BusinessMirror March 11, 2024

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TBy Reine Juvierre S.Alberto

HE national government reported a total of P1.603 trillion in debt payments in 2023, up by nearly 24 percent from the previous year, with amortization outpacing interest payments, according to the Bureau of the Treasury (BTr).

BBy Cai U. Ordinario @caiordinario

ANK lending to both households and corporate borrowers could remain tepid as long as the Bangko Sentral ng Pilipinas (BSP) keeps key policy rates high, according to US-based Global Source Partners.

I n a brief, Global Source Partners country analyst Diwa Guinigundo said that due to the high rates, there has been “an accumulation of credit tightening,” which discouraged Filipinos and companies from borrowing. U nfortunately, this made businesses and consumers less optimistic this quarter and the next 12 months.

Guinigundo said this was based on the fourth quarter Consumer Expectations Survey of the BSP. “ If the BSP is not inclined to quickly

reduce its policy rate, household and corporate borrowers should be prepared to see the same reticence among the banks to increase their exposure, their stake in fact, in the Philippine economic growth,” Guinigundo said.

C iting data from the fourth quarter 2023 Senior Bank Loan Officers’ Survey, Guinigundo said banks kept or tightened their credit standards even if inflation had already started its downtrend.

W hile domestic liquidity (M3) slowed, given these tight lending conditions, M3 did not decline. Guinigundo said deposits were steady, and loans net of lending to the BSP were resilient.

Based on the banks’ rising loansto-deposit ratio, loans were more bullish than deposits. Banks were able to convert more of their deposits to

loans,” Guinigundo said.

G uinigundo said between 2022 and the end of 2023, the BSP jacked up its policy rate by a total of 450 basis points to 6.5 percent from 2 percent.

He said businesses “thought it’s the end of the world” when rates increased by more than three times between 2022 and 2023.

Guinigundo said this gave businesses the impression that the BSP was “bent on closing

billion in 2023.

T he amount is 29.45 percent higher than the P659.834 billion the national government paid domestic amortization recorded in 2022.

E xternal amortization payments made by the state went down 7.81 percent to P121.113 billion from P130.489 billion in 2022.

TE. Aquino, Rutcher M. Lacaza, and Edrei Udaundo.

T he House think tank said traditional economic theories and empirical evidence suggest that arbitrary governmentmandated wage hikes have the potential to increase unemployment, worsen living conditions for marginalized households, and impede skills development among low-skilled workers.

A careful analysis of scientific literature suggests that enactment of HB 7871 or SB 2534 will imperil long-standing efforts to reduce poverty, tame inflation, bolster job generation, and

THE Bangko Sentral ng Pilipinas (BSP) plans to revive the Interest Rate Swaps (IRS) market to help deepen the capital markets.

B SP Governor Eli M. Remolona Jr. told reporters he aims to revive the IRS market within his term. He said this could lead to the creation of a swaps curve. A swaps curve, he said, can be a good benchmark to use to price corporate bonds and mortgages.

“ We used to do swaps quite a bit, but somehow they disappeared. So I would like to revive the swaps market, the IRS markets, and insist on market making at least the fiveyear maturity, which is the sweet spot for foreclosures,” Remolona said in a recent forum.

R emolona said this revival of the swaps curve is part of his three wishes for the country’s capital markets.

T he other two are: to open the corporate bank bond market to

single A or even triple B issuances; and for the country to join the global shift to equity index in the emerging market bond Exchange-Traded Funds (ETFs).

Unionbank Chief Economist Ruben Carlo

DOTr: Miaa workers won’t lose jobs amid Naia rehab

By Lorenz S. Marasigan @lorenzmarasigan

TRANSPORTATION Secretary Jaime Bautista allayed fears among Manila International Airport Authority (Miaa) personnel, assuring them that no one will lose their job amid the modernization and privatization of the  Ninoy Aquino International Airport (Naia).

H e emphasized that the government is committed to safeguarding the welfare of airport employees amidst the impending changes.

Currently, the Department of Transportation (DOTr) is finalizing arrangements with San Miguel Corp.-led consortium SMC-SAP Inc. for the takeover of the operations and maintenance of the Naia.

House...

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increase skill formation. Increasing the minimum wage will harm lowskilled workers, aggravate existing inflationary pressures, eliminate entry-level jobs, and stunt human

“ Part of the concession agreement is for the concessionaire to offer positions to existing employees of Manila International Airport Authority,” he assured.

B autista said the incoming concessionaire is bound to prioritize hiring current employees, particularly those engaged in operations. However, he clarified that even personnel not directly involved in

capital accumulation, especially among the economically disadvantaged,” it said.

“ Empirical evidence suggests that the socioeconomic risks asso -

operations will have a place within the agency.

“ If you believe you have a particular skill-set necessary to keep this airport functioning, you have no reason to be anxious,” he said, addressing concerns among employees regarding their future roles within the restructured framework.

A s part of the modernization strategy, Miaa will shift its focus to regulatory functions, while the concessionaire will assume responsibility for day-to-day operations and maintenance of Naia.

B autista emphasized that this transition aims to align Naia with global aviation standards, positioning it as a premier gateway for international travelers.

“ We need to reverse Naia’s world’s worst airport repute. That needs to happen fast. Make sure you have the right morals and values when the transition starts,” he said.

L ast month, the DOTr issued the notice of award for the P170.6-

ciated with the proposed measures to increase the minimum wage are immense,” it added.

T he CPBRD added that the bills may also contribute to inflationary pressures, as employers pass on higher labor costs to customers.

T he policy brief also highlighted

billion Naia Public-Private Partnership (PPP) deal to SMC-SAP.

SMC-SAP & Co. Consortium is composed of San Miguel Corp., RMN Asian Logistics, RLW Aviation, and Incheon International Airport Corp.

T he consortium won the deal, after it submitted the best bid during the public auction, offering a government share in revenues of 82.16 percent.

T he Naia PPP project seeks to rehabilitate and expand the current three-terminal gateway in Manila. Once completed, its capacity shall be expanded from 35 million passengers per annum (MPPA) to 62 MPPA.

T he concession was initially set for 15 years with an option to extend by 10 years as long as the concessionaire is “not in flagrant violation of the concession agreement.”

T he concession agreement is set to be signed on or before March 16 or 30 days after the notice of award was sent to the consortium.

official labor data estimates indicating that a proposed P150 wage hike could jeopardize the jobs of 11.9 million low-skilled workers.

W ith this, it urged policymakers to consider the adverse effects of such distortionary policies, particularly on the most socioeconomically disadvantaged.

Estimates from official labor data indicate that the proposed minimum wage legislation endangers the jobs of 11.9 million lowskilled workers and threatens to significantly increase inflationary pressure. The kindly intentions of these measures thus belie their potentially disastrous short-term and long-term effects on the Philippine economy,” it added.

A ccording to the Philippine Statistics Authority’s Labor Force Survey (LFS), out of 47.1 million employed individuals, 7.3 million are categorized as minimum wage earners (MWEs).

T he CPBRD said the proposed wage hike is projected to increase the number of MWEs to 11.9 million, with 6.2 million in the “formal economy.”

“Given that not all private employers have the capacity to absorb the labor costs of the proposed minimum wage hike, it can be argued that there are 11.9 million jobs that are at risk. While it is true that not all MWEs will be displaced, the MWEs working for firms that cannot afford the proposed minimum wage hike will be laid off sooner or later,” it added.

It said the estimated cost of retaining all MWEs under the new minimum wage regime is substantial, reaching approximately P309 billion in the first year. This, it said, could lead to a 15.5-percent increase in overall labor costs, contributing to a 4-percent rise in prices, with potential second-order inflationary effects.

Moreover, analysis of the data indicated that MWEs, predominantly young individuals aged 15 to 30 with low education levels, are at high risk of unemployment and underemployment.

It added that proposed legislation may exacerbate poverty in regions heavily reliant on minimumwage jobs, such as BARMM, Caraga, Zamboanga, and Eastern Visayas.

It said the bills, if enacted, may further aggravate longstanding issues in the Philippine agricultural sector, contrary to intentions to boost agricultural productivity and food self-sufficiency.  “ The kindly intentions of these measures thus belie their potentially disastrous short-term and long-term effects on the Philippine economy,” the CPBRD added.

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Amortization refers to the repayment of loan principal over time, while interest payment refers to a payment determined by the interest rate of an account.

M eanwhile, Treasury data showed interest payments in 2023 increased by 25 percent, higher than the P502.858 billion recorded in the previous year.

T he state’s domestic interest payments rose by 13.68 percent year-on-year to P435.742 billion from P383.452 billion, according to the Treasury.

L ocal interest payments made by the national government come in the form of Treasury bills settled at P17.166 billion, higher than the P12.647 billion in 2022.

T he government paid P263.177 billion in interest on fixed-rate Treasury bonds in 2023, which is also higher than the P231.138 billion recorded in the previous year.

T he interest payments of the state for retail Treasury bonds increased to P149.738 billion from P135.498 billion in 2022.

T he government’s interest payments to external entities posted a double-digit increase of 61.29 percent to P192.591 billion from P119.406 billion last year, Treasury data showed.

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T his is based on the recommendations of former US Federal Reserve Chairman Alan Greenspan in 1999 regarding the 1997 Asian Financial Crisis, when he said a “spare tire” could have cushioned the impact of the crisis.

E fforts to deepen the capital markets have been under way in the region. In terms of the stock market and corporate bond market as a percentage of GDP in 2022, the Philippines is trailing its Asean counterparts except for

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A ll kinds of toilet or bath soap; fertilizer; pesticides; herbicides; poultry feeds, livestock feeds, and fishery feeds; veterinary products; paper, school supplies; nipa shingle; sawali; cement, clinker GI sheets; hollow blocks; plywood; plyboard; construction nails; batteries (excluding for mobile, laptop and automotive); electrical supplies and light bulbs and steel wires are on the list of prime commodities which could be subject to a discount.

T he CPG official noted that some supermarket stakeholders have expressed their concern on the issue of “tax treatment” on the 5 percent special discount on basic necessities and prime commodities (BNPCs).

Nograles explained that while the 20 percent senior citizen discount for restaurants and services

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T hrough “Gears,” the DOF said it will act fast on investments through the “swift implementation of pro-business reforms, improvements in the regulatory regime, reduction in the cost of doing business, and addressing constraints.”

Amendments to CREATE

THE Finance department also pressed for amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to further address investor concerns, tailor-fit incentives, and draw in more strategic investments into the country.

“

The ease of doing business is what builds investmentled growth that creates more

Higher rates

AN economist from the Rizal Commercial Banking Corp. (RCBC) told BusinessMirror that higher interest rates globally and locally “fundamentally increased” interest expenses, which drive higher debt service costs.

C hief Economist Michael L. Ricafort added that weaker peso exchange rates versus the US dollar since 2022 increased the peso equivalent of foreign debt on top of the sharp increase in global and local interest rates since then.

“ For the coming months, easing headline inflation towards central bank targets would support possible US Federal Reserve [Fed] rate cuts later this year that could be matched locally and help ease debt servicing costs of the national government amid relatively stable peso exchange rate,” Ricafort said.

A s of end-January 2024, the national government’s outstanding debt posted a new record high of P14.79 trillion.  (See: https:// businessmirror .com. ph/2024/03/04/end-jan-debthits-new-record-high-of%e2%82%b114-8t/).

Indonesia.

B ased on his presentation at the Capital Market Development Council, Remolona said deepening the capital market means opening the corporate bond market to single-A and triple-B borrowers.

Currently, Remolona said the country’s corporate bond market consisted of triple-A or doubleA. Single-A bonds account for the smallest share. This could be termed as a “Lake Wobegon corporate bond market.”  Cai U. Ordinario

should be treated as tax deduction, she noted that Republic Act No. 9994, or the Expanded Senior Citizens Act of 2010 is “silent” with respect to special discounts on BNPCs.

H owever, she said the issue of tax payment is within the Bureau of Internal Revenue’s (BIR) mandate. Nograles said the DTI already wrote to BIR regarding this concern of stakeholders.

T he 5-percent special discount for BNPCs is distinct from the 20-percent regular discount which covers different goods and services, pursuant to RA 9994 and RA 10754.

T he registration link for the public consultation is at: https:// docs.google.com/forms/d/ e/1FAIpQLSeuoDtYq3Rzr0p1u7zvXO4kzjgqazLoWuqsi4QTkOJPdAvfw/viewform

quality jobs in a land whose talents far outstrip opportunities that could harness them,” said Recto in the statement.

T he DOF said the government will also “vigorously implement” the Build Better More program of the current administration to generate more employment and investments in the Philippines.  L astly, through the recently enacted Public-Private Partnership (PPP) Code, the national government will also leverage private sector capital and expertise to reduce the backlog in infrastructure, free up fiscal space for social services, and create jobs that increase domestic consumption, the DOF added. Reine Juvierre S. Alberto

Editor:

International shipping industry: Death of crew in Gulf of Aden ‘unacceptable’

By Malou Talosig-Bartolome

THE United States, United Kingdom and France have condemned the attack in the Gulf of Aden that killed two Filipino and one Vietnamese seafarers, while the international shipping industry expressed “deep concern” over the incident.

Meanwhile, President Ferdinand R. Marcos Jr. joined the international call to end the conflict in the Middle East and for all parties to respect freedom of navigation in the Red Sea.

At least 15 Filipino crew members were on board the Barbadosflagged vessel when Houthis fired missile from Yemen across the Gulf of Aden.

Aside from the two Filipinos and one Vietnamese sailor, three Filipinos were also injured.

An Indian Navy ship in the area rescued the 13 Filipino seafarers and brought them to Djibouti.

Eleven of the seafarers are flying to Manila on Tuesday, while two are still recovering in hospital.

The bodies of the two Filipino fatalities are still on the ship, as the ship owner is still trying to work on the recovery of their remains.

A Philippine Embassy team from Cairo went to Djibouti to assist the Filipino sailors, who were issued travel documents and cash aid $1,000 (P55,000) from the DFA Assistance to Nationals fund.

PBBM statement

“I JOINED the nation in offering our deepest sympathies to the families of the two Filipino seafarers who perished in the Houthi attack on True Confidence,” Marcos said in a statement.

He assured the public that the Philippine government is in con -

stant contact with the families of the two fatalities.

“We will spare no effort in bringing their remains home,” he added.

He instructed the DFA, Department of Migrant Workers (DMW), Overseas Workers Welfare Administration (OWWA) and the Department of Social Welfare and Development (DSWD) to help the seafarers and their families.

Unlike the US, UK and France, President Marcos did not condemn the attack but called for the end of the conflict in the Middle East.

The Houthi forces in Yemen are still holding hostage 25 seafarers of M/V Galaxy Leader including 17 Filipinos, and have been firing missiles at commercial vessels and navy ships in the Red Sea since November last year. The Houthis called these sympathy attacks in response to the Israeli military campaign in Gaza Strip.

“The Philippines joins global calls for the end to this conflict and for full respect for the principle of freedom of navigation,” President Marcos said.

International shipping joint call NINE associations from the shipping industry worldwide expressed “deep concern” over the attack.

“The loss of life and injuries to civilian seafarers is completely unacceptable. Merchant vessels crewed by civilian seafarers trans -

porting global trade have a right to innocent passage through the region without the threat of attack,” the industry shipping associations said in a joint statement.

It was issued by the Baltic and International Maritime Council (Bimco), International Chamber of Shipping, Cruise Lines International Association, International Association of Dry Cargo Shipowners (InterCargo), International Association of Independent Tanker Owners (Intertanko), International Marine Contractors Association (Imca), European Community Shipowners Association (Ecsa), InterManager, and Oil Companies International Marine Forum (OCIMF).

US, UK, France weigh in WHITE House Press Secretary Karine Jean-Pierre called the Houthi attacks “reckless” and “appalling.”

“These reckless attacks by the Iran-backed Houthis have not only disrupted global trade and commerce but also taken the lives of international sea—seafarers simply doing their jobs,” Jean-Pierre told reporters in a briefing.

UK Foreign Secretary David Cameron tweeted: “We condemn the Houthis’ reckless & indiscriminate attacks on global shipping & demand they stop. We will continue to stand up for freedom of navigation and back our words with actions.”

The French Ministry for Europe and Foreign Affairs also “strongly” condemned the lethal attack.

“Houthi attacks on international maritime traffic reached a new level. They must cease,” French Ambassador to Manila Marie Fontanel said.

Outpouring of sympathies

THE following are other statements of sympathy:

Japanese Ambassador to Manila Endo Kazuya: “Japan stands in solidarity. Our sincere condolences to the families of the two Filipino seafarers lost to a tragic missile attack. Deep respect for their commitment abroad. Japan

is steadfast in partnering with to foster lasting peace and stability worldwide.”

Canadian Ambassador to Manila David Hartman: “The Embassy of Canada expresses our sincerest condolences to the families of the victims.”

German Ambassador to Manila Andreas Pfaffernoschke: “Germany expresses its sincere condolences to the families of the victims. With the Philippines and all partners we aim to achieve a peaceful and enduring solution to this conflict.”

International Maritime Organization’s (IMO) SecretaryGeneral Arsenio Dominguez: ““It is deeply saddening to follow the horrific reports of the casualties on the merchant vessel True Confidence, following an attack on the ship southwest of Aden, in Yemen. I extend my deepest condolences and those of the entire IMO family to the families of those who have lost their lives, and our thoughts are with those who have been injured. Innocent seafarers should never become collateral victims.

I want to thank the efforts of all ships in the area in assisting the vessel and particularly its crew. We all need to do more to protect seafarers.”

Stephen Cotton, General Secretary of the International Transport Workers’ Federation (ITF): “We have consistently warned the international community and the maritime industry about the escalating risks faced by seafarers in the Gulf of Aden and Red Sea. Today, with profound sorrow, we see those warnings tragically confirmed.”

ITF Seafarers’ Section Chair David Heindel: “These brave seafarers embarked on their journeys with a commitment to connect nations, facilitate trade, and uphold the vital maritime industry. Their dedication to their profession was an embodiment of resilience and courage. The news of their untimely departure weighs heavily on all of us, and we stand together in mourning the immeasurable loss.”

President cites Muslims’ role in society as Ramadan

PRESIDENT Ferdinand R. Marcos Jr. on Sunday expressed unwavering solidarity with the Muslim communities across the Philippines as they embark on the sacred month of Ramadan, saying this holy Islamic month should strengthen kinship, forgiveness, and harmony, uniting diverse communities.

Recognizing the significance of this spiritual journey, the President highlighted the virtues of compassion, empathy, and generosity that mark this special time.

Also citing the profound impact of Ramadan on fostering introspection and community bonds, Marcos underscored the vital contributions of Muslims to Philippine history and culture.

ANNA MAE YU LAMENTILLO was given the Adopted Lakan Award by the Philippine National Police Academy Alumni Association Inc. (PNPAAAI) during its 44th Grand Alumni Homecoming on March 8, 2024, which was also the International Women’s Day.

“I am deeply honored for this recognition from my PNPAAAI family. Being part of this revered organization is already a privilege in itself. That is why dedicate my work not only

“I am in solidarity with our Muslim brothers and sisters in the country and all over the world on the occasion of Ramadan. Today marks the beginning of the sacred journey of Ramadan, a time of reflection and spiritual growth where the virtues of compassion, empathy, and generosity are upheld and practiced fervently. During this holiest of months, Muslims around the world observe fasting from dawn till dusk, abstaining from worldly pleasures as a means of purifying their souls and deepening their connection with Allah,” he said. The president also expressed hope that the month ahead would be one of strengthened kinship, forgiveness, and harmony, uniting diverse communities in a shared

celebration of shared values.

“Truly, this demonstration of faith speaks volumes of their deep introspection and shared devotion, allowing them to create a stronger bond in their communities through their beliefs. Ramadan holds special significance as it reminds us of the rich diversity of our cultural and religious tapestry in the Philippines. It is with no doubt that our Muslim brothers and sisters have made invaluable contributions to our nation’s history and heritage, shaping our beloved motherland into the diverse and united country that it is today,” Marcos added.

“It is my hope that this monthlong celebration will strengthen our kinship, open our hearts to forgive past grievances, and em -

to uplifting my PNPA Class Bagsay-Lahi, but also to advancing the mission of the PNPA Alumni Association to contribute to the overall development of our nation,” said Lamentillo. In 2022, Lamentillo was appointed Undersecretary for Public Affairs and Foreign Relations of the Department of Information and Communications Technology (DICT) where she led the Department’s strategic communications and media, international relations, and legislative affairs. She also

spearheaded the Department’s efforts relative to Build Better More, in coordination with other government agencies, to support President Ferdinand R. Marcos Jr.’s vision of a truly digital Philippines. During her time with the DICT, she extended assistance during the deliberation, evaluation and subsequent approval by the DICT of the Information System Strategic Plan (ISSP) of the PNP, a three-year ICTdevelopment roadmap.

Marcos vows support to families of Pinoys killed in Houthi attack

By Jovee Marie N. Dela Cruz @joveemarie

PRESIDENT Ferdinand R. Marcos Jr. on Sunday vowed to provide government comprehensive support to the families of the two Filipino seafarers who tragically lost their lives in the recent Houthi attack on the vessel True Confidence.

In a statement, Marcos emphasized the nation’s solidarity with the grieving families during this difficult time.

Assuring the affected families of the government’s unwavering support, Marcos stated that every effort will be made to bring the remains of the deceased seafarers back to their homeland.

He said the government is maintaining constant communication with the families, prioritizing their needs and ensuring a dignified repatriation process.

The president revealed that the 13 surviving Filipino seafarers, three of whom sustained injuries during the attack, have been safely transported to Djibouti. The Philippine Embassy in Cairo is actively engaged in providing assistance to facilitate their swift return home.

In response to the crisis, Marcos has issued directives to key

government agencies, including the Department of Foreign Affairs (DFA), Department of Maritime and Ocean AffairsOverseas Workers Welfare Administration (DMW-OWWA), Department of Health (DOH), and Department of Social Welfare and Development (DSWD). These agencies are tasked with coordinating efforts to provide comprehensive support to the seafarers and their families.

“The government is in constant contact with their families, and we will spare no effort in bringing their remains home. The 13 surviving Filipino seafarers, including the three who were injured during the attack, are now safely in Djibouti and are being assisted by our Embassy in Cairo to return safely home as soon as possible. I have instructed the DFA, DMWOWWA, DOH, and DSWD to provide assistance to the seafarers and their families,” he said.

The president, echoing global sentiments, joined calls for an end to the conflict and emphasized the importance of upholding the principle of freedom of navigation. The Philippines stands united with the international community in seeking a peaceful resolution to the ongoing crisis.

‘Bong’ Go aids typhoon victims in Jose Abad Santos, Davao Occ.

SENATOR Christopher “Bong” Go is seeking to muster continuous support for disaster-affected communities as his Malasakit Team provided aid to recovering Typhoon Paeng victims in Jose Abad Santos, Davao Occidental on Thursday, March 7.

“While we have made significant strides in providing immediate aid, the road to recovery for the families affected by natural disasters is long and fraught with challenges,” Go stated.

“I appeal to our kababayans, businesses, and fellow lawmakers to join hands in offering continued support to help ensure no one gets left behind towards recovery,” he added.

starts

brace a spirit of harmony that will redound to our collective progress. Together, let us build a future where love and understanding prevail and where the light of hope shines brightly for all. I wish everyone a meaningful and solemn celebration,” the President said.

Marcos emphasized the importance of embracing the principles of love, understanding, and collective progress during this auspicious period.

The Chief Executive also expressed confidence that the lessons learned and the bonds forged during Ramadan would contribute to a more compassionate and empathetic society, fostering a shared commitment to progress and prosperity for all.

Jovee Marie N. Dela Cruz

During the administration of President Rodrigo R. Duterte, Lamentillo was the chairperson of the Build Build Build (BBB) Committee of the Department of Public Works and Highways (DPWH) and the concurrent chairperson of the Infrastructure Cluster Communications Committee.

During this time, she worked with the PNP for several Tatag ng Imprasktraktura para sa Kapayapaan at Seguridad (Tikas) projects that provided infrastructure facilities

To further strengthen approaches amidst natural disasters, Go has introduced Senate Bill No. 188, advocating for creating a Department of Disaster Resilience. This proposal underscores the need for a dedicated and cohesive approach to managing disasters.

Held at the municipal gymnasium in Brgy. Caburan Small and barangay hall in Brgy. Balangonan, the Malasakit Team aided a total of 131 families affected by the typhoon with snacks, shirts, facemasks, vitamins, basketball and volleyball, keychains, calendars, and burgers. Select recipients received shoes, a watch, and a phone.

Through Go’s initiative, qualified beneficiaries also received housing assistance from the National Housing Authority through the Emergency Housing Assistance Program (EHAP).

“Isinulong natin ang programang EHAP noon at patuloy ko itong sinusuportahan ngayon upang matulungan ang mga biktima ng bagyo, sunog o anumang sakuna, na makabili ng materyales para sa bahay tulad ng yero, pako, semento, at iba pang kagamitan,” Go said in a video message. “Sa pamamagitan nito, hindi lamang

natin sila tinutulungan na magkaroon ulit ng maayos na masisilungan, kundi binibigyan din natin sila ng bagong pag-asa,” he added.

As chairperson of the Senate Committee on Health, Go then reminded the beneficiaries to look after their health.

Known as Mr. Malasakit, Go encouraged patients to avail of the services of any of the Malasakit Centers in the region if they need assistance with their hospital expenses located at Davao del Sur Provincial Hospital in Digos City, Southern Philippines Medical Center in Davao City, Davao Regional Medical Center in Tagum City, Davao Oriental Provincial Medical Center in Mati City, and Compostela Valley Provincial Hospital.

Currently, there are 159 Malasakit Centers nationwide. Go primarily authored and sponsored the Malasakit Centers Act of 2019.

Through the collective efforts of the Department of Health (DOH) led by Secretary Teodoro Herbosa, local government units, and fellow lawmakers, sufficient funds have been allocated under the DOH for the construction of around 700 Super Health Centers, including three in Davao Occidental.

“Patuloy kaming magseserbisyo sa inyo dahil bisyo ko ang magserbisyo at ako ay naniniwala na ang serbisyo sa tao ay serbisyo ‘yan sa Panginoon, serbisyo ‘yan kay Allah,” underscored Go.

As vice chairperson of the Senate Committee on Finance, Go also committed to helping boost the province’s economic development by supporting several initiatives, such as the construction of a multipurpose building and cold storage facility in Don Marcelino; construction of a water system, evacuation center and road rehabilitation in Jose Abad Santos; and construction of an indoor sports building and road improvements in Malita.

Economy

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Editor: Vittorio V. Vitug

Congress starts debate on Charter’s economic provisions

By Jovee Marie N. Dela Cruz @joveemarie

THE House of Representatives will begin plenary debates on Monday on proposed economic constitutional amendments contained in Resolution of Both Houses (RBH) 7, expecting the deliberations to be shorter.

Senior Deputy Speaker Aurelio D. Gonzales Jr. said that the plenary session will delve into the report of the Committee of the Whole House.

The committee endorsed the resolution’s approval “without amendment.”

Gonzales anticipates shorter deliberations compared to the extensive hearings held by the Committee of the Whole House, spanning six days with the participation of numerous resource persons and experts.

He said he expects the deliberations to be shorter than the proceedings of the Committee of the Whole House, which conducted six days of marathon and extensive hearings on the proposed amendments to which scores of resource persons and experts were invited.

“In plenary, the proponents of the economic charter changes will defend their proposals. The plan is to have three days of debates, with the second-reading vote set shortly after the termination of discussions and the period for amendments on the third day,” Gonzales said.

Emphasizing the directive from Speaker Ferdinand Martin G. Romualdez, Gonzales affirmed the House’s commitment to its timeline, aiming to approve the proposed amendments on the third and final reading before Holy Week. Subsequently, RBH 7 will be transmitted to the Senate.

The Speaker has expressed confidence that the Senate would be able to obtain the needed 18 votes, or threefourths of all its members, to adopt the economic charter change proposals. Romualdez expressed confidence last Friday that the Senate would secure the necessary 18 votes, constituting three-fourths of its members, for the adoption of the economic charter change proposals.

“I believe in the Senate leadership, especially in SP (Senate President) Migz (Juan Miguel) Zubiri, that he can

handle everything and persuade all his colleagues in the Senate,” remarked the leader of the House of Representatives. “We understand the challenges, but the Senate has always lived up to the challenge. I know that they know what is good for our people.”

Romualdez was reacting to Zubiri’s statement that getting the required 18 votes in the Senate for the economic amendment proposals “is a big challenge” but that “it’s not impossible.”

Zubiri earlier said he and his colleagues would approve the proposed charter changes later this month, before the Holy Week.

The Senate is tackling RBH 6, its own version of the proposed constitutional changes. It is authored by Zubiri and Senators Loren Legarda and Juan Edgardo Angara.

Moreover, Gonzales reiterated that the proposed amendments would give Congress the flexibility to change foreign capital and foreign ownership restrictions in the Constitution in three areas: public utilities, education, and advertising.

“The ratification of the amendments will immediately send a

Solon welcomes approval of foreign investments

ASENIOR lawmaker on Sunday welcomed the approval of 41 foreign-funded projects by the Board of Investments (BOI), marking a positive contribution to the nation’s economic recovery.

Surigao del Norte Rep. Robert Ace S. Barbers said these projects under the Marcos administration will further boost the country’s recovering economy.

“This will spur growth in our domestic market, which really needs a boost at this point, where we are faced with recurring inflation not just locally but also globally as a result of the Ukraine war and the conflict between Israel and the Palestinian militant group Hamas,” Barbers said. “This is a welcome development for all of us.”

Barbers cited reports that as of February 8 this year, the BOI has granted “green lane certification” to the projects, “a very clear sign of what more things are about to come in this administration.”

There are a total of 148 projects, of

which 46 are already ongoing, leaving about 102 pending. “We have started the ball rolling, so to speak. And all we need is to take a proactive stance by consistent follow ups so that these will all come to fruition. By then, we will be creating more jobs and generating more activities for the economy to boom even more,” Barbers said. The senior administration lawmaker from Mindanao said the implementation of green lanes by the BOI has sparked significant interest among foreign investors, who are very eager for streamlined approval processes.

Out of the 41 projects, 20 have submitted commitments during the President’s visits or resulted from follow-through activities. The two most significant countries as investment sources are Japan with 21 projects and the US with 13 projects. Foreign investors are currently engaged in pre-implementation and planning activities for the remaining 102 projects,

involving $58 billion in investment pledges to the Marcos administration.

FDIs

MEANWHILE, the Marcos administration is making significant strides in aiding the country’s recovery from the global pandemic, boasting at least $14.2 billion in ongoing foreign direct investment (FDI) since July 2022, Speaker Ferdinand Martin G. Romualdez said on Sunday.

“Executing $14.2 billion in FDIs from the projected total of $72.2 billion is significant, and there are many more projects in the pipeline,” said Romualdez, citing government data.

“We aim to gradually enhance the economy to its full potential, so that the rising tide will lift all our boats, so to speak,” he added, referencing statistics from the Department of Trade and Industry that indicates FDIs are now at “different stages” of construction, “as recorded as of December 2023.”

Happy homes to indigents as Ramadan begins

DBy Manuel T. Cayon @awimailbox

AVAO CITY—It would not a bleak one month of annual fasting for fifty indigent Moro families.

They would celebrate their Ramadan in their new homes after the Bangsamoro government officially turned over 50 newlybuilt housing units in Simsiman, Pigcawayan Cluster on March 4.

Each unit has three bedrooms, a kitchen, living area, comfort room, and solar power. The housing project costs P27.8 million financed through the 2020

Special Development Fund (SDF). The SDF is an allocation for initiatives focused on “rebuilding, rehabilitation, and development of conflict-affected communities” from the Ministry of Human Settlements and Development (MHSD).

MHSD Minister Hamid Aminoddin Barra said the provision of the housing units is part of the regional government’s commitment to the Bangsamoro people. The beneficiaries were selected from the 63 barangays of six towns of North Cotabato which opted to belong to the Bangsamoro Autonomous Region in Muslim Mindanao (Barmm). These areas are collectively known

as the Special Geographical Area.

“What we have achieved today including those other accomplishments of the regional government are breakthroughs in our governance,” said Senior Minister Abunawas Maslamama.

“We are thankful to the Bangsamoro Government for this project which solves one of our basic needs,” said 65-year-old Abdulsalam Eson, who lost his house during the war.

Eson used to live in a decent home before but due to the constantly transpiring war in their community before, he lost to a fire. Due to his age, he is no longer able to do physically exhausting errands for economic gain, hence

powerful signal to investors that we want to attract more foreign investments in these sectors of the economy by changing those limitations down the road,” he said. “It will also greatly help President Ferdinand R. Marcos Jr., in convincing foreign investors to invest in our country.”

RBH 6 and RBH 7 are both titled, “A Resolution of Both Houses of Congress Proposing Amendments to Certain Economic Provisions of the 1987 Constitution of the Republic of the Philippines, particularly on Articles Xll, XlV, and XVl.”

As the House of Representatives maintains its course towards approving RBH 7 before Holy Week, Camarines Sur Rep. LRay F. Villafuerte expressed optimism about the Senate’s potential success in passing its version of the Charter makeover. The lawmaker said the consensus among these experts is that for the Philippines to achieve global competitiveness and outpace more prosperous neighbors in a borderless world, it is imperative to open up the economy to foreign investors.

He also noted that ongoing projects stemming from President Marcos’ international visits, where he has consistently highlighted that Manila is open for business and that there are plans to ease restrictive policies, now constitute 20 percent of the total pledges for the administration.

According to Romualdez, the $14.2 billion in projects have “already been actualized,” with some already “operating and/or having completed the process of registering the project with DTI’s Investment Promotion Agencies,” while others have “commenced implementation.”

These FDIs, as recorded by the DTI, cover a variety of industries, including manufacturing, IT-BPM (information technology-business process management), renewable energy, infrastructure, transport and logistics, agriculture, and retail.

Among these sectors, manufacturing has the “largest share in terms of the number of projects,” with 16 projects (equivalent to 35 percent), followed by IT-BPM with 10 projects (22 percent), and renewable energy with nine projects (20 percent). Jovee Marie N. Dela Cruz

building a home is almost next to impossible, according to the Barmm Information Office.

Abdulsalam’s plight is almost the same to 48-year-old Myra Engkungan, who sold her house in order to finance the hospitalization of a family member.

“It was a hard decision but that was the only way we know back then to settle the hospital bill,” Engkungan shared.

According to her, hospitalization in the past was considered a luxury since not everyone could afford it, unlike today when the Bangsamoro Government is infusing funds for medical programs that provide medical assistance, free medicine, and other related services.

“With our new home, we no longer have to share house with our kins,” she said.

₧50M Phinma-DLSU center to train business leaders as ‘forces of good’

Pand the positions of influence held by business leaders,” said Phinma Chairman and CEO Ramon R. del Rosario Jr. said in his speech during the launch held at the Rockwell Center, Makati City. “This is the context around which we have decided to sponsor a Phinma [DLSU] Center for Business and Society (PDCBS); and this will be housed appropriately at the De La Salle Ramon V. del Rosario College of Business.”

Del Rosario said the center will have an initial seed fund of P50 million from Phinma, the del Rosario family and his personal contribution. He expressed optimism that the center will become the country’s foremost advocate for business as a force that would

produce business leaders who will embrace the idea that business has a responsibility beyond profits.

Moreover, he pointed out that business must be a force for good that will produce business executives who will not be afraid to speak out and take a stand on issues of national importance, even if outside the strictly business sphere. Brothers of the Christian Schools (FSC) Brother Bernard S. Oca said the center aims to create a conducive environment where businesses do not just thrive financially, but also contribute meaningfully to societal welfare and the sustainability of our planet.

“By championing this transformative agenda, we do more than just elevate the reputational capital of our institutions and businesses. We lay the foundation for an economic system that is inclusive, sustainable and equitable,” said Oca, also the president of the DLSU. The PDCBS aims to be a catalyst for fostering humanistic business practices and societal well-being—aligning with

the wider global push towards responsible and sustainable business conduct, read documents provided during the event.

The center’s key strategies include developing tools, materials, and case studies for other business schools to implement into their curricula; pursuing research on businesses worldwide that have become an impactful force for social good and recommend ways on adopting their best practices locally; and honing and recognizing business leaders that will actively promote inclusive business practices.

“Like a single spark that can ignite a vast flame, we believe one institution, one leader, one educator, one student, and one idea can catalyze significant change,” del Rosario said.

“Our goal at the [PDCBS] is to create a spark and fan it into a blaze of change that spreads across industries and borders.”

The PDCBS will also collaborate with the Asian Institute of Management RVR Center and the Ramon Magsaysay Awards Foundation on more Philippines-focused initiatives, documents read.

Del Rosario and Oca called on the

Despite Zubiri acknowledging the formidable challenge of securing a three-fourth majority vote for RBH

6, the Senate version of the constitutional reform resolution, Villafuerte sees it as a “good chance” and within the realm of possibilities.

Villafuerte, National Unity Party (NUP) president, noted the potential for senators opposing the measure to reconsider their stance after hearing the perspectives of economic experts and legal luminaries during ongoing hearings conducted by the Senate subcommittee on constitutional amendments and revision of codes, chaired by Senator Juan Edgardo Angara, one of the authors of RBH 6.

Citing Zubiri’s leadership and commitment to Senate action on the resolution, Villafuerte remains hopeful about garnering the necessary votes.

While some opponents claim they can muster enough votes to quash RBH 6, Angara emphasizes that the voting time has not yet arrived, leaving room for potential approval.

Highlighting insights from economic managers, experts, and legal luminaries, Villafuerte stressed the

urgency of Charter change.

He emphasized that the restrictive economic provisions of the 1987 Constitution hinder foreign direct investment (FDI) inflows, citing the swift progress of Vietnam as a compelling example.

Villafuerte said that economic experts who had appeared before lawmakers have cited the rapid progress of Vietnam, once an economic laggard in the region, as the reason for legislators to sharpen the Philippines’ global competitiveness in the borderless world—and make it on par with our more booming neighbors—by lifting the Constitution’s economic provisions that hamper greater inflows of foreign direct investments.

Following the Committee of the Whole’s timely endorsement of RBH 7 on March 6, the House initiated plenary deliberations this week, targeting passage before the 19th Congress goes on Lenten break starting March 23.

To expedite the approval of the final congressional version, Speaker Martin Romualdez leads House members in introducing RBH 7, aligned with the Senate’s version (RBH 6).

Hotels, restos violate law if they remove service charges–lawyer

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

HOTELS and restaurants violate Republic Act 11360, the Service Charge Law, if they remove the levy from their guests’ bills.

In an email, Atty. Jose Manuel “Chel” I. Diokno, chairman of the Free Legal Assistance Group and founding dean of the De La Salle University College of Law, told the BusinessMirror: “Hotels, restaurants, and similar establishments cannot just decide to remove all service charges–doing so would violate the principle of non-diminution of benefits. It is a basic rule that any benefit enjoyed by the employees cannot be reduced or discontinued by the employer.”

Diokno said this in response to reports of several hotels and restaurants deciding to remove their service charge, after the Department of Labor and Employment (DOLE) issued revised implementing rules and regulations (IRR) to the Service Charge Law. Under the new IRR as provided in DOLE’s Department Order 242, series of 2024, said these establishments should include casual, contractual, and agency-hired workers in the distribution of the service charge (SC), aside from regular employees, as well as managers already receiving a share prior to the law’s enactment in August 2019.

‘Administrative nightmare’

DIOKNO stressed: “It is just and right that the people who actually render services–waiters, kitchen staff, housekeeping, banquet staff, concierges, etc.—should receive service charges completely and equally regardless of position, designation, or employment status. Eliminating service charges is not only unfair, it is violative of the law.” Labor Secretary Bienvenido Laguesma said hotels should find other incentive schemes to retain efficient regular employes. (See, “Service charge must one be used as ‘reward’ to keep good hotel staff—DOLE,” in the BusinessMirror, March 5, 2024.)

country’s leading business colleges and organizations to join the cause. “Let’s collaborate, innovate, and dedicate ourselves to weaving the principles of Business as a Force for Good into the very essence of our operations and curricula. Together, we can create a conducive environment where businesses do not just thrive financially but also contribute meaningfully to societal welfare and the sustainability of our planet,” Oca said.

In the long term, the PDCBS envisions itself as the country’s leading research-based advocate and management development provider for business as a force for good. The center also hopes to have encouraged prominent business organizations to grow further in adoption of this advocacy.

“It is a commitment to a philosophy that sees business as a part of society’s solutions, not its problems. We can collectively shift paradigms by fostering research, stimulating dialogue, and facilitating collaboration,” emphasized del Rosario, the finance secretary during the Ramos administration.

Rizal Raoul Reyes

An official of a major hotel operator, who spoke on background, described the

new IRR as an “administrative nightmare for our Finance people” to implement. “I have banquet operations for 300 persons. To support that, I have to hire 150 people. Not all of them work the same number of hours, and the new rules say we can only give them their share from the SC charged. But not all of them work in the same departments supporting these banquet operations.” Diokno underscored, “Employers cannot break the law just because it is inconvenient to them. Non-compliance can be reported to the DOLE Regional Office in the location of their workplace.” The lawyer recently posted an Instagram reel informing waiters, bellhops and other casual/contractual employees of hotels and restaurants that they were entitled to a share of service charges. (See https://tinyurl.com/ ejsspkb8)

Contractual workers

ACCORDING to the Philippine Statistics

Authority, of the 372,623 workers employed in the accommodation and food-service sector in 2021, restaurants and food kiosks accounted for 73 percent or 272,194 workers; short term-accommodations or hotels had 72,898 workers (19.6 percent); and beverage-serving activities had 21,892 workers (5.9 percent). While many restaurants remain unaffected by the new IRR as they hire only regular employees, a number of hotels, especially those operated by large hospitality chains, are staffed by casuals and contractual employees, a number of whom are hired through third-party employment agencies. (See, “Restos not affected by new rules on Service Charge law,” in the BusinessMirror, March 9, 2024.)

Industry sources estimated that casual/ contractual employees can reach as high as 80 percent of a hotel’s total workforce. These include concierges, bellhops, waiters, kitchen staff, housekeeping, banquet staff, among others.

The Philippine Hotel Operators Association said the implementation of the new IRR will reduce the take-home pay of regular employees by 30 percent to 40 percent. The group, however, signed off on the new rules, according to Laguesma.

Recto seen getting solons’ nod as DOF chief

THE confirmation of Ralph Recto as secretary of the Department of Finance (DOF) on March 13 is anticipated to proceed smoothly, Commission on Appointments (CA) Assistant Minority Leader Johnny Pimentel said on Sunday.

The bicameral CA, chaired by Sen. Ramon Revilla Jr., will conduct the confirmation hearing, as announced by Pimentel in a statement.

“The CA’s committee on finance, chaired by Sen. Ramon Revilla Jr., will hold its confirmation hearing on Secretary Recto’s ad-interim appointment on Wednesday,” he said. Pimentel predicted “smooth sailing” for Recto’s confirmation.

“It will likely be a breeze for Secretary Recto. We expect him to be accorded the

courtesy of a swift confirmation, considering that he used to be a member of both the House of Representatives and the Senate,” Pimentel said.

The CA is composed of 12 members each from the House and the Senate, with the Senate President as the ex officio presiding officer. The Constitution empowers the 25-member CA to scrutinize the competence, fitness, and integrity of Cabinet secretaries and other key presidential appointees, and to approve or reject them.

At 60 years old, Recto has a wealth of experience, having previously served as Batangas sixth district representative for nine years and as a member of the Senate for 18 years. Jovee Marie N. Dela Cruz

Editor:

PHL seen importing 4.1 MMT of rice this year

The Philippines’s rice imports for 2024 could exceed 4 million metric tons (MMT) on expectations of lower paddy harvest, according to a report published by the United States Department of Agriculture (USDA).

In its latest monthly report on global grains trade, the USDA raised its projection for Philippine rice imports for 2024 to 4.1 MMT from the previous 3.9 MMT.

“Global rice production is forecast higher this month mainly on a larger crop in India. Total imports are forecast higher mainly on increases for Indonesia and the Philippines. e x ports are up for Pakistan, Thailand, Vietnam, and Cambodia,” the report read.

Indonesia, the USDA said, could increase its rice purchases by 600,000 metric tons (MT) this year.

“Production concerns related to e l Niño, rising food price inflation, and an election in 2024 factored into rising Indonesia rice imports. e l Niño contributed to a decline in domestic production and delays in the upcoming main-season

harvest, spurring higher domestic prices,” the report read.

“In an effort to curb food price inflation, Indonesia’s stateowned logistics company, BULOG, ramped up subsidized rice distribution in 2023, seeking to aid the most vulnerable populations and quell prices prior to the 2024 election. With limited domestic procurement, BULOG has been active in recent rice import tenders and securing government-to-government deals.”

Amid high domestic rice prices, the USDA noted that Indonesians have shifted to consuming more imported rice and wheat-based products.

While imports account for less than 10 percent of its consumption, the USDA said Indonesia imports had a “significant impact” on the global market, accounting for nearly 7 percent of global trade in 2023.

“Indonesia’s growing demand for rice is particularly impactful given India’s export ban on white rice, which has tightened global supplies and led to elevated prices. Indonesia has turned to neighbors

to meet rapidly growing import demand,” the report read.

In 2023, three quarters of Indonesia rice imports were supplied by Thailand (40 percent) and Vietnam (34 percent). ho wever, Pakistan emerged as the largest supplier in December, following its 2023 bumper crop, and accounted for 11 percent of 2023 Indonesia imports.

For the Philippines, Vietnam was its top source of imported rice last year, according to data from the Bureau of Plant Industry (BPI). The country’s purchases of imported rice last year fell by nearly 9 percent to nearly 3.5 MMT due to volatile global market conditions such as higher prices and lower supply. Rice imports in 2022 reached a record 3.826 MMT.

‘Senate, House harmonizing proposals against agri smuggling’

By Jovee Marie N. Dela Cruz @joveemarie

The Senate and the ho use of Representatives are currently harmonizing their respective versions of the proposed Anti-Agricultural Smuggling Act, a leader of the ho use of Representatives said.

h o use Committee on Agriculture and Food Chairman Wilfrido Mark e n verga said a pre-bicameral conference has already taken place, where concerns were raised regarding the proposed Anti-Agricultural e c onomic Sabotage Act.

he noted the divergence in approaches between the ho use and the Senate.

“While the h o use proposed amendments to the existing AntiAgricultural Smuggling Law, the Senate put forth a version calling

for a complete repeal and rewriting of the law, leading to an initial impasse.”

To resolve this impasse, e nv erga said the ho use has been in constant communication with the staff of Senator Cynthia Villar, the lead in the Senate’s efforts.

he noted that this “proactive engagement” has been ongoing since the start of mid-January.

“I hope that the staff will inform Senator Villar that we have been in constant communication with their office,” e n verga stated, expressing a commitment to transparency and effective collaboration.

“As of Monday, the ho use has spoken to their Senate counterparts, and plans are underway to set a date in the coming weeks.” h e said the Senate has expressed interest in discussing the pre-bicameral conference to

address disagreeing provisions, indicating a positive trajectory towards the passage of the Anti-Agricultural e c onomic Sabotage Act.

The ho use of Representatives has approved, on its third and final reading, the measure strengthening the Anti-Agricultural Smuggling Act by imposing the penalty of life imprisonment on smugglers of agricultural products.

ho use Bill 9284 would amend Republic Act (RA) 10845, or the Anti-Agricultural Smuggling Act of 2016, to include the smuggling of agri-fishery commodities and tobacco products as economic sabotage.

The bill also establishes the Anti-Agro Fishery Commodities and Tobacco e c onomic Sabotage Council to oversee the implementation of the law.

In September 2023, Villar urged

Global meat prices higher in February–FAO report

Intern At I o n A l meat prices went up in February, with poultry meat quotations rising the most, according to the Food and Agriculture o r ganization of the United n a tions (FA o ) t h e FA o Meat Price Index in February rose by 1.8 percent from January. Aside from poultry, bovine meat and pig meat prices also registered increases. “[ h ] eavy rains [disrupted]cattle transportation in Australia. Pig meat prices also rose slightly due to higher demand from China and a tight supply situation in Western e u rope,” FA o said in its report on world food commodity prices which it released last Friday.

International sugar and dairy prices were also higher last month, according to FA o I ts sugar price index increased by 3.2 percent in February due to “persistent concerns” over Brazil’s upcoming output after a prolonged period of below-average rainfall as well as forecast production declines in t h ailand and India, two leading exporting countries. t h e FA o Dairy Price Index increased by 1.1 percent, led by higher import demand from Asian buyers for butter. Prices of milk powders and cheese also rose marginally.”

Despite this, the FA o Food Price Index, which tracks monthly changes in the inter-

national prices of a set of globally-traded food commodities, averaged 117.3 points in February, down 0.7 percent from January and 10.5 percent from the same month a year ago. FA o said lower international quotations for all major cereals more than offset rising prices of sugar and meat.

“ t h e FA o Cereal Price Index fell by 5 percent in February to reach a level 22.4 percent below that of February 2023. Maize export prices dropped the most amid expectations of large harvests in South America and competitive prices offered by Ukraine, while international wheat prices declined mostly due to a strong export pace from

Copper fees plunge close to zero in test for China’s smelters

Ch I n A S copper smelters are at a critical juncture after fees for processing imported ore collapsed to single figures, raising focus on whether they will keep resisting pressure for production cuts.

A steep decline in so-called treatment and refining charges has accelerated in March, with copper concentrate trading at levels more than 90 percent lower in the spot market than six months ago. th at means squeezed margins or losses for smelters, and points to a sharp tightening of the market after a series of unexpected mine disruptions.

Cargoes of copper concentrate from B h P G roup ltd.’s giant e s condida mine in Chile changed hands recently at terms as low as $12 a metric ton and 1.2 cents a pound to Chinese

smelters, and at $3 and 0.3 cents to at least one trader, according to people familiar with the deals. B h P declined to comment. Fees last dropped to single digits in 2010, in the aftermath of the global financial crisis, according to researcher Wood Mackenzie. next week, executives from at least 15 Chinese smelters are set to gather to Beijing next week to discuss how to combat the lower fees, including potential production curbs.

“ t h e current spot fees have been significantly lower than the smelter’s breakeven point and we expect larger production cuts or lower operating rates of Chinese smelters in the next few months,” said Brian Peng, a Beijing-based senior analyst with researcher C r U Smelters could also start

routine maintenance ahead of schedule, he said.

Transition metal

l o W treatment fees are a kind of stress signal in the global copper market, and will be seen by the metal’s more bullish backers as evidence that a long-anticipated shortage is emerging. Copper’s role in the energy transition is widely expected to leave mines scrambling to keep up with demand, leading to much higher prices this decade.

Still, a major driver of the plunge in fees has been a rapid expansion of copper smelting capacity—centered in China, but also in India and Indonesia. t h at means the lower treatment fees won’t necessarily

Despite the decline in purchases, the country’s imports last year were the second-highest in its history.

The Philippines’s unmilled rice production last year reached a record 20.06 MMT, 1.56 percent higher than the 19.756 MMT produced in 2022, according to data from the Philippine Statistics Authority (PSA).

PSA data showed that the rice output in 2023 was boosted by irrigated farmlands which produced 15.279 MMT, 2.2 percent higher than the 2022 volume of 14.938 MMT.

In January, the DA projected flat output growth for rice this year due to e l Niño.

“Technically, if I am not mistaken, our [rice] production for [2023] is 20 million tons and 2024 [production] should be almost the same due to e l Niño,” Agriculture Secretary Francisco P. Tiu Laurel Jr. said in a news briefing in Malacañang.

To ramp up food production, Laurel said the government will build more water impounding areas and facilities as well as

her peers to approve a measure defining and proposing stiff penalties for agriculture economic sabotage to include not only smuggling but also hoarding, profiteering and cartel. e m bodied in Senate Bill 1086, Committee Report No. 12 of the Committee on Agriculture that Villar chairs, would repeal the Anti-Agricultural Smuggling Act of 2016 or RA 10845.

With no conviction made seven years after the Anti-Agricultural Smuggling Act was enacted, the law is “a failure” at the hands of the Bureau of Customs (BOC), which was mandated to promulgate the implementing rules and regulations of the existing law within 30 days upon its effectivity.

“It’s been seven years and there is not a single conviction,” said Villar.

the r u ssian Federation,”

International rice prices declined by 1.6 percent in February, according to the report.

FA o also released its preliminary forecast for global wheat production in 2024, pegging it at 797 million tons, a 1-percent increase from 2023.

“ l o wer wheat prices have elicited a 6 percent year-on-year decline in winter wheat planting in the United States of America, where outputs may nonetheless rise due to strong yield prospects,” said FA o Favorable weather conditions are also propping up expectations of increased 2024 wheat production in the r u ssian Federation, an export powerhouse, as well as above-average outputs in China, India and Pakistan.”

translate to higher metals prices, especially if Chinese smelters refrain from making steep output cuts.

th is has less to do with a lack of minesupply growth, and more to do with an excess of smelting capacity,” said David Wilson, senior commodity strategist at B n P Paribas. “ th at overhang of smelting capacity isn’t something that’s going to be particularly helpful for the copper price.”

Global copper demand has taken a hit as industry reels from high energy costs and slow consumer spending. th e economic outlook for China—responsible for more than half the market’s copper consumption—remains gloomy, and latest figures from Germany showed a severe slump in January manufacturing orders.

Bottom line

An D there are reasons why the unusually low

install more solar power irrigation in more areas.

Last month, the DA made an assurance that the country’s rice supply is sufficient through the first half of this year, with recent imports and the upcoming harvest that peaks in March and April, ensuring stable price of the country’s main food staple through June in spite of e l Niño.

Laurel said, however, that prices may stay elevated through September this year, due to concerns over e l Niño’s impact on global rice supply and heightened demand for the grain that, consequently, is keeping international prices high.

A total of 750,000 MT of imported rice have arrived in December and January, buttressing local inventory, according to the DA.

The Philippines recently signed a 5-year rice supply deal with Vietnam that ensures a source of 1.5 MMT to 2 MMT of rice a year. India, the DA said, also “promised” to provide the country with additional supply despite the import ban on non-basmati rice.

Villar: Poultry sector needs govt assistance

By Butch Fernandez @butchfBM

CITING the importance of the poultry industry, Senator Cynthia Villar is prodding the government to assist poultry raisers.

Speaking before the events of the United Broiler Raisers Association (Ubra) and the Philippine e g g Board Association, the senator noted that the poultry subsector is a major contributor to the Philippine economy.

“Improved genetics and breeding, good farm management, excellent nutrition, feeding and an effective biosecurity with complete vaccination program will prevent highly contagious diseases from entering the farm, reduce mortality and increase the overall health of the poultry sector,” said Villar, who chairs the Senate Agriculture and Food committee.

She said the Philippine broiler industry comprises 20 percent of small farms and 80 percent commercial farms, with 588 registered poultry farms and approximately 175 meat processors.

“Our total chicken inventory is composed of native/improved chicken, 43.3 percent; broiler chicken, 34.5 percent share, and layer chicken with 22.2 percent share,” the senator added.

-smelter fees might not yet mean swingeing output cuts. th e bulk of supply is still priced against annual contract terms, mitigating the impact of spot prices. n e arly all of China’s copper industry is now state-owned, and may prefer to maintain production and eat the losses on spot, some analysts said.

“Miners are testing the bottom line at smelters, while smelters seem to not really have a bottom line,” Wang Yingying, analyst with Galaxy Futures Co., said by phone. “It may eventually require the gains in copper prices to spur more supply of copper scrap to resolve the current difficulties.”

t h e fee plunge comes just a few months after benchmark contracts for annual concentrate supply were settled between Chilean mining company Antofagasta Plc and Chinese smelter Jinchuan Group at $80 per ton and 8 cents per pound—9 percent

The highest chicken inventory, she said, was recorded in Central Luzon with 33.68 million birds, followed by Calabarzon with 27.32 million birds and Northern Mindanao with 25.87 million birds.

“These 3 regions accounted for a 43.4-percent share to the country’s total chicken inventory. Western Visayas has the highest 12.91 million birds which are native/improved variety.”

Central Luzon reported the highest inventory of broiler chicken with 18.48 million birds, while Calabarzon had the highest layer chicken stocks with 16.35 million birds.

To further boost the poultry industry, she pushed for the passage of the Livestock, Poultry and Dairy bill which seeks to strengthen the livestock industry to promote its development, protection and regulatory functions.

She added that a twin bill— the Corn Industry Development billis “at the final stage” at the Senate. She said the measure intends to improve the availability, profitability and development of corn farming.

“Our corn requirement for livestock and poultry feeds is imported. We have to increase production and lower cost of inputs to make our farmers earn more and be competitive,” she said.

lower than in 2023 but still reflecting a relatively balanced copper market. Since then, a $10 billion copper mine in Panama owned by First Quantum ltd. was ordered to close after weeks of protests and political turmoil, while supply from other producers including Anglo American Plc has also been crimped.

Acid test l o W processing fees are compounded by mediocre revenue streams elsewhere for smelters. Spot premiums for copper cathode have returned to around their five-year average at $60 per ton in Shanghai. Prices for sulfuric acid—a byproduct of the smelting process that is used as a base for fertilizers—are at very low levels and not offering much relief, executives at copper smelters said. Bloomberg News

Agriculture

The World

Biden: Netanyahu ‘hurting Israel’ by not preventing more civilian deaths in Gaza

By Zeke Miller AP White House Correspondent

WILMINGTON, Del.—

President Joe Biden said Saturday that he believes Israeli Prime Minister Benjamin Netanyahu is “hurting Israel more than helping Israel” in how he is approaching its war against Hamas in Gaza.

The US leader expressed support for Israel’s right to pursue Hamas after the October 7 attack, but said of Netanyahu that "he must pay more attention to the innocent lives being lost as a consequence of the actions taken."

Biden has for months warned that Israel risks losing international support over mounting civilian casualties in Gaza, and the latest remarks in an interview with MSNBC's Jonathan Capehart pointed to the increasingly strained relationship between the two leaders.

Biden said of the death toll in Gaza, “it’s contrary to what Israel stands for. And I think it's a big mistake.”

Biden said a potential Israeli invasion of the Gaza city of Rafah, where more than 1.3 million Pal -

estinians are sheltering, is “a red line” for him, but said he would not cut off weapons like the Iron Dome missile interceptors which protect the Israeli civilian populace from rocket attacks in the region.

“It is a red line,” he said, when asked about Rafah, “but I’m never going to leave Israel. The defense of Israel is still critical, so there's no red line I’m going to cut off all weapons so they don’t have the Iron Dome to protect them.”

Biden said he was willing to make his case directly to the Israeli Knesset, its parliament, including by making another trip to the country. He traveled to Israel weeks after the October 7. attack. He declined to elaborate on how or whether such a trip might materialize.

The US leader had hoped to secure a temporary ceasefire before Ramadan begins next week, though that appears increasingly unlikely as Hamas has balked at a deal pushed by the US and its allies that would have seen fighting pause for about six weeks, the release of additional hostages held by Hamas and Palestinian prisoners held by Israel, and a surge in humanitarian aid into Gaza.

Israel remains committed to continuing its invasion and annihilating Hamas, which killed about 1,200 people in Israel and took about 250 hostages on October 7. The militant group freed dozens of hostages during a November truce, but it refuses to release more without guarantees of a complete

end of hostilities.

Meanwhile, more than 30,000 Palestinians have been killed in Gaza according to the Hamas-run health ministry, with the majority being women and children, and hundreds of thousands going hungry.

Biden noted CIA Director Bill Burns is in the region currently trying to resurrect the deal.

Biden’s comments came after he was captured on a hot mic following Thursday night’s State of the Union address telling Sen. Michael Bennet, D-Colo. that he and the Israeli leader will need to have a “come to Jesus meeting.”

In the exchange, Bennet congratulated Biden on his speech and urged the president to keep pressing Netanyahu on growing humanitarian concerns in Gaza. Secretary of State Antony Blinken and Transportation Secretary Pete Buttigieg were also part of the brief conversation.

Biden then responds using Netanyahu’s nickname, saying, "I told him, Bibi, and don't repeat this, but you and I are going to have a 'come to Jesus' meeting."

An aide to the president standing nearby then speaks quietly into the president's ear, appearing to alert Biden that microphones remained on as he worked the room.

“I’m on a hot mic here,” Biden says after being alerted. “Good. That’s good.”

Sweden to resume funding UN agency for Palestinians as Gaza hunger grows

By Menelaos Hadjicostis

The Associated Press

NICOSIA, Cyprus—Another top donor to the UN agency aiding Palestinians said Saturday that it would resume funding, weeks after more than a dozen countries halted hundreds of millions of dollars of support in response to Israeli allegations against the organization.

Sweden's reversal came as a ship bearing tons of humanitarian aid was preparing to leave Cyprus for Gaza after international donors launched a sea corridor to supply the besieged territory facing widespread hunger after five months of war.

Cyprus President Nikos Christodoulides told reporters late Saturday that the ship would depart “within the next 24 hours.” World Central Kitchen founder José Andrés told The Associated Press that all necessary permits, including from Israel, had been secured, and circumstances delaying departure were primarily weather-related.

Sweden’s funding decision followed similar ones by the European Union and Canada as the UN agency known as UNRWA warns that it could collapse and leave Gaza’s already desperate population of more than 2 million people with even less medical and other assistance.

“The humanitarian situation in Gaza is devastating and the needs are acute,” Swedish development minister Johan Forssell said, adding that UNRWA had agreed to increased transparency and stricter controls. Sweden will give UNRWA half of the $38 million funding it promised for this year, with more to come. Israel had accused 12 of UNRWA's thousands of employees of participating in the October 7 Hamas attacks on Israel that killed 1,200 people and took about 250 others hostage. Countries including the United States quickly suspended funding to UNRWA worth about $450 million, almost half its budget for the year. The U.N. has launched investigations, and UNRWA has been agreeing to outside audits to win back donor support.

On the eve of Ramadan, hungry Gaza residents scrambled for packages of food supplies dropped by US

and Jordanian military planes—a method of delivery that humanitarian groups call deeply inadequate compared to ground deliveries. But the daily number of aid trucks entering Gaza since the war has been far below the 500 that entered before October 7 because of Israeli restrictions and security issues.

People dashed through devastated Gaza City neighborhoods as the parachuting aid descended. "I have orphans, I want to feed them!" one woman cried.

“The issue of aid is brutal and no one accepts it,” said another resident, Momen Mahra, claiming that most airdropped aid falls into the sea. "We want better methods."

The US military said that its planes airdropped more than 41,000 "meal equivalents" and 23,000 bottles of water into northern Gaza, the hardest part of the enclave to access.

The Health Ministry in Gaza said that two more people, including a 2-month-old infant, had died as a result of malnutrition, raising the total dying from hunger in the war to 25. Ministry spokesperson Ashraf al-Qidra said the toll included only people brought to hospitals.

Overall, the ministry said at least 30,878 Palestinians have been killed since the war began. It doesn't differentiate between civilians and combatants in its tallies but says women and children make up two-thirds of the dead. The ministry is part of the Hamas-run government, and its figures from previous wars have largely

matched those of the UN and independent experts.

The opening of the sea delivery corridor, along with the airdrops, showed increasing frustration with Gaza's humanitarian crisis and a new willingness to work around Israeli restrictions. The sea corridor is backed by the EU together with the United States, the United Arab Emirates and other involved countries. The European Commission has said that UN agencies and the Red Cross will also play a role.

President Joe Biden said Saturday that he believes Israeli Prime Minister Benjamin Netanyahu is “hurting Israel more than helping Israel” in how he is approaching its war against Hamas in Gaza. Speaking to MSNBC’s Jonathan Capehart, the US leader expressed support for Israel’s right to pursue Hamas after the October 7 attack, but said of Netanyahu “he must pay more attention to the innocent lives being lost as a consequence of the actions taken.”

The ship belonging to Spain's Open Arms aid group was expected to make a pilot voyage to test the corridor as early as this weekend. The ship has been waiting at Cyprus’s port of Larnaca. Israel has said it welcomed the maritime corridor but cautioned that it would need security checks.

Open Arms founder Oscar Camps has said the ship pulling a barge with 200 tons of rice and flour would take two to three days to arrive at an undisclosed location where World Central Kitchen was constructing a pier

to receive it. Biden separately has announced a plan to build a temporary pier in Gaza to help deliver aid, underscoring how the US has to go around Israel, its main Middle East ally and the top recipient of US military aid. Israel accuses Hamas of commandeering some aid deliveries.

United States officials said it will likely be weeks before the pier is operational. The executive director of the US arm of medical charity Doctors Without Borders, Avril Benoit, in a statement criticized the US plan as a “glaring distraction from the real problem: Israel’s indiscriminate and disproportionate military campaign and punishing siege.”

Sigrid Kaag, the UN senior humanitarian and reconstruction coordinator for Gaza, has said air and sea deliveries can't make up for a shortage of supply routes on land.

Meanwhile, efforts to reach a cease-fire before Ramadan appeared stalled. Hamas said Thursday that its delegation had left Cairo until next week.

International mediators had hoped to alleviate some of the immediate crisis with a six-week ceasefire, which would have seen Hamas release some of the Israeli hostages it's holding, Israel release some Palestinian prisoners and aid groups be given access for a major influx of assistance into Gaza.

Palestinian militants are believed to be holding around 100 hostages and the remains of 30 others captured during the October 7 attack. Several dozen hostages were freed in a weeklong November truce.

In Lebanon, state media said five people were killed and at least nine injured by an Israeli airstrike on a house in the town of Khirbet Selm in the country’s south.

Near-daily clashes have been happening in the Lebanon-Israel border area between the Lebanese militant group Hezbollah and Israeli forces in the past five months. Israeli strikes have killed abound 300 people there, most of them fighters with Hezbollah and allied groups, but also including about 40 civilians. On the Israeli side, at least nine soldiers and 10 civilians have been killed.

Editor: Angel R. Calso

Pope Francis says Ukraine should have the courage of the ‘white flag,’ negotiate end of war with russia

ROME—Pope Francis said in an interview that Ukraine, facing a possible defeat, should have the courage to negotiate an end to the war with Russia and not be ashamed to sit at the same table to carry out peace talks.

The pope made his appeal during an interview recorded last month with Swiss broadcaster RSI, which was partially released on Saturday.

“I think that the strongest one is the one who looks at the situation, thinks about the people and has the courage of the white flag, and negotiates,” Francis said, adding that talks should take place with the help of international powers.

Ukraine remains firm on not engaging directly with Russia on peace talks, and Ukrainian President Volodymyr Zelenskyy has said multiple times the initiative in peace negotiations must belong to the country that has been invaded. Russia is gaining momentum on the battlefield in the war now in its third year and Ukraine is running low on ammunition. Meanwhile, some of Ukraine's allies in the West are delicately raising the prospect of sending troops.

Vatican spokesman Matteo Bruni said Saturday that Francis picked up the “white flag” term that had been used by the interviewer. He issued a statement of clarification after the pope’s “white flag” comments sparked criticism that he was siding with Russia in the conflict.

Throughout the war, Francis has tried to maintain the Vatican's traditional diplomatic neutrality, but that has often been accompanied by apparent sympathy with the Russian rationale for invading Ukraine, such as when he noted that NATO was

“barking at Russia’s door” with its eastward expansion. Francis said in the RSI interview that “the word negotiate is a courageous word.”

“When you see that you are defeated, that things are not going well, you have to have the courage to negotiate,” he said. “Negotiations are never a surrender.”

The pope also reminded people that some countries have offered to act as mediators in the conflict.

“Today, for example, in the war in Ukraine, there are many who want to mediate,” he said. “Turkey has offered itself for this. And others. Do not be ashamed to negotiate before things get worse.”

Turkish President Recep Tayyip Erdogan—whose NATO-member country has sought to balance its close relations with both Ukraine and Russia—has offered during a visit Friday from Zelenskyy to host a peace summit between the two countries.

saudi oil giant Aramco bares $121 billion profit last year, down from 2022 record

DBy Jon Gambrell The Associated Press

UBAI, United Arab Emirates—Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices.

Aramco made the announcement in a filing in Riyadh's Tadawul stock market.

It had reported a $161 billion profit in 2022, likely the largest ever reported by a publicly traded company.

"The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins," the company said in its filing.

The energy giant had planned a conference call Monday to discuss its results.

Aramco reported overall revenue of $440 billion last year, down from $535 billion in 2022.

“Our resilience and agility contributed to healthy cash

Brent crude traded under $82 a barrel on Sunday.

Saudi Arabia's vast oil resources, located close to the surface of its desert expanse, make it one of the world's least expensive places to produce crude. Crown Prince Mohammed bin Salman hopes to use the oil wealth to pivot the kingdom off oil sales, such as with his planned $500 billion futuristic desert city, called Neom, and other projects.

Meanwhile, activists criticized the profits amid global concerns about the burning of fossil fuels accelerating climate change.

The World

Biden, Trump issue dire warnings of the other, as rematch comes into view in Georgia rallies

By Josh Boak & Michelle L. Price The Associated Press

ATLANTA—President Joe Biden and former President Donald Trump warned of dire consequences for the country if the other wins another term in the White House as the pair held dueling rallies in Georgia Saturday fresh off strong wins in Super Tuesday contests that positioned them for an all-but-certain rematch this November.

The state was a pivotal 2020 battleground—so close four years ago that Trump finds himself indicted here for his push to “find 11,780 votes” and overturn Biden’s victory—and both parties are preparing for another closely contested race in the state this year.

Biden opened his speech at a rally in Atlanta noting that Trump was across the state with Rep. Marjorie Taylor Greene, the firebrand lawmaker who has gone from the fringes of her party to the fore. "It can tell you a lot about a person who he keeps company with," Biden said to applause. Biden noted that Trump had hosted Hungarian Prime Minister

Viktor Orbán—who has rolled back democracy in his country—at his Florida club the day before.

“When he says he wants to be a dictator, I believe him,” Biden said of Trump. “Our freedoms are literally on the ballot this November.”

Biden hosted the rally at Pullman Yards, a 27-acre arts and entertainment venue in Atlanta that was formerly an industrial site to receive the endorsement of Collective PAC, Latino Victory Fund and AAPI Victory Fund, a trio of political groups representing, respectively, Black, Latino, and Asian Americans and Pacific Island voters. The groups were announcing a $30 million commitment to mobilize vot -

ers on Biden's behalf.

Trump, meanwhile, hammered Biden on the border and blamed him for the death of 22-year old Georgia nursing student Laken Riley last month. An immigrant from Venezuela who entered the US illegally has been arrested and charged with her murder. He hosted Riley’s family at his rally in Rome, Greene’s hometown.

“What Joe Biden has done on our border is a crime against humanity and the people of this nation for which he will never be forgiven,” Trump said, promising the largest deportation in history. “What a tremendous shame,” he said.

Ahead of his rally, Biden expressed regret for using the term “illegal” to during his State of the Union address to describe Riley’s suspected killer, drawing more criticism from Trump’s team.

Trump, who took the stage at the same moment Biden was still speaking at another part of the state, skewered the president for the apology and said, "Are we going crazy?"

"I say he was an illegal alien. He was an illegal immigrant. He was an illegal migrant. And he shouldn't have been in our country and he never would have been under the Trump policy," he said to loud cheers.

Trump also highlighted the very things Biden knocked him for, saying that he “had dinner last night with a great gentleman from Hungary, Viktor Orbán” and praised Greene for yelling

Kidnappings of Nigerian students leave parents in shock and despair

By Chinedu Asadu The Associated Press

K“We

where our children were abducted from their school,” she told an Associated Press team that arrived in the Kaduna State town to report on Thursday’s attack. “We don’t know what to do, but we believe in God.”

The kidnapping in Kuriga was only one of three mass kidnappings in northern Nigeria since late last week, a reminder of the security crisis plaguing Africa’s most populous country. A group of gunmen abducted 15 children from a school in another northwestern state, Sokoto, before dawn Saturday, and a few days earlier 200 people were kidnapped in northeastern Borno State.

It was in Borno's Chibok town a decade ago that school kidnappings in Nigeria burst into the headlines with the 2014 abduction of more than 200 schoolgirls by Islamic extremists, shocking the world.

No group claimed responsibility for any of the recent abductions. But Islamic extremists waging an insurgency in the northeast are suspected of carrying out the kidnapping in Borno. Locals blame the school kidnappings on herders who are in conflict with the settled communities.

Among the students abducted Thursday were at least 100 children aged 12 or younger. They were just settling into their classrooms at the government primary and secondary school when gunmen “came in dozens, riding on bikes and shooting sporadically,” said Nura Ahmad, a teacher.

The school sits by the road just at the entrance of Kuriga town, which is tucked in the middle of forests and savannah.

“They surrounded the school and blocked all passages...and roads” to prevent help from coming before marching the children away in an operation that lasted less than five minutes, Ahmad said.

Fourteen-year-old Abdullahi Usman

braved gunshots in making his escape from the captors.

“Those who refused to move fast were either forced on the motorcycles or threatened by gunshots fired into the air,” Abdullahi said.

“The bandits were shouting: Go! Go! Go!” he said.

By the next day, Nigerian police and soldiers headed into the forests in search of the kids but combing the wooded expanses of northwestern Nigeria could take weeks, observers have said.

“Since this happened, my brain has been scattering,” said Shehu Lawal, the father of a 13-year-old boy who is among those abducted.

“My child didn't even eat breakfast before leaving. Even his mother fainted....We were worried, thinking she would die,” Lawal said.

Some villagers like Lawan Yaro, whose five grandchildren are among the abducted, say their hopes are already fading into fear.

People are used to the region's insecurity, "but it has never been in this manner," he said.

“We are crying, looking for help from the government and God, but it is the gunmen that will decide to bring the children back,” Yaro said.

“God will help us,” he said.

Since the 2014 abduction in Chibok of 276 schoolgirls, which sparked the global #BringBackOurGirls social media campaign, at least 1,400 Nigerian students have been seized from their schools in similar circumstances. Some are still in captivity including nearly 100 of the Chibok girls.

But schools are not the only targets.

Thousands of people have been abducted across Nigeria in the last year alone, accord -

at Biden during his State of the Union about Riley, calling her “very brave.”

Trump’s rally opened with a message asking attendees to rise to support the hundreds of people serving jail time for their roles in the January 6 Capitol insurrection, when thousands of pro-Trump supporters tried to overturn the 2020 presidential election by halting the counting of Electoral College votes.

The intensity of the rhetoric presaged a grueling eight months of campaigning ahead in the state.

“We‘re a true battleground state now,” said US Rep. Nikema Williams, an Atlanta Democrat who doubles as state party chairwoman.

Trump, while repeating his lies about the 2020 election on Saturday, declared, “With your vote, we are going to win the state of Georgia in an epic landslide.”

Once a Republican stronghold, Georgia is now so competitive that neither party can agree on how to describe today’s divide. A “52-48 state,” said Republican Gov. Brian Kemp, whose party controls state government. “We’re not blue, we’re not red,” Williams countered, but "periwinkle,” a claim she supports with Biden's 2020 win and the two Democratic senators, Raphael Warnock and Jon Ossoff, Georgia sent to Washington.

There is agreement, at least, that Biden and Trump each have a path to victory—and plenty of obstacles along the way.

“Biden’s numbers are in the tank for a lot of good reasons, and we can certainly talk about that. And so, it makes it where Trump absolutely can win the race,” Kemp said at a recent forum sponsored by Punchbowl News.

“I also think he could lose the race.

I think it’s going to be a lot tougher than people realize.”

Biden’s margin was about a quarter of a percentage point in 2020. Warnock won his 2022 Senate runoff by 3 points. Kemp was elected in 2018 by 1.5 percentage points but expanded his 2022 reelection margin to 7.5 points, a blowout in a battleground state.

In each of those elections, Democrats held wide advantages in the core of metro Atlanta, where Biden will be Saturday. Democrats also performed well in Columbus and Savannah and a handful of rural, majority-Black counties. But Republicans dominated in other rural areas, small towns and the smallest cities—like Rome.

At Trump’s rally, at a city in the foothills of the Appalachian Mountains, more than 3,000 people packed inside an event center Saturday to hear the former president speak. His campaign handed out signs featuring the image of Laken Riley.

Candace Duvall, from Hampton, Georgia, wearing a white "Trump 2024,” T-shirt, a gold purse that said “Trump” and a pair of earrings that said “Never surrender” on one earring and Trump’s mugshot on the other,

declared that her candidate is “going to save this country.”

She faulted Biden for fumbling the pronunciation of Riley's name during his State of the Union speech Thursday.

“That happened right here in Georgia. That hits home for us. We know why that happened. We know why,” she said, adding that there were too many migrants coming into the country.

Duvall said she thinks Trump is winning over voters who didn't like him before "because they see the difference now" with Biden.

“If somebody gives you sirloin and then they take it away and give you a hamburger, you're going to want sirloin again,” she said. But the same State of the Union address being criticized by Republicans has also been a source of momentum for Biden, who openly challenged Trump's commitment to democracy, US allies, the middle class and the reproductive rights of women.

Supporters saw his spirited performance as cooling worries about the 81 year-old’s age. Biden laid into the 77-year-old Trump for having the “oldest of ideas” as the former president has promised that a return to the White House would bring retribution to his opponents. Price reported from Rome, Georgia. AP writers Bill Barrow and Jeff Amy in Atlanta, Jill Colvin in New York and AP White House Correspondent Zeke Miller in Wilmington, Delaware, contributed to this report.

UN chief says legal equality for women could take 300 years as backlash rises against women’s rights

By Edith M. Lederer The Associated Press

UNITED NATIONS—Legal equality for women could take centuries as the fight for gender equality is becoming an uphill struggle against widespread discrimination and gross human human rights abuses, the United Nations chief said on International Women’s Day.

Secretary-General Antonio Guterres told a packed UN commemoration Friday that “a global backlash against women’s rights is threatening, and in some cases reversing, progress in developing and developed countries alike.”

ing to the Armed Conflict Location and Event Data Project. The crisis has even hit homes in the capital of Abuja, where President Bola Tinubu took office after being elected last year following a campaign in which he promised to resolve kidnappings.

A major factor that conflict analysts say has fueled the abductions is how easy it is to smuggle in arms over Nigeria's poorly policed borders. More than half of its 1,500-kilometer (932-mile) border with Niger, for instance, stretches across the northwest. Though mostly savannah, the region also has vast forests that are ungoverned and unoccupied, providing havens for organized gangs and their kidnap victims.

In 2022, Nigerian lawmakers passed a bill to bar ransom payments, but Nigeria's kidnappers are known for brutality, prodding many families to scramble to pay a ransom.

Fatigued by the 14-year Islamic insurgency in Nigeria's northeast, the military continues to conduct air raids and special military operations in the region. But the armed gangs continue to grow in numbers and often work with the extremists who are seeking to expand their operations beyond the northeast.

The armed gangs are “adapting their strategies and further entrenching themselves in the northwest through extortion,” said James Barnett, a researcher specializing in West Africa at the US-based Hudson Institute.

“Their mentality is that they should be allowed free rein to do what they please in the northwest and that if the state challenges them, directly or indirectly, they will have to respond and show their strength,” Barnett said.

The most egregious example is in Afghanistan, he said, where the ruling Taliban have barred girls from education beyond sixth grade, from employment outside the home, and from most public spaces, including parks and hair salons.

At the current rate of change, legal equality for women could take 300 years to achieve and so could ending child marriage, he said.

Guterres pointed to “a persistent epidemic of gender-based violence,” a gender pay gap of at least 20 percent, and the underrepresentation of women in politics. He cited September's annual gathering of world leaders at the UN General Assembly, where just 12 percent of the speakers were women.

“And the global crises we face are hitting women and girls hardest— from poverty and hunger to climate disasters, war and terror,” the secretary-general said.

In the past year, Guterres said, there have been testimonies of rape and trafficking in Sudan, and in Gaza women and children account for a majority of the more than 30,000 Palestinians reported killed in the Israeli-Hamas conflict, according to the Gaza Ministry of Health. He cited a report Monday by the UN envoy focusing on sexual violence in conflict that concluded there are “reasonable grounds” to believe Hamas committed rape, “sexualized torture” and other cruel and inhu -

mane treatment of women during its surprise attack in southern Israel on October 7. He also pointed to reports of sexual violence against Palestinians detained by Israel.

International Women’s Day grew out of labor movements in North America and across Europe at the turn of the 20th century and was officially recognized by the United Nations in 1977. This year’s theme is investing in women and girls to accelerate progress toward equality.

Roza Otunbayeva, the head of the UN political mission in Afghanistan, told the Security Council on Wednesday that what is happening in that country “is precisely the opposite” of investing in women and girls. There is “a deliberate disinvestment that is both harsh and unsustainable,” she said, saying the Taliban’s crackdown on women and girls has caused “immense harm to mental and physical health, and livelihoods.”

Recent detentions of women and girls for alleged violations of the Islamic dress code “were a further violation of human rights, and carry enormous stigma for women and girls,” she said. It has had “a chilling effect among the wider female population, many of whom are now afraid to move in public,” she said.

Otunbayeva again called on the Taliban to reverse the restrictions, warning that the longer they remain, “the more damage will be done.”

Sima Bahous, the head of UN Women, the agency promoting gender equality and women's rights, told the commemoration that International Women’s Day “sees a world hobbled by confrontation, fragmentation, fear and most of all inequality.”

“Poverty has a female face,” she said. “One in every 10 women in the world lives in extreme poverty.”

Men not only dominate the halls of power but they “own $105 trillion more wealth than women,” she said.

Bahous said well-resourced and powerful opponents of gender equality are pushing back against progress. The opposition is being fueled by anti-gender movements, foes of democracy, restricted civic space and “a breakdown of trust between people and state, and regressive policies and legislation,” she said.

“We all feel this pushback acutely,” Bahous said. “Our values and principles have never been as challenged as they are today.”

Guterres urged nations to prioritize equality for women and girls. He announced that the UN is launching a “Gender Equality Acceleration Plan” to support governments in designing and implementing policies and spending that respond to the needs of women and girls.

Bahous drew strong applause when she called for a humanitarian ceasefire in Gaza, which Guterres has long sought as well.

Tackling poverty as prerequisite to PHL’s UMIC goal

THe recent report by the French Development Agency (AFD) highlights a crucial aspect that the Philippines must address before it can achieve its goal of becoming an upper-middleincome country (UMIC). The AFD report emphasizes that the country needs to significantly reduce poverty, especially when using UMIC standards. This revelation should serve as a wake-up call for the government and policymakers to prioritize poverty alleviation as a fundamental step towards achieving broader economic development. (Read the BusinessMirror story: “PHL must cut poverty rates before pursuing UMIC dream,” March 4, 2024).

The statistics presented in the report paint a stark picture of the Philippines’ poverty situation. Despite a marginal improvement in the poverty rate from 26.3 percent in 2010 to 16.7 percent in 2019, the figures are still alarmingly high, particularly when compared to neighboring Asean members like Vietnam and Thailand. The poverty rate in the Philippines, even when measured against the more lenient lower-middle-income country (LMIC) threshold, remains significant at 18.3 percent. Moreover, at the UMIC poverty threshold, a staggering 52 percent of the population was living in poverty in 2022.

It is evident that the Philippines has fallen behind its Asean counterparts in terms of poverty reduction and economic progress. This regression is attributed to weaker economic growth since the mid-1960s, which has hindered the country’s ability to lift its citizens out of poverty. To bridge this gap, the Philippines must prioritize sustained economic growth, as highlighted by the AFD report. However, this growth must be inclusive and benefit all segments of society, particularly the most vulnerable.

The AFD report identifies several significant barriers that the Philippines must overcome to achieve its goals. These include informal employment, limited access to financing, low worker productivity, high electricity costs, inadequate infrastructure, and connectivity issues. Additionally, the report highlights the need for the Philippines to address corruption, improve governance, and enhance competitiveness. It is essential for the government to take these barriers into account and develop comprehensive strategies to tackle them head-on. One crucial aspect that the AFD report emphasizes is the impact of climate change on poverty in the Philippines. The country is particularly vulnerable to climate-related events, and the poorest segments of society bear the brunt of these impacts. Climate change not only exacerbates poverty but also hampers economic development by diverting resources towards post-natural disaster reconstruction and rehabilitation. The report points out that climate change could cost the Philippines between 7.6 percent and 11 percent of GDP by 2050, and up to 15 percent in worst-case scenarios.

To effectively combat poverty and mitigate the impact of climate change, the Philippines needs a multi-faceted approach. The government must prioritize policies and investments that promote sustainable and inclusive economic growth. This includes creating an enabling environment for businesses, investing in education and skills development, enhancing infrastructure and connectivity, and improving governance and transparency. Additionally, the government should focus on climate change adaptation and mitigation strategies, investing in resilient infrastructure, promoting sustainable agriculture, and fostering renewable energy sources.

The AFD report serves as a reminder that the Philippines cannot achieve its aspirations of becoming an upper-middle-income country without first addressing the pressing issue of poverty. Economic development should not be pursued at the expense of the most vulnerable in society. It is imperative for the government, civil society, and international partners to work together to implement comprehensive poverty reduction strategies that prioritize the well-being and upliftment of all Filipinos. Only then can the Philippines truly achieve its development goals and create a brighter future for its citizens.

Rising fire incidents demand urgent action

TAtty. Jose Ferdinand M. Rojas II

RISING SUN

Here is a concerning rise in fire incidents this year, with 3,044 recorded fires from January to March 1, according to Bureau of Fire Protection (BFP) spokesperson Annalee Atienza. She also mentioned that cigarettes are the cause of most of these fire incidents. Other top causes include open-flame cooking and electrical ignition.

Compared to last year’s 2,424 incidents during the same timeframe, the increase was at 25.6 percent. Because of these alarming statistics, the BFP is appealing to the public to take necessary measures to prevent fires. Most of these fires are residential, she said.

We’d all recall that, in a bid to address the alarming surge in fire incidents during the months of March and April, Presidential Proclamation No. 115-A of 1966 designated March as Fire Prevention Month. According to BFP statistics, the peak in fire incidents during these months correlates

with rising temperatures during the summer season.

With the BFP at the forefront, the government aims to emphasize the importance of fire safety, especially within homes, through innovative programs and collaborative efforts.

This year’s theme is “Sa Pag-iwas sa Sunog, Hindi Ka Nag-iisa” (In Fire Prevention, You Are Not Alone). It underscores the significance of unity and cooperation in building fire-safe and disaster-resilient communities.

To help prevent fires, the BFP recommends regular (every two years) maintenance of electrical connec-

We’d all recall that, in a bid to address the alarming surge in fire incidents during the months of March and April, Presidential Proclamation No. 115-A of 1966 designated March as Fire Prevention Month. According to BFP statistics, the peak in fire incidents during these months correlates with rising temperatures during the summer season.

tions by licensed professionals. Additionally, exercising caution with electrical appliances and conducting exit drills at home are crucial preventative measures.

The Philippine Red Cross (PRC) also plays a vital role in fire prevention and response. In 2023, the PRC responded to 279 fire emergencies, a 16.74 percent increase from the previous year. As part of its awareness campaign, the PRC released the following fire safety tips to enhance public awareness and reduce fire risks in communities.

1. Do not smoke in bed. Crush cigarette butts thoroughly before discarding them and do not throw them into wastebaskets.

2. Keep lighted candles, oil, or gas lamps away from curtains and other objects that easily catch fire.

3. Do not store any flammable substances or any volatile liquid in the kitchen and inside dwelling houses. Keep matches and lighters away from children’s reach.

4. Do not use open flames for decorations in the house.

5. Extinguish all live charcoal and embers after cooking in the kitchen. Make sure the kitchen is inspected before retiring for the night.

6. Kerosene and gas stoves should be checked for leakage and regularly cleaned. It is best to invest in a quality LPG tank.

7. Have all frayed wiring, damaged sockets, switches, and other defective electrical fixtures changed or repaired promptly.

8. All electrical installations, repairs, and changes should be undertaken by licensed electricians. Never run electrical cords under rugs.

9. Cords of portable appliances should be as short as possible.

10. Do not overload your electrical circuits by profusely putting extra lights and appliances. Combustible and other flimsy materials should not be placed near bulbs.

Abra Mining issue continues to hound the stock market

THe inaction of the Philippine Stock exchange (PSe) regarding trading irregularities involving Abra Mining and Industrial Corp. has raised concerns among market investors, leading to discussions in various chat groups. And the issues that are discussed in these chat groups show how the PSe officialdom has apparently forgotten its mandate to protect the investors in the stock market, especially with the push of the government to raise the number of investors in the market as part of a financial literacy program.

For instance, there is the issue of the pricing of IPO shares where small stockholders enticed by the financial literacy push finally decide to put their hard-earned money on an IPO and see to their horror the big losses they have incurred as the stock price goes down every trading day.

The discussion in these chat groups shine a spotlight on the PSE’s inaction over that of Abra Mining issue because it shows the lack of concern by PSE officials, headed by Ramon Monzon, who seem oblivious to the idea of prosecuting those that violated the Revised Corporation Code.

We have the highest respect for Mr. Monzon who came up with the

idea of a “white knight” right after the suspension of the trading of shares of Abra Mining when the PSE learned about the lodgment of shares that were beyond what was listed. The idea of a white knight is a brilliant idea, one so bright it bedazzles, and it shows the deep thinking that led to its pronouncement. Unfortunately, nothing has been heard about the proposal. Not even a hint of a discussion in the boardrooms of the PSE, which is populated by independent directors tasked with the role of vetting the PSE moves.

It is in this context that a Congressional hearing is needed to address the issues confronting the PSE and thereby allow the crafting of legislation that will ensure that the dilly-

Addressing these questions and taking appropriate actions will be essential in restoring confidence in the PSE and ensuring the protection of investors’ interests.

dallying of officials, for example, regarding the trading of 250 billion shares when only 99 billion shares were listed and registered will not happen in the future.

An analysis from a Rappler column by Den Somera showed how violators of stock market trading in the United States were made to face the music, pay huge fines and do time in jail. And it is the strict enforcement of these trading rules that allow for robust trading in the US.

It is no wonder then that while the Philippines was the first to put up a bourse in Asia—the Manila Stock Exchange in 1927 (later merged with Makati Stock Exchange for the creation of a PSE), it is now trailing its neighbors as far as trading volume is concerned. We can only boast of an average trading volume of $500 million while Thailand and Indonesia respectively account for $3 billion and $1 billion a day. No wonder the foreign stock brokerage of Credit Suisse has exited the country. With the continued delay in the resolution over that of the matter of the suspended shares of Abra Min-

ing, investors are losing confidence over the regulatory lapses of the PSE.

There are many questions that Monzon has to answer:

1. Having found out about the trading irregularities, how come he is passing the ball of prosecuting the officials of Abra Mining to the Securities and Exchange Commission when as a self-regulatory organization it can do so motu propio. Monzon’s letter to MOST law firm, which is representing small stockholders that bought into Abra Mining, categorically cited the serious trading irregularities and yet nothing has come to pass.

2. Has the PSE determined who was responsible for the trading of the listed shares that were supposed to be overseen by the Philippine Depository Trading Corp, the company responsible for the lodgment of shares of listed and registered shares? How can the PDTC allow for shares to be traded and then suddenly find out that they were unregistered?

3. Were there officials or employees at PDTC and PSE, as per the letter of MOST law firm, that were involved in the trading irregularity? And what action has the PSE made on the stock transfer office of Abra Mining?

Addressing these questions and taking appropriate actions will be essential in restoring confidence in the PSE and ensuring the protection of investors’ interests.

Philippines as a global tax leader

IJoel L. Tan-Torres

DEBIT CREDIT

Part 15

Am a regular attendee of training sessions, seminars, and meetups. Due to my passion for life-long learning, I seek these opportunities to participate in these events, whether online or face-toface. my varied interests keep me going in looking for these learning activities. These cover a broad multitude of topics, including, among others, Environmental, Social, and Governance matters, Sustainability reporting, technology such as Artificial Intelligence and Data analytics, Futures thinking, Data Privacy, Regulatory compliance Forensic Accounting, Family Wealth and Estate tax planning, and International and global tax developments.

On the aspect of international taxation, I am keenly awaiting the Organization for Economic Co-operation and Development (OECD) Tax and Development Days Forum. This event will dwell on the updates on the OECD’s initiatives to strengthen tax capacity, improve tax policy and compliance in developing countries, and explore future challenges. This online forum is scheduled for March 12 and 13, 2024. (https://www.oecd.org/tax/ tax-and-development-days.htm).

I have attended the past three events held from 2021 to 2023. These sessions are engrossing and provide a lot of valuable insights for the various players in the tax community, whether they be government regulators, policymakers, taxpayers, or academicians.

For this year’s events, interesting topics shall be discussed during the two-day forum. I will attend the discussions on Developing country perspectives on the implementation of the Two-Pillar Solution, New realities of carbon pricing and implications for developing countries, Transfer Pricing and International Taxation capacity building programs: impacts and challenges. There will also be discussions on Taxation and inequality: policy approaches, Tax transparency and cooperation to enhance tax compliance and the fairness of the tax system, Natural Resource Taxation: challenges and opportunities, VAT on e-commerce in developing countries: work in progress, Fighting tax crime: A holistic approach to capacity building, and Tax Inspectors Without Borders: an effective tool for mobilizing domestic resources in support of the SDGs.

It’s a must that officials from the Department of Finance and Bureau of Internal Revenue (BIR) attend this online forum. They will be able to get the latest developments on important issues arising in the global tax community. The BIR joined the OECD/G-20 Inclusive Framework on Base Erosion and Profit Shifting in October 2023. As a member of this group, the BIR should be updated on developments in the global efforts against tax avoidance that this OECD group is pursuing. The forum will provide

inputs that the BIR can consider as it proceeds with its tax administration efforts to meet local and international demands.

I recall my participation at an OECD global meeting in 2010 held in Paris. I was invited as the then Commissioner of Internal Revenue to talk on the topic “The Changing International Climate – Non-Cooperative Jurisdictions, Tax Evasion and Avoidance.” In my talk, I dwelled on the impact of the low pay of tax collectors, an unpredictable justice system on the settlement of tax cases, and elite interests that contribute to the environment where tax evasion thrives. I also emphasized that international tax transparency is a promising response to the tax evasion ills. (https://www. oecd.org/site/oecdgfd/44612061. pdf and https://www.oecd.org/site/ oecdgfd/44546638.pdf).

The BIR can and should pursue similar engagements to bolster its standing in the global tax community, and in the process, resulting in derivative benefits to the country. BIR Commissioner Romeo Lumagui can share with the global tax community tax administration programs, such as the Run After Fake Transactions, Operation Kandado, Project Suyod or Tax Mapping, the Reconciliation of Listings for Enforcement, raids on establishments dealing with illegal excisable articles, Zonal valuation of transfer of real properties and its Digital Tax Transformation. These programs are unique to the Philippines and the other taxing jurisdictions will be interested to know the Philippine experience on these programs.

To be continued

Joel L. Tan-Torres was a former Commissioner of the Bureau of Internal Revenue. He has also held the various positions of Dean of the University of the Philippines Virata School of Business, Chairman of the Professional Regulatory Board of Accountancy, Tax partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co., and director of various corporate boards. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax and consultancy practice and can be contacted at joeltantorress@yahoo.com and his firm JL2T Consultancy.

What does it take to be in good faith?

BSiegfred Bueno Mison, Esq.

THE PATRIOT

Y sheer word association, the name Trillanes can be equated to a twice mutineer (against former President Arroyo in 2003 and 2007) and a “noisy but sensible critic” (against former President Duterte). After two productive terms as a legislator in the Upper Chamber, Senator Sonny Trillanes continues his mission-oriented pursuit of justice for the victims of the so-called “drug war.”

In a media forum, the Agenda at Club Filipino, Senator Sonny remains unperturbed and emboldened to make former President Duterte accountable for the deaths of a number of Filipinos at the hands of the police (claiming self-defense or hot pursuit) or liquidation squads, with or without government assistance. Senator Sonny admittedly spends a considerable amount of time and resources to accomplish his mission, that is, making Duterte and those under him accountable. Though the International Criminal Court (ICC) has supposedly completed its investigation about the extent of the participation of government officials, if any, in these killings, Senator Sonny is bent on helping the process in the interest of justice. For him, the mission of making Duterte accountable is not about putting Duterte and his cohorts to jail, but, more importantly, about insuring that there will be no repetitions of the same nature in our history.

Borrowing the words of Kobe Bryant during an ongoing NBA playoff

series, “the job is not done.” Far from it, I must add, after all, we have yet to see the retaliatory actions, if at all, coming from Senator Leila de Lima, who was unjustly incarcerated for almost seven years, whose persecution was seemingly orchestrated by former President Duterte. I concur with Trillanes’ mission and with de Lima’s inclination, if only to prevent grave injustice and government abuse to again reign in our country. By nature, we justify our own actions. We appear to be right every time we speak and act. Some of us do things with much sincerity and innocence, especially when we are dictated and limited by what we know. Hence, the term “good faith largely depends on what we know at the time of our actions.” There is really a need to be genuinely aware of fake news these days. Other people do these things with deception, despite and because of what they truly know as facts. I learned that one of the great curses on every human being is his arrogant confidence in his own opinions. In certain cases, I have

sometimes displayed such arrogance in my law school classes whenever I am challenged by my students. Fortunately, over time, I learned to embrace insights and opinions from others, students and my children in particular, to either invalidate my own opinions and thoughts or to simply have a different perspective on the subject.

Evidently, the Bible tells us that “none is righteous” (Romans 3:10) “for all have sinned and fall short of the glory of God” (Romans 3:23). Yet, being sinful in nature does not excuse us from intentionally continuing to sin. We simply cannot do what our hearts tell us to do. During the previous administration, we witnessed leaders in government who, some with cruel or vain thoughts, justify themselves and condemn others, because they can simply do so. They presume they are so right that they belittle the points of others. Some perhaps really thought they were doing something right or for the good of the Filipino people. But the Bible tells us that, “A person may think their own ways are right, but the Lord weighs the heart.” (Proverbs 21:2). I am unsure whether these leaders, past or present, really thought of doing what they did out of love for country or for the common good, as the Preamble of our 1987 Constitution puts it. Notably, the annoying controversies of the past, from “Hello Garci” to Pharmally, remain unresolved as to whether such acts were done in good faith. In law, the term “good faith” connotes honest dealing, depending on the circumstances surrounding such faithful performance of duties. Honesty has little outward manifestation since it ultimately depends on intent —a determination that stems from

Bitcoin miners are devouring energy at a record pace during the crypto runup

By David Pan

AFTER recovering from a neardeath experience during the most recent crypto winter, Bitcoin miners are back in survival mode—spending billions of dollars on equipment and drawing energy at a record pace ahead of an update in the digital currency’s code that threatens revenue streams.

The surge in activity is sparked by a runup in the world’s largest cryptocurrency, fueled by newly launched spot Bitcoin exchange-traded funds, and a quadrennial event called the halving that is slated to take place in April. Bitcoin has surged more than fourfold since plunging by 64 percent in 2022 amid a series of crypto industry bankruptcies and scandals.

Since February 2023, 13 of the top mining companies have placed orders for over $1 billion worth of specialized computers, according to data compiled by TheMinerMag based on public filings. CleanSpark Inc. and Riot Platforms Inc. led the group, spending as much as $473 million and $415 million, respectively, on the rigs.

The machines are being purchased to help miners increase ef-

ficiency for their operations and lock in favorable electricity rates. Miners are in constant search of cheap power because they use energy-hungry computers to validate records of transactions on the blockchain to earn rewards in the form of Bitcoin.

“Scale matters because you can get machines for better rates, bigger energy deals and drive down the cost of development,” said Asher Genoot, chief executive at Hut 8 Corp., one of the largest publicly traded Bitcoin miners. “When you have scale, you have more marginal and growth profits and you can cover your big costs.”

All the activity is driving miners to consume energy at a record pace.

Last month, miners drew a record 19.6 gigawatts of power, up from 12.1 gigawatts the same period in 2023, according to an estimate by Coin Metrics. That’s equivalent to the electricity capacity that can power about 3.8 million homes in Texas, where many of the mining operations are located.

“If we assume power draw was consistent over the course of the month, we can multiply by 696 [24 hours times 29 days] to get 13.64

TWh [terawatt-hours] of energy con-

sumed by the Bitcoin network over the course of last month,” said Coin Metrics Senior Solutions Engineer Parker Merritt. Bitcoin mining consumed 121 terawatt-hours of power in 2023, the Cambridge Centre for Alternative Finance estimates— similar to Argentina’s use.  Bitcoin miners were some of the best performing stocks last year, allowing the companies to raise capital by selling newly issued shares through “at-the-market” offering programs. That’s in addition to the rising value of Bitcoin held on the books of the miners. Bitcoin reached a record high of more than $70,000 on March 8.

The rising price of Bitcoin “allows most miners to remain profitable,” said Zachary Bradford, CEO and president at CleanSpark, adding that his firm was profitable at lower prices. Shares of Marathon and CleanSpark have risen by almost 600 percent and 900 percent, respectively, since December 2022. According to TheMinerMag data, both firms along with Riot, Hive Digital Technologies and Iris Energy Ltd. raised over $2 billion from selling shares since June 2023, when the crypto market started to rebound.

Hong Kong fast-tracks new security law at Beijing’s urging

HBy Alan Wong

ONG Kong is fast-tracking new security legislation that would impose life sentences for crimes such as treason and give police expanded powers amid increased pressure from Chinese leaders to get the process wrapped up quickly.

The 212-page bill was published by the government and debated in hastily arranged sessions in the city’s legislature on Friday. The government sped up the process after senior Chinese officials attending the National People’s Congress urged the law’s passing, with leader John Lee returning early from Beijing to

Hong Kong. It was the first time a draft law was gazetted and debated in the Legislative Council on the same day since the former British colony returned to Chinese rule in 1997, according to a review of lawmaking records. The hearings will continue on Saturday.

Approval of the legislation isn’t in doubt after authorities previously took steps to ensure only “patriots” could stand for elections. The new law will provide authorities with wide-ranging tools to minimize dissent in the city, following Beijing’s imposition of a national security law in 2020 in the wake of pro-democracy protests. The speed at which Hong Kong

is moving to enact the law is to show to President Xi Jinping that the city is “compliant” with his focus on national security during the NPC, according to Chong Ja Ian, associate professor of political science at the National University of Singapore. The proposed definition of state secrets would bring the city more in line with mainland China’s vague laws around such information and espionage, which have spooked investors over the past year. Disclosure of state secrets carries a potential 10-year jail sentence. A clause has been added allowing the disclosure of state secrets in limited circumstances if it’s in the

public interest.

However, several pro-government politicians have raised questions over the ambiguous wording of the hastily introduced bill, according to a US political risk consultancy group. Lawmakers such as Lai Tung-Kwok, Chan Siu-hung, and Regina Ip have expressed concern about overly broad concepts in the bill, according to a note by New York-headquartered Eurasia Group that cited local reports. The criticisms may lead to the bill being amended to add clarity to overly broad concepts such as “external forces,” which categorizes a company as an external force if its directors are “accustomed to acting in accor-

the mind, heart, or both.

Melvin A. Eisenberg, in his book

Foundational Principles of Contract Law, cites the principle that to be in good faith at the minimum, one must act on a belief that what he or she is doing is proper, which is fairly subjective but overlaid with several objective tests like basing this belief on morality or rationality as well as fair dealing. Whatever worldly standards man can forge in defining and attracting good faith will largely have to be weighed according to the principles of God’s Word—which is both the anchor and ultimate crucible. He instructs us to “Be wise as to what is good and innocent as to what is evil” (Romans 16:19). Believers need to identify what is good to allow their hearts to nourish good faith, and this can only be done when we are rooted in truth and well established in God’s Word (which teaches what is good). There is only one truth, that is, God’s precepts, and all our thoughts, words and actions, to be worthy of good faith, must be consistent with this truth. After being held in prison and likely encountering a spiritual epiphany in the process, I suppose people like Trillanes and de Lima are saying and doing things, not for the sake of deception, but all in good faith.

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

dance with the directions or wishes of a foreign government authority.” Without further clarity, the definition could potentially extend to any multinational organization with at least one foreigner in its leadership, according to the note.

Officials acknowledged concern by the public in feedback received during the consultation period and vowed to clearly define the offenses to ensure that they precisely target acts endangering national security. The new law will create concern about where the red line is, said Patrick Poon, visiting researcher at the University of Tokyo, who monitors human rights in Hong Kong.

“The vague definitions will have a

“The most efficient miners will benefit the most as the increase in Bitcoin price will push even more profits to the bottom line,” said Bradford.

Miners are constantly competing for a reward since the network only gives it to the first to successfully process a unit of data. The fierce competition is evidenced in mining difficulty, a measure of the amount of computing power to mine Bitcoin. The bi-weekly gauge has posted some of the largest increases, pushing the figure to all-time highs several times since January 2023, according to data from btc.com.

The more computing power a miner has, the more likely it will get a reward. But that reward will be reduced after the halving, which further limits the supply of Bitcoin.

“With the halving coming in mid April, revenue for miners will fall significantly, forcing some of them into the territory of negative margins,” said Ethan Vera, chief operations officer at crypto-mining services provider Luxor Technology. “Some miners will capitulate, while many will find creative solutions to remain profitable.” With assistance from Naureen S. Malik /Bloomberg

chilling effect and lead to even more self-censorship in the media and the civil society,” Poon said.

A spokesperson for the European Union said the legislation “risks exacerbating the erosion of fundamental freedoms in Hong Kong brought about” by the 2020 national security law. Since the 1997 handover, Hong Kong has been required to enact its own security legislation under Article 23 of its mini-constitution. Previous administrations failed to do so in the face of public opposition, which has been wiped out since the crackdown on dissent. With assistance from Jing Li, Jenni Marsh, Siuming Ho and Zheping Huang /Bloomberg

DTI preps public hearings on bigger senior discount

By Andrea E. San Juan @andreasanjuan

THE Department of Trade and Industry (DTI) is asking the general public, including stakeholders and retailers, to review the draft guidelines on increasing  special discounts to senior citizens (SCs) and persons with disability (PWD) from P65 per week to P125 per week, or a total of P500 per month.

That is to allow or stakeholders including the retailers and general public to review it so we can schedule the public consultation next week; so when we have that public consultation...we will collate all the comments and try to reconcile everything,” Amanda F. Nograles, Assistant Secretary for DTI’s Consumer Protection Group (CPG) told reporters at a briefing on Friday.

Nograles said the implementing agencies of this Joint Administrative Order (JAO)—the Department of Agriculture (DA), Department of Trade and Industry (DTI) and the Department of Energy (DOE)— are targeting to sign the new set of rules before end of March, after which the rules would then take effect immediately.

T he draft JAO, which was published on DTI’s website on March 6, states that “Given the current inflation rate, it is relevant that the special discounts to SCs and PWDs on their purchase of [basic necessities and prime commodities] BNPCs shall be for a maximum of P125 per week without carryover of the unused amount.”  House Speaker Martin G. Romualdez earlier sought a hike in the 5-percent discount that seniors and PWDs enjoy each week on groceries, currently capped at a total purchase value per year of P1,500, or a weekly discount of P65. He said this is “no longer appropriate” given the increasing cost of living . (Full story here: https:// business -

mirror .com.ph/2024/03/09/ increase-in-grocery-discountsfor-elderly-and-pwds-to-startin-march-says-speaker/)

T he draft Order also listed the basic necessities and prime commodities to be covered by the special discounts for senior citizens and PWDs.

B asic necessities, defined by the guidelines as “goods that are vital to the needs of consumers for their sustenance and existence, include all kinds and variants of rice [except imported specialty rice]; all kinds and variants of corn; all kinds of locally produced bread; all locally produced fresh, dried, and canned fish and other marine products [including those frozen, and in various modes of packaging].”

More basic goods that could be discounted include all locally produced fresh pork, beef, and poultry meat (except premium grade); all fresh chicken and duck eggs; Locally manufactured potable water in bottles and containers regardless of size; fresh and processed milk (excluding foods for special medical purposes ); fresh vegetables including root crops; fresh fruits; locally manufactured instant noodles; locally produced coffee (only whole

beans, ground beans, instant up to three main ingredients).

Sugar (only muscovado, brown, washed, and refined); Cooking oil (only coconut oil, palm oil, soybean oil, canola oil, and vegetable oil); locally sourced and manufactured salt; locally manufactured laundry and detergent soap; locally produced firewood; locally manufactured charcoal; All kinds of candles (except scented); household liquefied petroleum gas (LPG) with a net content of not more than11 kilograms (only once every five months) bought from LPG dealers, and kerosene, not more than two liters per month, are also included in the list of basic necessities which can be subject to a  discount.  P rime commodities, or “goods that are not considered as basic necessities but are essential to consumers” that may be subject to a discount include: all kinds of flour; all locally manufactured dried, processed, and canned pork, beef, and poultry meat; all kinds of locally manufactured dairy products; all kinds of onions and garlic; locally manufactured vinegar, patis, and soy sauce (except spiced).

See “DTI,” A2

DOF: REVENUE GOALS CRUCIAL TO HUMAN CAPITAL INVESTMENT

AS more Filipinos become engaged in formal and stable work, the Department of Finance (DOF) said it will prioritize empowering the labor force by investing in human capital development.

Finance Secretary Ralph G. Recto said he aims to achieve the P4.3-trillion revenue collection targets to provide more funds for education, upskilling and worker training, health care, and other human capital development programs that will improve the preparedness of Filipinos for quality job opportunities.

Our greatest asset is our people. This is something even countries worldwide recognize. Thus, we will prioritize empowering them further by investing heavily in human capital development to prime and prepare them for the best and the brightest opportunities ahead,” Recto said in a statement.

R ecto emphasized that the quality of jobs in the Philippines has continued to improve, based on the latest Labor Force Survey (LFS) results from the Philippine Statistics Authority (PSA).

B ased on the survey, a total of 45.9 million Filipinos were considered employed in January 2024, raising the employment rate to 95.5 percent.

T he majority of employed Filipinos—30.8 million, or 67.1 percent—were wage and salary workers mostly coming from private establishments.

T he DOF said the underemployment rate declined to 13.9 percent in January 2024 compared to the 14.1 percent recorded in the same month last year.  “

Wage and salary workers enjoy more stable employment conditions, including perks such as health insurance and social welfare benefits,” Recto said. A s the number of employed Filipinos “continuously increases” and accounts for the largest share of employed persons in the country, Recto said this indicates that the majority of the workforce is engaged in formal jobs.

Moreover, the DOF is reinforcing its investment-generating strategies to further improve the quantity and quality of employment in the country.

T he DOF said its GrowthEnhancing Actions and Resolutions, or “Gears” plan, will foster an environment conducive to employment-generating investments by ensuring the country is on track to achieve a growthenhancing fiscal consolidation.

See “DOF,” A2

9 Filipino seafarers held in Iran fly home; 2 more

By Nonie G. Reyes & Malou Talosig-Bartolome @maloutalosig

‘ NUNG una, pagkuha sa amin, akala namin katapusan na namin. Pinadapa kami, pinaluhod kami… Akala namin di na kami makakauwi sa pamilya namin [When they first seized us, we thought that was our end. We were made to lie down, then kneel…We thought we’d never come home to our families again].”

Gerry Quitoriano, AB seaman of oil tanker M/T St. Nikolas, recalled the trauma that they experienced when Iranian Navy commandos seized their ship last January 11, 2024 in the Gulf of Aden near Oman.

Q uitoriano is one of the nine Filipino crew of M/T St. Nikolas who arrived in Manila Sunday afternoon.

Eighteen Filipinos and one Greek cadet were manning St. Nikolas when masked men boarded and forcibly took control of their ship as they were transiting Gulf of Aden.

Q uitoriano, who hails from Ilocos Sur, said initially, they were not aware that the captors were military. They came on board helicopters,

wore bonnets, and were garbed in black commando suits. Jonel Garrote, chief cook, also shared that they were frightened when they were captured by the Iranian Navy.

“First time that I experienced being apprehended but you don’t know your offense...I was thinking, can we still make it back alive? Can we still see our families again?” Garrote recalled, speaking partly in Filipino.

Garrote said they prayed hard that everything will turn out fine.

Sa awa ng Diyos, habang tumatagal naging ok ang pakikisama sa min. Nakagaanan na namin ng loob. Ok naman sila, mababait naman sila [But as time went by, with God’s mercy, our encounter with them went better. They were okay, they were good],” the Southern Leyte native said.

T he treatment by their Iranian captors further improved after Philippine Ambassador to Tehran Robert Manalo visited them on board their ship off Bandar Abbas located south of Iran, Quitoriano said.

Nandun pa rin ang takot namin hangga’t di pa kami nakakauwi sa Pilipinas. [Our fear persisted until we could be sure we can come

due

home],” he added. Even though the ship was docked, Garrote said, they were required to wake up early in the morning to cook even for all the crew and their Iranian escorts.

A side from Quitoriano and Garrote, the seven other Filipino seafarers who are finally home were: Gilbert Abille, Leo Arman Bautista, Pierre Coscolluela, Benjamin Bongabong Jr., Fernando Bonghanoy, Johncil Trajano and Lord Rangasajo.

Two of their colleagues ‚Marvin Cantallopes and Jimmy Maluto, are scheduled to fly to Manila on Tuesday. Both Quitoriano and Garrote expressed relief at being reunited with their families.

I n a statement, Empire Navigation Inc., managers of M/T St Nikolas, said the remaining six Filipino seafarers are also going home “as soon as their replacements arrive.”

“ We express our sincere gratitude to our crew for their commendable behavior and resilience during this trying period, our Manning Agent in Manila and the Department of Migrant Workers for their excellent cooperation,” the Empire Navigation said.

RUSSIAN ICON IN MANILA Hieromonk Korniliy Molev, Secretary of the Diocese of Manila and Hanoi, and Priest Alexei Lapshin of the Russian Orthodox Church in Manila narrate the enchanting story behind the miraculous icon of the Mother of God, famed for its ceaseless myrrh, flowing for almost a quarter-century, and affectionately referred to as the ”Softening of Evil Hearts.” NONIE REYES

By Joel R. San Juan @jrsanjuan1573

The Supreme Court (SC) has shut the door on the bid of Now Telecom Co. Inc. to become one of the country’s major players in the telecommunications industry.

2018 titled “Rules and Regulations on the Selection Process for a New Major Player in the Philippine Telecommunications Market.”

imposed certain qualifications and restrictions with respect to the entry of participants to become a new major player (NMP) in the telco industry.

The appellate court’s ruling upheld the decision issued by the Regional Trial Court (RTC) of Manila Branch 42 in 2018 which junked the petition filed by Now Telecom which sought the issuance of a writ of preliminary injunction (WPI) to prevent the NTC from implementing Memorandum Circular No. 09-09-

“Considering all the foregoing, the CA did not commit any reversible error in the assailed Decision and Resolution. The CA properly upheld the RTC’s denial of NOW Telecom’s application for WPI,” the high tribunal said in its decision.

The decision was penned by Associate Justice Rodil Zalameda and concurred in by Chief Justice Alexander Gesmundo, and Associate Justices Ramon Paul Hernando, Ricardo Rosario and Jose Midas Marquez of the SC’s first division.

The SC agreed with the CA and the Manila RTC that the assailed circular cannot be subject to injunctive relief

MBy VG Cabuag @villygc

ETRO Pacific Agro Ventures Inc. (MPAV) is planning to build 10 more greenhouses which will cater to local communities within five years.

MPAV President and CEO Jovy I. Hernandez said the greenhouses will be smaller, measuring about 1 hectare to 1.5 hectares. The greenhouses would serve a particular radius to reduce logistics cost.

“It would be in areas like Boracay and Puerto Galera. If they have a greenhouse in Puerto Galera, they won’t have to ship vegetables coming from other islands. We have already (set our sights on) our first location; we will let you know soon.

But in the meantime, as early as

now, we are already saying that we might have to build 10 sites at the very least,” Hernandez said.

The greenhouses are far smaller than its hub in Bulacan, which is currently under construction.

“Construction is still underway. We’re still hell-bent on making it open, live for commercial operation, by the fourth quarter this year,” he said.

The Bulacan facility was intended to house 7 hectares of greenhouses, excluding the road network. The total size of the property is 22 hectares.

“We have the capability to double it to 40 hectares. The smaller footprints that we are envisioning in other areas of the country, about 1 to 1.5 hectares would be enough. The mega-site in Bulacan intends to cater to the Greater Manila Area, or even

by the lower courts under Section 3 of Republic Act (RA) 8975 (An Act To Ensure the Expeditious Implementation and Completion of Government Infrastructure Projects By Prohibiting Lower Court From Issuing Temporary Restraining Orders).

The said provision prohibits lower courts from issuing a temporary restraining order (TRO) or WPI against the government for the conduct of the bidding or awarding of contract or project of the government.

The SC noted that telecommunications is considered a critical infrastructure under Section 2 (a) of RA 11659 (Public Service Act).

“Consequently, the CA correctly ruled that the implementation of the subject Circular involved an essential telecommunications infrastructure project. As such, Now Telecom cannot enjoin the implementation of the bidding process for the selection of the NMP by a lower court’s WPI.”

‘Moot and academic’

FURTHERMORE the SC said Now Telecom’s application for a WPI has been rendered moot and academic with the entry of Mindanao Islamic Telephone Co. Inc. (MIslatel).

The SC noted that during the pendency of the case, Mislatel was

selected as the NMP by virtue of the NTC Circular, and was accordingly issued a Certificate of Public Convenience and Necessity (CPCN).

“In this case, the act sought to be restrained by NOW Telecom has already been done. The actual implementation of the selection process of the NMP pursuant to the subject Circular, and the resulting assignment of the allocated radio frequencies for the NMP to Mislatel have rendered Now Telecom’s prayer for injunctive relief moot and academic,” the SC said. “Accordingly, Now Telecom’s application for WPI should be denied.”

At the same time, the SC held that NOW Telecom failed to show that it has complied with the provisions of the subject circular for it to be entitled to the allocated radio frequencies for NMP.

“As pointed out by the CA, Now Telecom was a mere prospective bidder at the time of its application for the issuance of a WPI.”

The SC noted the admission of Now Telecom that it had not formed a consortium to meet the P10-billion capital requirement under the subject circular when the complaint was filed.

Continued on B2

TBy Lenie Lectura @llectura

HE Manila Electric Co. (Meralco) will enter into a negotiated procurement for 260 megawatts (MW) of peaking capacity after the Bids and Awards Committee for Power Supply Agreements (BAC-PSA) declared another failed competitive auction. In a notice, Meralco said its BACPSA did not receive any expression of interest and no one purchased the bidding documents during the second round of competitive selection process (CSP) conducted last March 8.

cover with the additional contracts,” said Meralco BAC-PSA Chairman and utility economics head Lawrence Fernandez.

“If there is no 260MW today, then we will have to resort to using up more of the other contracts. If those contracts are fully used up then we’ll have to get from the WESM [Wholesale Electricity Spot Market].”

Meralco Spokesperson Joe Zaldarriaga noted the importance of Interim Power Supply Agreements (IPSA), such as the 260-MW peaking requirement, for the utility firm.

Bulacan all the way to Tarlac maybe.”

Hernandez also said MPAV is keen on the business model of the Nueva Vizcaya Agricultural Terminal Inc. The company, however, has yet to decide on whether it will take over the food terminal or if it will build one.

“All we know is that we are focused now on the production side.

But eventually, we know that the distribution side will be important.”

On its milk operation, which is mainly for Carmen’s Best ice cream, Hernandez said the company has just finished the construction of a new barn in Laguna. MPAV is expecting the arrival of 150 pregnant cows in the next two months.

“If we produced 300,000 liters per annum last year, output could go up to 700,000 liters per annum, or more than double, with the additional cows

this year,” he said.

“Based on our five-year roadmap, the Metro Pacific Dairy Farm will be opened in the first quarter of 2025. That will have an additional 600 milking cows immediately. All told, our five-year forecast is that we will get close to 3,000 cows and we will be producing 10 million liters per year.”

He said the company is studying the possibility of using carabao milk.

“If we take a look at milk, the quintessential symbol of Philippine agriculture is carabao. But we’ve never used carabaos for milking,” he said.

“The mozzarella cheese that the Filipinos love in pizza is produced by the Italian buffalino, which is carabao. We have more than 2 million carabaos in the country that are not being used for milking.”

“The bidding is considered to have failed,” the utility firm said. Under the DOE’s revised CSP policy and the Energy Regulatory Commission’s (ERC) guidelines, the company may now opt to enter into a negotiated PSA, which would still need to be submitted to the ERC for approval.

The 260-MW peaking requirement was supposed to augment Meralco’s power supply requirements for the dry season beginning March until July this year in preparation for an expected increase in demand.

“We need that for the (dry season), at least until July, because those are the months with the highest consumption here in the Meralco area.

So, consumption is lowest during the first quarter, and is at its highest starting second quarter up to June or July. So, that’s what we want to

ACEN Corp. and US-based BrightNight LLC have teamed up again to develop one gigawatt (GW) of renewable energy (RE) projects in the Philippines.

The two companies are investing $1.2 billion in RE projects in the country over the next five years.

This is BrightNight and ACEN’s second partnership and builds on the success of the one established in India last year. In March 2023, ACEN, through its subsidiary, ACEN Renewables International Pte. Ltd. (ACRI), formed a 50-50 partnership with BrightNight to develop, construct, and operate about 1.2 GW large-scale hybrid wind-solar and round-the-clock renewable power projects in India.

This time, the partnership is for the development, construction, and operation of Brightnight’s initial 1GW of RE projects in the Philippines. With approximately 4.8 GW of attributable renewable capacity across key markets, such as the Philippines, Australia, Vietnam, Indonesia, and India, ACEN is gearing up to raise its renewable capacity to 20 GW by 2030. The partnership is expected to help ACEN achieve its goal.

“ACEN’s leadership in the Philippines’s renewables sector is unparal-

“That’s why we need IPSA. This is to ensure we have supply when the peak months arrive and so that we are not exposed to the spot market.

Because we know, historically, in the (dry season) months, the price in the market really increases. Reason, more electricity is needed. So, if we will not cover our requirements through an interim power supply agreement, there might be a problem because we will be exposed to the market,” said Zaldarriaga.

During the first failed CSP round, there were originally two interested bidders, but they eventually withdrew their interest in the auction.

1590 Energy Corp. cited the “excessive and unreasonable bid security required” as its reason for such withdrawal while San Roque Hydropower Inc. informed Meralco that it needed to further evaluate the terms of reference.

However, no proposals were turned over during the first deadline last February 26.

leled, and we are honored they have chosen to form a partnership with us to develop our portfolio of next generation renewable solutions in their home market,” said BrightNight CEO Martin Hermann.

ACEN, added Hermann, demonstrated success in scaling and operating large fleets of renewable assets through strategic partnerships across the region.

“Our existing India partnership is already delivering tremendous value. This is another successful step in our expanding relationship.”

ACEN’s investment provides BrightNight with additional resources to fund its Philippine build-out and long-term growth in one of the fastest-growing markets in Asia. Also, ACEN will provide its strong domestic presence, partnership network, and expertise across the regional energy value chain.

“Our collaboration with BrightNight reflects our shared ambition to develop superior, hybrid renewable energy solutions. The success of our joint projects in India, which are already winning customers and building capacity, serves as a solid foundation for our venture in the Philippines,” said Patrice Clausse, ACEN Group’s chief investment officer. Lenie Lectura

BSP warns vs fake info on dollar ‘replacement’

By Cai U. Ordinario @caiordinario

ThE Bangko Sentral ng Pilipinas (BSP) advised the public that it has not issued any directive that US dollar “[bank]notes with stamps (money changer) will only be accepted until March 12” or any specified date this year.

The central bank warned the public to be vigilant against bogus information, especially those found in online chat groups and entities that “misrepresent the BSP.”

The BSP also clarified that it does not accept requests for exchange or replacement of foreign currencies to Philippine Peso.

“BSP’s mandate is limited to the exchange of Philippine currency to Philippine banknotes and coins of any other denomination,” BSP stressed.

For the exchange or replacement of foreign currencies, the public is advised to visit BSP-supervised financial institutions, such as banks and Money Service Businesses.

As of March 7 there are 475 banks and as of December 2022, some 7,584 MSBs nationwide that are supervised by the BSP. These institutions are engaged in money changing or foreign exchange dealing.

For more information on the US currency, the BSP said the public is encouraged to visit the U.S. Currency Education Program webpage.

The website contains news and other information about the US dollar, including those pertaining to currency authentication.

The Philippine peso strengthened to 55.57 against the US dollar, a Philippine News Agency (PNA) report last Friday read adding the local tender “gained by 0.25 from Thursday’s closing at 55.82 to the greenback.”

The local currency kicked off at 55.82 against the previous day’s opening at 55.77, the state-run news site’s article continued. “The currency pair traded from a low of 55.57 to a high of 55.87, bringing this day’s average level to 55.76 to a dollar.”

Perspectives

Purpose-driven leadership to drive growth

IN the ever-changing landscape of global economies, adaptability and strategic foresight have become paramount for businesses to thrive.

The recently released KPMG CEO Outlook 2023 sheds light on the current economic climate, revealing intriguing insights into the minds of the world’s top executives. Despite lingering uncertainties, there’s a prevailing sense of confidence in the global economy, with 73 percent of CEOs expressing positivity about the economic outlook over the next three years.

What’s particularly striking is the nuanced shift in CEOs’ concerns. While confidence in the overall economy remains high, CEOs are slightly less optimistic about their own companies’ growth prospects. This dip, from 85 percent at the beginning of 2020 to 77 percent in 2023, suggests a need for more focused and strategic approaches to corporate growth.

Shifting sands: Geopolitics and political uncertainty as key business concerns T hE shift in CEOs’ concerns towards geopolitics and political uncertainty signifies a significant transformation in the landscape of business risks. Traditionally, technological disruptions and supply chain issues were pivotal concerns for corporate leaders. however, in our contemporary global scenario, marked by geopolitical fragmentation and political turbulence, the focus has shifted. This change is not arbitrary but deeply rooted in the evolving nature of risks that businesses face.

Geopolitics and political have now taken the forefront. Unlike isolated challenges, these issues have a profound and lasting impact on businesses. CEOs are grappling with the complexities of navigating conflict zones, where political tensions can directly affect a company’s operations. Furthermore, managing disrupted supply chains due to political events and handling price fluctuations caused by political decisions have become critical challenges, disrupting the stability of businesses in unforeseen ways.

In response to these challenges, CEOs are compelled to embrace a new paradigm of strategic planning. It’s no longer sufficient to rely solely on traditional business strategies. Specialized insights, informed by a deep understanding of political landscapes, are now essential. Scenario planning has become a crucial tool.

What’s particularly striking is how CEOs have transitioned into de facto political players. Their decisions and strategies are no longer limited to boardrooms; they are influenced by and, in turn, influence political events. This shift underscores the indispensable role of politics in the business world. It’s not merely an external factor but an internal consideration that needs to find a dedicated place on the boardroom agenda.

Zero tariffs on hybrid vehicles ‘not justifiable’ this time–DTI

By Andrea San Juan

IMPOSING zero tariffs on hybrid vehicles is “not justifiable” right now as doing so would go against government’s goal of having electric vehicles (EVs) ubiquitous in the industry, according to Trade and Industry Secretary Alfredo E. Pascual.

This Pascual underscored amid the National Economic and Development Authority (Neda) Board’s ongoing review on the potential expansion of Executive Order (EO) 12 to cover e-motorcycles and hybrid vehicles.

Pascual told reporters at a briefing last Friday that the objective of reducing tariffs on pure electric vehicles is to “have the critical mass of EVs to make the setting up of charging stations a feasible business, feasible operation.”

in uncertainty

Acknowledging the intricate relationship between politics and business has become imperative, shaping the way CEOs formulate policies, make strategic decisions, and ensure the resilience of their companies in an unpredictable geopolitical landscape.

KPMG in the Philippines Vice Chairman, COO and head of Advisory Emmanuel Bonoan shares: “With our nation often affected by political shifts and geopolitical dynamics, understanding the lasting impact of political instability on businesses is vital – urging CEOs to develop specialized insights and robust scenario planning to navigate these challenges effectively.”

Additionally, short-term challenges loom large on the horizon. CEOs are apprehensive about rising interest rates and tightening monetary policies, recognizing their potential to prolong recessions. Cost-of-living pressures, too, are anticipated to negatively impact organizational prosperity over the next three years.

Demonstrating integrity: A cornerstone of trust in business leadership

TRUST is no longer merely a desirable trait; it’s an indispensable asset for any successful enterprise. CEOs understand that trust is intricately tied to personal integrity. In a world where information travels at the speed of light and reputations can be made or broken in an instant, demonstrating honesty, authenticity, and ethical conduct has become non-negotiable. It’s not just about adhering to legal frameworks; it’s about embodying moral principles and values in every business decision.

In essence, the commitment to purpose-driven leadership, grounded in personal integrity, and the readiness to engage with societal issues publicly are not just admirable traits in CEOs. They are essential qualities that define the new paradigm of corporate leadership—a paradigm that prioritizes ethical conduct, social responsibility, and the long-term well-being of both businesses and the societies they serve. “Trust is a precious commodity in business relationships, and CEOs’ willingness to make principled decisions exemplify the ethical leadership needed in the Philippines,” Bonoan added.

The excerpt was taken from the KPMG Thought Leadership publication: https://kpmg.com/xx/en/ home/insights/2023/09/kpmg-global-ceo-outlook-survey.html.

© 2024 R.G. Manabat & Co., a Philippine partnership, is a member-firm of a global organization of independent member firms affiliated with KPMG Int’l Ltd. All rights reserved. This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent the BusinessMirror , KPMG International or KPMG in the Philippines.

Kung magpapasok ka ng hybrid nare- reduce mo yung ano… it will not contribute to the attainment of

that objective,” the Trade chief, who co-chairs the Board of Investments (BOI), noted. According to Pascual, government aims to encourage the setting up of charging stations, thus creating the “infrastructure that will support our transition to electric vehicles.”

Saying the government wants this objective to “materialize,” Pascual explained while the BOI is not totally against imposing zero duties on hybrid vehicles, it is “not justifiable” right now.

BOI Managing he ad Ceferino S. Rodolfo supports his boss’s view and emphasized the importance of

building “sufficient level” of market demand to justify assembly.

Rodolfo said that when it comes to hybrid vehicles, the Philippines is “far behind” its neighbors when it comes to supply chain for [internal combustion engine] ICE vehicles.

“So we really like to focus on EVs dahil ‘yung hybrid galing yan sa Japan, Thailand and Indonesia, andiyan ‘yung supply chain ng ICE,” the BOI managing head said.

Should the government decide to impose zero duty on hybrids, Rodolfo said there would be an increase in imported hybrid vehicles from these countries.

The BOI managing head also stressed that hybrid vehicles are already subject to 50-percent exemption from excise tax.

According to Revenue Regulation (RR) 5-2018 pursuant to the provisions of Republic Act 10963 (Tax Reform for Acceleration and Inclusion) law), purely electric vehicles shall be exempt from the excise tax on automobiles while hybrid vehicles shall be subject to 50 percent of the applicable excise tax rates on automobiles.

With this, Pascual said, the country needs to focus first on increasing the “population” of electric vehicles

before allowing the Philippine market to welcome imported hybrid vehicles at zero-tariffs.

“Over time yan eh kaya sabi ko eventually pag free market na, kailangan muna natin ma-increase ‘yung population ng [EVs],” the Trade chief said.

A statement issued by the Neda last Tuesday announced the socioeconomic planning agency is initiating discussions with other relevant agencies on the potential expansion of EO 12 to cover e-motorcycles and hybrid vehicles.

EO 12, which became effective on February 20 last year, temporarily reduced the rates of import duty on certain EVs and their parts and components for five years, according to the Neda.

Pursuant to Section 2 of the said measure, which provides for the review of the EO after one year of implementation, the Tariff Commission shall be requested to conduct a public hearing for this purpose.

The review shall follow the tariff modification process under Section 1608 of the Customs Modernization and Tariff Act and shall be presented to the Committee on Tariff and Related Matters and the Neda Board.

Maya app operator targets breaking even by Dec.

By Lorenz S. Marasigan @lorenzmarasigan

MAYA Innovations holdings Pte. Ltd., the Singaporeregistered company that operates financial technology app Maya, expects to tread on a growth trajectory in this year and beyond, as it targets to hit breakeven by endDecember.

Orlando B. Vea, the company’s founder, said Maya’s breakeven point will set the course for the fintech and digital bank to further growth.

“So we breakeven in 2024, from there we’ll just continue the trajectory of our growth and hopefully make our services more available to more Filipinos. I think as of now, we really have created a big impact in the market,” he said during a news

Tbriefing.

According to Vea, Maya Bank Inc. has already clocked three million depositors, which is a 2.1-time surge from the number of depositors last year. These depositors led to the digital bank having a deposit balance of P25 billion, a 1.7-times growth from the year prior, with loans disbursed reaching P22 billion, or a 6.9-times rise from 2023, he added. Enterprise loan disbursement also ballooned by 4.4 times, with its QR services accounting for 44 percent of the market.

“So we have brought them in by the millions actually and we can see that that development will continue in the next few years. You’ll see bigger numbers this year and next year and we just need to keep bringing in the many Filipinos who are not yet

“Members with existing emergency loans are eli-

with

whose resulting net monthly pension after loan availment would be at least 25 percent of their basic monthly pension. They must also have no outstanding loan being deducted from their monthly pension except pension loan. The GSIS Emergency Loan has a 6% interest rate and a three-year payment term.

Members may apply for the loan anytime, anywhere via the GSIS Touch mobile app. They may also file their application through the GSIS Wireless Automated Processing System (GWAPS) kiosks located in all GSIS branches, major government offices such as the Department of Education, provincial capitols, city

benefited by technology in banking and finance,” Vea said. he noted that this is just the beginning for Maya’s success. Vea expects faster growth this year compared to last year.

“We’re just starting. We just hit the tipping point. It’s now on the escape velocity and so with the bringing in of more customers, depositors, more borrowers. We can see that happening already as we speak. We’re just on that upward trajectory,” Vea said.

Maya’s majority shareholder, PLDT Inc., actually expects the firm to be “profitable by December.”

“We want to make sure that we stay true to that course,” PLDT President Manuel V. Pangilinan said, adding that Maya has reported a positive Ebitda in the first two months of 2024. “But of course we

have eight months ago and so forth and so on but it’s moving in the right direction.”

Pangilinan added that should Maya achieve its targets by yearend and will become profitable by 2025, the reported losses of Maya will be “much lesser” in PLDT’s 2024 income.

While PLDT reported a telco core income of P34.3 billion last year, its share in Maya has pushed it down to P32.3 billion due to continued cash burn. Compared to 2022, Maya’s losses stood at P2.2 billion, P1-billion less than the P3.2-billion loss reported the year prior.

For 2024, Vea said Maya is looking at the “large unserved” market of digital lending.

“Being the leader in the industry, I think we can confidently say that that growth will continue,” he said.

Bond investors to fund war vs Putin

BOND investors are urging squabbling European Union (EU) leaders to get their act together on defense spending and make the bloc’s trillion-euro bond program permanent.

That means demand won’t number among the challenges faced by EU politicians at loggerheads over whether to boost shared military capabilities by issuing joint bonds. Fund managers starved of AAA-rated securities say they’re clamoring for more European issuance.

Investors point out that these instruments would enable the spending boost that is becoming ever more imperative to counter Russian belligerence, but without loading more debt onto individual member states. And there is also something in it for them, since EU bonds pay a premium over similarly rated sovereigns.

“Investors are thirsty for these bonds,” said Brian Mangwiro, a portfolio manager at Barings who owns EU debt. The solution of a bloc-wide debt program is starting to be taken seriously in some capitals as European security officials warn that Vladimir Putin could move on to target their territory if he secures victory in Ukraine, while a decades-long shortfall in military spending leaves the continent dangerously unprepared.

Shared borrowing was described by EU Economy Commissioner Paolo Gentiloni last month as “a sound way” to deal with crises. The plan’s being championed by countries whose defense industries would be well-placed to benefit—like France—and countries whose proximity to Russia sharpens their sense of the threats—like Estonia—although it faces opposition from Europe’s more fiscally conservative states.

One reason investors are urging the holdouts to overcome these reservations is that AAA-rated paper is highly prized—and even more so since the US was stripped of its top-tier rating last year. An added bonus: for reasons that include the temporary nature of the issuance, existing EU bonds pay investors slightly higher yields than equally-rated Germany, and even than lower-rated France.

Bond-buyer enthusiasm is evident at virtually every

sale. Last month, a €3 billion ($3.3 billion) EU bond received €81 billion in orders—at 27 times, that was the highest cover ratio ever recorded in Europe’s publicly syndicated debt market, according to data analyzed by Bloomberg.

Even back in October 2020, the EU’s first joint issuance since the landmark pandemic bond deal recorded a €233 billion order book, the largest for any single deal in bondmarket history.

The EU already has some €450 billion outstanding in bonds, mostly issued to finance the pandemic recovery fund. That program will cease to issue new bonds after 2026 but conviction is growing among investors that the EU bond issuance should become permanent.

That’s precisely what’s making some fiscally conservative countries skeptical. Many are opposed to anything that isn’t framed as a one-off. That was the rationale that triumphed during the pandemic when an acute crisis forced Germany and other wealthier EU states softened their habitual opposition to pooled borrowing.

Investors know much will depend on what happens on the Ukrainian battlefield in the weeks ahead, and are watching for whether the advance of Russian tanks toward the EU’s eastern border forces a wake-up call.

“Unfortunately it always takes a crisis in Europe to make much traction,” said Guy Miller, head of market strategy at Zurich Insurance Co.

Germany and the Netherlands have rejected suggestions for a joint instrument to fund defense, and so far the increases in defense spending undertaken since Russian invaded Ukraine two years ago have been largely left up to member states themselves. That push has not without controversy, both domestically, and as EU members argue among themselves about who is—and isn’t—doing enough.

Earlier this week the commission allocated €1.5 billion from additional EU budget funds by way of joint spending, but that won’t get close to funding the step-change needed to repel Vladimir Putin from Ukraine—still less, to gear up for a putative attack on European soil in years ahead. EU industry commissioner Thierry Breton has urged the bloc to consider spending €100 billion. Bloomberg News

Is the US overestimating China’s power?

By Dan Murphy, Harvard Kennedy School The Conversation

Which country is the greatest threat to the United States? The answer, according to a large proportion of Americans, is clear: china

Half of all Americans responding to a mid-2023 survey from the Pew Research Center cited China as the biggest risk to the US, with Russia trailing in second with 17 percent. Other surveys, such as from the Chicago Council on Global Affairs, show similar findings.

Senior figures in recent US administrations appear to agree with this assessment. In 2020, John Ratcliffe, director of national intelligence under President Donald Trump, wrote that Beijing “intends to dominate the US and the rest of the planet economically, militarily and technologically.”

The White House’s current National Defense Strategy is not so alarmist, referring to China as the US’s “pacing challenge”— a reference that, in the words of Secretary of Defense Lloyd Austin, apparently means China has “the intent to reshape the international order and, increasingly, the power to do so.”

As someone who has followed China for over a quarter century, I believe that many observers have overestimated

the country’s apparent power. Recent challenges to China’s economy have led some people to reevaluate just how powerful China is. But hurdles to the growth of Chinese power extend far beyond the economic sector—and failing to acknowledge this reality may distort how policymakers and the public view the shift of geopolitical gravity in what was once called “the Chinese century.”

In overestimating China’s comprehensive power, the US risks misallocating resources and attention, directing them toward a threat that is not as imminent as one might otherwise assume.

Let me be clear: I’m not suggesting that China is weak or about to collapse. Nor am I making an argument about China’s intentions. But rather, it is time to right-size the American understanding of the country’s comprehensive power. This process includes acknowledging both China’s tremendous accomplishments and its significant challenges. Doing so is, I believe, mission critical as the

United States and China seek to put a floor underneath a badly damaged bilateral relationship.

Headline numbers

W H y have so many people misjudged China’s power?

One key reason for this misconception is that from a distance, China does indeed appear to be an unstoppable juggernaut. The high-level numbers bedazzle observers: Beijing commands the world’s largest or second-largest economy depending on the type of measurement; it has a rapidly growing military budget and sky-high numbers of graduates in engineering and math; and oversees huge infrastructure projects—laying down nearly 20,000 miles of high-speed rail tracks in less than a dozen years and building bridges at record pace.

But these eye-catching metrics don’t tell a complete story. Look under the hood and you’ll see that China faces a raft of intractable difficulties.

The Chinese economy, which until recently was thought of as unstoppable, is beginning to falter due to deflation, a growing debt-to-gross domestic product ratio and the impact of a real estate crisis.

China’s other challenges A ND i t isn’t only China’s economy that has been overestimated.

While Beijing has put in considerable effort building its soft power and sending its leadership around the world, China enjoys fewer friends than one might expect, even with its

willing trade partners. North Korea, Pakistan, Cambodia and Russia may count China as an important ally, but these relationships are not, I would argue, nearly as strong as those enjoyed by the United States globally. Even in the AsiaPacific region there is a strong argument to say Washington enjoys greater sway, considering the especially close ties with allies Japan, South Korea and Australia.

Even though Chinese citizens report broad support for the Communist Party, Beijing’s capricious Covid-19 policies paired with an unwillingness to use foreign-made vaccines have dented perceptions of government effectiveness.

Further, China’s population is aging and unbalanced. In 2016, the country of 1.4 billion saw about 18 million births; in 2023, that number dropped to about 9 million. This alarming fall is not only in line with trends toward a shrinking working-age population, but also perhaps indicative of pessimism among Chinese citizens about the country’s future.

And at times, the actions of the Chinese government read like an implicit admission that the domestic situation is not all that rosy. For example, I take it as a sign of concern over systemic risk that China detained a million or more people, as has happened with the Muslim minority in Xinjiang province. Similarly, China’s policing of its internet suggests concerns over collective action by its citizens. The sweeping anti-corruption

campaign Beijing has embarked on, purges of the country’s military and the disappearance of leading business figures all hint at a government seeking to manage significant risk.

I hear many stories from contacts in China about people with money or influence hedging their bets by establishing a foothold outside the country. This aligns with research that has shown that in recent years, on average as much money leaves China via “irregular means” as for foreign direct investment.

A three-dimensional view

T H E perception of China’s inexorable rise is cultivated by the governing Communist Party, which obsessively seeks to manufacture and control narratives in state media and beyond that show it as all-knowing, farsighted and strategic. And perhaps this argument finds a receptive audience in segments of the United States concerned about its own decline.

It would help explain why a recent Chicago Council on Global Affairs survey found that about a third of American respondents see the Chinese and American economies as equal and another third see the Chinese economy as stronger. In reality, per capita GDP in the United States is six times that of China. Of course, there is plenty of danger in predicting China’s collapse. Undoubtedly, the country has seen huge accomplishments since the People’s Republic of China’s founding in

1949: Hundreds of millions of people brought out of poverty, extraordinary economic development and impressive GDP growth over several decades, and growing diplomatic clout. These successes are especially noteworthy given that the People’s Republic of China is less than 75 years old and was in utter turmoil during the disastrous Cultural Revolution from 1966 to 1976, when intellectuals were sent to the countryside, schools stopped functioning and chaos reigned. In many cases, China’s successes merit emulation and include important lessons for developing and developed countries alike.

China may well be the “pacing challenge” that many in the US believe. But it also faces significant internal challenges that often go under-recognized in evaluating the country’s comprehensive power.

And as the United States and China seek to steady a rocky relationship, it is imperative that the American public and Washington policymakers see China as fully three-dimensional – not some flat caricature that fits the needs of the moment. Otherwise, there is a risk of fanning the flames of xenophobia and neglecting opportunities for partnership that would benefit the United States.

This article is republished from The Conversation under a Creative Commons license. Read the original article here: https://theconversation.com/is-the-unitedstates-overestimating-chinaspower-220014.

FROM March 1 to March 17, the Filipino Design Studio of Kultura, the store at SM Supermalls which showcases the finest of Filipino craftsmanship, is highlighting emerging brands and social enterprises founded by Filipinas.

A women-led company founded 20 years ago, Kultura aims to amplify the voices and contributions of women as it reinforces its commitment to provide a platform for women-owned brands for them “to take up space and embrace their unique identities and talents,” especially this Women’s Month.

The Filipino Design Studio set up a special area at the third level of SM Aura Premier in Taguig City for a diverse group of impactful brands, including Kultura’s in-house labels, and established and promising businesses.

The brands selling their export-quality wares are 11th Earth Home Décor, Bagoyan, Beyond Borders, Boho Manila, Dwellbeing, Jhaz Footwear, Liwayway, Malingkat Weaves, Piesa, Pinas Sadya, Pure Culture, Red Slab Pottery, Seek The Uniq, Strozzi, The Brave Story, Wix Cozy Homes, and Woven.

Leading the exhibit is Liwayway, “the story of joyful and creative humanitarian professionals who are weary from waiting and relying on the goodwill of their donors to run a children’s foundation in the Philippines,” so they sell handicrafts made by local artisans.

Alongside beaded jute bags, jeepney salt and pepper shakers, inaul and Yakan wrap pants, and inabel jumpsuits is a covetable Liwayway bookend in the image of Jose Rizal made of resin.

A personal favorite is a scarf with a rainbow motif perfect for LGBT Pride celebrations from Bagoyan, which makes modern handwoven apparel inspired by Kalinga heritage and traditions. The scarf needs an equally colorful footwear to complete the ensemble for a Pride March. Any sandals or slippers from Jhaz Footwear will be perfect, as each pair is “fashionable, comfortable abaca footwear with unique designs made by a family-owned enterprise based in Laguna.”

A gorgeous range of products comes courtesy of Malingkat Weaves. In the Tausug language, malingkat” means beautiful. Its brochure proudly states: “We are a cause-driven brand committed to showcasing and promoting the beauty of handwoven textiles, indigenous weaving traditions and handmade artisan crafts, with special focus on our Muslim Mindanao heritage.We partner directly with weavers and artisans from different communities in cocreating pieces that celebrate Filipino culture and craftsmanship.”

A big portion of the sales of Oli handwoven hand towels and placemats benefits Bicolano weavers belonging to the Gawad Kalinga community. Beyond Borders large throws and blankets, on the other

AS he was growing up, oral hygiene was not a priority in Macoy Averilla’s family.

“When I was seven, I had a lot of missing teeth because I love sweets and my mother wasn’t every particular about oral care. I just learned about the importance of flossing when I was in college already. If you look at my teeth, you’ll see they’re not even on this [right] side kasi di din naman naisip magpa-brace [we didn’t think of me getting braces, for instance],” said Averilla, who is known online as Macoy Dubs.

Working with Listerine as its brand ambassador gave Averilla the chance to take better care of his teeth.

Having oral issues, including tooth loss, when you grow old is the norm but that should not be the case. This is true because I remember the last time I went to the dentist, she told me that “for someone your age,

you have a lot of teeth.” Did she really expect me to be toothless already? “Brushing is not enough. Good oral hygiene does not just consist of a rigorous brushing. Every person needs that regimen of brushing, flossing, and rinsing,” said Miggy Gamboa, marketing manager at Kenvue Philippines.

In 2018, results from the National Survey on Oral Health showed 72 percent of Filipinos have dental caries while 43 percent have gum diseases. Periodontal (gum) disease affects the tissues that surround and support the tooth.

This is usually characterized by bleeding or swollen gums, pain and sometimes bad breath. When left untreated, gum disease could lead to tooth loss.

In the Philippines, 7.5 percent of adults aged 20 and above have total tooth loss.

The statistics support the idea that a complete oral hygiene routine is essential for maintaining a healthy mouth. While brushing is a fundamental and necessary component, it targets the surfaces of teeth, leaving gaps in the overall protection against various oral health issues.

On the other hand, studies have also consistently shown that incorporating a mouthwash like Listerine Total Care into one’s daily routine, along with brushing and flossing, significantly enhances the effectiveness of oral care.

“It is necessary that one habitually complements their brushing with flossing and using a mouthwash

hand, are from the Ilocos region which are woven on an antique loom: “Made entirely by hand, no two blankets are exactly alike. Each one is a testament to its weavers’ skill, teamwork and patience, and bears their signatures. In recent years, fewer among the younger generations have chosen to take up the loom since its technique is difficult to learn. By owning this throw, you help keep a beautiful Filipino craft alive.”

Pinas Sadya hopes that each of its products brings you joy every time you wear it, as they are “consciously designed and produced in small batches with the skills of our local weaving communities in Abra (Binakol), Ilocos (Inabel), Isabela (Kantarines). Negros (Hablon), South Cotabato (Tnalak) and Zamboanga (Yakan), as well as the Tbolis of South Cotabato and the Bagobo of Digos, and a community of single mothers in Pandi, Bulacan.

An eye-catching piece is the bahay kubo necklace

to maintain good oral health and hygiene. Brushing cleans accessible surfaces of the teeth that the toothbrush is able to reach, and flossing gets in between the teeth. The role of a good mouthwash is as an adjunct providing antimicrobial action against certain bacteria while reinforcing fluoride exposure,” said dental practitioner Dr. Tess Villarico during a recent Listerine Philippines event.

During the event, Dr. Ashita Bhatia, Kenvue Asia-Pacific’s associate director and head of Scientific Engagement, conducted brief demonstrations that show the germ-kill power of Listerine Total Care, including the use of different instruments such as Q-Scanner and Milkin Microscope.

Listerine Total Care is available in leading drugstores, supermarkets, and on the official Listerine Lazada and Shopee shops online.

To know more about Listerine, visit its official Facebook page: www.facebook.com/ListerinePhilippines.

#SOMUCHBEAUTY AT SM BEAUTY

ON March 7, SM Beauty transformed the SM Mall of Asia Atrium into a fragrance paradise with flower installations and fragrance booths showcasing scents from different brands.

The featured fragrances included Maison Margiela, Jo Malone, Lancôme, Armani, Ralph Lauren, Givenchy, Viktor & Rolf, Luxasia, Montblanc, Victoria’s Secret,  Bath & Body Works, Luxe Fragrances, Body Fantasies, So? Fragrance, and Fresh.

crafted by Strozzi Handcrafted Jewelry based in Liloan, Cebu. The quirky designs also include jeepney pins and coconut earrings, all made by Strozzi Abecel Rosende, who usually uses stones such as turquoise, malachite and lapis lazuli, and sea shells from our beaches. Piesa, which creates “uniquely wearable statement pieces” like the Elnora necklace, declare that “every woman is a masterpiece, unique and resilient.” It adds, “At Piesa, we celebrate the strength, grace and individuality of women every day. We believe in empowering women to recognize their unique qualities and express themselves. Join us as we continue to champion the limitless potential of women worldwide!”

Aside from the booths where fragrance enthusiasts could try on the scents, there were other activities such as bottle engraving and painting, exclusive for SMAC (SM Advantage Card) members.

There was also a short and informative program hosted by Robbin Nambaya. Anne Maligalig, SM Beauty fragrance category manager, officially welcomed everyone to the event.

“From timeless classics to avant-garde creations, SM Beauty extensive collection caters to every taste, preference and occasion. From iconic designer brands to niche artisan perfumers, we have partnered with the most esteemed names in the industry to bring you the finest fragrances from around the globe,” said Maligalig.

Lancôme and So? Fragrances also took to the stage to talk about their respective product offerings. Lancome, of course, talked about its very popular Idole fragrance while So? Fragrances presented its line of scents.

After the program, So Much Beauty officially opened to the public, welcoming mallgoers and SMAC holders to the pop-up store. Event exclusive merchandise also allowed shoppers to enjoy more perfumes from partner brands. The first 300 customers with a minimum receipt of P1,000 received an exclusive and branded velvet pouch as a gift-withpurchase.

Explore the world with So Much Beauty and follow @smbeauty on Instagram and TikTok.

MAYA SUPPORTS BSP’S COIN DEPOSIT MACHINE ROLLOUT

MAYA, the #1 Digital Bank in the Philippines, joins the Bangko Sentral ng Pilipinas (BSP) in encouraging more Filipinos to convert their coins to e-wallet credits through the country’s coin recirculation program.

Demonstrating support, Maya Bank president Angelo Madrid converted his coins to Maya credits using the BSP’s Coin Deposit Machine (CoDM), the latest of which was deployed at Robinsons Metro East. Officials from the BSP, Maya, and other providers joined the launch ceremony.

Currently, CoDMs are operational at the following locations: Festival Supermall, Robinsons Galleria Ortigas, Robinsons Place Manila, SM City Bacoor, SM City Bicutan, SM City Fairview, SM City North EDSA, SM City San Lazaro, and SM Mall of Asia, with additional locations coming soon.

Maya’s latest collaboration with the BSP showcases its commitment to promoting financial inclusion and digital banking solutions among Filipinos. With Maya and BSP’s collaborative efforts, Filipinos can now convert their loose change into Maya credits which can then easily be used for everyday payments or put into savings or investments.

Through strategic partnerships and innovative solutions like the BSP CoDM, Maya aims to revolutionize the way Filipinos manage their finances, making financial services more accessible and convenient for all.

Owndays Philippines continues commitment to social responsibility with ‘Cases for Change’

CONTINUING its commitment to social responsibility, Owndays Philippines, a leading Japanese eyewear brand, hosted its 2nd “Cases for Change” event last March 1, 2024 at their flagship branch in SM Megamall. The launch was filled with insightful stories and heartwarming testimonials, central to this year’s Cases for Change theme of Philippine Animal Well-Being.

In her opening remarks, Jammie Gregorio, Owndays Philippines Marketing Manager, kicked off the Cases for Change 2024 launch, stating, “Let’s spark the conversation for change today as we engage with our esteemed partners and reveal the cases that symbolize our shared commitment to this cause.”

The three partner organizations were then officially announced, united with OWNDAYS in their dedication to advocating for animal well-being— CURMA (Coastal Underwater Resource Management Actions), PEF (The Philippine Eagle Foundation), and PAWS (Philippine Animal Welfare Society).

Valuable representatives from each organization

took center stage to share some inspirational stories and eye-opening realities.

CURMA emphasized the critical role of sea turtles as a keystone species in protecting our oceans, shedding light on the importance of safeguarding marine ecosystems. PEF brought attention to the plight of the Philippine eagle, emphasizing the urgent threat of deforestation to our national birds and the need for preserving our rich cultural tapestry. PAWS highlighted the staggering numbers of 12 million stray cats and dogs in the Philippines, advocating for responsible pet ownership and sharing a powerful sentiment that: what we do to the animals, we ultimately do to ourselves. The highlight of the event was the revealing of the beautifully and locally designed collaboration cases by Vohne Yao, Owndays Philippines Managing Director, and Takayuki Nagao, Owndays Regional Manager. The Cases for Change initiative features three uniquely designed collaboration cases. Each

case supports each respective organization, and 100 percent of the proceeds made from selling them goes directly to those groups. This unique approach empowers customers to choose which organization they want to support, fostering purposeful conversations on advocacies centered on animal welfare.

With Animal Well-Being being the theme for Cases for Change 2024, Owndays aims to raise awareness about the alarming challenges faced by our country’s animals– in land, air, and sea.

Owndays officially partners with Coastal Underwater Resource Management Actions (CURMA), The Philippine Eagle Foundation (PEF), and the Philippine Animal Welfare Society (PAWS), for Cases for Change 2024, showcased by its impactful designs crafted by graphic artist Kairah Cooper.

The collaboration aims to fund initiatives such as the construction of the Philippine Eagle Conservation Breeding Sanctuary, releasing one million sea turtle hatchlings by 2030, and supporting emergency medical operations for animals rescued from road accidents and cruelty.

The “Cases for Change” eyeglass case is available at all Owndays stores nationwide. Priced at P250 when purchased with a pair of Owndays prescription glasses or at P500 if bought individually. Available from March 1, 2024 to June 1, 2024 or until supplies last.

Together, Owndays and its partners aspire to make a difference in safeguarding the animals in the Philippines, one case at a time. Join this movement for change and be a part of making the vision for a more beautiful future, come to life!

To know more about Owndays Philippines’ initiatives, like and follow Owndays Philippines’ social media channels. Owndays Philippines on Facebook and @owndaysph on Instagram and TikTok.

FinVolution’s Credit Scoring Company, JuanScore, now

accredited as a Special Accessing Entity by CIC

THE Credit Information Corporation (CIC), a government-owned and controlled corporation tasked to collect and disseminate credit information, has recently accredited JuanScore as a Special Accessing Entity (SAE). SAEs are private corporations engaged in the business of providing credit reports, ratings, and other similar credit information products that are entitled access to the CIC’s pool of consolidated basic credit data. The accreditation authorizes entities to use, retrieve, and evaluate the credit data that have been submitted to the CIC for the development of value-added products and services.

“We are pleased to accredit JuanScore as an SAE since we believe Finvolution’s leadership in advanced AI and decades-long credit scoring experience in Asia will level up how credit information is processed and used in the Philippines,” mentioned Atty. Ben Baltazar, President of the Credit Information Corporation. “JuanScore aims to transform the

credit bureau industry by embedding advanced technology that can accurately assess the creditworthiness of every Filipino. JuanScore will also educate Pinoys on the importance of a good credit history by being responsible borrowers and users of various financial services. This will lead to greater financial inclusion which will eventually lead to financial empowerment,” said JuanScore Chairman Francisco “Coco” Mauricio.

“By having a credible and nationally recognized credit score, Pinoys will have quicker, easier, and sustained access to financial services which will eventually lead to prosperity and a higher quality of life. This is JuanScore’s mission and we are committed to making this a reality,” he added.

JuanScore is a subsidiary of the FinVolution Group, a leading fintech company established in 2007 and is listed with the NYSE (FINV). Finvolution has developed award-winning credit scoring systems utilized by over a hundred financial institutions across Asia.

IN the photo are, from left, BSP Deputy Governor Bernadette Romulo-Puyat; Hon.

Victor Ma. Regis N. Sotto, Pasig City Mayor; Mr. Angelo Madrid, Maya Bank President.

THE three uniquely designed collaboration cases with (photo from left to right) Anna Cabrera, PAWS Executive Director, Khizia Steffan Madrona, PEF Education and Development Manager, Takayuki Nagao, Owndays Regional Manager, Vohne Yao, Owndays Philippines Managing Director, and Carlos Tamayo, CURMA Program Director.

What PR PRos can leaRn fRom game shoWs

BECAUSE it connects and touches many people’s lives, the communication profession has many parallels in other fields of endeavor. And PR pros will be amazed how they can find common ground in unlikely places.

But game shows? In an article in prnewsonline.com, Ilena di Toro relates how amazing and fun for her to be part of Jeopardy, a game show she watched as a teenager. Yet her time on the show also demonstrated a likeness to her professional practice of public relations at Debbie Goetz Media Connections.

Here, she shares with us the common lessons that can be learned from both in Jeopardy and PR: Lessons Learned:

n You can’t control what happens on a game show or in PR, but preparation helps you to meet any challenges you may face.

“A communicator has to be ready for anything,” says Di

n Table for more T h an T wo aT T h e Secre T Supper c lub m a nila

MANILA, PHILIPPINES—The Secret Supper Club is not a destination restaurant, but it well m ay be. Set on a long table in the courtyard of a quintessential Filipino casa somewhere in M anila, the concept of dinner at the patio is a movement to slow down and stay in the present.

And with such a picturesque view, it’s not difficult to do.

The Secret Supper Club serves a four-course plant-based dinner and vegan wine with the concept of bringing people together in a space where enjoyment and connection thrives. You can come by yourself or with company, but there is only one table for everyone to commune.

T he dishes have no secret to them. They’re fresh as they are straightforward; meals made with honest-to-goodness whole food ingredients flavored and paired the right way, cooked and prepared by the creative cook, Edsel Ochoa, who shared that to his surprise, most of their guests are not already vegan by practice and still come back for the food and the unique experience. I s at among couples and single ladies around the 15-seater l ong table on Valentines Day. Some were celebrating mile -

stones in their relationship, and t hose who came alone wanted to have the gathering on a special evening. That, in the cobblestoned open-air garden canopied b y vines of bougainvillea and string lights is quite the setting for romantic celebrations—or for self-love.

Soon, the starter spinach tortelloni got our appetites going.

W hat underwhelmed the crowd is this reviewer’s particular favorite: Spanish-style tortilla with arugula and roasted red pe pper sauce because of its likeness to actual eggs. Vegan emulsions of eggs have the tendency t o be more pancake-like than omelette, but this is one exception. Oftentimes, the downside o f vegan spots is reinterpreting meat dishes with vegetal s ubstitutes, but this is where Edsel’s craft stands out. He lets the ingredients become the central feature of each dish while e nhancing the mouthfeel with helpings of cilantro, bell peppers, and vegan butter.

For the mains, a bouncy maple-soused tofu block with a serving of lentils and broccoli was served. Tofu, which is a staple in most vegan diets, played a n ice silky bite that complemented the firm lentil grains and the b roccoli was without bitterness, oozing a flavorful juice when this reviewer’s teeth sank into it.

The Secret Supper Club busts the notion that mindful eating is restrictive. It does not mean scrimping on what’s good and is best exemplified by Edsel indulgent panna cotta: a creamy c ustard accompanied by dragon fruit, strawberries, and nuts,

Toro. “This is where preparation comes in—creating accurate press releases and preparing the client for media interviews.’

Everything said, it is best to be prepared—do research, improve on your writing, and strengthen your relationships with media and shareholders.

n When Final Jeopardy came along, Di Toro made a lucky guess. Luckily it was correct and won the game. The same can be said about public relations. You’re in luck when you get a response from a reporter within minutes of sending out information about your client.

In the course of her game, Di Toro landed on a Daily Double, which she luckily answered correctly. When Final Jeopardy came along, she again made a guess, which luckily was correct and she won the game.

“The same can be said about public relations,” she says. When a lucky break comes along, it feels great, but “luck doesn’t

dusted with grated tablea.

Each dish can stand as light meals by their own, but works together served in pacing. In between courses, there are conversations of work and family l ife, celebrity talk, and personal anecdotes from those who’ve known the cook for a long time.

For anyone who wants to enjoy vegan dishes not just for the f ood’s sake but a wholesome social dining experience, The Secret Supper Club provides that a nd more. Every so often, they also host open house dinners for a more casual set-up, the latest one being Artful Bites, which will serve vegan grazing boards alongside an urban sketch journaling workshop on March 9.

A r are respite from the constant push to fill your schedule e veryday, The Secret Supper Club is nothing short of a bigger call for conscious choices a nd slow living, albeit for a single night or during celebrations. The offerings, the limited seating which asks of your p articipative attention, the postcard-worthy secret locations — the entirety of the e xperience has a charm that would never wear off.

As I stepped to the streets outside the patio, I was certain of three things: how scant it is moments like these come by; the privilege it is to exchange social graces with people whose culture, lifestyle, and pursuits differ from yours; and that The Secret Supper Club should be an experience everybody encounters once in a while (and should n ot remain a secret, despite its name).

take the place of due diligence, and it’s nice when preparation meets opportunity.”

n When things aren’t working the way that you want, make adjustments, if possible. Not getting the traction on the pitches you are sending out to media? Change the wording of the email, subject line, or call your contacts.

Di Toro recalls that during the second game, another contestant had a much better Jeopardy game than she did. In fact, “he dominated the entire game, built a substantial lead and was able to win, despite the fact that no one knew the Final Jeopardy

n TikTok e S Ta bliS he S a new avenue To d i S cover emerging filipino muS icianS wi T h T ikTok r iS i ng MANILA, PHILIPPINES—In Poblacion’s neon-lit Apotheka bar, viral local artists Lola Amour, Denise Julia, TONEEJAY, and Maki, accompanied by Southeast Asia TikTok representatives, gathered last February 28 to launch TikTok Rising Philippines, a campaign to support emerging talents in the country.

As the go-to platform for shortform mobile video content, TikTok has already brought stardom to numerous artists, such as the musicians present and the likes of Jason Dhakal, Clara Benin, and Nameless Kids, who performed at the gig after — and TikTok Rising is going to push it further.

In the words of Christo Putra, TikTok Artist Services SEA’s Product Strategy Lead, “TikTok serves as a dedicated space where local artists can flourish, [connect] with fans on a profound level, and [establish] meaningful connections. Our goal is to provide an avenue for artists to thrive and amplify their impact on the global stage.”

With TikTok Rising, registered artists can utilize features like the Music Tab, which allows them to catalog music onto their tab, thus making it easier for fans to discover their music. Any #NewMusic added by the artist is also automatically added to the tab, minimizing the time spent browsing for songs. Those songs can then be saved and listened to externally through a partnered streaming app like Spotify and curated into a playlist with the

question.” Looking back, “it would be nice if due diligence always led to positive results, just as it would be nice if I won my second and subsequent games.”

“Both in public relations and on a game show, things don’t always work out the way you want.”

When this time comes, its best to rethink, regroup, and re-strategize. All in all, she says that being on Jeopardy was a lifetime experience she will always treasure. And while working in PR can be similar to working on Jeopardy, the ultimate prize for PR professionals is “seeing our how our efforts positively impact the

“Add-to-Playlist” feature.

Having already garnered over 2 billion views with its #NewMusic hashtag, TikTok Rising also brings way to #BehindTheSong, encouraging singer-songwriters to share their tunes’ stories. Lola Amour did this with their song “Pwede Ba?,” and quickly went viral. Pio Dumayas, lead singer of the eight-piece indie rock band, recalled, “Actually, TikTok helped a lot during the pandemic. That was like two years of no shows right? So during the pandemic, we were releasing content regularly. I think we went viral twice.”

Similarly, the sultry R&B singer Denise Julia shared her feelings from when she first went viral. “It happened so fast. Everything that happens on the platform is so fast,” she said. “I wasn’t even planning for a track to go viral. Now that it’s viral, ‘What? What do I do now? People know me?'”

“When I go out, people are like ‘Oh, you sang this song,’ and I’m like, ‘Yeah.’ It pressured me to get it together. Because when I was starting I had this purpose, I wanted to do this for this. Being on the platform really molded me to be a firmer artist. It’s like if I go viral for the next thing, there’s got to be something to it. It has to be well thought of.”

Making TikTok content, however, can be intimidating and doesn’t come naturally to everyone. Maki, singer of the viral song “Saan,” relates. He shared, “I’ve always wanted to do content for my music, but at the same time I was shy. Where is my place on TikTok? What do I do? What do I sing? Do I just sing? And

organizations we work for—and that’s priceless.”

PR Matters is a roundtable column by members of the local chapter of the UK based International Public Relations Association (IPRA), the world’s premier association for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chair.

We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

then people will like it?”

“I remember when I first posted content for ‘Saan,’ I never thought it’d be a big milestone in my life. But now, I always watch it,” he shared. “When I see it on TikTok. I see ‘Username used your song ‘Saan,’ and I watch it over and over again.”

Former frontman of MuniMuni and now solo artist TONEEJAY offered a piece of advice at the conference: “You have to be really secure about yourself. That took me a while because I came from a band setting. Banda kami, marami kaming members. Medjo okay lang if you get positive or negative comments, since you have someone to share them with.”

“When you’re a solo artist, it’s much more difficult. Kasi, magisa ka lang. And when you’re on social media, there’s a bunch of things people throw at you. Every single second, every single day. You check your notifications and you see kamukh a niya si sino ganyan There’s always that. It took me a while to get used to that. You always have to keep your peace. If you don’t need to check notifications today, don’t do it. Give yourself a break now and then. Limit your screen time. When you go back to it, when you have a clear mind, it’s better—whatever content you need to make.”

Through Tiktok Rising, artists now have more options and readily available features for promoting their creativity. TikTok is positioned to be a major force towards the growth of Original Pilipino Music, especially with the guidance and experiences shared by those who’ve already achieved success on the platform.

Bonuses in exchange for strike in Olympics

Nhistoric landmark.

P aris’s tourism office estimates that close to 16 million people could visit the region during JulySeptember. Thousands of workers will be impacted by working longer hours and postponing their holidays.

Yulo

gets bronze this time in Baku

CARLOS YULO could only bag a bronze medal in men’s floor exercise on Saturday at the International Gymnastics Federation Artistic Gymnastics World Cup Series leg in Baku where he ruled the vault and parallel bars last year.

Munehiro Kugiyama was no longer in the sidelines to coach Yulo in Azerbaijan this time around and the results showed the top Filipino gymnast finishing 16th in horizontal bars, 21st in vault and 41st in pommel horse.

K ugiyama was Yulo’s coach for seven years—marked with two world championships gold medals and a stint at the Tokyo Olympics— but parted ways last year, leaving him without a legitimate coach for months now.

Gymnastics Association of the Philippines president Cynthia Carrion told BusinessMirror through a chat message from Baku that Yulo tournament-tested some of

BELLA BELEN pulled off another all-around game as National University (NU) beat University of the East (UE), 25-13, 25-19, 25-16, to remain spotless in five matches in University Athletic Association of the Philippines Season 86 women’s volleyball action at the SM Mall of Asia Arena on Sunday.

B elen had 11 points, 10 digs and five excellent receptions in the victory where all 12 regular rotation players fielded by coach Norman Miguel scored.

We’re happy that everyone’s contributing for the team,” Belen said. “We’e not building a star player, we want everybody to step up.”

Vange Alinsug added nine points, Aishat Bello and Kaye Bombita contributed seven and five points, respectively, while Camilla Lamina and rookie Abe Pono took turns orchestrating plays for NU for a combined 17 excellent sets.

“ We’re happy with this streak,” Miguel said. “And everyone’s contributing.”

The victory warmed up the Lady Bulldogs for their confrontation with the De La Salle Lady Spikers, a rematch of last season’s finals, this Saturday at the Smart Araneta Coliseum.

C asiey Dongallo was limited to a season-low 11 points—10 of 52 attacks—and

his new skills and styles. He tried his new skills and wasn’t really out to win the gold medal,” said Carrion of his ward whose participation in Baku was supervised by Filipino coach Aldrin Casteñeda.

“He’s creating some new skills for the Olympics because all the athletes here are improving a lot.” Yulo scored 14.366 points in the floor exercise to wind up behind Japan’s Yahor Sharankou (14.933) and Kazuki Minami (14.666).

B efore Baku, Yulo attended a weeklong training camp in South Korea with Tokyo Olympian Lee Junho and at the British Gymnastics Centre at Lilleshall where he trained with 2023 world vault champion Jake Jarman. He heads for Doha for the series’ Qatar leg set April 17 to 20. Yulo and fellow Paris gymnast Aleah Finnegan already qualifies for Paris along with boxer Eumir Felix Marcial and pole vaulter Ernest John “EJ” Obiena.

Emma Malabuyo, a former Tokyo Olympics alternate, competed competed in the women’s floor exercise final late Sunday in Baku. Josef Ramos

A

Sophie Binet, the general secretary of the CGT union, called on the government to take action and ensure the social needs of the employees are met.

G uerini, the transformation and public administration minister, said the government is working on a plan to compensate the employees’ work and ensure their children have proper care.

T he government will set up nurseries for civil servants on duty during the Games, and will allocate 1,000 spots in summer camps to help working parents with children on school holidays, the minister said. In addition, employees with children will receive a bonus of up to 200 euros per child, and 350

euros will be allocated for each child to singleparent families.

The whole country wants to avoid strikes during the Olympic Games,” Guerini said in an interview with France Info media on Saturday. “The Games have to be a success for the whole nation.”

Binet said the union will give a notice of strike in public services during the Games, which are held in July-August and Paralympics in August-September. AP

Cars up for aces in Southwoods Invitational golf

TWO brand new cars, an Alaska cruise for two and an array of premium prizes will be up for grabs as hole-in-one prizes in the Southwoods Invitational set Wednesday at the Masters and Legends courses in Carmona, Cavite.

M itsubishi Motors Philippines Corp. is offering a Mitsubishi Triton GSL A/T while Toyota Silang in Cavite is putting up a Toyota Raize E M/T for aces in the 36-hole event spread over four days.

The host club’s centerpiece memberguest tournament boasts a record cast of 330 teams comprising 660 players. To manage the huge turnout and ensure fair play, the tournament will implement sequential tee times on both courses from 6 a.m. on March 13, 14 and

15 with the final day Saturday featuring a shotgun start set at 7 a.m. The competition will use the Best Ball and Aggregate formats at the Masters and Legends courses, respectively, both under the Stableford Points scoring system with applied course handicaps. Participants have a chance to win an Alaska cruise for two with round-trip tickets (Manila-Vancouver-Manila) for seven nights, courtesy of RCI and Baron Travel, a three-night stay at Hamp Court Palace with two round-trip tickets via China Airlines (Manila-Taipei-Manila) through Klio International with Klio products and a Smart Vogue Plus Ogawa Massage Chair from Ogawa. Ne wport World Resorts sweetens the pot by offering P100,000 worth of free play credits for an ace. To add an extra layer of excitement

to the tournament, backed by Platinum sponsors CWC International Corp., Calamba Doctors Hospital and Calamba Doctors College, all above-mentioned hole-in-one prizes will be raffled off if no one scores an ace.

Hyundai Motors Phils, Inc. is also offering a Stargazer X as an additional hole-in-one prize.

The tournament is divided into two batches, with Batch 1 playing on March 13 and 15 while Batch 2 on March 14 and 16.

In addition to the overall gross and overall net crowns, the competition will also see teams vying for titles in Divisions I, II, III, IV and V, along with the Sponsors and Guests participating in their own category. For details, contact Manila Southwoods at (046) 419-8190 and (02) 8779-5590.

MADRID—An official at Spanish soccer club Sporting Gijón has apologized for a video meant to commemorate International Women’s Day that sparked widespread criticism. The club’s short video featured a young girl painting a woman symbol on its field. But the opening sequence showed the girl on her hands and knees removing the original white lines with a brush.

A mong the critics of the video, Gijón’s mayor Carmen Moriyón asked publicly for it to be taken down. I find his video inappropriate and that it does not represent equality in sports or in society overall,” Moriyón said on X, formerly known as Twitter. Sporting’s communications director Carlos Andrés Llamas apologized.

“ I am responsible for the video and assume the error,” he said on X, adding that the sequence of the girl erasing the lines “was not a necessary sequence. It was a poorly executed idea. I am sorry.”

Second-tier Sporting re-posted an edited version of the video on X that does not include the opening sequence.

Spain has for years been one of the most active countries in celebrating International Women’s Day on March 8, when thousands of people join in marches across the southern European country. AP

Green Archers lead PBA D-League cast

Splendido Taal in 2022 and at Valley Golf last year, carries the distinction of being a marked player in the 54-hole championship organized by Pilipinas Golf Tournaments Inc. and supported by official outfitter Kampfortis Golf.

The duo, however, faces stiff competition from LPGT mainstays, including reigning Order of Merit winner Daniella Uy and the accomplished trio of Chanelle Avaricio, Harmie Constantino and Chihiro Ikeda.

M ikha Fortuna, who dominated the LPGT Match Play Championship at The Country Club last year for her first pro victory, is also a top contender.

Uy, coming off a three-victory romp late in the previous season, aims to bounce back after a missed cut stint in the Singapore Women’s Open last week, while Constantino, who topped the Luisita leg and winner of the inaugural LPGT Philippine Masters last year, is determined to start the season strong for the needed momentum.

Avaricio, returning to the LPGT after campaigning in the Epson Tour last year, adds another layer of competition. A multiple LPGT leg winner, she is keen on challenging Uy, Constantino, Go and Singson for top honors.

REIGNING champion EcoOilLa Salle and Marinerong Pilipino-San Beda headline the six-team field in the Philippine Basketball Association D-League Asapirants’ Cup which fires off Thursday at the Filoil EcoOil Centre in San Juan City. The other teams are Centro Escolar University, Gotorakku-St. Clare, Keanzel and CCI-Yengskivel. Observers installed the Green Archers and Red Lions as heavy favorites but they are quick to cautioned that surprises should not be discounted.

E coOil-La Salle is seeking a triple crown. The Green Archers started their title campaign two years ago following the league’s return after a long absence because of the pandemic.

They claimed their first championship in two games at the expense of Marinerong Pilipino.

L ed by eventual MVP Kevin Quiambao, De La Salle kept the title last year via sweep against a Marinero team powered National Collegiate Athletic Association (NCAA) powerhouse San Beda Red Lions.

De La Salle’s D-League success extended to the University Athletic Association of the Philipines where the Green Archers snapped a seven-year title drought by ruling Season 86 at the expense of the University of the Philippines Maroons with a thrilling Game 3 for their 10th league crown.

BELLA BELEN is again at the forefront of the Lady Bulldogs’ charge.

YULO