related story: https://businessmirror. com.ph/2022/05/11/farm-output-dips-slightly-in-q1-fertilizerprice-spikes-blamed/)

IPOPHL gives nod to collective mark registration of Bicol pili products By Andrea E. San Juan

HE Intellectual Property Office of the Philippines (IPOPHL) has approved the collective mark registration of Bicol pili products, which is expected to help pili farmers, processors and traders generate higher revenues. IPOPHL said its Bureau of Trademarks (BOT) awarded the Certificate of Registration of the “Bikol Pili” collective mark to the Orgullo Kan Bikol (OKB) Association Inc. in Legazpi City during a ceremony to unveil the mark held recently. “The collective mark serves to distinguish the origin and quality of pili products made and marketed by OKB members. It symbolizes OKB’s collective philosophy of supporting the pili industry to reach its potential and contribute to the socio-economic empowerment of the Bicol region,” OKB President Nona Nicerio said in a statement. Nicerio said the use of Bikol Pili collective mark is expected to further empower their members, mostly farmers, producers and small-scale entrepreneurs in the region, who are now entitled to use the collective mark to promote their pili products. BOT Director Jesus Antonio Z. Ros said the mark would be “an effective branding tool that would stir increased consumer confidence, enhance competitiveness, attract more investors, sustain demand and productivity and provide additional employment opportunities.” “We wish the OKB will be able to sustain these efforts in promoting all products covered by the Bikol Pili mark as the pili tree is very distinct and endemic in Bicol,” said Ros. IPOPHL Director General Rowel S. Barba said the approval of collective mark registration is “a huge leap not just for our producers and traders but also for our nation.” “The wide-ranging opportunities from having a collective mark protection will, in the long run, foster inclusive economic growth.” The mark will be used for a total of 13 classes of goods and services based on the Nice Classification. This will range from the processed pili food products, to non-food products, such as garments, fashion accessories and wearables, cosmetics and beauty products and essential oils, among others. The OKB is a Bicol-based association of more than a hundred local entrepreneurs and an active member of the Department of Trade and Industry (DTI) in promoting Bicol’s products. Bicol’s collective mark is a “significant milestone” for the region

especially after pouring efforts into it for more than a decade to obtain the mark, coupled with the Albay local government’s endeavors to bounce back from the harsh impact of the pandemic. Albay Governor-elect Noel Rosal has committed to strengthen local government councils to “be more connected with the pili sector” and enable it to help Albay’s economy bounce back to its prepandemic status. The DTI said the Bikol Pili registration is a continuing responsibility, especially for the producers, processors, and traders. DTI Regional Director Rodrigo M. Aguilar said, “our journey will not end here; this Bikol Pili collective mark will be nothing if it fails to achieve its objective which is to enhance linkages between collective mark registration and local development.” Aguilar added that the said linkages can only be strengthened by simultaneously supporting micro, small, and medium enterprises (MSMEs) through the promotion of practices that generate a positive image for pili as one of the region’s flagship commodities. Department of Agriculture (DA) Regional Director Rodel P. Tornilla said the establishment of production and processing standards—a key requirement to secure a collective mark—“will surely boost the pili industry that serves as a major livelihood for thousands of Bikolano farmers, producers, processors, and traders.” Tornilla said the branding tool could also open doors for the Bicol region globally as it can later on be popularly known as the origin of pili that has vast uses and potential in agriculture, tourism, food and cosmetics industries. The push for the Bikol Pili mark is a collaborative effort between IPOPHL, the World Intellectual Property Organization (WIPO) and DTI with the support of other agencies such as the Trade, Agriculture, and Science and Technology departments. IPOPHL said in its statement that the Bikol Pili registration is part of WIPO’s project dubbed “Registration of Collective Marks of Local Enterprises as a Cross-Cutting Economic Development Issue,” which is also being implemented in Bolivia, Brazil and Tunisia. The Bikol Pili is now the latest addition to the list of IPOPHLregistered collective marks, which includes the Guimaras Mangoes, Cordillera Heirloom Rice, Lake Sebu T’nalak and the Aklan Quality Seal. The said collective marks are also set to be registered as geographical indications once the BOT finalizes a registration system for GIs this year.

A12 Thursday, June 30, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

Farewell, Mr. President

S President Duterte descends the stairs of Malacañang today after turning over the vast powers of the presidency to President Ferdinand “Bongbong” Marcos Jr., he should be happy to realize that the biggest and hardest job in the country utterly failed to change him as a man. After winning the presidential polls in 2016, he vowed to be “prim and proper” once he becomes president. “I need to control my mouth. I cannot be rude because I am representing our country,” he said.

However, after his inauguration, the 16th President of the Philippines deliberately shunned donning his presidential clothes. In his mind, he is the national mayor who attends Malacañang functions in barong with rolled up sleeves. He remained simple and unassuming, never severing his ties with the masses, and speaking in a manner that they understood. But he curses in public when he is angry over the activities of corrupt government personnel and drug offenders. Mr. Duterte is arguably the most politically incorrect president. He says exactly what he thinks without trying to be polite. There’s wisdom in his words, but you have to follow his line of thought because he usually jokes; he loves to pepper his talks or speech with witty wisecracks. And the national mayor can slander any global leader…except Xi Jinping, Vladimir Putin, and Donald Trump. His boldness made him a “rock star” in foreign affairs. Time magazine, which labeled him “The Punisher,” featured him on the cover in 2016. The magazine again featured him in 2018 as one of the “strongmen,” alongside Russian President Vladimir Putin, President Recep Tayyip Erdogan of Turkey, and Hungarian Prime Minister Viktor Orban. Mr. Duterte did not like the magazine’s “Rise of the Strongmen” article. “Hindi naman ako strongman,” he said. No Philippine president has ever lambasted an American president. But after calling President Barack Obama a “son of a whore,” Mr. Duterte accomplished something no Philippine president was able to do—the return by the US of the three Balangiga bells after 117 years. Outgoing DFA Secretary Teddy L. Locsin Jr. describes how President Duterte fully trusts his lieutenants: “After I was sworn in, the President walked away. “Uh, sir,” I mumbled. He turned around. “Any orders?” He answered: “I tossed you the ball, play it as you see fit.” President Duterte constantly looks after the people’s welfare. In his fourth SONA in 2019, he warned several government agencies to simplify their processes, threatening to kill them if they didn’t. “Pag di niyo pa nagawa ’yan ngayon, papatayin ko talaga kayo.” He tagged the BIR, LTO, SSS, LRA and Pag-IBIG as the top five agencies that needed to overhaul their systems and drastically improve their services. This kind of bravura is what endears him to the masses. Mr. Duterte leaves office with unusually high approval and satisfaction ratings. In a recent survey conducted by PUBLiCUS Asia Inc., 75 percent of respondents strongly approved Duterte’s job performance during his six-year term. Atty. Aureli Sinsuat, PUBLiCUS executive director, said these numbers indicate that President Duterte will leave office as the most popular president of the post-Edsa I era. “No other president who served under the 1987 Constitution has ended his or her term with majority approval and trust ratings, much less a supermajority of public support,” he said (Read, “Duterte ends term as most popular post-’86 president,” in the BusinessMirror, June 27, 2022). The men and women of the Armed Forces of the Philippines, whom he fondly calls “my soldiers, airmen, sailors and Marines,” will regard President Duterte as the most loved and respected commander-in-chief. Mr. Duterte’s leadership focused on the maintenance of peace and order in the country. He repeatedly warned criminals: “If you destroy my country, I will kill you. If you destroy the youth of this country, I will kill you.” Mr. Duterte will be remembered as the president who placed the interest of Filipinos first and foremost. He has no record of corruption. You can call him anything you want, or accuse him of anything, but you can’t call him corrupt. As Mr. Duterte reaches the curtail step, or the step at the bottom of the Malacañang staircase, we can almost picture him heaving a sigh of relief. He has done so much for the country. We know he will not look back at the place where he lived for six years because he will now start missing the comfort of his own bed in Davao. He will be thankful he is no longer required to sleep in Malacañang because, he once admitted, “takot ako sa multo.”

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer Chairman of the Board President Advertising Sales Manager Group Circulation Manager

Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com

www.news.businessmirror@gmail.com

Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

What the Philippines needs now John Mangun

OUTSIDE THE BOX

his is an optimist. “Everyone knows that there is a pot buried at the end of the rainbow. If you are first and get there before the rainbow disappears, you will find a pot of gold.”

This is a pessimist. “Everyone knows that there is a pot buried at the end of the rainbow. Even if you are first and get there before the rainbow disappears, the pot will probably be empty.” This is a realist. “After having examined the end of several rainbows separated by time and distance, it is unlikely that there is a buried pot.” The only sensible analysis of virtually any subject matter is to connect the dots and see where the path logically leads. I am taken by surprise when someone says—either with anger or respect—that I am “optimistic” about the future of the Philippines. I wonder if they remember that I am the one who in mid-2015 wrote of the cycle of political chaos coming in 2016 that gave the world, among other things, Duterte, Brexit, and

Trump. Likewise in September 2019 I wrote that you needed to be thoroughly prepared as the cycle was moving to a period of complete economic chaos beginning in January 2020. My only optimism was that the Philippines would definitely survive based on what I saw happening here and up close during the 1997 Asian Financial Crisis and during the 2008 Global Debt Crisis. The economic “connect-the-dots” for the Philippines is relatively simple, but only if you do not have a political agenda in your analysis. I do not. My only agenda is to protect and provide for my family. Your politics means nothing to me. In 1997 Thailand and South Korea were economically devastated because a massive amount of corporate debt was dollar denominated.

Those governments lost control of their currencies because they were keeping the exchange rate artificially over-valued to save the corporations. Bad idea that failed. In the Philippines, only a very few companies went down, as these companies had too much dollar debt. We learned both privately and publicly about too much dollar debt. So, connecting that dot to 2008, the Philippines was in good shape to weather the global debt crisis and it did just fine. The peso devalued, as did all Asian currencies. Fast forward to 2022 and maybe even beyond. The Philippines has the most balanced economy—exports, tourism, remittances, consumer spending, government spending— of the Asean-6 nations. Without tourism, Thailand is dead in the water. Sixty-percent of Malaysia’s gross domestic product comes from exports. Indonesia has a large stake in mining and is benefiting currently from high coal and mineral prices. Singapore also depends on exports of specialty manufactured goods like Refined Petroleum Products (which the Philippines buys) and integrated circuits. Attention is focused on the peso, which has lost more value this year against the US dollar—down eight percent—than Indonesia (-4 percent), Malaysia (-5.5 percent), or

Thailand (-6.6 percent). But the 8.3 percent Philippine GDP growth is much greater than Malaysia and Indonesia at 5 percent and Thailand at 2.2 percent. Our inflation at 5.4 percent is higher than Indonesia at 3.6 percent and Malaysia at 2.8 percent. But Thailand has 7 percent inflation. Take some other indicators— Debt to GDP, Balance of Trade, Foreign Exchange Reserves—and the Philippines is lagging behind. Further, the “connect-the-dots” trend is not “optimistic.” However, I think that the focus on changing the constitution in the hope—and maybe prayer—that FDI will improve is misguided. And hoping and praying that 2019 conditions will magically come back is foolish. What I will be watching to see is the government policies that move the needle positive on domestically generated—not foreign—Gross Fixed Capital Formation. We need to have Filipino companies investing in expansion and improvement in the Philippines starting today. SM Department Store closing the third floor of their SM City BF Parañaque location is not a dot that I want to see connected. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

Hong Kong in limbo 25 years after British handover to China

By Zen Soo | The Associated Press

ONG KONG—When the British handed its colony Hong Kong to Beijing in 1997, it was promised 50 years of self-government and freedoms of assembly, speech and press that are not allowed Chinese on the Communist-ruled mainland.

As the city of 7.4 million people marks 25 years under Beijing’s rule on Friday, those promises are wearing thin. Hong Kong’s honeymoon period, when it carried on much as it always had, has passed, and its future remains uncertain, determined by forces beyond its control. Before the handover, many in Hong Kong worried that life would change when Beijing took over. Thousands rushed to obtain residency elsewhere and some moved abroad. For the first decade or so, such measures looked overly dramatic – this bustling bastion of capitalism on China’s southern coast appeared to keep its freedoms, and the economy was booming. In recent years, Beijing has been expanding its influence and control. Those moves appeared to be hastened by mass pro-democracy protests in 2014 and 2019. Now, schools must provide lessons on patriotism and national security, and some new

textbooks deny Hong Kong was ever a British colony. Electoral reforms have ensured that no opposition lawmakers, only those deemed to be “patriots” by Beijing, are in the city’s legislature, muting once lively debates over how to run the city. China has installed John Lee, a career security official, as the successor to Chief Executive Carrie Lam. Freedom of the press has come under attack and pro-democracy newspapers openly critical of the government, such as Apple Daily, have been forced to close. Its publisher Jimmy Lai has been jailed. Hong Kong also has banned annual protests marking China’s June 4, 1989 crackdown on the pro-democracy movement centered on Beijing’s Tiananmen Square, with authorities citing pandemic precautions. The city’s tourism and businesses are reeling from its adherence to stringent Covid-zero policies enforced on

Beginning in 2020, the authorities launched a crackdown on political dissent, arresting dozens of activists and imprisoning them for unauthorized assembly, despite provisions guaranteeing freedom for such gatherings under Hong Kong’s Basic Law, the city’s constitution.

the mainland. Alex Siu, a building services engineer, was born in Hong Kong and only left in 2020—his parents had ensured he’d have the option by getting him a British National Overseas passport years earlier. Siu moved to Manchester, England, with his girlfriend after getting fed up both with Hong Kong’s work environment and the political situation. He’s homesick for the food, friends and family, but isn’t planning to go back. “I believe there is no hope because the government holds absolute power,” Siu said of the deteriorating political freedoms in Hong Kong. “Us little citizens, we don’t have much power to oppose them or change the situation.” Kurt Tong, former US consul

general to Hong Kong and managing partner of consultancy The Asia Group, said the changes reflect growing dissatisfaction in Beijing with the freewheeling semi-autonomous region. The consternation deepened when some of the millions of Hong Kong residents who marched in peaceful pro-democracy protests in 2019 stormed the city’s legislative complex and at times violently clashed with police. “The things that China found irritating about Hong Kong started to become more prominent, and the things that it found attractive about Hong Kong started to be less prominent, and friction built up over time,” he said. Beginning in 2020, the authorities launched a crackdown on political dissent, arresting dozens of activists and imprisoning them for unauthorized assembly, despite provisions guaranteeing freedom for such gatherings under Hong Kong’s Basic Law, the city’s constitution. John Burns, an honorary professor of politics and public administration at the University of Hong Kong, was skeptical that Beijing would ever allow Hong Kong full democracy or universal suffrage, goals enshrined See “Hong Kong” A13

Opinion BusinessMirror

www.news.businessmirror@gmail.com

Wealth tax to save the nation

Korean scenario in Ukraine war projected LITO GAGNI

Dr. Rene E. Ofreneo

LABOREM EXERCENS Conclusion

Applicability of the 3 tax measures in PHL

ll the above wealth tax measures outlined by Oxfam can be considered by the Marcos administration. The first, windfall tax on windfall profits, can be applied to big corporations or industries that have made a killing due to the pandemic and the present stagflationary situation. These would include the big pharma, telco, power and oil companies, including the big importers of critical goods and their partner big retailers-distributors. On the one-off emergency tax. James Miraflor, a senior FDC economic research analyst and consultant in the 2020 NLC-FDC study, avers that as much as P1 trillion can be raised if an “emergency wealth levy on the top 500 families at 20 percent of their net worth in 2020” is adopted. He explains the math and rationale as follows: “How rich is the Philippine elite? If the Credit Suisse Global Wealth Databook 2021 is to be used as guide, we have, as of 2020, 345 people with wealth that is within the range of P2.5 billion to P5 billion, 217 people within P5 billion to P25 billion, and 34 people with net worthP25 billion and up. If we assume that the 345 people above have an average wealth of P3.75 billion (and therefore a combined wealth of P1.294 trillion) and the 217 people above with average wealth of P15 billion (and combined wealth of P3.355 trillion), given that the richest 34 has P2.93 trillion as per Forbes 2020 data, then we are looking at the richest 626 Filipinos having a combined wealth of P7.48 trillion. “We can zoom in on the top 500 people to get about P5 trillion in total. If we will manage to tax merely 20 percent of their total wealth, that will amount to around P1 trillion. “Twenty percent is not too much, considering that the collective wealth of the 50 richest Filipinos grew by 30 percent from 2020 to 2021 despite the pandemic. The rate of wealth growth of the rest of the 450 richest Filipinos is probably close to that. The richest individual as of 2022, Manny Villar, saw his wealth grow by 28.6 percent during that period. Enrique Razon, 2022’s 2nd richest person, saw his wealth jump 43.3 percent. Lucio Tan, who topped the list for decades, had his net worth grow by 94 percent. And this is just in a single year. From 2006 to 2022, Villar’s wealth has jumped 72.73 times. Razon’s net worth grew 30 times during the same period.” On the institutionalization of progressive taxation system. According to Antonio Salvador, a lawyer and consultant in the 2020 NLC-FDC study, a progressive taxation system would entail the development or institutionalization of wealth tax structure where progressive wealth tax rates on the ascending levels of the accumulated “net worth” of rich individuals or families. The networth refers to the balance after deducting total liabilities from total assets. But what are the assets of a per-

“How rich is the Philippine elite? If the Credit Suisse Global Wealth Databook 2021 is to be used as guide, we have, as of 2020, 345 people with wealth that is within the range of P2.5 billion to P5 billion, 217 people within P5 billion to P25 billion, and 34 people with net worth P25 billion and up. If we assume that the 345 people above have an average wealth of P3.75 billion (and therefore a combined wealth of P1.294 trillion) and the 217 people above with average wealth of P15 billion (and combined wealth of P3.355 trillion), given that the richest 34 has P2.93 trillion as per Forbes 2020 data, then we are looking at the richest 626 Filipinos having a combined wealth of P7.48 trillion. son or family? They include a long list of items: house, real property, real estate, shares of stock, shares in business and partnership, bonds, treasury bills, receivables, trusts, insurance benefits, annuities, jewelry and “other things, tangible and nontangible, that have value.” Table 1 shows the proposed wealth tax rates for different networth levels, beginning at 2 percent on net worth valued at over P100 million.

Can President Marcos nudge the super-rich and Congress to support wealth tax measures?

The foregoing wealth tax measures are powerful instruments to save the economy and stabilize society. If enacted, they give the Marcos administration the means to steer the economy out of the raging stagflation crisis while addressing the basic social assistance needs of the CDE classes that elected him into office. He does not have to resort to more borrowings and/or engage in imposing more indirect taxes such as VAT and excise taxes that hurt the poor the most. The question: is he prepared to embrace these tax measures? If so, is he prepared to sit down with the country’s richest and the members of Congress to convince them on the necessity of having “pro-people tax reforms”? A win-win approach is to explain to the wealthy that wealth taxes save the poor and the rich alike. Dr. Rene E. Ofreneo is a Professor Emeritus of the University of the Philippines. For comments, please write to reneofreneo@ gmail.com.

Table 1. Progressive wealth tax structure

Net worth over

But not over

Tax Rates (in percent)

0.00

100,000,000

0.00

100,000,000

300,000,000

2.00

300,000,000

500,000,000

2.25

500,000,000

700,000,000

2.50

700,000,000

1,000,000,000

2.75

1,000,000,000

1,300,000,000

3.00

1,300,000,000

1,800,000,000

3.25

1,800,000,000

2,500,000,000

3.50

2,500,000,000

Thursday, June 30, 2022 A13

3.75

Source: Antonio Salvador, “proposed net worth tax structure,” 2021.

he possibility of a Korean scenario in the ongoing Ukraine war now loomed large as pundits see a war that Russia and Ukraine cannot claim to win. Korean scenario refers to an armistice that brought hostilities to a halt in 1953, but there’s never been a treaty to end the conflict between North Korea and South Korea. Whereas the Korean peninsula was divided into the democratic South and the communist North, the Ukraine country is seen having a West and an East Ukraine, as Russia redirects its firepower in the Donbas region where most of the populations speak Russian. The Korean scenario is now on the horizon as the United States and the West continue to provide weapons to Ukraine, but refuse to ensnare its NATO allies to become part of the conflict following Russian leader Vladimir Putin’s warning on the engagement of other countries into the war when NATO started encroaching on Russia’s territory. In an article in The Washington Post on June 2, American journalist David Ignatius said that US President Joe Biden understood that there was no alternative to a diplomatic solu-

tion of the Ukrainian conflict, and started a “secret bargaining” with Russia. According to the expert, if Washington’s plans are implemented, Ukraine will be doomed to division by analogy with South and North Korea with the establishment of a “fragile” state border. Pundits watching the Ukraine theater of war see the Korean formula into the Ukraine conflict as the United States hunker down for a long, limited war in Donbas. This view has been reinforced during the briefings in May and June by senior administration officials that signal a change in tone in the Washington debate about the war. Biden summarized the administration’s approach in his article, “What America Will and Will Not Do in Ukraine,” on May 31 in the

Marry month of June Mercedes B. Suleik

Finex Free Enterprise

or many people, June has been traditionally observed as a month to get married. There’s a lot of hoopla in preparing for the wedding—looking for a church, not necessarily their parish church, some even look for an exotic place such as a garden or a beach, where to hold a reception, where to go for the honeymoon, whom or which personages to get for their “ninongs/ninangs” whose assistance for future needs such as jobs may be had, etc. All the extraneous things that go with the wedding, but consideration of marriage and not just the festival is hardly ever discussed or even thought of.

W hat follows the wedding feast? What does being married mean? What is marriage? Marriage is not simply the legalization or legitimation of sexual congress between a man and a woman. If there is one word that defines marriage, it is love. We have to go back to why man exists. And the reason for that is God created man in his own image and likeness, and called him into existence through love, and at the same time for love. Pope John Paul II in his Apostolic Exhortation Familiaris Consortio, said that God inscribed in the humanity of man and woman the capacity and responsibility of love and communion. Love is therefore the fundamental and innate vocation of every human being.” He further states that because man is both body and spirit,

Hong Kong . . . continued from A12

in the Basic Law at the time of the 1997 handover. “Hong Kong was going to become part of a local government of an authoritarian country ruled by a Leninist party. How could it be a Westernstyle parliamentary democracy?” Burns said in an interview. The authorities cracked down and moved to stamp out dissent to help restore stability after the months long 2019 protests, he noted. “But this is a brittle stability based on the imposition of the law and the arrest of pan-democratic leaders and jailing them, chasing them out,” he said, and many in Hong Kong still support the pro-democracy movement even if they are silent for now.

But in the hypothetical conclusion of a peace treaty between Ukraine and Russia, under the auspices of Washington, the Ukrainians could interpret this as a defeat. The same situation occurred in July 1953, when, following the results of the ceasefire agreement signed with the mediation of the United States, American and South Korean servicemen were disappointed that the authorities forced them to “die for a draw.”

New York Times. He said the United States’s goal was a negotiated peace. At the same time, the United States is considering the possibility of dividing Ukraine “in accordance with the Korean scenario.” As the international expert explained, during the “Korean conflict,” as well as now in Ukraine, the United States expects to contain the fighting exclusively inside the country. But in the hypothetical conclusion of a peace treaty between Ukraine and Russia, under the auspices of Washington, the Ukrainians could interpret this as a defeat. The same situation occurred in July 1953, when, following the results of the ceasefire agreement signed with the mediation of the United States, American and South Korean servicemen were disappoint-

Marriage has two aspects. The first is the mutual self-giving between the spouses. The second is the family which is born of the communion of persons, the personal relationship of the “I” and the “You” to create a “We,” which is the framework of society as we know it. St. Pope John Paul II said that the family, as a community of persons, is the first human society. “It arises whenever there comes into being the conjugal covenant of marriage, which opens the spouses in a lasting communion of love and life and it is brought to full completion in a full and specific way with the procreation of children.”

he is called to love in his unified totality, and love ensures the sharing of body and soul. Moreover, he states that “sexuality, by means of which man and woman give themselves to one another through the acts that are proper and exclusive to spouses, is by no means purely biological, but concerns the innermost being of the human person as such. It is realized in a truly human way only if it is an integral part of the love by which a man and a woman commit themselves totally to one another until death. Indeed, the love that spouses share is a clear reflection of the love that God has for his creatures, which is total and forever. At this point let me state my unequivocal stand on two matters that

directly impinge on the integrity of marriage. The first is divorce, the second is “marriage between two persons of the same sex.” I have written in previous articles about my position in these matters, suffice it to say that my stand is buttressed by the Scriptures. “But from the beginning of creation, God made them male and female. For this reason a man shall leave his father and mother, and the two shall become one flesh. So they are no longer two but one flesh. Therefore what God has joined together, let no one separate.” (Mark 5:6-9) Marriage has two aspects. The first is the mutual self-giving between the spouses. The second is

“We’re in a kind of hellish place. Hong Kong is not part of the system and therefore it can’t bargain that way, (but at the same time) we are not free. We are in this hybrid middle ground,” Burns added. “The party has never had to rule a place like Hong Kong, so it’s learning to as it goes.” Former Democratic Party chairwoman and ex-lawmaker Emily Lau says she is disappointed with the changes but not surprised. “When you deal with a communist regime, you shouldn’t be expecting anything. Nothing should surprise you,” Lau said. She’s focused on Hong Kong’s future. The city remains distinct from the mainland, she said. Her friends and colleagues may be imprisoned, but she can visit them and they can choose their own lawyers—rights usually denied political prisoners in China.

“I know it’s very difficult. But I think we owe it to ourselves and to future generations to do the best we can to fight for our core values, which are human rights, democracy, rule of law and personal safety, and social justice,” she said. Chan Po-ying, 66, whose longtime partner and fellow pro-democracy activist Leung Kwok-hung—better known by his nickname “Long Hair,” is serving a nearly 2-year prison sentence and awaiting a hearing on national security related charges, says she is pressing on. “I have persevered for a long period of time, I believe that I should not give up so easily, especially during this difficult time,” Chan said. “The government and the law have granted these rights to us (under the Basic Law).” In May, during an election for

ed that the authorities forced them to “die for a draw.” The end of the Korean War in 1953 seemed like a defeat to many people, but today South Korea is one of the most economically developed countries in the world. This could be the perspective for a post-war Ukraine, Ignatius said. However, the Western part of Ukraine has not a lot of chances of repeating the “economic miracle” of South Korea, given what experts say is the corruption of the Kyiv regime and the lack of access to the sea after the division of the country. In addition, a part of the state so rich in minerals and where the industrial potential is concentrated will come under the control of the Russian Federation, as the populations of these regions wish. And Western Ukraine will become a raw material appendage and a source of cheap labor for Poland. Anyway, most likely, the main factor pushing the United States to organize negotiations is the food situation—no one expected that the world would be on the verge of starvation due to the Russia-Ukraine conflict. For the United States, the disastrous consequences of the war had been the possibility of a US recession with the spike in energy prices and food prices that also bedeviled countries around the world. This could be the reason for the need for a Korean solution to the ongoing Ukraine war.

the family which is born of the communion of persons, the personal relationship of the “I” and the “You” to create a “We”, which is the framework of society as we know it. St. Pope John Paul II said that the family, as a community of persons, is the first human society. “It arises whenever there comes into being the conjugal covenant of marriage, which opens the spouses in a lasting communion of love and life and it is brought to full completion in a full and specific way with the procreation of children.” Likewise, Pope Francis, in his Apostolic Exhortation Amoris Laetitia, said that love always gives life, and that conjugal love “does not end with the couple...the couple in giving themselves to each other, give not just themselves, but also the reality of children, who are a living reflection of their love, a permanent sign of their conjugal unity and a living and inseparable synthesis of their being father and mother.” The Holy Father said: “For this reason families and local communities must be encouraged to transmit to our young the values and the vision which can help to bring about a culture of integrity—one which honors goodness, truthfulness, fidelity and solidarity as the firm foundation and moral glue that holds society together.” Thus June should be about the uniqueness of marriage and the family, which can make its contribution to the good of society and the nation as a whole. Hong Kong’s new chief executive, Chan and several others held a small protest to demand universal suffrage. On June 4 this year, the anniversary of the 1989 Tiananmen Square massacre, Chan together with two others, stood on a street in silent protest, dressed in black and wearing white face masks with black “x’s” taped across them. However, with security tight ahead of Friday’s ceremonies marking the 25th anniversary of the handover, Chan put out a message to Hong Kong media saying she and her group would not stage a protest. After being summoned for a “chat” by state security police, they decided “on that day, we cannot conduct any sort of protest activity,” she said. AP writer Kelvin Chan in London and news assistant Karmen Li from Hong Kong contributed to this report.

A14 Thursday, June 30, 2022

REMAIN INDEPENDENT, STATISTICIANS TOLD By Cai U. Ordinario @caiordinar

HE Philippine Statistics Authority (PSA) must maintain its independence and continue its efforts to improve the Philippine Statistical System (PSS) to regain the country’s top ranking in terms of statistics in the Asean, according to a former Socioeconomic Planning Secretary and other statisticians. In the National Dissemination Forum on the PhilippiTne Statistical Development Program (PSDP) 2018-2023 Update on Wednesday, former National Economic and Development Authority (Neda) Director General Solita CollasMonsod said the PSA needs to remain “uninfluenceable” especially by politicians at this time. The PSA reported that the Philippines is now ranked 3rd in the Asean in terms of Statistical Capacity, from being first in the region. Indonesia is now the top performer because of its adoption of technological innovations. “I remember I was still a graduate student, [I really admired the] Philippine Statistics Authority, well, it was not called Philippine Statistics Authority (then), but they had the best statisticians and they were not influenceable and they have not been influenceable up to this point in time. And I hope that degree of being free of influence, especially from politicians, will continue because that is what makes the Philippine Statistics

agency great,” Monsod said. Monsod, the only woman ever to be appointed Chief Economist of the Philippines, stressed that the extent of disinformation these days can only be addressed by hard data that is evidencebased and comes from a credible source such as PSA. She said one example is the poverty data. PSA must improve its communication with stakeholders and the timing of its data releases and dissemination in order to help citizens vote for the right candidates, Monsod said. The poverty data which is culled from the Family Income and Expenditure Survey (FIES) is conducted every three years. This means, the data is released before elections and can no longer be used as a basis for voters to make informed decisions on who to vote for. “In this time of misinformation, of fake news, etcetera, the only thing that you know (combat it), from a credible organization is hard statistics, evidencebased so that people can get the information that is necessary for them to base their decisions. And that is why it is so important for PSA to keep its reputation,” Monsod said. Apart from poverty data, Philippine Statistical Research and Training Institute (PSRTI) Josefina V. Almeda said PSA should take a more active role in statistics literacy to improve Filipino’s appreciation for data.

Ukraine-Russia war worsens global logistics crisis–report

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE UN Conference on Trade and Development (Unctad) said the ongoing Ukraine-Russia war is putting further pressure on global logistics, hiking global vessel demand and exacerbating shipping costs worldwide. In a report, Unctad explained that Ukraine’s trade partners have been forced to find alternative sources for commodities to avoid shipping and transport hurdles in the Black Sea region caused by the war. Due to this, Unctad added that shipping distances, transit times, shipping costs, freight insurance costs and fuel prices have increased altogether. Furthermore, Unctad said fewer grain shipments from Ukraine and Russia are contributing to higher food prices, given that the two

countries are big players in the global wheat market. “Grains are of particular concern given the leading role of the Russian Federation and Ukraine in agrifood markets, and its nexus to food security and poverty reduction,” it said. “Between February and May 2022, the price paid for the transport of dry bulk goods such as grains increased by nearly 60 percent. The accompanying increase of grain prices and freight rates would lead to a 3.7 percent increase in consumer food prices globally,”

it added. The Unctad pointed out that the disruption of Russian supply of fertilizer and fuel in the global market would lead to lower grain yields and higher prices globally. “Disruptions in their supply may lead to lower grain yields and higher prices, with serious consequences for global food security, particularly in vulnerable and food-import-dependent economies,” it said. “Confronted with trade restrictions and logistical challenges, the cost of oil and gas has increased as alternative sources of supply, often at more distant locations, are called upon,” it added. The Unctad explained that the higher energy costs have resulted in higher marine bunker prices, “raising shipping costs for all maritime transport sectors.” As of end-May, Unctad said the global average price for very low sulphur fuel oil had increased 64 percent year-on-year. “Taken altogether, these increased costs imply higher prices for consumers and threaten to widen the poverty gap,” it said. Unctad recommended the urgent reopening of Ukraine ports to inter-

national shipping to allow cheaper grains from the country to be sold worldwide at lower shipping costs. “Continued collaboration is needed among vessel flag states, port states and other actors in the shipping industry to maintain all necessary services, including bunkering supplies, health services for sailors and certification of regulatory compliance,” it said. “This will help to keep to a minimum the negative impacts on costs, insurance premiums and operations,” it added. Unctad recommended that alternative ways of transport be pursued, adding that easing transit and movement of transport workers may reduce the “pressure” on cross-border trade and transit. “Also, Unctad calls for more investment in transport services and trade and transit facilitation,” it said. “And more international support for developing countries, especially the most vulnerable economies, as the war in Ukraine adds to the challenges posed by the Covid-19 pandemic and the climate crisis,” it added.

Continued on A2

Biden’s rep Emhoff, Chinese VP, Japan FM call on VP Sara By Malou Talosig-Bartolome @maloutalosig

PECIAL envoys of the United States, China, Japan, Vietnam and Lao PDR paid separate courtesy calls on incoming Vice President Sara Duterte Wednesday in Manila. The Vice President-elect also received two women ambassadors based in Manila—Romanian Ambassador Răduţa Dana Matache and French Ambassador Michèle Jeannine Andree Boccoz. US Second Gentleman Douglas Emhoff, who will head the US presidential delegation during President Ferdinand “Bongbong” Marcos Jr.’s inaugural at noon Thursday, congratulated the VP-elect on her overwhelming victory, as well as her nomination as Secretary of Education. Emhoff, the husband of US Vice President Kamala Harris, exchanged views with Duterte on “issues of mutual interest, especially education and the importance of youth engagement and women in leadership.” Duterte said she is expected to continue her engagement with the US on the education front during her planned visits to Washington DC and New York in September 2022. Aside from Emhoff, other members of the US delegation are US Embassy Chargé d’Affaires Heather Variava, Fil-Am Congressman Bobby Scott and Office of Management and Budget Deputy Director Nani Coloretti, Former Vice Chairman of the Joint Chiefs of Staff Admiral Sandy Winnefeld, NSC Senior Director Edgard Kagan, and US Executive Director to the ADB Chantale Wong. Chinese Vice President Wang Qishan, who arrived on a chartered Air China flight, met with Duterte past 8pm. He leads a big delegation of ranking officials: Ma Yongxiang, Vice Minister for Agriculture and Rural Affairs; Wu Jianghao,

SENATOR-ELECT Jinggoy Ejercito Estrada takes his oath of office before Justice Samuel H. Gaerlan with his family in attendance, including his wife Precy, with whom he is celebrating their 33rd wedding anniversary, on Wednesday, June 29, 2022, at East Ocean Palace in Parañaque City. The event was also attended by former President Joseph Estrada and wife Loi Ejercito. ROY DOMINGO

PEZA: Bid to move BPOs to BOI misleading Vice President-elect Sara Duterte welcomes Douglas Emhoff, husband of US Vice President Kamala Harris and designated special envoy of President Biden to the Marcos inaugural. DFA PHOTO

Foreign Affairs assistant minister; Li Fei, Commerce assistant minister, Ambassador to Manila Huang Xilian and other Ministry of Foreign Affairs officials. During the call of Japanese Foreign Minister Yoshimasa Hayashi, meanwhile, the 44-year old Duterte expressed hope that the “golden age of relations” established during her father’s term will “grow into a platinum age” under the Marcos administration. Hayashi also called on outgoing Secretary of Foreign Affairs Teodoro L. Locsin Jr. Lao PDR’s Deputy Foreign Minister Phoxay Khaykhamphithoune discussed with Duterte areas of cooperation in the fields of education, health, tourism, and trade. The Lao Special Envoy lauded the tourism and education programs of the Philippines, expressing Laos’s interest to learn from the Philippines’s models and strategies in these areas.

By Andrea E. San Juan

HE Philippine Economic Zone Authority (PEZA) said the proposal to let business process outsourcing (BPO) companies transfer from PEZA to the Board of Investments (BOI) is misleading because under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, all Investment Promotion Agencies (IPAs) now have the same incentives to offer to investors and locators. “We must give the freedom to choose which IPA investors would want to register and be factual of the benefits of considerations of registering to a specific IPA,” added PEZA Director General Charito B. Plaza in a statement on Wednesday. This, Plaza said, after “some officials seem to pit IPAs luring the transfer of locators from one to the other.” Plaza noted that PEZA, the top IPA in the country that operates nationwide, offers many advantages for registered business enterprises (RBEs) located inside the special economic zones.

Particularly, she said, PEZA’s ease of doing business (EODB) provides a one-stop shop and a non-stop shop, exempting investors from local government units (LGU) and other agencies’ permits. Plaza added, “Being inside the economic zones, locators are assured of safety, security and a smart, sustainable, and green ambiance.” Meanwhile, for his part, IT and Business Process Association of the Philippines (IBPAP) President Jack Madrid said registering with IPAs such as the BOI and PEZA is “an important, complex decision” made by companies based on their business goals, priorities, and investment criteria. In a statement on Wednesday, Madrid pointed out that while incentives have been made uniform across the different IPAs through the CREATE law, “the policies that govern the administration and supervision of registered enterprises among IPAs are not uniform and transfers of registrations from one IPA to another may not be as easy.”

On Monday, House Ways and Means panel chairman Joey Sarte Salceda urged the Department of Finance (DOF) and the Department of Trade and Industry (DTI) to mount a “concerted effort” to manage BPO’s shift from the PEZA to the BOI. Salceda added that allowing BPOs to implement workfrom-home (WFH) arrangements will help the country deal with currency depreciation. Salceda he has pitched with the incoming Speaker and with several economists and members of incoming President Ferdinand Marcos Jr.’s Cabinet that one of the best ways to deal with currency depreciation is to simply earn more dollars. And, the lawmaker stressed, the BPO sector is a big part of that strategy. “We really need to allow them to work from home,” added Salceda. The lawmaker noted that the best way to promote digitalization of the economy is to manage the shift of BPO firms from PEZA registration to the more flexible enhanced deductions system ei-

ther still as exporters or as BOIregistered domestic enterprises. For her part, Plaza said the WFH must not be used as a basis for transfer. In fact, Plaza said, “If it is the consideration, the truth is that PEZA had been avante-garde as it was the first IPA to allow WFH since 2017. This was enhanced the following year by the passage of the Telecommuting Law allowing WFH, other Flexi-time, and hybrid work schemes [especially] in the time of the pandemic.” Meanwhile, IBPAP’s Madrid reminded everyone that “those who are currently registered with PEZA have been faced with immense uncertainties in the past couple of years—adapting their operations to the changing regulatory landscape while managing the upheavals caused by the pandemic.” They deserve, Madrid said, clear and consistent legislation to ensure minimal disruptions to their operations. including “giving them autonomy on whether to keep their projects with PEZA or to transfer their registration with BOI.”

Companies BusinessMirror

Editor: Jennifer A. Ng

Thursday, June 30, 2022

AirAsia PHL to offer more international flights in Q4

By Lenie Lectura

@llectura

irAsia Philippines is eyeing 70 percent of its pre-Covid capacity for international routes in the fourth quarter as appetite for travel has returned. The airline is banking on its various international routes to support this expected growth, it said on Wednesday. These include Hong Kong, Kota Kinabalu, Malaysia and Seoul, South Korea. Joining AirAsia Philippines’s roster of operating international routes starting July 1 is ManilaSingapore. It is set to fly to the Lion City four times weekly, every Mon-

day, Wednesday, Friday and Sunday. Based on forward bookings made as of June 27, the airline is expecting to fly almost 10,000 guests to Singapore in the third quarter. AirAsia further supports the increase in its international customers with a 10 percent discount for its Manila-Singapore flights for travels from July 1, 2022 to March 25, 2023. “Our aggressiveness in expand-

ing our domestic route network also manifests in our resumption strategy for international routes. This is in service of Filipino globetrotters and Overseas Filipino Workers who wish to explore the tourism and economic opportunities present abroad,” said AirAsia Philippines spokesperson and Head of Communications and Public Affairs Steve Dailisan. AirAsia’s total guests flown abroad increased by 354 percent in June compared to May, the airline said in a statement. It believes that

the trend will continue amid rising fuel surcharge cost. “We at AirAsia Philippines work with the Civil Aeronautics Board in the strategic application of fuel surcharge cost. We assure our guests that despite the surcharge, our base fares will remain to be the most competitive in the market, complemented by additional discount promos monthly,” Dailisan added. In February, the airline said it expects travel demand to pick up after it recorded a 38-percent in forward bookings.

EDC submits lowest bid for power deal

opez-led Energy Development Corp. (EDC) has submitted the lowest bid for the contract to supply power to More Electric and Power Corp. (MORE Power). “This is a result of the Competitive Selection Process conducted by MORE Power wherein First Gen-EDC submitted the lowest bid among the three participating generators,” according to a statement from EDC’s parent firm, First Gen Corp. (First Gen), released on Wednesday. Effective July 25, EDC will supply MORE Power 20-megawatts (MW) of mid-merit supply. The parties signed the 5-year power supply deal last June 28. MORE Power’s move to get power from EDC is a part of the distribution utility’s customer welfare-driven initiatives that aim to provide stability and reliability in terms of supply and fixed power rates to its power consumers.

“Green power is not only reliable but also affordable. MORE Power gives priority to affordability of electricity, then having renewable energy in our portfolio. We are confident that this partnership with First Gen and EDC will give us both our priorities that will benefit our consumers in the long term. Especially now that global fuel prices are, and will continue to be volatile, having renewable energy in our portfolio will save our consumers from high electricity costs,” said MORE Power President Roel Castro during the ceremonial contract signing. EDC will source power from its Unified Leyte geothermal power plant, one of the company’s largest geothermal facilities. Geothermal energy is considered the “Holy Grail of renewable energy (RE) technologies” because— unlike other RE sources—it can provide uninterrupted, year-round baseload power, rain or shine. Thus, EDC refers to it as Geo 24/7. Lenie Lectura

Companies BusinessMirror

Thursday, June 30, 2022

BHI to turn Boracay resort into luxury boutique hotel

By VG Cabuag

@villygc

anlilio-led Boulevard Holdings Inc. (BHI) said it will tear down its Fridays Boracay, which is being operated by its unit Friday Holdings Inc. (FHI), as the company has set its sights on the premium market. Jose Marcel E. Panlilio said it is tearing down its 50-room resort in Boracay and will renovate the entire facility to turn it into a high-end boutique hotel. Panlilio said they decided to close down the resort to guests despite the full occupancy status of Boracay.

“We won’t open up Fridays Boracay if BHI is just going to earn a run-of-the mill return based on cut-throat room rates, ranging from P5,000 to P8,000 a night. We are throwing in a lot of capital from the recent sales proceeds to reposition our market segment to within the

P12,000 to P20,000 a night clientele,” Panlilio said. He said the new facility will have “new elevators to handle clients coming in from the mountain behind us, brand new plumbing system, new employee housing and dining facilities, new landscaping and lighting scheme and two new restaurants at the beach front”. “In other words, BHI’s predicate of spending monies is for a resultant new high-end boutique hotel product to compete in the Boracay super premium market.” Panlilio said the company expects a free cash flow of more than P9 million a month after fixed and working capital reinvestment. “We look forward to definitely opening at the end of September this year.” Citing government data, Panlilio

said Boracay Island earned P49 billion in 2019, while domestic tourism stood at 914,928 visitors and foreign tourists at 827,531. This year, the foreign component of visitors to Boracay is only expected to occur at the last quarter of the year, he said. According to the Malay Tourism Office, a record total of 150,597 tourists, mostly locals, visited the island in March alone, compared to the monthly combined foreign and domestic visitors of 145,204 in 2019. “It is in this environment, FHI hopes to grow its resort revenues. Please be assured we are laying the basis for earnings growth in the medium term derived from solid tourism and property opportunities,” Panlilio said.

‘Demand for office space remains robust’

emand for office space is still strong amid the health crisis and the change of government, Leechiu Property Consultants (LPC) said on Wednesday. “The office market remains to be resilient,” LPC Director for Commercial Leasing Mikko Barranda told reporters during their webinar, where they revealed the results of their June 2022 report. It indicated that rental deals have reached 379,000 square meters in the first half, or already 70 percent of the overall takeup in 2021. “We are happy to announce that we’ve concluded 255,000 square meters [sq. m.] of transaction in the second quarter of 2022 alone, which is a 106-percent [hike] compared to last quarter. This is also the largest volume of transactions we’ve seen since the start of Covid-19 in March of 2020,” he said. Per the study, information technology-business process management (IT-BPM) companies accounted for 107,000 sq m or 43 percent of

the office space demand from April to June 2022, with majority of the deals in Metro Manila. The Philippine Offshore Gaming Operators (Pogos) took up 21,000 sq. m. or 9 percent, the first sign of leasing activity from this industry since the pandemic began, as 126,000 sq. m. or 48 percent were taken by the other tenants. “This can best be interpreted as tentative steps for now,” the top executive said. “All the leasing activity in the past three months—from many new captives and companies doing business here for the first time—tell us outsourcing to the Philippines continues to be a reliable solution for companies in the West fighting impending global recession.” On the supply side, Metro Manila as a whole currently has 14.22 million sq. m. of office inventory, of which 11.64 million sq. m. (82 percent) are occupied by tenants while 2.57 million sq. m. (18 percent) are vacant. Roderick L. Abad

mutual funds

June 29, 2022

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 204.1 -8.36% -8.7% -5.69% -12.44% ATRAM Alpha Opportunity Fund, Inc. -a 1.325 -5.93% -7.28% -3.67% -20.38% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7988 -8.93% -12.29% -8.25% -13.56% Climbs Share Capital Equity Investment Fund Corp. -a 0.6953 -9.82% -10.21% n.a. -8.09% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6481 -13.98% -9.98% n.a. -15.93% First Metro Save and Learn Equity Fund,Inc. -a 4.5889 -6.34% -6.13% -3.75% -11.46% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.683 -8.54% -6.54% -4.85% -12.8% MBG Equity Investment Fund, Inc. -a 76.32 -24.26% -14.45% n.a. -19.18% PAMI Equity Index Fund, Inc. -a 41.9235 -8.19% -7.6% -4.23% -12.89% Philam Strategic Growth Fund, Inc. -a 437.79 -8.61% -7.48% -4.25% -12.56% Philequity Dividend Yield Fund, Inc. -a 1.2372 7.54% -2.82% -1.01% -8.78% Philequity Fund, Inc. -a 31.9839 -6.44% -6.79% -3.25% -12.6% Philequity MSCI Philippine Index Fund, Inc. -a 0.826 -7.27% -8.17% n.a. -12.26% Philequity PSE Index Fund Inc. -a 4.3382 -7.29% -6.99% -3.61% -12.55% Philippine Stock Index Fund Corp. -a 723.09 -7.73% -7.05% -3.67% -12.72% Soldivo Strategic Growth Fund, Inc. -a 0.644 -9.85% -11.86% -6.5% -14.43% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2426 -8.53% -9.66% -5.08% -14.11% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8231 -8.03% -7.34% -3.92% -12.85% United Fund, Inc. -a 3.0301 -7% -7.16% -2.9% -11.85% Primarily invested in Peso securities (units) Philequity Alpha One Fund, Inc. -a 1.0189 -6.27% n.a. n.a. -12.37% Philippine Stock Index Fund Corp. -a 880.48 n.a. n.a. n.a. n.a. Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 97.4727 -7.34% -6.85% -3.28% -12.56% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.9495 -25.76% -1.52% -0.81% -15.71% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4837 -17.89% 4.71% 5% -19.64% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.522 -9.51% -4.66% -3.08% -10.05% ATRAM Philippine Balanced Fund, Inc. -a 2.0829 -7.5% -3.73% -2.5% -8.7% First Metro Save and Learn Balanced Fund Inc. -a 2.4927 -4.5% -2.44% -1.08% -7.37% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1917 -2.04% n.a. n.a. -8.28% NCM Mutual Fund of the Phils., Inc. -a 1.8734 -4.61% -1.39% -0.34% -7.11% 3.4212 PAMI Horizon Fund, Inc. -a -7.44% -3.27% -1.73% -9.13% Philam Fund, Inc. -a 15.3197 -7.54% -3.44% -1.82% -9.06% Solidaritas Fund, Inc. -a 1.9571 -5.33% -3.34% -1.82% -7.74% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.277 -7.1% -5.78% -2.82% -10.15% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8526 -4.02% -5.29% -2.36% -10.65% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.8952 -9.46% -4.48% n.a. -9.56% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8193 -10.08% -7.28% n.a. -13.26% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8065 -10.29% -7.67% n.a. -13.64% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03334 -12.79% -3.71% -1.47% -12.12% PAMI Asia Balanced Fund, Inc. -b $0.9392 -17.89% -1.69% -0.81% -11.99% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.987 -16.1% 2.11% 3.06% -16.97% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.018 -15.1% -1.5% 0.13% -15.07% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 372.96 0.16% 2.12% 2.25% -0.36% ATRAM Corporate Bond Fund, Inc. -a 1.8894 -2.01% -0.18% 0.08% 0.25% Cocolife Fixed Income Fund, Inc. -a 3.2276 -0.03% 1.9% 3.27% -0.51% 0.56% Ekklesia Mutual Fund Inc. -a 2.1675 -4.19% -0.27% -3.73% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3968 -1.84% 1.18% 1.58% -1.2% Philam Bond Fund, Inc. -a 4.1837 -6.85% 0.02% 0.48% -4.82% Philam Managed Income Fund, Inc. -a 1.3048 -1.47% 2.44% 2.56% -1.08% Philequity Peso Bond Fund, Inc. -a 3.8888 -2.34% 1.94% 2.26% -1.94% Soldivo Bond Fund, Inc. -a 1.007 -2.92% 2.32% 1.62% -2.06% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1289 -2.62% 1.9% 2.5% -1.84% Sun Life Prosperity GS Fund, Inc. -a 1.6938 -3.17% 1.01% 1.82% -2.13% Primarily invested in foreign currency securities (shares) -0.97% ALFM Dollar Bond Fund, Inc. -a $481.35 1.69% 1.78% -1.68% ALFM Euro Bond Fund, Inc. -a Є210.89 -4.19% -0.99% -0.07% -4.15% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0801 -9.36% -3.02% -0.75% -10.28% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0243 -6.9% -1.72% -0.49% -6.54% PAMI Global Bond Fund, Inc -b $0.8992 -14.98% -6.12% -3.59% -12.08% Philam Dollar Bond Fund, Inc. -a $2.214 -11.97% -1.83% -0.16% -11.64% Philequity Dollar Income Fund Inc. -a $0.0607087 -3.63% 0.92% 1.2% -2.54% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7552 -13.22% -3.61% -1.76% -13.8% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 132.13 1.4% 2.29% 2.53% 0.72% First Metro Save and Learn Money Market Fund, Inc. -a 1.0637 1.02% 1.59% n.a. 0.57% Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3257 1.56% 2.13% 2.47% 0.77% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0638 0.58% 1.15% n.a. 0.3% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund Inc. -a 43.8653 n.a. n.a. n.a. n.a. Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.228 -3.7% n.a. n.a. -11.2% Primarily invested in foreign currency securities (units) ALFM Global Multi-Asset Income Fund Inc. -a $0.8241 -17.59% n.a. n.a. -15.04% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago.

c - Listed in the PSE.

d - in Net Asset Value per Unit

(NAVPU). 1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.). 2 - Adjusted due to stock dividend issuance last November 25, 2021.

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

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

June 29, 2022

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FILIPINO FUND IREMIT MANULIFE PHIL STOCK EXCH

13,440 326,742,283 121,603 97,779,968 2,057,245 4,445,595 42,417,230 210,242 8,990 482,574 17,225 382,836 5,520,267.50 164,322 940,990 17,500 13,750 16,600 128,900 89,608

-161,827,062 1,656.00 -24,631,327.50 -270,000 -4,025,300 -21,692,260 -19,566 -21,368 915,172 26,481 12,780 -37,405

INDUSTRIAL AC ENERGY 7.85 7.9 8.14 8.14 7.82 7.9 10,573,100 84,571,130 0.92 0.98 0.89 0.95 0.89 0.92 233,000 209,940 ALSONS CONS 29.55 29.6 29.5 29.6 29.3 29.55 1,236,300 36,392,010 ABOITIZ POWER 2.12 2.13 2.11 2.22 2.06 2.13 27,058,000 58,556,040 RASLAG 0.375 0.38 0.39 0.39 0.37 0.38 4,180,000 1,564,750 BASIC ENERGY 17 17.1 16.84 17.1 16.84 17 329,100 5,599,202 FIRST GEN 60.5 62 60.5 60.55 60.5 60.5 8,870 536,636 FIRST PHIL HLDG 355 356 360 360 352.6 355 130,550 46,523,462 MERALCO MANILA WATER 16.5 16.7 17.12 17.12 16.5 16.5 1,239,800 20,718,460 PETRON 3.05 3.07 3.07 3.08 3.04 3.05 834,000 2,546,330 PETROENERGY 4.61 4.84 4.84 4.84 4.84 4.84 2,000 9,680 9.51 9.99 9.8 9.99 9.8 9.99 30,600 305,010 PHX PETROLEUM 12.18 12.2 12.2 12.22 12.14 12.2 1,192,400 14,533,426 SYNERGY GRID PILIPINAS SHELL 18 18.18 18 18.2 18 18.2 408,800 7,363,444 SPC POWER 9.16 9.18 9.08 9.2 9.08 9.18 223,100 2,035,152 1.65 1.66 1.69 1.69 1.64 1.66 27,702,000 45,953,620 SOLAR PH 16 16.7 15.98 16.7 15.5 16.7 18,100 289,042 VIVANT 4.61 4.62 4.99 4.99 4.62 4.62 626,000 2,982,640 AGRINURTURE 2.25 2.28 2.26 2.28 2.26 2.28 134,000 304,800 AXELUM 21.5 21.75 22 22 21.1 21.75 805,100 17,381,305 CENTURY FOOD 14.52 14.6 14.4 14.64 14.24 14.52 49,800 721,396 DEL MONTE 6.62 6.63 6.65 6.67 6.62 6.62 425,700 2,829,360 DNL INDUS EMPERADOR 19.3 19.36 19.22 19.4 19.08 19.3 2,268,000 43,748,992 SMC FOODANDBEV 48.45 48.5 49.5 49.55 48.2 48.5 55,500 2,705,240 FIGARO COFFEE 0.58 0.59 0.62 0.62 0.59 0.59 8,295,000 4,981,610 ALLIANCE SELECT 0.55 0.59 0.55 0.55 0.55 0.55 1,000 550 1.05 1.07 1.07 1.07 1.05 1.07 398,000 419,950 FRUITAS HLDG 99.1 100 102 102 99 100 12,120 1,216,668 GINEBRA JOLLIBEE 201.8 202.2 200.8 203 200.8 202 631,010 127,532,832 1.09 1.1 1.12 1.12 1.09 1.09 1,129,000 1,237,770 KEEPERS HLDG 17.02 21 22.4 22.4 21 21 400 8,680 LIBERTY FLOUR 4.61 4.66 4.65 4.74 4.65 4.66 36,000 167,900 MAXS GROUP 0.112 0.119 0.112 0.112 0.112 0.112 720,000 80,640 MG HLDG 13.18 13.36 13 13.7 12.9 13.18 15,403,500 205,577,484 MONDE NISSIN 7 7.05 7.05 7.05 7 7.05 55,100 386,425 SHAKEYS PIZZA 0.53 0.55 0.55 0.56 0.54 0.55 192,000 104,550 ROXAS AND CO RFM CORP 3.99 4 3.96 4 3.96 3.99 19,000 75,940 ROXAS HLDG 1.43 1.47 1.47 1.47 1.46 1.46 36,000 52,650 0.085 0.093 0.09 0.09 0.09 0.09 1,530,000 137,700 SWIFT FOODS 107.9 108 106.5 108.4 105.4 108 4,265,890 460,603,703 UNIV ROBINA VITARICH 0.62 0.63 0.61 0.63 0.61 0.63 579,000 363,610 40.1 44.5 40.2 40.2 40.2 40.2 500 20,100 CONCRETE A 0.64 0.65 0.62 0.67 0.62 0.64 2,616,000 1,694,560 CEMEX HLDG 12.22 12.46 12.58 12.58 12.16 12.46 21,600 268,560 EAGLE CEMENT 3.66 3.73 3.48 3.81 3.45 3.66 821,000 3,002,440 EEI CORP 5.08 5.24 5.25 5.25 5.2 5.25 14,500 76,015 HOLCIM 4.64 4.65 3.8 4.77 3.8 4.65 4,892,000 21,791,430 MEGAWIDE 18.9 19.2 19.2 19.2 19.2 19.2 3,600 69,120 PHINMA 0.71 0.77 0.72 0.79 0.71 0.78 86,000 62,080 TKC METALS 0.79 0.8 0.79 0.8 0.79 0.79 179,000 141,420 VULCAN INDL 1.66 1.75 1.74 1.75 1.67 1.75 113,000 194,760 CROWN ASIA EUROMED 1 1.01 1 1.02 1 1.02 53,000 53,080 MABUHAY VINYL 5.3 5.57 5.59 5.59 5.3 5.57 4,700 25,598 5.26 5.52 5.57 5.57 5.53 5.53 58,300 323,004 PRYCE CORP 18.02 19.08 18.98 18.98 18.98 18.98 1,000 18,980 CONCEPCION 1.6 1.62 1.59 1.64 1.58 1.62 13,682,000 22,054,760 GREENERGY INTEGRATED MICR 6.09 6.19 6.2 6.2 6.06 6.06 39,100 239,894 0.57 0.59 0.56 0.61 0.56 0.59 638,000 377,580 IONICS 5.61 5.95 5.93 5.95 5.93 5.95 1,600 9,508 PANASONIC 0.95 0.99 0.95 0.99 0.94 0.99 21,000 19,980 SFA SEMICON 2.7 2.73 2.5 2.75 2.46 2.73 1,180,000 3,067,960 CIRTEK HLDG

-5,387,967 3,802,775 348,210 7,500 -2,415,174 -13,183,536 -13,104,464 -1,431,760 -9,176,426 4,099,184 -1,185,440 -606,870 -104,780 2,107,195 436,328 -38,161 -8,112,702 -2,325,870 -590 -28,600 4,336,714 -513,870 -33,098,080 -91,725 65,630 -4,020 -27,660,352 -711,300 2,516 -744,650 -4,200 191,760 1,920 3,480 -40,000 -6,480 -7,650.00

HOLDING & FRIMS

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

44.3 114.3 8.08 86.3 26.9 7.01 48.85 7.2 16.06 17.82 55.2 19.38 90.35 75.3 2.15 3.48 5.5 0.75 852 186

1.44 627 49.35 9.22 8.56 0.76 0.41 0.42 4.23 8.8 6.97 482 3.35 49 7.5 0.5 2.95 8.33 3.58 2.11 3.09 0.82 805 104.9 0.166

44.8 114.8 8.2 86.4 26.95 7.03 48.9 7.75 17.98 17.92 56.5 19.5 91.8 75.5 2.18 3.5 6.97 0.83 999 186.5

1.45 628 49.8 9.25 8.6 0.8 0.415 0.45 4.3 8.81 7 489 3.59 49.8 9.9 0.57 2.99 8.34 3.59 2.22 3.1 0.83 820 106.6 0.17

44.8 116.6 8.28 86.7 27 7.05 49.2 7.22 17.98 17.7 56 19.56 91.4 76.5 2.26 3.5 5.5 0.83 900 186.8

1.4 629.5 51.1 9.15 8.6 0.75 0.405 0.45 4.3 8.7 6.95 475 3.35 48.8 7.5 0.52 2.95 8.14 3.58 2.08 3.36 0.83 829 104.6 0.175

44.8 117.4 8.28 86.7 27 7.05 49.35 7.22 17.98 17.92 56 19.56 91.8 76.5 2.27 3.5 5.5 0.83 900 187

1.45 634 51.45 9.5 8.6 0.75 0.415 0.45 4.3 8.88 6.95 493.6 3.35 49.8 7.5 0.57 2.95 8.33 3.62 2.26 3.36 0.83 829 106.6 0.175

44.8 114.3 8.08 86.15 26.95 7 48.7 7.2 17.98 17.7 55.15 19.38 90 75.3 2.1 3.5 5.5 0.83 851.5 186

1.38 623.5 49.35 9.12 8.56 0.75 0.405 0.45 4.23 8.68 6.95 469 3.35 48.2 7.5 0.5 2.95 8.06 3.58 2.08 3.09 0.82 803 104.5 0.175

44.8 114.3 8.08 86.4 26.95 7.01 48.9 7.2 17.98 17.92 55.15 19.38 91.8 75.5 2.18 3.5 5.5 0.83 851.5 186.5

1.45 628 49.35 9.25 8.6 0.75 0.41 0.45 4.3 8.81 6.95 482 3.35 49.8 7.5 0.57 2.95 8.33 3.58 2.26 3.1 0.82 820 106.6 0.175

300 2,837,980 15,000 1,131,970 76,200 635,000 866,200 29,200 500 27,100 310 19,700 60,360 2,160 437,000 5,000 2,500 20,000 150 480

17,312,000 229,890 666,360 2,026,700 21,800 185,000 820,000 170,000 937,000 3,732,700 11,100 111,000 36,000 1,331,300 300 40,000 2,000 3,343,800 4,946,000 9,000 5,433,000 24,000 173,860 170,580 10,000

24,530,920 144,414,140 33,279,740 18,743,619 187,296 138,750 334,550 76,500 3,990,400 32,950,427 77,145 53,467,570 120,600 65,743,285 2,250 20,760 5,900 27,398,685 17,769,070 18,930 17,253,380 19,800 141,647,865 18,070,710 1,750

PROPERTY ARTHALAND CORP 0.54 0.57 0.55 0.57 0.55 0.57 11,000 6,070 26.8 26.85 27.2 27.8 26.8 26.8 9,339,400 253,309,765 AYALA LAND 3.38 3.39 3.44 3.44 3.37 3.38 730,000 2,480,280 AYALA LAND LOG 13 13.5 13.98 13.98 13 13 1,000 13,098 ALTUS PROP 1.93 1.94 2.13 2.13 1.91 1.94 6,099,000 12,051,910 ARANETA PROP 34.5 34.8 34.85 34.85 34.5 34.8 413,100 14,350,760 AREIT RT 0.75 0.79 0.73 0.79 0.71 0.79 579,000 419,960 A BROWN 0.085 0.091 0.089 0.092 0.086 0.092 2,010,000 179,990 CROWN EQUITIES CEB LANDMASTERS 2.49 2.5 2.5 2.54 2.49 2.5 285,000 714,150 0.37 0.38 0.375 0.375 0.365 0.375 1,730,000 639,100 CENTURY PROP 2.43 2.44 2.44 2.46 2.42 2.44 2,096,000 5,127,250 CITICORE RT DOUBLEDRAGON 8.3 8.32 8.17 8.4 8.14 8.32 51,400 424,534 DDMP RT 1.47 1.48 1.45 1.47 1.45 1.47 1,344,000 1,960,390 DM WENCESLAO 6.73 6.78 6.73 6.78 6.73 6.73 21,600 145,878 0.192 0.2 0.198 0.198 0.198 0.198 50,000 9,900 EMPIRE EAST 0.249 0.255 0.246 0.255 0.246 0.255 2,040,000 509,820 EVER GOTESCO 6.78 6.8 6.8 6.8 6.6 6.8 1,301,700 8,708,309 FILINVEST RT 0.87 0.88 0.88 0.91 0.88 0.88 16,581,000 14,641,080 FILINVEST LAND 0.84 0.85 0.84 0.84 0.84 0.84 51,000 42,840 GLOBAL ESTATE 10 10.2 10.08 10.2 10.06 10.2 12,000 121,114 8990 HLDG 641 675 637.5 675 637.5 675 80 53,125 GOLDEN MV 0.93 0.98 0.94 0.94 0.93 0.93 295,000 274,650 PHIL INFRADEV CITY AND LAND 0.71 0.72 0.71 0.72 0.71 0.71 100,000 71,100 2.27 2.28 2.33 2.37 2.28 2.28 35,980,000 82,486,060 MEGAWORLD MRC ALLIED 0.191 0.195 0.191 0.191 0.189 0.191 2,470,000 469,310 15.24 15.28 15.24 15.3 15.18 15.28 975,000 14,865,432 MREIT RT PHIL ESTATES 0.37 0.39 0.37 0.37 0.37 0.37 330,000 122,100 1.99 2.01 2 2.01 1.97 2.01 1,130,000 2,251,240 PRIMEX CORP RL COMM RT 6.17 6.2 6.15 6.2 6.07 6.2 654,700 4,031,702 17.04 17.74 17.28 17.74 16.9 17.74 362,400 6,334,078 ROBINSONS LAND 1.21 1.36 1.21 1.21 1.21 1.21 451,000 545,710 ROCKWELL 2.47 2.53 2.53 2.53 2.53 2.53 1,000 2,530 SHANG PROP 2.91 3.06 3.02 3.06 3.02 3.06 8,000 24,360 STA LUCIA LAND 36.1 36.55 37.65 37.8 36.1 36.1 7,995,100 294,384,845 SM PRIME HLDG 3.2 3.5 3.39 3.5 3.39 3.5 14,000 48,620 VISTAMALLS 0.95 1.02 0.95 1.03 0.95 1.02 18,000 17,250 SUNTRUST RESORT VISTA LAND 1.96 2.04 2.02 2.04 1.95 2.04 1,486,000 2,962,800 VISTAREIT RT 1.74 1.75 1.73 1.75 1.72 1.75 3,362,000 5,841,460 SERVICES ABS CBN 9.9 10 9.5 10.18 9.5 9.9 1,084,900 10,663,879 11.46 11.48 11.6 11.62 11.44 11.46 325,500 3,752,748 GMA NETWORK 0.335 0.365 0.33 0.375 0.33 0.375 30,000 10,350 MANILA BULLETIN 7.52 8.2 7.77 7.77 7.77 7.77 7,500 58,275 MLA BRDCASTING 2,280 2,294 2,294 2,316 2,258 2,280 51,820 118,482,340 GLOBE TELECOM 1,764 1,765 1,780 1,810 1,760 1,765 103,520 183,474,800 PLDT 0.039 0.04 0.039 0.04 0.038 0.04 51,000,000 1,989,500 APOLLO GLOBAL 21.6 21.8 21.8 22.3 21.35 21.8 21,481,900 469,636,190 CONVERGE DFNN INC 3.26 3.29 3.16 3.3 3.16 3.29 449,000 1,474,320 DITO CME HLDG 4.09 4.1 3.83 4.14 3.81 4.1 7,369,000 29,608,130 NOW CORP 1.12 1.13 1.16 1.16 1.12 1.13 1,904,000 2,172,570 TRANSPACIFIC BR 0.29 0.295 0.305 0.305 0.29 0.29 2,310,000 684,900 6.83 6.99 7.2 7.2 6.8 6.99 5,200 35,574 2GO GROUP ASIAN TERMINALS 13.5 13.88 13.5 13.88 13.5 13.88 9,700 130,988 1.35 1.39 1.32 1.39 1.32 1.39 29,000 39,880 CHELSEA 42.25 42.3 43.55 43.55 42.05 42.3 125,600 5,336,470 CEBU AIR 195.9 199 196.9 203.2 195 195.9 1,473,350 293,298,248 INTL CONTAINER 4.36 4.37 4.18 4.37 4.18 4.37 629,000 2,695,610 MACROASIA 5.45 5.5 5.45 5.45 5.42 5.45 2,900 15,802 PAL HLDG 0.84 0.87 0.87 0.87 0.87 0.87 31,000 26,970 HARBOR STAR 0.082 0.085 0.086 0.086 0.082 0.082 23,510,000 1,954,040 BOULEVARD HLDG 1.61 1.73 1.7 1.74 1.7 1.74 5,000 8,660 DISCOVERY WORLD FAR EASTERN U 530.5 589 589 589 530.5 530.5 20 11,195 0.32 0.34 0.35 0.35 0.34 0.34 50,000 17,300 STI HLDG 1.19 1.2 1.2 1.2 1.2 1.2 707,000 848,400 BELLE CORP BLOOMBERRY 6.01 6.04 5.95 6.04 5.95 6.04 1,338,300 8,037,552 PACIFIC ONLINE 1.37 1.44 1.43 1.43 1.43 1.43 18,000 25,740 1.39 1.4 1.36 1.4 1.36 1.4 1,189,000 1,644,820 LEISURE AND RES 0.78 0.8 0.83 0.83 0.76 0.8 1,393,000 1,109,720 PH RESORTS GRP 0.395 0.4 0.395 0.4 0.395 0.4 580,000 231,750 PREMIUM LEISURE 5.48 5.5 6.08 6.14 5.46 5.48 24,022,200 137,194,029 PHILWEB 0.315 0.32 0.3 0.315 0.295 0.315 33,290,000 10,080,950 ALLDAY 5.6 6.04 5.51 6.05 5.51 6.05 1,100 6,115 BERJAYA 4.59 4.6 4.66 4.66 4.59 4.6 2,515,000 11,573,440 ALLHOME 1.45 1.46 1.46 1.46 1.44 1.45 61,000 88,460 METRO RETAIL 31.05 31.4 30.8 31.4 30.7 31.4 756,500 23,579,040 PUREGOLD ROBINSONS RTL 50.1 50.15 49.2 50.3 49.2 50.15 58,540 2,929,486.50 PHIL SEVEN CORP 52.5 55 52 55 51 52.5 1,151,490 59,332,410 SSI GROUP 1.22 1.23 1.2 1.23 1.2 1.22 584,000 707,670 WILCON DEPOT 24.05 24.25 24.3 24.3 24 24.25 1,248,500 30,191,400 APC GROUP 0.195 0.198 0.195 0.196 0.195 0.195 1,850,000 360,820 6.5 7 7 7 7 7 5,000 35,000 IPM HLDG 0.57 0.58 0.59 0.59 0.57 0.58 137,000 79,020 MEDILINES 0.41 0.415 0.41 0.42 0.405 0.41 1,040,000 427,050 PRMIERE HORIZON 3.76 3.99 3.9 3.9 3.9 3.9 1,000 3,900 SBS PHIL CORP MINING & OIL ATOK 6.91 7 6.9 7.08 6.9 7 71,500 495,014 1.45 1.49 1.45 1.5 1.45 1.49 1,084,000 1,605,100 APEX MINING 4.81 4.84 4.85 4.92 4.8 4.81 528,000 2,571,940 ATLAS MINING 5.8 6.05 5.9 5.9 5.9 5.9 26,600 156,940 BENGUET A 5.8 5.85 5.9 5.9 5.9 5.9 500 2,950 BENGUET B 2.65 2.74 2.73 2.74 2.62 2.74 124,000 333,290 CENTURY PEAK 3.81 4.28 4.29 4.29 4.29 4.29 1,000 4,290 DIZON MINES FERRONICKEL 2.32 2.4 2.25 2.44 2.25 2.4 3,572,000 8,526,480 LEPANTO A 0.134 0.135 0.135 0.135 0.134 0.135 5,250,000 703,750 0.0095 0.0096 0.0096 0.0096 0.0096 0.0096 2,000,000 19,200 MANILA MINING A 1.43 1.44 1.41 1.46 1.4 1.43 1,237,000 1,767,830 MARCVENTURES 6.3 6.34 6.13 6.48 6.13 6.3 2,482,800 15,637,026 NICKEL ASIA ORNTL PENINSULA 0.7 0.72 0.69 0.72 0.69 0.71 115,000 81,380 3.46 3.48 3.5 3.5 3.44 3.46 283,000 979,470 PX MINING 34.25 34.35 34.6 34.6 34.15 34.35 1,313,500 45,091,900 SEMIRARA MINING 0.0059 0.0064 0.0059 0.0059 0.0059 0.0059 3,000,000 17,700 UNITED PARAGON 9.67 9.68 8.3 9.77 8.3 9.68 1,097,300 10,132,824 ACE ENEXOR 0.011 0.012 0.011 0.012 0.011 0.012 16,300,000 180,300 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 6,400,000 70,800 ORNTL PETROL B 0.0085 0.0091 0.009 0.009 0.009 0.009 3,000,000 27,000 PHILODRILL 5.13 5.2 5.34 5.34 5.03 5.2 804,500 4,164,929 PXP ENERGY PREFFERED HOUSE PREF A 98.5 100 100 100 100 100 120 12,000 501 502 501 501 501 501 1,000 501,000 AC PREF B1 505 514 505 505 505 505 200 101,000 ALCO PREF D 104.1 107.8 107.8 107.8 107.8 107.8 30 3,234 BRN PREF A 41.8 42 42.5 42.5 41.8 41.8 37,800 1,593,440 CEB PREF 100.5 101 101 101 101 101 1,840 185,840 CPG PREF A 100 101 100 100 100 100 90,600 9,060,000 DD PREF 100.6 104 104 104 104 104 150 15,600 EEI PREF A EEI PREF B 104.5 105 105 105 105 105 19,330 2,029,650 960 1,019 960 960 960 960 1,000 960,000 GTCAP PREF A 1,019 1,028 1,028 1,028 1,019 1,019 230 234,820 GTCAP PREF B 966 980 966 966 966 966 100 96,600 JFC PREF B 94.5 97.95 98.75 98.75 95 95 1,240 118,348 MWIDE PREF 2A 96.8 99 98 99.5 98 99.5 27,120 2,684,730 MWIDE PREF 4 PNX PREF 3B 100 100.8 100.8 100.8 100.8 100.8 200 20,160 974 979 979 979 979 979 10 9,790 PNX PREF 4 1,043 1,048 1,048 1,048 1,043 1,045 1,745 1,825,305 PCOR PREF 3A 76.2 77 77 77 76.2 76.2 210 16,034 SMC PREF 2F 75 75.5 75 75 74.55 74.55 2,530 188,836.50 SMC PREF 2H 72.8 74.95 73.5 74.5 72.65 72.65 9,520 704,130 SMC PREF 2K PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 9.14 9.99 9 9.5 9 9.14 725,500 6,619,536 11.26 11.42 11.26 11.42 11.26 11.42 5,200 58,808 GMA HLDG PDR WARRANTS TECH WARRANT 0.495 0.52 0.485 0.52 0.475 0.52 310,000 153,500

12,037,030 -69,979,865 -13,198,489.50 -7,186,631 17,200 -2,700,670 14,726,374 12,416,586 -120,600 16,899,190 -4,536,361.00 -1,516,110 -57,026,305 3,267,728 -60,045,450 -862,950 -13,098 109,150 -6,953,130 12,150 92,393 185,190 -4,608,472 -10,434,480 -93,000 -3,014,320 1,018,392 3,940 90,571 -1,339,826 -61,497,360 -1,876,050 -3,718,300 13,828,670 101,723,425 719,400 984,940 123,690.00 -2,796 1,916,405 25,994,765 -273,170 225,400 -781,200 -2,769,884 -591,680 -1,990,035 546,250 -1,004,990 -3,289,740 1,648,915.50 -56,780 498,130 18,116,065 -359,420 -695,910 309,710 -546,560.00 3,083,342 13,800 -3,518,185 -4,513,408 -3,234 9,060,000 78,400 67,990 -6,601,436 -14,638 -5,200

SMALL & MEDIUM ENTERPRISES

CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

0.92 0.97 0.75 1.31 0.285

0.93 0.99 0.77 1.32 0.29

EXHANGE TRADE FUNDS FIRST METRO ETF

97.5

0.95 1.02 0.76 1.32 0.295

0.96 1.02 0.77 1.33 0.3

0.92 0.96 0.74 1.3 0.29

0.93 0.97 0.77 1.31 0.29

3,763,000 118,000 163,000 925,000 1,630,000

3,515,160 115,620 124,480 1,212,700 472,850

146,400 9,240 -472,850.00

98 98 97.05 97.05 11,170 1,087,049 85,688.50

www.news.businessmirror@gmail.com

Banking&Finance

BSP wants more stable banks vs emerging risks By Bianca Cuaresma @BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) vowed to intensify monitoring and surveillance of the financial industry amid various global and local risks. In a recent speaking engagement, BSP Governor Benjamin E. Diokno said the local banking system has been one of the “pillars” of the economy during the Covid-19 economic disruption, noting that it remained “stable and resilient” amid external shocks. In trying to keep the country’s banks stable, the Central Bank governor said they will aim to ensure these institutions are “responsive to emerging risks” amid changing financial conditions. “The BSP will intensify its monitoring and surveillance over its supervised institutions to ensure that they remain responsive to emerging risks and to promote the stability, resilience and inclusivity of the banking system, particularly through the pursuit of enhanced digitalization,” Diokno said.

Cyber fraud

ALSO, as part of their digitalization call, Diokno issued a separate statement on Tuesday, calling on banks to adopt “robust control measures” against cyber fraud and attacks on retail electronic payments and financial services (EPFS). BSP-supervised financial institutions (BSFIs) should regularly conduct risk assessments of their product features, business rules, as well

as application controls and enforce appropriate enhancements and mitigation measures, the governor said, quoting BSP’s recently issued memorandum on cyber-attack measures. Banks were advised to remove clickable links in communications sent to customers via electronic mail (email) and short message service (SMS) or text messages and to send notifications through registered mobile numbers or email addresses when requesting changes to customer information. “After thorough risk analysis, BSFIs should implement mandatory notifications for fund transfers exceeding a predefined amount, delays in activating new soft tokens or new device registrations and a cooling-off period for key account changes,” the Central Bank said. Financial institutions were also asked to personalize SMS messages and emails for banking services; restrict bank officers or representatives from obtaining critical information such as customer passwords, one-time passwords (OTP), or personal information numbers (PINs); create dedicated customer assistance teams for fraud cases; conduct education campaigns against online scams; and adopt strong fraud surveillance mechanisms. “The BSP, likewise, encourages collaboration among BSFIs and the use of information sharing platforms such as the Bankers Association of the Philippines’s cyber incident database, to expedite fraud investigations and recovery of funds and proactively address emerging fraud schemes,” the Central Bank said.

BusinessMirror

Editor: Dennis D. Estopace • Thursday, June 30, 2022

DOF puts financial-health oversight of PCIC under IC

By Bernadette D. Nicolas

@BNicolasBM

HE Department of Finance (DOF) placed state-run Philippine Crop Insurance Corp. (PCIC) under the supervision of the Insurance Commission (IC) to ensure the regular examination of the staterun agricultural insurance firm’s financial condition.

Two days before President Duterte’s term ends, Finance Secretary Carlos G. Dominguez III signed on June 28 Department Order (DO) 038-2022, paving the way for the conduct of the regular examination of PCIC, the results of which shall be submitted to the DOF. “In view of the foregoing, the PCIC is hereby placed under the supervision of the IC,” Dominguez said in his DO, which is set to take effect immediately. “The IC is hereby directed to conduct an examination into the affairs, financial condition, and method of business of the PCIC every three (3) years, or as often as may be directed by the Insurance Commissioner or the Secretary of Finance.” To recall, President Duterte in September last year issued Executive Order (EO) 148 transferring

the PCIC from the Department of Agriculture (DA) to the DOF as an attached agency “for policy and program coordination and general supervision.” Likewise, the EO also re-organized the PCIC Board with the DOF Secretary as chairman. The IC is mandated to conduct an examination into the affairs, financial condition and method of business of government-owned and -controlled corporations (GOCCs) engaged in social or private insurance, based on this presidential directive and under Section 253 of the amended Insurance Code.

By Manuel T. Cayon

the area holds, rapid growth will transpire here in the next few years,” Dominguez said. He cited the bank’s performance in the last six years as a period of growth, innovation and expansion for the institution.

WB recommendations

DOMINGUEZ issued DO 038-2022 after the World Bank recommended reforms in the PCIC. The world’s largest multilateral

creditor institution found that the state-run firm’s current approach to agricultural insurance neither provides value for money to taxpayers nor adequate protection to farmers. Moreover, the World Bank study—undertaken by a team from the lender’s Disaster Risk Financing and Insurance program (DRFIP)— concluded that PCIC is “very exposed to catastrophe losses, which are not reinsured.” While premiums subsidies given by the government to PCIC grew rapidly over the years, the World Bank said its study revealed that agricultural insurance has only reached one-third of the country’s farmers and is not well-targeted to ensure that taxpayers are getting value for their money. The study also found that PCIC’s premium rating, capital management, financial reporting and other aspects of its operations are not in line with international best practices. PCIC’s insurance products are also not suitable for the majority of Filipino farmers, especially for small subsistence holders and growers, the study showed.

Audit teams

THE DOF said the IC also formed project audit teams to look into the compliance of the country’s social insurance institutions with the global accounting standards. Insurance Commissioner Dennis B. Funa reported to Dominguez that audit teams will begin to audit

the compliance of the Government Service Insurance System (GSIS) with Philippine Financial Reporting Standards 4 next month. Funa said the adoption to PFRS 4 by the Social Security System (SSS) and Philippine Health Insurance Corp. (PhilHealth) will be audited in September and October, respectively. “We shall provide the Secretary of Finance the respective final audit reports immediately after the endorsement and approval from the Insurance Commission Executive Committee,” the IC chief said in his report. In December last year, Dominguez ordered the SSS, the GSIS and PhilHealth to fully adopt PFRS 4, which provides guidance on the proper financial accounting of insurance contracts. PFRS 4 is the current and interim accounting standard imposed on insurance entities in the Philippines that is based on International Financial Reporting Standards. All private insurance companies in the Philippines have been using PFRS4 since 2005. Dominguez issued the directive after a comprehensive review was conducted by the DOF led by Undersecretary Antonette C. Tionko with the assistance of the International Monetary Fund. The review revealed these institutions were not adopting internationally-accepted accounting principles in their financial reporting and management of their social benefit liabilities.

Financiers acquire debt paper from PHL startup DOF chief inaugurates LandBank’s Davao corporate hub By Rizal Raoul S. Reyes @brownindio

ngadin Corp., the firm behind the Edtech startup concept “Edukasyon.ph,” announced last Wednesday it has raised a convertible note—a short-term debt paper that converts into equity. Engadin said follow-on investors KSR Ventures Inc. and Lorinet Foundation Inc. and new investor Bisk Ventures Inc. acquired the note. Engadin Founder Henry MotteMuñoz told the BusinessMirror the funds raised from the issuance would go to enhancing the startup firm’s online K-12 tutoring services in English and Math. This service, which Engadin launched last May, targets students aged 4 to 16. Motte-Muñoz said the platform now already has a thousand classes booked and hundreds of hours of English and Math classes held. Today, the Philippines is worth around a $20-billion education market open for “disruptive” action, according to him. “We are very excited to enter the local academic support space—a fast growing, fragmented and still very traditional multi-billion industry,” Motte-Muñoz told the BusinessMirror. “The Philippines is now where India was seven years or ten years ago.”

Rising demand

MOTTE-MuÑoz further said their new product, called “EDGE Tutor,” hopes to meet the rising demand for “quality, affordable” academic support for the country’s 27 million learners navigating the K-12 curriculum in the digital world. Further, Motte-Muñoz stressed they focused on developing “EDGE Tutor” to provide parents and their children support and education using the curriculum, in line with the requirements of the Department of Education. “EDGE Tutor” was “crafted to be globally competitive” using our “tried and tested online learning platform,” he added. It is being developed as the third vertical for Engadin’s Edukasyon.ph platform, in addition to the firm’s college and

career counseling platform—called “Finder”—and future skills training—called “Advance.” Engadin CEO Grace David, meanwhile, underscored the needs of Filipino parents and students for live online tutoring, which centered on “ensuring quality teachers, motivating lessons, effective learning and convenient scheduling.” Since the close of its Series A in 2020, Motte-Muñoz pointed out Engadin achieved tripled revenues and achieved profitability for its business-to-business division. He added they are close to reaching its first million registered users and has built a community of eight million students. Motte-Muñoz said the company will continue to collaborate with brands and institutions to create informative and resourceful content for learners.

Changed dramatically

ENGADIN operates the country’s largest platform for “EdTech,” or “education technology,” which is the combination of information technology tools and educational practices. The EdTech landscape has changed dramatically in the Philippines, with improvements in internet infrastructure, explosive growth of e-wallets (estimated 63-percent penetration by 2025) and massive exposure to online education (more than seven million students in 2021). Pierre Lorinet, founder of Lorinet Foundation, said that the developing EdTech landscape in the Philippines is “both exciting and critical” for the country’s learners. In a statement, Bisk Ventures CEO Mike Bisk was quoted as saying their firm is quite bullish for the growth of Edtech in the Philippines. “The next 12 months for EdTech look very promising and we look forward to being a part of it.” According to Bloomberg News, Bisk Ventures operates as a venture capital fund. The company invests in edtech companies in the higher education and corporate learning space. Bisk Ventures serves investors in the State of California, Bloomberg News said.

@awimailbox Mindanao Bureau Chief

AVAO CITY—Finance Secretary Carlos G. Dominguez III led the inauguration ceremonies last Friday for the new corporate center of the Land Bank of the Philippines (LandBank) in this city, citing the bank for a milestone of achievements. “This will be my last engagement as Secretary of Finance and Chairman of LandBank,” Dominguez said. “[And] I am happy that this happens in my hometown.” The corporate center would expand the reach of the bank’s services as a one-stop-shop for as many as 30,000 clients in southern and eastern Mindanao. LandBank’s Davao Corporate Center is the biggest of the corporate offices outside the National Capital Region (NCR). “I see this corporate center as Landbank’s investment in one of the fastest-growing regions in the country. With the infrastructure build-up in the region and the great potential

Built an institution

DOMINGUEZ noted the role of Executive Vice President Liduvino S. Geron, “Without Geron, we wouldn’t have had the merger of UCPB [United Coconut Planters Bank.” He also expressed gratitudes to LandBank CEO Cecilia C. Borromeo “and the men and women of LandBank during the last six years of the Duterte administration.” “They built a strong banking institution that serves the goals of national development,” Dominguez said. Compared with all other administrations, he said it was during the Duterte presidency that the largest amount of capital was infused into Landbank. From P88.7 billion in capital in 2016, this has since grown to P215.8 billion on the outgoing President’s watch, “making it the second-largest

universal bank in the country,” the outgoing DOF chief said. Dominguez said LandBank’s capital “is being prudently managed and is used to finance projects that are most needed by the country, not just in the agriculture sector.” LandBank has become the biggest lender to the local government units and has expanded to serve other sectors such as healthcare, education, power generation and distribution, water, transportation and housing, according to Dominguez.

UCPB merger

IT was also during the Duterte administration that LandBank acquired and merged with the UCPB “to provide more robust support to the country’s agriculture sector.” The merger further increased LandBank’s reach with its fullfledged branches growing from 418 to 607 nationwide. Teaming up with the Philippine Statistics Authority, LandBank “cleared the way for eight million formerly unbanked national ID registrants to be part of the formal banking system.”

On top of performing its banking functions, LandBank was also the distribution arm of cash grants for 10 million beneficiaries of the government’s Conditional Cash Transfer and Unconditional Cash Transfer programs, Dominguez said. Most evident during the pandemic, LandBank’s performed an indispensable role “of serving as a conduit for delivering relief assistance to millions of Filipinos in the most vulnerable sectors,” Dominguez added. Landbank also rolled out special lending programs designed to assist LGUs, small and medium enterprises, the transport and education sectors, as well as parents of students at the height of this public health emergency. Dominguez said Landbank was also instrumental in delivering the President’s promise of establishing a bank exclusively for Filipinos based abroad with its establishment of the Overseas Filipino Bank (OFBank), which is officially the first branchless digital-only bank in the country. The OFBank now serves overseas Filipinos in 119 countries.

Guerrero, 3 BOC execs deny smuggling claims

USTOMS Commissioner Rey Leonardo B. Guerrero, along with three other top officials from the bureau, denied their alleged involvement in agricultural smuggling. Guerrero said several reforms have been instituted under his watch, helping the agency boost its collection efficiency and stop agricultural smuggling. This comes after the Senate Committee of the Whole report identified several government officials, including those from BOC, as those allegedly involved in agricultural smuggling. Apart from Guerrero, among those on the list are: Customs Deputy Commissioner for Intelligence Group Raniel T. Ramiro; Customs Deputy Commissioner Vener S. Baquiran; Customs Intelligence and Investigation Service Director Geoffrey Tacio; and, Yasser A. Abbas of Customs Im-

port and Assessment. “I vehemently deny the accusations against me on my alleged involvement in agricultural smuggling based on a supposed ‘validated’ list,” Guerrero said through a statement. “Law enforcement agencies such as the National Intelligence Coordinating Agency, the Armed Forces of the Philippines and the Philippine National Police denied the release or submission of any intelligence report from their respective agencies allegedly implicating any BOC official in any smuggling activity.” The Customs chief said the reforms they put in place enabled them to seize P2.5-billion worth of smuggled agricultural products in various ports nationwide from 2016 to May this year, while a total of 111 criminal cases have been filed before the Department of Justice against unscrupulous stakeholders and 84 importers and customs

brokers involved in agricultural smuggling were revoked of their accreditation since 2019. “We firmly denounce fraudulent importations of agricultural products,” Guerrero said. “[The] BOC remains committed to its mandate of securing the country’s borders against the entry of smuggled agricultural products and other illicit goods.” Tacio, Baquiran and Ramiro have also separately denied they were involved in smuggling. “I vehemently deny that I am a coddler of smugglers,” Tacio said. “In fact, the Customs Intelligence and Investigation Service (CIIS), under my command, has been at the forefront in the drive against agricultural smuggling and continues to be relentless in conducting enforcement operations at the ports, warehouses outside ports, and public markets against smuggled agricultural products.”

For his part, Baquiran called the allegations as “malicious and false,” noting that he and the whole BOC team will not be deterred by these accusations. Ramiro added multiple attempts have been made to tarnish his name and honor but he said he “rest in the knowledge that the truth will never cease to exist.” Among the reforms cited by Guerrero include the automation of 82 percent of the 170 processes in the BOC in order to reduce human intervention that provides opportunities for corruption. As part of the BOC’s anti-smuggling activities, Guerrero said the agency allowed representatives from the Department of Agriculture to take part in the non-intrusive inspection of containers to ensure full transparency in the examination of agricultural products. Bernadette D. Nicolas

Envoys&Expats BusinessMirror

Thursday, June 30, 2022

PHL, France highlight dynamic ties on 75th year of diplomatic linkages

VIVE L'AMITIÉ FRANCO-PHILIPPINE Gaugin Art Pieces owner Philippe Augier, Ambassador Michèle Boccoz, French Senator Samantha Cazebonne, Secretary Teodoro L. Locsin Jr., Maria Lourdes Barcelon-Locsin, Pinto Art Museum's Dr. Joven Cuanang, and Special Envoy of the French Ministry of Finance François Corbin EMBASSY OF FRANCE

HE Philippines and France mark the 75th anniversary of their two-way relations with a stronger commitment to boost and expand their partnership in various fronts. This year both countries will witness Franco-Philippine cooperation that developed throughout the two countries’ shared history heightened further, most notably in trade and investments, defense and maritime cooperation, development, climate action, as well as cultural and peopleto-people exchanges. To celebrate this significant milestone, several events will be organized throughout the second half of 2022 to illustrate the historic friendship between France and the Philippines, while offering new opportunities to bring their people closer. At a press conference, Ambassador Michèle Boccoz and Foreign Affairs Assistant Secretary for European Affairs Jaime Victor Ledda presented the line-up of activities that highlight French and Filipino collaboration, talent,

and creativity. “This year-long [festivity] is an opportunity for all Filipinos to experience the friendship between our two countries in all aspects,” said Boccoz. “There is so much more to discover and learn from each other as we grow as a community. We invite everyone to take part in these exciting events we’ve lined up for our anniversary...” The 75th year of PhilippineFrench diplomatic relations kicked off on June 26 with the inauguration of the “Diamond in the Rough” exhibition at the Pinto Art Museum in Antipolo City, Rizal. The exhibit features art pieces by French artists who have lived in the Philippines, and Filipinos who have resided in France. The French-Philippine art exhibit will be open for public viewing until

August 7, 2022. Commemorating the bilateral ties between France and the Philippines, as well as marking the 30th anniversary of the Together-Ensemble Foundation, the France- Philippines Friendship Park will also be inaugurated at the Las Piñas-Parañaque Wetland Park on June 26. The inauguration of this symbol of both nations’ commitment to protect the environment and biodiversity was made possible in partnership with Senator Cynthia Villar and the Department of Environment and Natural Resources. The diamond anniversary will also be marked by notable events such as: n Fête de la Musique: “Tara, Allez !” - organized by the Alliance française de Manille and B-Side Productions, with support from the French Embassy and the Department of Tourism, this 26th edition of the “Fête…” in the Philippines is a showcase of both nations’ musical talents. French musical artists Marc Fichel, DJ Blutch and Maxime Cozic will collaborate with Filipino artists to produce original co-creations and perform in several stages in Siargao, Cebu, El Nido, and Baguio until June 28. n On July 10 French conductor

Michael Cousteau will return to Manila to perform with the Philippine Philharmonic Orchestra for a concert as tribute to the works of great French composers César Franck, Camille Saint-Saëns and Claude Debussy. n In August, French director Frédéric Auburtin will join the jury of the 2022 Cinemalaya Independent Film Festival. n Focusing on a shared love for sports in view of the 2024 Paris Olympics, members of the LyonVilleurbanne Basketball Team will arrive to participate in exhibition games organized in partnership with the Philippine Basketball Association in August and September. n A series of meetings and events to promote economic and trade relations between France and the Philippines, such as a FrenchFilipino Gala Dinner organized by the French Chamber of Commerce and Industry in the Philippines, as well as the Joint Economic Committee meeting and other related conferences between the Philippine business community and France’s MEDEF International. Highly anticipated events, including the French Film Festival and the Goût de France culinary festival, as well as other events in the field of the visual arts, music, poetry, and theater, will also form part of the 75th anniversary. Diplomatic relations between France and the Philippines were first established in 1947 when both countries signed the Treaty of Amity in Paris. Since then and in the wake of a strong momentum in the deepening of ties following the historic state visit of former French president François Hollande in 2015, French-Philippine relations continue to be marked by a commitment to ensuring a free and open Indo-Pacific region and upholding international law, joint action in the fight against climate change, plus promoting cultural exchanges between the French and Filipinos.

Indian Embassy conducts 8th International Day of Yoga

HE eighth International Day of Yoga (IDY) was celebrated in Manila on June 21 at the Music Hall of SM Mall of Asia with a specially curated event participated by the Indian Embassy, local Philippine institutions, yoga teachers and schools, as well as the organizations of the local Indian Community. Highlight of the event was the practice of the common yoga protocol (CYP) by more than 200 local participants led by foremost yoga experts and teachers. Certified ashtanga vinyasa yoga teacher Chandru Mahtani opened the yoga practice with a suryanamaskar (sun salutation) by leading the participants through a sequence of yoga asanas (poses). Clara Day Herrera, a yoga and wellness expert based in Manila, helped participants explore yoga as a tool for relaxation and vitality through the practice of pranayama. The book How to Never Diet Forever by Herrera was also launched. The publication provides readers a stepby-step system on achieving holistic health, longevity, beauty, and a life of fulfillment and service to others. It draws on the author’s education in nutrition and wellness—including her extensive training in the ancient Indian systems of yoga, and ayurveda in Mysore, India. Jennifer Aguas Non closed the session by sharing her practice inspired by her experience of selftransformation through yoga and meditation. Ambassador Shambhu S. Ku-

MORE than 200 yoga and wellness enthusiasts marked the 8th International Day of Yoga

maran hailed local yoga teachers and school instructors present at the event as he recognized their contributions in creating awareness about yoga, and making yoga practice more accessible in the Philippines. Several pre-events were also organized in Manila as a run-up to the IDY. These included yoga workshops in Miriam College and the Asian Center of the University of the Philippines. They consisted of yoga webinars and practical classes for university students, faculty and staff. Self-refinement tool INDIA’S unique and civilizational pathway to well-being, yoga is prac-

ticed in various forms around the world. In the Philippines, yoga continues to grow in popularity, with an increasing number of instructors and passionate practitioners going beyond the physical aspects, and engaging with it as a potent tool of self-refinement. In the last few years several Filipino yoga enthusiasts and teachers have traveled to India to receive required authorization as teachers, as others search for greater depth and authenticity, according to the embassy. Recognizing its universal appeal and its efficacy as a tool for experiencing well-being across age groups, nationalities and social backgrounds, the United Nations

in December 2014 proclaimed June 21 as the IDY. This year IDY is being celebrated with the theme: “Yoga for Humanity.” Prime Minister of India Narendra Modi said: “the theme appropriately portrays how, during the peak of the pandemic, yoga served humanity in alleviating suffering. In the emerging post-Covid scenario too, it will bring people together through compassion [and kindness, fostering a sense of unity and building resilience among people everywhere].” As India commemorates 75 years of independence and being a tribute to the occasion, CYP demonstrations were held simultaneously in 75 national-level iconic sites in the said country on June 21. Another innovative feature of the 8th IDY was the “Guardian Ring” program: a yoga relay streaming event which underlined the idea of “One Sun, One Earth.” The program showcased participation of people from across the world synchronized with the movement of the sun, beginning from the east and marching westward. Events in the Philippines were also a part of the Guardian Ring. With the annual celebration of IDY, the embassy said it aims to “facilitate a definitive change in the way we perceive and approach health and well-being by making the holistic well-being practice of yoga accessible to a large cross-section of people in the Philippines.”

www.businessmirror.com.ph

European Union pushes for circular economy By Rizal Raoul S. Reyes

HE Delegation of the European Union (EU) recently announced it will implement “an ambitious agenda” to transform its economy into a circular one, where the value of products and materials is maintained for as long as possible: from production and consumption to waste management and marketing for secondary raw materials. Ambassador Luc Véron said in an online event that introducing the circular economy is quite timely, as the world is recovering from the economic brunt of the pandemic, coupled with Russia’s aggression against Ukraine. Véron said in his keynote during the recent online awarding ceremonies of the Europa 2022 awards that this is an ideal time for the public and private sector to review and revise policies, making them more aligned with the Sustainable Development Goals. To jumpstart the lofty goal, the envoy said the EU has adopted the “Next Generation EU” and the European “Green Deal”—two massive long-term projects that support innovative policies setting Europe on a path to a sustainable recovery. In particular, he said the Green Deal will transform the EU into a modern, resource efficient and competitive economy. To support these, the bloc has adopted the biggest budget ever passed. Moreover, Véron shared that the region requires all relevant policies, including trade policy, to promote sustainable development. Meanwhile, the European Commission is working to ensure coherence and synergies between industrial, environmental, climate and energy policies to create an optimal business environment for sustainable growth, job creation and innovation. He pointed out that the commission is also supporting European industries to carve a path to a climate-neutral economy and improve the energy efficiency of products via eco-design legislation. Likewise,

transitioning to a climate-neutral economy will mark a change for the energy, manufacturing, transport and construction sectors. Simultaneously the EU trade policy aims to ensure that economic development goes hand-in-hand with social justice and respect for human rights, with increased labor and environmental standards. The region utilizes trade policy to promote sustainable development through trade agreements, special incentives for developing countries, as well as trade and development policies. In the Philippines, Véron said the bloc implements the Generalised Scheme of Preferences Plus trade preferences, or GSP+: “This does not only provide market access to Filipino-made products to the EU market; it also incentivizes the Philippines to ensure proper implementation of sustainable-development initiatives through the implementation of 27 international conventions that the country has signed up to.” Véron cited the important role of trade policy as a contributor to the objective by promoting responsible business conduct and greater transparency and traceability in supply chains. The forthcoming EU legislation on sustainable corporate governance, as well as against deforestation, will be important milestones in this regard. For instance, the legislation on sustainable corporate governance will promote sustainable and responsible value chains through a proposal on mandatory due diligence—including effective action and enforcement mechanisms to ensure that forced labor does not find a place in the value chains of EU companies. He said the cooperation priorities of the EU with the Philippines under its new 2021-2027 financial program very much reflect those of the bloc’s globally. He said two priority areas of cooperation have been agreed in close dialogue with the Philippine government: green, resilient economy and green jobs, as well as peaceful and just society, including good governance.

Taiwan shares medical-application breakthroughs to PHL, other markets

ECAUSE of the pandemic, the global health-care industry has learned to embrace a more diversified and mobilized matrix to meet growing demands for telemedicine and smart medical devices. With its leadership in software and hardware development, Taiwan’s health-care sector is ready and willing to adopt these changes, while sharing its experience and accomplishments with the Philippines and the rest of the world. “These factors ensure Taiwan’s capability in medical technology [medtech] to transform and its ability to work with global partners,” Taiwan External Trade Development Council President and CEO Leonor F. M. Lin said during the recent Taiwan Excellence 2022 Smart Medical Applications webinar graced by local and international media, as well as medical stakeholders and online viewers from the Philippines and other countries, including Malaysia, Indonesia, Vietnam, Thailand, Italy, France, Iran, Germany and the United Kingdom. “As we know, over the past two years, the global pandemic has pushed almost all sectors to adopt and innovate.” Taking centerstage in the virtual event, five leading Taiwanese information and communications technology providers showcased their latest products that elevate the use of med-tech tools to a whole new level, and presented their advancements in smart health-care applications transcending various specialties such as pressurearea care and wound care, medical imaging, health-data processing, and team-salvage systems. These included iXensor’s infec-

tious-disease management/chronicdisease management/female health management, Wellell’s SleepWell solution, United Orthopedic Corp.’s Hinged Knee & Limb Salvage System, Medimaging Integrated Solution Inc.’s telemedicine products, and IEI’s Medical Image Management System-POCiW22C-ULT5. While these Taiwan Excellence Awards-winning firms—three of which were Top 10 Gold Awards winners—specialized in various aspects and products related to med-tech, their strength in developing applications continue to contribute in order to bring the best performance and realize the future for health care. “If you are thinking about bringing digital solutions in health care, Taiwan will be your best partner,” said National Taiwan University HospitalYunlin Branch Vice Superintendent Matthew Huei-Ming Ma, as he trumpeted Taiwan’s cutting-edge capability and leading role in this field. Looking forward to the post-pandemic era, Taiwan Medical and Biotech Industry Association Vice President Daniel Lee is bullish on the unparalleled innovations and further productivity ahead of the health-care sector worldwide. “We should not only continue to promote cooperation between administrative governments and Taiwanese medical companies, but also alliances across industry and achieve breakthroughs [given] our difficulties in trade barriers overseas,” Lee pointed out. “Taiwan Excellence will certainly help [achieve the] innovative power and competitiveness of the medical industry.” Roderick L. Abad

Parentlife BusinessMirror

www.businessmirror.com.ph

5 tips for parents of new kindergartners who are younger than their classmates

Editor: Gerard S. Ramos

• Thursday, June 30, 2022

My post-pandemic backto-school guide: Part I

By Gregory Fabiano Florida International University A GOOD kindergarten experience sets kids up for success in school and into adulthood. Students in smaller kindergarten classes are more likely to go to college than students from larger classes. And by age 27, students who had more experienced kindergarten teachers were earning more money than their peers who had less-experienced teachers in kindergarten. One factor many parents consider is their child’s age when starting kindergarten, based on how close their age is to the cutoff date for enrollment. The ages at which kids are eligible to start kindergarten differ across the United States and in other countries. Most commonly in the US, a child who turns 5 on or before September 1 of a given year can start kindergarten that year. But most states don’t actually require a child to start school until later, even age 7 or 8. Evidence shows that children who are relatively young for their kindergarten class—those who are only a few weeks or months older than the cutoff rules require—are at increased risk for doing worse in school, being held back a grade, and having lower social-emotional skills. Students who start kindergarten younger are also more likely to be rated by teachers as exhibiting symptoms of attention-deficit/ hyperactivity disorder in kindergarten and to be treated with medication for ADHD. When younger kids fare worse than older kids in the same, single-grade classroom, and older kids are viewed as more advanced, it’s often because adults tend to compare children to one another. The relatively older children may appear to behave better than the relatively younger children, especially as kindergarten classrooms focus more on academics and offer less time to play. Together these differences are called the “relative age effect.” As a result, some families choose to delay their child’s entry into kindergarten, particularly those who can afford to do so. I am a clinical psychologist who studies how to best support children in school settings, particularly those at risk for behavioral challenges like ADHD. Here are five ways families can help support their kindergartners, especially those who are relatively younger than their classmates: 1. LEARNING OPPORTUNITIES: Relatively older students have had more time to learn academic skills. To help younger kindergartners catch up with their older classroom peers, families can offer additional learning experiences. This includes engaging the children in more conversations and shared book reading. This can be started during the preschool years and throughout kindergarten. 2. BE POSITIVE: Parents and educators can direct focus as much as possible on encouraging and praising the positive performance of relatively younger children in the classroom. If the feedback is mostly negative—in which the relatively younger child is always told to “hurry up,” “pay attention,” “do it the right way,” and all other variations of directives that include words like “no,” “don’t” or “stop”—they may eventually shut down and stop trying to follow instructions. To combat this, educators and parents can focus on emphasizing all the things the child is doing right, rather than wrong. A good goal is to be mindful of directing at least three positive statements to the child for every correction or redirection. 3. SET TAILORED GOALS: Parents of relatively younger children can meet with their child’s teacher early in the school year to discuss individual goals for the child. That meeting can discuss the child’s current strengths and skills, as well as areas in need of growth. The adults can establish reasonable, achievable goals for the child each week or month. That can help offset possible relative comparisons that may mask individual progress. 4. TRACK PROGRESS: To follow up with the goals set at the beginning of the year, a daily or weekly check-in on behavioral or academic progress can help parents and teachers work best together. Waiting until the end of the school year is too long and leaves no time to change course if goals need to be modified. Frequent check-ins also provide opportunities to reward and praise the child for success. 5. KEEP PERSPECTIVE: Educators and parents may find it useful to remember that kindergarten is only one year of what is almost two decades of education for children on a college track—and age differences matter less and less in academic performance as children get older. THE CONVERSATION

PHOTO BY JONATHAN BORBA ON UNSPLASH

ANY of our kids are currently on their summer break. In a few weeks, before we all know it, our kids will soon head back to school. Depending on the school, most will have face-to-face or at least hybrid classes already. When this happened for my kids early this year, I wanted to make sure my husband and I were equipped to support our children in this postpandemic school journey. As a parent, I felt both my kids were impacted uniquely, both positively and negatively, by this pandemic. I was very lucky to have gotten a copy of this book by Katherine Hill, titled A Mind of Their Own: Building Your Child’s Emotional Wellbeing in a Post-Pandemic World. It clarified the bits and pieces of questions I had, and allowed me to come up with my own roadmap that helped me navigate in guiding my kids to thrive in this post-pandemic school world. In the next few weeks approaching back-to-school season, let me share this roadmap which I hope would help parents better support their children, as well as strengthen fundamental foundations for the family. First, I want to provide context to what this pandemic has brought on to my kids, to my family. According to Katherine Hill, “Covid-19 has touched almost every area of society—not least our family life. Lockdown has left some people lonely and isolated, while other households have been forced to live in close proximity. Family life has affectively been put under a magnifying glass where both the good and the bad things are intensified. As well as being a catalyst for acts of kindness and generosity, the lockdown has also put relationships under pressure. Small irritations have spiraled into full-blown arguments with all the family feeling the strain. “Research carried out by The Children’s Commissioner has shown that for a few children, there may have been some positives. For those with a stable family environment, elimination of ‘everyday’ worries [anxiety about appearance, bullying, their social lives] meant some children’s stress levels decreased during the lockdown. One survey reported that the opportunity of extra time together was a bonus for many. In answer to the question ‘What has helped you during lockdown?’ the answer ‘family time’ was ahead by a country mile. But for a significant majority, the challenges have felt overwhelming. Covid-19 has exposed to gulf between disadvantaged and non-disadvantaged children, with many vulnerable families facing real hardship.... “During the lockdown, much of life has been—of necessity—conducted around the kitchen table, often via a 23-inch screen, and the strain can feel unrelenting. Many have suffered the trauma of bereavement, and if parents have lost their source of income, financial pressure has added even more fuel to the fire. For many of those who are managing the logistics of coparenting, there have been extra

difficulties. Unsurprisingly, this high-octane environment is testing our relationships, and putting our mental well-being to the test. Living together 24/7 has aggravated existing tensions, and left stressed parents juggling home-schooling/home-working, or riding the rollercoaster of the teenage years, without their usual support systems and coping mechanisms in place.... “For children and young people, the changes brought on by the pandemic have formed the perfect storm. Younger children have missed structures and routines of the school day: the school run, play dates, sleep-overs, birthday parties and sport. Schools are reporting that children who were previously potty trained have regressed back into nappies or forgotten how to use knives and forks. And at the very time teenagers should be flexing their muscles of independence, they find themselves grounded and in an educational limbo, with life as we know it on hold. Perhaps it should come as no surprise then that one in five children have reported persistent stress during

lockdown, which is in itself a predictor for mental health disorders.” It was calming for me that the aformentioned information verbalized some of the realities, both positive and negative, that this pandemic has brought on to my kids and our family. It allowed me to dig further on each of my children and ask these questions: How was my child pre-pandemic? What were the happy, sad or fulfilling moments for him/ her? Then, I asked: How has my child been affected positively and negatively during the pandemic? Last, and I think quite importantly, it pushed me to see this pandemic as a springboard for each of my children, as an opportunity to reflect and build better versions of themselves. After listing these things down in my own perspective, the next step is to communicate these with each of my children. Next week, let me share the tips I learned from this book on fundamental and effective family communication, and how I applied them to my children. n

Looking for a taste of nostalgia or new treats? Look no further FOR those who grew up in the 1970s and 1980s, a trip to the Magnolia Ice Cream House on Aurora Boulevard in Quezon City was a treat to look forward to. Life’s major milestones were celebrated there—a birthday, graduation, first date, a family reunion or even just a weekend outing. The rich, sweet, fruity flavors of banana splits, parfaits and cobblers, combined with the warm and wholesome atmosphere, make up many unforgettable memories. Fast forward to the present, and with the summer heat and rainy season humidity causing discomfort and unease, ice cream has become a welcome indulgence, a source of comfort. That there are now multitudes of brands and flavors shows that ice cream continues to be a favorite treat of Filipinos, regardless of age. Yet, decades since the original ice cream house closed, Magnolia Ice Cream remains an enduring, well-loved name, with its rich, solid heritage that extends all the way back to 1899, when an American cook in the United States army is said to have first introduced the brand to local customers. Today, Magnolia Ice Cream marks another milestone in its history as it upgrades its entire range of products to Magnolia Gold Label. The use of the classic Gold Label brand means all ice cream flavors are of premium quality, using fresh carabao’s milk, and certified pure with no artificial flavors added. “As an integral part of every Filipino’s rich heritage, Magnolia has always taken pride in offering ice cream lovers the best of the best. By transforming Magnolia Ice Cream

into Magnolia Gold Label, we ensure that every spoonful of our product is carefully crafted and contains premium ingredients. This is the mark of a truly world-class Filipino ice cream,” says Imee Dumaual, Group Product Manager of Magnolia Gold Label. Through Magnolia Gold Label, the brand’s story continues into a new era. For both longtime fans of the classic brand and today’s younger generation of consumers, the brand aims to evoke the simple joys of having delicious, premium quality ice cream, made by Filipinos for Filipinos. Here is one of the delightful recipes you can do with a Magnolia Gold Label. FUNNEL ICE CREAM SANDWICH 200g pack Magnolia Pancake and Waffle Mix 1/3 cup cornstarch 1/2 cup water 1 pc Magnolia Brown Egg 1 cup cooking oil 200 grams bittersweet chocolate, grated 5 scoops Magnolia Gold Label Ice Cream Ube PROCEDURE: 1. Mix pancake mix, cornstarch, water, and egg in a bowl. Transfer batter into a squeeze bottle. 2. Heat oil in a non-stick frying pan. Gently squeeze the bottle gradually swirling the batter outward in circular motion,

or criss-cross back and forth to make about 3” rounds. Fry until golden brown, turning once with a tong. Remove and drain on paper towels. 3. Melt bittersweet chocolate then dip one side of funnel cake into melted chocolate. Sandwich one scoop of ice cream between two funnel cakes. Freeze before serving. Makes 5 servings.

B6 Thursday, June 30, 2022

Madiskarte Moms PH bags silver Stevie

UFC Gym opens in SM Southmall

IVING a more active lifestyle is important in increasing one’s immunity to certain illnesses. It is imperative to stay healthy as we continue the fight against COVID-19. This is what SM Supermalls President Steven Tan emphasized during the opening of the newest branch of the UFC Gym at the SM Gamepark in SM Southmall. “We are all fighters, and we are all fighting against COVID. And one of the ways to win this fight is to keep yourself healthy. Thank you to the UFC Gym for giving us this platform to workout and live healthier lives,” Tan said. The gym opening was attended by UFC Gym CEO Adam Sedlack, UFC Gym Master Franchisee Mark Dayrit, UFC GYM Philippines CEO Mylene Mendoza-Dayrit, and Ms. Aura International 2021 Faith Garcia. Hosted by Ms Earth Philippines-Fire 2019 Alexandra Dayrit, the event was filled with action as the demonstration of various UFC Gym classes were held. “We’re thrilled to be working with the biggest mall developers in the market that is SM Supermalls. We are very excited to what we can accomplish here and if we do it right, we might be able to have a studio in every one of their malls in the Philippines. I am really looking forward to working out

this brand with SM Supermalls and really continue to drive awareness on why fitness with an MMA spirit is such a great way to get in shape,” shared Sedlack. The UFC Gym is located at the third level of SM Southmall and is housed in the mall’s 2,500sqm-interactive Game Park— the newest leisure and entertainment space in the south of Metro Manila. Aside from the gym, SM Gamepark houses all the indoor sports and arcade game staples you can find; like the 14-lane bowling area, billiards, archery, table tennis and so much more! Meanwhile, relive the good ol’ days of fun games and retro activities at SM Southmall’s #SouthTopia from now until July 10. Play The King’s Claw crane game at the Food Street Concourse and catch #aweSM prizes! You can get 2 chances to play for every P1,500 worth of purchase

from any SM Southmall store or SM Malls Online. Also, Buzz Lightyear, the Minions, and Thor are visiting down South for the weekend! Get ready for an All-Star Weekend as some of the most loved cartoon characters drop by at the SM Southmall’s Outdoor Overdrive and Food Street Concourse from June 18 to June 25. To meet them, just present any of the following: a receipt with a minimum purchase of P500 from any SM Southmall store or SM Malls Online from June 1 to July 9, a cinema ticket purchased from June 1 to July 9, or an Outdoor Overdrive ticket purchased from June 1 to July 9. Stay up-to-date on all the fun and events happening at SM Supermalls! Visit www.smsupermalls.com and follow @smsupermalls on all social media accounts.

Cebuana Lhuillier, CEO Jean Henri Lhuillier receive Golden Bridge and Quill for exellent services and communications

COMMITTED TO SERVICE EXCELLENCE. Cebuana Lhuillier and its President and CEO Jean Henri Lhuillier once again bagged multiple business awards from local and international award-giving bodies.

HE country’s leading micro financial services provider, Cebuana Lhuillier, along with its President & CEO Jean Henri Lhuillier continued their winning streak with newly-badged recognitions from the Golden Bridge Business and Innovations Awards and the Philippine Quill Awards. The company received 17 distinctions from Golden Bridge, including the Grand Globee Award which is bestowed to companies with

the most number of wins for the year. Meanwhile, Jean Henri Lhuillier received four awards— including the Lifetime Achievement Award, Maverick of the Year, Entrepreneur of the Year, and Executive Achievement of the Year. All four titles are indicative of the high caliber leadership exemplified by Cebuana Lhuillier’s chief executive. The company also made strides as it accounted majority of the awards, with 10 distinctions comprising Gold award for Comms Campaign of the year, Best Corporate Brochure, and Best Annual Report categories for its yearly publication, Benedizioni. Its Mother’s Day 2021 social media campaign, “Dakilang Ina”, also won the Gold across three categories. The company’s year-ender event, “Humans of Cebuana Lhuillier”, also received two more gold awards. Additionally, Cebuana Lhuillier was awarded with four Quill awards this year in recognition of its various communications campaigns, covering various channels such as internal communications, digital, and public relations. “These wins are proof of our continuous efforts to strive for excellence not only as the leading player in the micro financial

services industry; but inherently, in all that we do as one organization. Guided by our corporate values, our commitment to excellence has allowed us to always push the boundaries on what we can accomplish—not only on the products and services we offer, but also on how we communicate and engage the public,” Lhuillier said. Other big winners include the company’s internal COVID-19 response publication, Ka-Cebuana Healthwatch, “Tulong sa Pagbangon”, its very own CSR response during Typhoon Odette, as well as its pawning web platform, Cebuanafrom-Home. Michael Sena, Cebuana Lhuillier’s Integrated Marketing and Communications Group Head, puts emphasis on the important role that communications play in engaging, empowering, and inspiring people. “As an organization, we believe in the power of strategic and impactful communications in order to reach our desired audience and inspire them into action. We aim to tell the stories of the people we serve, and use this as a driving force to fulfill Cebuana Lhuillier’s commitment of pushing for financial inclusion.”

ADISKARTE Moms PH (MMPH), an online community for aspiring and experienced mother entrepreneurs or mompreneurs, won a Silver Stevie Award for Innovation in Community Relations or Public Service Relations at the 2022 AsiaPacific Stevie Awards. The awarding body recognized MMPH’s role as a safe space and go-to resource for moms who want to start or grow their own online home businesses. Started in the thick of the pandemic lockdowns, Madiskarte Moms PH was created by PLDT Home and a group of mompreneurs. Madiskarte is a beautiful Filipino term used to describe someone who is both creative and resourceful. The virtual awards ceremony will be held on June 29. The Stevie Awards is widely considered to be the world's premier business awards group, conferring recognition for achievements in the workplace over the past 20 years. “When we launched Madiskarte Moms PH (MMPH) in September 2020, we had one

goal in mind: to empower moms to succeed in their entrepreneurial journey and to help them fulfill their dreams for their families. After just 20 months, we are honored that Asia-Pacific Stevie Awards recognized the efforts and wins of our Madiskarte Moms. This award strengthens PLDT Home Biz’s commitment to provide the resources, technology, skills training, and network to help them succeed and thrive,” said Patrick Tang, First Vice President and Head of PLDT Home Customer Management. Withmorethan105,000members,MMPH continues to provide a safe and supportive environment so that mompreneurs can unleash their entrepreneurial potentials. The community conducts regular webinars and masterclasses and serves as a venue for networking among industry experts, other sellers, and potential buyers. Join Madiskarte Moms PH onFacebook https://pldthome.info/MMPHSteviePR and subscribe to its YouTube channel https:// pldthome.info/MMPHYT-SteviePR.

Kasa Kaza 2022 takes place on June 27-July 3, 2022

HE biggest event in the Province of ZaNorte, according to its Chairman, Atty. Ivan Patrick Ang, will happen on June 27 to July 3, 2022. Dubbed as “Kasa Kaza”, this festival is a prelude to the comeback of the bigger Hudyaka ZaNorte Festival in May 2023. It may be remembered that Hudyaka, adjudged as the second best provincial festival by the Association of Tourism Officers of the Philippines, was replaced by a mediocre Saulog Festival because of politics. For 9 years, the people of ZaNorte craved for a truly festive founding anniversary celebration. And now Hudyaka is back at the ZaNOrte Sports Complex The weeklong celebration will wake people up early in the morning by a roving truck with tribal drummers on board, roaming around the streets of Dapitan, Dipolog and major towns. Crowd drawing and spectator sporting events are lined up. They are as follows: June 27, Kadaugan Run is a marathon competition, which is expected to be participated by 500 runners; June 27 – June 29, Beach Volleyball at Dapitan boulevard, fronting Gloria Fantasyland, where players in two-piece attires, are expected to join; June 27-July 3,Tennis tournament catered for kids and professionals; June 30, Kickboxing competition at the ZaNorte Sports Complex open ground. 10 matches will entertain the crowd with no admission fees; July 1, Mountainbike Circuit Race at the Motocross Race Track inside the complex, to be followed by the biggest Motocross event of the year, which extends up to evening for a rare night race event.

The said events are paired with Tattoo Competition at the same site. Plus the sound of roaring bike engines will be backed by 10 local underground bands playing progressive rock and metal. From July 1 to 3 the golf tournament will be held at the famous Dakak 18-hole international standard golf course. There are food stalls that open to serve lunch, dinner and iced cold beers. They will be manned by small entrepreneurs and the food are carenderia priced. Agro-fair games and raffle draws happen daily at the Hudyaka site. There will be fireworks show on June 27 and July 2 at the complex. On June 30, another fireworks show will be fired in Dapitan City to cap the free concert at the Dapitan City Hall by local bands, Donita Nose and Jewel, Dominique Roque, Hero and Gloc 9. Every night will be culminated by local bands who will be entertaining every revelers from 10pm. The weeklong celebration will be highlighted by a Subanen themed oath taking ceremony of Gov. Nene Jalosjos on July 2. Subanen’s Buklog festival will follow. The ceremony will be preceded by the Eat Bulaga Live Show from 11:30 to 230pm at the outdoor Hudyaka stage. The entire cast will grace the show. The Philippine National Police and the Philippine Army, in cooperation with volunteer groups have readied with their comprehensive security plan for this festivity. Hundreds of personnel will be deployed to ensure that the entire week will be remembered as a festive and seamless celebration.

Hino Motors turns over modern PUV to Lung Center

Riders go the extra mile with Honda’s all-new CB150X

F you’re on the lookout for a ride to match your zest for adventure, look no further than The All-New CB150X. This latest adventure from Honda Philippines, Inc., (HPI) the No.1 motorcycle manufacturer in the country, is considered the ultimate bike, perfect for thrilling adventures and rewarding weekend explorations. Here’s a breakdown of what makes this muscular machine worth considering for as recommended by motorcycle enthusiast and The All-New CB150X owner Harjinder Nijran. Drawing on the imposing adventure styling, The All-New CB150X gets the job done. This new ride features muscular fairing, adventure-styled undercowl, a sturdy-looking bash plate, a tall windscreen, and a tapered handlebar and cockpit design. Accordin Niran, even his young son is a fan of the macho design. “Every day when I get home from work, my son would always tell me, ‘Papa, I want a ride on the new bike.’ Those words make me feel very happy and a proud dad, because I can see my son is a bike lover as well,” Nijran says. “I can visualize that

someday, we will ride together, and that will be a precious moment!” CB150X has a seat height of 817 mm and ground clearance of 181 mm—measurements that are just right for the average Filipino rider. “I like the upright position of the handlebar to give comfort to my arms during the long rides I usually do,” Niran says, who often sets out for adventures to destress, chasing sights of nature and breathing in the fresh air. In terms of performance, The All-New CB150X is equipped with a 149cc, 4-stroke,4-

valve, DOHC, liquid-cooled, and PGMFI engine, capable of producing 11.5kw @ 9,000rpm, and 13.8Nm @ 7,000rpm of torque. It’s an amount of power that riders have control of at all times, thanks to superior handling that also enables easy cornering and banking. To top it off, it has prime suspension (inverted front fork Showa Brand and pro-link rear) and braking (hydraulics discs’ front and rear) systems as well, making every ride simple and truly enjoyable. “I use my The All-New CB150X as my everyday bike to travel around, giving me around 38 to 40 kms per liter average, good enough for city driving,” Narin says. “I also took it to the mountains of Sierra Madre, Marilaque, and Infanta, Quezon. I love the ride of The All-New CB150X: very smooth and comfortable.” Available in Honda 3S dealerships nationwide with a suggested retail price of Php163,900, the ride comes in two colors: Valiant Red, and Matte Gunpowder Black Metallic. For more information, visit www. hondaph.com.

HINO Motors Philippines turns over Hino PUV to the Lung Center of the Philippines.

INO Motors Philippines (HMP), the country’s exclusive manufacturer and distributor of Hino trucks and buses, officially turned over its modern PUV unit donation to the Lung Center of the Philippines (LCP) in Quezon City recently. The donated unit was one of three modern PUVs that HMP lent LCP at the height of the pandemic. As one of the country’s designated COVID-19 referral facilities, LCP accommodates COVID-19 patients not only from Quezon City but also from nearby cities across Metro Manila. Hino’s modern PUVs served as transportation and delivery vehicles for LCP’s health workers and, hospital staff as well as for important medical deliveries when public transport was restricted due to the strict lockdown protocols. “We are glad to have been able to support our frontline workers and our country during this critical time. At the core of what we do at Hino Motors Philippines is our passion and commitment to bring people and goods to wherever they need to be in the most efficient way possible, and this partnership with LCP has allowed us to do that. We hope that our donation can continue to aid LCP and its frontline

workers as they continue to provide the healthcare services that our fellow Filipinos need today,” said HMP Chairman Vicente Mills, Jr. LCP Executive Director Dr. Vicente Balabag shares that HMP’s donation will enable them to continue offering comfortable daily transportation to their employees. “We are truly grateful to Hino for this timely and generous donation. The PUV units they lent us during the lockdowns have been very useful in ensuring that our employees are able to come to work safely. This modern PUV that they are turning over to LCP now will help us keep our healthcare workers safe and protected as we continue to face the challenges posed by the pandemic,” Dr. Balabag added. Hino’s modern PUV units come in fully customizable 4-wheeler and 6-wheeler variants. These vehicles have also been awarded the Department of Transportation’s Certificate of Compliance for passing the Philippine National Standard’s requirements and other standards set by the government. For more information about Hino Motors Philippines and the Hino modern PUVs, please visit https://hino.com.ph/.

Editor: Anne Ruth Dela Cruz

Health&Fitness BusinessMirror

Thursday, June 30, 2022 B7

Fight chronic kidney disease with ‘Care, Know and Detect’ By Claudeth Mocon-Ciriaco

n 2017, chronic kidney disease (CKD) was the 4th leading cause of premature death in the Philippines with Impaired Kidney Disease as the 9th leading cause of death and disability.

In 2021, hemodialysis procedure topped the procedural cases reimbursed through the Philippine Health Insurance Corp. Dr. Nickson Austria, a nephrologist, said: “As the burden of CKD weighs heavier on the patients’ shoulders, it is essential to have these patient-centric initiatives.” “We cannot do this alone. It is a collective effort among the medical community, patients, government, and private sectors to be able to improve the overall quality of life for Filipinos and save more patients,” Dr. Austria said.

The partnership between AstraZeneca Philippines and Medasia will enable more Filipino patients to gain access to urine albumin-tocreatinine ratio (uACR) machines, which detect how much a small protein called albumin is present in the urine, one of the earliest indicators of kidney disease. The testing may be done in doctors’ offices, hospitals or diagnostic clinics.

Partnership

Simple urine test

TO celebrate National Kidney Month, AstraZeneca Philippines and MedAsia Medical Products Corporation have signed an agreement with the aim of broadening the country’s access to machine testing that can help in the early detection of CKD. “By working in partnership throughout the entire patient care pathway, I hope we can tangibly improve CKD patient outcomes and support our healthcare systems for many years to come,” said Jo Feng, Senior Vice President of AstraZeneca Asia Area.

DEPENDING on the patient’s background and existing health conditions, the uACR is a simple urine test that may be taken once a year. Only a small amount of urine is needed (about two tablespoons) to do the test, which will then be checked through the uACR machine. A normal amount of albumin in urine is less than 30 mg/g. Anything above 30 mg/g may be an indication of CKD. “CKD is highly underdiagnosed. Now that our uACR machines are more accessible to patients, we are committed to helping Astra-

Zeneca Philippines and the medical community in addressing the root of the problem,” remarked MedAsia General Manager Oliver Lim

Urgency in early detection FOR his part, Lotis Ramin, AstraZeneca Philippines country president, said that in AstraZeneca, they recognize the urgency of early detection, diagnosis and treatment of CKD. “We stand in unanimity with our partners to improve the health-care ecosystem and enable solutions including disease education and broad access to diagnostics through our advocacy programs such as the Kidney Patrol which aims to Care, Know and Detect CKD. We are committed to helping improve outcomes, delay progression and prolong dialysis-free survival for more Filipino patients,” said Ramin.

As part of its advocacy in recognizing the burden CKD poses on Filipino patients, AstraZeneca Philippines in November 2021 shared its commitment to address the condition through the launch of Kidney Patrol. It is an online advocacy campaign that seeks to educate patients on kidney health, including prevention of disease progression, dialysis and its complications. The social mediabased campaign also encourages Filipinos to self-screen for risk factors and consult their physicians to recognize and detect CKD early. With AstraZeneca Philippines’s Kidney Patrol campaign and improved uACR access through the company’s partnership with Med Asia, more Filipinos will be encouraged to fight the dreaded Chronic Kidney Disease with the right CKD—Care, Know and Detect.

Enjoying life’s sweet stuff, the healthy way possible Watch out for WILD By Rory Visco

hen diabetics are asked what they really miss in life, it is the sweet things, particularly food. Perhaps not one diabetic would answer otherwise. A lot of sugar substitutes have sprouted over the years, but none probably have truly satisfied that sweet longing diabetics desire when it comes to the food and drinks they consume. Then came Stevia, a natural sweetener derived from the leaves of the Stevia Rebaudiana plant. Extracts from this plant are supposedly 300 times sweeter than sugar, where one teaspoon of Stevia is already equivalent to six teaspoons of sugar. But the best part is that it has zero calories and does not cause spikes in one’s blood sugar levels. It is also supposedly better and safer than chemical-based artificial sweeteners because it does not have any aftertaste or carries potential health risks. Data from the Philippine Statistics Authority (PSA) in 2020 showed that deaths due to diabetes mellitus ranked fourth at 37,265, or an increase of 7.8 percent compared to the previous year. It is hard to imagine what a diabetic goes through to eat something that’s satisfying but can’t because it would be bad for their health. “We have so many diabetics right now regardless of age. Our goal is to introduce even to the young ones the value of eating healthy and the value that Stevia brings to their health. Even diabetics are now happy because they can enjoy sweet and delicious food without the guilt or worries. To us, nothing is sweeter than seeing diabetics, who have long been deprived of eating sweets because it will harm their bodies, eat or drink something that is sweet yet safe for them. Stevia is really a ‘sweetener that anybody can trust,’” explained Maura “Au” de Leon, President and Chief Executive Officer of Glorious Industrial and Development Corp. (GIDC)-The Stevia Company and dubbed the Queen of Philippine Stevia.

The plant

It was almost 19 years ago when GIDC-The Stevia Company ventured into Stevia farming, back at a time when nobody knew about the plant. The plant, according to de Leon, belongs to the sunflower family, which explains why it grows robustly with sunlight and when properly watered. For the plants they use at their farm in Bocaue, Bulacan, these are sourced directly from

Cecille Miciano (left), GIDC-The Stevia Company Marketing Manager and the Queen of Philippine Stevia Maura de Leon, President and CEO, GIDC-The Stevia Company

Paraguay. “What we really want people, especially the diabetics, to know the benefits that Stevialaced products such as those we produce here at our farm they can get. Last year, we went nationwide so that more people can enjoy the benefits of Stevia in their everyday lives,” de Leon said. Stevia as a sweetener is also safe for everybody because it has no side effects like for those who have acidity concerns, according to de Leon, although for those who have special circumstances like pregnant women, she advised to consult first with their obstetrician-gynecologist when attempting to consume Stevia-based products, just to be sure. “We follow the standards of the Food and Drug Administration with regard to the safety of our products that can be consumed by the public.” GIDC-The Stevia Company produces products that are safe for weight watchers, people with heart conditions, and help reduce the risks of diabetes. Their products include the Glorious brand of coffee blends, whether 3-in-one, 4-inone (malunggay-based coffee), 5-in-one and the 7-in-one, all sweetened with Sweet and Fit Stevia. They also have Iced Tea mixes that come in various flavors (Red Berries, Lemon, and Cucumber), some of which they launched this week.

The process

From the farm, the plants are harvested upon reaching a certain age, around seven months or when the plant is fully grown. After harvesting, the plants are then washed several times using

plain water and alkaline water. The by-products include Stevia dried leaves that are made into tea and is 100-percent pure. The Stevia dried leaves powder is also placed into capsules. The Bocaue farm has several dryers and pulverizing machines to make both dried and powdered Stevia leaves. To make the Stevia sweeteners, the plant has two spray dryers, which is not common in the country. “That is where the Stevia extracts are made into powder form,” De Leon explains. The company also became ISO 9001:2015 Quality Management System Certified in 2017 and observes strict food manufacturing and processing standards such as GMP (Good Manufacturing Practice) and HACCP (Hazard Analysis Critical Control Point). De Leon avers that research and development continues at GIDC-The Stevia Company, given that before there was a licorice-like aftertaste, which she said is not friendly particularly for diabetics or for those who want to eat healthy and lose weight in the process. “Right now, we have the Stevia powder that anyone can use for dishes, either hot or cold, as a flavor enhancer even using a small pinch, even for desserts,” De Leon said, while pointing to their chocolate and ice cream products that are Stevia-based. The best part is that since many people are inclined to eat fast-food fare, Stevia helps nourish the pancreas for it to produce insulin, which plays a major role in regulating blood glucose levels.

The advocacy that helps send kids to school

Every Stevia product brought in the market, De Leon said, goes back GIDC-The Stevia Company’s advocacy of helping send kids to school, an advocacy that started about 10 years ago. “It started by supporting the children of our local farmers and workers because all of our products are grown and manufactured here. The market’s continued support sends the children of our farmers and workers to school to help improve the quality of their lives,” she explained. Then de Leon said they extended the advocacy outside of the farm, particularly choosing to support students who are already in college since they are the ones nearer to the finish line. She said the college students they supported have become engineers, flight stewardesses, and there were three scholars who became doctors. “For us, it’s one way of giving back, and what better way to do it than with our workers and farmers, whom we are grateful to,” De Leon concluded.

PHAPCares push for sustainable healthcare, emergency response in communities

he PHAPCares Foundation has named its new officers and trustees who will spearhead the organization’s thrust to promote sustainable health care and emergency response in the country. AstraZeneca Philippines President, Lotis Ramin will serve as president of the PHAPCares Foundation, which is mandated to act as the social responsibility arm of the Pharmaceutical and Healthcare Association of the Philippines (PHAP). Ramin succeeds Boehringer Ingelheim General Manager Yee Kok Cheong, who will remain as part of the foundation as trustee. Also providing strategic directions for the foundation as officers are Vice President Jugo Tsumura (Novartis Healthcare Country President and Managing Director) and Treasurer Melissa Ellen Belvis (Abbott Philippines General Manager). Serving as trustees are Angel Michael Evangelista (Bayer Philippines Managing Director and Country Division Head), Jannette Jakosalem (Zuellig Pharma Philippines Market Managing Director), Loreann Villanueva (Takeda Healthcare Country Manager), Dr. Maria Rosarita Quijano-Siasoco

(PHAPCares Executive Director), Teodoro Padilla (PHAP Executive Director) and Dr. Corazon Maglaya (Honorary Trustee). This year, the PHAPCares Foundation will focus on three key program areas, namely, sustainable health care, access to medicines and emergency response, and social development. “The Covid-19 pandemic has demonstrated the need for well-functioning and sustainable health-care systems. Our aim is to work with the government and partners to establish model cities and communities that reflect the Universal Healthcare aspiration. We are committed to supporting the country in this time of the pandemic. With our programs, we hope to ensure people can stay healthy and productive because health services are available to them in their time of need,” said Ramin. At the height of the pandemic, the PHAPCares Foundation launched a campaign to strengthen the health-care system capacity and protect healthcare workers. The Foundation provided personal protective equipment, test kits, ventilators, medicines, and food packs to health frontlin-

ers and communities affected by the pandemic. PHAPCares will continue to strengthen access to medicines and emergency response by providing medicines to communities and institutions in times of crisis, and by providing emergency trainings under the Earthquake, Landslide, Search and Rescue Orientation Course (ELSAROC) through a partnership with Metropolitan Manila Development Authority (MMDA). Also a trustee of PHAP, Ramin is the first Filipina country president of AstraZeneca Philippines. She was recently named Woman of the Year from the American Association of the Philippines and an honoree of the Asia Leaders Awards. Established in 2003, the PHAPCares Foundation has received a number of recognitions, including a Presidential Citation for its training and employment program for community nurses. The organization, composed of companies engaged in research and discovery of lifesaving medicines and vaccines, has donated at least PhP1 billion worth of medicines for use of communities disadvantaged by sickness, poverty and disasters.

during this rainy season

he Department of Health (DOH) warned the public of a possible increase in water-borne infectious diseases, influenza, and leptospirosis, including dengue (W.I.L.D.), which usually peak at the start of the rainy season. “During this rainy season, let’s prevent outbreaks by avoiding WILD diseases,” Health Undersecretary Maria Rosario Vergeire said. Vergeire also reminded the public to “avoid wading in flood waters, make sure to practice the 4-S dengue strategy, wash hands properly, ensure clean drinking water, always prepare a go-bag, and, if possible, get vaccinated against the flu virus.” The 4-S stands for “Search and destroy” mosquito-breeding sites; employ “Self-protection measures” (i.e. wearing long pants and long sleeved shirts, and daily use of mosquito repellent); “Seek early consultation;” and “Support fogging/spraying” only in hot spot areas where an increase in the number of cases is registered for two consecutive weeks to prevent an impending outbreak. According to the June 11, 2022 report of the DOH, there were 45,416 dengue cases reported from January 1 to June 11, 2022. Cumulatively, cases this figure is 45 percent higher compared to the reported

number of cases during the same period in 2021 (31,320). Likewise, cumulatively, most dengue cases were reported from: Region 7 (5,863, 13 percent); Region 3 (5,773, 12 percent); Region 9 (4,416, 10 percent). In the recent period or past four weeks from May 15 to June 11, 2022 where 11,680 cases were recorded, the DOH said that the region with the highest number of cases are Region 3: 1,742 (15 percent); Region 7: 1,496 (13 percent); Region 6: 962 (eight percent). Regions Mimaropa, 6, 7, 9, 11, BARMM and CAR show an increasing trend in that same period. Fifteen out of 17 Regions (Regions 2, 3, CALABARZON, MIMAROPA, 5, 6, 7, 8, 9, 10, 11, 12, BARMM, CAR, NCR) exceeded the alert/epidemic threshold for the past four weeks. Nationally, there were 217 deaths reported (0.5 percent) with the most deaths occurring in May with 58 followed by April (45) and January (39). “We are taking proactive actions in preventing outbreaks and raising awareness to curb the increase in the number of cases. Rest assured that the DOH is closely monitoring every disease trend and is well-prepared to respond to any request for health-care assistance that any Juan or Juana may need,” Vergeire assured. Claudeth Mocon-Ciriaco

Digital platform expedites issuance of health-care coverage document By Roderick L. Abad Contributor

S the Covid-19 pandemic continues, especially with the rising infection rates again, there is a constant surge in the demand for quick health-care services. Despite this, however, the Philippines’s insurance industr y remains hounded by issues on delayed processing of guarantee letters to policyholders who need urgent medical treatment or other services. With this in mind, Etiqa Philippines has kicked off an online credit facility that reduces the turnaround time for issuing the promissory document for coverage. T he insurance company’s newly launched Letter of Guarantee (LOG) Portal boasts of only three steps to shorten the entire process from 24 hours to four hours now, with a daily cut-off time of 2 pm on weekdays. According to Etiqa Philippines Medical Director Dra. Maria Luisa Mamaril, the health crisis has accelerated the “digitalization of industries” and enabled businesses to embrace “digital strategies.” “This transition also significantly transformed customer expectations, including in the Philippines, as many are growing accustomed to digital interactions. Through Etiqa’s new LOG Portal’s three-step process, we hope that this service will provide added convenience and ensure that customers receive the

required health service in the quickest time,” she said.

How it works?

WITH this platform, customers need not have to call Etiqa’s hotline to request a LOG. They just have to access the portal via a QR code or URL found on the firm’s Facebook page. Next, they have to provide basic information such as their name, Etiqa Philippines card number, name of company, e-mail address, type of request, date of availability, name of facility, and doctor’s request form, if applicable. Upon completion, a confirmation email will be sent to them, indicating that the request is now being processed. Clients will then receive the LOG through their e-mail. “This is a new era where customers are actively looking for user-friendly, simple, and efficient services. We are committed to enhancing our services to give them a richer digital experience that addresses their concerns about insurance claims and Letters of Guarantee,” said Mamaril. The newly-launched platform is a welcome development being timely to ease the burden and anxiety of patients who are in need of urgent medical attention, which a delay could cause a mental health problem or much worse lead to untimely death. The LOG portal may be accessed by scanning the QR code on Etiqa Philippines’ website or by visiting https://etiqaph.freshdesk.com/support/tickets/new.

Sports

OBIENA BEATS COVID, WINS GOLD IN SWEDEN

BusinessMirror

| Thursday, June 30, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

ERNEST JOHN “EJ” OBIENA misses matching his Asian record by a centimeter. PHOTO BYWILMA MURTO

SERENA RUSTY? YES.

IMBLEDON, England—Serena Williams began— and ended— her comeback at Wimbledon after 364 days out of singles competition looking very much like someone who hadn’t competed in just that long. She missed shots, shook her head, rolled her eyes. In between, there were moments where Williams played very much like someone whose strokes and will have carried her to 23 Grand Slam titles. She hit blistering serves and strokes, celebrated with arms aloft. Returning to the site of her last singles match, which she had to stop after less than a set because of an injury on June 29, 2021, and seven of her major championships, the 40-yearold Williams came within two points of victory. But she could not finish the job against an opponent making her Wimbledon debut and bowed out with a 7-5, 1-6, 7-6 (10-7) loss to 115thranked Harmony Tan of France. “It’s definitely better than last year,” Williams said. “That’s a start.” Asked whether this might have been her last match, Williams replied: “That’s a question I can’t answer. I don’t know.... Who knows? Who knows where I’ll pop up?” With her older sister, Venus, jumping out of a guest box seat at Centre Court to celebrate the best points, Serena Williams was oh-so-

close to pulling out a topsy-turvy match that lasted three hours and 11 minutes and was contested with the retractable roof shut for the last two sets. “For my first Wimbledon, it’s: Wow. Just wow,” said the 24-year-old Tan, who recalled watching Williams on TV as a youngster. “When I saw the draw, I was really scared,” Tan said with a laugh, “because it’s Serena Williams. She’s a legend. I was like, ‘Oh, my God, how can I play?’” This is one indication of how things were at the get-go: Of Tan’s first 11 points, only one came via a winner she produced. Others came via errors by Williams, either forced or unforced. While Williams—who wore two pieces of black tape on her right cheek— the reason was not immediately clear— recovered from dropping the opening two games to lead 4-2, she reversed course again and allowed Tan to quickly climb back into that set with her mix of spins and slices. When Tan pulled even at 4-all by striking a down-the-line backhand winner, she celebrated with a yell— that shot was so good that even Williams felt compelled to applaud. Tan came into the day with a 2-6 career record at all Grand Slam tournaments. Clearly enjoying herself—and the setting, the moment, the way it all was going— she broke to lead 6-5 with the help of a cross-court forehand winner, looked

at her guest box, raised a fist and waved her arms to ask for more noise from a crowd that was loudly backing Williams. Soon enough, a forehand passing winner gave Tan that set. At that point, it seemed reasonable to ask: Could Tan pull off by far the biggest victory of her career? Might Williams exit a major in the first round for only the third time in 80 appearances (the previous were a loss at the 2012 French Open and that mid-match retirement at Wimbledon last year)? The latter is what happened, of course, although Williams certainly played spectacularly in the second set. She won a monumental game to lead 2-0, breaking after 30 points and 12 deuces across almost 20 minutes when Tan shanked a forehand into the chair umpire’s stand. In a blink, then, it was 5-0 and sure seemed as if Williams was on her way. Her serves picked up pace and became more accurate, too: After winning just 57 percent of her firstserve points in the first set, she claimed 80 percent in the second. Her other strokes were better-calibrated: After

Que returns as PGT goes to Eagle Ridge

NGELO QUE tries to make an early impact on his return to the local circuit, eager and ready to slug it out with the men of the Philippine Golf Tour (PGT) all geared up for the International Container Terminal Services Inc. (ICTSI) Eagle Ridge at Aoki Invitational, which gets under way on Tuesday in General Trias, Cavite. The many-time PGT winner hasn’t seen action since finishing tied for 11th in the ICTSI Eagle Ridge Challenge, also at Aoki, won by Miguel Tabuena in 2021, resuming his campaign in Japan where he failed to advance in his last two tournaments, the Asia Pacific Open Golf Championship and the Golf Partner Pro-Am tournament, both in Ibaraki, last month. He tied for 47th in The Crowns in Aichi last April. But fully rested and hungry for another crack at a local crown, the former Philippine Open champion is brimming with confidence as he targets a top podium finish in

for next week’s tournament.” Also back in the roster is Keanu Jahns, due for a big finish after posting a couple of runner-up efforts in 2019—in the Apo Golf Invitational and The Country Club Invitational. Headlining the Eagle Ridge cast are Caliraya Springs leg runaway winner Zanieboy Gialon and Dutch Guido Van der Valk, who edged Tabuena in sudden death to snare the ICTSI Splendido Taal crown last month. Tabuena, who ruled the PGT kickoff leg at Luisita last March, also via playoff over Clyde Mondilla, is skipping next week’s tournament to play in the US while Mondilla has also begged off to honor a previous commitment. ANGELO QUE hasn’t seen action since finishing tied for 11th also at Eagle Ridge last year.

the 72-hole championship put up by ICTSI and organized by Pilipinas Golf Tournaments Inc. The PGT will be held simultaneously with the Ladies PGT for the fourth time in the season. “I played last in Japan last month and has spent time with my family since,” said Que. “With enough rest, I think I’m prepared

Jenelyn Olsim’s biggest triumph TEAM Lakay lady warrior Jenelyn Olsim is living the life these days. Not only has the 25-year-old Benguet native returned to the winning column in ONE Championship by edging out Brazilian grappler Julie Mezabarba in ONE: 158 Tawanchai vs Larsen. She had also brought honor to the country by

making 22 unforced errors in the first set, she made 13 in the second. In the third set, Williams was two points from advancing while serving for the match at 5-4 but couldn’t get closer. Williams has spent more than 300 weeks ranked No. 1 but currently is 1,204th on account off all of that time off and thus needed a wild-card invitation from the All England Club to enter the bracket. AP

RNEST JOHN “EJ” OBIENA shrugged off rust from an eight-day quarantine because of Covid-19 infection to win the men’s pole vault gold medal at the Taby Stavhoppsgala competition in Tibblevallen, Täby, Sweden. Obiena cleared 5.92 meters, a centimeter short of his Asian record he set in Austria last September, but it was enough to shove pal Thiago Braz da Silva, the Rio 2016 Olympics gold medalist from Brazil, to the silver medal with a 5.82-meter effort and Simen Guttormsen of Norway to the bronze with a 5.72-meter leap. “I still need to improve on a lot of things but what is important is we’re getting there,” Obiena told BusinessMirror from his hotel room in Stockholm, a 30-minute drive from Taby. Australian Kurtis Marschall, Briton Harry Coppell and American Luke Winder all cleared 5.62 meters in the seven-athlete field. Obiena, 26, was infected with Covid-19 last June 12 while in Formia, Italy, and was cleared last June 20. He missed competing at the Oslo Bislett Games in Norway last June 16 and Meeting de Paris in France last June 19. “It was like three days of agony when I got high fever, where my temperature reached 39 to 40 [Celsius]. But I’m okay now,” Obiena said. “I was alone in my room in Formia for eight days and only my physio assisted me.” He traveled solo to Sweden last week because his long time Ukrainian Coach Vitaly Petrov attended to his other pole vaulters in Sweden.

SERENA WILLIAMS loses at Wimbledon in her first match in a year. AP

TNT staves off NorthPort’s 4th-quarter rally

IKEY WILLIAMS played true to form and TNT Tropang Giga doused a NorthPort fourth-quarter rally that Roi Sumang ignited to score a 117-112 victory—the KaTrtopa’s sixth win in eight games—in the Philippine Basketball Association Philippine Cup on Wednesday at the Smart Araneta Coliseum. Williams was in his elements to finish with 27 points on five triples while JP Erram registered a doubledouble of 17 points and 14 rebounds with two blocks to lead TNT’s charge for its fourth straight victory. But it was veteran Jayson Castro, whose three-pointer doused cold water on NorthPort’s blazing comeback in the fourth period. Sumang scattered 10 of his 24

points in the final quarter, including a three-pointer from the corner that saw NorthPort rally from an 84-97 deficit to close the gap at 110-111 with a minute left. The KaTropa, however, were quick to react and behind Castro’s triple, bailed themselves out of danger, 114110, with 50 seconds remaining. TNT scored three free throws while NorthPort miserably missed its shots the rest of the way. “Our objective is to get as many wins as possible, but what’s important for us is to get better each game,” TNT Coach Chot Reyes said. “We’re seeing great contributions from the other guys despite those injuries we have right now.” Troy Rosario, Jaydee Tungcab

and Ryan Reyes are all nursing knee injuries. Roger Pogoy also stepped up with 22 points for TNT. “The guys who’re healthy are ready to play. It’s a matter of mentality,” said Pogoy, referring to the Jayjay Alejandro and Glenn Khobuntin who scored 12 and nine points, respectively. Sumang also issued 10 assists while Jamie Malonzo had 27 points, eight rebounds and three blocks for NorthPort. Robert Bolick sprained his right ankle in the fourth quarter and could only watch the action from the bench as NorthPort absorbed its fourth straight loss after winning its first two games this season. Josef Ramos

PHL takes on tough Tall Blacks in FIBA qualifiers in Auckland

HE national men’s team takes on a tough New Zealand side on Thursday in the International Basketball Federation (FIBA) Asia Cup World Cup Qualifiers’ third window at the Finda Stadium in Auckland, New Zealand. The team, coached by SerbianNew Zealander Nenad Vucinic, is composed of young players and bereft of pros from the Philippine Basketball Association. Naturalized player Ange Kouame is also missing from the roster because of a partial right anterior cruciate ligament injury. “We’re doing okay despite the capturing a bronze medal for vovinam in the Vietnam 31st Southeast Asian Games last May. But it seems the always smiling, always calm and levelheaded lass is proudest of what she has accomplished after her triumph at Sóc Sơn District Sporting Hall in Hanoi and the ONE Circle in Singapore. She now has a Bachelor’s Degree in Political Science from the University of Baguio. To think that she did not put her studies on hold even while training continuously for both the SEA Games and ONE Championship is a big wow. Earning a degree is a tough challenge on its own. Couple that with physical preparations of the toughest kind for her chosen sport and you must admire this young lady for her focus and determination. Jenelyn competed in kickboxing and vovinam in Hanoi. “I made small adjustments and did additional training to incorporate vovinam into my MMA training,” Jenelyn explained. Vovinam is Vietnamese martial arts that uses the hands, elbows, legs, knees and weapons like swords, knives, chisels, claws and fans. The Vietnamese created the sport as a reaction to colonialism. Its attack moves are more explosive. The blows are brutal and quick and focus on power and speed instead of elegance and finesse. Jenelyn defeated Laos’ Male Chantalacksa, 4-3, in the

odds and we’re confident the players will give their best,” Assistant Coach Jong Uichico told BusinessMirror through internet call on Wednesday. “We’ll do the best we can against a new New Zealand team.” The Philippines brings a 1-1 winloss record in Group A into the 3:30 p.m. game. Regardless of the result of the qualifiers, the Philippines is seeded in next year’s World Cup as co-host. Without Kouame—who will also miss the team’s game against India on July 3 at the Mall of Asia Arena in Pasay City—Uichico said 6-foot-8 Geo Chiu and Carl Tamayo

and debuting Kevin Quiambao, both 6-foot-7, will have to step up. Also on the team are Kiefer Ravena, Dwight Ramos, Dave Ildefonso, RJ Abarrientos, SJ Belangel, William Navarro, Francis Lopez and Rhenz Abando. Asked if the Filipinos have a chance of getting even against the Kiwis, Uichico said yes. New Zealand will be led by Shea Ili and returning Corey Webster leads the Kiwis, who beat the nationals, 88-63, last February 27 at the Smart Araneta Coliseum. Josef Ramos

SEA Games vovinam eliminations and went on to bring home the bronze in the women’s -55 kgs division. She made an easy transition back to MMA 10 days later, using power kicks and takedowns on Mezabarba, overpowering her opponent with stellar offense and grappling skils. She won by just a slight margin, however. Still, she won. Olsim got to live out her SEA Games, ONE and scholastic dreams, all in one seamless universe. “I think I’m living the life that I want and I’m happy about it,” she admitted. Though she confessed there were times when it got really hectic. “I knew I had to fully focus, get organized, and strictly follow my schedule. When things get too distracting, I reset things and I’m back in my focused state,” she explained. Finding balance was a big challenge, she revealed, so there were sacrifices to be made. “(But) whenever I felt that my stress was building up, I always thought of the why’s and of what I’ve been doing in my career. I experienced when things just snowballed and everything was happening all at once. But I’m so proud that I didn’t stop. I pursued my studies and got my degree. It feels uplifting and empowering,” she said triumphantly. Olsim said she regularly discussed her studies and

By Josef Ramos

Spotlight on women power in Bohol 5150

HE Sun Life 5150 Triathlon unwrapping on July 10 in Bohol won’t just be a clash of power, speed and endurance among the men of the multi-sport but also a showcase of grit and poise from the bidders in the distaff side. Seventy-two fearless ladies are set to vie for top honors in nine age-group categories in their side of the duel in the 1.5-km swim, 40-km bike and 10-km run held under an Olympic-style setup in one of the country’s top triathlon hubs at The Bellevue Resort on Panglao Island. Twelve are competing in the relay all-female and 10 more in the relay mixed while 26 others, including beginners wanting to immerse themselves into the sport, are in the roster of the Sunrise Sprint. Siblings Edna and Erna Agoo, along with Camille Arce, Patricia Belido, Janina Garcia and Isabel Piccio headline the field in the 30-34 division while Ilyn Andale, Joy Fernandez, Celeste Laquian, Angela Sangel and Megan Yu lead the 35-39 cast in the event, one of the great drivers of gender equality where women learn the values of teamwork, self-reliance and resilience. Minimum health protocols will also be enforced, according to the organizing The Ironman Group/Sunrise Events Inc. Spicing up the title chase are five foreign entries, including United Kingdom’s Emily Miller (30-34) and Jo Cudmore (55-59), Japanese Kaoiri Dezaki (35-39) and Mayu Kohno (45-49) and Malaysia’s Noraziah Abd Manaf (40-44). Bannering the 25-29 side are Anne Relova, Jessica Resch, Jam Gonzalez and Khimberly Paguibot while Jackie Reazon, Ma. Elena Santos, Diana Gellane and Jessiel Leonidas lead the chase in the 40-44 category of the event put up by Sun Life.

martial arts career with Team Lakay head coach Mark Sangiao. Sangiao and Eduard Folayang are her inspiration and role models, she added. Folayang has a Bachelor’s Degree in Education from the University of the Cordilleras and once taught English and Physical Education there. Sangiao taught at the same university’s Criminology Department while completing his Master’s Degree. “Knowing that they’re champions and they all pursued their degrees, of course, I wouldn’t be left behind,” Olsim said. “I genuinely look up to them and they inspire me to accomplish more. I always take their advice to heart, and one of those is that I should focus on finishing my degree.” Now the Lady Lakay wants to take it even higher. Originally intent on becoming a police officer like another Lakay teammate, Kevin Belingon, she now wants to pursue a law degree. Will she become the first lady lawyer to decide cases outside of court and inside the Circle? Her present reality is still pretty much wrapped up in MMA though. When she fights again inside the Circle, she wants No.5-ranked atomweight Jihin Radzuan as her opponent. These days she can afford to do her thing in the Circle without having to worry about readings, assignments and that troublesome thesis. It feels really good to be Jenelyn Olsim these days, no?

Inauguration THE PRESIDENTIAL

www.businessmirror.com.ph

A BusinessMirror Special Feature

Thursday, June 30, 2022 C1

BBM–Unity in the face of challenges

‘P

By Anne Ruth Dela Cruz

of inflation brought about by many factors like global food production crisis and continuing supply chain woes; the Ukraine war; and steady spikes in oil and gas prices, among others.

RAY for me. Wish me well. I want to do well… When a president does well, the country does well.” Norte from 1992 to 1995 and from 1983 to 1986 and Vice Governor of Ilocos Norte from 1980 to 1983. As a legislator, Marcos authored landmark laws such as the Philippine Archipelagic Baselines Law (Republic Act 9522). When he was governor, Marcos transformed Ilocos Norte into a firstclass province by capitalizing on the strengths of the land and its people. He modernized both its agricultural and tourism landscape making it both an agricultural exporter and tourism hotspot.

BONGBONGMARCOS.COM

That was what President Ferdinand “Bongbong” Romualdez Marcos, Jr. said after his official proclamation by Congress on May 25 as the 17th Philippine president together with his running mate Sara Duterte-Carpio who took her oath of office as Vice President last June 19. Marcos added that “the most valuable thing a public servant may receive “from a fellow citizen is a vote.” While a vote embeds the people’s hopes and aspirations for the future, “embedded in that vote are the trust and the confidence that they give to you.” A public servant since 1980, Marcos has held several positions in both the legislative and executive branches of government. He served as Senator from 2010 to 2016; Congressman of Ilocos Norte (2nd District) from 2007 to 2010 and from 1992 to 1995; Governor of Ilocos

Economic team

Supermajority president

WITH 31,629,783 votes, Marcos is a supermajority president who has been left with the awesome task of leading the nation through a range of super challenges and risks from within and outside of the country. To overcome these challenges, Marcos said it is unity, his campaign

battle cry, that will allow the country to move forward especially with the pandemic’s disastrous effects on the economy. Marcos also stressed during his proclamation rally that unity should not stop after the elections

but should continue long after. “Let’s continue to be united for the good of the Filipino people. We should not stop seeking a better future. Let’s come together so that we can recover together.” Keeping this in mind, the

president buckled down to work after his official proclamation. At the top of his agenda is to come up with an economic team that will help him with the first and hardest task of dealing with the economic problems and the harshest impact

ON May 26, Marcos announced that he will be appointing Bangko Sentral ng Pilipinas (BSP) governor Benjamin E. Diokno to take the helm of his economic team as Finance Secretary. Diokno previously served as the Budget and Management Secretary of President Rodrigo R. Duterte before his stint in BSP. Diokno’s vacated position in BSP will be filled up by Felipe M. Medalla, a former director general of the National Economic and Development Authority (NEDA) and who has been serving as member of the Monetary Board. He will take on Diokno’s unexpired term. Also joining Marcos’s economic team is former University of the Philippines president Alfred E. Pascual, who will head the Department of Trade and Industry (DTI). Manuel “Manny” M. Bonoan, who will serve as Public Works Secretary, will also be part of his economic team. Economist Arsenio Balisacan has been appointed director general of the National Economic and

Continued on C2

Inauguration THE PRESIDENTIAL

Thursday, June 30, 2022

A BusinessMirror Special Feature

www.businessmirror.com.ph

BBM–Unity in the face of challenges

Development Authority (NEDA) which he headed under the late former president Benigno Aquino III. “I have asked him to return to NEDA. I’ve worked with him extensively at the time when I was governor. We have very similar thinking in that regard so I’m confident about it. I know he’s very compe-

tent. I know his policies are policies that will be for the betterment of our country,” Marcos explained of his choice of Balisacan. “I know the economic team is critical and that is what people are looking for. I think we found the best people, who can look forward and to anticipate what the conditions will be in the Philippines and the rest of the world in the

coming years,” Marcos added.

Business groups

THE Bankers Association of the Philippines (BAP), Philippine Exporters Confederation Inc. (PhilExport) and Go Negosyo founder and Presidential Adviser for Entrepreneurship Joey Conception have all welcomed the composition of Marcos’s economic team.

BONGBONGMARCOS.COM

Continued from C1

“Drs. Diokno and Medalla are notable economists who have the scholastic distinction and extensive experience that transcend different administrations, making them the best candidates for these roles,” Antonio C. Moncupa Jr., President of BAP, said in a statement. Concepcion, for his part, welcomed the nomination of Pascual, who is also president of the Management Association of the Philippines (MAP), as incoming DTI Secretary. “President Marcos made an excellent choice in appointing Pascual

as his DTI chief. This is a testament of his commitment to support micro, small and medium enterprises (MSME),” Concepcion said in a media interview. “With Fred as secretary, there will be continuity in programs and policies, especially now that we are on our way towards economic recovery,” he added.

Impressive credentials

SERGIO ORTIZ-LUIS JR., president of PhilExport, the umbrella organization of Philippine exporters, said the organization is “happy

with the appointment of the economic cluster, as the impressive credentials and track records of the team members are expected to help the country sustain the respect and credibility in the local and international community.” Ortiz-Luis added that PhilExport collaborated with most of the economic managers on its past advocacies that centered on export promotion and support for exporters and micro, small and medium enterprises (MSMEs). He said the trade association

Continued on C7

www.businessmirror.com.ph

A BusinessMirror Special Feature

Thursday, June 30, 2022 C3

Inauguration THE PRESIDENTIAL

Thursday, June 30, 2022

A BusinessMirror Special Feature

www.businessmirror.com.ph

All set for Marcos’ simple, solemn inauguration

ODAY’S inauguration of incoming President Ferdinand “Bongbong” Marcos Jr. will be solemn and simple.

Franz Imperial, who is one of the heads of the preparation committee for the momentous event, said that except for some minor details that are still being finalized, the program is all set. “The program we have prepared is very solemn and simple. It would be very traditional dahil sabi nga ni BBM sa vlog niya, ‘hindi kami lilihis pa sa tradisyon,’” he said. The inaug uration of the President of the Republic of the Philippines is a ceremonia l event mark ing the commencement of a si x-year ter m of a new chief executive. The 1987 Constitution mandates the presidential inauguration to occur on June 30, with the President-elect

taking his oath of office at exactly 12 noon.

Rizal Day

Under the previous 1935 Constitution, the date was December 30, which is also Rizal Day. The last president who took his oath on a December 30 schedule was BBM's father Ferdinand Marcos, when he assumed his second term in 1969. Imperial said the inauguration, to be held at the National Museum, will start with actress Toni Gonzaga singing the National Anthem. He added details for the ecumenical invocation that will follow are still being finalized as of press time. There will also be a

30-minute military-civil parade.

Inauguration song

Imperial further disclosed that after the parade, the inauguration song will follow. “The inauguration song will be ‘Pilipinas Kong Mahal’ and it will be performed by Cris Villonco and the Young Voices of the Philippines choir,” he said. As reported earlier, Supreme Court Chief Justice Alexander Gesmundo will administer the oath of office. While the Constitution does not require it, the oath is customarily administered by the Chief Justice of the Supreme Court of the Philippines. Marcos’ inaugural speech has fueled speculations, and while they have yet to receive details of the speech, Imperial said he is sure about one thing - the President-elect will not be needing a teleprompter.

Traditions

Over the years, various traditions have arisen that have expanded the inauguration from a simple oath-taking ceremony to a day-long event,

PAGCOR RELEASES P30.09 MILLION AID TO THREE BENEFICIARIES

including parades, speeches, and balls. Since 1992, the ceremony traditionally begins with the president-elect fetching the incumbent in Malacanang Palace on the morning of June 30. At the Palace's State Entrance, the president-elect will wait for the incumbent to descend the grand staircase. Upon meeting at the foot of the staircase, the president-elect would greet the incumbent. Then both will travel to the Quirino Grandstand aboard any of the presidential cars. Following protocol, the outgoing president takes the back right-hand seat of the vehicle, while the presidentelect is seated behind the chauffeur. At the Grandstand's parade grounds, the outgoing president will be welcomed with arrival honors, and then shake hands with the president-elect.

Troop review

The outgoing president conducts a final troop review and is presented to the public before departing the

Grandstand aboard his private vehicle. However, the custom of leaving the Grandstand immediately was broken when Corazon Aquino and Fidel Ramos chose instead to stay until the end of the inaugural ceremonies of their respective successors. Marcos’ inauguration will also take place at the National Museum instead, since the Quirino Grandstand was not readily available for the preparations needed due to the COVID isolation facilities erected on its grounds. Traditionally, after the outgoing president’s final troop inspection, the inauguration proper would then begin with the singing of the national anthem. An ecumenical invocation follows, led by leaders of the different major religions of the Philippines, followed by a patriotic musical piece by a musical ensemble.

Joint resolution

Afterward, the president of the Senate of the Philippines reads the Joint Resolution of

the Joint Congressional Board of Canvassers proclaiming the newly elected president and vice president. Since the Third Republic, the vice-president-elect is sworn in before the presidentelect to immediately secure the line of succession. As mandated by the Constitution, the presidentelect then takes the oath of office at exactly 12 pm. Then a 21-gun salute is immediately fired after, which the new president would then deliver his inaugural address. Previous inaugurations saw a full military and civil parade in the same manner as the Independence Day celebrations on June 12 right after the address. The new president then returns to Malacanang Palace to formally take possession of the residence. The president then inducts the new Cabinet on the same day and holds its first meeting immediately after. In the evening, an inaugural reception is held for other officials and foreign dignitaries who wish to call on the new president.

E-commerce Thrives under Duterte, ECAP hopeful to Marcos Leadership

The PAGCOR Board led by Chairman and CEO Andrea Domingo (center) turns over to Marinduque Governor Presbitero Jose Velasco Jr. (2nd from right) the P28 million financial grant be used for the construction of four covered courts.

T Acting Provincial Treasurer of Ilocos Sur Ronnette Victa (3rd from right) receives from PAGCOR's Board of Directors the P1.89 million grant for the procurement of 55 computer sets to be distributed to ten municipalities and one city in Ilocos Sur. Also in photo is Ilocos Sur’s Local Revenue Collection Officer 3 Lorna Luczon (extreme right).

The PAGCOR Board turns over P199,833 financial grant to Nueva Vizcaya's Provincial Police Office. Police Colonel Ranser Evasco (2nd from right) received the the donation.

HE E-commerce sector has grown by leaps and bounds during the term of President Rodrigo Roa Duterte and is confident that it will grow even further during the term of President Ferdinand “Bongbong” Romualdez Marcos Jr. According to E-commerce Association of the Philippines (ECAP) President Nani Razon, the e-commerce industry contributed P14 billion to the Duterte administration this year, compared to the P12 billion revenue in 2020. The industry players attribute the increase primarily to consumer behavior where most consumers learned the value and convenience of online shopping during the pandemic. Razon is optimistic that Marcos will continue to support the e-commerce sector to multiply its revenue up to the end of his term. Chairman Jhopet Fines added that the victory of Marcos and Vice-President Sara Duterte is an indication of how powerful social media is. “ECAP is very much looking forward that the new administra-

tion will continue and will bring more opportunities and support for the digital commerce industry especially the infrastructure for information, communications and technology,” Fines said. ECAP Vice President for Trade Relations Raffy G. Canare is also soliciting the support of the private sector, particularly the local telecommunications companies, as it will improve its services for this will ensure a competitive and thriving digital commerce industry that will surely benefit the Filipinos. During the official visit of ECAP in Bangkok, Thailand for the Annual PROPAK Asia Event held last June 16, 2022 in Bitec, Bangkok, Thailand, the group expressed serious collaboration with the government through the Department of Trade and Industry (DTI). The group joined the executive officials of DTI exploring more opportunities both local and abroad. The recent event in Thailand gave the association a wider landscape of opportunity for the industry from products, packaging and technology which is vital

to the industry. ECAP, led by its President, Nani Razon of Gencys and Chairman Jhopet Fines of Topyugo together with its Directors; VicePresident of Finance Michael Cordoviz of Supcart; Vice President for Network Charlie P. Gengos of Gencys; Vice President of ICT Khategel Mark Malazarte; Vice President for Business Development Bryan Kenneth Rivera; and Vice President for International and Trade Relations, Raffy Canare, COO of Topyugo, are solid in empowering the stakeholders of the digital commerce industry. ECAP is a premiere exclusive, by-invitation private regulatory body for Ecommerce players who sets the trend, practices and provides technology for the stakeholders. Joining them in the PROPAK Asia 2022 in Thailand are DTI Usec. Blesila Lantayona, Asec. Demphna Du-Naga, DTI Laguna Provincial Director Clarke Nebrao, DTI Export Development Executive Director Christopher Lawrence S. Arnuco and Director Jhino Ilano of Export Marketing Bureau.

www.businessmirror.com.ph

A BusinessMirror Special Feature

Thursday, June 30, 2022 C5

Inauguration THE PRESIDENTIAL

Thursday, June 30, 2022

A BusinessMirror Special Feature

www.businessmirror.com.ph

THE MUSEUM OF THE FILIPINO PEOPLE By Carla Mortel Baricaua

Legislative building

On July 16, 1926, the Legislative Building was officially opened during the Second Regular Session of the 7th Philippine Legislature. The building was later renamed the National Assembly Building, which housed the National Assembly of the Philippines. Five years later, the

ROY DOMINGO

RESIDENT-ELECT Ferdinand “Bongbong” Romualdez Marcos, Jr. will take his oath of office as the country’s 17th President at the National Museum of the Philippines. Formerly known as the Old Legislative Building, it served as the venue for the inauguration of former Presidents Manuel L. Quezon (1935), Jose P. Laurel (1943) and Manuel Roxas (1946). Presidential Management Staff (PMS) Secretary-designate Zeinada “Naida” Angping said that the inaugural committee members found the National Museum to be a suitable venue for the historical event. “The National Museum of the Philippines building and its surrounding areas match our requirements for President Marcos’s inauguration,” she said. In 1918, the construction started for the neoclassical building that originally housed the Philippines' legislative arm. Initially, Ralph Harrington Doane and Antonio Mañalac Toledo worked together on the architectural design. It was later on revised by Juan M. Arellano.

ing as a historical structure of the highest importance. It also hosts the country’s most historic works of culture and national heritage.

Umbrella organization

National Assembly was replaced by the Congress of the Philippines. At the height of World War II, Japanese forces used the building as a stronghold in February 1945. During the Battle of Manila, the entire national collections were destroyed when the Legislative Building, where most items were placed for safekeeping, as well as the Bureau of Science building, were reduced to ruins. The

building's north and south wings collapsed due to the exchange of heavy machinery between Japanese and American forces, but the central portion was left standing. Following most its original blueprint, the building was rebuilt from 1949 to 1950. The Congress of the Republic of the Philippines moved back to the Congress Building, the one that is also known as

the Old Legislative Building. After the war, the Natural History Museum Division was reunited with the National Library’s Fine Arts Division to become the National Museum – its final change of name – under the Office of the Executive Secretary. Since the 1970s, the National Museum has conscientiously maintained and preserved the build-

Today, the National Museum of the Philippines serves as an umbrella government organization that oversees a number of national museums in the Philippines including ethnographic, anthropological, archaeological, and visual arts collections. Its main branch is comprised of the National Museum of Fine Arts, the National Museum of Anthropology, and the National Museum of Natural History. Located at the old Legislative building along Padre Burgos Drive, the National Museum of Fine Arts hosts the largest public assemblage of Philippine fine arts that can be

accessed by Filipinos and tourists. It is a National Historical Landmark and houses 29 galleries, exhibitions of important works of unknown artists of the 18th century, 19th century Filipino masters, National Artists, leading modern painters of the 1990s to the 21st century, sculptors, and printmakers. Agping said that while the committee considered the Quirino Grandstand a potential venue for the inauguration, the committee’s ocular inspection team observed that there were still several Covid-19 hospitals in the area. “The safety and welfare of our people are paramount. As such, we chose to avoid disrupting the medical care being given to the Covid-19 patients housed there. That’s why we opted for the National Museum as the venue,” she said.

Inauguration THE PRESIDENTIAL

A BusinessMirror Special Feature

www.businessmirror.com.ph

Thursday, June 30, 2022 C7

BBM–Unity in the face of challenges

BONGBONGMARCOS.COM

an increase in food prices in the next quarters that will come simply because of the outside forces that have been impacting on food supply,” Marcos said. “The problem is severe enough that

Continued from C2 looks forward to stronger dialogue and collaboration with the incoming economic cluster on addressing the many issues faced by MSMEs and exporters, who have been the worst hit by the ongoing pandemic, inflation, rising fuel prices, geopolitics and trade disruptions. The same is true for Balisacan, who is also the first Chairman of the Philippine Competition Commission that was institutionalized during the Duterte administration. “We are confident that under their stewardship, the country will be able to successfully navigate the various fiscal and economic challenges incumbent upon us,” Moncupa stressed.

Economic recovery

WHILE businesses need to get people back to work to help in economic recovery, the transportation crisis has been hindering their mobility. Commuters are suffering daily in hellish queues at bus carousel stations along Edsa, the Mass Railway Transit Line-3 and the Paranaque Integrated Terminal Exchange. To help Marcos come up with solutions to the transportation crisis, veteran airline executive Jaime “Jimmy” Bautista has been named Secretary of the Department of Transportation (DOTr). A Certified Public Accountant, Bautista worked at the country’s flagship Philippine Airlines

(PAL) for 25 years and was its president for a combined 13 years before retiring for the second time in 2019. According to Bautista, he was tasked by Marcos “to provide the riding public with accessible, affordable, comfortable and safe travel.” Aside from complaints from commuters, he will also have to deal with transport drivers and operators struggling to keep their vehicles on the road as the cost of fuel products continues to soar. Former Light Rail Transit Authority (LRTA) Deputy Administrator Cesar Chavez was named DOTr Undersecretary for Rails. Chavez, who President Duterte appointed to the same position in 2017, was instrumental in securing the NEDA Board’s approval for the Metro Manila Subway, PNR Manila to Calamba, PNR Manila to Bicol, and the Tagum-Davao-Digos Mindanao rail projects.

Agriculture

WHEN he decided to run for president, Marcos said agriculture “is going to be a critical and foundational part of the country’s economic development or economic transformation.” He added that the situation in Ukraine and Russia “has affected the Philippine agriculture, including food supply in a very serious way.” “I spoke with the economic team at length about the measures that we will have to take because we are forecasting that there will be

I have decided to take on the portfolio of Secretary of Agriculture for now and at least until we can reorganize the Department of Agriculture in the way that will make it ready for the

next years to come,” he said. If Marcos’ choices of Cabinet members are anything to go by, they are indications that he is politically color blind in his Cabinet choices. This is nec-

essary for a President who needs all the help he can get to get his job done. As Marcos once said, “Judge me not by my ancestors but by my actions.” With reports from Leony Garcia