BusinessMirror March 03, 2022 by BusinessMirror

Duterte OKs P3-B transport, farm subsidies B B D. N @BNicolasBM

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BIDEN VOWS TO CHECK RUSSIAN AGGRESSION AND FIGHT INFLATION

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RESIDENT Duterte approved the implementation of the P3-billion fuel subsidy and discounts for the transport sector, farmers, and fisherfolk amid the rising oil prices aggravated by Russia’s invasion of Ukraine. Malacañang on Wednesday said Duterte approved the Department of Energy (DOE) for the government to implement the P2.5-billion Pantawid Pasada program, and P500million fuel discount program for farmers and fisherfolks. The Land Transportation Franchising and Regulatory Board (LT-

FRB) said the government is speeding up the release of the P2.5-billion fuel subsidy for the transport sector. Atty. Zona Tamayo, LTFRB National Capital Region Regional Director said they are coordinating with the Department of Energy and the Department of Budget and Management (DBM) on the release of funds. Tamayo said the government is following the special provision under the 2022 national budget that the P2.5-billion budget appropriated for fuel subsidy shall be released when the average Dubai crude oil price based on Mean of Platts Singapore for three months reaches or exceeds $80 per barrel.

Recently, the Dubai crude oil price hit $92 per barrel. “We asked for a certification from the DOE so now we are awaiting the processing by the DBM so that once the DOTr and LTFRB receive the funds, they can give the subsidy to transport operators,” she said, partly in Filipino, during the Laging Handa Public Briefing. On transport groups’ petitions for a fare hike amid the soaring oil prices, Tamayo said these are set for a hearing on March 8 and they are discussing with the National Economic and Development Authority the impact of a fare increase on other prices of goods. Under the fuel subsidy program,

over 377,000 qualified public utility vehicle drivers who are operating jeepneys, UV express, taxis, tricycles, and other full-time ride-hailing and delivery services nationwide will be provided with cards where their P6,500 subsidy is credited. Acting Presidential Spokesman and Cabinet Secretary Karlo Nograles announced approval of the subsidy on Wednesday following the President’s meeting with several Cabinet members, along with top officials of the Armed Forces of the Philippines, the Philippine National Police, and other high-ranking officials to discuss possible scenarios should the ongoing Russia-Ukraine conflict continue and escalate.

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Thursday, March 3, 2022 Vol. 17 No. 146

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

FACES KEY REVISIONS IAEA meets after Russia takes biggest nuke plant

B B D. N @BNicolasBM

 J M N. D C

@joveemarie

S prices soar amid Russia’s invasion of Ukraine, Malacañang called on Congress to review the oil deregulation law to give the government the power to intervene whenever there are oil price hikes. A House leader promptly proposed a four-point amendment to the Downstream Oil Industry Deregulation Act to enhance competition in the fuel sector, but a minority lawmaker challenged the Palace to certify the amendatory bill as urgent so it can hurdle Congress soon. Acting Presidential Spokesman and Cabinet Secretary Karlo Nograles made the appeal on Wednesday as the Palace called for the “early and peaceful resolution” of the Russia-Ukraine crisis which he said has “economic, trade, and human resource implications for our country and for our people.” Responding to Malacañang’s request, the chairman of the House Committee on Ways and Means, Albay Rep. Joey Sarte Salceda, said his office is now drafting the proposed measure and will submit his version to the House leadership and to the Palace for the Department of Energy’s possible adoption as the administration version of the amendments. “The most important component of my proposal will be creating a strategic petroleum reserve that the government would stock during periods of abnormally low prices. This would help ensure adequate supply at affordable domestic prices during periods of high world market prices. When price increases are artificial or due to collusion among players, it will also help the state pop such bubbles,” he said. The second component requires the unbundling of retail prices of fuel, said Salceda. “I was pushing the Department of Energy to give us similar data C  A

PESO EXCHANGE RATES

CHURCHGOERS are seen praying at Baclaran Church in Parañaque City on Ash Wednesday. Catholics from different walks of life went to churches to have their foreheads marked with a cross in observance of Ash Wednesday, the start of Lent. It has been two years since the ban on the Lenten tradition due to the coronavirus pandemic. NONIE REYES

USSIA told the International Atomic Energy Agency (IAEA) that its military had taken control of territory around Ukraine’s Zaporizhzhya nuclear power plant as diplomats hold an emergency meeting to voice their mounting concern over safety as fighting escalates. Ukraine authorities say they maintain control of the plant itself and that a combat-ready military unit remains within the perimeter. Some residents from the nearby town of Enerhodar erected barricades to the plant, according to multiple online accounts. The IAEA convened an extraordinary meeting in Vienna on Wednesday, just hours after Russian officials informed Director General Rafael Mariano Grossi that they controlled access to the facility. Zaporizhzhya is Europe’s biggest nuclear power installation. Its six reactors sit on a cape that abuts the Dnieper River with only a single road leading in or out. “Any military or other action that could threaten the safety or security of Ukraine’s nuclear power plants must be avoided,” the IAEA wrote in a statement. “Operating staff must be able to fulfill their safety and security duties and have the capacity to make decisions free of undue pressure.” Earlier this week, the head of Ukraine’s nuclear-power utility called on international monitors to intervene to ensure the safety of the country’s 15 atomic reactors. Energoatom chief Petro Kotin asked the IAEA to help erect a 30-kilometer (18.6 mile) safe zone around the country’s four nuclear power plants. Bloomberg News

COST OF FATAL ROAD CRASHES EACH YEAR MAY HIT $1.7T–WORLD BANK B C U. O @caiordinario

HE cost of fatal road accidents can reach over a trillion dollars per year or 6 percent of the GDP of lower- to middle-income countries like the Philippines, according to World Bank Group experts. In a World Bank Blog, International Finance Corporation Global Infrastructure Department Senior Investment Officer Daniel Pulido and World Bank Senior Infrastructure Specialist Verónica Raffo said the costs could reach as much as $1.7 trillion per year.

These costs cover the death of 1.35 million people who lost their lives in road crashes and 90 percent of these fatalities occur in developing countries. “The costs of these preventable fatalities do not end at the roadside; they create ripple effects throughout the wider economy. Loss of income, property damage, insurance premiums, loss of taxes, and burdens on the health sector are just some of the far-reaching costs associated with road traffic crashes,” the authors said. “Ultimately, these costs are mostly borne by victims’ households, and can trap them in pov-

erty. More needs to be done, on a global level, to prevent road crashes and make transport safer,” they added. Historically, the authors said, road safety initiatives have been underfunded mainly due to the market’s failure to account for the costs of road crashes. Given this, there was little incentive to prioritize road safety. The authors said a recent report from the World Bank showed that the funding gap in road safety could be addressed by private investments. Recently, the InternaS “C,” A

■ US 51.2490 ■ JAPAN 0.4461 ■ UK 68.2893 ■ HK 6.5572 ■ SINGAPORE 37.7636 ■ AUSTRALIA 37.1453 ■ SAUDI ARABIA 13.6602 ■ EU 57.0350 ■ CHINA 8.1202

Source: BSP (March 2, 2022)

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Thursday, March 3, 2022

Cost...

C  A

tional Road Assessment Program (iRAP) and the FIA High Level Panel for Road Safety, have been working together to identify the business models to make this happen. These collaborations have identified five business models consisting of subnational, public-private partnerships (PPPs) and corporate investments that can leverage the growing sustainable finance market, including social and sustainability-linked financing (SLF). These models, the authors said, can be used to incentivize borrowers to commit to road safety as part of SLFs. Road safety efforts can be weaved into a company's sustainability strategies and performance targets. Road safety efforts can be assured of financing by including these in the environmental, social, and governance (ESG) impact reporting done by investors and companies as well as companies efforts to financing the Sustainable Development Goals (SDGs). In September 2020, the international community, including the UN General Assembly and the World Health Organization, affirmed the commitment to halving road deaths by 2030 through a Second Decade of Action for Road Safety 2021-2030. Meanwhile, in the Philippines, despite mobility restrictions imposed by the government, transport accidents remained the 16th top cause of death between January and November 2021, with 8,262 Filipinos dying from accidents in this period. This was 6.55 percent higher than the 7,754 Filipinos killed in the same period of 2020. In the January to November 2021 period, a total of 704,202 Filipinos died of various causes. This represented a 25.7-percent increase from the 560,205 Filipinos who died in the same period in 2020.

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21 sailors in Odessa ‘rescued’ by honorary congen in Moldova

B M T-B

@maloutalosig

WENTY-ONE Filipino seafarers of MV S-Breeze have been in Chornomorsk, Ukraine since January 27, 2022. Their ship, a Liberianflagged bulk carrier, had been in drydock for repairs at the Ilyichevsk Ship Park in the Port of Odessa.

Then, last February 25, Russia started invading Ukraine on land and at sea. The coastal city of Chornomorsk in southwestern Ukraine suddenly became anxious as bombs were heard 12 miles across the Black Sea. The Department of Foreign Af-

fairs has no Philippine Embassy in Ukraine, and the nearest country to Odessa is Moldova, which has no Philippine Embassy as well. The DFA though has a young honorary consul, Victor Gaina, a Moldovan businessman who is a chief executive officer of Media Security

based in the capital Chișinău. “May pagka-Mission Impossible levels nung honorary consul to get them. Grabe raw putukan [The honorary consul’s moves were of a Mission Impossible level. The shooting was intense],” a senior official told the BM, referring to the Hollywood spy fi lm starring Tom Cruise. In a statement, the DFA merely confirmed that the seafarers “arrived safely” in Moldova, through coordination by Philippine Ambassador to Hungary Frank Cimafranca, which has jurisdiction over Moldova, and Consul Gaina. The BusinessMirror sought Consul Gaina for comment but he declined, saying he is “verrrry busy.” The seafarers arrived in two batches, the first one on February 27 and the second on March 1. MV S-Breeze is the third ship with a Filipino crew that has been caught in the Russia-Ukraine conflict.

Earlier, two ships off the Black Sea were also hit by missiles—Japanese bulk carrier MV Namura Queen and Moldovan chemical tanker MV Millennial Spirit. A Filipino seafarer was injured in Namura Queen.

EO on refugees

AMID Russia’s invasion of Ukraine, President Duterte has signed the Executive Order (EO) institutionalizing access to protection services for refugees, stateless persons and asylum seekers. Under EO 163, Duterte formed the Inter-Agency Committee on the Protection of Refugees, Stateless Persons and Asylum Seekers mandated to provide services and assistance to “persons of concern” (POCs). “The COVID-19 pandemic has limited the ability of refugees, stateless persons and asylum seekers to cross borders to seek protection, bringing to fore the need to integrate and institutionalize relevant policies

and programs of government agencies and ensure that these communities of people are properly protected and accorded the widest possible exercise of fundamental rights and freedoms,” read the copy of the EO signed on February 28 but only released on Wednesday. Chaired by the Justice Secretary, the inter-agency panel is also tasked to cooperate with the United Nations High Commissioner for Refugees (UNHCR) or any other relevant international body in effectively implementing the relevant Conventions, and in providing for the protection of refugees. Around 677,000 refugees have fled Ukraine to neighboring countries, according to UN High Commissioner for Refugees Filippo Grandi. The Philippines earlier voted in favor of a UN resolution expressing “explicit condemnation” of Russia’s invasion of Ukraine. With Bernadette D. Nicolas

OIL DEREGULATION LAW FACES KEY REVISIONS C  A

last year, although their ability to really do this is limited because there is no legal requirement for fuel companies to unbundle pric-

es,” he said. According to Salceda, the third component of his proposed amendments require sall fuel outlets to update any change in retail prices in a central government database

for efficient monitoring, to “allow us to monitor and act on abnormal price changes.” Price transparency comprises his fourth component. “The database that retailers will update will be made available and presented in an easy-to-navigate format for the consuming public, so that they can make informed decisions about their purchases. That will also help undercut abnormally high prices,” he said. “The strategic petroleum reserve will be especially crucial because oil is a very cyclical commodity. When oil prices rise in the global market, there really is very little you can do except release more supply. So, when oil prices are very low, we have to be countercyclical and actually buy more fuel, so that we will have spare supply to release during periods of high prices,” Salceda explained.

5-pt plan amid Ukraine invasion

EARLIER, Salceda proposed a fivepoint plan to respond to the threat of rising oil prices amid the conflict between Russia and Ukraine. He warned that world crude prices could reach $ 130 per barrel if the war drags on and Russian oil exports are sanctioned. “First, we need to draw a line on the sand in terms of the fuel excise tax. If crude oil prices are still at $100 by March 15, President Duterte should call for a special session to consider options for the reduction or suspension of the fuel excise taxes under the TRAIN Law. The most fiscally sensible option is, at the very least, to reduce the oil excise tax at a level that is equivalent to what we will gain in VAT to prevent the government from going further into already elevated deficit levels,” Salceda said. “Reducing fuel prices at a level equivalent to VAT gains would already result in a P2.06 reduction in gasoline prices, P2.34 in diesel prices, and P2.89 in kerosene prices,” Salceda explained. “Second, the government should open all public transportation options to full capacity immediately. This will help lower transport costs for those forced to take private cars due to the lack of available alternatives after the Covid-19 restrictions. It will also lower our consumption of fuel,” Salceda added. Third, Salceda recommended immediate issuance of an Executive Order mandating the Department of Energy, the Department of Trade and Industry, and the Philippine Competition Commission to strictly monitor energy companies to prevent uncompetitive practices and hoarding in the sector. Salceda pushed the tapping of the P4.5-billion Contingency

Fund, which can be used for subsidies in the 2022 budget, the President’s P3 billion Socio-Civic Fund, on top of the proposed P1-billion fuel voucher subsidy promised by the Development Budget Coordination Committee. “Fifth, I propose that the NDRRMC [National Disaster Risk Reduction and Management Council] conditionally allow the declaration of a state of calamity for economic reasons by local governments that are especially dependent on fuel [such as fishing communities] when oil prices become unmanageable.”

Palace meeting

NOGRALES made the announcement on Wednesday morning following the President’s Tuesday night meeting with several Cabinet members, top officials of the Armed Forces of the Philippines (AFP), the Philippine National Police (PNP), and other-high ranking officials to discuss possible scenarios should the raging Russia-Ukraine conflict continue and escalate. Nograles said Duterte approved the economic team’s recommendations to strengthen the domestic economy, stabilize food prices, provide social protection, and explore diplomatic channels to help resolve the conflict. Among these: the Department of Energy (DOE) recommendations to implement the P2.5-billion Pantawid Pasada, and P500-million fuel discount program for farmers and fisherfolks, with DOE monitoring supply and quality and ensuring there is no short selling. “For the medium-term, we call on Congress to review the Oil Deregulation Law, particularly provisions on unbundling the price, and the inclusion of the minimum inventory requirements in the law, as well as giving the government intervention powers/authority to intervene when there is a spike and/or prolonged increase of prices of oil products,” he added. The DOE earlier sought power to suspend excise on fuel through amending the Oil Deregulation Law. But amid calls for suspension of fuel excise tax in October last year, the Department of Finance said this move will result in foregone revenues. Nograles said other government’s medium-term measures to address oil supply include building of the strategic petroleum reserve infrastructure, ensuring Minimum Inventory Requirements (MIR) and advocating for energy conservation and efficiency. To abate spikes in basic commodity prices, he stressed the government stands ready to implement the Price Control Law if the

need arises.

Food stability

ON food stability, Duterte approved the Department of Agriculture’s (DA) recommendations to boost local production with: the Plant, Plant, Plant Part 2 program, increasing of the rice buffer stock to not less than 30 days, financial assistance to rice farmers, fertilizer subsidy and giving market access through bilateral discussions in fertilizer-producing countries. The DA recommended boosting the production of feeds and to give logistical support like food mobilization to provinces with high production through its Kadiwa ni Ani at Kita program, and to provide subsidies for the transportation cost of basic commodities. Nograles said Duterte approved the Department of Trade and Industry’s recommendations to accelerate renewable energy adoption, support investments in Utility Scale Battery Storage to maximize utilization of renewable energy sources, support investments in modern storage facilities for oil and grains to increase within-the-border holding capacity and empower the private sector to help in strategic stockpiling. Meanwhile, Malacañang said the AFP and PNP gave assurances that State troops, military and police assets are ready and have respective contingencies for any developments.

Certify the bill

HOUSE Deputy Minority Leader and Bayan Muna Rep. Carlos Isagani Zarate on Wednesday called on Malacañang “to walk the talk” by certifying as urgent a bill that will repeal or at the minimum review and amend the Oil Deregulation Law. Zarate said Duterte should call for a special session to pass the proposal, claiming the President’s economic managers are “blocking” oil regulation moves. “If Malacañang is serious about reviewing the oil deregulation law and lowering the price of oil, it will call for an immediate special session of Congress to discuss and approve the suspension of the excise tax on oil and also discuss HB 10386 or unbundling of oil prices and HB 4711 to regain control of the oil industry,” said Zarate. In October 2021, Energy Secretary Alfonso G. Cusi, in a letter, asked Congress to amend the Oil Deregulation Law “to provide a framework for the government to intervene and address sudden, prolonged oil price hikes and require the unbundling the cost of retail products to determine their true and the passed-on cost.”

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Resettlement of poor families in Intramuros to start in April By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

HE Intramuros Administration (IA) is targeting to complete the resettlement of 470 families from the poor communities in the walled city by October this year. IA Administrator Guiller Asido told the BusinessMirror the agency broke ground last December 13 on a property in Morong, Rizal, where the families will be resettled. “The Intramuros Homeowners Association, composed of the 470 families has also been registered with the Socialized Housing Finance Corp. [SHFC]. By April 2022, we will have the first 100 houses completed and relocation to start,” he said. He added all 470 houses are targeted for completion by October 2022. “We have already signed the MOAs [memorandums of agreement] with the property owners as well as binding them to the program, and also signed by the family beneficiary representatives,” said Asido. L a st Febr u a r y 23, t he I A met w ith the SHFC Board of Directors, which approved the implantation of Phase 2 of the project, or the constr uction of the houses. Under phase 1, the SHFC had approved the land development and purchase of the proper t y in Morong. T he se lec t ion of t he site w a s i n consultation with the informal sett ler families. Most of the beneficiar y families are currently liv ing on the proper t y ow ned by t he Trade Union Cong ress of t he Ph i lip pi nes a long G e ne r a l Lu n a St reet, a nd a not her proper t y nea r t he Lyceu m of t he Ph i l ip pines Universit y.

25 years to pay

ASIDO said the cost of each house is P580,000 but “the amortization starts at only P800 a month. On the 11th year, it will be P2,500 a month. We are still finalizing the guidelines because what we would like as well is that a portion of whatever they pay will be savings that they will receive at the end of the amortization period.” The informal settlers have 25 years to pay for their houses. Meanwhile, the lowering of the alert level in Metro Manila has helped boost the number of visitors to Intramuros, one of the key destinations in the region. Data provided by the Department of Tourism (DOT) showed over 67,000 visitors from the beginning of the year to February 23, 2022. On a monthly basis, visitors in February reached 38,154, or 32 percent higher than the 28,855 visitors in January. “�� The increase in visitors to�� Intramuros’ various sites reflects the optimism and confidence in travel,” said Tourism Secretary Bernadette Romulo Puyat, who also chairs the IA, which manages the walled city. “With its open spaces, lush gardens, and the strict implementation of health and safety protocols, Intramuros is an ideal site to visit in the new normal,” she added Puyat, noting that under Alert Level 2, protocols on physical distancing, contact tracing, and the maximum number of visitors per site are strictly observed in the destination. Intramuros sites that are open include Fort Santiago (weekdays: 9 a.m. to 8:30 p.m.); weekends: (6 a.m. to 9:30 p.m.), Casa Manila Museum (weekends only: 9 a.m. to 5 p.m.), and the Baluarte de San Diego (daily from 8 a.m. to 5 p.m.).

Editor: Vittorio V. Vitug • Thursday, March 3, 2022 A3

Water supply contingency plan in place for Angat Dam, DENR’s Sampulna assures By Jonathan L. Mayuga @jonlmayuga

EPARTMENT of Environment and Natural Resources (DENR) Acting Secretary Jim O. Sampulna has assured the public that a water supply contingency plan for Angat Dam is in place to ensure sufficient water supply for Metro Manila’s over 12 million population throughout summer or dry season. According to Sampulna, the National Water Resources Board (NWRB), an attached agency of the DENR, continues to undertake measures to that effect—which include possible cloud seeding operations in March and April. The NWRB is responsible for the management and regulation of all water resources and services in the country. “The NWRB will be in the forefront of monitoring the water level

of the Angat Dam and putting contingency measures in place. While we are experiencing low water levels in the Angat Dam, the NWRB has already made its move to solve the looming problem,” Sampulna told reporters in a mix of English and Filipino during an online news conference on Monday. NWRB Executive Director Sevillo David Jr. said the agency—in coordination with the Metropolitan Waterworks and Sewerage System (MWSS), National Irrigation Administration (NIA), National Power Corporation (NPC), and Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA)—has been implementing mitigation strategies to address the possible inadequacy of water supply from the Angat Dam, which supplies 97 percent of Metro Manila’s water requirements. Some of the measures include the reduction of allocation for domestic

Groups seek SC reconsideration on Anti-Terrorism Act ruling

PPOSITORS of Republic Act 1479 or the Anti-Terrorism Act (ATA) asked the Supreme Court (SC) on Tuesday to reconsider its decision which declared most of its provisions “not unconstitutional,” insisting that the law should be struck down entirely for being unconstitutional. Out of the 37 groups of petitioners who originally questioned the constitutionality of ATA before the SC, 25 groups filed their joint motion for partial reconsideration of SC’s December 7, 2021 ruling that declared portions of two provisions of the law that it said “have gone beyond the boundaries” set under the Constitution. These include the phrase in Section 4 (Terrorism) that states, “which are not intended to cause death or serious physical harm to a person, to endanger a person’s life, or to create serious risk to public safety”; second mode of designation found in Paragraph 2 of Section 25 (Designation of Terrorist Individuals, Groups of Persons, Organizations or Associations);

and “as a necessary consequence, the corresponding reference/provisions in the Implementing Rules and Regulations [IRR] of RA 11479 relative to the foregoing items.” The petitioners argued that Section 29 of the ATA which gives authority to the Anti-Terrorism Council (ATC) the exclusive judicial power to issue warrants of arrest is unconstitutional. “The Implementing Rules and Regulations of the Anti-Terrorism Act cannot cure the defects of Section 29.” They further stressed that the maximum period of detention under Section 29 is “inordinately long and unconstitutional.” The prolonged detention of 14 days, extendible for another 10 days, according to the petitioners, is “odious and oppressive.” “A prolonged detention of an accused is fraught with dangers to security because the person might be tortured or coerced to confession, or it could lead to the manufacture of evidence,” the petitioners said. Joel R. San Juan

Only Locsin needs no scrutiny among Duterte Cabinet members–Lacson-Sotto tandem By Butch Fernandez @butchfBM

EACTING to an offer by President Duterte for whoever succeeds him to tap his Cabinet members, the Lacson-Sotto tandem said any potential members of the new Cabinet should be screened first if they have proven leadership and governance skills—and if they are prepared to “go to war” against corruption, poverty, and the challenges of the current times, such as the Covid-19 pandemic. Partido Reporma presidential candidate Panfilo “Ping” Lacson and running mate, Senate President Vicente “Tito” Sotto III, made the remarks after Duterte said Tuesday night he would endorse members of his current Cabinet to his successor, noting he was proud of their work during his administration. “Pag-aralan natin. Dapat talaga, di ba, sabi ko lagi science-based, data-driven. So, pag-aralan natin ano bang nagawa nila doon sa kasalukuyan administration to merit their retention,” Lacson told reporters in an interview during his campaign sorties in Quezon province. [Let’s study it. As I always

say, it should be science-based, data-driven. Let’s examine what they have done in the current administration to merit their retention.] In their view, only Foreign Affairs Secretary Teodoro Locsin Jr. would pass muster among the current crop of Cabinet secretaries, without need of any extended scrutiny by the Commission on Appointments. In his regular late-night “Talk to the People,” Duterte hoped the next President following the May 9 elections would keep Transportation Secretary Arthur Tugade, Covid-19 vaccination chief Carlito Galvez Jr., Defense Secretary Delfin Lorenzana, and Finance Secretary Carlos Dominguez III. “We are just limited to six years but I’d be happy to hand you over to whoever leads in the next administration,” Duterte told his current department secretaries. However, at present only Foreign Affairs Secretary Teodoro “Teddy” Locsin would pass muster with the Lacson-Sotto tandem among the current roster of Cabinet secretaries, they told reporters. “’Yung iba pwedeng pagaralan [We can study the other ones],” Senate President Sotto added.

and irrigation requirements; reactivation of deep wells for the use of MWSS; cloud seeding operations; and maximizing the use of water treatment plants owned by water concessionaires Maynilad and Manila Water. Cloud seeding measures are being considered in case the water level in Angat, which is the single major source of raw water for Metro Manila, continue to drop to prevent it from reaching the so-called critical level, compelling the NWRB to reduce water rationing to private water concessionaires Maynilad and Manila Water. This results in scheduled water service interruptions, or worse, water rationing by the two private concessionaires to their respective customers. This happens in the summer months of the year, and peaks before the onset of the rainy season in June or July.

Maynilad and Manila Water are also putting in place contingency measures on their own, such as drawing water from the Laguna de Bay and existing deep wells to augment water supply during the summer or dry season. David said that the domestic water allocation of 48 cubic meters per second (cms) will be retained in March, noting that having a sufficient water supply helps control the spread of coronavirus. David pointed out that the case for the irrigation sector is different because “when the harvest is approaching, the lesser water will also be needed for the crops.” The allocation is reduced from 20 cms to 15 cms. The NWRB is also working in coordination with NIA for the implementation of various measures for effective water management including the use of shallow tube wells to reduce the consumption

of water for irrigation. “We are using what they call shallow tube wells to enable farmers to optimize water coming from creeks and canals,” David said. Meanwhile, cloud seeding operation is an endeavor being coordinated with the PAGASA, said David. “We decided to conduct the cloud seeding operations this March due to the right weather conditions and after the ‘amihan’ or northeast monsoon season,” David said. Cloud seeding operations will be conducted in different areas including the Angat Watershed and Bustos Dam in Bulacan and La Mesa Dam in Quezon City, which will be implemented from March 7 to April 10, 2022. Meanwhile, the public is encouraged to partake in the efforts to secure the availability of water, especially in the coming dry season by conserving water and using it with utmost care and efficiency.

Paulino takes over as SBMA chairman as Eisma accepts DBP directorship post

RESIGNED SBMA chief Wilma T. Eisma (left photo) bids her staff goodbye on Tuesday night, as new SBMA head honcho Rolen Paulino Sr. (in right) photo gets his ID card on his first day of work. CONTRIBUTED PHOTOS By Henry Empeño Correspondent

UBIC BAY FREEPORT—A new chairman and administrator has taken over the helm of the Subic Bay Metropolitan Authority (SBMA) following the resignation on Tuesday of Wilma T. Eisma, the agency’s first woman head and chief executive. Former Olongapo City mayor Rolen Paulino Sr., one of the historic SBMA volunteers who propelled the Subic Bay Freeport’s economic miracle in 1992, became the eighth SBMA chairman and administrator upon appointment by President Duterte on Tuesday. Paulino took his oath of office in Malacañang on also on Tuesday before Executive Secretary Salvador Medialdea. Meanwhile, former SBMA chairman Eisma, who was first appointed by Duterte as SBMA administrator and chief executive in December 2016 before being installed as chairman and administrator eight months later, was appointed director of the Development Bank of the Philippines (DBP). In a news statement released by her office, Eisma said she was stepping down for health and family

reasons. However, she told the BusinessMirror that she has accepted the new appointment in deference to the President. “While I have resigned from SBMA to focus on my health and family, I didn’t have the heart to say no to President Duterte when he entrusted me a directorship in the DBP,” Eisma said. “This is proof of his continued trust and confidence that I value highly. I reckon that I could still give the necessary attention to my health and family concerns while taking on this new task,” she added. Eisma bid SBMA managers and employees goodbye on Tuesday night, right after arriving from Malacañang for her formal resignation and new appointment, calling on her former staff to support Paulino, whom she referred to as “Kuya Rolen.” Both Eisma and Paulino were among the corps of Subic volunteers in the early days of the SBMA. Meanwhile, Paulino, who is expected to usher Subic into normalcy in face of the waning Covid-19 pandemic, met with department managers of the Subic agency, as well as officials of the Subic Bay Freeport Chamber of Commerce on his first day at work on Wednesday, signal-

ing his priority on sustainability of business operations here. “We need to chart a new course for Subic post-pandemic,” Paulino said. “As we all know, the Covid-19 health crisis also made a deep impact on business and productivity in this free port, so a lot of corrective measures need to be in place.” He said he intends “to tap the cooperation and support of all stakeholders in the free port and in the surrounding communities so that we can attract more business, employ more people, and make full economic recovery as soon as possible.” The new chairman also stressed that he would pursue an inclusive policy so that SBMA programs and facilities would benefit more residents in nearby communities. Paulino on Wednesday asked the SBMA board of directors to cancel the entrance fee to Remy Field, a popular sports venue here, so that residents, especially athletes and health enthusiasts, can use it freely. The SBMA previously charged an entrance fee of P20 for the upkeep of the facility. “’Yung konting paglalaro ng mga bata, h’wag na nating singilin pa. Maliit na halaga ang entrance fee, kumpara sa mararamdaman nila na sa kanila ang Subic Bay Freeport,” Paulino said.

Lancet: Covid leaves thousands of below-5 PHL kids as orphans continued from a12 There is evidence showing, it added, that placing bereaved children in institutions is not advisable. The authors said it is better for these children to be placed in a family-based care through “kinship, fostering, adoption, or Kafalah [a Muslim practice of fostering or guardianship].” The Lancet article said familybased care that is sensitive to the bereaved child’s age and developmental stage can support recovery, protect from future risks, and prevent institutionalization. This is also the reason Juan A. Perez III, Undersecretary for

Population and Development, told BusinessMirror that the extended families that Filipinos have allow orphans to still have a sense of family despite the death of a parent or caregiver. “Orphanhood is certainly a social emergency, but I believe Filipino families have greater resiliency as grandparents are often part of the Filipino household. Because of the age mortality disparity of Covid, it is more likely that grandparents have been affected disproportionately more than younger parents,” Perez told this newspaper on Wednesday.

Proposed programs

NONETHELESS, the Lancet article recommended that the Covid-19 response of countries should include programs for bereaved children. These programs should be tailored to their geography, gender, age, and circumstances, among other considerations. The care for children, the article stated, includes preventing the death of caregivers by accelerating equitable Covid-19 vaccine delivery and preparing families to be safe and nurturing to Covid victims’ orphans. Cai U. Ordinario

A4 Thursday, March 3, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

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DOE bares resumption of gas exploration activities in Recto Bank By Lenie Lectura

@llectura

HE Department of Energy (DOE) has announced the start of exploration activities along Recto Bank in the West Philippine Sea (WPS) amid spiraling prices of crude in the petroleum market. “As you know, we have lifted the unilateral moratorium exploration in WPS, and we had issued service con-

tracts for the exploration. I’m happy that SC72, they’re going to start their exploration and in fact, they are already acquiring the vessel. That is a good development,” said Energy Secretary Alfonso Cusi during the virtual Kapihan sa Manila Bay forum. The Pangilinan-led PXP Energy Corp. holds a 78.98-percent operating interest in Service Contract (SC) 72 or the contract to explore

Recto Bank in the West Philippine Sea through London-listed Forum Energy Plc. It was supposed to partner with China National Offshore Oil Corporation (CNOOC), one of the largest national oil companies owned by the People’s Republic of China, but the DOE earlier imposed a moratorium on exploration activities. Cusi said the agency is also keep-

ing a watchful eye on other exploration activities. “Even at Malampaya, we are doing the validation drilling so we will know how much more gas we can withdraw. We’re talking of additional drilling or we’re going to extend the drillings. There is also exploration in Mindanao. We will continue…we must have an energy mix that can ensure [energy] security,” he said.

�� PXP is committed to finish exploration of various service contracts awarded by the government. “Each of Forum and PXP Energy is focused on fulfilling its work commitments for 2022 which have been approved by the Philippine government, including the drilling of two appraisal wells over the Sampaguita gas discovery in SC 72, and the conduct of a 3D seismic survey in SC 75,” PXP

said last week. Aside from SC72, PXP’s existing portfolio includes the SC 74, SC 75 and SC 6A, all located in Northwest Palawan. “Meanwhile, the Group shall continue to pursue explorations with respect to its other projects in the Philippines, including SC40 and SC74,” added the upstream oil and gas listed firm.

DTI upbeat on green metal opportunities from EV vehicle production By Tyrone Jasper C. Piad @TyronePiad

HE Philippines is seen to benefit from the increasing demand for green metals—such as nickel, cobalt and copper—coming from the production of electric vehicles (EVs) and battery supply chains, the Department of Trade

and Industry (DTI) said. I n a med i a st atement on Wednesday, Trade Undersecretary Ceferino Rodolfo said the country is heading towards a greener economy by maximizing the opportunities in the global market for the green metals. This, as the Philippines strive to be at par with other countries in the

production and processing of such metals, he added. Amanda Eglinton, IHS Markit’s Associate Director of Pricing and Purchasing, said in a recent meeting with Rodolfo that the local industry can fill in potential gaps in supply for nickel and chromium minerals. “So if there were to be disruptions to that supply, that would open up

another big opportunity for the Philippines,” she said. Eglinton shared her thoughts as world’s top chromium producer South Africa may be offering the said products at a higher cost due to expensive energy expenditures. “Likewise, the scenario can also be applied to nickel ore production, as Indonesia banned the export of

such minerals in 2020 to develop its domestic processing industry. In the absence of Indonesian nickel imports, China will increasingly depend on the Philippines to fill in the gap of its huge demand,” DTI added. While 72 percent of the nickel production goes to stainless steel manufacturing, Eglinton said that EV batteries are among the fastest-

growing sectors that use it for input. The IHS Markit official even expects the “demand from the battery sector to dominate the growth in nickel consumption.” She noted that Philippines and Indonesia are among the main producers of nickel globally over the last year, projecting bigger market share moving forward.

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Editor: Jennifer A. Ng • Thursday, March 3, 2022 A5

By Jasper Emmanuel Y. Arcalas @jearcalas

HE average retail price of refined sugar continued to rise due to the uncertainty created by the suspension of the government's import program amid the tightening supply of the sweetener. Latest Sugar Regulatory Administration (SRA) price monitoring reports showed that the average price of refined sugar in Metro Manila wet markets as of February 16 reached P67.29 per kilogram (kg), P0.22 higher than the P67.07 per kilogram recorded on February 9. The average price of refined sugar in Metro Manila supermarkets rose by 2 percent week-on-week to P64.30 per kg from P63.11 per kg.

SRA data indicated that the prices of refined sugar ranged from P81 per kg to P52.60 per kg in supermarkets or groceries, and P70 per kg to P65 per kg in wet markets in Metro Manila. Historical SRA data showed that the price of refined sugar in Metro Manila reached unprecedented levels. The last time the country saw prices breach the P65 per kg mark was in crop year 2017-2018, when the Philippines also grappled with supply tightness. SRA data also indicated that the average price of raw sugar remained above the P50-per-kg level for two consecutive weeks. The average price of raw sugar in Metro Manila wet markets and supermarkets reached P50.14 per kg and P50.92 per kg, respectively. The spike in sugar prices had

BLOOMBERG NEWS

Local sugar prices touch new record in Feb

prompted the government to approve the import program for the current crop year. In its Sugar Order (SO) 3, which authorized the

import program, the SRA noted that the prevailing prices of refined sugar are now higher than the suggested retail prices.

“SRA received instructions from the Department of Agriculture to temper the current level of high local sugar prices that it considers at this time a sugar import program,” SO 3 read. The SRA board through SO 3 approved the importation of 200,000 metric tons (MT) of sugar. However, the implementation of the import program has been derailed by the legal actions taken by industry players against it. Recently, the SRA has been told to temporarily stop the implementation of its latest import program after a regional trial court (RTC) issued a writ of preliminary injunction against it. However, SRA chief Hermenegildo R. Serafica told the BusinessMirror on Tuesday that the agency has yet to get hold of a copy

DA tells raisers to follow rules on transporting chicken

HE Department of Agriculture (DA) reminded poultry industry stakeholders of the guidelines on the movement of domestic and wild birds as well as poultry products in areas that have confirmed bird flu outbreaks. The DA issued Memorandum Circular (MC) 5 containing the guidelines of the local movement of domestic and wild birds and poultry products and by-products during the avian influenza (AI) surveillance period. “In view of the recent confirmation of AI H5N1 outbreaks in ducks and quails and to comply with the prescribed surveillance period in accordance with Chapter 10.4 of the OIE Terrestrial Animal Health Code [2021] the following guidelines for

the movement of domestic and wild birds and their products are hereby prescribed,” Agriculture Secretary William D. Dar said in MC 5. For broiler/meat-type/spent hens of chicken, duck, and quail, a negative test five days prior to their harvest is required for movement coming from within identified quarantine areas, the DA said. For day-old chicks or pullets, ready-to-lay, and hatching eggs of chicken, duck, and quail, a latest monthly negative result is required for transport in addition to two-week in-farm quarantine periods upon arrival, according to the DA. For table eggs/quail eggs/balut/ salted eggs a latest monthly negative test result of source farm is required for transport or movement. For eggs

‘Extending social protection to rural populations is key to recovery’

HE expansion of social protection for rural populations is a prerequisite for a sustainable, inclusive and resilient recovery from Covid-19 and must be at the core of the post-pandemic recovery policies. Qu Dongyu, Director-General of the Food and Agriculture Organization of the United Nations (FAO), issued the statement during the recent Global Forum for a Human-Centred Recovery hosted by the International Labour Organization (ILO). Due to a number of challenges faced by rural people such as remoteness, widespread informality, and low and irregular incomes linked to the seasonality of agrifood activities, rural populations do not have adequate access to social protection services, especially contributory ones, the directorgeneral said. He noted that rural people have been hit the hardest by the impacts of the Covid-19 pandemic leading to further widening of inequalities between those benefiting from health and social protection coverage, and those who lack access.

Gaps in social protection

FOR FAO, social protection is a set of interventions whose objective is to reduce social and economic risk and vulnerability, and to alleviate extreme poverty and deprivation. This can include social assistance, such as publicly provided cash or in-kind transfers, and labour market protection, such as unemployment benefits, the building of skills and the training of workers. Qu underscored the need to tailor social protection policies to the specific needs of individual countries, especially in Africa, where more than 80 percent of population lack access to social protection benefits

of any kind. Despite the recent expansion of social protection related-assistance globally, only 1 in 10 households in sub-Saharan Africa and less than 1 in 5 households in South Asia were reached by any type of Covid-specific social protection measures, the directorgeneral added. More than 80 percent of the world’s rural self-employed are informal, and the agrifood sector has the highest level of informal employment. Furthermore, people living in rural areas are twice as likely to be in informal employment as those in urban areas. Qu echoed the United Nations Secretary-General Antonio Guterres’ recent call for accelerating progress in creating decent jobs and expanding social protection to close the gaps while contributing to the Sustainable Development Goals. To promote decent jobs in rural areas, the director-general highlighted the need for a holistic approach outlining three major areas: focusing on rural development based on the specific characteristics and competitive advantages of individual developing countries, including investment in food processing as one of the most efficient approaches to offer opportunities, in particular, for youth and women; putting in place enabling policies for small— and medium-sized businesses; and vocational training so farmers can obtain certain levels of skills. Strong social protection systems will pave the way to more efficient, more inclusive, more resilient and more sustainable agrifood systems, which are central to the livelihoods of 4.5 billion people, including over 1.1 billion people in poverty who live and work in rural areas, the director-general said.

from duck and quails an additional disinfection by the shipper prior to loading with acetic acid/vinegar at 1:10 dilution or any food grade disinfectant is required. No movement is allowed for itinerant/grazing ducks, game fowls, pigeons, ornamental birds and pet birds within the quarantine areas. Transport or movement of dung and manure as well as feathers is not allowed, based on MC 5. The movement of poultry and poultry products coming from outside the quarantine areas must be allowed upon compliance to Section 4.1.2 of the Avian Influenza Protection Program Manual of Procedures 2020, which requires the source farm to have a negative test result, according to the DA.

“All other provisions of DA Administrative No. 5 for the transport of domestic and wild birds and their products and by-products shall apply.” The BusinessMirror broke the story last week that the Philippines lost its bird-flu free status after the government reported its first confirmed outbreaks of HPAI H5N1 that killed over 42,000 quails and ducks in four Central Luzon farms. The Philippines made the formal notification of its first recorded HPAI H5N1 outbreaks to the World Organisation for Animal Health (OIE) last February 18, which was made public by the international body on Monday, February 21. The Philippines’s notification showed that a total of 78,280 quails

and ducks were susceptible to the disease, with 98 confirmed cases across four outbreaks in Bulacan and Pampanga. The notification revealed that HPAI H5N1 killed 42,245 birds while the remaining 36,035 birds were “killed and disposed of” by the government as part of its control measures. The outbreaks were confirmed by the Animal Disease Diagnosis Reference Laboratory (ADDRL) of the Bureau of Animal Industry (BAI), the country’s national laboratory, last February 12. The outbreaks started as early as January 6, 2022 with samples from the suspected farms being tested from January 10 to February 11, based on the Philippines’s notification. Jasper Emmanuel Y. Arcalas

War choking off wheat leaves M. East buyers most vulnerable

HAT can the world’s biggest buyer of wheat do when supplies from mainstay providers Russia and Ukraine are choked by war? For Egypt, it could mean pressing ahead on a delicate venture: raising the price of subsidized loaves for the first time in four decades. Russia and Ukraine delivered 86 percent of Egypt’s wheat imports in 2020, according to the United Nations, and the combination of combat, fast-moving sanctions announcements and surging freight and insurance costs is propelling the grain to its highest price in more than a decade. That carries extra resonance in this North African nation, where rising food costs contributed to the Arab Spring protests a decade ago. Egypt already was struggling to maintain the subsidy used by about 70 million people in the face of a pandemic, and war could make things worse. Current wheat stocks are sufficient for at least four months, but shipments from much of the Black Sea region are stalled by the conflict, likely pushing prices even higher. “We expect that the RussianUkrainian war will speed up the bread-price issue,” Saied Abu Mohamed, a 45-year-old father of two, said while lining up for subsidized bread in Cairo’s alKhalifa neighborhood. “On many occasions, we hear officials insisting on reviewing bread prices. The opportunity has come to them on a golden plate.” The average price for imported wheat has risen to about $350 a ton, compared with $250 last year, supply minister Aly El-Moselhy said in a television interview Monday night. The budget for this fiscal year is based on $255, according to finance ministry documents. The higher prices put pressure on the budget deficit. While lift-

ing subsidies could put millions of Egyptians under increased economic strain, it would help shore up state finances. The most-populous Arab nation allocated about 22 billion Egyptian pounds ($1.4 billion) for wheat imports and another 18 billion Egyptian pounds to subsidize local production. The government expects about 5 million tons from the local harvest, an increase from previous estimates of 4 million tons, and that should boost stocks enough to cover consumption until November, the minister said. “I want to assure people that there’s no need to worry,” he said. “There’s a political will and vision to maintain wheat reserves, and the government is availing the necessary funds for that.” Any conversation about removing bread subsidies was unheard of in the past, and the current government of Abdel-Fattah ElSisi was the first to put the debate out in public. He’s pushing for an expansive overhaul of the economy, tackling ever ything from infrastructure to how the subsidies are allocated. The president last year called for raising prices of subsidized bread to ease the strain on government coffers. The government also could downsize the program so only the poorest people—about 25 million—qualify for subsidized bread, El-Moselhy said. Prices for them wouldn’t change. “If we don’t study and analyze the situation to make sure the system benefits the most needy, then we will be in the wrong,” he said. Bread is so central to north African diets that Egyptians and Moroccans refer to it as “living.” Leaders in the region have spent hundreds of billions of dollars making staples such as bread, cooking oil and sugar affordable. That was seen as a way

for governments to gain legitimacy and pacify the population. A subsidized loaf in Egypt sells for the equivalent of about 1 US cent. The country allocates five loaves a day to people in the program and uses the public treasury to compensate bakers for their losses. An attempt in the late 1970s by then-President Anwar Sadat to end subsidies on basic foodstuffs triggered riots that left more than 80 people dead, so the government since has resorted to workarounds such as shrinking the size of loaves. The scope of Egypt’s exposure to international markets was evident Monday, when it drew just three offers in a closely watched tender and ultimately canceled it due to high prices. That followed another cancellation late last week when the only offer was from France. “Egypt is already suffering because of Russian aggression,” ambassadors from the Group of Seven nations said in a joint statement Tuesday. “Wheat prices and foodstuff prices will rise across Egypt and across Africa.” North Africa gets about half its wheat from Russia and Ukraine— which capitalize on lower production costs and rich, fertile soil—and the conflict is forcing Egypt’s neighbors to pivot. Tunisia is looking to Uruguay, Bulgaria and Romania for alternative supplies, the agriculture ministry said last week. Morocco relies on the Black Sea region for about 25 percent of its soft imports, and it expects a few cargoes to arrive in coming days, said Abdelkader El-Alaoui, chairman of the Moroccan millers’ group FNM. “Only a fool relies on a single source, so we are turning to Argentina, France and Poland to make up for any problems affecting supplies from the Black Sea,” El-Alaoui said. Bloomberg News

of the decision of a regional trial court in Sagay City which issued the writ of preliminary injunction against SO 3. Serafica reiterated that the SR A is “precluded from discussing the merits of the pending case.” Nonetheless, he stressed that SO 3 is “within the mandate of the SR A,” as it provided “valid” grounds for the importation program, such as tightening supply and spike in retail prices. (Related story: https://businessmirror.com.ph /2022/03/01/ court-halts-sras-sugar-importation-plan/) SRA data showed that the country’s total refined sugar stock as of February 13 amounted to 150,158.55 MT, which is 32.44 percent lower than the 222,257.05 MT recorded a year ago.

‘Communal irrigation system to boost Camarines Norte’s rice output’ By Jonathan L. Mayuga @jonlmayuga

P3.7-MILLION communal irrigation system (CIS) project in Camarines Norte is expected to improve the province’s rice production and the income of small farmers, an official of the Department of Agrarian Reform (DAR) said. The communal irrigation system is scheduled for turn over to a farmer-irrigators association based in Camarines Norte soon, Camarines Norte agrarian reform chief Camilo A. del Monte said. Funded under the Comprehensive Agrarian Reform Program (CARP) in partnership with the National Irrigation Administration-Irrigation Management Office (NIA-IMO), the project covers 40 hectares of rice land and will benefit at least 60 rice farmers, including agrarian reform beneficiaries who are members of the Batobalani Paracale Farmers Irrigators Association Inc. On February 22, Del Monte led a team of DAR officials and employees in the initial inspection of the diversion and canal lining works in Barangay Batobalani in Paracale town. The 966-meter lined canal was constructed in addition to the existing 1,300-meter unlined canals. Engr. Carol L. Raola, acting Provincial Manager of NIA-IMO, said the facility is meant to help rice farmers increase yield and boost their income from farming. “The irrigation facility’s construction began in May 2021 and was completed by the end of the year. The facility will be formally turned over to the farmers’ association after the NIA completes its final inspection anytime this month,” she said. With the CIS, Elsa E. Quimson, president of the irrigators’ association, said farmers can now add another cropping season and raise their average yields from 60 cavans per hectare to 80 cavans per hectare. Quimson assured that the group will take care of the facility. She said the irrigation system will be “a big help” because it will provide the farmers timely and reliable irrigation service. “We would benefit greatly from this project because one of our primary concerns is water irrigation. We had solely used rainwater to irrigate our rice fields, which resulted in a minimal yield. However, water from the Submakin River may now reach our farms because of this DAR initiative,” Quimson said. The project, which is part of the Climate Resilient Farm Productivity Support Program, aims to improve irrigation systems in key agrarian reform communities so that more palay can be cultivated.

BusinessMirror

Thursday, March 3, 2022

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

3O BPO INCORPORATED 2/f Lcs Bldg South Super Highway, San Andres Cor Diamante St., 087, Barangay 803, Santa Ana, City Of Manila BRANDT, THOMAS Customer Service Agent German 1.

Brief Job Description: Interacts with the customer on behalf of the organization. Provide information about the products and services, responds to customer complaints as well.

Brief Job Description: function as an advanced app/cloud support & engineering manager in the ServiceNow delivery and capability group in ATCP-CFIE. in this role, he will perform client delivery work by performing service now implementation and support work for clients, as well as providing recommended technical solutions where needed, leveraging his technical knowledge

COELHO PEIXOTO, OSCAR MIGUEL Business Operations Senior Analyst 3.

Brief Job Description: Engage key stakeholders and participate with them on monitoring and reporting progress.

SHIBUE, KIICHIRO Transaction Processing Analyst 4.

Brief Job Description: performs accounts payable transactions with medium too high complexity; provide subject matter expertise on procure-to-pay processes. initiate assessment and escalation to resolve issues.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION LI, XIAOYAN Operation Assistant

14.

Basic Qualification: Native Speaker

Brief Job Description: Analyzing all operations and forwarding suggestion for improvement to the manager

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

LIU, CHAO Operation Assistant 15.

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

BARIKA, SESHADEVA Advanced App/cloud Support & Engineering Manager

No.

Basic Qualification: In the service now platform. He will work with a team of service now developers and administrators. Key responsibilities of this role will include the following: work with clients’ business users on implementing, customizing and supporting Service Now application from requirements gathering, solutioning, through deployment. In depth experience in ServiceNow development from requirements gathering to implementation. Gets requirements from the customer, prepares solution on experience with service now platform, specifically coding/development, testing, implementation. Stakeholder management. Team player. Service Now trained/certified. Service now micro – certificationautomated testing framework, ServiceNow micro – certificate – virtual agent. Fluent in English. Salary Range: Php 150,000 - Php 499,999 Basic Qualification: Requires analysis and solving of increasingly complex problems Salary Range: Php 90,000 - Php 149,999 Basic Qualification: accounting, finance or any business-related course graduates are preferred; open to college undergraduates with related work experience; must be fluent in both Japanese (at least jlpt n3(n2 certified or equivalent) and English; BPO experience is an advantage; willing to be assigned in Cubao and have a shifting schedule.

Brief Job Description: Analyzing all operations and forwarding suggestion for improvement to the manager

13.

XU, JINGYU Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquiries

BBOPHIL (HOLDINGS) INC. Unit 604 6/f Itc Bldg., 337 Sen. Gil Puyat Ave., Bel-air, City Of Makati

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

QUALIFICATION AND SALARY RANGE

20.

Brief Job Description: Act as a communication liaison between low level employees and senior management

HU, YAXING Mandarin Speaking Project Supervisor 21.

Brief Job Description: Act as a communication liaison between low level employees and senior management

LI, GUANGNAN Mandarin Speaking Project Supervisor 22.

Brief Job Description: Act as a communication liaison between low level employees and senior management

SUN, LONGCAI Mandarin Speaking Project Supervisor 23.

Brief Job Description: Act as a communication liaison between low level employees and senior management

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Performs administrative, reconciliation and customer service duties

24.

Brief Job Description: Conduct market research and analyze trends to identify new marketing opportunities. Collaborate with other internal teams to develop and monitor strategic marketing initiatives. Analyze and report on the performance and efficiency of campaigns. Work with external agencies and vendors to execute marketing programs.

KUANG, YANCHANG Marketing Specialist 25.

LIU, XIN Marketing Specialist 26.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION LIU, YI Marketing Specialist

27.

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

Basic Qualification: College graduate, outstanding leadership skills, fluent in Mandarin and English, preferably with 5 years experience as Project supervisor Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, outstanding leadership skills, fluent in Mandarin and English, preferably with 5 years experience as Project supervisor Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, outstanding leadership skills, fluent in Mandarin and English, preferably with 5 years experience as Project supervisor Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, outstanding leadership skills, fluent in Mandarin and English, preferably with 5 years experience as Project supervisor Salary Range: Php 30,000 - Php 59,999

ZENG, JIN Marketing Specialist 28.

ZI, MING Marketing Specialist 29.

QUALIFICATION AND SALARY RANGE Basic Qualification: Proficient in MS Word, Excel, Outlook, and Access. Has experience in analyical software. Excellent communication skills. Ability to multi-task and has time-management skills. Organized and detail oriented. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in MS Word, Excel, Outlook, and Access. Has experience in analytical software. Excellent communication skills. Ability to multi-task and has time-management skills. Organized and detail oriented. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in MS Word, Excel, Outlook, and Access. Has experience in analyical software. Excellent communication skills. Ability to multi-task and has time-management skills. Organized and detail oriented. Salary Range: Php 30,000 - Php 59,999

COGNIZANT TECHNOLOGY SOLUTIONS PHILIPPINES, INC. 2nd, 3rd, And 4th Floors, Science Hub Tower 4 Bldg., Mckinley Hill Cyberpark, Fort Bonifacio, City Of Taguig CHUNG, WONMIN Basic Qualification: Senior Process Executive Typing; Communication Skills; Korean language Brief Job Description: 30. expertise Provide support through media review of sports, entertainment and adult video content for Korean Salary Range: language; Agents will action - suspend users, remove Php 90,000 - Php 149,999 content infringing on copyright - on cases through emails DAIKAI PHILIPPINES CORPORATION Warehouse #2, Km 19 West Service Road, Dowjones Compound, Marcelo Green Village, City Of Parañaque Basic Qualification: MURAMATSU, AKIHIRO Bachelor Degree in Vice President Business Administration or Management; preferred Brief Job Description: Japanese. 5 or more years of 31. Act as President in the absence of the latter. He shall have experience other powers and duties as may from time to in a managerial role. time be assigned to him by the Board of Directors or by President. Salary Range: Php 150,000 - Php 499,999 HAMMERTIME CONSTRUCTION INC. Unit 203-s3 2nd Flr., Fbr Arcade Bldg., Loyola Heights, Quezon City Basic Qualification: Bachelor’s Degree with at LUO, ZHIBING least 3-5 years of working Mandarin Project Supervisor experience in the related 32. field , Fluent in Mandarin Brief Job Description: Basic English Responsible For Coordinating All Labor Needs for a Given Project Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s Degree with at PANG, QUBO least 3-5 years of working Mandarin Project Supervisor experience in the related 33. field , Fluent in Mandarin Brief Job Description: Basic English Responsible For Coordinating All Labor Needs for a Given Project Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s Degree with at WANG, MIKE least 3-5 years of working Mandarin Project Supervisor experience in the related 34. field , Fluent in Mandarin Brief Job Description: Basic English Responsible For Coordinating All Labor Needs for a Given Project Salary Range: Php 30,000 - Php 59,999 HC CONSUMER FINANCE PHILIPPINES, INC. 15th Floor, Ore Central, 9th Ave. Cor 31st. Bonifacio Global City, Fort Bonifacio, City Of Taguig

CIVIC MERCHANDISING, INCORPORATED 710-716 Quirino Highway, 5, San Bartolome, Quezon City

CHU, XINYAO Marketing Specialist

No.

Basic Qualification: Performs administrative, reconciliation and customer service duties

CHINA COMMUNICATIONS SERVICES PHILIPPINES CORPORATION 21st Floor Menarco Tower, 32nd Street, Bonifacio Global City, Fort Bonifacio, City Of Taguig

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

AMAZON OPERATION SERVICES PHILIPPINES, INC. B21 Three E-com Moa Complex, Harbour Drive Cor. Bay Shore, Brgy. 076, Pasay City KHA TRUC CHAU Basic Qualification: Hr Assistant II Fluency in the Vietnamese language Brief Job Description: 5. Provide support be a central point for issue resolution, Salary Range: and perform issue resolution through an electronic Php 30,000 - Php 59,999 remedy process ANDES CONSULTING ADVISORY INC. 35/f Tower 1 The Enterprise Center, 6766 Ayala Ave. Cor. Paseo De Roxas, San Lorenzo, City Of Makati Basic Qualification: PAN, HONG-WEN a.k.a. STEVE PAN proficient in speaking, Mandarin Speaking Financial Consultant reading and writing in 6. mandarin Brief Job Description: execute assigned business projects according to clients’ Salary Range: requirements Php 30,000 - Php 59,999 ANOC99 CORPORATION 5/f To 10/f Ayala Malls Manila Bay Building D., Macapagal Blvd. Cor. Aseana Street, Tambo, City Of Parañaque Basic Qualification: CHONE KYAUK YOKE Able to speak, read and write Chinese Customer Service Chinese language 7. Brief Job Description: Salary Range: Managing incoming calls and customer service inquiries Php 30,000 - Php 59,999 Basic Qualification: HA THI BINH Able to speak, read and write Chinese Customer Service Chinese language 8. Brief Job Description: Salary Range: Managing incoming calls and customer service inquiries Php 30,000 - Php 59,999 Basic Qualification: LAM MINH HUNG Able to speak, read and write Chinese Customer Service Chinese language 9. Brief Job Description: Salary Range: Managing incoming calls and customer service inquiries Php 30,000 - Php 59,999 Basic Qualification: MAUNG MAUNG NAING Able to speak, read and write Chinese Customer Service Chinese language 10. Brief Job Description: Salary Range: Managing incoming calls and customer services inquiries Php 30,000 - Php 59,999 Basic Qualification: NGUYEN THE ANH Able to speak, read and write Chinese Customer Service Chinese language 11. Brief Job Description: Salary Range: Managing incoming calls and customer service inquiries Php 30,000 - Php 59,999 Basic Qualification: WU CHEIN FU Able to speak, read and write Chinese Customer Service Chinese language 12. Brief Job Description: Salary Range: Managing incoming calls and customer service inquiries Php 30,000 - Php 59,999

ESTABLISHMENT / ADDRESS

BLOOMBERRY RESORTS AND HOTELS INC. Solaire Resort And Casino, 1 Asean Avenue, Entertainment City, Tambo, City Of Parañaque CHAN KOK WAH Basic Qualification: Host, Premium Services-china/sea Proficient in speaking, reading and writing relevant 16. Brief Job Description: experience in this position Providing high quality services to our gaming customers as front runner RS of Solaire and casino and project a good Salary Range: image and goodwill of the company Php 30,000 - Php 59,999 JESSICA ROSANNE BLANKANETE Basic Qualification: Host, Premium Services-china/sea Proficient in speaking, reading and writing relevant 17. Brief Job Description: experience in this position Providing high quality services to our gaming customers as front runner RS of Solaire and casino and project a good Salary Range: image and goodwill of the company Php 30,000 - Php 59,999 BLUE NIGHT LIVING SERVICES INC. Blk. 18 Lot 3 My Town Milan, Kalayaan Ave., Pitogo, City Of Makati Basic Qualification: CAO, XUEYUAN Proficient in speaking, Bilingual Marketing Officer reading and writing in 18. mandarin. Brief Job Description: Contribute in the implementation of marketing strategies. Salary Range: Php 30,000 - Php 59,999 CHEIL INTEGRATED MARKETING PHILIPPINES, INC. 10th Floor Science Hub, Tower 4, Campus Ave. Mckinley Hill Cyberpark, Fort Bonifacio, City Of Taguig CHAE, MYOUNG AH Basic Qualification: Corporate Service Director College Graduate 19. Brief Job Description: Salary Range: Assist retail group in winning the trust of Samsung for Php 150,000 - Php 499,999 various request, projects and improve agency evaluation.

HE, BENSHENG Mandarin Speaking Project Supervisor

www.businessmirror.com.ph

Basic Qualification: Proficient in MS Word, Excel, Outlook, and Access. Has experience in analyical software. Excellent communication skills. Ability to multi-task and has time-management skills. Organized and detail oriented. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in MS Word, Excel, Outlook, and Access. Has experience in analyical software. Excellent communication skills. Ability to multi-task and has time-management skills. Organized and detail oriented. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in MS Word, Excel, Outlook, and Access. Has experience in analyical software. Excellent communication skills. Ability to multi-task and has time-management skills. Organized and detail oriented. Salary Range: Php 30,000 - Php 59,999

KRUCHYNENKO, IHOR Chief Risk Officer 35.

Brief Job Description: Ensuring that tasks taken in the course of business are in line with the risk appetite defined by own stakeholders, understanding PH market SOVJAK, MIROSLAV Vas Leader

36.

Brief Job Description: Develop strategy in conjunction of head of sales as aligned w/ overall goals to deliver income & service to customers

Basic Qualification: Had experience in senior management teams. He is an aggressive communicator and collaborator amongst leaders and peers. Salary Range: Php 150,000 - Php 499,999 Basic Qualification: He has 10 years of experience in project management. He has 5 yeras experience in management position. Salary Range: Php 500,000 and above

HJ WEB SOFTWARE DEVELOPER INCORPORATED Unit 207, Heritage Condominium, 1851 Antonio Vasquez St., 076, Barangay 697, Malate, City Of Manila SUGIYAMA, DAISHI Basic Qualification: Assistant Supervisor Master’s degree or related field, relevant experience 37. Brief Job Description: Monitor employee compliance with operational Salary Range: standards, manage, train Php 30,000 - Php 59,999 LEE, SANGGIL System Analyst 38.

Brief Job Description: Liaising with other IT staff such as programmers to produce new systems.

LEE, EUNGCHANG Web Developer 39.

Brief Job Description: Quality-test and Troubleshoot website its applications in various browser

Basic Qualification: Implementing new system. Excellent in communication and presentation Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Bachelor’s degree in Web development or related field, relevant experience Salary Range: Php 30,000 - Php 59,999

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION PARK, JAE HEE Web Developer

40.

Brief Job Description: Quality-test and Troubleshoot website its applications in various browser PARK, SEONHO Web Developer

41.

Brief Job Description: Quality-test and Troubleshoot website its applications in various browser

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Bachelor’s degree in Web development or related field, relevant experience Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Bachelor’s degree in Web development or related field, relevant experience

48.

Basic Qualification: Preferably 6 months -1-year as Marketing Specialist; Fluent in Mandarin or Vietnam and English Language

53.

54.

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56.

Brief Job Description: Managing incoming calls and customer service inquiries BILLY PHETER Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquiries CALVIN APRIYOGI Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquiries DAVIKA CANDRA Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquiries ERIK Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquiries

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NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION FEBY HARMOKO Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquiries HERVAN Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquiries HU, YUANGANG Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires JONI Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires JONI IRIANTO Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquiries KENNY HOWARD Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquiries KEW HAU GUANG Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires LIM CHAU GIAP Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires LIU, RUISHENG Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires LUONG THANH SANG Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires MA SEO QUA Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires NGO SY HUNG Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires PITER Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires RUSMADI Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires WINDRA DICARDO Chinese Customer Service Brief Job Description: Managing incoming calls and customer service inquires

YUN, LU Chinese Customer Service

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

72.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file the documents. ZAW AUNG Myanmari Customer Service

73.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file the documents. HOANG NGOC VAN Vietnamese Customer Service

74.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file the documents. PHAM HAI YEN Vietnamese Customer Service

75.

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

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

Basic Qualification: College graduate, preferably 1yr experience in the similar field, speak and write fluently (native language and english) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1yr experience in the similar field, speak and write fluently (native language and English) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1yr experience in the similar field, speak and write fluently (native language and English) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1yr experience in the similar field, speak and write fluently (native language and English)

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

77.

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

HUANG, HEJIANG Chinese Customer Service Representative 78.

Brief Job Description: answering inquiries, resolving problems, fulfilling requests and maintaining data base

No.

79.

80.

Basic Qualification: college graduate, fluent in English, preferably 6mos1year lending development experience Salary Range: Php 30,000 - Php 59,999 Basic Qualification: college graduate, fluent in English, preferably 6mos1year lending development experience Salary Range: Php 30,000 - Php 59,999

SEAGULL-WORLD INC. Unit 2807 28/f Cityland, Pasong Tamo Tower, 2210 Chino Roces Ave., Pio Del Pilar, City Of Makati

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION LI, SHUN Mandarin Speaking Technical Support Brief Job Description: Responsible for IT system management LIAO, HONGYU Mandarin Speaking Technical Support Brief Job Description: Responsible for IT system management

QUALIFICATION AND SALARY RANGE 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

SHELL SHARED SERVICES (ASIA) B.V. 16/f-25/f Solaris One Bldg., 130 Dela Rosa St., San Lorenzo, City Of Makati Basic Qualification: DARREN YANG JUN XI degree level business or SC Commercial Lead West Production engineering or proven experience in cp, proven Brief Job Description: experience in contract 81. utilizing market knowledge and business drivers to negotiations and complex develop fit-for purpose commercial strategies and tender evaluation executing sourcing activities end to end across multiple business’ projects, and categories while ensuring Salary Range: compliance. Php 150,000 - Php 499,999 SOCIALATEMYIND INC. Unit No. Unit 2c Flr. No. No. 4/f, One E-com Center Bldg., Lot No. 4/f Mall Of Asia Complex Ocean Drive St. District 1, District 4, Barangay 76, Pasay City Basic Qualification: Proficiency in handling PILEVIN, VLADIMIR customer questions about Chinese Speaking Business Analyst services or products 82. / excellent Mandarin Brief Job Description: communication skills Planning, maintaining and coordinate the development of primary and secondary market research Salary Range: Php 30,000 - Php 59,999 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 ALVIN SIM TZE XING Basic Qualification: Admin Officer Fluent in Vietnamese (verbal and written skills) 83. Brief Job Description: Handles administrative request and queries from senior Salary Range: managers/officers Php 30,000 - Php 59,999 DUONG TON LUAN Basic Qualification: Admin Officer Fluent in Vietnamese (verbal and written skills) 84. Brief Job Description: Handles administrative request and queries from senior Salary Range: managers/officers. Php 30,000 - Php 59,999 PHAM THI HONG DUYEN Basic Qualification: Vietnamese Customer Service Representative Fluent in Vietnamese (verbal and written skills) 85. Brief Job Description: Attracts potential customers by answering product and Salary Range: service questions; suggesting information about other Php 30,000 - Php 59,999 products and services TOTAL CREST BUSINESS SUPPORT, INC. 26/f & 27/f Alphaland Corporate Tower, Ayala Ave. Extn. Cor. Malugay St., Bel-air, City Of Makati Basic Qualification: LE DUY QUANG Proficient in speaking, Bilingual Customer Service Officer reading, and writing in 86. bilingual languages Brief Job Description: Prepare product or service reports by collecting and Salary Range: analyzing customer information Php 30,000 - Php 59,999 TOUEI CAD DESIGN CORPORATION 3/f Unit B Valero Side, Ba Lepanto Bldg. 8747 Paseo De Roxas, Bel-air, City Of Makati SASHIDA, TAKAMASA Basic Qualification: Treasurer And General Manager For Administration Must be an appointed member of the board 87. Brief Job Description: Oversee and manage financial matters of the corporation, Salary Range: coordinate and report to the Japan head office Php 30,000 - Php 59,999 VPC CORPORATE SOLUTIONS INCORPORATED 11/f 100 West, Sen Gil Puyat Ave. Cor., Washington St., Pio Del Pilar, City Of Makati JACKSON THERESIA Basic Qualification: Indonesian-speaking Customer Service Officer Foreign language speaking 88. Brief Job Description: Salary Range: Manage large amount of calls, handle customers concern Php 30,000 - Php 59,999 JIMMI Basic Qualification: Indonesian-speaking Customer Service Officer Foreign language speaking 89. Brief Job Description: Salary Range: Manage large amount of calls, handle customers concern Php 30,000 - Php 59,999 MAULANNA SEPTIA KEVIN Basic Qualification: Indonesian-speaking Customer Service Officer Foreign language speaking 90. Brief Job Description: Salary Range: Manage large amount of calls, handle customers concern Php 30,000 - Php 59,999 PHAM CAO HUNG Basic Qualification: Vietnam -speaking Customer Service Officer Foreign language speaking 91. Brief Job Description: Salary Range: Prepares product or service reports by collecting and Php 30,000 - Php 59,999 analyzing customer information ZACHRY PHILIPPINES, INC. Unit A & D, 9th Floor Robinsons Cyber Omega, Pearl Drive, Ortigas Center, San Antonio, City Of Pasig Basic Qualification: Minimum 25 years of usbased engineering and EPC project-related experience, STINNETT III, JAMES BRYAN including executive-level Vice President Of Engineering, Asia experience; bachelor of science degree in engineering Brief Job Description: or other qualifying degree; Align Zachry Philippines, Inc. (“ZPI”) strategic objectives executive-level EPC company and goals with those of Zachry group (us), as well as leadership experience; 92. cultivate and grow relationships between ZPI and Zachry experience with planning, group (us); serve as an executive level presence in Asia scheduling and execution for Zachry group (us), as well as meet with Zachry group’s of engineering projects and Asian partners and customers throughout Asia in order to EPC projects; able to travel foster/develop current and future business opportunities internationally, particularly in Asia, and help foster/develop Zachry group’s between the united states international supply chain activities. and the Philippines, and in Asia

ZEEHANS TECHNOLOGY INC. 9/f Bpi-philam Life Bldg., 6811 Ayala Ave., Bel-air, City Of Makati

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

NEW WEATHER FORCES GROUP INC. 26/f The Enterprise Center Tower 2, 6766 Ayala Ave., San Lorenzo, City Of Makati Basic Qualification: HSU, CHEN-SHAN Proficient in speaking, Chinese Customer Service Representative reading and writing in 76. Chinese Brief Job Description: To respond to customers concerns on site and supply Salary Range: solutions to their concerns Php 30,000 - Php 59,999

TRUONG THI PHUONG DU Business Lending Development Officer

ESTABLISHMENT / ADDRESS

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

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

52.

58.

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

Brief Job Description: Execute campaigns and promotion, collect preliminary Basic Qualification: data and result in order to gain new market penetration, Preferably 6 months -1-year maintain market share and assist in campaign as Marketing Specialist; effectiveness analysis. Project management onsite Fluent in Mandarin or 49. changes, improvements and new features on the platform Vietnam and English for marketing strategies. Works with marketing team to Language identify a target market, create a brand image and create and maintain a marketing campaign for the internet and Salary Range: for digital technologies both Chinese and Vietnamese Php 30,000 - Php 59,999 client and the company. Responsible developing strategy in online, utilizing such techniques in the field of social media, web analytics, e-mail marketing and search engine optimization MIGHTY-MERCHANT BUSINESS TRADING INCORPORATED Unit 2505- E The Finance Centre, 26th St., Fort Bonifacio, City Of Taguig Basic Qualification: WU, CHIA-WEI Proficient in speaking, Mandarin Speaking Marketing Specialist reading and writing in 50. mandarin Brief Job Description: Conducting research and marketing strategies to develop Salary Range: areas of business Php 30,000 - Php 59,999 MINDSCAPE CREATIVES INC. Unit 19-o, Burgundy Corporate Tower, 252 Sen. Gil Puyat Ave., Pio Del Pilar, City Of Makati Basic Qualification: CAI, DELIN Proficient in Speaking , Mandarin Marketing Specialist Reading and Writing in 51. Mandarin Brief Job Description: Conducting Research and Marketing Strategies to develop Salary Range: areas of the Business Php 30,000 - Php 59,999

ALEK CHANDRA Chinese Customer Service

57.

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

I-PLEX MARKETING INC. 24/f Bgc Corporate Center, 30th Street Corner 11th Avenue, Bonifacio Global City, Fort Bonifacio, City Of Taguig Basic Qualification: Proficiency in handling QIN, KEHAN customer questions about Chinese Speaking Admin Associate services or products/ 42. Excellent Mandarin Brief Job Description: communication skills Prepare and maintain company documents and reports and coordinate for daily administrative reports Salary Range: Php 30,000 - Php 59,999 JIANGSU DIBANG CONSTRUCTION PHILIPPINES CORPORATION Unit 2106-a West Tower, Psec Exchange Road, Ortigas Center, San Antonio, City Of Pasig Basic Qualification: Fluent in Mandarin and ISHAN English language both in Assistant Project Supervisor written and verbal, must familiar in expert planning 43. Brief Job Description: and administrative writing Responsible for effective site administration which include and reporting skills site safety and control materials and machinery on site. Communication in stockholders regarding project goals Salary Range: Php 30,000 - Php 59,999 KAISER DYNASTY TRADING CORP. Unit 25d 2/f Zeta Ii Bldg., 191 Salcedo St., San Lorenzo, City Of Makati Basic Qualification: GUO, JIANTING With atleast 6 Months Chinese Speaking Digital Marketing Specialist customer service experience/ Good in oral communication 44. Brief Job Description: and written Assist/Help Customers, Give Customers information about product and services Salary Range: Php 30,000 - Php 59,999 KINTETSU WORLD EXPRESS (PHILIPPINES) INC. Jjm Bldg. 6 Amvel Business Park, Ninoy Aquino Avenue, San Dionisio, City Of Parañaque IDE, TSUYOSHI Basic Qualification: Japanese Sales Manager 10 Years Experience Working with a Japanese Freeight Brief Job Description: Forwarding Company in the 45. Manage/Oversee the Implementation of Appropriate same Capacity Sales Marketing Strategies to attain Volume Revenge and Profit Objective for area of Responsibility and Directly Salary Range: reports to the Chairman President Php 150,000 - Php 499,999 KONGANBUDDIES MARKETING INC. 48/f Lower Ground Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati Basic Qualification: WANG, ZHONGYUAN At least 6 months to 1 year Mandarin Customer Service Representative related experience, proficient 46. in computer Brief Job Description: Manage large amounts of incoming calls, handle Salary Range: customers concerns Php 30,000 - Php 59,999 Basic Qualification: SUNG, RUO-YAN At least 6 months to 1 year Mandarin Speaking Helpdesk Support related experience, proficient 47. in computer Brief Job Description: Manage large amounts of incoming calls, handle Salary Range: customers concerns Php 30,000 - Php 59,999 LUCKY BINTANG CONSULTANCY INC. Unit G-02 Makati Executive Tower 2, 7652 Dela Rosa St. Cor. P. Medina St., Pio Del Pilar, City Of Makati VUONG WAN CHEUNG Digital Marketing Specialist Brief Job Description: Execute campaigns and promotion, collect preliminary data and result in order to gain new market penetration, maintain market share and assist in campaign effectiveness analysis. Project management onsite changes, improvements and new features on the platform for marketing strategies. Works with marketing team to identify a target market, create a brand image and create and maintain a marketing campaign for the internet and for digital technologies both Chinese and Vietnamese client and the company. Responsible developing strategy in online, utilizing such techniques in the field of social media, web analytics, e-mail marketing and search engine optimization WEN, FEILONG Digital Marketing Specialist

No.

Thursday, March 3, 2022

POOHTAONIL, PONPINUN Customer Support Manager 93.

Brief Job Description: Manage CS and tele sales team, develop plans to exceed service level expectations.

Salary Range: Php 150,000 - Php 499,999 Basic Qualification: Multilingual (English +Thai/ Japanese/Chinese/Bahasa), with five years digital marketing experience, and solid background in customer relationship management. Salary Range: Php 90,000 - Php 149,999 *Date Generated: Mar 2, 2022

In the ad material of Notice of Filing of Application for Alien Employment Permits published on February 24, 2022, the position of DEWI CUTMIANNIE under BIGCAT SOFTWARE SOLUTIONS, INC., should have been read as BAHASA INDONESIAN LANGUAGE-OFFICER RISK MANAGEMENT and not as published. Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

TheWorld BusinessMirror

Thursday, March 3, 2022

Biden vows to check Russian aggression and fight inflation By Zeke Miller & Colleen Long

The Associated Press

ASHINGTON—Addressing a concerned nation and anxious world, President Joe Biden vowed in his first State of the Union address Tuesday night to check Russian aggression in Ukraine, tame soaring US inflation and deal with the fading but still dangerous coronavirus. Biden declared that he and all members of Congress, whatever their political differences, are joined “with an unwavering resolve that freedom will always triumph over tyranny.” He asked the lawmakers crowding the House chamber to stand and salute the Ukrainians as he began his speech. They stood and cheered. It was a notable show of unity after a long year of bitter acrimony between Biden’s Democratic coalition and the Republican opposition. Biden’s 62-minute speech—split between attention to war abroad and worries at home—reflected the same balancing act he now faces in his presidency. He must marshal allied resolve against Russia’s aggression while tending to inflation, Covid-19 fatigue and sagging approval ratings heading into the midterm elections. Biden highlighted the bravery of Ukrainian defenders and the commitment of a newly reinvigorated Western alliance that has worked to rearm the Ukrainian military and cripple Russia’s economy through sanctions. He warned of costs to the American economy, as well, but warned ominously that without consequences, Russian President Vladimir Putin’s aggression wouldn’t be contained to Ukraine. “Throughout our history we’ve learned this lesson—when dictators do not pay a price for their aggression, they cause more chaos,” Biden said. “They keep moving. And, the costs and threats to America and the world keep rising.” As Biden spoke, Russian forces were escalating their attacks in Ukraine, having bombarded the central square of country’s secondbiggest city and Kyiv’s main TV tower, killing at least five people. The Babi Yar Holocaust memorial was also damaged. Biden announced that the US is following Canada and the European Union in banning Russian planes from its airspace in retaliation for the invasion of Ukraine. He also said the Justice Department was launching a task force to go after

crimes of Russian oligarchs, whom he called “corrupt leaders who have bilked billions of dollars off this violent regime.” “We are coming for your ill-begotten gains,” he said, pledging that the US and European allies were coming after their yachts, luxury apartments and private jets. “Putin may circle Ky iv w ith tanks, but he will never gain the hearts and souls of the Ukrainian people,” Biden said. “He will never extinguish their love of freedom. He will never weaken the resolve of the free world.” Even before the Russian invasion sent energy costs skyrocketing, prices for American families had been rising, and the Covid-19 pandemic continues to hurt families and the country’s economy. Biden outlined plans to address inflation by reinvesting in American manufacturing capacity, speeding supply chains and reducing the burden of childcare and eldercare on workers. “Too many families are struggling to keep up with the bills,” Biden said. “Inflation is robbing them of the gains they might otherwise feel. I get it. That’s why my top priority is getting prices under control.” Biden entered the House chamber without a mask, in a reflection of the declining coronavirus case counts and new federal guidance meant to nudge the public back to pre-pandemic activities. But the Capitol was newly fenced due to security concerns after last year’s insurrection. Set against disquiet at home and danger abroad, the White House had conceived Tuesday night’s speech as an opportunity to highlight the improving coronavirus outlook, rebrand Biden’s domestic policy priorities and show a path to lower costs for families grappling with soaring inflation. But it took on new significance with last week’s Russian invasion of Ukraine and nuclear saber-rattling by Putin. As is customary, one Cabinet secretary, in this case Commerce Secretary Gina Raimondo, was kept in a secure location during the address,

ready to take over the government in the event of a catastrophe. In an interview with CNN and Reuters, Ukrainian President Volodymyr Zelenskyy said he urged Biden to deliver a strong and “useful” message about Russia’s invasion. Ukrainian Ambassador to the US Oksana Markarova joined first lady Jill Biden in the gallery. Rising energy prices as a result of Russia’s war in Ukraine risk exacerbating inf lation in the US, which is already at the highest level in 40 years, eating into people’s earnings and threatening the economic recovery from the pandemic. And while the crisis in Eastern Europe may have helped to cool partisan tensions in Washington, it didn’t erase the political and cultural discord that is casting doubt on Biden’s ability to deliver. A February AP-NORC poll found that more people disapproved than approved of how Biden is handling his job, 55 percent to 44 percent. That’s down from a 60 percent favorable rating last July. A head of the speech, W hite House officials acknowledged the mood of the country was “sour,” citing the lingering pandemic and inf lation. Biden, used his remarks to highlight the progress from a year ago—with the majority of the US population now vaccinated and millions more people at work—but also acknowledged that the job is not yet done, a recognition of American discontent. “I have come to report on the state of the union,” Biden said. “And my report is this: The state of the union is strong—because you, the American people, are strong. We are stronger today than we were a year ago. And we will be stronger a year from now than we are today.” Before Biden spoke, House Republicans said the word “crisis” describes the state of the union under Biden and Democrats—from an energy policy that lets Russia sell oil abroad to challenges at home over jobs and immigration. “We’re going to push the president to do the right thing,” said House Minority Leader Kevin McCarthy. At least a half dozen lawmakers, including Reps. Jamie Raskin and Pete Aguilar, both members of the committee investigating last year’s Capitol riot, and Sen. Alex Padilla, D-Calif., had tested positive for Covid-19 and were not expected at the Capitol for the speech. “Tonight I can say we are moving forward safely, back to more normal routines,” Biden said, outlining his administration’s plans to continue to combat Covid-19 and saying “It’s time for Americans to get back to work and fill our great downtowns again.” He announced that people will be able to order another round

of free tests from the government and that his administration was launching a “test to treat” initiative to provide free antiviral pills at pharmacies to those who test positive for the virus. Where his speech to Congress last year saw the rollout of a massive social spending package, Biden this year largely repackaged past proposals in search of achievable measures he hopes can win bipartisan support in a bitterly divided Congress before the elections. The president also highlighted investments in everything from internet broadband access to bridge constr uction f rom November’s $1.2 trillion bipartisan infrastructure law as an example of government reaching consensus and delivering change for the nation. He also appealed to lawmakers to compromise on rival competitiveness bills that have passed the House and Senate, both meant to revitalize high-tech American manufacturing and supply chains in the face of growing geopolitical threats from China. “Instead of relying on foreign supply chains—let’s make it in America,” Biden said. As part of his pitch to voters, he also put a new emphasis on how proposals like extending the child tax credit and bringing down child care costs could bring relief to families as prices rise. He was said his climate change proposals would cut costs for lower- and middle-income families and create new jobs. Biden called for lowering health care costs, pitching his plan to authorize Medicare to negotiate prescription drug prices, as well as an extension of more generous health insurance subsidies now temporarily available through the Affordable Care Act marketplaces where 14.5 million people get coverage. He proposed initiatives on mental health that dovetail with growing bipartisan interest in Congress amid evidence that the pandemic has damaged the national psyche, and discussed new ways to improve access to health benefits for veterans sickened by exposure to the burning of waste during their service. Biden also appealed for action on voting rights, which has failed to win GOP support. And as gun violence rises, he returned to calls to ban assault weapons, a blunt request he hadn’t made in months. He called to “fund the police with the resources and training they need to protect our communities.” In addition, Biden led Congress in a bipartisan tribute to retiring Supreme Court Justice Stephen Breyer and pressed the Senate to confirm federal judge Ketanji Brown Jackson to be the first Black woman on the high court to replace him. He nominated her last week.

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

Many nations support UN resolution demanding halt to Russia’s offensive

NITED NATIONS—From a tiny Pacific island nation to Europe’s economic powerhouse, country after country lashed out Tuesday at Russia’s invasion of Ukraine and urged support for a UN resolution demanding an immediate halt to Moscow’s offensive and withdrawal of all Russian troops. But Russian President Vladimir Putin had a few supporters as well at the UN General Assembly’s emergency session, including Cuba and North Korea. And there were countries that made no mention of how they would vote, such as Surinam, which said it has good relations with both Russia and Ukraine. It urged dialogue and diplomacy, as did South Africa, which said UN SecretaryGeneral Antonio Guterres should use his good offices to find a lasting solution. The 193-member General Assembly is scheduled to vote on the resolution Wednesday afternoon after hearing 120 speeches. Unlike Security Council resolutions, General Assembly resolutions are not legally binding but they do have clout in ref lecting international opinion. The final 10 speakers Wednesday morning include a late addition, Russian ally Belarus. Its representative will address the world body just before the United States and is virtually certain to support Moscow’s invasion. The draft resolution “deplores the involvement of Belarus in this unlawful use of force against Ukraine” and calls for it to comply with its international obligations. As of late Tuesday, the resolution had 94 co-sponsors, including several surprises to UN diplomats—Afghanistan, where the Taliban ousted the elected government last August, and Myanmar, where the military overthrew the elected government led by Aung San Suu Kyi on February 1, 2021. In speaking in favor of the resolution Tuesday, Palau’s UN ambassador, Ilana Seid, told the assembly that Ukraine and Palau have little in common—“one is a large post-Soviet state in eastern Europe and the other is a small, blue ocean state.” Yet, she said, Palau feels some connection because both became independent in the early 1990s. “And so, it hasn’t escaped us, that if the turns of fate had one of our former colonizers act with the aggression of Russia towards us, citing the justification of historical unity, it would have been our people who would be suffering the atrocities of war we are seeing in Ukraine today.” Seid said the claim of “historical unity” was the justification Hitler made in absorbing Czechoslovakia, setting events in motion that brought on World War II. “Thus, history has shown us that we simply cannot make concessions to an aggressive power in order to avoid conflict,” she said. German Foreign Minister Annalena Baerbock, whose country is Europe’s largest economic power, said what is at stake in Russia’s war in Ukraine is “the life or death of the Ukrainian people,” European security, and the Charter of the

United Nations which calls for peaceful settlement of conf licts and maintaining the sovereignty and territorial integrity of all UN member nations. Baerbock, who flew to New York to address the assembly’s first emergency special session in decades, lashed out at Russian Foreign Minister Sergey Lavrov, saying he was guilty of telling “blatant lies” to the UN Human Rights Council earlier Tuesday by arguing that Russia is acting in self-defense to protect Russian speakers in Ukraine and has sent its troops as “peacekeepers.” In fact, she said, the world watched Russia build up troops over months to prepare for its attack and is watching as its forces “are bombing the homes of Russian-speaking Ukrainians in Kharkiv,” the country’s second-largest city. “Mr. Lavrov, you can deceive yourself, but you won’t deceive your own people,” Baerbock said. On the other side supporting Russia, North Korean A mbassador K im Song blamed the United States and the West for the Ukraine crisis. He said that “in defiance of Russia’s reasonable and just demand to provide it with legal guarantees for security, [they] have systematically undermined the security environment of Europe by becoming more blatant in their attempts to deploy attack weapon systems while pursuing Nato’s eastward expansion.” Cuban Ambassador Pedro Luis Cuesta blamed the crisis on what he said is the US determination to keep expanding Nato toward Russia’s borders as well as the delivery of modern weapons to Ukraine, ignoring Russia’s concerns for its own security. Cuesta said the draft resolution “suffers from lack of balance” and doesn’t begin to address the concerns of both parties or “the responsibility of those who took aggressive actions which precipitated the escalation of this conf lict.” T he US and other critics of Russia’s invasion introduced a resolution in the Security Council last week demanding that Russia immediately stop using force against U kraine and w ithdraw all troops, knowing that Russia would veto it, which it did. The vote was 11-1, with China, India and the United A rab Emirates abstaining, showing significant but not total isolation for Russia. Russia’s opponents then decided to go to the General Assembly to press for a similar resolution, which would add a condemnation of “the Russian Federation’s decision to increase the readiness of its nuclear forces”—an issue raised by many speakers Tuesday. Ambassador Brian Wallace of Jamaica told the assembly that “as a small state we see too clearly the threat of war” and the disruption to people’s lives. “In the eternal and inspiring words” of legendary Jamaican reggae singer Bob Marley, he said, “therefore, let us get up, stand up, stand up for the rights of all of the people of Ukraine, because we are all Ukraine.” AP

China holds talks with Ukraine, further edging away from Russia

hina is “extremely concerned” about the harm to civilians in Ukraine, Foreign Minister Wang Yi told his Ukrainian counterpart in a call, in the latest indication of Beijing’s desire to prevent the war’s further escalation. Wang said the world’s second largest economy also “deplores the outbreak of conflict between Ukraine and Russia,” according to a statement posted on the Ministry of Foreign Affairs website. The remarks were published after a call between Wang and Ukrainian Foreign Minister Dmytro Kuleba, the most senior exchange since Russia’s Vladimir Pu-

tin launched the invasion Thursday. Wang also acknowledged the conflict was a “war,” rather than a “special military operation” as described by Russia. Kuleba said Ukraine was willing to strengthen communication with China and that it looked forward to China’s “mediation for the realization of the ceasefire,” according to the statement. “This is a very important event and signals the very high attention that the Chinese government is paying to the Ukraine crisis,” said Henry Wang Huiyao, founder of the Center for China & Globalization policy research group in Beijing. “If both Ukraine and

Russia invite China to be a mediator, then China would probably join.” The war is testing Chinese President Xi Jinping’s commitment last month to a “no limits” relationship with Putin, as the US and its allies pile on sanctions and press Beijing to take as stand against military aggression. In recent days, Xi has urged Putin to pursue negotiations and China’s United Nations ambassador abstained from, rather than opposing, a Security Council resolution condemning the attack. The call between Wang Yi and Kuleba came as convoys of Russian military vehicles bore down on the

Ukrainian capital of Kyiv and other major cities, prompting warnings that Moscow could unleash a mass bombardment on population centers. Still, China has refrained from publicly calling for a ceasefire or describing the war as an “invasion,” and thus a violation of the UN-guaranteed sovereignty Beijing frequently vows to uphold. China hasn’t criticized Russia, and continues to voice support its security concerns and blame the US for precipitating the crisis. China boasts deep economic ties with Ukraine, and Wang Yi expressed concern over the safety of Chinese citizens there, estimated at 6,000 when

the invasion began. Beijing’s support is seen as essential to Moscow’s efforts to weather international sanctions, which are cutting if off from huge swaths of the world’s trade, finance and travel. Some 2,500 Chinese nationals have been relocated from Ukraine as of midday Wednesday, Foreign Ministry spokesman Wang Wenbin said at a regular press briefing in Beijing. He sidestepped a question on whether Xi would speak with Ukrainian President Volodymyr Zelenskiy, saying only that Beijing’s communication links with Kyiv were open. During the call, Wang Yi said

China always upholds respect for sovereignty and territorial integrity of all countries, and called on Ukraine and Russia to “find a solution to the issue through negotiations,” according to the statement. China supports all constructive international effort conducive to “political settlement,” he added. “As the war continues to expand, the top priority is to ease the situation to prevent the conflict from escalating or even getting out of control, especially to prevent harm to civilians, and to ensure the safe and timely access of humanitarian aid,” the Chinese foreign minister said. Bloomberg News

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Russia claims its forces have captured port city of Kherson

ussia said its forces have occupied Kherson, a port city of about 280,000 people in southern Ukraine where the Dnieper River meets the Black Sea north of Crimea, the Interfax news service reported, citing the Defense Ministry. Ukrainian television reported that Russian soldiers were in control of Kherson, although the mayor was still in the City Council building and the Ukrainian flag was still flying. Ukraine’s Defense Ministry said that the secondlargest city, Kharkiv, was shelled overnight, hitting buildings including the headquarters of the police and the state security service. The Russian Defense Ministry also said it had struck communication targets in Kyiv on Tuesday, according to Interfax. It was apparent reference to a missile attack on the city’s television broadcast tower that killed five people, according to Ukrainian emergency authorities. Key developments:

China doesn’t support Russia sanctions

China doesn’t support financial penalties against Russia and won’t participate in such “unilateral sanctions,” said Guo Shuqing, chairman of China’s financial regulator and vice-governor of the central bank. The sanctions have no obvious impact on China’s finance and economy so far and are not expected to have too big impact in the future, Guo said at a briefing. China will continue normal economic and trade ties with “related parties,” he said. Members of China’s government are currently under sanction from the US and the European Union for human rights abuses, including against the Uyghur population in Xinjiang.

Germans support military spending

An overwhelming majority of Germans back the government’s decisions to massively increase military spending and supply Ukraine with weapons to fend off Russia’s invasion, according to a new opinion poll. While most Germans previously opposed the weapons deliveries, following Russia’s invasion more than three quarters, or 78 percent, now support it, according to the Feb. 28 Forsa poll of 1,002 people. The same percentage backs the boost in military spending.

Crude oil trades above $110

A selloff in stocks paused on Wednesday

as the war in Ukraine sent crude oil price above $110 a barrel for the first time since 2014, prompting traders to reassess bets on interest-rate increases. Russia’s ruble gained when trading started in Moscow amid concerns that foreign bondholders won’t receive a coupon payments due today on local-currency bonds. Stock trading is suspended for a third day. The Stoxx Europe 600 index was little changed at the open, while futures on the S&P 500 fluctuated. A global fixed-income rally also stalled, with the US 10-year Treasury yield holding at around 1.72 percent and Germany’s 10-year yield rising three basis points. Gold eased but stayed near a 13-month high.

Japan intercepts Russian helicopter

Japan scrambled fighter jets after a helicopter thought to be Russian made an incursion into the country’s airspace off Hokkaido Wednesday morning, the Ministry of Defense said on its website. While the incursion lasted only tens of seconds, according to Kyodo News, it was the first of its kind publicly announced since September, broadcaster NHK said. Japan, which has announced an array of sanctions against Russia over the Ukraine invasion, lays claim to Russian-controlled islands off the north of Hokkaido that were seized by the then-Soviet Union at the end of World War II.

Exxon to leave Russia

Exxon Mobil Corp. flagged it would join key rivals in exiting Russia as pressure grows on global energy giants to respond decisively to the invasion of Ukraine. The company, which holds a 30 percent stake in the Sakhalin-1 offshore oil asset in Russia’s Far East, will begin steps to discontinue operations and leave the venture, Exxon said in a statement. No timeframe was given, and the fact Exxon serves as operator of the facility sets up a complicated, and potentially lengthy process to quit its only remaining oilproducing asset in the nation.

Biden: Putin ‘badly miscalculated’

Putin “badly miscalculated” with his invasion of Ukraine, Biden said in his State of the Union address. In a show of solidarity with Ukraine, Biden asked the audience for his speech to stand. Many lawmakers and guests held Ukrainian flags. “He thought he could roll into Ukraine and the world would roll over. Instead he met a wall of strength he never imagined. He met the Ukrainian people,” Biden said.

Bloomberg News

Peace, stability in Taiwan Strait a global concern, says Mullen

AIPEI, Taiwan—Maintaining peace and stability across the Taiwan Strait is “not just a US interest, but also a global one,” former Chairman of the US Joint Chiefs of Staff Mike Mullen said Wednesday during a visit to Taiwan that comes amid the backdrop of Russia’s war against Ukraine. Peace and stability in the Indo-Pacific region have “never been more important,” Mullen said in remarks to Taiwanese President Tsai Ing-wen. “We come to Taiwan at a very difficult and critical moment in world history. As President Biden has said, democracy is facing sustained and alarming challenges, most recently in Ukraine,” Mullen said. “Now more than ever, democracy needs champions.” The Ukraine conflict has drawn some parallels to China’s threat to use force to annex Taiwan, a self-governing island democracy it considers its own territory. China has sought to diplomatically isolate Tsai’s administration, flown militar y aircraft into the island’s air defense identification zone and held threatening military exercises nearby. The sides are separated by the 160-kilometer (100 mile) -wide Taiwan Strait, and any Chinese attempt to attack

or invade would entail considerable risk, along with the possibility of involving the US and other regional powers in the conflict. The US provides Taiwan with defensive arms and is legally bound to ensure the island can defend itself and treat all threats to it as matters of “grave concern.” Mullen said the visit by his delegation “reflects the bipartisan nature of support for the United States’ strong partnership with Taiwan.” In her remarks, Tsai emphasized that Taiwan would continue to bolster its defenses against China and said the resistance of the Ukrainian people was an inspiration. “As a member of the international community, Taiwan not only expresses severe condemnation, but also participates in international sanctions against Russia and initiates humanitarian assistance to Ukraine,” Tsai said. “Now is the time for democracies in the world to unite, and Taiwan cannot be absent,” she said. Separately, former US Secretary of State Mike Pompeo is to arrive in Taiwan on Wednesday. Pompeo, who earlier led the Central Intelligence Agency, will also meet with Tsai and address a forum, according to the Foreign Ministry. AP

Thursday, March 3, 2022

Economic peril from Russia’s invasion ripples across globe By Paul Wiseman & David Mchugh

AP Economics Writers

ASHINGTON—Moscow’s war on Ukraine and the ferocious financial backlash it’s unleashed are not only inflicting an economic catastrophe on President Vladimir Putin’s Russia. The repercussions are also menacing the global economy, shaking financial markets and making life more perilous for everyone from Uzbek migrant workers to European consumers to hungry Yemeni families. Even before Putin’s troops invaded Ukraine, the global economy was straining under a range of burdens: Surging inflation. Tangled supply chains. Tumbling stock prices. The Ukraine crisis both magnified each threat and complicated the potential solutions. “We are actually in uncharted territory,’’ said Clay Lowery, executive vice president at the Institute of International Finance, a trade group of global banks. “We know there are consequences that we cannot predict.’’ For now at least, the damage to the overall global economy appears to be relatively slight, if only because Russia and Ukraine are not economic powerhouses. Important as they are as exporters of energy, precious metals, wheat and other commodities, the two together account for less than 2 percent of the world’s gross domestic product. Most major economies have only limited trade exposure to Russia: For the US, it’s 0.5 percent of total trade. For China, around 2.4 percent. Barring a major escalation of the war—far from impossible— “the effects on the US, China and most of the emerging world should be limited,” said Adam Slater, lead economist at Oxford Economics. He foresees only a 0.2 percent drop in global GDP this year. Still, Russia is a vitally important supplier of oil, natural gas and metals, and higher prices for those commodities are sure to inflict economic damage around the world. Europe relies on Russia for nearly 40 percent of its natural gas and 25 percent of its oil. For the European continent, Russia’s war has significantly heightened the likelihood of runaway inflation, another economic setback—or both. Here is a deeper look:

An economic siege

Infuriated by Putin’s aggression, the United States and other Western nations have targeted Russia with sanctions of unprecedented breadth and severity for a major economy. They have thrown major Russian banks off the SWIFT international

payment system, limited high tech exports to Russia and severely restricted Moscow’s use of its foreign currency reserves. The rapid and unified international retaliation against Russia appeared to catch Putin’s regime by surprise. “The world—or most of it anyway—is laying economic siege to Russia,” wrote Carl Weinberg, chief economist at High Frequency Economics. The sanctions quickly caused damage. The Russian ruble plunged to a record low Monday. Depositors lined up at ATMs to try to withdraw their money from the embattled banking system. Cut off from Google Pay and Apple Pay, Russians were stuck at ticket booths at Metro rail lines. The Institute of International Finance foresees the Russian economy enduring a double-digit contraction this year, worse even than its 7.8 percent drop in the Great Recession year of 2009. Oxford Economics said evidence from wars ranging from the 19801988 Iran-Iraq war to the 1999 NATO bombing campaign against Serbia suggests that a staggering collapse of the Russian economy of 50 percent to 60 percent is possible.

Hard times for Europe

With its dependence on energy from Russia, Europe’s economy is now especially at risk. Natural gas prices shot up 20 percent after the war started, on top of earlier increases, and now are roughly six times what they were at the start of 2021. The gas price shock is feeding higher inflation and swelling utility bills. The result is that households have less money to spend, and hopes for a surge in consumer spending resulting from fewer pandemic restrictions and Covid-19 cases have diminished. Escalating gas prices have caused what economists call “demand destruction” among industrial enterprises, like fertilizer makers, that use a lot of gas and have now slashed production. Farmers are paying more to run machinery and buy fertilizer. Germany’s economy, which sagged by 0.7 percent in the fourth quarter of

2021, would face a technical recession if it shrank again in the first three months of 2022. The economic downdraft could be offset by an increase in German defense spending. In response to the Russian invasion, Chancellor Olaf Scholz has said the government would commit 100 billion euros ($111 billion) to a special fund for its armed forces and raise defense spending above 2 percent of GDP. “The drag from higher prices and the negative confidence affect may lower real GDP growth in the eurozone from 4.3 percent to 3.7 percent for 2022,” said Holger Schmieding, chief economist at Berenberg bank.

No supply chain relief

The world’s unexpectedly robust recovery from the pandemic recession left companies scrambling to find enough raw materials and components to produce goods to meet surging customer demand. Overwhelmed factories, ports and freight yards have meant shortages, shipping delays and higher prices. Disruptions to Russian and Ukrainian industries could delay any return to normal conditions. Mark Zandi, chief economist at Moody’s Analytics, noted that Russia and Ukraine together produce 70 percent of the world’s neon, critical in the making of semiconductors. That is especially worrisome because the world, and automakers in particular, are already enduring a shortage of computer chips. When Russia seized Crimea from Ukraine eight years ago, neon prices shot up 600 percent, though Zandi notes that chipmakers have since stockpiled neon and sought alternatives to Russian supplies. Russia and Ukraine together supply 13 percent of the world’s titanium, which is used to make passenger jets and 30 percent of the palladium, which goes into cars, cellphones and dental fillings, Zandi said. Russia also is a major producer of nickel, used to produce electric car batteries and steel. “It’s impossible for supply chains to catch up,’’ said Vanessa Miller, a partner at Foley & Lardner LLP who specializes in supply chains.

Trouble in the neighborhood

The conflict and sanctions will also do damage to Russia’s neighbors in Central Asia. As its own workforce has aged, Russia has turned to younger migrant workers from such countries such as Uzbekistan and Tajikistan. Those workers’ families have come to rely on the money they send home—remittances. Even at the height of Covid-19 in 2020, remittances from Russia to Uzbekistan topped $3.9 billion and to Kyrgyzstan $2 billion, according to the Russian central bank. “The pressure on the ruble, banking restrictions on foreigners and—in the long run—the collapse of the labor market in Russia will have an immediate and profound economic impact on Central Asia,” Gavin Helf, an expert on Central Asia for the US Institute of Peace, wrote this week.

A strain on food supplies

Ukraine and Russia account for 30

percent of the world’s exports of wheat, 19 percent of corn and 80 percent of sunflower oil, which is used in food processing. Much of the Russian and Ukrainian bounty goes to poor, unstable countries like Yemen and Libya. The threat to farms in eastern Ukraine and a cutoff of exports through Black Sea ports could reduce food supplies just when prices are at their highest levels since 2011 and some countries are suffering from food shortages. Anna Nagurney, a management professor at the University of Massachusetts A mherst, descr ibed the consequences as “extremely troubling.’’ “Wheat, corn, oils, barley, flour are extremely important to food security,” Nagurney said, “especially in the poorer parts of the globe.’’ With ports, airports and rail lines closed and young Ukrainian men fighting the Russian invasion, she asked: “Who’s going to be doing the harvesting? Who’d be doing the transportation?”

Rising prices

The Ukraine war coincides with a high-risk moment for the Federal Reserve and other central banks. They were caught off-guard by the surge in inflation over the past year—the consequence, mostly, of the economy’s unexpectedly strong recovery. In January, US consumer prices rose 7.5 percent from a year earlier, the biggest such jump since 1982. In Europe, figures out Wednesday are likely to show that inflation accelerated to 6 percent last month from 5.1 percent in January for the 19 countries that use the euro currency. Now, the fighting and sanctions that have disrupted Russia trade with the global economy threaten to send prices ever higher, especially for energy: Russia and Ukraine, Zandi said, together produce 12 percent of the world’s oil and 17 percent of its natural gas. To combat inflation, the Fed is set to begin raising interest rates when it meets in two weeks, reversing the ultra-low-rate policies it adopted in 2020 to help rescue the economy from the pandemic recession. Likewise, the European Central Bank is gradually withdrawing its pandemic stimulus efforts. But now? Central bankers must weigh intensifying inf lationary pressure against the risk that the Ukraine crisis will weaken economies. In Europe, for now, “any hints of rate hikes are out of the question,’’ Carsten Brzeski, chief of global macro at ING bank. Yet the Fed, roundly accused of being slow to recognize inflation’s resurgence, may continue its shift away from easy-money policies. Barring a stock market collapse or a broadening of the war beyond Ukraine, Zandi said, “I don’t expect any change in the Fed’s conduct of monetary policy as a result of the economic cross-currents created by the Russian invasion of Ukraine.’’ McHugh reported from Frankfurt, Germany. AP Writer Ken Sweet in New York contributed to this report.

A10 Thursday, March 3, 2022 • Editor: Angel R. Calso

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editorial

‘Manila Declaration can halt tragedy for a while’

lobalization stitched together the economies of all countries in the world with its threads of intricate supply chains, global financial system that facilitates international flows of money, and countless other threads. Until last week, nobody knows how one country could be abruptly cut off from the larger world on multiple fronts. By ordering the invasion of Ukraine, Russian President Vladimir Putin ignited the worst crisis in Europe since World War II and instantly made Russia an international outcast. The global backlash against Russia came in the form of crippling economic sanctions and global condemnation. For example, the US locked Russia’s access to finance and technology for strategic sectors of its economy; the SWIFT international financial system, which enables billions of dollars in transactions for banks and other institutions around the world, restricted key Russian banks from its network; European nations, Canada and the US closed their airspace to Russian planes; semiconductor companies suspended chip supplies to Russia, among other sanctions. “If Ukraine does not survive...international peace will not survive,” said Ukrainian Ambassador Sergiy Kyslytsya at the UN assembly’s first emergency meeting since 1997. German Foreign Minister Annalena Baerbock told the UN that what is at stake in Russia’s war in Ukraine is “the life or death of the Ukrainian people,” European security, and the Charter of the United Nations which calls for peaceful settlement of conflicts and maintaining the sovereignty and territorial integrity of all UN member nations. The Philippines joined other countries that voted in favor of a United Nations General Assembly resolution condemning the Russian invasion in Ukraine. “We especially condemn the use of separatism and secession as a weapon of diplomacy for inviting and inflicting terrible cruelties and indiscriminate killings far in excess of that of any other kind of conflict. We saw this in the Balkans and in Africa,” the Department of Foreign Affairs said (Read, “PHL condemns Russia invasion in Ukraine,” in the BusinessMirror, February 28, 2022). The DFA cited UN Charter principles that it says needs to be upheld, especially at this crucial time in history: principle of sovereignty, sovereign equality of States, right to full sovereignty in all their areas of jurisdiction, and refraining from the use of force against the political independence and territorial integrity of any state. The DFA reiterated its appeal for parties to resort to the 1982 Manila Declaration on the Peaceful Settlement of International Disputes. “It will at least halt the ongoing tragedy for a while.” The Manila Declaration on the Peaceful Settlement of International Disputes was approved by the United Nations General Assembly on November 15, 1982. It is the first important instrument of the work of the Special Committee on the Charter of the United Nations and on the Strengthening of the Role of the Organization. The Declaration builds upon and promotes general international law, the Charter of the United Nations, in particular Article 33, and other international instruments for the peaceful settlement of international disputes. The world knows what Putin wants, as he said so publicly: To reconstitute the USSR and pull back in his orbit all the countries that were in it before. He is facing an unexpected level of resistance in Ukraine, presenting doubts that he will succeed in his envisioned endgame. Meanwhile, the Russian people suffer in shame. “As a Russian, I don’t know how to live with the shame of Putin’s aggression,” an anonymous Russian wrote in The Guardian, a British daily newspaper. “Younger Russians condemn all violence against Ukraine. But protest is impossible: we feel like hostages in our own country.” Since 2005

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OUTSIDE THE BOX

y mantra for several years now has been T.G.Y.F.—Thank God You’re Filipino—and I make no apology for it. There are better places certainly, and James Hilton described one in detail in 1933. It is located at the western end of the Kunlun Mountains, and he named it Shangri-La. Remember the old saying, “You can choose your friends but not your family?” There are numerous alternatives to the Philippines. On an expat web site, this country was described as a nation with “a rich cultural history and the lifestyle of its people is characterized by good food, deep friendships, and a love of nature.” While having particularly less-expensive housing costs, a major problem though is finding an apartment and it was suggested to consider renting/buying a house. Of course, that was in 2019, and today finding good food and deep friendships in Ukraine might be difficult. Unless you are young—or have an “immature” brain—you learn,

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Legal bytes

T. Anthony C. Cabangon Lourdes M. Fernandez

Unfortunately, based on the public statements of the candidates, this is a bad time to have a national election. It is worth noting that the first time Brent crude oil went above $100 per barrel, Philippine inflation surged to 10 percent. When Brent traded there again between 2010 and 2015, Philippine inflation was less of a problem because economic growth fell dramatically between 2010 and 2012 and demand for oil decreased significantly. But we need—and will get—a booming economy with the Covid lockdowns ending. To talk of gasoline subsidies and suspension of the fuel excise tax is a band-aid on a bullet wound. I might be wrong about inflation going back up. Sometimes the Philippine economy does not behave “sensibly.” But the key right now is not grandiose statements that are really for “feel-good” campaign purposes. The keynote to government policy now had better be “Adapt, Change, Overcome” and that requires political capital for the hard decisions and a steady hand on the rudder of the ship of state. 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.

Amendments to the Retail Trade Liberalization Act

✝ Ambassador Antonio L. Cabangon Chua Publisher

along with the idea that life is not “fair,” most things in our lives come with built-in trade offs. Beer, good; too much beer, not good. All you have to do is to find the line. There are never-ending typhoons in the Philippines because it is located in the middle of the ocean. It is expensive to move goods and people from one part of the country to another because it is an archipelago. The Philippines needs the typhoons for fresh water since its topography does not lend itself to large rivers. The Philippines is fortunate since it does not share a land border with any other country and cannot be invaded by a land-based military or a million refugees fleeing their own country’s war or famine. There are

always trade-offs, even if you have to look for them. In many ways the Philippines is a bit of a fortress from external “disturbances.” The reality is that perhaps because of the geographic —and even economic—nature of the country, we are often shielded. The 1997 Asian crisis did not do much damage here because there was only a small amount of foreign dollar-denominated debt issued by local companies, unlike in Thailand and South Korea. Again, when the Global Debt crisis struck, our banks were not holding the debt papers of the larger global financial institutions. The economic damage was serious but even then, the Philippines’s GDP Annual Growth Rate did not go negative on a year-on-year basis. Further, because the fiscal reforms of the Arroyo administration had not yet been fully realized, we had some problems. Now we are on the proverbial sidelines of a global disaster. What can or should we do? The response of the Philippines in approving the United Nations resolution condemning Russia was necessary. However, the ramifications of both the actual warfare and the economic sanctions against Russia will reverberate across our shores.

reater involvement of foreign retailers in the Philippine retail trade sector is expected as barriers to their entry have effectively been relaxed in the Amendments to the Retail Trade Liberalization Act (Republic Act 11595). The Retail Trade Liberalization Act of 2000 was enacted during the administration of President Joseph Estrada to attract and promote consumer welfare by bringing in productive investment. It also aimed to empower the Filipino consumer through lower prices, higher quality goods, better services and wider choices. In a paper presented by Atty. Romeo Duran, past president of Tax Management Association of the Philippines (TMAP), he said that the amendments in RA 11595, which was signed into law by President Rodrigo Duterte on December 10, 2021, primarily (i) removed categories for foreign equity participation in retail trade; (ii) removed “Pre-Qualification” requirements; and (iii) reduced capitalization requirements.

It introduced significant amendments by removing the “barriers to entry,” as it were, to the entry of foreign retailers. To protect MSMEs in the retail sector, however, a minimum paid-in capital is still required albeit in a significantly reduced amount. The categories of minimum paidup capital requirements have been removed, and replaced with a single amount. To engage or invest in the retail business, a foreign retailer: (a) shall have a minimum paid-up capital of P25 million (formerly $2.5 million); (b) its country of origin does not prohibit entry of Filipino retailers; and (c) in the case of foreign retailers engaged in retail trade through more than one physical store, the minimum investment per store has

been reduced to at least P10 million (formerly $830,000). RA 11595 has replaced the definition of “High-end or luxury goods” (since type of enterprise is no longer material) with “minimum investment per store” as including “the value of the gross assets, tangible or intangible, including but not limited to buildings, leaseholds, furniture, equipment, inventory, and common use investments and facilities such as administrative offices, warehouses, preparation or storage facilities.” The investment for common use facilities, as reflected in the financial statements following the accounting standards accepted by SEC or DTI, whichever is applicable, shall be prorated among the number of stores being served. The paid-up capital may be used to purchase assets for purposes of complying with the investment requirement per store. The definition of “minimum investment per store,” given the breadth of its coverage, makes it even much easier for foreign retailers to comply with the required P10 million investment per store. The Pre-Qualification Requirements, which to some extent have operated as barriers to entry, have been removed. Foreign retailers need only to comply with the above conditions. The requirement for retail en-

terprises whose foreign ownership exceeds 80 percent of equity to offer at least 30 percent of their equity to the public within eight years from their operations has been removed. RA 11595 has included the labor policy that employment of foreign nationals by foreign retailers shall comply with the applicable provisions of the Labor Code on the determination of non-availability of a competent, able and willing Filipino citizen before engaging the services of a foreign national, with due regard to the State policy under the Constitution to promote the preferential use of Filipino labor. Foreign retailers are encouraged to have a stock inventory of products that are made in the Philippines. The DTI, SEC, and Neda shall review the required minimum paid-up capital every three years, and shall each report its recommendation to Congress. The penalties for violation were reduced to imprisonment of not less than four years to six years and a fine of not less than P1 million but not more than P5 million. The amendments, which have effectively drawn down the barriers to entry for foreign retailers, are expected to entice greater involvement of foreign retailers in the Philippine retail trade sector. See “Gorecho” A11

Opinion BusinessMirror

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Thursday, March 3, 2022 A11

Ukraine is rare point of unity as Biden speaks to Congress

Russia’s ‘raid’ on Ukraine rattles world peace, finance

Val A. Villanueva

Businesswise

By Farnoush Amiri And Lisa Mascaro | The Associated Press

ASHINGTON—Lawmakers gathered Tuesday at the heavily secured US Capitol for President Joe Biden’s first State of the Union address—some wearing blue and yellow outfits and lapel ribbons in support of Ukraine—as attention turns from challenges at home to the intensifying war overseas. It’s the first time all members of Congress were invited to the House chamber since the Covid-19 outbreak and the January 6, 2021 insurrection by a mob of the former president’s supporters have largely closed the Capitol to the public. The House was full, lawmakers spread out with few pandemic face masks in sight, but the security fencing was up around the complex in a stark reminder of the nation’s divisions. The evening created rare moments of comity as the US confronts the worsening war abroad. Among the few invited guests, Ukraine’s ambassador to the United States, Oksana Markarova, was welcomed with a standing ovation as she waved her country’s flag and was hugged by first lady Jill Biden in the visitor’s gallery. But sharp partisan tensions erupted over homefront challenges. “My fellow Americans, last year Covid-19 kept us apart,” Biden said as he opened his speech, “but this year we’re finally together again.” The event, usually held in January, provides the president an opportunity to outline his agenda for the year ahead, a tradition launched by George Washington’s written message more than 200 years ago. For Biden, this first State of the Union speech arrives amid the backdrop of a war, following Russia’s invasion of Ukraine, and a number of legislative defeats for the Democratic president and his allies on Capitol Hill. Signs of partisan tensions flared as soon as Biden touted his $1.9 trillion Covid-19 relief package, which not a single Republican supported as Democrats passed it through Congress last year. “It worked,” Biden said loudly, as Republicans murmured boos and Democrats jumped to their feet to applaud—Senate Majority Leader Chuck Schumer eagerly jumping twice to clap approval. In one of the most dramatic outbursts of the evening, Rep. Lauren Boebert of Colorado blamed Biden for the deaths of 13 service members killed in the chaotic withdrawal from Afghanistan. “You put them in—13 of them,” Boebert yelled. At the time, Biden was talking about the death of his son, Army Maj. Beau Biden, and legislation to support veterans exposed to toxic fumes from military burn pits used to get rid of waste and equipment. While his administration’s response to Russian aggression in Europe has been met with rare and remarkable bipartisan support— many lawmakers held Ukraine flags and House Republican leader Kevin McCarthy tucked one in his suit jacket—the division between the two parties in Congress is palpable, even among factions of Democrats. One Democrat, Sen. Joe Manchin of West Virginia, who almost singularly tanked Biden’s “Build Back Better” domestic agenda of social spending and climate-change pro-

Gorecho . . .

continued from A10

This will pave the way for entry of a wider product mix of consumption goods into the Philippine domestic market, which will offer wider array of choices for Filipino consumers, and with this, the further introduction of global supply chain networks and technologies into the Philippine market. There is little doubt that this enhancement to the retail trade law presents significant business oppor-

grams, sat on the Republican side of the aisle. Several Republican lawmakers skipped the speech altogether. Republican Sen. Marco Rubio of Florida said he didn’t want to engage in the “theater” of coronavirus protocols when all attendees were required to have a Covid-19 test. Several Democrats tested positive and had to stay home. Biden began his speech focusing on the crisis in Ukraine, a moment of common ground that drew a number of standing ovations from Republicans. As the evening moved from foreign to domestic policy, the partisan divide deepened — Democrats cheering Biden’s long list of legislative priorities, from voting rights to free community college, while Republicans sat silently, some mouthing their displeasure. And no applause was as loud or in unison as when the president said: “The answer is not to defund the police,” when talking about his plans to address gun violence and police brutality. One Republican, Rep. Marjorie Taylor Greene, stood with her party and yelled, “Yes!” Biden thanked retiring Supreme Court Justice Stephen Breyer— who put his hand on his heart and acknowledged the applause—and urged confirmation of his nominee, federal judge Ketanji Brown Jackson. But as he charts the year ahead, even Biden’s suggestion they could come together on his “unity agenda” fighting opioid addiction and helping veterans may face difficulty in the harshly divided Congress. “His only mandate was to govern from the middle,” Senate Minority Leader Mitch McConnell said on the floor Tuesday afternoon. “But for the past year, he and his administration have often behaved like they’re trying to fail their own test.” The audience inside the House chamber is much larger than the 200 allowed last year due to pandemic restrictions but much smaller than the usual 1,600 that typically includes special guests of lawmakers who this year were not granted extra tickets. The first lady’s other guest was Frances Haugen, the former Facebook employee who exposed what the company may have known about damage caused by its social- media platforms. The address follows a much more limited joint address Biden delivered last year, shortly after his inauguration amid the fast-spreading Delta variant of the coronavirus and his predecessor Donald Trump’s second impeachment over the Capitol insurrection. This year, House Speaker Nancy Pelosi welcomed every member of Congress to attend, but with some Covid-19 restrictions in place. But in the last week, the mask mandate was done away with as the Centers for Disease Control and Prevention announced new guidelines. Associated Press writer Darlene Superville contributed to this report

tunities for foreign retailers. Given the nature of the Philippine economy as a consumption-driven economy, fueled by a young, dynamic, creative and growing population, it is hoped that this will lead to a wider market for consumers, further stimulate domestic demand, promote employment, and contribute to further growth in the country’s gross domestic product. Atty. Dennis R. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez.com, or call 09175025808 or 09088665786)

ussian President Vladimir Putin may not have Viking blood running through his veins, but his decision to invade Ukraine on the flimsiest of reasons, with some bordering on falsity, seems cut out of the mold of how the Norsemen who set foot on Russian soil in the Middle Ages went about their murderous raids.

In 840 CE the Scandinavian Vikings—who were known in Eastern Europe as “Varangians” or “Rus”—established Viking rule over Slavic tribes in what came to be called Kievan Rus. The first modern state in Russia was founded in 862 CE by a Viking, King Rurik of the Rus, who ruled Novgorod. Over the years, the Rus expanded to the city of Kiev, and the Kievan Rus kingdom became a powerful empire in Europe, reaching its peak under Vladimir the Great and Yaroslav I the Wise. Being a Viking meant going out on a sea voyage “of pillage and piracy.” Vikings are raiders and pillagers who were most feared in those dark times. They showed no pity for people they conquered and are known in history as wantonly destructive and nihilistic races, according to war historian John Keegan. He narrates: “Their raiding and plundering ways were something that even the Mongol hordes and Tamerlane didn’t do.” Sounds familiar? Putin says that they invaded Ukraine to protect his country. From what? I wonder. Russia’s multi-pronged invasion of Ukraine has thrust the country into a conflict that many on the European continent thought to be one for the books that could cause an unimaginable humanitarian crisis. Nearly half a million people have fled to neighboring countries as fighting erupted on several Ukrainian cities on Thursday last week, while black smoke was seen rising from a military airport in Chuguyev near Kharkiv, Ukraine’s secondlargest city. All diplomatic channels have failed to avert the worst. Now Russian troops are waging protracted combat with Ukrainians, a culmination of years-long conflict between

the two nations. It has now sparked an extreme security crisis in Europe not seen since the Cold War. Putin’s rhetoric, which has also intensified to include direct reference to his nation’s vast nuclear stockpile, has placed Russia on its highest state of alert, forcing an appraisal of the equilibrium that is meant to keep nuclear-armed countries from destroying themselves and the world. Maura Reynolds, senior editor of Politico Magazine, recently interviewed Fiona Hill, former official at the United States National Security Council specializing in Russian and European affairs. Hill told Reynolds: “Sadly, we are treading back through old historical patterns that we said that we would never permit to happen again.” She was referring, not only to Western business leaders who turn a blind eye on how they are helping build a tyrant’s war chest and are enamored with an autocrat’s “strength,” but also to the tendency of politicians to point fingers for personal gain, instead of working together for their nation’s security. But the war which Russia projected to be short and sweet has had a tremendous downside. CNN reported that the country is now scrambling to prevent financial meltdown as its economy was slammed by a broadside of crushing Western sanctions imposed over the weekend in response to the invasion of Ukraine. Putin held crisis talks with his top economic advisers after the ruble crashed to a record low against the US dollar. The Russian central bank has more than doubled interest rates to 20 percent, and the Moscow stock exchange was shuttered for the day. It will stay closed Tuesday, the central bank announced. Eric Jurado, a US-based hedge fund manager, sees a broader nega-

tive effect of the Russia-Ukraine conflict. In an interview with BusinessWise, Jurado says that Russia’s unprovoked incursion into Ukraine could result in what could be protracted foreign affairs and economic crises. “Russia’s biggest influence over the global economy is in commodities—it’s the world’s second-largest natural gas producer and the thirdlargest oil producer. Any extended disruption to global order is expected to put severe stress on energy prices, which were already surging as waning pandemic restrictions have unlocked pent-up demand: On Thursday, international oil benchmark Brent crude jumped 9 percent to nearly $106 a barrel, the highest in nearly eight years. Futures for Europe’s wholesale gas price surged as much as 69 percent to €142 per megawatt-hour—it was only €16 one year ago.” Jurado narrates that Russia and Ukraine account for 14 percent of the world’s wheat production and nearly a third of all wheat exports. “Wheat futures listed in Chicago rose 6 percent to $9.26 a bushel, the highest price in nearly a decade. The two countries also account for a fifth of global corn trade.” The European Union, Japan, Australia, Canada, Germany, and the US all launched various sanctions against Russian banks and financial firms Thursday. Collectively, the country’s financial sector holds $1.4 trillion in assets. The UK proposed kicking Russia out of the SWIFT international payments system. Meanwhile, The Economist warned that an escalating battle of economic sanctions could lead Russia to withhold neon gas (which is used for manufacturing semiconductors, with 70 percent of the supply coming from Ukraine), ban Western airlines from flyover routes to Asia, or even consider cyberattacks against US or EU financial institutions. “Geopolitical tension is raising oil prices, meaning the inflation that was deemed transitory a few months ago could last even longer,” Trevor Greetham, head of multi-asset at Royal London Asset Management, told the Financial Times. “A big inflation impact in the US and Europe means central banks could raise interest rates further than anticipated, which brings a risk of economic stagflation.” This could

mean higher fuel prices in the Philippines. As war upsets the global supply chain, disorder in the global supply chain produces shortages and encourages price speculation. High oil prices may continue for the long term. Aside from Russia’s Ukraine invasion, global oil supplies systemically fall below global demand. Any economic expansion anywhere in the world will push demand even more. Jurado says that the Philippines is heavily dependent on imported oil and could not handle oil prices exceeding $100 a barrel, posing a hindrance to economic growth. The automatic and most frequent “solution” to expensive oil is to suspend the collection of the product’s excise taxes. This might be marginally workable in the short term if high oil prices last for only a few weeks. If high oil prices last for months or years, the problem becomes magnified. High fuel prices mean that the government will be collecting more fuel taxes. That is not necessarily a bad thing because it helps narrow the deficit and minimizes the need to borrow. In consumers’ eyes, however, this is a negative consequence because it hits them in the pocket. The country’s heavy borrowing to meet its pandemic response needs is most unfortunate, causing its debtto-GDP ratio to bump against the limits of its sustainability. As Jurado explains, “If the country borrows more, it is inching closer to a debt crisis. If the collection of excise taxes is suspended on fuel products, that will bring only a small margin of comfort for consumers. But, it will cut a major source of revenue for the government, at precisely the same time that the people are demanding the government spend more for other needs. If the country cuts this source of revenue, the deficit will grow and the need to borrow will be more compelling. For a small margin of comfort that will be given to consumers, the country invites a debt crisis further down the road.” Indeed, Putin’s “special military operation” in eastern Ukraine threatens the economic recovery of the whole world. The Russian assault on Ukraine deserves the swift condemnation it received from several nations, and the Ukrainian people need the world’s support. For comments, suggestions, e-mail me at mvala.v@gmail.com

Russia eyes sanctions workarounds in energy, gold, crypto By Fatima Hussein The Associated Press

ASHINGTON—The harsh sanctions imposed on Russia and the resulting crash of the ruble have the Kremlin scrambling to keep the country’s economy running. For Vladimir Putin, that means finding workarounds to the Western economic blockade even as his forces continue to invade Ukraine. Former Treasury Department officials and sanctions experts expect Russia to try to mitigate the impact of the financial penalties by relying on energy sales and leaning on the country’s reserves in gold and Chinese currency. Putin also is expected to move funds through smaller banks and accounts of elite families not covered by the sanctions, deal in cryptocurrency and rely on Russia’s relationship with China. Right now, “the biggest two avenues that Russia has are China and energy,” said John Smith, former director of Treasury’s financial intelligence and enforcement arm. The US and EU have levied sanctions on Russia’s biggest banks and its elite, frozen the assets of the country’s Central Bank located outside the country, and excluded its financial institutions from the SWIFT bank messaging system—but have largely allowed its oil and natural gas to continue to flow freely to the rest of the world. While Russia is likely to turn closer to China to make up for lost supplies of goods and services it normally would get from the West, Smith said, “they’re also betting that their enormous energy supplies will continue to be in demand, particularly during this cold winter. There’s significantly more profit to be

made from their energy if they can get it to market.” Last month, Russia and China signed a 30-year deal that will allow Russia to supply gas to China, though the pipes to carry that gas won’t be completed for at least three years. In addition, China announced last week that it would allow imports of wheat from all parts of Russia for the first time. However, Smith said the Chinese and others “will be driving incredibly hard bargains” now that Russia has fewer willing buyers, and China will want to avoid being subject to secondary sanctions or sanctions violations enforcement. The Biden administration is working on a “focused tactical strategy” to make certain that cryptocurrency doesn’t become a mechanism that Moscow is able to utilize to avert sanctions, according to a senior administration official. The official, who spoke on the condition of anonymity to discuss the yet to be announced move, did not detail an exact timeline for when the new steps on cryptocurrency would be unveiled, but said the area is one of several spaces that the Biden administration officials are looking to shore up as it looks to make certain that sanctions on Russia have maximum impact. The official said past experiences in Iran and Venezuela with sanctions evasion are informing the administration’s efforts. Additional export controls and new sanction targets are also expected to be unveiled in the days and weeks ahead to counter Russian sanction evasion efforts, the official said. Officials have already been on the lookout for the use and creation of front companies and alternative financial institutions that Moscow might try to employ to get around sanctions.

On Monday, the US further tightened its sanctions to immobilize any assets of the Russian Central Bank in the United States or held by Americans. The Biden administration estimated the move could impact hundreds of billions of dollars of Russian funding. The latest measures did include a carve-out that authorizes energy-related transactions with the bank. The penalties also do not impact Russia’s gold stockpile, which Putin has been accumulating for several years. Tyler Kustra, an assistant professor of politics at the University of Nottingham who has studied economic sanctions, said Moscow had already been adopting a “Fortress Russia economy”—producing many goods domestically even if it was easier to import them—to shield the economy from sanctions. Much of Russia’s food is produced locally, but some of it doesn’t match similar foreign-made items while others can’t be substituted, he said. “My friends in Moscow say, ‘Look, they’ve never really gotten cheese right,’” Kustra said. An increased reliance on cryptocurrency would be an inevitable avenue for Russia to try to prop up its financial transactions, said David Szakonyi, a political science professor at George Washington University, “but it’s unlikely it’ll serve as a substitute for corporate transactions over time.” The administration has experience regulating Russian crypto business. Earlier this year, Treasury sanctioned Russia-based SUEX and 25 affiliated cryptocurrency businesses, blacklisting the exchange from the dollar financial system, for allegedly helping criminal hackers clean and cash out their loot. It was the first crypto business to receive

that designation. Ari Redbord, a former Treasury senior adviser who heads government affairs at TRM, which among other things develops analytics on financial crimes, said his organization has identified at least 340 businesses in Russia that could be potentially used as “on and off ramps” for crypto currency. Redbord said that because of the breadth of the sanctions, the amount of crypto that Russia would need to replace the billions of sanctions “would be very difficult to off-ramp into traditional currency.” Ori Lev, who served as a head of enforcement at Treasury’s Office of Foreign Assets Control during the Obama administration, said that overall, “whether it’s using cryptocurrency or relying on China, there are mitigating actions they can take but they can’t recreate the financial system.” The Biden administration has argued that China won’t be able to make up for the loss of US and European business and that sanctions cutting Russia off from Western sovereign debt markets will be crippling. At the same time, the White House has sought to publicly make the case that Beijing coming to the rescue of Moscow could be detrimental in the long term for China’s reputation in Europe and around the globe. By Monday afternoon, the ruble had cratered and Russians stood in ATM lines for hours as inflation fears exploded. “I don’t know what precise steps they’re going to take to mitigate the bite of the sanctions, but it’s not going to undo them,” Lev said. Associated Press writers Aamer Madhani, Alan Suderman in Richmond, Va. and Kelvin Chan in London contributed to this report.

A12 Thursday, March 3, 2022

Concepcion: Let economy recover before wage hike

By Tyrone Jasper C. Piad @Tyronepiad

RESIDENTIAL Adviser for Entrepreneurship Jose Maria A. Concepcion raised the need to allow the economy to recover first—as business activities have been generally muted in the past two years—before considering a wage hike. The Go Negosyo founder, in a TV interview on Wednesday, said that proposing an increase in wages must only be entertained after seeing how the economy responds two or three months following the easing of quarantine measures to Alert Level (AL) 1. “Let’s have our economy have a momentum. Allow some time for people to recover,” he said, noting

that business establishments are still in the early stages of their reopening. Concepcion said that the small entrepreneurs were the most affected by the pandemic amid the implementation of mobility restrictions that dampened consumer demand. “They’re the ones severely affected. We have to give them time,” he added. For medium to large companies,

not all of them were able to resume operations as well, he noted. It is only during the recent move to AL 1 that most businesses were able to restore 100-percent operating capacity. The loosening up of travel restrictions, he said, will boost the tourism sector. Still, he has some concerns as to whether arrivals will increase given that the neighboring countries are seeing a surge in Covid-19 cases. “Let’s see how things improve,” he said. He said it was also important to factor in the increasing commodity prices due to the UkraineRussia conflict in proposing wage hike. The tensions in Europe have prompted fuel prices to soar, which has taken a toll on other commodities as well. Concepcion said the private sector is implementing gradually the price increase to not fully pass on the additional costs to consumers

immediately. “Inevitably, there is no way you can keep prices at the same level,” he said. Over the weekend, Trade Undersecretary Ruth Castelo said no manufacturers have asked yet to increase suggested retail prices (SRP) for basic goods and commodities amid the fuel price hike. Should there be an increase in SRP, the trade official explained that they will “validate” the price hike and negotiate if the increase is too much of a burden for the consumers. The Development Budget Coordination Committee said last week that the government is prepared to extend a total of P3 billion in fuel subsidies and discounts to cushion the impact of rising oil prices on the transport sector, farmers and fisherfolk. On Wednesday morning, Palace officials announced that President Duterte has approved release of such subsidies.

LANCET: COVID LEAVES THOUSANDS OF BELOW-5 PHL KIDS AS ORPHANS

HOUSANDS of Filipino children who have yet to celebrate their fifth birthday may have already experienced a devastating loss, such as losing a parent or guardian due to Covid-19, according to a study released by the Lancet. Based on its estimates, a total of 2,400 Filipino children aged zero to four years old have been orphaned by one or both parents or a caregiver due to the pandemic. These are among the estimated 16,300 children orphaned between March 1, 2020 and April 30, 2021. This included 6,900 maternal orphans and 9,400 paternal orphans. “Orphanhood was defined as the death of one or both parents; primar y caregiver loss included parental death or the death of one or both custodial grandparents; and secondary caregiver loss included co-residing grandparents or kin,” the authors of the Lancet article stated.

The data also showed that an estimated 3,800 of Filipino children aged 5 to 9 years old, and another 10,100 adolescents aged between 10 and 17 years old, were orphaned due to Covid-19. “The category contributing most to orphanhood was therefore paternal orphans aged 10– 17 years, who ranged from 32.8 percent of orphanhood in Zimbabwe to 55.4 percent in Italy,” the Lancet said. “The group contributing the next most was paternal orphans aged 5–9 years, ranging from contributing 13.8 percent to Covid-19-associated orphanhood in the Philippines to 22.3 percent in Kenya,” it added. The article said the loss of a parent has an adverse effect on children where they are exposed to greater risk in terms of violence and exploitation, adolescent pregnancy, child marriage, and HIV infection, among others. Continued on A3

Besides fuel, costlier meat products could hurt PHL consumers By Jasper Emmanuel Y. Arcalas @jearcalas

ILIPINO consumers already grappling with expensive fuel prices could face a new challenge: costlier processed meat products, as local manufacturers face tightening raw material supply due to constrained access to North American poultry products. In a strongly-worded letter to Agriculture Secretary William D. Dar, the Philippine Association of Meat Processors (Pampi) denounced the alleged “suspension” of sanitary and phytosanitary import clearance (SPS-IC) for poultry products from the United States and Canada. The group sought explanations from Dar on why the Department of Agriculture (DA), particularly its attached agency the Bureau of Animal Industry (BAI), has not issued a poultry import ban on areas with bird flu outbreaks in US and Canada. At the same time, they also asked for an explanation why BAI has “suspended” issuance of SPS-IC for poultry products from bird-flu free zones of US and Canada. “In the spirit of transparency, we wish to be enlightened on why your office has not issued a temporary ban on importation of poultry products from zones in the US and Canada where outbreaks of HPAI have recently occurred,” the group said in its two-page letter dated February 28, a copy of which was obtained by the BusinessMirror. “However, BAI, which is under your department, has suspended issuance of SPS import permits for poultry from HPAI-free (highly pathogenic avian influenza-free) zones without any explanation,” it added. Pampi revealed that BAI’s “unjustified” and “arbitrary” action not to issue SPS-ICs for poultry products from US and Canada has disrupted their supplies of mechanically deboned meat (MDM) of poultry, a primary ingredient in processed meat products like hot dogs. “It has disrupted our production schedules and increased costs due to raw material substitution. Our MDM raw materials are produced in plants located thousands of kilometers away from infected areas,” it said. Pampi told Dar it will no longer “belabor” how the non-issuance of SPS-ICs would impact food prices, particularly finished processed meat goods which have been touted by the

industry as an affordable protein option for the Filipinos. “We will not belabor how your department’s actions impact on prices of finished goods and on the confidence of consumers in the government in the run-up to the presidential elections in May,” it said. The US is one of the country’s major sources of chicken products as it accounts for about a third of the Philippines’s annual poultry imports. Canada accounts for about 7 to 10 percent. In terms of chicken MDM imports, the US accounts for almost 16 percent of total volume while Canada has a share of about 9.4 percent annually. Local meat importers under the Meat Importers and Traders Association (Mita) earlier urged the government to resume the issuance of SPS-IC for poultry products from North America. In a letter to ranking government officials, Mita expressed concern over the “long delay” in the issuance of SPS-ICs for American and Canadian poultry products. “We are concerned with the long delay in the issuance of SPS for US [United States] and Canadian poultry. Some of our members have been waiting for three weeks when it should not take more than 2-3 days to secure a permit,” the group said in its letter dated February 24, a copy of which was obtained by the BusinessMirror. The group noted that the “undue” delays in the issuance of SPS-IC “can be construed as a non-tariff trade barrier,” which trade partners could use as basis for filing a World Trade Organization complaint against the Philippines. Mita said a “further ban” on US and Canadian poultry products would increase pressure on the prices of processed meat products because meat processors now depend on US, Canada and Brazil for their raw materials after the government banned poultry products from Europe due to bird flu. “The meat processing industry is heavily reliant on mechanically deboned chicken. With virtually all sources in Europe already banned due to AI, the only source countries left with sizable production capacity are USA, Brazil and Canada,” it said. “A further ban on the US and Canada is surely going to cause an increase in the cost of the most basic and affordable processed meats,” it added.

PEOPLE walk as traffic builds up as the government placed the National Capital Region under the loosest level of a five-step pandemic alert system on Tuesday, March 1, 2022, in Quezon City. Traffic jams and outdoor crowds were back in the capital and 38 other cities and provinces after officials allowed businesses and public transport, including shopping malls, movie houses and restaurants, to operate at full capacity as Covid-19 cases continued to drop with more vaccinations, officials said. AP/AARON FAVILA

‘Atio’ hazing: RTC nixes plea of 10 accused By Joel R. San Juan @jrsanjuan1573

HE Regional Trial Court of Manila has rejected the plea of the 10 accused in the 2017 fatal hazing of University of Santo Tomas law student Horacio “Atio” Castillo III to dismiss the criminal charges against them on the ground of insufficiency of evidence. The 10-page order issued by Manila RTC Branch 11 acting Presiding Judge Shirley Magsipoc-Pagalilauan held that the prosecution had presented evidence sufficient to deny the demurrer to evidence filed by the accused and proceed with the trial. A demurrer is a motion to dismiss on the ground of insufficiency of evidence. “After going over the grounds relied upon by the accused vis-

à-vis the evidence presented by the prosecution, the court finds that there is sufficient evidence to sustain the indictment of the crime charges,” the order said. The accused—Ar vin Balag, Mhin Wei Chan, Axel Munro Hipe, Oliver John Audrey Onofre, Joshua Joriel Macabali, Ralph Trangia, Robin Ramos, Jose Miguel Salamat, Danielle Hans Matthew Rodrigo, and Marcelino Bagtang, Jr.—are being tried for violation of Republic Act 8049, the AntiHazing Law, after the Department of Justice (DOJ) found probable cause to indict them over Castillo’s death. They were charged for the death of Castillo, then a 22-year-old freshman at the Faculty of Civil Law in the University of Santo Tomas, during initiation rites of the Aegis Juris fraternity.

In their demurrer to evidence, all the accused assailed the credibility of the prosecution witnesses especially Mark Anthony Ventura, calling him an “unreliable and not credible” witness. He has a motive to implicate the accused to save himself from the prosecution and his testimony is inconsistent with physical evidence, they said. However, the trial court said it finds Ventura credible as one of the main witnesses. “He was able to provide a detailed, direct and straightforward narratives of the events that transpired during the hazing.” Evidence does not show that Ventura has an improper motive to falsely testify against the accused, his ‘brods’ in the Aegis Juris Fraternity. “It is accepted that there were inconsistencies in the testimonies of the victims but that these

were minors and did not affect their credibility. It rules that such inconsistencies, and even probabilities, are not unusual ‘for there is no person with perfect faculties or senses,” the trial court pointed out. The accused insist that Castillo did not die of hazing but of enlargement of the heart. However, the trial court said doctor-witnesses have testified that the victim’s cause of death is severe blunt traumatic physical injuries. “The prosecution having established that Horacio died of hazing and that all accused were present during the commission of the crime, it is now incumbent upon the accused to adduce evidence to controvert that of the prosecution or that they prevented the commission of crime of hazing,” the trial court said.

Companies

Editor: Jennifer A. Ng

Thursday, March 3, 2022

Globe, STT GDC to develop, operate data centers in PHL

By Lorenz S. Marasigan

@lorenzmarasigan

lobe Telecom Inc. and its parent, Ayala Corp. (AC), have entered into a $350-million venture with ST Telemedia Global Data Centres (STT GDC), a data center provider based in Singapore, to develop, build, and operate data centers in the Philippines. In a disclosure to the stock exchange, Globe said STT GDC and Ayala will subscribe to new shares in KarmanEdge Inc., a wholly-owned subsidiary of Globe. KarmanEdge will house the data center business of the partners. After the execution of the deal, Globe will remain as the largest

shareholder in KarmanEdge with 50 percent shareholding, while STT GDC will hold 40 percent, and AC, 10 percent. “The Philippines is an underserved market with huge demand for data center services. Together with STT GDC’s deep expertise and experience in developing,

owning and operating data centers globally and AC’s significant business reach, relationships in the country and in the region, we believe that this Joint Venture will be well-positioned to become the leader in the data center space in the Philippines,” Globe President Ernest Cu said. KarmanEdge is expected to “accelerate Globe’s efforts to scale up its capacity and capability” in the data center space, banking on what the expected demand from local enterprises and global hyperscalers. “We are excited to support this initiative and leverage our wide relationships to maximize opportunities for the Venture. We believe we have found in STT GDC the right partner to help us scale up and play a major role in the development of the Data Center Industry in the country,” Ayala President and CEO Fernando Zobel de Ayala said.

Globe, through its whollyowned subsidiary, Innove Communications, Inc., has been operating data centers in the country since 2001 and has since expanded its portfolio nationwide, serving both its internal needs, local enterprises and global hyperscalers. “We are thrilled to partner with Globe as we expand our global data center platform into the Philippines, further bolstering our strong presence within Asia. With Globe’s well-established digital solutions platform and our data center expertise, we are confident that through our partnership, we can build a leading data center platform in the country. This venture will enhance our offerings to support enterprises as they grow their digital infrastructure in the Philippines and the wider APAC region,” STT GDC President Bruno Lopez said. The transaction is expected to be completed within the first quarter of 2022.

‘Franchisees keen on Angel’s Pizza’ By VG Cabuag @villygc

igaro Coffee Group Inc., the listed firm that owns a stable of homegrown local restaurants and cafes, said its franchisees are keen on its multistore openings. Aside from its flagship Figaro Cafes, the company said its franchisees want a piece of its Angel Pizza stores, a brand that is becoming popular as it has become an alternative to the big pizza brands. Clover Arangote is a franchisee who has opened two Angel's Pizza stores in Iloilo and another one is

AllDay unveils smart carts

llDay Marts Inc., the listed supermarket arm of the Villar Group, on Wednesday said it rolled out the country's first smart carts in its stores. “We’re excited to bring to our customers yet another innovation to make in-person grocery shopping even more intuitive and enjoyable,” Camille Villar, AllDay’s vice chairman said. “Our smart carts are a novel experience, and we are sure it will be an exciting experience for first-time users. This puts even more convenience and information about what they are buying in real time, right at their fingertips. More importantly, introducing these smart carts helps raise the bar for the local supermarket landscape, driving home our point that Filipino consumers now prefer experiential shopping, and we are of course happy to deliver." Smart carts are physical carts in stores, which automatically scans the selected items information placed in it, immediately reflecting prices and other important information on the user interface. As a customer continues his shopping trip, a running total is generated in real-time, allowing for them to monitor and compare against their budget, or their shopping list for that particular trip. VG Cabuag

currently in the works, which may be opened in Bacolod in April. “As a conservative type of franchisee, I made sure to invest in a product or company that I believe in and I know that there is a proven sales success record to also recoup investments at the right time,” Arangote said. Pizzas became popular since the onset of the pandemic as consumers shifted to ordering online or through third party delivery services. “At the very start, we had high confidence that Angel’s Pizza will be loved by the Ilonggos considering the high quality of the products

and its value for money,” he said. At the height of the pandemic in 2020, Angel’s Pizza franchises continued to operate with all their employees working on full schedule. He said the store supported his other businesses, which enabled him to continue his operations and retain his employees. The Figaro Group earlier said it is continuing its planned expansion for the year on optimism that the economy in 2022 will be better than last year. The company plans to open 29 Angel’s Pizza outlets, six Figaro Group Express multi-brand outlets, five Figaro Coffee shops and one

Tien Ma’s Taiwanese restaurant this year. "Yes, we are optimistic that the economy will further improve this year with the Alert Levels coming down and vaccination drives by the government continuing with strength. We look forward to people going about their daily lives outside gradually and in a safe manner,” Justin Liu, the company's chairman, said. For the first quarter, Figaro is set to open five Angel's Pizza stores in Lipa, Batangas; Hanston Building in Ortigas Center; Cebu City; Calamba, Laguna; and in Avida Towers Cityflex, in Bonifacio Global City in Taguig.

‘PHL needs other energy sources’ By Lenie Lectura @llectura

he Philippine Electricity Market Corp. (PEMC), the governing body of the Wholesale Electricity Spot Market (WESM), stressed the need for supply diversification to address the country’s power supply concerns. In a presentation during the Philippine Solar PV Energy Virtual Summit, PEMC President Leonido J. Pulido III said, “the problem with too much reliance on conventional generators is the fact that in case of outages, whether planned or forced, it significantly affects our grid’s power supply.” To address the country’s reliance on conventional generators, “we have to look into other sources to augment our supply… through the increased penetration of renewable energy [RE] resources.” RE, while considered unreliable due to its intermittency, is the cheapest source of electricity and uses locally available clean energy resources such as solar, wind, geothermal, run-of-river hydropower, biomass, impounding hydropower, and ocean energy. With the steady increase of RE utilization in the Philippines in the last few years, Pulido stressed the need for “a collaborative effort on the part of the government and the power industry where PEMC plays a vital role.” This collaboration involves the establishment of the Renewable Energy Market (REM) that supports

the attainment of the target in the RE generation mix through a market-based policy mechanism under the RE Act of 2008 also known as the Renewable Portfolio Standards; the net metering program which institutionalizes the development of local and national capabilities in the use of RE systems; and the promotion of efficient and costeffective commercial application of RE technologies through providing fiscal and nonfiscal incentives. Government policies issued by the Department of Energy (DOE), such as the policy on preferential dispatch for RE and the participation of battery energy storage systems and pumped-storage units in the WESM, also concretized measures to improve the power generation from variable RE resources to mainly address the problem of their intermittency. “PEMC has signed a Partnership Agreement with the United Nations Office for Project Services through the Southeast Asian Energy Transition Partnership to usher in the implementation of an energy transition roadmap focused on introducing market mechanisms and enhancements promoting participation in the market of renewable and sustainable technologies,” said Pulido. “Institutionalizing effective strategies is imperative for us to fully harness the benefits of these RE resources, which include energy prices and supply stability to power up the Philippine economy in the new normal."

AstraZeneca targets planet-warming inhalers

SMC saves 27B liters of water A

mid pandemic disruptions, San Miguel Corporation is accelerating efforts to reduce its group-wide water consumption by 50 percent by 2025 even as it reported saving a total of 27.4 billion liters of water to date since its water stewardship initiative "Water For All” was launched in 2017. “Water is a valuable resource not just for San Miguel, but for all of us. We have not stopped working on improving water use efficiency across all our businesses as we all continue to face water scarcity challenges,” SMC President and CEO Ramon S. Ang said. Ang added that the 2021 reduction of 4.54 billion liters represented an 18.4 percent cut in the company’s water use against 2016 baseline, slightly better than the 18.09 percent it recorded in 2019, and significantly higher than the 13 percent reduction it registered in 2020. Savings, however, dropped in 2020 due largely to the shutdown of most of the company's facilities amid the pandemic. Plant shutdowns and intermittent production are inefficient, resulting in more frequent startups and draining of water tanks in between, so more water is used as opposed to having the facilities continuously running. However, 2021 saw a return to pre-pandemic water savings with a slight improvement, as there were lesser lockdowns and facilities were able to run more efficiently. “From a water savings perspective, we seem to have recovered from the pandemic, but we’re still challenged by low production volumes

Bloomberg News

BusinessMirror file photo

and continuing inefficiencies. The good thing is the majority of our businesses still showed improvement in 2021, particularly Northern Cement, San Miguel Foods, SMC Infrastructure and SMC Global Power. Ginebra San Miguel also improved slightly. Petron also improved, it still has the highest accumulated water savings, about 15.29 million cubic meters. But this is not yet their former peak performance,” Ang said. To reduce drawing from scare water sources, SMC utilizes several methods, including the use of sea water, water recycling, and rainwater harvesting, for cooling machines, cleaning, and other utility, non-product water usage. SMC has mandated that all its newly-built facilities be fitted with rainwater collection systems. A number of older facilities are also being retro-fitted to increase rainwater harvesting and to replace leaking underground pipes with above-ground, easy to monitor installations.

Given the disruptions and changes brought on by the pandemic these last two years, Ang said the company is continuously evaluating how it can best reach its 2025 goal. Apart from reducing its own use of water, the company has also become a champion for cleaning up major rivers and coastal areas and ridding them of solid waste pollution. Its P3-billion cleanup of the Tullahan-Tinajeros River system and the Pasig River, are unprecedented. Since June 2020, SMC has removed a total of 986, 641 metric tons of silt and solid wastes from both rivers, or 740,841 tons from the Tullahan River since June 2020, and 227,800 tons from the Pasig River since July 2021. The clean-up is seen as critical to alleviating flooding all over Metro Manila and paving the way towards improving water quality and biodiversity of both rivers, considered as the top plastic-emitting rivers responsible for the world’s ocean plastics.

nhalers helping patients with chronic lung conditions breathe are also adding congestion to the Earth's atmosphere. This is spurring United Kingdombased drugmaker AstraZeneca Plc to develop a new line of devices that use a propellant with near-zero climate impact. The company isn’t alone. Rival GlaxoSmithKline Plc said last year it's working on similar planetfriendly technology. AstraZeneca is collaborating with Honeywell International Inc. on the next-generation inhalers and plans to introduce them in 2025, Ben Fenby, global head of AstraZeneca’s Aerosphere franchise, said in an interview. “Inhalers are one of the more complex drug device options that the pharmaceutical industry makes,” he said. The vapors from AstraZeneca inhalers being puffed today contribute around 800,000 metric tons of carbon dioxide equivalent annually — more than a tenth of the company’s overall carbon footprint. AstraZeneca’s indirect emissions from supplier activities and the use of its medicines have increased by 15 percent over the last two years as sales have climbed. AstraZeneca’s focus on the farthest reaches of its global warming contributions is part of an effort

among big corporations to tackle the full scope of their climate impact as they aim for net-zero status within decades. For AstraZeneca, emissions from energy use in its own buildings and vehicles, called Scope 1 and 2, have declined in recent years and represent only a tiny portion of its footprint. Scope 3 emissions, from suppliers and the use of its treatments, contribute 20 times more, but the company has less influence over them. “Scope 3 is the most substantial challenge,” said Juliette White, AstraZeneca’s vice president of sustainability. AstraZeneca is trying to help suppliers boost renewable energy and set targets, she said. Although suppliers are the biggest contributor to AstraZeneca’s Scope 3 emissions, products are a more hands-on way for the drugmaker to make a difference. Many patients with asthma and chronic obstructive pulmonary disease, or COPD, rely on metered dose inhalers that contain small quantities of hydrofluorocarbons, a type of greenhouse gas, to propel the medicine into the lungs. That gas, which has also been used for decades in refrigerators and air conditioners, is hundreds of times more warming, ton for ton, than carbon dioxide. Bloomberg News

Companies BusinessMirror

Thursday, March 3, 2022

Tagum Global initial public offering gets nod of SEC

By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) has approved the initial public offering of Tagum Global Medical Center Inc.

In its en banc meeting on March 1, the SEC approved the registration statement of Tagum Global, which covers 156,000 common shares. The company will offer 36,000

common shares, equivalent to 3,600 blocks consisting of 10 shares per block. The primary offering is divided into four series, with the first con-

sisting of 1,400 blocks at an offer price of P200,000 per block, while the second is composed of 600 blocks priced at P250,000 per block. The third and fourth series consist of 700 blocks priced at P300,000 each and 900 blocks at P400,000 each, respectively. Net proceeds from the offering could amount to P997.08 million, which will be used for the construction and development of Tagum Global Medical Center and its preoperating expenses, debt servicing, and working capital. Incorporated in 2018, Tagum Global Medical Center is currently

constructing a seven-story, 116-bed healthcare facility on a 5,000-square meter lot located in Barangay Visayan Village, Tagum City in Davao del Norte. The hospital is part of the Allied Care Experts (ACE) Group of Hospitals. The intended market for the initial public offering will be medical practitioners and their relatives, as well as the public. Subscribers to the IPO will be given benefits and privileges such as discounts on medical and dental services, which the stockholder, his/her spouse, and dependents may avail of in other medical facilities affiliated with the ACE Group of Hospitals.

Target gets biggest post-earnings pop since 2020

arget Corp. soared after unveiling a forecast for new profit gains on top of the pandemic-related boom that has already sparked robust growth. Operating profit will post a percentage increase in the low single digits this year, the retailer said Tuesday, bucking Wall Street’s expectations that the closely watched number would decline. Target also predicted steady financial gains beyond 2022 as it expands e-commerce capabilities and bolsters its store network. “We see a growth horizon for years to come,” Chief Executive Officer Brian Cornell said at a meeting with analysts in New York -- the company’s first such in-person event since 2019. The upbeat outlook signaled that Target expects to build on the extraordinary sales boom of the last two years while protecting profit margins from supply-chain snarls and rising wages that are stoking the highest inflation rate in four decades. The company vowed to limit price increases as it seeks to make further

inroads against rivals. “The highlight of the release is the 2022 guidance,” Michael Baker, an analyst at D.A. Davidson, said in a note to clients. “This shows that the operational improvements, which were taking hold prior to the pandemic, along with the share gains over the last two years, are proving to be sustainable.” The shares jumped 9.8 percent to $219.43 at the close in New York, the biggest gain since an August 2020 rally that was also sparked by an upside earnings surprise, according to data compiled by Bloomberg. The advance erased much of the company’s 14 percent decline this year through Monday, which was slightly worse than the 12 percent drop in an S&P 500 retail index over the same period.

Long-term view

Target’s new “financial algorithm” brings back a long-term view that the company abandoned during the pandemic. Starting next year and beyond, the company envisions revenue growth in the mid-single digits, compared with an expectation in the lowsingle digits under the old framework. After taxes, return on invested capital will be “in the high 20 percent to 30 percent range” instead of the mid- to high-teens, Chief Financial Officer Michael Fiddelke said. The improved outlook underscores Target’s ability to use its stores to ship products to nearby customers and serve as pickup points for online purchases. “This change highlights the asset efficiency of our stores-as-hubs model, which has unlocked the full potential of our store locations to flexibly serve our guests,” he said. Operating income is expected to rise in the mid-single digits over the long term, with adjusted earnings climbing in the high-single digits.

Margin pressure

Target still faces plenty of hurdles this year as it seeks to show it can keep growing profitably. Operating margins in the first quarter will be well below last year’s rate of 9.8 percent, the Minneapolisbased company said. Target said Monday it would add $300 million in wage and benefit expense amid a tight United States labor market. Rising inflation and higher freight costs threaten all retailers. “Gross margin may be pressured in 1Q on persis-

tently high product and transportation costs,” Jennifer Bartashus, a retail analyst at Bloomberg Intelligence, said in a report. “Investments to drive supply-chain efficiencies will persist in 2022.” Target said it was taking a cautious approach to the first quarter

and said performance would “generally improve as the year progresses.” That echoes Walmart Inc.’s outlook and signals Target’s belief that demand will hold in spite of soaring inflation and slumping consumer confidence. Bloomberg News

mutual funds

March 2, 2022

NAV

One Year Three Year Five Year

per share Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

236.25

8.04%

-2.93%

-1.14%

1.36%

ATRAM Alpha Opportunity Fund, Inc. -a

1.5967

21.34%

0.45%

2.85%

-4.06%

-6.72%

-3.84%

1.14%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7631 -0.92%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.2747

8.81%

-6.09% n.a.

0.87%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7444 7.46%

-3.96% n.a.

-3.44%

First Metro Save and Learn Equity Fund,Inc. -a

11.56%

-0.71%

0.7%

2.02%

First Metro Save and Learn Philippine Index Fund, Inc. -a

0.7913

12.87%

-2.5%

-2.78%

MBG Equity Investment Fund, Inc. -a

92.59

-7.16%

-9.13% n.a.

-1.95%

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

March 2, 2022

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

BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL MANULIFE PHIL STOCK EXCH SUN LIFE

131 98.1 27.4 8.98 57.1 9.51 17.92 19.9 56.1 21.55 114.5 97.65 1.98 4 955 216 2,480

131.1 98.15 27.45 8.99 57.2 9.81 18.28 19.92 57.8 21.6 114.9 97.95 2.02 4.06 955.5 223.8 2,498

131.1 98.55 27.6 9.25 58.5 9.4 18.28 20.05 56.05 21.55 115 100 1.98 4.01 990 224.6 2,500

131.8 98.6 27.6 9.25 58.5 9.51 18.28 20.05 56.05 21.55 117 100 2.04 4.06 990 224.6 2,500

130.1 97.9 27.3 8.99 57.1 9.4 18.28 19.9 56.05 20.55 113.7 97.65 1.97 4 955.5 210.2 2,480

131 98.15 27.4 8.99 57.1 9.51 18.28 19.92 56.05 21.55 114.5 97.65 2.02 4.06 955.5 224 2,480

2,591,510 2,466,100 51,100 524,300 4,079,700 9,600 200 102,400 200 55,800 656,120 66,320 1,044,000 155,000 90 530 665

339,141,340 242,032,676.50 1,403,165 4,733,652 233,989,552 90,416 3,656 2,040,748 11,210 1,201,840 75,435,908 6,541,766 2,105,000 622,860 86,920 116,920 1,650,940

INDUSTRIAL

AC ENERGY 8.1 8.12 8.41 8.5 8.06 8.1 17,501,600 143,671,945 ALSONS CONS 1 1.02 1.01 1.03 0.98 1 325,000 324,830 ABOITIZ POWER 35.5 35.65 35.45 35.9 35.15 35.65 978,600 34,671,145 0.5 0.51 0.52 0.53 0.495 0.5 20,363,000 10,244,345 BASIC ENERGY 27.4 27.45 27.9 27.9 27.4 27.4 162,100 4,475,180 FIRST GEN FIRST PHIL HLDG 70.4 70.5 70.75 70.8 70.45 70.5 11,460 808,397.50 MERALCO 346 350 365 367.2 350 350 550,560 194,611,340 21.1 21.5 20.05 21.5 20.05 21.5 1,422,300 29,405,985 MANILA WATER 3.4 3.42 3.42 3.46 3.39 3.4 2,378,000 8,112,230 PETRON 4.5 4.52 4.45 4.55 4.32 4.42 552,000 2,465,720 PETROENERGY PHX PETROLEUM 10.42 10.76 10.74 10.76 10.38 10.76 13,900 147,260 SYNERGY GRID 12.08 12.1 12.32 12.32 12.04 12.08 7,055,600 85,560,014 18.36 18.4 18.4 18.56 18.28 18.4 499,700 9,198,246 PILIPINAS SHELL 14.1 14.4 14 14.4 13.98 14.1 511,100 7,154,848 SPC POWER SOLAR PH 2.1 2.11 2.1 2.24 2.06 2.11 437,859,000 940,234,620 AGRINURTURE 5.43 5.44 5.43 5.45 5.28 5.44 807,500 4,350,108 AXELUM 2.69 2.7 2.71 2.8 2.7 2.7 358,000 969,460 13 13.68 13 13.1 13 13.1 1,500 19,520 CNTRL AZUCARERA CENTURY FOOD 24.8 25.05 25.7 25.7 24.55 24.8 3,028,100 76,238,945 DEL MONTE 15.66 15.68 15.88 15.88 15.44 15.68 24,800 387,464 DNL INDUS 8.05 8.09 8.1 8.1 7.8 8.09 1,309,700 10,418,842 19.12 19.16 19.3 19.34 19.1 19.12 3,210,300 61,416,864 EMPERADOR 66.5 66.6 67.35 67.35 65.3 66.6 15,130 1,004,503.50 SMC FOODANDBEV FIGARO COFFEE 0.67 0.68 0.7 0.7 0.67 0.68 20,253,000 13,766,970 ALLIANCE SELECT 0.59 0.61 0.59 0.63 0.59 0.63 25,000 14,950 FRUITAS HLDG 1.18 1.2 1.18 1.21 1.17 1.2 3,318,000 3,955,130 113.5 113.9 115 115 110 113.5 7,590 851,645 GINEBRA 238.8 241 240 242 238.6 238.8 321,780 77,202,598 JOLLIBEE KEEPERS HLDG 1.26 1.27 1.28 1.28 1.26 1.27 2,874,000 3,643,690 LIBERTY FLOUR 23 27.95 23 23 23 23 4,600 105,800 5.64 6.86 5.64 5.64 5.64 5.64 1,400 7,896 MACAY HLDG MAXS GROUP 6.4 6.45 6.5 6.5 6.4 6.45 59,700 385,088 MG HLDG 0.155 0.16 0.158 0.164 0.15 0.16 960,000 152,590 MONDE NISSIN 15.14 15.24 15.68 15.68 15.14 15.14 9,306,400 143,199,994 SHAKEYS PIZZA 8.31 8.32 8.4 8.4 8.25 8.31 1,857,800 15,331,354 0.69 0.7 0.64 0.71 0.62 0.7 12,828,000 8,266,740 ROXAS AND CO 1.13 1.24 1.17 1.18 1.17 1.18 15,000 17,640 ROXAS HLDG SWIFT FOODS 0.103 0.106 0.104 0.106 0.103 0.106 2,060,000 215,230 UNIV ROBINA 119.8 119.9 121.2 121.2 119.8 119.8 1,087,370 130,883,425 0.66 0.67 0.66 0.67 0.66 0.66 314,000 207,250 VITARICH VICTORIAS 2.43 2.45 2.45 2.45 2.45 2.45 5,000 12,250 46.1 57.95 45.8 45.8 45.8 45.8 99,900 4,575,420 CONCRETE B CEMEX HLDG 1.01 1.03 1.03 1.04 1.02 1.02 1,110,000 1,139,950 EAGLE CEMENT 13.58 13.6 14.16 14.16 13.58 13.6 2,317,600 31,568,338 6 6.18 6.22 6.22 6.19 6.19 1,300 8,050 EEI CORP 6.1 6.15 6.2 6.2 5.85 6.1 231,000 1,386,606 HOLCIM MEGAWIDE 5.41 5.45 5.41 5.55 5.38 5.45 2,899,700 15,706,431 PHINMA 20.6 20.9 20.9 20.9 20.5 20.9 22,900 473,910 TKC METALS 0.79 0.81 0.78 0.81 0.78 0.81 27,000 21,090 1.01 1.03 1.04 1.04 1 1.01 1,346,000 1,363,480 VULCAN INDL 1.71 1.74 1.74 1.74 1.71 1.71 76,000 131,640 CROWN ASIA EUROMED 1.28 1.32 1.35 1.35 1.28 1.33 18,000 23,560 PRYCE CORP 5.72 5.81 5.81 5.81 5.81 5.81 100 581 20.7 21.5 20.5 20.7 20 20.7 5,700 115,930 CONCEPCION 1.82 1.84 1.83 1.9 1.78 1.84 10,401,000 19,133,840 GREENERGY 8.55 8.58 8.55 8.65 8.45 8.55 764,600 6,509,261 INTEGRATED MICR IONICS 0.71 0.76 0.76 0.76 0.7 0.7 208,000 147,740 PANASONIC 5.99 6.17 6.17 6.17 6.17 6.17 1,300 8,021 1.17 1.18 1.19 1.19 1.16 1.18 153,000 179,210 SFA SEMICON 3.62 3.65 3.62 3.69 3.6 3.65 1,092,000 3,963,160 CIRTEK HLDG

HOLDING & FRIMS ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP METRO PAC INV PRIME MEDIA SM INVESTMENTS SAN MIGUEL CORP SEAFRONT RES TOP FRONTIER WELLEX INDUS ZEUS HLDG

0.87 5.01 856.5 60.55 13 8.5 1.02 0.67 0.68 5.1 8.92 7.4 0.25 585 3.65 60.75 0.6 2.95 9.4 3.81 1.22 930 107.6 2.4 119.2 0.275 0.169

0.88 5.02 859.5 61 13.1 8.68 1.03 0.68 0.7 5.14 8.99 7.57 0.27 587 3.83 61.7 0.63 3 9.41 3.83 1.24 935 107.7 2.75 121.9 0.29 0.18

0.88 5.02 859 62 13.18 8.67 1.03 0.71 0.71 5.14 8.86 7.4 0.25 587 3.65 61 0.6 2.96 9.5 3.86 1.25 937 106.9 2.4 121.9 0.275 0.169

0.9 5.02 860 62 13.2 8.68 1.05 0.72 0.74 5.19 9.07 7.4 0.25 589.5 3.65 61.7 0.63 3.02 9.56 3.86 1.25 955 107.9 2.7 121.9 0.275 0.169

0.86 5.02 855 60.5 12.82 8.37 1.01 0.67 0.68 5.1 8.8 7.4 0.25 580 3.65 60.7 0.6 2.95 9.39 3.81 1.23 922.5 104.9 2.4 121.9 0.275 0.169

0.88 5.02 859.5 61 13.1 8.6 1.02 0.68 0.68 5.1 8.92 7.4 0.25 587 3.65 61.7 0.63 2.95 9.41 3.81 1.23 930 107.6 2.7 121.9 0.275 0.169

11,963,000 700 121,770 527,360 4,132,200 24,000 4,132,000 15,420,000 979,000 129,100 19,546,700 100 20,000 123,170 64,000 742,850 389,000 421,000 931,000 15,128,000 39,000 448,230 87,890 64,000 10 240,000 250,000

10,485,870 3,514 104,455,195 32,122,358.50 54,161,350 204,749 4,251,540 10,647,650 681,370 661,674 175,585,656 740 5,000 72,244,570 233,600 45,601,282 240,660 1,254,770 8,796,542 57,782,670 48,330 422,321,830 9,362,992 170,700 1,219 66,000 42,250

PROPERTY

-1.38%

1.15%

1.18%

-1.25%

ARTHALAND CORP 0.59 0.6 0.6 0.6 0.59 0.59 91,000 53,700 AYALA LAND 37.9 38 38.5 38.65 37.9 37.9 8,991,100 342,091,370 AYALA LAND LOG 4.94 4.97 4.94 5.01 4.81 4.97 2,750,000 13,581,510 0.99 1.03 1.04 1.04 1.03 1.03 9,000 9,280 ARANETA PROP AREIT RT 51.8 51.85 51.95 52 51 51.8 962,410 49,856,166.50 A BROWN 0.85 0.86 0.86 0.86 0.86 0.86 17,000 14,620 CITYLAND DEVT 0.7 0.73 0.72 0.72 0.7 0.7 295,000 209,210 0.095 0.099 0.096 0.1 0.096 0.1 1,230,000 122,080 CROWN EQUITIES CEB LANDMASTERS 2.92 2.94 2.94 2.97 2.9 2.94 598,000 1,753,360 0.41 0.415 0.42 0.42 0.41 0.41 580,000 238,950 CENTURY PROP CITICORE RT 2.73 2.74 2.8 2.81 2.72 2.73 38,460,000 106,492,570 DOUBLEDRAGON 11 11.1 10.86 11.28 10.6 11.1 2,917,600 31,931,170 1.77 1.78 1.78 1.79 1.77 1.77 2,339,000 4,159,470 DDMP RT 6.8 6.99 6.7 6.99 6.62 6.99 12,900 86,091 DM WENCESLAO EMPIRE EAST 0.246 0.25 0.25 0.25 0.25 0.25 750,000 187,500 EVER GOTESCO 0.285 0.29 0.29 0.29 0.28 0.29 3,360,000 966,600 FILINVEST RT 7.4 7.45 7.53 7.53 7.4 7.4 615,800 4,601,377 1.08 1.09 1.1 1.1 1.08 1.08 793,000 861,820 FILINVEST LAND 0.91 0.94 0.94 0.94 0.91 0.94 2,062,000 1,899,620 GLOBAL ESTATE 8990 HLDG 13.4 13.66 13.12 13.86 13.12 13.68 531,800 7,091,724 GOLDEN MV 632 645 630.5 645 630.5 645 210 134,960 1.02 1.03 1.03 1.03 1.01 1.02 395,000 402,870 PHIL INFRADEV 3 3.27 2.96 3 2.9 3 57,000 168,030 KEPPEL PROP CITY AND LAND 0.82 0.83 0.83 0.84 0.81 0.83 43,000 35,500 MEGAWORLD 3.21 3.22 3.25 3.25 3.19 3.21 8,275,000 26,527,120 MRC ALLIED 0.27 0.275 0.285 0.285 0.275 0.275 6,370,000 1,760,250 20.05 20.1 20 20.2 19.92 20.1 1,966,500 39,539,626 MREIT RT 0.335 0.35 0.34 0.34 0.34 0.34 20,000 6,800 OMICO CORP PHIL ESTATES 0.455 0.46 0.455 0.46 0.455 0.455 630,000 287,650 PRIMEX CORP 2.05 2.07 2.07 2.08 2.05 2.07 1,751,000 3,622,640 7.87 7.97 8 8 7.86 7.87 5,774,100 45,633,650 RL COMM RT 19.5 20 19.78 20 19.5 20 2,362,700 46,734,466 ROBINSONS LAND 0.24 0.242 0.242 0.246 0.232 0.242 3,880,000 921,360 PHIL REALTY ROCKWELL 1.43 1.48 1.48 1.48 1.43 1.43 4,000 5,850 SHANG PROP 2.57 2.61 2.6 2.6 2.6 2.6 42,000 109,200 2.84 2.92 2.93 2.94 2.92 2.92 10,000 29,310 STA LUCIA LAND SM PRIME HLDG 38.2 38.4 39.25 39.25 37.9 38.4 6,696,800 257,880,990 VISTAMALLS 3.45 3.5 3.55 3.55 3.45 3.45 25,000 86,650 SUNTRUST HOME 1.07 1.11 1.12 1.12 1.12 1.12 28,000 31,360 3.11 3.15 3.17 3.19 3.11 3.11 806,000 2,536,980 VISTA LAND SERVICES ABS CBN 12.5 12.7 12.86 13 12.5 12.5 70,900 904,360 GMA NETWORK 15.16 15.18 15 15.18 14.8 15.18 1,999,600 30,078,850 MANILA BULLETIN 0.41 0.42 0.41 0.41 0.41 0.41 140,000 57,400 9.38 9.97 9.97 9.97 9.97 9.97 4,800 47,856 MLA BRDCASTING GLOBE TELECOM 2,572 2,576 2,586 2,600 2,562 2,576 70,110 181,006,750 PLDT 1,750 1,756 1,782 1,784 1,748 1,750 75,730 133,139,805 APOLLO GLOBAL 0.068 0.07 0.07 0.071 0.068 0.07 145,650,000 10,127,230 25.9 26 26.65 26.95 25.8 25.9 8,683,200 226,454,515 CONVERGE 2.3 2.31 2.37 2.37 2.27 2.3 331,000 760,730 DFNN INC 5.45 5.48 6 6.05 5.45 5.45 43,439,800 244,534,822 DITO CME HLDG JACKSTONES 1.6 1.64 1.64 1.64 1.64 1.64 2,000 3,280 NOW CORP 1.23 1.24 1.22 1.27 1.22 1.23 792,000 985,370 0.365 0.37 0.375 0.41 0.365 0.37 81,090,000 31,568,050 TRANSPACIFIC BR 7.3 7.5 7.4 7.4 7.3 7.3 60,700 444,205 2GO GROUP ASIAN TERMINALS 14.1 14.4 14.4 14.4 14.4 14.4 3,300 47,520 CHELSEA 1.69 1.7 1.71 1.74 1.7 1.7 1,157,000 1,971,770 CEBU AIR 47.05 47.2 47.5 47.5 46.8 47.05 176,200 8,303,330 218 218.8 217 220.8 213.2 218 1,439,780 314,583,160 INTL CONTAINER 21.85 23.4 23 23 22.85 22.85 8,100 185,805 LBC EXPRESS MACROASIA 5.8 5.9 6 6.09 5.75 5.8 2,338,300 13,855,713 METROALLIANCE A 1.05 1.08 1.09 1.09 1.05 1.05 14,000 14,860 0.81 0.82 0.81 0.82 0.81 0.81 153,000 123,970 HARBOR STAR ACESITE HOTEL 1.46 1.5 1.46 1.58 1.46 1.5 23,000 34,500 WATERFRONT 0.455 0.495 0.455 0.455 0.455 0.455 60,000 27,300 STI HLDG 0.355 0.36 0.37 0.37 0.36 0.36 1,650,000 603,100 BELLE CORP 1.33 1.35 1.33 1.35 1.33 1.34 323,000 432,830 7.5 7.6 7.8 7.8 7.35 7.5 6,439,800 48,588,111 BLOOMBERRY 1.75 1.84 1.75 1.84 1.75 1.84 45,000 78,930 PACIFIC ONLINE LEISURE AND RES 1.3 1.33 1.34 1.34 1.3 1.3 1,264,000 1,688,610 PH RESORTS GRP 1.12 1.14 1.22 1.22 1.11 1.14 4,732,000 5,504,720 0.46 0.465 0.455 0.47 0.45 0.465 11,220,000 5,172,450 PREMIUM LEISURE 2.3 2.34 2.27 2.36 2.27 2.3 195,000 453,870 PHILWEB 0.5 0.51 0.52 0.52 0.49 0.51 38,357,000 19,275,775 ALLDAY BERJAYA 5.67 5.85 5.67 5.67 5.67 5.67 10,100 57,267 ALLHOME 8.72 8.73 8.71 8.94 8.7 8.73 358,700 3,136,450 1.42 1.43 1.44 1.44 1.4 1.42 338,000 478,920 METRO RETAIL PUREGOLD 36.15 36.4 36.3 36.4 35.95 36.4 1,555,600 56,367,425 ROBINSONS RTL 59.05 60.2 61.05 61.05 59.05 59.05 775,240 46,621,135 PHIL SEVEN CORP 74.6 74.95 75 75 74 75 2,010 149,475 1.11 1.12 1.12 1.14 1.11 1.12 656,000 732,360 SSI GROUP 28.85 28.9 29.1 29.75 28.9 28.9 819,400 23,887,545 WILCON DEPOT 0.242 0.255 0.25 0.255 0.241 0.242 800,000 194,180 APC GROUP EASYCALL 4.12 4.48 4.12 4.12 4.12 4.12 10,000 41,200 MEDILINES 1.03 1.04 1.07 1.07 1.04 1.04 1,993,000 2,079,590 0.71 0.72 0.76 0.77 0.71 0.72 16,240,000 11,977,690 PRMIERE HORIZON 3.76 3.88 3.81 3.81 3.8 3.8 110,000 418,060 SBS PHIL CORP

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4192 -0.43%

2.82%

1.78%

-0.28%

MINING & OIL

Philam Bond Fund, Inc. -a

4.3232

-3.95%

3.28%

1.17%

-1.65%

Philam Managed Income Fund, Inc. -a 1.3159

-0.17%

3.47%

2.77%

-0.24%

Philequity Peso Bond Fund, Inc. -a

3.9338

-0.78%

3.18%

2.5%

-0.81%

Soldivo Bond Fund, Inc. -a

1.0208

-0.2%

3.91%

1.92%

-0.72%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1595

-0.85%

3.68%

3.01%

-0.88%

2.87%

2.31%

-1.02%

5.2875

PAMI Equity Index Fund, Inc. -a

48.4588

7.68%

-1.47%

0.37%

0.69%

Philam Strategic Growth Fund, Inc. -a

507.15

7.81%

-1.6%

-0.12%

1.29%

Philequity Dividend Yield Fund, Inc. -a

1.3826

22.77%

2.57%

2.66%

1.94%

Philequity Fund, Inc. -a

37.0239

10.49%

-0.67%

1.36%

1.17%

0.963

10.3%

-1.46% n.a.

2.29%

Philequity MSCI Philippine Index Fund, Inc. -a Philequity PSE Index Fund Inc. -a

5.0139

8.87%

-0.71%

1.1%

1.07%

Philippine Stock Index Fund Corp. -a

834.89

8.35%

-0.78%

1.03%

0.77%

Soldivo Strategic Growth Fund, Inc. -a

1.08%

0.7607

9.03%

-5.37%

-2.05%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.819

9.39%

-3.17%

-0.31%

1.15%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a

0.9509

7.85%

-1.11%

0.77%

United Fund, Inc. -a

8.37%

-1.15%

1.66%

1.54%

3.4901

1.02%

0.68%

Primarily invested in Peso securities (units) Philequity Alpha One Fund, Inc. -a

1.2023

Philippine Stock Index Fund Corp. -a

14.38% n.a. n.a.

3.41%

1021.82 n.a. n.a. n.a. n.a.

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c

112.5038

8.79%

-0.52%

1.51%

0.92%

Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b

$1.0733

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6686

-16.23%

2.03%

3.46%

-4.72%

-2.04%

10.13%

8.88%

-9.63%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a

1.6677

ATRAM Philippine Balanced Fund, Inc. -a

2.2888

First Metro Save and Learn Balanced Fund Inc. -a 2.7264

1.4%

-0.58%

3.2% 6.98%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2126 NCM Mutual Fund of the Phils., Inc. -a

-0.45%

-1.44%

0.25%

0.24%

0.32%

1.64%

1.86%

1.32%

11.02% n.a. n.a.

2.0212

4.21%

2.29%

PAMI Horizon Fund, Inc. -a

3.7667

2.84%

1.64%

0.96%

0.04%

Philam Fund, Inc. -a

16.8838

2.7%

1.32%

0.88%

0.23%

Solidaritas Fund, Inc. -a

2.1367

4.22%

0.41%

0.88%

0.72%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.6585 4.71%

-0.99%

0.4%

0.31%

0.42%

0.97%

1.32%

Sun Life Prosperity Dynamic Fund, Inc. -a

0.9668

11.67%

2.08%

1.72%

0.22%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a

0.9706

-0.98%

-0.04% n.a.

Sun Life Prosperity Achiever Fund 2038, Inc. -a

0.9388

3.87%

-0.87% n.a.

-1.94% -0.6%

Sun Life Prosperity Achiever Fund 2048, Inc. -a

0.9303

4.46%

-1.12% n.a.

-0.39%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a

$0.03598

-5.91%

0.25%

0.37%

-5.17%

$1.0395

-9.47%

1.73%

2.39%

-2.59%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.4417 -2.76%

7.06%

6.43%

-7.51%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.1297 -3.9%

3.12%

2.87%

-5.75%

PAMI Asia Balanced Fund, Inc. -b

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a

373.76

0.75%

2.64%

2.44%

ATRAM Corporate Bond Fund, Inc. -a

1.886

-0.98%

0.4%

0.05%

0.07%

Cocolife Fixed Income Fund, Inc. -a

3.2431

0.79%

2.7%

3.72%

-0.03%

Ekklesia Mutual Fund Inc. -a

2.2234

Sun Life Prosperity GS Fund, Inc. -a 1.7129

-1.56%

-0.14%

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a

$486.71

0.76%

2.52%

2.24%

ALFM Euro Bond Fund, Inc. -a

Є216.93

-1.08%

0.31%

0.61%

-0.58% -1.4%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1286

-5.75%

-0.71%

0.3%

-6.25%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0252 -3.08%

0.27%

0.24%

-3.08%

PAMI Global Bond Fund, Inc -b

-2.78%

-1.95%

-5.58%

$0.9657

-8.94%

$2.3701

-4.65%

2.14%

1.54%

-5.41%

$0.0613342

-1.93%

2.12%

1.54%

-1.54%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.9765 -5.22%

0.5%

0.28%

-6.87%

Philam Dollar Bond Fund, Inc. -a Philequity Dollar Income Fund Inc. -a

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a

1.09%

2.55%

2.54%

0.18%

First Metro Save and Learn Money Market Fund, Inc. -a

131.42

1.0597

1.01%

1.84% n.a.

Sun Life Prosperity Peso Starter Fund, Inc. -a,1

1.51%

2.44%

2.52%

1.319

0.19%

0.26%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0617

0.69%

1.34% n.a.

0.1%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund Inc. -a

45.4238 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.2996

11.21% n.a. n.a.

-6.02%

Primarily invested in foreign currency securities (units) ALFM Global Multi-Asset Income Fund Inc. -a

$0.9174

-6.39% n.a. n.a.

-5.42%

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."

APEX MINING 1.7 1.72 1.75 1.78 1.68 1.7 7,956,000 13,748,780 ATLAS MINING 7.15 7.2 7.15 7.4 7.1 7.2 2,709,600 19,505,654 5.3 5.44 5.26 5.36 5.26 5.3 16,300 86,448 BENGUET A BENGUET B 4.91 5.1 4.9 4.9 4.9 4.9 3,000 14,700 CENTURY PEAK 2.7 2.72 2.6 2.72 2.6 2.72 29,000 76,000 DIZON MINES 4.64 5.19 4.57 5.33 4.5 5.33 14,800 67,580 2.61 2.62 2.68 2.75 2.58 2.61 8,672,000 23,013,050 FERRONICKEL 0.198 0.208 0.208 0.208 0.208 0.208 30,000 6,240 GEOGRACE LEPANTO A 0.162 0.163 0.161 0.169 0.161 0.163 36,340,000 5,970,930 LEPANTO B 0.161 0.168 0.161 0.168 0.161 0.161 1,620,000 262,920 MANILA MINING A 0.01 0.011 0.01 0.01 0.01 0.01 24,800,000 248,000 0.01 0.011 0.01 0.01 0.01 0.01 13,400,000 134,000 MANILA MINING B MARCVENTURES 1.97 1.98 1.95 2.08 1.9 1.98 16,530,000 32,458,040 NIHAO 1.04 1.07 1.03 1.07 1.03 1.07 9,000 9,470 NICKEL ASIA 7.83 7.84 8 8.12 7.77 7.84 13,916,000 109,947,166 ORNTL PENINSULA 1 1.01 1.04 1.05 1.01 1.01 3,614,000 3,722,690 6.15 6.19 6.2 6.34 6.08 6.15 9,796,300 61,097,657 PX MINING 30.4 30.45 28.7 30.45 28.7 30.4 11,284,200 337,471,890 SEMIRARA MINING UNITED PARAGON 0.0072 0.0075 0.0075 0.0075 0.0075 0.0075 1,000,000 7,500 ACE ENEXOR 25.15 25.7 25.75 26.4 25.15 25.15 321,500 8,242,420 0.012 0.013 0.012 0.013 0.012 0.013 1,000,000 12,500 ORNTL PETROL A ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 40,300,000 483,600 PHILODRILL 0.0098 0.0099 0.0095 0.0099 0.0095 0.0098 61,000,000 600,500 PXP ENERGY 6.45 6.49 6.66 6.95 6.38 6.49 1,167,400 7,778,964 PREFFERED AC PREF B1 504 515 514 514 514 514 100 51,400 AC PREF B2R 505 515 515 515 515 515 10 5,150 BRN PREF A 104.1 105.8 105 105.8 105 105.8 2,000 210,088 47 48 47.5 47.5 47.5 47.5 400 19,000 CEB PREF DD PREF 100.3 101 101 101 101 101 10 1,010 JFC PREF A 991 1,005 1,000 1,000 1,000 1,000 50 50,000 JFC PREF B 999 1,015 1,000 1,000 1,000 1,000 3,680 3,680,000 99 100.5 99.2 100.5 99 100.5 1,100 109,119 MWIDE PREF 4 PNX PREF 4 988 989 990 990 988 988 370 366,000 77 78.7 78.7 78.7 76.9 76.9 16,230 1,248,688 SMC PREF 2F SMC PREF 2I 77.5 78.95 76.5 76.5 76.5 76.5 10,000 765,000 SMC PREF 2J 76.4 77.25 76.4 76.4 76.4 76.4 25,300 1,932,920 76 76.95 76 76 76 76 500 38,000 SMC PREF 2K TECH PREF B2C 51.2 52.5 50.6 50.6 50 50 20,000 1,002,500 TECH PREF B2D 52.2 55 54.95 55 54.95 55 2,600 142,900 PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 14.1 14.3 13.88 14.3 13.74 14.3 130,300 1,830,508 WARRANTS TECH WARRANT 0.78 0.79 0.78 0.81 0.75 0.79 835,000 655,750

-30,447,684 -41,848,726.50 55,000 -3,468,081 -108,822,686 -97,598.00 950,205 -10,901,248 -1,119,532.50 -9,900 -228,240 9,700 -20 1,314,400 -32,953,277 8,820 15,895,430 16,330 825,200 77,545 15,519,544 -4,059,420 -576,360 -3,400,924 -3,865,306 1,273,800 -22,876,380 3,297,012 -801,770 4,075,675 2,354,977 -2,501,228 127,987.00 -115,800 -11,900 -80,769 13,520,232 828,570 9,200 -1,500 -59,642,158 -15,230,865 508,820 8,170,951 12,250 -98,140 -30,373,646 -7,428 243,768 13,017,648 10,200 -12,800 2,000 -2,950,000 5,663,435 11,800 242,430 -9,100 -3,514.00 9,954,575 7,662,543.50 -8,162,944 5,100 -742,640 21,600 -271,566 -4,415,542 738,495 19,399,235.50 -295,880 -386,205 -39,528,510 82,319,165 1,096,295 -12,018,755 8,218,980 27,950,930.50 7,000 2,820 -8,300 -10,701,380.00 -470,500 115,700 -63,800 -2,166,400 -295,580 31,478 132,700 -5,052,540 275,000 -32,265,830 -2,691,000.00 17,047,541 4,093,630 109,200 13,684,240 -795,150 31,490,530 -62,217,720 297,320.00 -30,240,290 188,090 -76,515,185 62,000 -347,150 -6,579 -2,042,155 128,495,462 -29,821 -3,400 -134,000 2,655,909 11,240.00 -9,200 213,020 -622,000 873,943.00 -14,002,960 8,089,560.50 -19,405 -60,140 517,685 -156,700 36,200 93,780 -2,769,410 5,060,296 39,600 4,630 60,680 46,020 21,458,574 -3,120 24,457,556 73,688,555 -431,710 -

SMALL & MEDIUM ENTERPRISES

ALTUS PROP HAUS TALK ITALPINAS MERRYMART XURPAS

16.64 0.99 1.04 2.15 0.4

16.68 1 1.05 2.17 0.415

EXHANGE TRADE FUNDS

FIRST METRO ETF

111

112

16.74 1.01 1.04 2.21 0.405

17.38 1.01 1.06 2.28 0.42

16.68 0.97 1.04 2.15 0.4

16.68 0.99 1.04 2.17 0.415

34,900 1,411,000 732,000 4,722,000 1,510,000

600,012 1,387,420 763,050 10,520,690 610,500

51,400 49,450 -19,600 35,940 1,960 315,510 8,250

112.5 112.5 111 111 7,350 822,388 -2,161

www.businessmirror.com.ph

Banking&Finance

Singaporean fintech bags $29M for PHL expansion By Roderick Abad

@rodrik_28

Contributor

INGAPORE-based spend management-platform provider Volopay.Co Pte. Ltd. has raised $29 million from leading bluechip investors that will fuel its entry to the Philippine market in the second quarter of 2022. Its foray into the domestic market aims to address two of the most pressing problems that micro, small and medium enterprises (MSMEs) as well as start-ups face—the high foreign exchange (FX) charges incurred for international payments and the lack of a uniform platform to access all spend data. Volopay said in a statement it provides companies with multicurrency wallets to hold money in peso and other currencies and, subsequently, use it for payouts, eliminating amounts of FX charges levied on international payments. Co-founders Rajith Shaji and Rajesh Raikwar were quoted in a statement that they are looking forward to their expansion in the Philippines “since the growth prospects are immense in this country, with almost a million registered businesses. They cited the Philippine Statistics Authority as saying 99.51 percent of these businesses are MSMEs.” “This is where a fintech start-up like Voloplay can play a crucial role being a disruptor of traditional business banking that seeks to be embraced as the single and only solution growing, global businesses need for their cards, invoice automation and bill payments along with the added bonus of a multi-currency business account without the hassle and limitations of a traditional bank,” the firm’s statement read. “Volopay is an ambitious project.

To build an alternative to Volopay, you would have to launch five different start-ups,” Shaji, CEO of Volopay, was quoted in the statement as saying. In doing so, the firm has applied for financial licenses in its markets, something no other company has done regionally and established its own “control center for modern companies for all their financial management needs.” This will allow its global clients to eliminate the requirement for integration with multiple thirdparty financial services platforms, delivering a consistent and delightful customer experience regardless of the region they are operating in. “Our platform is as easy and seamless to use for a 5-person company, as it is for a 500-person company,” Shaji said. “We want to take our vision of a unified spend management platform to all companies across the world after our initial markets of APAC [Asia Pacific] and MENA [Middle East and North Africa].” According to Raikwar, both regions are making a big wave internationally by producing some unicorn level enterprises annually. “Accelerating their growth requires an efficient expense management tool that is simple yet scalable, something that Volopay has always aimed for,” noted Raikwar, Volopay’s chief technology officer. The Volopay founders said that since the seed funding, the firm has grown exponentially for its clients to effortlessly streamline expense management. With over 150 member teams spread all over major business centers in the APAC region, such as Singapore, Australia, India, Indonesia and the Philippines, Volopay has amassed an impressive clientele with the likes of Upmesh and Locad, among others.

Sovereign bonds extend global rally on Ukraine

OVEREIGN bonds surged in Japan, Australia and New Zealand on Wednesday, extending a global rally as Russia’s invasion of Ukraine spurred a flight to the safety of government debt. The soaring demand comes as traders slash bets on interestrate hikes from developed-markets central banks, swelling the world’s pile of negative-yielding sovereign bonds by $3 trillion in two days. “Markets are bracing for a drawn-out conflict and appear to be focusing more on the negative growth implications than inflation risks,” Australia & New Zealand Banking Group Ltd. strategists including Brian Martin wrote in a note. Expectations for the Federal Reserve to hike by 50 basis points have faded and investors are turning to Treasuries as liquidity deteriorates, they said. Growth fears were also evident in the selloff in stocks, while the prospect of supply shortages ripped through commodity markets, sending crude oil to $110 a barrel and wheat futures to a 14year high. Australia’s 10-year yields slipped as much as 11 basis points to 2.07 percent. Their New Zealand counterparts slumped 13 basis points before recouping much of the fall. Japan’s benchmark 10-year bond yield, which typically moves in the tiniest of increments, dropped 3.5 basis points to 0.135 percent and headed for the lowest close since January. Meanwhile, hedge funds look to have helped fuel the biggest gain in the country’s bond futures in a year, with ten-year contracts jumping as much as 58 ticks to 151.17.

Treasuries, which have led global gains this week, were little changed in Asian trading as investors weighed the risk of stagflation. There were also signs overnight of some short-covering in US bonds. Treasuries further out the curve were said by some traders to have benefited from stop-loss buying by speculative accounts that had been positioned to benefit from higher yields. Leveraged funds increased short positions in 30-year bond futures to 532,000 contracts in the week ended February 22, the strongest bets on declines in the securities since March 2020, according to Commitments of Traders data from the Commodity Futures Trading Commission. Money-market traders have priced out any risk the Fed will start its tightening campaign with a half-point increase this month, once seen as a near certainty. They’ve also marked down where the benchmark rate will peak, to around 1.7 percent, which is a drop of over 20 basis points from previous expectations. “It is very hard to know where bond yields go in the near term as we are at the mercy of unpredictable headlines around Russia/ Ukraine,” said Andrew Ticehurst, a rates strategist at Nomura Holdings Inc. in Sydney. “We are wary that we could see more covering of short positions in the bond market, which could send yields still lower. Positioning data has been suggesting very large short positions.” German 10-year yields slid 21 basis points to minus 0.07 percent, the largest daily decrease since 2011 as rates traders bet the European Central Bank will put off raising interest rates until next year. Bloomberg News

BusinessMirror

Editor: Dennis D. Estopace • Thursday, March 3, 2022

OFWs in Russia feel sanctions, can’t send remittances to PHL

By Malou Talosig-Bartolome

ILIPINOS in Russia are starting to feel the economic sanctions imposed by the United States and other countries as penalty for invading Ukraine.

In an advisory to the Filipino community Tuesday, the Philippine Embassy in Moscow said major banks in Russia such as state-owned VTB Bank and Sberbank are experiencing the major blow from the economic sanctions. “Batid po ng embahada ang mga pagbabago ng ating normal na pang-arawaraw na mga pinansyal na gawain, [the embassy is aware of the changes in our normal daily financial activities,]” the Embassy prefaced.

Images from Moscow show long lines at automated teller machines (ATMs) outside and around buildings of Russian banks as depositors rushed to withdraw cash to spend on physical goods insulated from inflation. The ruble has already depreciated to as much as 30 percent, trading at 119 to the greenback. Many Russians are trying to withdraw their rubles in exchange for stable currencies like US dollars or euro, too.

The Embassy said because of the western sanctions, Filipinos in Russia may find it difficult to remit money to the Philippines. “Maaaring makaranas tayo ng mga kaunting isyu sa pagpapadala ng ating pera sa labas ng Russia, partikular upang sustentuhan ang ating mga pamilya, [We may experience a few issues with sending our money out of Russia, specifically to support our families,]” the advisory reads. There are 8,000 Filipinos in Russia, most of them domestic helpers. The Embassy said VTB Bank has sent them a letter saying they are doing their best to calm down their clientele. VTB said they would continue their operations and provide customer support, especially on ruble-denominated cash deposits and other financial instruments. “Kung sakali na kayo po ay nakakaranas ng kaunting isyu o kahirapan sa karaniwan ninyong pinansyal na transaksyon, minumungkahi po namin na

makipag-ugnayan kaagad sa customer support ng inyong bangko para kayo ay mapayuhan kung paano maremedyuhan ang inyong isyu sa inyong bangko, [In the event that you experience a minor issue or difficulty with your normal financial transaction, we suggest contacting your bank’s customer support immediately for advice on how to resolve your issue with your bank,]” the Embassy advised. The Embassy suggested that overseas Filipino workers ask for Englishspeaking customer-support services of the bank, which major banks have. “Huwag mag-atubiling kumontak sa inyong bangko. Kayo po ay kanilang kliyente at may karapatan na masilbihan ng mayos, lalo na’t ito ay inning parang pinaghirapan at pinagkatiwal sa bangko, [Feel free to contact your bank. You are their client and have the right to be served well, especially when it is an inning that seems to be worked hard and entrusted to the bank,]” it added.

SSS opens pilot digital branch in San Pedro City, Laguna

HE Social Security System (SSS) announced it recently launched a pilot digital branch located at the 2nd floor of Robinsons Galleria South in San Pedro, City, Laguna, to offer multi-channel service delivery platforms to its members, employers, pensioners and the general public from its 27 barangays. SSS President and Chief Executive Officer Aurora C. Ignacio was quoted in a statement as saying that the pilot branch “will help members and pensioners to get acquainted with the various SSS digital platforms.” “As we continue our digital transformation, the SSS is aware of the current situation where some of members and pensioners need assistance in using our My.SSS Portal and SSS Mobile App. Hence, we cre-

ated a digital branch to encourage members to enroll in the My.SSS Portal. Branch personnel can personally guide them in exploring the electronic services available and proceed with online transactions. Members and pensioners will later be comfortable in using our online services so that they can finally transact on their own at the comfort of their homes and workplaces. We will continue to convert regular branches to digital in National Capital Region and selected provinces nationwide,” Ignacio said. According to the SSS, its digital branch has three sections: e-Center; mobile app learning center (MALC); and, customer care center (CCC). The e-Center is the venue for employers and individual members

to learn or avail SSS online services such as: n My.SSS registration and profile maintenance; n registration services; n inquiry on membership and coverage like membership status, contributions, employment history, payments; n filing and status inquiry of loans and benefit claim transactions like funeral claim, retirement claim, sickness and maternity notifications; n generation of payment reference number for the payment of contributions and loan premiums; and n auxiliary services such as disbursement account enrollment, appointment system and request for records.

Meanwhile, the MALC is where members can learn how to access the SSS online service portals using their mobile phones and tablets. Lastly, the CCC is for other transactions which are not yet available online (over-the-counter/face-toface transaction) including the presentation or confirmation of original documents and Death and Disability claim applications. The SSS said its digital branch is open from Monday to Friday, 8:00 am-5:00 pm following a number coding system for walk-in clients wherein their transaction day will depend on the last digit of their social security number. Walk-in clients however, are also advised to follow the basic health and safety protocols within branch premises.

Taiwan dollar turns proxy for spillover Ukraine risks

AIWAN’S dollar is fast becoming a favorite proxy for market risks in Asia triggered by Russia’s invasion of Ukraine. The currency was already one of the region’s worst performers in February as investors withdrew from Taiwanese stocks. Now, options pricing indicates a dash for protection in case those moves start to accelerate, with a gauge showing that traders are the most bearish on the local dollar in almost two years. The bets represent speculation over whether China could use Russia’s invasion of Ukraine as a distraction to ramp up tensions with Taiwan. Even if few deem that likely, Taiwan’s relatively deep and liquid markets make them appealing to investors seeking strategic positions with the rising geopolitical risks. Premier Su Tsengchang has said the central bank has enough US dollar liquidity to keep the local currency stable. “The Taiwan dollar is being sup-

pressed due to the Russia invasion, as Russia’s actions may have implications on whether China would act against Taiwan in a military fashion,” said Stephen Chiu, chief Asia FX and rates strategist at Bloomberg Intelligence in Hong Kong. “The Taiwan dollar is deep and liquid enough. It is one of the most traded NDF pairs in the world.” One-month risk reversals on the US-Taiwan dollar exchange rate climbed to 1.1525 percent last Tuesday, signaling the most bullish sentiment toward the greenback since May 2020. The risk reversals jumped over 100 basis points in February, the largest one-month increase since 2012. One-month non-deliverable forwards on the currency pair rose to 28.190 last month, the highest in almost a year. Beijing’s threats to use military force to stop Taipei from declaring formal independence have persisted

for years. Taiwan President Tsai Ingwen has played down concerns that Russia’s invasion of Ukraine could trigger a similar crisis in Asia, warning against any efforts to use the crisis in Europe to sow panic in Taiwan. History suggests that geopolitical factors exert substantial influence over the Taiwan dollar. The currency slid more than 3 percent versus the greenback between July 1995 and March 1996, when China conducted a series of missile tests in the waters surrounding the island.

Intervention

STILL, any losses in the local dollar may be limited from here as the authorities step in to offer support. State-backed banks sold the greenback to help the Taiwan dollar erase losses before the close on Tuesday, according to traders who asked not to be identified as they are not authorized to speak publicly. The Taiwan dollar slipped 0.1

percent to 28.050 per greenback last Wednesday after ending little changed the previous day. The currency is relatively stable compared to major peers, and policy makers will maintain a flexible exchange rate policy, Premier Su said in a report to lawmakers last Tuesday. The authorities will monitor fund flows closely in case of abnormal fluctuations in the FX market due to the war, Su added. Worries about heightened tensions are also showing up in the island’s stocks. The put-to-call ratio on the largest exchange-traded fund that buys Taiwanese equities—or the amount of outstanding bearish options contracts relative to bullish ones—jumped to the highest since November. That may also partly reflect concerns that Taiwan’s companies could be affected by any disruption over Ukraine’s supply of gases used in semiconductor output. Bloomberg News

LandBank e-banking transactions value soars 46% to ₧2.45T

HE Land Bank of the Philippines (LandBank) recently issued a statement announcing that the combined value facilitated by its six major electronic channels reached P2.45 trillion in 2021—a 46-percent hike from the previous year—while volume of transactions grew by 19 percent to 136.3 million. LandBank President and CEO Cecilia C. Borromeo was quoted in the statement as saying she credited this growth to the expanding adoption of the bank’s digital services and marks another milestone in LandBank’s ongoing digital transformation. “LandBank is leveraging on the latest technological solutions to

deliver a digital banking experience designed for the new normal,” Borromeo said through the statement the lender issued last Wednesday. “We will continue to bank on digital infrastructures as we push for greater digital adoption and advance financial inclusion in the country.” The country’s second-largest bank by asset said its mobile banking application (app) recorded 103.8 million transactions worth P172.39 billion last year, representing upsurges of 44 percent and 103 percent, respectively, from the previous year. The bank said its e-payment facility facilitated around 3.88 mil-

lion transactions equivalent to an 83-percent increase, corresponding to a total value of P10.45 billion or a 31-percent growth rate. The lender said its institutional Internet banking platform recorded 20.9 million transactions worth nearly P489 million for increases of 29 percent and 24 percent, respectively. The bank said it also logged a 30percent jump in value via its Internet retail banking channel, reaching P15.40 billion compared to P11.87 billion in 2020. The LandBank said its bulk credit system also posted “unprecedented” annual growths of 105 percent and

181 percent for volume and value, respectively. The lender added that its electronic modified disbursement system for national government agency partners posted increases of 20.9 million or 29 percent more transactions, and a total P488.98 billion or 24-percent rise in value. “With the continuous increase in the use of e-banking channels, the state-run Bank assures its customers that it maintains the highest level of security in all its systems while reminding customers to remain vigilant against online banking fraud and scams,” the bank’s statement read.

Envoys&Expats BusinessMirror

Thursday, March 3, 2022

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SFA amplifies PHL focus on Asean maritime-security ties; backs sustainability, openness in E. Union ministerial fora

ECRETARY of Foreign Affairs (SFA) Teodoro L. Locsin Jr. highlighted maritime security cooperation as a key interest for the Philippines at the recent Asean Foreign Ministers’ Retreat. Attending the breakthrough meeting of Asean foreign ministers for the year under Cambodia’s chairmanship in Phnom Penh on February 17, Locsin articulated on these priorities, and highlighted the country’s role on maritime security cooperation within the region, owing to its features an archipelagic state. The SFA called on Asean to remain united in pushing for peace in the South China Sea/West Philippine Sea (SCS/WPS). “We want an early conclusion of an effective and substantive Code of Conduct in the SCS/WPS that excludes no country or power in the rest of the world…” the Philippines’s top diplomat said. “We appreciate initiatives to finally advance the negotiations beyond the provisional

approval of the Preamble.” He also stated that the 20th anniversary of the Declaration on the Conduct of Parties in the SCS/WPS this year should be commemorated in conjunction with the 40th year of the 1982 UNCLOS, as the two landmark documents are fundamentally and inextricably linked. The SFA said UNCLOS and the 2016 Arbitral Award both provide legal clarity to all nations, and that these landmark documents “are not just beacons, but the only coordinates pointing to a just and fair solution to disagreements.” Locsin also verbalized the Philippines’s offer to lead the 12th Asean Maritime Forum (AMF) and the 10th Expanded Asean Maritime Forum (EAMF)—both slated in late 2022.

especially, it must include Daw Aung San Suu Kyi and President Win Myint. It should be a genuine dialogue, and not a ventriloquist act.”

Among EU ministers

LOCSIN (second from left), with Asean officials at the Foreign Ministers’ Retreat DFA

The AMF was established in 2010 as a venue for dialogue on a wide range of maritime issues, such as maritime security trends, maritime cooperation, maritime-domain awareness, and maritime-environmental protection, among others. In 2012 the Philippines was inaugural chair of the EAMF, which serves as a venue for Asean and its dialogue partners to discuss maritime issues. Locsin said that the Philippines is willing to shepherd initiatives and engagements on maritime coop-

eration with other Asean memberstates and dialogue partners under its “Outlook on the Indo-Pacific” program. He also spoke on the political crisis in Myanmar, and welcomed the appointment of Cambodian Foreign Minister Prak Sokhonn as the new Asean chair’s special envoy to the said country, while reiterating his call for constructive dialogue which involves all parties concerned. “The dialogue must include all— not just a select few,” he said. “Most

Might doesn’t make it right, unjust wars doomed to be lost By Josep Borrell

EU High Representative, VP of the European Commission

T this dark hour, when we see Russia’s unprovoked and unjustified invasion of Ukraine coupled with massive disinformation campaigns and information manipulation, it is essential to separate lies invented to justify what cannot be justified from facts. The facts are that Russia—a major nuclear power—has attacked and invaded a peaceful, democratic neighboring country which posed no threat to it, nor provoked it. Moreover, President Putin is threatening reprisals on any state that may come to the rescue of Ukrainians. Such use of force and coercion has no place in the 21st Century. What Putin is doing is not only a grave violation of international law; it is a violation of the basic principles of human coexistence. With his choice to bring war back to Europe, we see the return of the “law of the jungle” where might makes right. The target is not only Ukraine, but the security of Europe and the whole international rules-based order Founder on the United Nations system and international law. His aggression is taking innocent lives, crushing people’s wish to live in peace. Civilian targets are being struck, clearly violating international humanitarian law, forcing people to flee. We see a humanitarian catastrophe developing. For months we pursued unparalleled efforts to achieve a diplomatic solution. But President Putin lied to the faces of all who met him, pretending to be interested in a peaceful solution. Instead, he opted for a full-scale invasion—a fully-fledged war. Russia must cease its military operations immediately, and to un-

BORRELL

conditionally withdraw from the entire territory of Ukraine. The same goes for Belarus, which has to immediately stop its involvement in this aggression and respect its international obligations. The European Union (EU) is united in offering its strong support to Ukraine and its people. This is a matter of life and death. I am preparing an emergency package to support the Ukrainian armed forces in their fight.

Repercussions

THE global community will now, in response, opt for a full-scale isolation of Russia, to hold Putin accountable for this aggression. We are sanctioning those who finance the war, crippling the Russian banking system and its access to international reserves. The EU and its partners have already imposed massive sanctions on Russia that target its leaders and elites and strategic sectors of the Kremlin-run economy. The aim is not to harm the Russian people, but to weaken the Kremlin’s ability to finance this unjust war. In doing this, we are closely aligned with our partners and allies: the United States, Canada, United Kingdom, Japan, South Korea and Australia. We also see many countries from around the world rallying to protect the territorial integrity and sovereignty of Ukraine. We stand together

on the right side of history in the face of Russia’s horrifying attack on a free and sovereign country. To justify its crimes, the Kremlin and its supporters have engaged in a massive disinformation campaign, which started already weeks ago. We have seen Russian state media and their ecosystem peddling untruths in social media networks with the aim to deceive and manipulate. The Western Balkans as well have been targeted by the Kremlin’s disinformation operations for far too long and know how to detect when being exposed to information manipulation. Kremlin propagandists call the invasion “a special operation,” but this cynical euphemism cannot hide the fact that we are witnessing a fullyfledged invasion of Ukraine, with the aim to crush its freedom, legitimate government and democratic structures. Calling the Kyiv government “neo-Nazi” and “Russophobic” is nonsense: all manifestations of Nazism are banned in Ukraine. In modern Ukraine, extreme right-wing candidates are a fringe phenomenon with minimal support, without passing the barrier to enter the parliament. Its government did not cut the Donbass off, and it has not prohibited the use of Russian language and culture. Donetsk and Luhansk are no republics: They are Ukrainian regions controlled by Russia-backed and armed separatist groupings. We know this, as many Russians do. There have been courageous protests in cities across Russia since the invasion started, demanding the end of the aggression against a peaceful neighboring nation. We hear their voices and recognize their courage in speaking out, and we see many prominent public figures in Russia protesting this senseless invasion. I continue to work with our part-

ners around the world to ensure the joint action of the international community against the Kremlin’s behavior. On February 25 only Russia vetoed a United Nations Security Council Resolution on its aggression against Ukraine, with China, India and the United Arab Emirates abstaining. From all over the world, countries condemn Russia’s attacks and at the General Assembly, the entire international community needs to join forces and help to end Russia’s military aggression by adopting the related UN Resolution.

Standing by PHL

ALTHOUGH far away, what happens in Europe matters to this region. The people in Southeast Asia, including in the Philippines, unfortunately know too well what war is. They have experienced the sufferings associated with the war. They know why it is so important to fight for freedom, sovereignty and territorial integrity. They understand very well what the people of Ukraine are going through. The Philippines fought for its independence, and then suffered in World War 2. It is because of these bitter memories of war that they value peace and their sovereignty. We have consistently stood by the Philippines when its territorial integrity was threatened, and recalled that the UN charter and international law is for all, and not for a few. We expect the Philippine government to side with the EU at this time in history. With this war on Ukraine, the world will never be the same again. It is now, more than ever, the time for societies and alliances to come together to build our future on trust, justice and freedom. It is the moment to stand up and to speak out. Might does not make right. Never did. Never will.

PHL-Japan Environment Week to hold seminar, exhibit, business matching

HE Ministry of the Environment-Japan (MOEJ), in partnership with the Department of Environment and Natural Resources (DENR), is currently holding the firstever Philippines-Japan Environmental Week, which will discuss environmental issues and sharing opportunities for cooperation toward a decarbonized infrastructure and society. With key speakers and participants from both countries’ public and private sectors, the gathering provides

opportunities to discuss environmental issues, and shares innovative and emerging environmental solutions. Participants from the public and private sector, research and academic institutions, international and regional bodies, as well as nongovernment organizations were invited to join the online seminars, exhibition and business-matching events which will be held until March 4. Ambassador Kazuhiko Koshikawa was set to welcome participants

to the online seminar tackling joint crediting mechanism, climate adaptation and climate-change transparency improvement in three separate seminars, with two plenary sessions on Action Toward Decarbonized and Resilient Societies, and City-to-City Collaboration. The online Business Matching and Exhibition being held up to March 4 is enabling participants to learn about environment-friendly technologies and solutions through a designated exhibi-

tors event web page, where individual communications with exhibitors, as well as videos showing their technologies and other useful information, are available. For more details, visit the following links: event registration (https:// www.jprsi.go.jp/ew2022ph/event.html), MOEJ (https://www.env.go.jp/en/headline/2582.html), and DENR (https:// denr.gov.ph/index.php/news-events/ press-releases/3525-denr-moej-to-holdfirst-ph-japan-environmental-week).

MEANWHILE, prior to his trip to Poland to oversee the transit of FIlipino nationals from Ukraine, the SFA was in Paris was in Paris with more than 30 ministers who graced the Ministerial Forum for Cooperation in the Indo-Pacific. Organized as part of the French Presidency of the Council of the European Union throughout the first semester of 2022, this meeting was attended by Locsin and foreign ministers or representatives of European Union member-states. The forum served as a venue for reflection and exchange to build a common vision between the EU’s member-states and countries of the Indo-Pacific region, based on the principles of sustainability and openness. Commitments of the EU toward long-term engagement in the IndoPacific on three key areas are as follows: In security and defense: Further support stability and security in the Indo-Pacific, optimize naval deploy-

ments, promote coherence of European action, and facilitate exchange of information and cooperation with partners in the said region—including through conduct of joint maritime exercises and port calls; In connectivity: Through the promotion of the EU’s Global Gateway strategy, which proposes projects and the mobilization of up to €300 billion of investments between 2021 and 2027 for sustainable and inclusive connectivity in five priority areas: digital, climate and energy, transport, health, education and research; In digital technology: By highlighting the need to ensure an open, safe, secure and human-centric Internet, as well as adopting the highest standards of security on the digital network; and In addressing global issues: Including fighting climate change, supporting sustainable energy transition, protecting biodiversity and the oceans, and deepening health cooperation in terms of research and innovation, industrial policies, as well as supporting projects to develop pharmaceutical production capacities in the region—including the production of vaccines.

UK diplomatic network boosts initiatives on LGBT+ rights

HEAD of this summer’s “Safe To Be Me” Conference, all diplomatic missions of the United Kingdom have stepped-up efforts to advance rights of the members of lesbian, gay, bisexual, transgender + (LGBT+) communities. Working with friends and allies across the globe, the UK is seeking to accelerate progress and help create conditions for greater equality and freedoms for LGBT+ people, according to the British Embassy in Manila. The UK, it said, already delivers a range of global projects to defend the human rights of LGBT+ people, with programs that tackle discrimination and hate crimes running across Asia, Africa, Eastern Europe and Latin America. Recently this included work to evacuate LGBT+ people from Afghanistan under threat from the Taliban. This year diplomats have ramped up their close engagement with governments and stakeholders across the world, including with groups such as the Equal Rights Coalition, the European LGBT Intersex Focal Points Network, and the UN LGBTI Core Group. This work has the potential to help deliver the next chapter in LGBT+ history. The “Safe To Be Me” conference, which will take place in London this summer, will focus on delivering positive international action on four key goals: n Tackling violence and discrimination by bringing communities and leaders together to agree on new plans and ways to target funding and apply these globally; n Advancing decriminalization and legal protections by accelerating progress on legislative reform and creating the conditions for greater equality; n Ensuring inclusive access to public services by enabling delegates to share lessons and make commitments on key issues, such as access to health care and HIV/AIDS programs; and n Making the business and economic case for equality

by identifying best practice, strengthening advocacy and supporting businesses to take up the mantle of change—including ensuring global standards on LGBT+-inclusive practices are upheld. T h e e m b a s s y ’s C h a r g é d'Affaires Alastair Totty said: “The UK is a champion for the rights of LGBT+ people across the globe. We are working with human-rights experts, grassroots civil-society groups, community leaders, businesses and activists to help deliver a step change on this issue in the Philippines and around the world.” Meanwhile, Prime Minister's Special Envoy on LGBT+ Rights and Conference Chair Nick Herbert (Lord Herbert of South Downs) said: “As cochairs of the Equal Rights Coalition and the Council of Europe’s European Governmental LGBTI Focal Points Network, and a member of the United Nations LGBTI Core Group, the UK stands as a strong advocate for equality.” Herbert added, “Every person should have a fair [chance in life, no matter who they are, or where they come from. I believe the conference is a powerful opportunity for countries to work as one to tackle discrimination and violence worldwide].” In 71 jurisdictions around the world, consensual samesex acts are still illegal; 35 of these are in the British Commonwealth. In 11 countries, homosexuality is punishable by death. The “Safe To Be Me” conference will provide an opportunity for governments, grassroots activists, and civil society from around the globe to work together to make the case for equality and agreeing to new action. The event from June 29 to July 1, 2022 will be the UK’s first global LGBT+ conference, br ing ing toget her gover nments, businesses, parliamentarians and civil society. It will gather countries from across the world, including members of the Equal Rights Coalition and the European LGBTI Focal Points Network.

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www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Thursday, March 3, 2022

Pope gives fathers working at Vatican 3-day paternity leave By Nicole Winfield The Associated Press VATICAN CITY—Pope Francis has urged couples to have more children, rather than pets, and called for family-friendly government policies. So he raised eyebrows Tuesday when he revamped the Vatican’s family leave policy with a new benefit giving new dads a mere three days of paid paternity leave. The Vatican’s policy sets out the benefits for Vatican employees who have children or must care for disabled family members. Under the policy, mothers already were entitled to six months’ maternity leave at full pay, which they can

TIME FOR A BEDROOM REFRESH MOST of us design our bedrooms with a good night’s sleep and relaxation in mind. That’s why we stock up on soothing essentials—soft sheets, cozy comforters, pretty throw pillows, and cuddly blankets. Going beyond sweet dreams, “your bedroom is one of the more private areas in your house, so it should be designed with your taste in mind,” says Kelsey Mulvey in an Elle Décor article. “But with a little bit of creativity and strategic thinking, your bedroom can be soothing and speak to your personal aesthetic.” Give your bedroom a refresh with furniture and accessories at the lifestyle store Our Home, where you can get great designs at great prices. There are stylish bed frames, comforting mattresses, and luxurious but affordable bed linens. At your bedside, there are accent chairs for reading and relaxing, night tables and lamps, drawers and dressers to keep your room organized. Our Home stores can be found nationwide at select SM Supermalls. Customers who prefer to shop online can expect the same great shopping experience through www.ourhome.ph.

GIFFORD Bedframe pullout side table is perfect for this Eunice Glass Table Lamp and other bedside essentials.

YOUR bedroom can speak to your personal aesthetic with the collection of beddings and pillow, and other bedroom accessories like this Tonya Table Lamp that creates a cozy ambience.

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extend by another six months at half-pay. Parents who adopt a child are entitled to a similar benefit. The new law sets out a three-day leave for new fathers at full pay. In contrast in Italy, fathers can take 10 days paid leave while mothers get five months. The comparatively paltry Vatican policy for dads drew criticism on social media, with one person saying that three days was about the time needed to learn how to properly install a car seat. While the Vatican employs priests and nuns who don’t have children due to the nature of their religious vows, the city-state in the center of Rome also employs hundreds of lay people who work in the Holy

See bureaucracy, at the Vatican Museums and tend to the city state. Francis has frequently lamented the “demographic winter” in Italy, where birthrates are among the lowest in the world. He has urged couples to have more children and lamented that many opt instead to have pets. “Cats and dogs take the place of kids,” he lamented during a recent general audience. “This denial of paternity and maternity diminishes us, it takes away humanity. And this way the civilization becomes older and lacking humanity because you lose the richness of paternity and maternity. And the country suffers.”

POPE Francis takes the pacifier of a baby during his weekly general audience in the Paul VI Hall at the Vatican on February 23. AP

Diary of a mom with no limits: A quarter for me PHOTO BY PRISCILLA DU PREEZ ON UNSPLASH

VERY close cousin of mine recently gave birth. A few months into motherhood, she has experienced the richness and challenges of parenthood. It struck me when she asked me: “How do you keep yourself centered with all that’s going on around?” I told her: “I attended a year of meditation classes before I got married because I knew my emotional and mental capacity was limited to maybe two things at a time. I have continued to read a lot of self-help books and see meditation teachers now maybe once a year.” Here are some of the practical things I do: 1. Mindset is key. You, your baby, and your husband are individually important. Acknowledging your feelings of being tired, needing a break, not producing enough milk does not make us less of a good parent. I had a Eureka moment where I meshed my “heart” goals with my craft. I work hard at work, in society to have stories and experiences for my child to learn. So, when I must spend many days away from my family from work or working overtime, I write notes in my travels (for stories I can tell my children). Read the book Growth Mindset by Carol S. Dweck, PhD. 2. Decide which mom tasks are most critical for you. If not, delegate if you can. Ask for as much help as there is available. I found that tutoring school work in grade school (not in Pre-K or Preschool) can be delegated so I that I can focus on the other holistic development activities of my kids. But when it comes to PTCs, I never miss even the PE teacher. 3. Lastly, have alone time, even 10 minutes. My time when my kids were babies were those 10 minutes before I get out of bed—up to now, I pray the Prayer for Generosity and just say that I offer my day to God. I journal, or maybe you can do voice memos instead of quotes or reminders to yourself to keep strong. I love this app called Motivation where nice quotes pop out daily. Lately, my thing has been poetic art—www. mycsart.com—for my self-consumption. I celebrated my recent birthdays in a foreign territories in a literal and figurative way. I was not comfortable about this because even before, I would find a way to come back from business trips even if it were the wee hours in the morning of my birthday. It was very important to me to physically feel the warmth of my family on the day of the year that I would reflect on all the things I was truly grateful for. Being this far away also extended my reflections to realize how far I have gone—from resigning to an intended fate for decades, to accepting the challenge of newness and growth. I still have goal for many things, but I also gained the wisdom to let goals find me. It was never my plan to be an officer in the Philippine Association of National Advertisers (PANA) a decade ago because I was more of a “brand introvert” who played the role

of a process-oriented engineer on the sidelines. But fate was kind to expose me and our SME company to learn from the gurus of brand building in the country, where I gained valuable insights, genuine advice, and a lot of growth opportunities. Last January, I was given the opportunity to lead PANA together with highly accomplished marketing directors in the country, with Adi Timbol-Hernandez (McDonald’s Philippines) as vice president, Blen Fernando (Magna-Anima Teachers’ College) as corporate secretary, Mick Atienza (Smart Communications Inc.) as treasurer, Joy Jolingan (Nestlé Philippines) as public relations officer, Agnes Hernia (Rebisco) as auditor; as well as the other distinguished directors: Andrew Ahorro (Kolin Philippines International), Julie Balarbar (De La Salle University), Ron Molina (Ginebra San Miguel), Jonjon San Agustin (SM Supermalls), and Marc San Juan (Julie’s Bakeshop). I feel truly humbled given our company is far smaller than those on the board. My commitment is that as PANA enters its 64th

year, I will lead our board to evolve PANA’s role of championing responsible brand building into the 3Is—Impact, Integrity, and Innovation—to varying degrees that cater to both large and small-medium enterprises. I was inducted by Hans Sy of the SM Group, whose company legacy I have witnessed and emulated since I was barely 10. From hearing my dad’s stories of his first job in SM Tabora, to personally learning from our various business relationships with the SM Group, and, now that I am a licensed teacher, my admiration for their advocacies in education, I cannot express my elation that day...especially because my dad was watching. He was actually the happiest when he heard the news of my new position in PANA. I know many like me have wished for the stillness and softness of life waves. Many aim for stability. While getting there, I hope you also challenge yourself to leave that “quarter of me” for newer adventures. Because that quarter of you that does truly makes a difference in living that meaningful life. n

Muntinlupa opens new pediatrics vax hub amid decline in Covid-19 cases By Roderick L. Abad Contributor CONSTANTLY increasing pediatric access to Covid-19 jabs despite a drop in infection rate, the City Health Office (CHO) of Muntinlupa has opened an additional vaccination site for children ages five to 11 years old at Cupang Health Center. Like the city’s first two party-themed inoculation hubs at the Ospital ng Muntinlupa in Brgy. Alabang

and Laguerta Health Center in Brgy. Tunasan, the new site launched last February 14 is adorned with cartoon characters and action figures. Also, kids who received their first anti-Covid shot got loot bags, free food and ice cream. CHO acting chief Dr. Juancho Bunyi, who led the launching event and the ceremonial inoculation of youngsters, said that the initiative aims to provide a relaxing environment in the vaccination areas and to lessen their stress during the inoculation.

He urged all parents in Muntinlupa to register their children in the city’s vaccination database and assured the public that vaccines approved by the Philippine Food and Drug Administration are safe and effective. Muntinlupa, through the local Covid-19 Vaccination Program, has vaccinated over 2,600 children aged five to 11 years old in the first week of the “Resbakuna Kids” campaign in the city. Based on CHO’s record as of February 13, such

age group of kids who have received the first dose of Covid-19 vaccines has totaled to 2,687. Also, there are 101 inoculated kids who are non-Muntinlupa residents. As of the same day, active Covid-19 cases in the city have continued to decline to 74, with additional 13 recoveries and 15 new cases. Confirmed cases has reached 39,656 with 38,973 recoveries, 609 reported deaths, zero suspect case, and 129 probable cases.

B6 Thursday, March 3, 2022

‘Alert Level 1 status came just in time’

Meralco‘s pandemic response wins in the 57th Anvil Awards

RESIDENTIAL Adviser for Entrepreneurship Joey Concepcion said the IATF’s decision to downgrade the National Capital Region (NCR) and 38 other areas to Alert Level 1 starting March came just in time. “It’s a critical juncture for our economy. We are just coming out of the worst of the pandemic and straight into rising commodity prices worldwide. To have remained closed would have created a perfect storm for our MSMEs,” he said. Concepcion further added that encouraging indicators on the country’s hospital utilization rates, positivity rates, and the number of new infections should help in encouraging more confidence in people as they return to normal activities. The Go Negosyo founder said the Philippine economy cannot afford to remain closed as the consequences of the war between Russia and the Ukraine are certain to reach local shores. “We have to have a strong economy if we are to weather this oncoming storm,” he said. Concepcion said the resilience of MSMEs in particular will be critical in keeping the Philippine economy strong. The war in the Ukraine has driven up commodity prices worldwide and is expected to have an immediate effect as the local economy opens. Commodities like wheat, milk, sugar,

vegetable oil, plastic resin, paper and gasoline have seen increases of over 100 per cent since the beginning of the conflict, sending shockwaves in markets across the world. “We’re moving from a pandemic and into a storm of rising commodity prices,” Concepcion said, “and this will surely affect our MSMEs as they already have difficulty recapitalizing their businesses.” He said reopening the economy has now become even more urgent as the country has entered a critical level in its debt-to-GDP ratio, which now stands at 60.5 percent. The Philippines has Php11.73 trillion in domestic and external obligations, as it incurred an additional Php1.93 trillion, or US$37billion in 2021. “Our ability to pay back our loans hinges on increased economic activity, which is dependent on more mobility,” he said. “With more establishments being allowed to operate at full capacity and now intrazonal and interzonal travel, this will greatly aid mobility. With greater mobility will come more economic activity.”

The Magic of Love returns at Enchanted Kingdom with Enchanting Dinner in the Sky!

HE pandemic response communications of Meralco, the largest electricity distribution utility in the country, was recognized in the recently concluded 57th Anvil Awards. #AyokoMagViral: A Meralco internal campaign against COVID-19 was given a Silver Anvil, which affirms the commitment of Meralco to do its part in helping curb the rise of infections. The campaign, which featured simple images with compelling and incisive text, reminded employees to observe pandemic health protocols in simple, creative, and friendly manner taking into account pandemic fatigue brought about by Covid19. “As we continue to fight the COVID-19 pandemic, it is very critical that we empower key stakeholders to fight the spread of the virus by keeping them properly informed. Our employees play a vital and crucial role in ensuring our

success in this endeavor,” said Meralco VP and Head of Corporate Communications Joe Zaldarriaga. Meralco’s 2020 Annual Report, “Power On,” won a Gold Anvil for its creative and compelling presentation of Meralco’s continued efforts to fulfill its roles during the pandemic - to deliver reliable service by pivoting to digital solutions and to ensure system resiliency amidst disruptions. “These Anvil wins are manifestations of Meralco's commitment to purposeful and meaningful communications that is called for during this challenging time,” added Zaldarriaga. Meralco last year also won the Top COVID Communications Award at the Philippine Quill Awards. Three other Silvers were awarded to Meralco. “Give Hope: 2020 One Meralco Foundation Annual Report” went beyond reporting the financial performance

and program accomplishments of the foundation. Instead, the publication served as a vehicle to showcase how its advocacies gave hope to beneficiaries in the context of the COVID-19 pandemic. The integrated campaign “Providing Consumers the Power During Summer” aimed to educate stakeholders in mindful electricity consumption during the critical summer months. “Live Life: 2020 Meralco Sustainability Report” on the other hand presented Meralco’s efforts and progress across the four pillars—Power, Planet, People, Prosperity—of its sustainability agenda (characterized by the phrase Powering the Good Life). Presented annually by the Public Relations Society of the Philippines (PRSP), the Anvil is the symbol of excellence in Public Relations. It is awarded to outstanding public relations programs, tools, and practitioners.

SM Store Iloilo gives back to communities

EYOND providing the essential shopping needs and excellent customer service, The SM Store gives back to communities in partnership with its customers. Through its Share A Toy drive in 2021, the program collected more than 45,000 toys nationwide. Aside from donating toys, customers volunteer to provide support to reach more kids and communities. With The SM Store and its customers working together, it’s a shared mission in action. Katya Delgado is a regular customer of The SM Store Iloilo’s Call To Deliver since 2020. The Call To Deliver team learned that Delgado is passionate about community service. When the team mentioned about The SM Store’s community programs, she immediately inquired about how she could help and volunteer. “The SM Store is committed to getting to know our customers well so we can best provide the service they need, including their passion and interests” said Fatima Lance, The SM Store Customer Service Regional Manager in Visayas and Mindanao. “We are so happy that The SM Store can be a platform for our customers like Ms. Delgado to give back to communities. This partnership has inspired more of our employees and customers to volunteer.” Through this partnership, The SM Store Iloilo was able to reach remote areas and share joy to kids in Kati Kati Aeta community and Balcon Maravilla Elementary School in Jordan, Guimaras; Tina Hamtic Aeta community in Antique; San Luis Elementary School in Sara, Iloilo; Zaldivar Elementary School in Buenavista, Guimaras; Aningalan community in San Remegio, Antique;

LL are welcome as your favorite theme park, Enchanted Kingdom reopens it gates to the public! Starting February 25 and all weekends of March, EK will take guests on a sky-high dining experience with a lovely offering – Enchanting Dinner in the Sky! Get a night full of love amongst the starry skies while aboard the towering Wheel of Fate. Make this experience worth remembering as you and your date exchange stories while having some

sumptuous meals that would completely satisfy your Chinese cuisine cravings. Couple date is prized at Php 2,000 (with 2 Regular Day Passes, meal for two, couple face mask) while double date is Php 4,000 (with 4 Regular Day Passes, meal for four, face masks). This promo is open to all guests, and may be purchase through EK Online Store and Makati/Group Sale Office. Promo may be availed on a first come, first serve basis and tickets must be purchased via the EK Online store at shop. enchantedkingdom.ph. All guests with online ticket bookings must proceed to the Group Sales Office for proper briefing and wrist-tagging. Dinner will be served at the Wheel of Fate. A copy of the souvenir photo will be given after the scheduled dinner. Purchased tickets are not valid for rebooking. For inquiries, contact 0999-8848445, 0920-983-3624 or (02) 8 584-3535 loc.1905. To get the latest updates, visit EK’s official facebook page at www.facebook. com/enchantedkingdom.ph or visit the website at www.enchantedkingdom.ph.

Universidad La Salle Mexico honors Dr. Quebengco

The SM Store Iloilo, Iloilo, ininpartnership partnershipwith withSta. Sta.Teresita TeresitaParish ParishChurch, Church,brought brought of St. Paul’s Hospital THE joyjoy to to thethe kidskids of St. Paul’s Hospital in in throughShare ShareAAToy Toydonation donationdrive. drive. Iloilo through and St Paul's Hospital in Iloilo. “In some of the communities we went to, we had to go through long land and sea travels, pass by cliffs, and walk a considerable distance to reach remote areas. But the journey becomes worth it when we see the happiness in the eyes of the kids as they play with the toys we brought,” recalled Errol Asis, The SM Store personal shopper who assisted Delgado. “Immersing in communities and personally seeing their circumstances really change your mindset. It gives you more drive to give.” After the first community visits, more employees and customers of The SM Store volunteered to join and donate. Antique Trail Runners, a group of outdoor

enthusiasts, learned about Share A Toy and volunteered to partner with The SM Store. The group tapped their members, friends and supporters to gather toys, prepare food packs, and distribute the gifts to the kids and communities affected by Typhoon Odette in Hamtic, Antique. “Volunteerism is alive among our customers and employees here. Their enthusiasm gives us more drive and determination to gather more donations and give back to communities,” Lance said. The SM Store Iloilo branch collected around 2,500 toys from customers and employees through Share A Toy in 2021. “We are honored to be a partner to our customers in their advocacies and mission to share their blessings.”

LSU’s first woman and lay President, now Chancellor Emeritus, Dr. Carmelita Quebengco AFSC, Ed.D. was conferred an honorary doctorate by Universidad La Salle Mexico last February 23. She attended remotely through a live stream ceremony, with DLSU President Br. Bernard Oca FSC presenting her the hood, cap, and honoris causa medal on behalf of the Universidad La Salle Mexico. The conferment ceremony was part of the 60th founding anniversary celebrations of Universidad La Salle Mexico. Quebengco was recognized for her pioneering work and leadership in education, specifically at the College of Saint Benilde where she served as founding Dean; the various innovations she introduced at DLSU as its first woman President and Chancellor Emeritus, and at De La Salle Philippines (DLSP) where she was the first COO, and her establishment of a culturally appropriate school for Mangyan children in the uplands of Southern Mindoro. She was also cited for her contributions to the work of the Institute of the Christian Brothers in Rome, Italy. It is her third honorary degree. She received her first honorary doctorate in Educational Leadership and Management in 2010 from Saint Mary’s University in Minnesota, USA, and her second in 2018 from Saint Mary’s College of California, USA. Quebengco is a leading figure in the global Lasallian network. She was the first woman Co-Chair of the 2013 International Assembly of the Institute of the Christian Brothers; the first lay person appointed by the Superior General as Co-Secretary of the Lasallian Mission Office of Christian Brothers Institute in Rome, Italy from 2008 to 2013; a board member of the

DR. CARMELITA Quebengco International Association of Lasallian Universities (IALU); and Chair of the IALU Research Committee for many years. She served as a DLSU faculty and later administrator assigned to various posts, eventually becoming the first woman Executive Vice President/Chancellor of the University. It was during her watch when DLSU was first ranked the top private university in the country by the QS World University Rankings in 2004. Her work for the Lasallian Cluster Schools involves strengthening the synergies between La Salle schools within a given geographical area. Together with the DLSU College of Science and De La Salle Araneta University College of Veterinary Medicine and Agricultural Sciences, she initiated and helped launch the program Bachelor of Science in Animal Biology leading to a Doctor of Veterinary Medicine. Quebengco is also a Trustee of some 20 schools and universities, national professional organizations, NGOs, and educational accrediting bodies.

Editor: Anne Ruth Dela Cruz

Health&Fitness BusinessMirror

Pinoys smoked, drank less alcohol during the pandemic

By Claudeth Mocon-Ciriaco

espite the lockdowns, it appears that many Filipinos are less engaged with their vices now compared to before the pandemic began. According to the “2021 PhilCare Wellness Index: The Philippine Roadmap to the Next Normal,” among its 858 respondents who drank alcoholic beverages, 4 out of 10 (43 percent) said they did so less frequently during the pandemic. On the other hand, 2 out of 10 (32.4 percent) of its 500 respondents who smoked cigarettes or vaped said they did so less frequently during the same time. “We’re glad to see that isolation didn’t push many of our countrymen to depend on destructive habits. We hope more Fiipinos will realize that

Resbakuna is one; 63M vaccinated vs Covid-19

arking the first anniversary of the Resbakuna Program, the country’s national vaccination rollout program, the Department of Health (DOH) recorded over 63 million fully vaccinated Filipinos against Covid-19. During its initial phase, the program prioritized inoculating the sectors who are at high risk of Covid-19 infection—the medical frontliners, senior citizens, and people with comorbidities. To date, data from the National Vaccination Operations Center (NVOC) show that 93 percent of health-care workers, 62.82 percent of our senior citizens, and 92 percent of people with comorbidities have been fully vaccinated, respectively. As part of this feat, the country has also begun the vaccination of children aged five to 11 years old with more than 700,000 children receiving their first Covid-19 doses. Coming from a peak in the number of cases in January 2022, a declined is now being observed due to the wider and extensive national vaccination coverage in addition to minimum public health standards. This provides a clearer picture to what the World Health Organization (WHO) had previously envisioned in countries with high vaccination rates, as transmissions of the virus do not automatically lead to pressuring the health system and its capacity. “With the ongoing efforts of the national government, we are confident that we will be able to reach our target population as we make the vaccination coverage wider and more accessible for everyone,” said National Vaccination Operations Center (NVOC) Chair and Undersecretary of Health of the Field Implementation and Coordination Team (NCR and Luzon) Myrna C. Cabotaje. The DOH continues to work towards population protection through programs such as the conduct of National Vaccination Days, Resbakuna sa Botika, and vaccination in pharmacies, primary care and occupational health clinics, as well as air, sea, and transportation terminals for the elderly and vulnerable populations. As Metro Manila and 38 areas are placed under Alert level 1, the DOH encourages the public to recognize the importance of staying protected through vaccination and adherence to minimum health standard protocols with the easing of restrictions. “As the country marks the milestones of the Resbakuna program, I would like to sincerely thank the over 63 million Filipinos who have believed and trusted in our Covid-19 vaccines. I would also like to extend my gratitude to the national government agencies, local government units, civil society organizations, and development partners who took part in making all these possible. To our friends in the private sector, volunteers, and the media, the DOH truly appreciates the magnanimous efforts you have put in to make the program all the more successful. All of these further prove that vaccines and booster shots are still our best longterm solution in fighting the Covid-19 pandemic,” expressed Health Secretary Francisco T. Duque III.

abusing tobacco or alcohol won’t really allev iate their stress or boredom, but instead cause more problems as it will damage their health in the long run,” said PhilCare President and CEO Jaeger L. Tanco. According to a study by the Philippine Academy of Fami ly Physicians (PAFP), the four major non-communicable diseases (NCD) in the Philippines are cardiovascular disease, chronic obstructive pulmonary disease, diabetes mellitus, and cancer.

These diseases are linked to r isk factors suc h as smok ing , unhealthy diet, lack of physical activ it y, and excessive a lcohol consumption. The World Health Organization (WHO) reports that NCDs are responsible for 71 percent of deaths worldwide.

Employees and workplaces

Since the majority of the respondents of the Wellness Index were employees and w ith the W HO identifying workplaces as critical environments to mitigate the rising incidence of NCDs globally, PhilCare encouraged workplaces to provide programs that would help employees kick unhealthy habits. This effort will also benefit businesses as, according to a study, healthy employees reduce hea lthcare-related costs by 49 percent. For c omp a n ie s t o p romot e healthy living among employees,

PhilCare suggested the launching of initiatives such as removing smok ing areas and other tr iggers in office premises, providing counseling ser vices or support groups for workers battling alcoholism, and making healthy activities more accessible to employees like offering gym memberships. “Even in the new normal, businesses in full remote-work setup can still provide vice-cessation programs to their employees via digital platforms. They can conduct on l ine sem ina rs, pr ivate counseling, or weekly fun activities that promote health and wellness,” said Tanco. He concluded: “With enough support and encou r a ge me nt , v ic e - d e p e nd e nt employees can lead healthier lives and become more productive at work. Apart from that, they can save on medica l ex penses and find more quality time with their loved ones.”

PHL seen to follow Brazil, Thailand’s EUA grant to Sinovac Covid jab for minors By Roderick L. Abad

Contributor

S the government continues to expand vaccination to minors, the local pharmaceutical importer of the Sinovac Covid vaccine is confident that it will be granted Emergency Use Authorization (EUA) by the Food and Drug Administration (FDA) for children aged six to 17. It was recently granted EUA in Brazil and Thailand. Sinovac is also being used for children and adolescents in China, Chile, Indonesia, Malaysia among others. In the Philippines, Pfizer and Moderna Covid-19 vaccines are the only two brands that have received FDA approval to be used on children aged 12 to 17. Only Pfizer has been granted EUA for five to 11 years old kids nationwide. “As the country is now focusing on vaccinating children and adolescents, it is important that we provide more choices and proper vaccine access to Filipino families. The vaccine we are introducing has been approved in many other countries with stringent regulatory authorities. We are hoping for similar approval in the Philippines so we can ensure the safety of our youth,” IP Biotech Group Chairman Enrique Gonzalez said in a recent media forum.

Safe and secure

SUCH a development can advance the government’s pediatric vaccination drive, allaying parental concerns about their children’s welfare while reducing vaccine hesitancy. “The medical communities and regulators in several countries have provided data that can assure parents on the safety and efficacy of vaccinating their children. The data will show that Sinovac is indeed a very safe choice for children and teenagers. This supports the notion on the safety and reliability of inactivated virus vaccines, much like the flu vaccine,” he said. Gonzalez cited, for instance, a study in Chile where data gathered from 1.9 million children aged six to 17 years old indicated that Sinovac’s efficacy is at about 74 percent. The research also revealed that minors who had contracted Covid-19 but had been inoculated with Sinovac avoided hospitalization with an average batting rate of 90 percent, while the brand’s efficacy in preventing intensive care unit hospitalizations and deaths of novel coronavirus stands at 100 percent. Chile is among the countries with the highest vaccination rates globally. It approved late last year the EUA of Sinovac for the younger age groups

who had no underlying health issues.

Brazilian experience

Brazil, through its regulatory body Anvisa, and Thailand arrived at a similar decision this month when they, too, okayed EUA for Sinovac for the same age group with no comorbidities. The Sinovac vaccination in Brazil is given in two doses, administered within a gap of 28 days. Like in other countries, vaccination of minors against the deadly virus has been gaining ground in the Philippines. Immunocompromised children aged 12 to 17 started to get vaccinated in October 2021. The inoculation for five to 11 years old commenced in last month. Sinovac has played a significant role in ensuring adequate defense against the virus globally. In the Philippines, a majority of the public has been jabbed by its branded Covid-19 vaccines. IP-Biotech Inc. secured its supply for the Philippines and also EUA approval with the local FDA in January 2021. This effort, thus, facilitated the first arrival of Covid-19 vaccines in the country that were procured by the private sector back in June of last year. To date, Sinovac has been the most widely-used Covid-19 jab in the country and has been proven to be safe and efficacious.

MSD in the Philippines has new president, managing director

SD in the Philippines, a trade name of Merck & Co. Inc, Kenilworth, NJ, USA, has announced the appointment of Andreas Riedel as its new President and Managing Director. He succeeds Dr. Beaver Tamesis who has announced his retirement from the pharmaceutical company. The leadership transition reaffirms the company’s commitment of inventing for life, for Filipino patients. Riedel brings with him more than 20 years of experience in regional and local roles in the emerging markets, including Argentina, Chile, and the Philippines. As chair of Business Sustainability and Board of Directors member for the Pharmaceutical and Healthcare Association of the Philippines, he was pivotal in shaping the Philippine healthcare environment through programs created for long-term sustainability. Prior to joining MSD, he was the Country Manager of Pfizer Philippines, where he developed an enterprise-wide strategic plan that improved health outcomes of populations and greatly impacted patients’ lives. With special focus on Market Access, he laid the foundation for the largest Covid -19 vaccine agreement with the local government.

His strong background in population health will boost up the company’s capability in closing the gap between pharmaceutical innovation and access to groundbreaking medicines, two areas that MSD in the Philippines actively advances.

New opportunities amid challenges

Riedel steps into the role as the Philippines is currently experiencing manifold health concerns in the areas of cancer, cardiovascular and metabolic diseases, vaccine preventable diseases, antimicrobial resistance, and Covid, among others. He says that the ongoing pandemic has underscored the need for broader access to quality health care. “One of the lessons that we need to take from this experience is that we need to work together, urgently and unceasinglywith government, industry, healthcare professionals, and the communities, to find sustainable ways of making quality health care accessible. We’ve learned that the well-being of one affects the health of the broader community.” Riedel thanked his predecessor, Dr. Tamesis, for his valuable service to the company. “The progress he has brought through his leadership will serve as our

foundation to further MSD’s mission as an innovative organization that always puts patients first.”

Saving more lives

Dr. Tamesis has had an inspirational career in MSD spanning 27 years. In 2013, he earned the distinction of being the first-ever Filipino managing director of MSD in the Philippines since it operated onshore in the 1960s. The cardiologist has since transformed MSD into a force that brings perspectives together to make a difference in the patient’s lives. The outgoing managing director will leave behind a strong legacy in urgently important areas such as Diabetes, women’s health, immunization, oncology, and public health education. “It’s been an honor to lead the company in bringing MSD’s innovative health solutions for the Filipino patients,” Dr. Tamesis said. With Riedel as managing director at this critical juncture, MSD in the Philippines will continue to lead in furthering positive health outcomes among Filipinos. Through timely intervention and stakeholder collaboration, the company aims to continue delivering innovative medicines and vaccines to save more lives of Filipino patients.

Thursday, March 3, 2022 B7

Pinoys’ health awareness increases interest in compound medications By Rory Visco

Contributor

HE Philippines’ pharmacy retail market is expected to grow at a Compound A nnua l Grow th Rate (CAGR) of 3 percent, according to the “Philippines Ph a r m ac y R et a i l I ndu st r y Out look 2025” of Ken Research, an India-headquartered research-based management consulting company. It said generic medicines is seen to shore up revenues, while increasing demand for maintenance medicines and growing health awareness due to the Covid-19 outbreak are also expected to push market growth. The report showed that the country was evaluated as “the 11th most attractive market for the pharmaceutical companies and the 3rd most attractive market among the ASEAN countries as of 2018,” owing to factors like growing population, high rate of medical tourism and other similar factors, the report said. At present, the Philippines is the third-largest pharmaceutical market in the ASEAN region after Indonesia and Thailand. The country enjoys a steady annual growth of 4.5 percent, according to the “ASEAN Pharma Report: Opportunities and Threats 2020 and Beyond.”

Compounding’s origins

Compounding is essentially the science of customizing medications to fit a patient’s specific needs. It involves the process of combining, mixing or altering ingredients to create a medication tailored to the needs of an individual patient, according to the US Food and Drug Administration. With regard to the history of compounding, it is quite difficult to pinpoint the ancestries of compounding as the process of combining different agents began in a basic form before the term compounding ever existed. However, the art of compounding medications can be linked to the origins of pharmacy itself and the first documented chemica l pro cesses can be traced as far back as the time of the Egyptians.

Compounding in the Philippines

There are quite a few facilities or companies that offer compounding in the Philippines, one of which is Apotheca Integrative Pharmacy or AIP. It sprung from the need of its founder and president, R ichard Lista, whose loved ones struggled to source prescribed compounded medication in the country. There was simply no entity able to provide it locally, where sourcing them meant spending more in finding them abroad and taking them back to the country. AIP started in 2013, and in 2014 was granted by the Food and Drug Administrat ion ( FDA) t he l icen se to compound for “Non-Sterile” medications, and also secured a license to compound “Sterile” medications back in 2016. “We secured the distribution r ights for Pure Encapsulation and Douglas Laboratory, global professional supplement brands in 2018 and also launched the pediatric preparation on the same year,” Sofia Lista, AIP Managing Director, explained.

Specialty compounding pharmacy

As a compounding pharmacy in the country, Apotheca extends the service of compounding where it customizes and tailor-fits medication to meet the unique needs of a

patient when a commercially available drug does not meet those needs, says Ben Topacio, AIP Sales and Marketing Manager. He sa id t hat t hey compound medications based on a doctor’s prescription based on reasons such as removal of problem-causing excipients, adjust dosage strengths to make the product more suitable for patients such as infants or the elderly, add f lavors for better taste, and create alternative form factors such as lozenges, candies, gels, creams, capsules and liquid, thereby making the medicines easily ingestible. “It is important to increase Fi lipinos’ awareness about the benefits of compounding medicines and offer alternative health-care options, especially as more people pursue a healthier lifestyle amid the global health crisis,” Topacio added. At present, Topacio said AIP also offers a variety of categories to better address Filipinos’ medicine and health-care needs such as bio-identical hormone replacement therapy, weight loss management, intravenous nutrition, thyroid medication, erectile dysfunction, pain management, hair loss, dermatological preparation, even pediatric preparations and recently nutraceuticals which became essential for immune boosting during the pandemic. At the height of the pandemic, Topacio said Apotheca was the first to come up with the combination of Vitamin C, D3 and Zinc into one capsule to further strengthen the immune system of Filipinos.

Compounded vs. generics

Although compounding is still quite new in the Philippines, Topacio said they always ensure that the compounds are developed in the safest way possible to ensure sterility and efficacy. To pac io e x pl a i ne d t h at while generic and compounded medication both use patentfree formulas, in the traditional pharmaceutical industr y, generic medication are without a brand name but issued a Certificate of Product Registration by the FDA. “In compounding, it is the facility that is licensed by the FDA to compound active pharmaceutical ingredients of a certain formulation, and we are not required to register our medication as they are produced for prescription, per patient.” In compliance with the Department of Health’s (DOH) Electronic Drug Price Monitoring System (EDPMS) regulated to pharmacies, Topacio said Apotheca’s pricing has been va lid ated by t he DOH-Phar maceutica l Div ision Team. “We are confident we operate within regulation, and our pricing can be found in reasonable ranges. Also, one of our initiatives is to create and expand awareness among the public and medical practitioners about the benefits and advantages of compounding.” “ Fi l ipi nos h ave b e come more watchful of their health and safety than ever before, and we at AIP want to offer a wider range of solutions to help ever y Filipino achieve health and wellness, especially during these trying times. Our many years of experience in the compounding pharmacy field enabled us to develop and customize medicines and health products that are not on ly world- c l ass but more importantly, meet Filipinos’ health and medicine needs,” said Apotheca Chief Executive Officer Richard Lista.

Sports BusinessMirror

By Josef Ramos

A SEATTLE Sounders supporter holds a sign that reads “Stop Wars” during a moment of silence for victims of the war in Ukraine before the Major League Soccer match between the Sounders and Nashville SC on Sunday in Seattle. AP

SANCTION IN SPORTS MOUNTS ON RUSSIA R

USSIA is excluded from more sports as sanctions mount globally. Here’s a glance: n ARCHERY—Russia and Belarus flags and anthems banned at all World Archery international events. n ATHLETICS—Russia and Belarus athletes and officials barred from all World Athletics Series events, including the world race walking team championships in Oman this weekend, the world indoor championships in Serbia this month, and the world championships in Eugene, Oregon, in July. n AUTO RACING—Formula One canceled the Russian Grand Prix in Sochi in September. Auto racing’s international body, the FIA, said Russian drivers can still compete but under a neutral flag. Intercontinental Drifting Cup in Sochi in June canceled. n BADMINTON—Russia and Belarus athletes and officials banned from participating in all Badminton World Federation tournaments from March 8. Also, all BWF events in Russia and Belarus canceled. However, a few Russian players at two Para events in Spain this week and next week allowed to play as already on site, but as neutrals with no flags or anthems. n BASKETBALL—Russia teams and officials suspended from all competitions by the International Basketball Federation. EuroLeague suspended Russian clubs CSKA Moscow, UNICS Kazan, and Zenit St. Petersburg. Lokomotiv Kuban Krasnodar suspended from EuroCup. n CANOEING—Athletes from Russia and Belarus suspended from competing at any International Canoe Federation events. Officials from those countries were also barred from officiating at any ICF-sanctioned event. n SPORT CLIMBING—Boulder and Speed World Cup in Moscow in April to be relocated. n CURLING—European championships in Perm, Russia, in November to be relocated. World Curling Federation begun process to remove Russian entries from women’s world championship in Canada this month and men’s world championship in Las Vegas in April. n CYCLING—The International Cycling Union will allow Russian and Belarusian riders to compete as neutrals but will bar Russian and Belarusian teams and sponsors. n EQUESTRIAN—International Equestrian Federation canceled all remaining events this year in Russia (51) and Belarus (six), including the Eurasian Championships in Moscow in July. n FENCING—Alisher Usmanov, a Russian, stepped aside as president of the International Fencing Federation. n GYMNASTICS—The International Gymnastics Federation canceled all World Cup and World Challenge Cup events in Russia and Belarus. Russia and Belarus flags and anthems banned at all FIG events. Canceled events included an acrobatics World Cup in Oktyabrsky, Russia, in May, and a trampoline World Cup in St. Petersburg in September. n FIELD HOCKEY—Russia excluded from Women’s Junior World Cup in South Africa in April. n ICE HOCKEY—Russia and Belarus banned from all International Ice Hockey Federation events. Russia men out of world championship in May. World junior championships in Russia in 2023 relocated to Serbia. NHL suspended all business dealings in Russia. Finland’s Jokerit club withdrew from Kontinental Hockey League conference quarterfinals. n JUDO—Kazan Grand Slam, a World Judo Tour event, in May canceled. Russia President Vladimir Putin suspended as honorary president and ambassador of International Judo Federation. Sergey Soloveychik, Russian president of the European Judo Union, resigned. n KARATE—Karate 1-Premier League event in Moscow in October to be relocated.

n MODERN PENTATHLON—Russia and Belarus athletes and officials banned from all International Modern Pentathlon Union events. n ROWING—Russia and Belarus athletes and officials banned from World Rowing events. n RUGBY—Russia and Belarus suspended from all internationals and cross-border club events. Russia men’s team barred from Rugby Europe Championship and qualifying for the 2023 Rugby World Cup. Russia women’s team barred from Rugby Europe Championship, sevens world series, and qualifying for the Rugby World Cup Sevens in South Africa in September. Russian Rugby Union’s membership of World Rugby suspended. n SHOOTING—Russians and Belarusians were excluded part way through a World Cup event in Egypt. n SKATING—Russia and Belarus banned from all International Skating Union events, including world figure skating championships in France this month. n SKIING—All International Ski Federation events in Russia to the end of the season canceled or relocated. The World Cup cancellations included ski cross in Sunny Valley last weekend, aerials in Yaroslavl last week and Moscow this Saturday; moguls in Kuzbass this weekend; crosscountry in Tyumen this month; and women’s ski jumping in Nizhny Tagil and Thaikovsky this month. Russian athletes to compete under FIS flag and anthem. n SOCCER—Fifa and UEFA suspend Russia national teams and clubs from all competitions. National men’s team barred from World Cup qualifying playoffs this month. Champions League Final in May relocated from St. Petersburg to Paris. Spartak Moscow barred from Europa League last 16. UEFA canceled sponsorship from Russian energy company Gazprom which covered Champions League, UEFA national team competitions and the 2024 European Championship. n SQUASH—World junior championships in St. Petersburg, Russia, in August to be relocated. n SWIMMING—World governing body Fina rules all Russia and Belarus athletes and officials to compete as neutrals with no country flag, colors or symbols. Fina Order awarded to Russian President Vladimir Putin withdrawn. World junior championships in Kazan, Russia, in August canceled. Diving world series in Kazan in April canceled. n TAEKWONDO—World Taekwondo and European Taekwondo Union will not organize or recognize any events in Russia and Belarus. Russia and Belarus flags and anthems banned at all international events. World Taekwondo withdrew honorary 9th dan black belt conferred on Russian President Vladimir Putin. n TENNIS—The International Tennis Federation canceled all of its events in Russia and postponed a minor tournament in Ukraine in April. Russia and Belarus are barred from team competitions like the Davis Cup and Billie Jean King Cup until further notice. Russian and Belarusian players will still be allowed to play on the ATP and WTA tours, but without national flags, and at the Grand Slams. n TRIATHLON—World Triathlon banned the participation of Russian and Belarusian athletes and officials from all international competitions or official events. n VOLLEYBALL—Men’s world championship in Russia in August to be relocated. Volleyball National League games in Russia in June and July to be relocated. n WEIGHTLIFTING—European youth championships in Kazan, Russia, in August to be relocated. n OTHER—At Winter Paralympics, Russia and Belarus to compete as neutrals with no national flag, anthem or symbols in Beijing starting on Friday. SportAccord World Sport and Business Summit in Yekaterinburg, Russia, in May canceled.

HE Philippine Olympic Committee (POC) will heed a case filed with the Court of Arbitration for Sports (CAS) by athletics president Philip Ella Juico against the POC and world-class pole vaulter Ernest John “EJ” Obiena. But the POC questioned Juico’s filing of the case with the Lausanne-based CAS describing it “as breaching integrity and putting a damper on a Philippine Senateled effort to extinguish the crisis through a domestic effort.” “So what happened to the truce forged through the Senate? The mediation that both parties—Obiena and the Patafa (Philippine Athletics Track and Field Association) agreed on before our honorable Senators?” POC President Rep. Abraham “Bambol” Tolentino said on Wednesday after the POC Executive Board’s special meeting on the CAS case. Juico, who remained Patafa president despite the POC declaring him persona non grata in January, filed a “statement of appeal” with the Lausanne-based CAS last February 11 with the POC and Obiena as respondents.

| Thursday, March 3, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

EJ-PATAFA CRISIS REACHES LAUSANNE Juico filed the case four days after the Senate hearing where Obiena finally agreed to mediation and the Patafa declaring the same. Senate Sports Committee Chair Christopher “Bong” Go presided over the hearing with senators present in the Senate inquiry were Senators Francis “Tol”Tolentino, Pia Cayetano, Franklin Drilon and Ronald “Bato” Dela Rosa. “Where’s the good faith there?” Tolentino asked. “The POC thought they [Patafa] were for mediation and even EJ already agreed to the procedure.” Tolentino added: “Filing a complaint against Obiena and the POC means the Patafa is included in the complaint because Patafa is a member of the organization.” The Executive Board, in a hybrid meeting at the Knights Templar Ridge Hotel in Tagaytay City, authorized Tolentino to hire a lawyer and appoint a CAS

juror, as well as appropriate still undetermined fees for the defense. All except Chairman Steve Hontiveros and First Vice President Al Panlilio attended the meeting, with Atty. Charlie Ho of netball who ran under Juico’s ticket in the November 2020 POC elections filing the motion for the appropriation of lawyers and CAS fees. According to POC Chief Legal Counsel Atty. Wharton Chan, Juico filed the complaint through his lawyers, the Aranas Cruz Araneta Parker & Faustino Law Offices. The complaint cited the POC’s breach of jurisdiction on the Obiena issue, dismissal of the case Obiena filed with the POC through its Athletes Commission and withdrawal of the persona non grata sanction on Juico. Chan said the POC could not be cited on issues over jurisdiction on the Obiena case, saying “the POC is not a judicial body but a corporate

one and the focal issue is on the attitude and unethical conduct” on Obiena’s complaint of harassment against the Patafa. “The CAS asked for more evidences from the Patafa such as proof of notices, among others,” Chan said. “ The International Olympic Committee created the CAS “to bring about the resolution of sports-related disputes which are submitted to it through ordinary arbitration or through appeal against the decisions of sports bodies or organizations.” Juico didn’t reply to messages nor returned calls to BusinessMirror. His counsel, Atty. Clint Aranas, confirmed the filing of the case with the CAS. “We are looking for remedies in the issue although I cannot comment further because I am the lawyer [of the other party},” Aranas told BusinessMirror in a message.

World champ gymnast Yulo comes home after 2 ½ years

ORLD champion gymnast Carlos Yulo returned home on Tuesday night after being away for two-and-a-half years. And in the traditional Filipino way, his family and close friends welcomed him at the Ninoy Aquino International Airport, along with his Japanese coach Munehiro Kugimiya and therapist Jumpei Konno. His first request? Eat local fried chicken. “He craved for fried chicken,” Yulo’s mom Angelica told BusinessMirror on Wednesday. “The closest stop from the airport was Jollibee, but it was already closed. So we huffed and puffed to Max’s.” There, Yulo, now a two-time world champion after winning the floor exercise in Stuttgart three years ago, and his family—dad Mark, brothers Joriel and Eldrew and sister Iza and other relatives feasted on, of course, fried chicken, beef caldereta, nilagang baka, karekare and pancit. “He really missed Filipino food,” Angelica Yulo said. “He can eat anything and even in volume, but he’s a disciplined athlete, he knows limitations.” After the sumptuous meal, the Yulos proceeded to the Manila Hotel where he will stay

CARLOS YULO (left row, second from top) enjoys his first Filipino meal after two-and-a-half years with his family on Tuesday night.

until Sunday. The 22-year-old Yulo’s in town to lead the inauguration ceremony for the brand-new MVP Sports Foundation Gymnastics Center in Intramuros on Saturday. He’ll be joined by International Gymnastics Federation President and

ONE X ONE Championship, the Singapore-based mixed martial arts (MMA), Muay Thai, kickboxing and grappling promotion and Asia’s largest sports media property is marking its 10th-year anniversary with a blockbuster event entitled ONE X. Set for March 26 in Singapore, the MMA event is “one for the books” as ONE again outdoes itself in putting together interesting match-ups and introducing new rules as well. The pièce de résistance prior to the main events, which are two world title fights, is the clash between wrestling and jiu jitsu lord Demetrious “Mighty Mouse” Johnson, or DJ, and Muay Thai master Rodtang Jitmuangnon. DJ, the former inaugural UFC flyweight champion, is wily, elusive, super fast and the ultimate escape artist with the best takedown record in UFC’s flyweight annals. He was hailed as ONE’s flyweight World Grand Prix Champion in 2018 and is currently ranked No. 1 in ONE Championship flyweight rankings. This guy is slick.

International Olympic Committee member Morinari Watanabe. “We’re very happy that after two-and-a-half years, we are reunited,” Angelica Yulo. “He’ll be home for only a few days that’s why we’ll cherish every moment that he’s here.” The champion gymnast is

Rodtang, meanwhile, is ferocious, aggressive, fearless and unrelenting. His kicks are bolt-like and well-timed. His fists punish opponents with the heartlessness of Gestapos. He avoids clinches effectively, but when drawn to it, he doesn’t back down. In short, there has never been a more interesting match-up like DJ vs. Rodtang. But who will prevail? The two are at the top of their respective disciplines, and to put them together is the ultimate apples and oranges contest. ONE offers the perfect solution to get the longawaited answer. The two will compete under hybrid MMA-Muay Thai rules. The first and third threeminute rounds will be fought with Muay Thai rules in effect, no takedowns here—just strikes and kicks which are Rodtang’s weapons of choice. The second and fourth rounds will be contested using MMA rules. Here takedowns and submissions are allowed, a bow to Mighty Mouse’s expertise. Clearly Rodtang gets the headstart while both of them are still clean as a whistle. DJ gets his chance in the next canto where he can take advantage of the sudden shift in rules to establish his footing in his element. Former ONE lightweight world champion Christian Lee casts his lot with the American. “When it goes to the MMA round, it’s a lot harder for Rodtang to adjust to DJ’s skill level in wrestling and in jiu jitsu. It’s probably going to end as soon as it switches over,” he said. That is one fight you might want to stay up late for to see who gets the bragging rights come March 26. But the main event and co-main event in ONE X are awfully intriguing as well. Contesting the flyweight world championship will be Brazil’s

expected to visit their home in Leveriza also in Manila. Yulo was in the country in 2019 for the 31st Southeast Asian Games where he won the floor exercise and all-around gold medals. He’ll be back to serious training for the Vietnam SEA Games this May. Josef Ramos

Adriano Moraes and Yuya Wakamatsu of Japan. In case you didn’t know, Adriano Moraes was the first person to knock out and finish Demetrious Johnson. In April 2021 Moraes successfully defended his title against Johnson at ONE TNT with a TKO in Round Two. As for Yuya Wakamatsu, the “Little Piranha” has been angling at Moraes’s title since he defeated China’s Hu Yong at ONE: Winter Warriors last December. Known for his power punches and masterful takedowns, he is precise and methodical. A great counterpoint to the Brazilian submission artist. Meanwhile, the main event is the much-awaited return of Angela “The Unstoppable” Lee into the Circle after marriage and motherhood put her on hold. The eldest Lee sibling puts her belt on the line against Stamp Fairtex, winner of the ONE Championship atomweight grand prix. Stamp, the former world champion known for her world-class Muay Thai and kickboxing abilities, may well be on her way to being ONE’s first three-sport champion if she beats Lee in MMA. Stamp is already a kickboxing and Muay Thai champion. But wait, there’s more! There are Pinoy athletes too in ONE X. Denice Zamboanga hopes to get her revenge here against Sokor Seo Hee Ham who won their controversial match in ONE:Empower last September. This is also where a rare Pinoy vs Pinoy bout will happen between Lakay Lito Adiwang and now Bangkok-based Jeremy Miado. Pinoy folkhero Eduard Folayang will also be back in the Circle against John Wayne “The Gunslinger” Parr—kickboxer and boxer and former 10-time world champion. But more of that next week.