BusinessMirror March 12, 2024

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PBBM EYES U.S. CHIPS FUNDS TO GROW PHL DIGITAL TALENT

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand R. Marcos Jr. said the government is eyeing to produce 128,000 semiconductor engineers and technicians by 2028, to help it attract more investments from the United States (US).

He noted he is eyeing funding from the US Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act to grow the local pool of talent in the semiconductor industry.

“With our standing proposi -

tion

companies to invest in a laboratory-scale wafer fabrication facility in the Philippines, we can support the R&D [research and development], and advanced assembly, packaging, and test requirements of US companies that are into semiconductors and electronics manufacturing services,” Marcos said during the courtesy call of the US government and Presidential Trade and Investment Mission (PTIM) delegation in Malacañang on Monday.

Andrea E. San Juan @andreasanjuan

HE 22 American companies that flocked to the Philippines for a Trade mission are investing over a billion dollars into the country, expecting to create educational opportunities for over 30 million Filipinos in the form of digital upskilling, among others, according to United States Secretary of Commerce Gina Raimondo.

“On this trip alone, these companies are announcing over a billion dollars of US investments, including creating educational opportunities to over 30 million Filipinos in the form of digital up -

skilling, [artificial intelligence] AI upskilling, digital training,” Raimondo told reporters at a briefing held in Parañaque city on Monday.  In a statement published on the White House’s website last March 7, the US announced the delegation for the Presidential Trade and Investment Mission to the Philippines on March 11 and 12, 2024.  Raimondo is leading the 22-member US delegation which includes executives of the following companies: GreenFire Energy, Inc.,Google Asia Pacific,Black & Veatch Corp.,Visa Inc. President’s Export Council,EchoStar/ DISH,InnovationForce, United Airlines,United Parcel Service (UPS),Boston Consulting

Group,KKR,Marquis,Sol-Go,Capital One Philippines,US-ASEAN Business Council, Bechtel,Apl.de.Ap Foundation International,FedEx,M astercard,Microsoft Corp., and  Ultra Safe Nuclear Corp.

In a separate statement released on Monday by Microsoft Corp., one of the 22 participating companies in the trade mission, the American multinational tech company said it is expanding its commitment to accelerate the effective use of artificial intelligence in the Philippines by advancing skilling, connectivity and cyber resilience.

One of the partnership initiatives of the US-based tech firm with the Philippines’s Depart -

ment of Education (DepEd) aims to roll out Microsoft’s AI-powered Reading Progress tool to approximately 27 million students within DepEd’s national system. “A free application integrated into Microsoft Teams, the tool harnesses AI capabilities to support and track students’ reading fluency, specifically reading accuracy, speed, and pronunciation,” the tech firm said.

Mary Snapp, Vice President of Global Strategic Initiatives in the Office of the Vice Chair and President at Microsoft, also announced that Microsoft will collaborate with the IT and Business

Manufacturing to improve in H2–Moody’s Analytics

“Philippine industrial production rose 1.9 percent year over year in January in volume terms and 0.9 percent in value terms. This compares with December gains of 1.6 percent and 2.2 percent, respectively,” Moody’s Analytics said. “Coke and refined petroleum products led growth in both respects.”

See “Manufacturing,” A2

limits to e-bikes,

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all

Metro Manila, the Metropolitan Manila Development Authority (MMDA) announced on Monday.

“Hindi sila pinagbabawalan na lumabas. It’s just may mga certain roads na hindi talaga sila nararapat [there

are certain roads where they are not supposed to be],” MMDA Acting Chairman Romando Artes said.

Process Association of the Philippines (Ibpap) to “promote and raise the AI skills of people in the IT and Business Process Management [ITBPM] setor—a major driver of Filipino economic growth.”

“Microsoft will help Ibpap equip organizations within the sector with the competencies they need to work iteratively alongside AI systems. These include critical thinking, complex problem solving, bias detection, and prompt engineering,” the USbased tech firm’s statement read.

The US Commerce Secretary said “US companies are interested

to invest in Filipinos. Just look at the many American companies that provide employment and professional development for thousands of Filipinos, putting them on a path to higher-paying jobs.”

Apart from providing employment opportunities to Filipinos in the digital aspect, Raimondo said some of the companies are rolling out solar and nuclear projects to support the Philippine energy and climate goals.

In tourism, the US Commerce Secretary divulged, “We’re announcing a new airline route opening up travel and tourism to the beautiful beaches of Cebu, among others projects.”

As the Philippine government

welcomed the US Presidential Trade and Investment Mission (PTIM) delegation on Monday, Trade and Industry Secretary Alfredo E. Pascual underscored the Philippines’s potential to be a key player in the critical metals sector with the country’s “significant” nickel, copper, and cobalt reserves.

“Leveraging these rich mineral reserves, the Philippines aspires to lead the global value chain for energy storage and electric vehicle [EV] production,” the Department of Trade and Industry (DTI) said in a statement on Monday.

Pascual also invited investments in lab-scale wafer fab facilities as he highlighted the country’s skilled workforce and existing foundation

US Secretary of Commerce Gina Raimondo, who led the PTIM delegates, said there is now an “intense interest” from US firms to invest in the country due to its fast-growing and dynamic economy.

“Interest of the private sector in the Philippines and other Asean countries is very high, but it is with the Philippines that we have longest ties and access, and that’s important,” Raimondo said.

units, e-tricycles, e-bikes, e-pedicables, escooters, push carts, and kuligligs on the roads not only slow down the flow of traffic but also pose grave risks and danger to the lives of concerned drivers, passengers, and pedestrians.

in software development as an advantage for US companies.

The DTI chief also called for “swift” implementation of US government support in workforce development as part of the CHIPS Act to facilitate plans to expand its role in the semiconductor industry beyond assembly and packaging.  Manila sought assistance from the US Department of Commerce on trade issues like “detained” apparel exports and shrimp paste shipments. Last month, an advisory posted on the Department of Trade and Industry-Export Marketing Bureau ’s (DTI-EMB) website said that the US temporarily prohibited importation of shrimp caught using commercial fishing technology that “adversely” affects turtles such as the use of Turtle Excluder Devices. (Full story here: https:// businessmirror .com. ph/2024/02/19/%E2%82%B1900m-phl-shrimp-exports-to-us-maybe-affected-by-ban/)

House...

Continued

Dalipe urged his colleagues to approve the charter change, highlighting its crucial role in elevating the country’s standing in the global economy, securing a prosperous future, and ensuring a better life for Filipinos.

He called for overwhelming support, emphasizing the historic opportunity to transform the economic landscape and solidify the foundation for a thriving and inclusive society.

‘RBH 7 is constitutional’

CHAIRMAN Rufus Rodriguez of the House Committee on Constitutional Amendment affirmed the constitutionality of the procedure followed by RBH 7, emphasizing that its intended mode is rooted in the 1987 Constitution.

According to Rodriguez, RBH 7 aligns with paragraph 1, Section 1, Article XVII of the Constitution, which allows Congress to propose amendments with a three-fourths vote of all its members, known as a “Constituent Assembly.”

Rodriguez clarified that since there is no mention of a joint session in the Constitution, each house may independently formulate amendments by a three-fourths vote, subsequently passing them to the other house.

He also addressed concerns about the political insertion of amendments, stating that the issue of whether Congress acts as one or two separate bodies is a “political question” for Congress to decide.

This flexibility, he argued, allows the houses to deliberate either jointly or separately, similar to ordinary legislation.

On the procedural side, Rodriguez pointed out that RBH 7, treated as a bill, follows the House of Representatives Rules of Procedure, ensuring a focused and specific subject matter.  This, he said, eliminates the fear of extraneous political amendments.

Rodriguez underscored the efficacy of RBH 7, highlighting its power to produce the desired result.

Marcos pointed out the additional facilities will enable Filipino professionals to engage “in the development of cutting-edge, high-value products and services, thereby contributing to the advancement of a technologydriven economy.”

“This would enable Filipino professionals to create prototypes and tape-outs of integrated circuits, actively engaging in the development of cutting-edge, high-value products and services, thereby contributing to the advancement of a technologydriven economy,” Marcos said.

Ongoing research

DEPARTMENT of Labor and Employment Secretary Bienvenido

E. Laguesma said they are coordinating with the Department of Trade and Industry (DTI) Board of Investments and the US Department of State to conduct research to identify how to better improve the semiconductor industry.

“We have also recently engaged with the Joint Foreign Chambers [JFC] of the Philippines and presented our plans and priorities. This is to reiterate the importance of the manufacturing and semiconductor sectors in economic growth aligned with the Marcos Jr. Administration’s goal of providing high-quality and remunerative job opportunities for the Filipino workforce,” Laguesma said in a Viber message.

The local semiconductor industry already makes up 60 per -

Equity placements contracted 16.7 percent to $1.838 billion in 2023 and 20.9 percent to $224 million in December 2023.

“Bulk of the equity capital placements during the reference month came from Japan, with investments directed mostly to the manufacturing industry,” BSP said.

The data showed equity withdrawals, however, more than doubled or posted a growth of 119.8 percent to $547 million in 2023. Nonetheless, it contracted 8.1 percent to $16 million in December 2023.

Meanwhile, Moody’s Analytics found it interesting that while the headline inflation rate reached 3.4 percent, core inflation cooled in February 2024.

Data from the PSA showed headline inflation in February was higher compared to the 2.8 percent posted in January.

However, official government data showed core inflation was only at 3.6 percent in February compared to 3.8 percent in January 2024. Moody’s Analytics also noted other Asian countries which reported inflation numbers last week: South Korea’s core inflation was steady while there was a big jump in core inflation in Taiwan.

Earlier, the Bangko Sentral ng Pilipinas (BSP) said it was too early for the country to “declare victory” against inflation.

BSP Governor Eli M. Remolona Jr. told reporters that the monetary authorities do not expect any rate cuts soon.

However, he said it is also un -

cent of the total merchandise exports of the country and has generated 2.5 million direct and indirect jobs. It has been identified by DOLE as one of the country’s key employment generators.

Passed into law in 2022, the CHIPS Act allocated US$280 billion aimed to boost the semiconductor production and supply of the US through the diversification of its supply chain.

Last month, the US government announced the Philippines will be among the seven countries which will get access to the US$500-million funding through the International Technology, Security, and Innovation (ITDS) Fund to help it reach its semiconductor production goals.

More investments

MARCOS urged the American firms which are part of the PTIM, to consider investing in the country’s 198 high-impact priority infrastructure flagship projects (IFPs) under his administration’s “Build, Better, More” program.

“We eagerly welcome participation by US investors in these transformative initiatives,” the President said.

The government is targeting to secure more investments to help fund its P8 trillion worth of IFPs covering physical connectivity, water resources, agriculture, health, digital connectivity (telecommunications), and energy.

Marcos noted the projects will help the country achieve its goal of becoming a new logistics hub in Asia.

The PTIM was first announced during the expanded bilateral meeting between President Marcos and US President Joe Biden at the White House in May 2023.

The country is set to co-host with the US the sixth Indo-Pacific Business Forum on May 21, 2024.

BSP said reinvestment of earnings improved slightly by 4.1 percent to $91 million from $87 million. But in 2023, it contracted 3.6 percent to $1.239 billion.

FDI includes investments by a nonresident direct investor in a resident enterprise, whose equity capital in the latter is at least 10 percent.

It also includes investment made by a nonresident subsidiary/associate in its resident direct investor.

FDI can be in the form of equity capital, reinvestment of earnings, and borrowings.

likely that the Monetary Board, the highest policy-making body of the BSP, will increase rates further. (See: https:// businessmirror .com.ph/2024/03/07/ too-soon-to-declare-victory-vsinflation/).

PSA data showed poor Filipinos disproportionately bore the burden of high rice prices in February. National Statistician Claire Dennis S. Mapa said rice prices accounted for 49 percent or 1.6 percentage points of the inflation of all income households, and 79 percent or 3.3 percentage points of the 4.2 percent inflation experienced by the poorest Filipinos. Rice has a weight of 8.87 percent in the Consumer Price Index (CPI) of All Income Households and 17.87 percent in the index for the Bottom 30 percent of Filipino households.

In February, Mapa said rice inflation increased 23.7 percent and 26.3 percent for All Income and Bottom 30 percent households, respectively. Cai U. Ordinario

Editor: Vittorio V. Vitug

Tungpalan, Balbosa, Quebral lead new appointees in DOF

ABy Reine Juvierre Alberto

with whom have worked in the past. They are valuable additions to the existing team in the DOF, which is comprised of equally talented individuals and who have been important pillars for the agency,” Recto was quoted in a statement as saying.

Seasoned economist Rolando G. Tungpalan, who served as Undersecretary for Investment Programming of the National Economic and Development Authority (Neda), will serve as Undersecretary of the Corporate Affairs and Strategic Infrastructure Group. Tungpalan will be in charge of fasttracking the rollout of the President’s Build Better More program to ensure swift government action on investments by addressing critical bottlenecks.

Tungpalan, who also chaired the Technical Boards of the Investment Coordination Committee (ICC) and the Infrastructure Committee of the Neda Board, represented the government in multilateral and bilateral

programming of official development assistance (ODA), leading negotiations and high-level consultations.

Marcos also designated Joven Balbosa, who has served in senior roles in key multilateral agencies, to assume the position of Undersecretary for the International Finance Group (IFG).

Balbosa will now lead efforts in securing foreign development financing and formulate policies related to prudent external resource mobilization.

As a former advisor to the Southeast Asian Department of the Asian Development Bank (ADB) and economist at the World Bank (WB), Balbosa will now be collaborating with other government agencies on international agreements covering areas, such as trade, investment, and tax treaties.

With nearly two decades as a Revenue Officer in the Bureau of Internal Revenue (BIR), Gerald Alan A. Quebral is the new Assistant Secretary for the Revenue Operations Group (ROG). Quebral is tasked to ensure that the government meets its revenue collection targets annually by overseeing BIR’s operations.

Bureau of the Treasury’s (BTR) Officer-inCharge Sharon P. Almanza will now assume the position of National Treasurer.

Almanza previously held positions at the DOF as the IFG’s Division Chief for Debt and Risk Management and Multilateral Assistance.

Marcos also designated Donalyn U. Minimo as Director IV of the IFG and Cherry Mae P. Gonzales as Director IV of the Information Management Service (IMS).

PNP puzzled over source of cocaine fished out of Eastern Samar waters

By Rex Anthony Naval

HE Philippine National Police (PNP)

Ton Monday admitted it was still determining the possible source of some 20 kilograms of cocaine packs found floating off the waters of Arteche town, Eastern Samar on Friday, March 8.

A local fisherman who quickly reported his find to authorities reportedly spotted the illegal drugs, with an estimated street value of P111.85 million.

“We are still to determine its source but this is not the first time that cocaine

was recovered in the waters of Samar,” PNP spokesperson Jean Fajardo said in Filipino. She was referring to instances in 2009, 2010 and 2018 when packs of cocaine numbering in the hundreds were spotted and recovered in Samar waters.

Fajardo also said it is possible that these illegal drugs come from South America-based syndicates and only using the Philippines as a transshipment point for their narcotics.

The PNP spokesperson also said that the cocaine found is not for local use as the number one illegal drug in use in the Philippines is still shabu.

‘Duck, cover, hold’: OCD gives public basic quake survival tips

WITH the country located in the Pacific Ring of Fire and making it vulnerable to frequent earthquakes, the Office of Civil Defense (OCD) on Monday reminded the public to do these basic steps to protect themselves should tremors strike suddenly.

“When inside a building, stay calm and do the DUCK, COVER, and HOLD. Duck under a strong table and hold on to it. Stay alert for potential threats. Stay away from glass windows, shelves, and heavy objects,” it added in a Facebook post.

And after the shaking stops, the OCD reminded the public to exit the building and go to the designated evacuation area.

11

ELEVEN Filipino crewmembers of the bulk carrier True Confidence, which was hit by a missile attack by Houthi rebels, are set to return home on today, Tuesday, according to the Department of Migrant Workers (DMW).

“We are preparing a fitting welcome for our brave seafarers upon their arrival,” DMW Officer-in-Charge Hans Leo J. Cacdac said Monday in a statement.

“The DFA [Department of Foreign Affairs] issued the travel documents to the returning crew members, whose flight arrangements are being managed by their shipping and manning agencies,” he added.

The returning Filipino seafarers were among the 15 Filipino crewmembers of True Confidence.

Of which, one suffered minor injuries after the attack and has been cleared “fit

Poll shows most Pinoys ‘sick and tired’ of Chinese incursions, bullying in WPS

By Jovee Marie Dela Cruz @joveemarie & Rex Anthony Naval

THE leadership of the House of Representatives on Monday acknowledged a recent survey, which disclosed that seven out of 10 Filipino adults are prepared to defend the country in case of a conflict with a foreign enemy, saying this finding underscores a prevailing sentiment of being “sick and tired” of China’s continuous intrusions and bullying in the West Philippine Sea (WPS).

Speaker Ferdinand Martin G. Romualdez welcomed the results of the latest OCTA Research survey, demonstrating that a significant majority of adult Filipinos are prepared to safeguard the nation in the face of potential foreign threats.

“This unwavering commitment to safeguarding our sovereignty and protecting our people is a testament to the indomitable spirit that lies within every Filipino,” he pointed out.

The Tugon ng Masa survey, conducted from December 10 to 14, 2023, sheds light on the sentiments of adult Filipinos, with an astounding 77 percent expressing their readiness to defend the country in the face of a conflict with a foreign enemy.

“These survey results demonstrate the deep-rooted love and loyalty that Filipinos have for our homeland. It is truly heartening to witness such a strong sense of national pride,” Speaker Romualdez said.

The survey findings also highlight regional variations in will -

ingness to fight for the country, with Mindanao exhibiting the highest percentage at 84 percent, followed by Balance Luzon at 79 percent, the National Capital Region at 76 percent, and Visayas at 62 percent.

Romualdez acknowledged these regional differences, saying the diversity in responses across the nation further underscores the unity and diversity that make Filipinos resilient.

“Regardless of our regional backgrounds, we all share a common desire to protect our nation’s integrity,” the House chief pointed out.

In terms of socioeconomic classes, the survey reveals that a higher percentage of adult Filipinos belonging to Class D, at 80 percent, express their willingness to fight for the country.

“Their willingness to defend our country is a testament to their selflessness and love for our fellow citizens,” the Speaker stressed.

The Tugon ng Masa survey, commissioned by the Armed Forces of the Philippines (AFP), aims to gauge the willingness of adult Filipinos to fight for the country against foreign adversaries.

‘Sick and tired’

ACCORDING to Surigao del Norte

Rep. Robert Ace Barbers, chair of the House Committee on Dangerous Drugs, the results of the survey only indicate that the majority of Filipinos are “sick and tired” of China’s continuing intrusions and bullying in WPS.

“In my perspective, the majority of our fellow citizens are angry at the country of China

because of what they are doing to Filipino fishermen and Philippine Coast Guard sailors in the West Philippine Sea,” he said, adding, “Filipinos are typically patient. But when we reach the limit of our patience, don’t underestimate us. There’s a saying that even the small can be powerful.”

As of present, Barbers said the Philippines has no known conflict with other neighboring countries except the territorial dispute with China, and Filipinos are aware of past and present goings-on at WPS, as news on this issue is frequently seen on TV, read in the papers, and seen on the various social media platforms.

Only last week, Barbers said the PCG reported and provided videos of Chinese Coast Guard and Chinese militia vessels that blocked, harassed, deployed water cannons, and executed dangerous maneuvers to illegally impede or obstruct a resupply mission to military troops stationed at BRP Sierra Madre in Ayungin Shoal.

“This strong willingness to fight for our country in the face of external threats is a testament to the innate character of resiliency, bravery, and unity of the Filipino people. It reaffirms our shared values and sense of duty to protect our homeland, ensuring its sovereignty and security for generations to come,” he added.

Barbers said it is imperative to foster a profound national security consciousness, leading to decisive actions against any threats infiltrating our bureaucracy and society.

AFP’s dedication to mandate highlighted

AFP chief-of-staff Gen. Romeo Brawner Jr. on Monday said that the OCTA Research Survey Fourth Quarter 2023 Tugon ng Masa showing 86 percent of adult Filipinos satisfied with the performance of the military showcases the dedication of troops in performing their mandate.

In a statement, Brawner said this is an  “affirmation of the hard work and dedicated service” of every Army, Air Force and Navy personnel in going about their mandate, which is to protect the people and the state.

Brawner also applauded the willingness of 77 percent of Filipino adults, polled by OCTA Research last Dec. 10 to 14, to fight a foreign enemy in case conflict erupts.

“The AFP appreciates the patriotism of our fellow Filipinos who pledged their willingness to fight for the country, as stated in the recent poll conducted by OCTA Research where 77 percent of adult Filipinos in the survey answered positively to the question of defending the country to a foreign enemy,” he said.

“I would like to thank the Filipino people for trusting your AFP. We will continue to fight to protect our people and our sovereignty,” he added.

Brawner also reminded all military and civilian personnel to continue working hard for the country.

“Let us remain united and professional at all times,” he added.

Also, the AFP chief told his subordinates not to squander the trust given to them by the public.

RORE missions to WPS outposts to continue despite ‘harassments’

DESPITE increasing Chinese harassments against its rotation and reprovisioning (RORE) missions to the contingent manning the BRP Sierra Madre (LS-57) in Ayungin Shoal in the West Philippine Sea (WPS), the military vowed it remains committed to supporting troops deployed to guard the country’s territorial waters.

“When you are outside, move to an open area, stay away from buildings, trees, electric posts, and landslide-prone areas. If you’re in a moving vehicle, stop, and exit the vehicle,” the agency said.

Incidentally, the OCD reminded the public to participate in the Nationwide Simultaneous Earthquake Drill (NSED) for the first quarter of this year that will take place at 9 a.m. this March 25.

“Join the drill by performing DUCK, COVER, and HOLD this 25 March, 09:00AM!” it added.

The OCD said the NSED is a quarterly exercise to promote earthquake awareness and preparedness for the general public.

Rex Anthony Naval

“Our RORE missions are for the morale and welfare of troops [manning our outposts at the WPS]. We are there to support the troops that are deployed in these territorial waters, so we will not be deterred, the Armed Forces of the Philippines [AFP] will be continuing with these missions,” AFP spokesperson Col. Francel Margareth Padilla said in a broadcast

interview over the weekend.

This as China Coast Guard and its maritime militia continue to impede RORE missions in the WPS, with the latest harassment taking place last March 5, resulting in the damaging of two Filipino ships and injuring four crewmembers.

Padilla also maintained that RORE missions in the WPS are legitimate as it is guided by “international rules-based order and international law.”

And as the AFP is committed to protecting Philippine sovereignty, the AFP spokesperson also stressed that all challenges will be addressed with utmost professionalism.

But Padilla clarified that the AFP is “fully

prepared to defend” itself if necessary.

As this developed, the Philippine Navy (PN) formally inducted into its reserve force 119 individuals who have graduated from Basic Citizen Military Course Classes 01-24, 02-24, and 03-24 at Basco Municipal Gymnasium, Basco, Batanes last March 9.

Navy chief Vice Admiral Toribio Adaci Jr. said these newly graduated PN reservists can help strengthen the defense of the country’s northern maritime areas.

“They were trained and organized by the Naval Reserve Command headed by Maj. Gen. Joseph Ferrous S. Cuison, Naval Forces Northern Luzon, and the Naval Reserve Center Northern Luzon. They will also serve as force multipliers, boosting maritime

security in Batanes. Additionally, they will assist in emergencies and calamities as needed. With the help of the new reservists, the Navy can broaden, deepen, and seamlessly operate under the context of the Comprehensive Archipelagic Defense Concept,” he added.

Adaci also said reservists play a vital role in strengthening the PN by providing additional manpower, expertise, and support during emergencies, training exercises, and operational deployments.

“Their contributions are instrumental in enhancing maritime security and disaster response as they bring valuable civilian skills and knowledge to the naval organization,” he added. Rex Anthony Naval

Ex-senator ‘Kiko’ files cyberlibel raps anew vs another YouTube channel

FORMER Senator Francis “Kiko” Pangilinan filed cyberlibel charges Monday before the Department of JusticeOffice of Cybercrime against the authors and creators of YouTube channel “Bungangera TV” for its false and defamatory contents concerning his family.

to travel” by medical authorities. The two other injured Filipinos are still confined in a hospital in Djibouti City. The other 10 repatriates were unharmed from the incident and are also set to return home.

True Confidence was set ablaze by a missile attack on March 6, 2024, resulting in three fatalities.

DMW said the retrieval operations of the remains of the dead crewmembers of the Barbados-flagged, Liberian-owned bulk carrier are underway.

“We pray for the success of the salvaging operation so that the remains of our two fallen seafarers can be repatriated,” Cacdac said.

The DMW official earlier assured it will provide aid to the affected seafarers and their families. Samuel P. Medenilla

Pangilinan filed the complaint for libel under Section 4 (c) of Republic Act 10175 or the Cybercrime Prevention Act of 2012, in relation to Article 355 of the Revised Penal Code.

Aside from Bungangera TV, Pangilinan also sought the prosecution of the authorized representatives, officers and directors of Google/YouTube Philippines for violation of the provisions of RA 10175 for allowing the videos to be uploaded in its online platform.

Pangilinan was referring to the video uploaded on December 27 by Bungangera TV on its YouTube channel titled. “KC Concepcion Inamin na Ang Ginawa sa Kanya ni Kiko Pangilinan.”

The video thumbnail stated “KC Nakakaawa ang Sinapit sa Amain” and “Ginahasa Nya Ko, Yun Po Ang Dahilan Kaya sila Naghiwalay.”

The next day, Bungangera TV posted another video with the title “Gabby Concepcion sinugod si Kiko Pangilinan Dahil sa

Ginawa Nito Kay KC Concepcion.” The video thumbnail contained the text “Baboy Ka, Pati Anak Ko Hindi Mo Pinalampas.”

On December 29, 2023, the same YouTube channel posted another video titled “Bistado! Frankie Pangilinan Sinugod si KC Concepcion Matapos Makipagrelasyon Kay Kiko Pangilinan!”

The video thumbnail contained the text “Mahal ko si Kiko at Mahal Niya Din Ako!” and “Hindi Kana Nahiya Pati Daddy ko Nilandi Mo.”

Pangilinan pointed out that the said videos did not contain any statement similar to what was alleged in the titles and thumbnails.

“The titles, thumbnails, and all other contents of the videos pertaining to me and my family are all false, have no factual basis and are intended to destroy or damage my reputation as a public servant, and a husband to one of the most beloved celebrities in the Philippines, Sharon Cuneta Pangilinan,” the former senator said.

“More importantly, the libelous videos are meant to destroy my family. The libelous videos are not only intended to damage my relationship with my wife but also meant to destroy my relationship

with our children,” he added.

The videos, according to Pangilinan, contain all the elements of libel—defamatory, malicious, given publicity and identifiable—under the provisions Cybercrime Prevention Act and the Revised Penal Code.

“The videos authored and posted by Bungagera TV created in the minds of the viewers that I am a husband who physically abuse his wife and children,” Pangilinan said.

“Due to the said public and malicious imputations, I suffered and continue to suffer damage to my good name, reputation and career as a public servant. The public and malicious imputations have also caused serious anxiety and stress to me and my family,” he added.

Pangilinan also sought the help of the National Bureau of Investigation (NBI)Cybercrime Division to preserve the said videos; collect computer data relative to the said YouTube channel, including the identities of the people behind it; and require the service provider to disclose or submit information about Bungangera TV.

“We are appealing to YouTube and Google to help us in identifying them. Of course, the NBI [National Bureau of Investigation] and

the cybercrime division of the DOJ. They have the capacity, they have the technology so panahon na lang ang binibilang para malaman natin ang mga tao sa likod nitong mga channel na ito at mga videos [so, it will take a short time to identify those behind this channel and the videos they have created],” he said.

Pangilinan however lamented the “continuing inaction” of the management of YouTube adding that they have written to the management since December last year but has yet to receive any update on what action they have taken.

The former senator also urged the DOJ to expedite the resolution on the similar cases he filed against other YouTube channels for posting videos that besmirched his and his family’s reputation.

It can be recalled that Pangilinan sued the owners of YouTube channels “Starlet “and “Latest Chika” as well as Google’s country manager for posting videos claiming he physically abused his wife.

In 2022, Pangilinan also filed a complaint against those responsible for the creation and management of the YouTube channel Maharlika for posting videos attacking him and his family.

Economy

DENR and EU unveil new program on circular economy, waste mgmt

By Jonathan L. Mayuga @jonlmayuga

THE Department of Environment and Natural Resources (DENR) and the European Union launched the Green Economy Programme for the Philippines on Monday.

Co-hosted by DENR Secretary Maria Antonia Yulo-Loyzaga and Ambassador Luc Véron of the European Union (EU), the program aims to accelerate the country’s transition towards a greener, more sustainable economy.

The groundbreaking program aims to mitigate environmental degradation and combat climate change, while fostering economic growth and social inclusivity.

Designed to run from 2023 to 2028 with a budget of 60 million euros (P3.65 billion), the Green Economy Programme for the Philippines encompasses four distinct key areas of intervention: Building Partnerships, Enhancing Policy Frameworks, and Establishing a Multi-Stakeholder Dialogue Platform implemented by Germany’s development agency GIZ.

On behalf of the DENR, YuloLoyzaga expressed gratitude to the EU and various development partners for extending support to the Philippines.

She stressed the Philippines is ready to embark on this new chapter of collaboration.

“Today manifests our shared vision that promises transformative outcomes for the Philippines a truly green economy,” she said.

“At the core of the Green Economy Programme for the Philippines is our collective commitment to promote circular economy practices and waste prevention initiatives,” Yulo-Loyzaga emphasized.

“Through collaborative efforts and strategic partnerships, we are determined to pave the way for a more sustainable and resilient future for our nation.”

Local Government Action and Stakeholder Engagement: In collaboration with the private sector and civil society, the United Nations Development Programme (UNDP) will help empower local government units to take proactive measures towards sustainable waste

management and circular economy practices.

Private Sector Engagement and Financial Innovation: France’s technical assistance agency would help engage the private sector and financial industry in promoting sustainable business practices and innovative financial mechanisms that support circular economy objectives.

Renewable Energy and Energy Efficiency Deployment: the project will also carry out initiatives to accelerate the deployment of renewable energy technologies and enhance energy efficiency measures to mitigate climate change impacts.

By working in these four areas, the Green Economy Programme aims to achieve, among others, the following results over the next five years:

n An estimated 25,000 tons of plastic recycled and reintegrated into the productive chains;

n At least thirty (30) local government units to introduce sources of separate collection systems for plastic waste for recycling

n At least 6,000 micro, small, and medium enterprises to apply

sustainable production practices through circular supply chain

management

n Creation of at least 2,500 new “green” jobs in businesses linked to the circular economy model

The program will also help Philippine authorities achieve the goals of several of the country’s international climate commitments and national environmental policies.

These include the Philippines’ Nationally Determined Contributions (NDC), National Adaptation Plan (NAP), Philippine Action Plan for Sustainable Consumption and Production, and the Extended Producer Responsibility (EPR) law.

“The successful launch of the Green Economy Programme for the Philippines is part of the EU’s new Global Gateway Strategy and shows our commitment worldwide to combating climate change, while promoting inclusive economic development,” emphasized the EU Ambassador, Luc Véron. “By working hand in hand with DENR and other key stakeholders, we aim to foster a more resilient and prosperous future for the people of the Philippines.”

LTFRB clarifies role of motorcycle taxis in commuter transport chain

Tditional PUVs.

“Motorcycle taxis cater to individuals in a hurry, commuting directly from their homes to offices. On the other hand, jeepneys have a distinct client base, providing transportation from one terminal to another,” he said in Filipino.

Recently, several transport groups called on the LTFRB to review its policies on motorcycle taxi, calling the regulatory body to “stop” the accreditation of new motorcycle taxi operators, saying that this new transport mode is a threat to their livelihood.

The LTFRB is currently finalizing the accreditation of several new motorcycle taxi companies to encourage fiercer competition in the industry that is still only allowed to operate under a pilot study.

Currently, Angkas, JoyRide, and Move It are accredited under the ongoing study, which started in 2019.

Lawmakers from the previous Congress have started the ball rolling to

legalize them but was halted due to the pandemic.

Department of Transportation (DOTr) Secretary Jaime J. Bautista earlier said he is asking Congress to hasten its deliberations on crafting a law that will enable the government to regulate motorcycle taxis.

In a recent hearing, House Transportation Committee Chair Rep. Romeo Acop said that there is a need for a comprehensive approach in finalizing legislation governing motorcycles for hire.

He acknowledged that Filipino commuters turn to motorcycle taxis due to their affordability, convenience, and the lack of efficient public transportation options.

Acop stressed the legislative “priority of” the House in finalizing the motorcycle-for-hire law.  President Ferdinand R. Marcos Jr. has made pronouncements as to the legalization and expansion of the operations of motorcycle taxis in the Philippines.

Editor: Vittorio V. Vitug

Business success in a culture of ethics and engagement

By Henry J. Schumacher

ARE you looking to maximize your return on investment through a culture of empowered ethics and engagement?

Empowered ethics drives better workforce engagement, and an engaged workforce delivers that ROI you need. Yet, Compliance officers need a keen understanding of how to make this work and how to lead executives beyond their comfort zone to make that shift in mindset.

How does a company make such a shift?

EMPOWERED ethics begins and ends with trust. To drive that shift in employee mindset, the compliance team—working with senior management and other parts of the enterprise—must work to foster trust. Employees must trust that management’s policies, procedures, and controls serve a valid purpose; and management must trust that employees naturally want to act in accordance with the company’s ethical and business priorities.

It’s incumbent on management to create that culture of trust. Left to themselves, even well-meaning employees might misunderstand what matters most to the company, or different groups might develop their own sub-cultures that depart radically from the performance you want to achieve.

Trust leads to empowered ethics

ONCE employees see and feel that culture of trust—that the company wants them to succeed, and to follow ethical priorities that resonate with their own—then employees will reciprocate that trust. They will want the company to succeed in the same way that the company wants them to succeed. Such a culture does not emerge overnight. Senior management and compliance officers need to assure

that the company’s ethical priorities, corporate policies, and compliance tools all work together; so that employees can put ethics at the center of what they do.

That raises a perfectly fair question: What is the return on investment in a culture of empowered ethics and engagement?

The benefits of ethics and engagement

THE benefits are many, but if employees are the most important part of a corporation, we can start there: a more ethically engaged workforce is a better workforce. More broadly, when employees “feel heard,” they’re more likely to bring concerns to management’s attention— which is just another way of saying employees have a stronger desire to help the company solve its problems. A company that is more responsive to its problems is better positioned to thrive in the competitive marketplace. A company that can resolve ethics and compliance issues more promptly also makes a better impression upon regulators, business partners, and other stakeholders.

Empowered ethics drives better workforce engagement, and an engaged workforce delivers that ROI you need.

Conclusion

ORGANIZATIONS need to put ethical behavior at the center of how employees view their jobs and daily routines; by empowering employees to act on their ethical concerns, you foster that strong corporate culture vital to succeed in today’s complex business and regulatory environment.

Such a shift takes time, and isn’t necessarily easy. Compliance officers will need to build a business case for why the company should make that shift. To do that, they’ll need to show how their compliance program can help employees be better, more productive performers—and how that, in turn, can help the company’s bottom line and its relationship with regulators, customers, investors, and other stakeholders.

I sincerely hope you enjoyed this excursion on increased return on investment by implementing a culture of empowered ethics and engagement.

If you need assistance in implementing this exciting development, I can help you in finding experts. Contact me at hjschumacher59@gmail.com

Editor: Vittorio V. Vitug

Petro firms slash fuel pump prices

By Lenie Lectura @llectura

LOCAL pump prices will be slashed on Tuesday morning.

Oil firms said Monday they will reduce gasoline prices by P0.50 per liter, diesel by P0.25 per liter, and kerosene by P0.30 per liter.

Most of the oil firms will implement the price adjustment at 6 a.m. on Tuesday, while CleanFuel’s price reduction will take effect at 12:01 a.m. on the same day.

Last March 5, oil companies implemented a per liter decrease of P0.40 and P0.35, respectively, for diesel and kerosene. On the other hand, the price of gasoline has increased by P0.50 per liter. This resulted in year-to-date adjustment of gasoline, diesel and kerosene at a net increase of P5.95/ liter, P4.05/liter and P0.05/liter, respectively. Oil firms adjust pump prices every week to reflect movements in the world oil market.

The local oil industry uses Mean of Platts Singapore (MOPS) which is the daily average of all trading transactions between buyer and seller of petroleum products as assessed and summarized by Standard and Poor’s Platts, a Singapore-based market wire service.

Last week, the Department of Energy (DOE) said it will coordinate with the Department of Justice and the Office of the Solicitor General on how to proceed with the ruling of the Supreme Court, which said that the agency can temporarily take over the operations of downstream oil industry during national emergencies.

“The DOE is committed to implementing Section 14[e] of the said law as the public interest may require in times of national emergency, in accordance with the Constitution and the applicable laws and consistent with the President’s intent or instructions,” the DOE said.

Go

DURING a gathering of aspiring professionals hosted by the Dr. Carl E. Balita Review Center (CBRC) at the Cuneta Astrodome in Pasay City on Saturday, March 9, Senator Christopher “Bong” Go underscored the profound impact of education in nation building. Go was one of the guest speakers during the CBRC’s Licensure Examination for Teachers (LET) Ultimate Final Coaching, which consisted of lectures for aspiring teachers to prepare them for the exam and their future teaching careers.  The senator commended Dr. Carl Balita and his team behind the review center for their efforts to mold future teachers and other aspiring professionals. He also provided support as well as tokens to pre-board exam topnotchers and others in attendance, including balls for those focusing on Music, Arts, Physical Education and Health Education.

Meanwhile, CBRC also celebrated luminaries in education by recognizing deans and presidents from universities nationwide for their outstanding contributions to molding future

Pastor Quiboloy told: Just show up in House committee hearing

By Jovee Marie N. Dela Cruz @joveemarie

LAWMAKERS stood firm

Monday on their insistence on the attendance of embattled televangelist Pastor Apollo Quiboloy at the forthcoming hearing of the House Committee on Legislative Franchises set for today Tuesday, rejecting any further excuses or delays.

They also played down any substantial consequences arising from the appointment of former president Rodrigo R. Duterte as the “administrator” of Quiboloy’s assets and properties.

Deputy Speaker David Suarez, speaking during news conference, emphasized the necessity for Quiboloy to respect the legislative process and clarify issues surrounding the investigations into the franchise of Sonshine Media Network International (SMNI).

“Pastor Quiboloy has to respect

the legislative process of Congress. He was invited and asked to present himself so that he can clarify issues regarding the investigations being conducted by the Committee on Franchise,” Suarez pointed out.

Quiboloy has been subpoenaed by the committee to address concerns regarding his role in Swara Sug Media Corporation, the entity operating as SMNI, whose congressional franchise is under scrutiny due to numerous serious violations.

Suarez stressed the crucial impor -

tance of Quiboloy’s testimony, refuting claims by his legal representatives that he has been detached from the network’s management since 2018.

Suarez emphasized that the committee has a history of inviting resource persons to shed light on various issues, indicating that Quiboloy’s absence should not be an exception.

“I don’t think Pastor Quiboloy should be an excuse from the many people that have presented themselves and became resource persons for any issue that the House has taken,” Suarez pointed out.

1-RIDER Party-list Rep. Rodge Gutierrez, the bill’s author seeking to revoke SMNI’s franchise, also rejected Quiboloy’s lawyers’ arguments, affirming his capability to provide pertinent details about SMNI’s management and operations.

“That’s not new, with all due respect to whatever sentiment they may have. During the initial deliberations in the committee hearing, Pastor Quiboloy also sent a lawyer, and this argument that he has no involvement and is no longer part of SMNI is not new,” Gutierrez said. Gutierrez noted that after multiple deliberations, the committee deemed it necessary to extend an

invitation to Quiboloy. Gutierrez emphasized the importance of Quiboloy’s presence to clarify conflicting statements and provide a clearer timeline of events regarding SMNI’s management.

Cagayan de Oro City Rep. Lordan Suan underscored Quiboloy’s appearance’s paramount importance before the committee to ensure members can make “informed decisions.”

“I think it’s important to remember that the power to compel attendance is very important for the House of Representatives in order to make effective and wise judgments regarding the legislation it aims to make,” Suan said.  SMNI faces potential legislative franchise revocation due to multiple violations, such as spreading fake news, involvement in redtagging, and committing serious corporate offenses.

Minimal implications

THE recent appointment of former president Rodrigo R. Duterte as the administrator of assets and properties belonging to televangelist Apollo Quiboloy’s Kingdom of Jesus Christ (KOJC) has generated limited concerns among legislators, with

suggestions that the move may have minimal implications.

Gutierrez acknowledged the former president’s new role but expressed uncertainty regarding any substantial implications, particularly in light of ongoing congressional inquiries involving Quiboloy, KOJC, and the broadcast network SMNI.

“Of course, there’s very little prohibition for a former president. As a private person, [he is] free to take on any role that may be offered to him,” Gutierrez said.

“Regarding the question of any implications, I would say there probably aren’t any. Our inquiry here in the House continues, and we don’t see any effect from that, which remains to be seen. We don’t know in what manner an administrator will be participating, but our inquiry continues,” he added. For his part, Suarez said Quiboloy has the right to appoint the former president as administrator of his assets.

Just like Gutierrez, Suarez downplayed any significant implications of the appointment, emphasizing the need for due process and adherence to legal procedures in addressing pertinent issues concerning the assets in question.

Not a waste of time: Sen. Risa lists 3 issues for remedial legislation in Quiboloy’s case

TBy Butch Fernandez @butchfBM

HE ongoing Senate committee investigation into alleged malpractices within the turf of televangelist Pastor Apollo Quiboloy are not a waste of time, do not preempt judicial processes, and are turning up at least three solid issues for remedial legislation, Deputy Minority Leader Risa Hontiveros asserted Monday.

In a news conference, Hontiveros, chair of the Senate Committee on Women and Children, fended off observations by fellow Senator Robin Padilla that her panel should stop its hearings and let Quiboloy face the music in the courts.

She stressed that the allegations raised against Quiboloy’s Kingdom of

Jesus cult are serious enough to warrant a separate congressional hearing, and listed three matters that could be addressed by legislative intervention.

“First, sexual abuse within secretive religious organizations and issue of consent in faith-based dynamic.

Kapag po ang isang tao, halimbawa isang babae o isang menor de edad ay pinaniwalaan na itong tao ay isang di lamang mataas na religious leader, kundi embodiment pa ng Diyos. At ang pagsilbi sa kanya ay nangangailangan ng kahit anong sakripisyo, pati sakripisyo ng sariling kalayaan at katawan. Yan ba ay tama? O yan ba ay isang aspeto na dapat i-regulate ng ating mga batas? Dahil posibleng nalalabag ang karapatan at kagalingan ng isang mamamayan, kabaro man, or lalo na menor de edad, sa konteksto ng isang makasikretong

religious organization.”

“So, what amendments do we need to protect the freedom of choice of a person and his/her exercise of consent or refusal to give consent even inside his strictly controlled religious organizations?” Hontiveros explained.

Second, she said, is the “inability of our labor laws to sufficiently address voluntary labor arrangements.”

“Paano kung walang employeeemployer relationship, yung isang miyembro ng isang religious organization, na halimbawa, pinatrabaho pa sa isang media institution na sakop ng religious organization na iyan. Wala bang magagawa dapat ang ating batas kung meron namang malilinaw na paglabag sa labor standards o sa occupational safety and health

standards?” she asked. She claims to cites a clear example, saying: “ Napakalinaw po ng isang halimbawang lumabas na sa aming mga pagdinig, yung kaso ni Alyas Rene, yung manggagawa o empleyado sa SMNI, na hanggang ngayon, hindi makategoriya ng DOLE ng SSS sa kung anong kategoriya ng manggagawa o empleyado o mamamayan na may karapatan sa social protection siya nakalagay. Dahil sa ngayon, parang bulag pa yung batas natin doon .”

She added: “At pangatlo , last and not the least, interaction of our anti-trafficking laws with the constitutional principle of religious freedom. Kapag ang isang tao po, miyembro ng isang religious organization ay lumakbay sa ibang bansa or kahit mula sa probinsya niya, lumakbay sa

ibang probinsya o syudad dito sa ating bansa o kung pinalakbay siya tapos pinagawa siya ng kung ano-ano mga gawain, paglilimos, pagkukunwari na siya ay taong may kapansanan, pagkukunwari na siya ay estudyante para maka -solicit, para makapaglimos ng pera. Ito ba ay masasakop ng exercise of religious freedom?

“Magagamit ba, masa -cite ba yung kalayaang iyan lalo na nung religious leader para pagtakpan yung mga posibleng paglabag, para pagtakpan ang posibleng pagta- traffic doon sa mga taong iyon. So ngayon pa lamang, kung mamarapatin lang pansinin ng aking mga kasama at least tatlo na at seryoso ang mga batas at posibleng gaps sa ating batas na nako -cover na sa mga lumalabas na findings namin tungkol kay Pastor Quiboloy.”

educators, awarding them with the Dakilang Pagkilala Award. “Ang bawat isa sa inyo, mga dean, presidente, guro, at estudyante, ay mahalagang bahagi ng paglalakbay patungo sa mas magandang kinabukasan. Napakahalaga po ng inyong kontribusyon sa ating bayan, lalo na sa pamamagitan ng paghubog ng ating mga kabataan gamit ang edukasyon ,” Go said.  Go also gave emphasis on the role of parents in ensuring a better future for their children, saying: “Alam n’yo po, kaming mga magulang nagpapakamatay po kaming magtrabaho para mapaaral po ang aming anak. Dapat po pasalamatan natin ang ating mga magulang. Mahalin po natin ang ating mga magulang at mga guro sa sakripisyong ginawa nila para sa ating mga kabataan .” As a senator, Go shared his legislative endeavors to enhance the Philippine education system. One of these measures Go coauthored is Senate Bill No. 1359, aimed at eliminating the “No Permit, No Exam” policy. Similarly, SBN 1864, co-authored by Go, proposes a Student Loan Payment Moratorium During Disasters and Emergencies.

IBy Claudeth Mocon-Ciriaco @claudethmc3

N an effort to enhance the educational experience of Kinder to Grade 12 public school students in San Juan City, some 13,000 pairs of customized-rubber shoes were distributed to all learners on Monday.

“Ako po ay natutuwa sapagkat sa araw na ito ay natupad ang aking pangarap na mahandugan ang lahat ng public school students ng San Juan ng libreng makabagong San Juan rubber shoes,” Mayor Francis Zamora said.

Zamora said that this

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“Our tax incentive approval mechanism must also be agile while maintaining the government’s oversight of the process.

transformative initiative to distribute customized rubber shoes is first in the history of San Juan City, a key component of the city’s comprehensive education program, which aims to provide students with essential resources for their academic journey.

The shoes that the students received were specially designed and manufactured for the San Juan students.

Building on the success of last year’s distribution of black school shoes to pre-school and daycare students, the provision of rubber shoes will complete the school uniforms of San Juan City public

school students.

Over the past two years, students have been benefitting from the local government’s -provided free school and P.E. uniforms, and the addition of the customized rubber shoes will complete their school wardrobe.

Zamora emphasized the importance of equipping students with the necessary tools for success and creating an environment conducive to learning and growth.

The distribution of rubber shoes, along with other initiatives, such as free laptops and tablets for students and teachers, free fiber optic internet connection in classrooms and

households of students, and smart TVs in classrooms, reflects the city’s commitment to advancing education and empowering its youth.

Dr. Margarito Materum, San Juan Department of Education Schools Division Superintendent, expressed his gratitude and told the students, “Ang mga sapatos na ito ang magdadala sa inyo patungo sa inyong tagumpay. Saan man kayo dalhin ng mga sapatos na ito, sana maiwan sa inyo ang mga katangiang dapat taglayin ng isang mabuting San Juañeno. Again, our deepest gratitude for the city government of San Juan.”

Effort to get aid to Gaza by sea is moving ahead amid growing humanitarian crisis

By Wafaa Shurafa & Samy Magdy The Associated Press

DEIR AL-BALAH, Gaza

Strip—A US Army vessel carrying equipment to build a temporary pier in Gaza was heading to the Mediterranean on Sunday, after US President Joe Biden announced plans to increase aid deliveries by sea to the besieged enclave where hundreds of thousands of Palestinians are going hungry.

The new push for aid came as the Muslim holy month of Ramadan was set to begin Monday in much of the world after officials in Saudi Arabia saw the crescent moon. Hopes for a new cease-fire by Ramadan faded days ago with negotiations apparently stalled.

The opening of the sea corridor, along with airdrops by the US, Jordan and others, reflected growing alarm over Gaza’s deadly humanitarian crisis and a new willingness to bypass Israeli control over land shipments. But aid officials say that air and sea deliveries can’t make up for a shortage of land routes. Aid trucks entering Gaza daily are far below the 500

entering before the war. A ship belonging to Spanish aid group Open Arms and carrying 200 tons of food aid was expected to make a pilot voyage to Gaza from nearby Cyprus “as soon as possible,” but not Sunday, said Linda Roth, a spokesperson for partner organization World Central Kitchen. There was no explanation after Cyprus’ president had said it would leave then.

Israel says it welcomes the sea deliveries and would inspect Gaza-bound cargo before it leaves Cyprus. Israeli Defense Minister Yoav Gallant reviewed preparatory work off Gaza’s coast on Sunday.

Biden has stepped up public criticism of Israeli Prime Minister Benjamin Netanyahu, saying he believes that Netanyahu is “hurting Israel more than helping Israel” in his approach to the Israel-Hamas war in Gaza, now in its sixth month.

Speaking on Saturday to MSNBC, the US president expressed support for Israel’s right to pursue Hamas after the militants’ October 7 attack on southern Israel. But Biden said that Netanyahu “must pay more attention to the innocent lives being lost.” He added that “you cannot have 30,000 more Palestinians dead.”

The Health Ministry in Gaza

China’s congress ends with show of unity behind Xi’s vision for national greatness

By Elaine Kurtenbach & Ken Moritsugu The Associated Press

BEIJING—China’s national legislature wrapped up its annual session Monday with the usual show of near-unanimous support for plans designed to carry out ruling Communist Party leader Xi Jinping’s vision for the nation.

The weeklong event, replete with meetings carefully scripted to allow no surprises, has highlighted how China’s politics have become ever more calibrated to elevate Xi. Monday’s agenda lacked the usual closing news conference by the premier, the party’s No. 2 leader. The news conference has been held most years since 1988 and was the one time when journalists could directly question a top Chinese leader.

The decision to scrap it emphasizes Premier Li Qiang’s relatively weak status. His predecessors played a much larger role in leading key economic policies such as modernizing state companies, coping with economic crises and leading housing reforms that transformed China into a nation of homeowners.

The nearly 3,000-member National People’s Congress approved a revised State Council law that directs China’s version of the cabinet to follow Xi’s vision. The vote was 2,883 to eight, with nine abstentions. Other measures passed by similarly wide margins. The most nays were recorded for the annual report of the Supreme Court, which was approved by a 2,834 to 44 vote.

In brief closing remarks, Zhao Leji, the legislature’s top official, urged the people to unite more

closely under the Communist Party’s leadership “with comrade Xi Jinping at its core.”

The party leaders who run the State Council used to have a much freer hand in setting economic policy, Neil Thomas, a Chinese politics fellow at the Asia Society Policy Institute, said in an emailed comment.

“Xi has been astonishingly successful in consolidating his personal hold over the party, which has allowed him to become the key decision maker in all policy domains,” he said.

As the party champions innovation and self-reliance in technology to build a modern, wealthy economy, it is leaning heavily on more overtly communist ideology that harkens to past eras. Xi has fortified the party’s role across the spectrum, from culture and education to corporate management and economic planning.

“Greater centralization of power has arguably helped Xi to improve central government effectiveness,” Thomas said, “but the benefits may be outweighed by the costs of stifling political discussion, disincentivizing local innovation and more sudden

policy shifts.”

Along with following the guidance of Xi Jinping Thought and other party directives, developing “new quality productive forces”— a term coined by Xi last September—emerged as a catchphrase at this year’s congress.

The term suggests a prioritizing of science and technology as China confronts trade sanctions and curbs on access to advanced know-how in computer chips and other areas that the US and other countries deem to be national security risks.

On the diplomatic front, China kept Wang Yi as foreign minister. He had stepped back into the post last summer after his successor, Qin Gang, was abruptly dismissed without explanation after a halfyear on the job.

Analysts thought the Communist Party might use the annual congress to appoint a new foreign minister and close the book on an unusual spate of political mishaps last year that also saw the firing of a new defense minister after a few months on the job.

The Organic Law of the State Council was revised for the first time since its adoption in 1982.

said that at least 31,045 Palestinians have been killed since the war began. The ministry doesn’t differentiate between civilians and combatants in its count, but says that women and children make up two-thirds of the dead. The ministry is part of the Hamasrun government, and its figures from previous wars have largely matched those of UN and independent experts. Palestinian casualties continued to rise. The Civil Defense Department said 10 people were killed Sunday in an Israeli airstrike on a house of the Ashour family in the Tal al-Hawa area of Gaza City. Dust-covered bodies

The revision calls for the State Council to “uphold the leadership of the Communist Party of China.”

It also adds the governor of China’s central bank to the body.

Echoing words seen in just about every proposal, law or speech made in China these days, it spells out that China’s highest governing officials must adhere to the party’s guiding ideology, which refers back to Marxism-Leninism and Mao Zedong Thought and culminates in Xi’s philosophy on “Socialism with Chinese Characteristics for a New Era.”

Alfred Wu, an expert on Chinese governance at the National University of Singapore, said the revision institutionalizes previously made changes, making it harder to reverse them. He described the congress as a “one-man show” that shows Xi’s determination to create a system in which the party leads on policy, diminishing the role of the State Council and the legislature.

“His determination is very clear,” Wu said. “He is willing to change everything.”

During this year’s congress, many provincial meetings were opened to the media for the first time since the Covid-19 pandemic, though they were carefully scripted with prepared remarks and none of the spontaneity once glimpsed in decades past.

The contrast with polarized politics in the US and robust debate in other democracies could not be more stark: China’s political rituals, void of any overt dissent, put unity above all.

Marching orders endorsed by the congress include calls to ensure national security and social stability at a time when job losses and underpayment of wages have sparked a growing number of protests.

The Associated Press researchers Wanqing Chen and Yu Bing contributed to this report.

were placed onto blankets.

Elsewhere, the bodies of 15 people, including women and children, were taken to the main hospital in the central town of Deir al-Balah, according to an Associated Press journalist. Relatives said they were killed by Israeli artillery fire toward a tent camp for displaced Palestinians in the coastal area near the southern city of Khan Younis.

Israel rarely comments on specific incidents during the war. It maintains that Hamas is responsible for civilian casualties, because the militant group operates from within civilian areas.

Meanwhile, US efforts began to set up the temporary pier in Gaza for sea deliveries. US Central Command said that a first US Army vessel, the General Frank S. Besson, left a base in Virginia on Saturday and was on its way to the Eastern Mediterranean with equipment for construction.

US officials said that it would likely be weeks before the pier is operational.

The sea corridor is backed by the European Union together with the United States, the United Arab Emirates and other countries. The European Commission has said that UN agencies and the Red Cross will play a role.

The ship in Cyprus is expected to take two to three days to arrive at an undisclosed location in Gaza. The World Central Kitchen

spokesperson said that construction work began Sunday on the jetty for it.

A member of the charity said on X, formerly Twitter, that once the ship’s barge reaches Gaza, aid would be offloaded by a crane, placed on trucks and driven to northern Gaza, which has been largely cut off from aid shipments and was the first focus of Israel’s military offensive.

Israel declared war on October 7 after Hamas militants killed about 1,200 people, mostly civilians, and took 250 hostages. Israel’s air and ground offensive has devastated large parts of Gaza and displaced about 80 percent of the population of 2.3 million.

The US and regional mediators Egypt and Qatar had hoped to have a six-week cease-fire in place by Ramadan. A deal would have seen Hamas release some Israeli hostages, Israel release some Palestinian prisoners and aid groups be given access for a major influx of aid. In a speech broadcast Sunday, Hamas’ top leader Ismail Haniyeh blamed Israel for the failure to reach a deal before Ramadan and said that the militant group is keen to resume negotiations in any framework as long as it guarantees a permanent cease-fire.

Samy Magdy reported from Cairo. Menelaos Hadjicostis contributed to this report from Nicosia, Cyprus.

Muslims spot Ramadan crescent moon in Saudi Arabia, which means month of fasting starts Monday for many

By Jon Gambrell The Associated Press

DUBAI, United Arab Emirates—Officials saw the crescent moon Sunday night in Saudi Arabia, home to the holiest sites in Islam, marking the start of the holy fasting month of Ramadan for many of the world’s 1.8 billion Muslims.

The sacred month, which sees those observing abstain from food and water from sunrise to sunset, marks a period of religious reflection, family get-togethers and giving across the Muslim world. Seeing the moon Sunday night means Monday is the first day of the fast.

Saudi state television reported that authorities there saw the crescent moon. Soon after, multiple Gulf Arab nations, as well as Egypt, Sudan, Syria and Yemen followed the announcement to confirm they as well would start fasting on Monday. North American Muslims also will begin their fast Monday.

Leaders shared messages of congratulations the month had begun.

However, there are some Asia-Pacific countries like Australia, Brunei, Indonesia, Malaysia and Singapore that will begin Ramadan on Tuesday after failing to see the crescent moon. Oman, on the easternmost edge of the Arabian Peninsula, similarly announced Ramadan would begin Tuesday. Jordan will also begin Ramadan on Tuesday.

This year’s Ramadan comes as the Middle East remains inflamed by the Israel-Hamas war in the Gaza Strip. That’s raised fears the conflict may spark unrest far beyond the current borders of the war. Saudi King Salman specifically pointed to the Israel-Hamas war in remarks released to the public after the Ramadan announcement.

“As it pains us that the month of Ramadan falls this year, in light of the attacks our brothers in Palestine are suffering from, we stress the need for the international community to assume its responsibilities, to stop these brutal crimes, and provide safe humanitarian and relief corridors,” the king said.

US President Joe Biden also recognized the beginning of the holy month, saying that “Jill and I extend our best wishes and

prayers to Muslims across our country and around the world,” but he also turned to the conflict in Gaza.

“As Muslims gather around the world over the coming days and weeks to break their fast, the suffering of the Palestinian people will be front of mind for many. It is front of mind for me,” Biden said.

Meanwhile, inflation and high prices of food around the world since the pandemic began continue to pinch.

In Saudi Arabia, the kingdom had been urging the public to watch the skies from Sunday night in preparation for the sighting of the crescent moon. Ramadan works on a lunar calendar and moon-sighting methodologies often vary between countries, meaning some nations declare the start of the month earlier or later.

However, many Sunni-dominated nations in the Middle East follow the lead of Saudi Arabia, home to Mecca and its cube-shaped Kaaba that Muslims pray toward five times a day.

In Iran, which views itself as the worldwide leader of Islam’s minority Shiites, authorities typically begin Ramadan a day after Sunnis start. Already, the office of Iran’s Supreme Leader Ayatollah Ali Khamenei announced Ramadan will start on Tuesday, according to the state-run IRNA news agency.

“This year, Ramadan will coincide with Nowruz,” said Tehran resident Robabeh Khodkameh, referring to the Persian New Year that begins March 20. “Since the old days, we have a custom of thoroughly cleaning homes for Nowruz, and making everything look new. This year, since it’s also Ramadan, we’ll clean our hearts too and use it as a fresh start for things.”

Only Sunnis in Iraq and Lebanon will begin fasting Monday, while Shiites will begin Tuesday.

During Ramadan, those observing typically break their fast with a date and water, following the tradition set by the Prophet Muhammad. Then they’ll enjoy an “iftar,” or a large meal. They’ll have a pre-dawn meal, or “suhoor,” to sustain themselves during the daylight hours.

Ramadan is the ninth month of the Islamic lunar calendar; the month cycles through the seasons and the months in the Gregorian calendar.

STAFFERS of port, left, stand on the aid platform and Open Arms aid group, as it prepares to ferry some 200 tons of rice and flour directly to Gaza, at the port in Larnaca, Cyprus on Sunday, March 10, 2024. The European Commission president said Friday the Open Arms ship will make a pilot voyage as international donors launched a sea corridor to supply the besieged territory that is facing widespread hunger after five months of war. AP/PETROS KARADJIAS

CHINESE President Xi Jinping adjusts his jacket as he stands to sing the national anthem at the closing session of the National People’s Congress held at the Great Hall of the People in Beijing on Monday, March 11, 2024. AP/NG HAN GUAN

US forces fly in to beef up security at embassy in Haiti and evacuate nonessential personnel

PORT-AU-PRINCE, Haiti—The US military said Sunday that it had flown in forces to beef up security at the US Embassy in Haiti and allow nonessential personnel to leave.

The aircraft flew to the embassy compound, the US Southern Command said, meaning that the effort involved helicopters. It was careful to point out that “no Haitians were on board the military aircraft.” That seemed aimed at quashing any speculation that senior government officials might be leaving as the gang attacks in Haiti worsen.

The neighborhood around the embassy in the capital, Port-auPrince, is largely controlled by gangs.

“This airlift of personnel into and out of the Embassy is consistent with our standard practice for Embassy security augmentation worldwide, and no Haitians were on board the military aircraft,” according to the Southcom statement.

In many cases, nonessential personnel can include the families of diplomats, but the embassy had already ordered departure for nonessential staff and all family members in July. The personnel ferried out of the embassy may have simply been rotating out, to be refreshed by new staff.

The statement Sunday said that the United States remains focused on aiding Haitian police and arranging some kind of UNauthorized security deployment. But those efforts have been unsuccessful so far.

Haiti’s embattled prime minister, Ariel Henry, traveled recently to Kenya to push for the UN-backed deployment of a police force from the East African country to fight the gangs. But a Kenyan court ruled in January that such a deployment would be unconstitutional.

Henry, who is facing calls to resign or form a transitional council, remains unable to return

At

home. He arrived in Puerto Rico on Tuesday after he was unable to land in the Dominican Republic, which borders Haiti.

On Saturday, the office of Dominican President Luis Abinader issued a statement saying that “Henry is not welcome in the Dominican Republic for safety reasons.” The Dominican Republic, which shares the island of Hispaniola with Haiti, has closed its land border.

“Given the current situation, the presence of the Haitian prime minister in the Dominican Republic is not considered appropriate,” according to the statement, adding that “this decision reflects the firm position of the Dominican government to safeguard its national security and stability.”

The statement described the security situation in Haiti as “totally unsustainable” and said that it “poses a direct threat to the safety and stability of the Dominican Republic.”

The statement predicted “the situation could deteriorate even further if a peacekeeping force is not implemented urgently to restore order.”

Caribbean leaders have called for an emergency meeting Monday in Jamaica on what they called Haiti’s “dire” situation. They have invited the United States, France, Canada, the United Nations and Brazil to the meeting.

Members of the CARICOM regional trade bloc have been trying for months to get political actors in Haiti to agree to form an umbrella transitional unity government.

CARICOM said Friday that while regional leaders remain deeply engaged in trying to bring opposition parties and civil society groups together to form a

unity government, “the stakeholders are not yet where they need to be.”

“We are acutely aware of the urgent need for consensus to be reached,” according to the statement. “We have impressed on the respective parties that time is not on their side in agreeing to the way forward. From our reports, the situation on the ground remains dire and is of serious concern to us.”

In February, Henry agreed to hold a general election by mid2025, and the international community has tried to find some foreign armed force willing to fight gang violence there.

CARICOM has also pushed Henry to announce a power-sharing, consensus government in the meantime, but the prime minister has yet to do so even as Haitian opposition parties and civil society groups are demanding his resignation.

Henry, a neurosurgeon, was appointed as Haiti’s prime minister after the July 2021 assassination of President Jovenel Moise.

It was unclear whether Henry would be in Jamaica for the CARICOM meeting.

In Port-au-Prince, meanwhile, police and palace guards worked Saturday to retake some streets in the capital after gangs launched major attacks on at least three police stations.

Guards from the National Palace accompanied by an armored truck tried to set up a security perimeter around one of the three downtown stations after police fought off an attack by gangs late Friday.

Sporadic gunfire continued Saturday, and one woman writhed in pain on the sidewalk in downtown Port-au-Prince with a gunshot wound after a stray bullet hit her in the leg.

The unrelenting gang attacks have paralyzed the country for more than a week and left it with dwindling supplies of basic goods. Haitian officials extended a state of emergency and nightly curfew on Thursday as gangs continued to attack key state institutions.

But average Haitians, many of whom have been forced from their homes by the bloody street fighting, can’t wait. The problem for police in securing government

buildings is that many Haitians have streamed into them, seeking refuge.

“We are the ones who pay taxes, and we need to have shelter,” said

one woman, who didn’t give her name for safety reasons.

Another Port-au-Prince resident, who also did not give his name, described Friday’s attacks.

“They [the gangs] came with big guns. We have no guns and we cannot defend ourselves. All of us, the children are suffering,” said the man.

more

Landslides

and rescuers were still searching for 11 people reportedly missing.

IN

PMonsoon rains in West Sumatra province have submerged more than 37,000 houses and buildings, Muhari said. At least three houses were swept away by flash floods and 666 others were damaged.

Floods also damaged 26 bridges, 45 mosques and 25 schools; and destroyed 13 roads, two irrigation system units, which in turn submerged 113 hectares (279 acres) of rice fields and 300 square meters (3,220 square feet) of plantation, the agency said.

Heavy rains cause frequent landslides and flash floods in Indonesia, an archipelago nation of more than 17,000 islands where millions of people live in mountainous areas or near floodplains.

this image made from video, rescuers carry the body of a victim of a flashflood in Langgai, West Sumatra, Indonesia on Sunday, March 10, 2024. Torrential rains have triggered flash floods and a landslide on Indonesia’s Sumatra Island leaving a number of people dead and missing, officials said Sunday. AP

Editor: Angel R. Calso

editorial

Alarming drop: Over a million women exit workforce in January

The latest data from the Philippine Statistics Authority (PSA) reveals a concerning trend: over a million women left the workforce in January. This significant decline in female labor force participation should serve as a wake-up call for policymakers and employers to address the underlying factors contributing to this alarming development. (Read the BusinessMirror report, “PSA: Over 1-M women left workforce in January as holiday spending wanes,” March 9, 2024).

According to the PSA, household duties and schooling were the primary reasons cited by women for leaving the workforce. It is disheartening to see that the burden of domestic responsibilities, which disproportionately falls on women, continues to hinder their participation in the labor market. The fact that young women in their prime working years were among those who dropped out of the workforce indicates a missed opportunity for economic growth and empowerment.

While it is encouraging to note that the average daily basic pay for women exceeded that of men, it is important to scrutinize this data further. The PSA clarifies that this higher average pay is primarily driven by the wages in the Armed Forces, where women are better compensated. In reality, the gender pay gap persists in many other sectors, and women across various occupations continue to face wage disparities and unequal opportunities for career advancement.

To address these issues, it is crucial to create an enabling environment that supports and encourages women’s participation in the workforce. This requires a multi-faceted approach involving government policies, private sector initiatives, and societal changes.

First and foremost, policies should be implemented to support work-life balance and alleviate the burden of unpaid care work on women. Affordable and accessible childcare facilities, parental leave policies, and flexible work arrangements can significantly enhance women’s ability to balance work and family responsibilities. By promoting a more equitable distribution of household and caregiving duties, we can empower women to pursue their careers without compromising their familial obligations.

Furthermore, educational institutions and training programs should actively promote gender equality and ensure that young women have equal access to quality education. By equipping women with the necessary skills and knowledge, we can enhance their employability and enable them to compete on an equal footing in the job market.

Employers also have a critical role to play in creating inclusive workplaces. Companies should implement gender-sensitive policies, such as pay transparency, gender-neutral hiring practices, and promotion opportunities based on merit. Encouraging diversity and inclusion in the workplace not only benefits women but also fosters innovation and productivity.

Societal attitudes and norms must also evolve to value and recognize the contributions of women in the workforce. Challenging gender stereotypes and promoting positive role models can help break down barriers and inspire women to pursue their professional aspirations.

It is essential for all stakeholders, including the government, private sector, civil society organizations, and individuals, to collaborate and prioritize gender equality in the workforce. By creating an environment that empowers women, we can unlock their full potential and contribute to sustainable economic growth and social progress.

The decline of over a million women in the workforce is indeed alarming and requires urgent attention. It is crucial for both the government and private sector employers to collaborate in addressing the root causes of this decline. By doing so, we can strive towards a future where women have equal opportunities to thrive in the workplace.

By empowering women to participate equally in the labor market, we can unleash their potential, promote economic growth, and create a more inclusive and prosperous society that benefits everyone.

John Mangun

The markets tell the economic truth OUTSIDE THE BOX

While retail market watchers have been focused on Bitcoin these past two weeks, it is important to consider that gold, the Japanese (and US) stock market, as well as global cocoa, the US housing Price index and Malaysian palm oil are all moving around their historic price highs.

What do all of these have in common? They are “hard assets,” meaning that the underlying-asset has an intrinsic purpose (not necessarily value) unlike “cash” or money. The exceptions are gold and Bitcoin, neither of which, exactly like cash, can keep the rain off your head, cover your private parts, or be eaten. Bitcoin (BTC) and gold serve as alternative forms of currency, functioning as “cash substitutes.” They are acquired and traded with speculative intent, their value derived from the conversion price back into cash. Understand that cash is only a “store of wealth” because it is a “medium of exchange.” Try using a “Japanese Philippines 500 Pesos Occupation Note” to buy your next two-piece Chickenjoy.

Remember the lady on the sink-

ing Titanic who took several oranges with her in the lifeboat rather than her diamond jewelry? The prices of hard assets vary, and not all of them are currently valued at a high price. Nickel is trading at just under $18,000 a ton, down from $48,800 a ton in early 2022. Unless the government intervenes rigorously, prices are always subject to supply/ demand. Indonesia controls about 75 percent of the premium nickel supply and banned exports. Other producers spent heavily to increase production. Now Indonesia has been dumping nickel on the global markets to force other producers out of business, and it is working.

BHP Group Limited, an Australian multinational mining and metals producer, just wrote down the entire value of its Western Aus-

tralian nickel mining operation after reporting an 86 percent year-on-year plunge in net income for the second half of 2023. Miner Anglo American Plc. was forced to take a $500 million write-down on its nickel business last week.

Throughout 2024, there has been a consistent trend of individuals actively converting their cash into tangible hard assets.

The debt load of the US is growing at a quicker rate in recent months, increasing about $1 trillion nearly every 100 days. From $31 trillion 12 months ago, it now stands at $34.4 trillion. We are told that this is unsustainable. Bank of America investment strategist Michael Hartnett writes, “Little wonder ‘debt debasement’ trades [are] closing in on all-time highs, i.e. gold [at] $2,177/oz, Bitcoin $68,134.”

Moody’s Investors Service lowered its ratings outlook on the US government to “negative” from “stable” last November.

Conventional economic wisdom says that the US currency should undergo debasement, resulting in a weaker value. But the US Dollar Index is at a 21-year high and has been since mid-2022. Also, the US 10-year bond interest rate is at a 16-year high and has been since mid-2023, which makes owning US dollar and lending it to the US government desirable and safe. The fact is that all

Western currencies are now subject to political intervention. So why are investors large and small moving to “hard assets”? The answer is found in history.

Brandon Smith: “The Roaring Twenties was a decade of economic growth and widespread prosperity, driven by recovery from wartime devastation and deferred spending, a boom in construction, and the rapid growth of consumer goods such as automobiles and electricity in North America and Europe. It was an era of mass production and rampant consumerism, but it was all fueled by easy access to debt.”

All governments are going to tell the people that it has the economy under firm control and to quote English anchoress Julian of Norwich in 1365 during the middle of a black plague, “All shall be well, and all manner of thing shall be well.”

Yet the markets that are ultimately controlled by the people and the people’s money are never wrong in the long run. During a depression or recession, people sell assets and run to the bank. In inflationary times, they buy assets and get rid of the cash. The latter is what we are seeing now.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

A year later, lessons from Silicon Valley Bank’s epic collapse

By Hannah Miller & Lizette Chapman

MArch 10, 2023 should’ve been a day to celebrate for eric Vogel. he was about to sign a funding deal for his recycling startup, circularr, after five months of due diligence. The investor just wanted to talk to one last reference, a formality before the deal closed.

That call never happened. “They didn’t show up because it was the day that Silicon Valley Bank went under and one of their main banking partners was SVB,” Vogel said.

The collapse of SVB was swift and stunning, triggering days of sheer terror in Silicon Valley. Y Combinator’s Garry Tan warned that the failure could be an “extinction-level event” for tech startups. Investor Jason Calacanis left the caps lock on, tweeting, “YOU SHOULD BE ABSOLUTELY TERRIFIED.” For a while, it looked like the contagion could spread throughout the US banking system.

Yet just a year after the bank’s dramatic failure and rescue, the industry has mostly returned to normal. Startups are still able to find places to park their money. Several VCs contacted for this story brushed off the interview request, saying that it wasn’t something they thought about anymore. And even Silicon Valley

Bank itself is back in business, with the winking marketing slogan, “Yes, SVB.” But in some corners of the tech world, things didn’t quite go back to the way they were—both for better and for worse.

At Circularr, Vogel never got that last call from investors. The firm he was working with, which he declined to name, did recover banking access, but the investors apologized and dropped out of the round. The deal was scuttled.

“It spooked them,” says Vogel. If not for the SVB crisis, he said, “we would have cleared the round and been off to the races.”

Learning the hard way

T HE demise of Silicon Valley Bank touched off a difficult year in Silicon Valley, acting as a harbinger of a global slump for startups and investors. VC firm NFX found that 59% of founders surveyed after the crisis thought it would have a chill -

ing effect on their ability to raise money. And even with the artificial intelligence boom, startups in 2023 had their worst funding year since 2019.

At SVB itself, executives have embarked on the long process of trying to rebuilt trust in the Valley—visiting clients and spreading the word that the bank is open for business.

Matt Murphy, a partner at Menlo Ventures, said that representatives from the bank visited his firm multiple times over the past year to explain what had changed at SVB, and what stayed the same. Some of the same staff has stuck around, too.

“They basically say it’s mostly the same,” Murphy said— except this time with a stronger balance sheet. SVB commercial banking President Marc Cadieux says the bank’s first step was saying sorry.

“Starting with an apology was essential,” he said. The collapse “was traumatic, no doubt about it.” Now, the bank is taking “a very patient thoughtful approach to winning back the trust of our clients,” Cadieux said.

Since the collapse, most startups have changed their banking behavior, founders and investors say. At one time, SVB was the default choice for every banking need—from ven-

ture debt to savings, and sometimes even mortgages and startup funding.

Now, it’s one of a lot of banks that startups work with.

This time last year, “I was freaking out,” said Edith Yeung, general partner at Race Capital, which had 100 percent of its money parked at SVB. Now, “everybody’s basically making sure that they have multiple bank accounts and that they do not put all their eggs in one basket—just in case,” Yeung said. Of course, Yeung noted that some founders now avoid SVB altogether. But others can’t quit it. Jai Das, cofounder of Sapphire Ventures, said many startups like SVB’s user interface. Many of his portfolio company finance chiefs wanted to keep using SVB, even after the collapse.

For those startups, Das said he gives the following advice: “You can use SVB if you want, but you cannot have all your cash in SVB.”

The upside

SOME fintech startups were able to seize an opportunity in the chaos. As SVB sank, credit card startup Brex Inc. helped companies open Brex accounts and began to put together a $1 billion emergency bridge loan program to help affected companies See “A year,” A13

US key to Philippines’ plan to tap oil, gas in South China Sea

By Andreo Calonzo & Manolo Serapio Jr.

The Philippines is counting on the US and its allies to play a crucial role in its plans to explore energy resources in the disputed South China Sea, according to Manila’s envoy to Washington.

The country is seeking to parlay its deepening security ties with Washington into broader economic benefits, said Philippine Ambassador to the US Jose Manuel Romualdez.

“When the time comes that we are going to start exploring it, we’ll have the options to be able to see how we can secure the expedition,” Romualdez said in an interview in Manila.

“We’re working closely with our allies, not only the US but also Japan and Australia,” he said.

The Philippines is exploring several options in its quest to tap the resource-rich South China Sea, waters that China claims almost in its entirety. The body of water is estimated to hold significant quantities of oil and gas, according to the US Energy Information Administration.

Inviting US companies to invest in the exploration as well as development efforts and discussions with countries like Vietnam that also have overlapping claims with China are among the possible courses of action, he said on March 5.

The Philippines imports almost all its fuel needs and has been trying for years to start energy exploration in the disputed waters, including through a partnership with China. negotiations between Manila and Beijing have, however, stalled amid heightened tensions, with their coast guard vessels recently clashing again at sea.

Calculated way

nOW the Philippines and its allies are “moving in a calculated way,” the envoy said declining to provide more details on the energy plan, except to say that it will likely happen within President Ferdinand Marcos Jr.’s term ending in 2028. “It’s part of our energy package,” he said, referring to a broad strategy to bring power costs—among the highest in the region—lower to attract investors.

As the Philippines builds its security alliances amid tensions with Beijing, it wants these partnerships to yield more trade and investment, said Romualdez. “While we have all these defense ties, the bottom line is economic prosperity. If we do not have economic security, we can have all these defense agreements and it would mean nothing to us,” the envoy, a cousin of Marcos, said. China is also keen on reaping benefits from the resource-rich waters.

President Xi Jinping has called on the military to align its maritime strategy with economic development, in what may further intensify its dispute with the Philippines.

In a wide-ranging interview

.

Continued from A12

make payroll.

“We get a lot of customers today because people saw how we reacted to the SVB crisis and how our competitors didn’t react,” said Brex co-CEO Henrique Dubugras.

Brex has more than doubled its customer deposits to about $7 billion from $3 billion since the SVB meltdown, Dubugras said. The company retained more than 80 percent of the customers that signed up the week of the bank’s collapse.

At Rippling, the workforcemanagement startup run by Parker Conrad, about $300 million of its funds were frozen at SVB when the bank collapsed. That meant that Rippling customers wouldn’t be able to pay thousands of employees unless the company figured something out.

Within hours, Conrad cobbled together $500 million in funding to

Refund remedies of EOPT

Tahead of the US trade and investment mission this week, Romualdez said Marcos is trying to leverage his rising influence on the global stage to win deals for the country. Over the past year, Marcos has deepened security ties with the US. The Philippine leader last month addressed the Australian parliament and in May will be the keynote speaker at regional security forum.

Marcos is scheduled to meet with US Secretary of Commerce Gina Raimondo on Monday before he heads to Germany for meetings with Chancellor Olaf Scholz, alongside other Southeast Asian leaders.

“President Marcos is very, very keen on trying to catch these investment opportunities open to us now because we’re in the center,” Romualdez said. Even European countries are taking interest, he added.

Raimondo will lead a delegation to Manila that also includes about 20 American executives from Microsoft Corp., United Airlines Holdings Inc., Alphabet Inc.’s Google and some energy firms, aiming to strengthen economic relations and spur investment into an increasingly important ally. Raimondo will then proceed to Thailand, in hopes of boosting ties in areas including supply chain diversification.

While the Philippines’ strong relations with the US is an advantage, competition for investment among Southeast Asian nations is intense. Marcos has to prove that his government can provide a conducive business environment including less red tape and lower electricity costs, the envoy said.

High power costs remain one of the biggest hurdles for investors, according to Romualdez, and is one of the incentives driving the Philippines’ push to explore its own energy resources.

Marcos’s defense chief, earlier this year, said that it’s increasingly urgent for the Philippines to pursue resource exploration in contested waters, as a key gas field nears depletion.

Last month, the nation’s foreign affairs secretary signaled openness to energy talks with Beijing, while maintaining that Manila would not yield control of any venture to China.

For Philippine Ambassador Romualdez, the time for being soft with Beijing is over.

“What is ours is ours, and we’re not going to stop,” he said of the nation’s plans to explore resources in its exclusive economic zone. “We’ll do it when we feel like it’s time for us to do it,” he said. With assistance from Clarissa Batino /Bloomberg

make sure people got paid. “It was very nerve-wracking, obviously,” he said. “Probably the most stressful day of my life.” SVB’s eventual bailout meant Rippling never ended up having to touch the money it raised. Conrad said his company still has it stashed away, along with the $250 million it raised in 2022. Rippling emerged from the crisis in a relatively strong position. Still, Conrad laments that fintech startups lost an ally and willing banking partner when the bank went under. Even without an international banking crisis, the life of a startup founder can be a rollercoaster. Vogel said things began looking up for Circularr a few months ago. In the fall, the company was getting ready to close on a funding round led by an Israeli investor. However, following Hamas’ attack on Israel on October 7 and the ensuing war, the investor pulled out, leaving Circularr stranded once again. “It’s been an uphill battle,” Vogel said. Bloomberg

he ease of Paying Taxes Law (eOPT) has introduced changes in claims for excess input VaT and erroneously paid taxes. The period that the Bir is mandated to act on these claims is now defined. The law is also clear on the remedies available to taxpayers in case a claim for refund is denied. But when you read the draft revenue regulations (rr) on refunds, it appears that the Bir wants to introduce additional remedies that are not provided for by law. i am afraid that this signals another vicious cycle of false hopes and dismissed judicial appeals.

First, on VAT, the EOPT Law is clear that a taxpayer may file a claim for refund of excess input VAT within two years from the end of the quarter when the sales were made. The BIR is given 90 days from submission of complete documents to grant or deny the same. In case of a decision or expiration of the 90-day period, the taxpayer is given 30 days to appeal to the Court of Tax Appeals. The draft RR on the other hand, added that in case the 90-day period has expired, and the BIR failed to issue a decision, the taxpayer has two choices: a) go directly to the CTA within 30 days, but the filed administrative claim becomes moot and academic. In other words, the BIR will no longer act on the claim for refund or b) wait for the decision of the BIR, which in effect is beyond the mandatory 90-day period. I find this additional remedy concerning on three grounds: a) giv-

ing the taxpayer an option to wait for a BIR decision after 90 days may be considered administrative legislation. It is clear that the BIR has only 90 days to decide and any decision beyond that may be considered void. The court may rule that this additional remedy is ultra vires; b) assuming that the taxpayer’s option to wait for the BIR decision beyond the 90-day period is valid, what happens when the BIR does not decide at all? Taxpayers will be in limbo, like a lost soul, hoping and praying for a BIR action.

next, on erroneous payment of tax, under the EOPT Law, taxpayers are given two years to file the administrative claim for refund.

Unlike the old law where taxpayers must file both the administrative and judicial claims within two years, the EOPT Law provides that the two-year period is exclusive to administrative

Remedies on refunds are clearly stated in the EOPT Law. I hope the revenue regulations will remain true to the words and spirit of the law. Otherwise, taxpayers will be lured not to file a petition in court when the 90- or 180-day period expires and wait for the BIR decision, which may never come.

claims for refund. This time, the BIR is given 180 days to decide, counting from the time that the same is filed together with the complete documents. In case of inaction or decision, the taxpayer must appeal to the CTA within 30 days. But like the draft RR on VAT refund, the BIR is also adding another layer of remedy for taxpayers—in case the BIR fails to decide within the 180-day period, the taxpayer who does not appeal to the CTA may wait for the decision of the BIR.

The draft RR also provides that if the taxpayer files an appeal to the CTA after the expiration of the 180-day period, the administrative claim for refund becomes moot and academic. In other words, the BIR will no longer process it. Taxpayers are left with a hard choice: a) prove their entitlement to the refund in court; b) or wait for the BIR to decide. Again, this additional remedy of waiting for the decision of the BIR beyond the mandated 180-day period is not found in the law. Just like in VAT refunds, there is a great risk that the courts will rule that this additional remedy is ultra vires

and consequently any refund given beyond the mandatory 180-day period is void. More importantly, can the taxpayer still appeal to the CTA if the adverse decision of the BIR was issued beyond the 180-day period for it to decide when this remedy cannot be found in the law?

We must also not forget the additional provision in the EOPT Law where the Commission on Audit (COA) may come in and disallow the refund given to taxpayers. Disallowance by the COA shall make the taxpayer liable for the disallowed amount and BIR employees who processed the claim may only be administratively charged for gross negligence.

So, after hurdling all these grey areas and the devalued money is finally awarded, COA may still take it back. Remedies on refunds are clearly stated in the EOPT Law. I hope the revenue regulations will remain true to the words and spirit of the law. Otherwise, taxpayers will be lured not to file a petition in court when the 90- or 180-day period expires and wait for the BIR decision, which may never come.

The author is a senior partner of Du-Baladad and Associates Law Offices, a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

Ukraine’s top diplomat pushes back at Pope’s peace talks remark

By Aliaksandr Kudrytski

Ukrainian top diplomat pushed back on Pope Francis’ call for his country to show “the courage of the white flag” and enter negotiations with russia, a remark that fueled outrage among Ukrainians and condemnation from some foreign allies.

“Our flag is a yellow and blue one,” Foreign Minister Dmytro Kuleba said Sunday on X, formerly Twitter. “This is the flag by which we live, die and prevail. We shall never raise any other flags.” He urged the Vatican to avoid repeating what he called its “strategy from the first half of the twentieth century.”

Kuleba invited the pontiff to visit Ukraine in support of the nation’s many Catholics, Christians and its population in general.

The foreign minister’s statement followed a torrent of angry comments on Ukrainian social networks after the release of an excerpt from Pope’s interview with Swiss broadcaster RSI on Saturday.

By Shruti Srivastava, Bastian Benrath & Hugo Miller

InDIA and four European countries signed a free trade pact that will see $100 billion invested in the South Asian country over 15 years and a million jobs created, boosting Prime Minister narendra Modi’s government weeks before the elections.

Indian Trade Minister Piyush Goyal said Sunday the deal with the European bloc—which comprises Switzerland, norway, Iceland and Liechtenstein—marked the “first time in the history of the world that we are inking an agreement with a binding commitment” for investment within a trade pact.

It shows that “investor confidence in India is at an all-time high,” he added.

The trade pact with the EFTA bloc, which includes countries that aren’t members of the European Union, has been under negotiation for 16 years. Bloomberg news had earlier reported on the agreement.

India, the world’s most populous nation and the fastest-growing major economy, is benefiting as countries look to diversify their supply chains

There, Francis urged Ukraine to consider negotiations with Russia in the light of a looming possibility of a defeat. “Don’t be ashamed to negotiate before it gets worse,” the Pope said.

Vatican spokesman Matteo Bruni made a separate comment after the interview, saying the pope had “picked up” on the imagery of the white flag after it was used by the interviewer. He reaffirmed Francis’s “deep affection” to Ukrainian people, expressed most recently during a mass in February to mark the second anniversary of Russia’s full-scale invasion.

Some foreign officials, including Polish Foreign Minister Radoslaw

away from China. Goyal said the investment commitments from the EFTA countries would be from the private sector.

“The EFTA trade deal continues to deepen market access for India, with an added clause for incentivizing investment,” said Rahul Bajoria, an India economist at Barclays Plc. Although the EFTA nations’ market size is small, the agreement is a “signal nevertheless that even highly developed economies are seeking trade deals with India,” he said.

The European nations will in return get easier access for processed food and beverages and electrical machinery.

India offers “immense opportunity for trade and investment,” Swiss Economy Minister Guy Parmelin said at the ceremony, adding that the South Asian nation would gain access to technology through the deal.

The agreement will also benefit the pharmaceutical and medical devices industry of the bloc. Indian exporters will get liberalized access for their rice and other products to these European nations while high-end Swiss watches will become cheaper in India in a phased manner.

Sikorski, also challenged the pope’s view.

“My Sunday morning take: One must not capitulate in face of evil, one must fight it and defeat it, so that the evil raises the white flag and capitulates,” Latvian President Edgars Rinkevics said on X.

Ukraine’s leadership has so far ruled out talks with Russian President Vladimir Putin, even as Kyiv’s military is strained by troop shortages and an ammunition deficit amid delays in receiving military aid from allies.

There’s been an increase in diplomatic activity, though, including a recent visit by a Chinese envoy to Kyiv, and President Volodymyr Zelenskyy’s trip to Turkey last week.

Francis mentioned Turkey in the interview as a potential mediator.

It isn’t the first time the Vatican has been forced to clarify comments from the 87-year-old pontiff on Russia and Ukraine.

Last year, it walked back remarks

‘Significant milestone’

THE Swiss government called the deal a “significant milestone,” in a separate statement on Sunday. India will lift or partially remove customs tariffs on about 95 percent of industrial imports from Switzerland, excluding gold, either immediately or over time, it said. In a nod to the Swiss pharmaceuticals industry, the government said the deal includes “improvements” to intellectual property rights, patent procedures and the protection of “Swissness.”

The services sector will also benefit from the deal and Indian professionals will be able to move more smoothly under the arrangement. The EFTA bloc has committed to market access and non-discriminatory treatment for Indian services including in the audio-visual, accounting and auditing, legal and computerrelated sectors under the pact. India has offered market access and non-discriminatory treatment to the accounting, health, computer, banking and insurance services of the bloc. Goyal said the free trade deal is India’s most modern agreement to date, dealing with labor, environment and gender.

urging young Russians to take pride in being “heirs” of the nation’s heritage of empire. In 2022, the pope stirred controversy with a plan to have Russian and Ukrainian women carry the cross together during a Good Friday procession, just weeks into Russia’s invasion.

Ukraine is actively working to have the nations of the so-called Global South, including predominantly Catholic South America, support its peace blueprint, which sees a departure of Russian forces as precondition for any settlement.

Zelenskyy hasn’t directly responded to the pope’s remarks or the ensuing controversy.

Instead, he urged in a short Telegram statement on Sunday to stay strong in the face of what he called increasingly “insane” statements coming from Moscow.

“Only our strength in protecting life and our ability to achieve our aims can sober Russia up, at least partially,” Zelenskyy said. Bloomberg

Modi’s government has accelerated talks with major trading partners to take advantage of the changing global world order. It is also in discussions with the UK, European Union and Australia for free trade pacts to boost local manufacturing and create jobs. negotiations with the UK are in the final stages.

Among the EFTA countries, Switzerland is India’s largest commercial partner and bilateral trade stood at $17.14 billion in the 2022-2023 fiscal year, out of $18.66 billion with the whole group. The deal must be ratified by Switzerland’s parliament, which will begin that process immediately, the government said, so it can be approved by 2025 at the latest. Parmelin will brief the media on the pact in the Swiss capital Bern on Monday upon his return.

Swissmem, an engineering industry lobby group whose members include conglomerate ABB Ltd. and elevator maker Schindler Holding AG, said the deal represents an “enormous opportunity.” it gives Swiss companies an advantage over competitors from the UK, China and the US who can’t take advantage of such a free-trade deal, the group said. With assistance from Anup Roy and Niluksi Koswanage/Bloomberg

A14 Tuesday, March 12, 2024

HOUSE TELLS SENATE: ‘NO BETTER TIME THAN NOW TO AMEND CHARTER’

By Jovee Marie N. dela Cruz @joveemarie

AS the House of Representatives started plenary debates on economic charter change, the proponents of Resolution of Both Houses No. 7 (RBH 7) conveyed a clear message to the Senate while affirming the constitutional validity of the procedural steps involved: “There will never be a better time than now to amend the economic provisions of the 1987 Constitution.”

Now is the time to amend the Constitution’s restrictive economic provisions, Deputy Speaker Aurelio Gonzales Jr. said during this sponsorship speech.

“Let us not fail the Filipino people once more. We, in the House of Representatives, have exhausted every step to help our nation. It is time to work collectively and in harmony towards Bagong Pilipinas,” he said.

Gonzales, an author of RBH No. 7, implored his colleagues to adhere to the legal foundations of constitutional amendments and heed the wisdom imparted by resource persons during the Committee of the Whole House hearings.

“They are one in saying that amending the economic provisions will pave the way for a better, more thriving Philippines. We need to accept that certain provisions of the 1987 Constitution, as noble and wellintentioned as they are, have already outlived their purpose,” he said.

Defending the proposed amendments on the ownership of public utilities, educational institutions, and advertising companies, Gonzales asserted that these changes would attract substantial investments, spark greater competition, improve service delivery, and generate high-quality jobs.

“By amending Section 11 of

Article XII, our country can attract substantial investments and spark greater competition, leading to improved quality service delivery and high-quality jobs for the Filipino people. Likewise, the advanced technological knowledge that foreign corporations possess will significantly contribute to the development of our public utilities,” he said.

“By amending Paragraph 2, Section 4 of Article XIV, we are prioritizing education and nurturing intellectual capital, which are fundamental strategies for accelerating economic growth,” he said. Regarding the advertising sector, Gonzales noted, “We are paving the way for Filipino creatives to be known worldwide.”

He emphasized the importance of including the phrase “unless otherwise provided by law,” highlighting its role in adjusting restrictions on foreign ownership through regular legislation and offering flexibility in policy-making.

“It is pursuant to Article 17, Section 1, Paragraph 1, which provides that ‘Any amendment to, or revision of, this Constitution may be proposed by the Congress, upon a vote of threefourths of all its Members,’” he added.

For his part, Majority Leader Manuel Jose M. Dalipe explained the significance of this historic shift in the country’s economic direction.

After a week of intense debates and discussions, Dalipe said the House stands on the verge of a crucial decision regarding these transformative reforms.

Committee Report No. 985, which adopts RBH 7 without amendments, is up for approval, marking a transformative journey to align the Philippines with the demands of a rapidly evolving global landscape, said Dalipe.

RE, health care, agri, IT biz deals in focus in Marcos trip to Europe

PRESIDENT Ferdinand R. Marcos Jr. said he will be pushing for stronger economic cooperation with Germany and the Czech Republic during his visit to Europe this week.

“We are eager to invite German and Czech businesses to consider the Philippines as a production hub for their products,” the President said in his departure statement at the Villamor Airbase in Pasay City on Monday.

During his working visit in Germany on March 12 and 13, 2024, the President is expected to pursue agreements on renewable energy, manufacturing, health care, agriculture, aerospace, innovation and startups, Information TechnologyBusiness Process Management (ITBPM), and minerals processing.

This will be in addition to the Joint Declaration of Intent (JDI) on Strengthening Maritime Cooperation as well as the Cooperation Programme between the Technical Educational and Skills Development Authority (Tesda) and the Federal Institute for Vocational Education and Training (BIBB) which will be signed, while Marcos is in Germany.

At the second part of his European trip at the Czech Republic on 14 and 15 March 2024, Marcos said

CREATE MORE gets 2nd reading clearance in House

By Jovee Marie N. dela Cruz @joveemarie

THE House of Representatives on Monday approved on second reading CREATE MORE or CREATE to Maximize Opportunities for Reinvigorating the Economy, which seeks to modify income tax rates for domestic corporations, adjust tax brackets for individuals, introduce a new tax bracket for high-income earners, and revise tax incentives for certain industries.

Committee on Ways and Means

Chairman Joey Sarte Salceda said House Bill No. 9794, which was approved through viva voce voting, aims to build upon the successes of the CREATE Act and adapt to changing dynamics in the global economy.

“CREATE MORE builds on the progress achieved by the CREATE Act and responds to emerging developments in the global economy,” said Salceda.

Recognizing the global shift towards a minimum corporate tax rate of 15 percent, Salceda said the proposal advocated for a tax regime that aligns with this global standard while remaining competitive.

The proposed reduction in the tax rate for enterprises under enhanced deductions, from 25 percent

to 20 percent, aims to facilitate this alignment and support eligible enterprises in transitioning from special corporate income tax (SCIT) to enhanced deductions.

“Our incentives must also respond to the global minimum corporate tax. The world is moving towards a tax rate of 15 percent, and companies that pay less than that abroad are being required by home countries to pay the balance at home. So, our ITH [income tax holiday] and SCIT regime of 0 and 5 percent will only result in origin countries imposing a top-up tax. It will defeat the purpose of our incentives,” he said.

Moreover, Salceda highlighted the positive outcomes achieved through the CREATE Law, emphasizing its role in generating an

additional 366,650 jobs across the economy and securing commitments for 112,464 jobs from the approved P1.1 trillion investments.

The tax incentives provided by CREATE have proven instrumental in advancing the nation towards its tenyear goal of creating 1.4 million jobs.

“That means that CREATE is on track to meet its 10-year job creation target of 1.4 million jobs due to lower corporate income taxes and a harmonized tax incentives regime,” said Salceda.

Salceda added that the CREATE Law has also shielded the Philippines from global investment challenges, with the nation’s FDI performance surpassing 2019 levels despite a decline in global FDI levels due to factors like higher Fed rates, the Covid-19 pandemic, and a slower-growing China.

“The oversight and policymaking powers of the Fiscal Incentives Review Board have allowed us to evaluate tax incentive performance through the annual FIRB report. This helps us craft investment promotion strategies to make the country more competitive against our very ambitious neighbors,” he added.

Acknowledging the shifting global landscape since the enactment of CREATE, Salceda pointed out key areas that demand attention.

“Nonetheless, the global envi -

ronment has also changed rapidly since the enactment of CREATE, particularly in three key areas: the rapid decline of China as the global manufacturing hub, the introduction of the global minimum corporate tax, and the increase in global commodity prices, particularly fuel, due to ongoing world conflicts,” he said.

“In this regard, we cannot afford to bungle our tax treatment of investors,” he added.

To address potential ambiguities in the CREATE Law and ensure a streamlined tax treatment of investors, Salceda stressed the need for clarity in the VAT regime, a transparent incentives regime during the CREATE transition period, and an effective VAT refund system.

“The VAT regime must be simple, clear, and transaction-based. The incentive regime under the CREATE transition period must be without any ambiguity. And the VAT refund system must work,” he said.

The CREATE MORE Act, he added, aims to maintain an agile tax incentive approval mechanism, reverting the power to grant incentives to investment promotion agencies (IPAs) while retaining the Fiscal Incentives Review Board’s (FIRB) policymaking and oversight functions.

Continued on A5

he wants to explore cooperation agriculture, manufacturing, especially in the automotive industry, transportation, renewable energy, space, and scientific instruments with Prague.

While the President is in Prague, the Philippines-Czech Republic Joint Communiqué on the establishment of a labor consultation for the safe and orderly migration of Filipino workers will be signed.

“I look forward to having productive discussions, fruitful collaboration, and memorable experiences that will further cement the enduring ties between the Philippines, and Germany and of course, the Czech Republic,” Marcos said.  He said his visit in the two countries comes at a pivotal period as the country celebrates the 50th anniversary of its diplomatic relations with the Czech Republic and 70th anniversary of its diplomatic relations with Germany.

“Thus, I look on my trip to the center of Europe with anticipation and optimism for the opportunities to be explored and for our friendship with the German and Czech nations to be affirmed and strengthened,” Marcos said.  Samuel P. Medenilla

Poll provider to ‘gamble’ exposing source code

TBy Samuel P. Medenilla @sam_medenilla

HE Commission on Elec -

tions said on Monday it is now looking at new transparency measures, including the public posting of the source code, to ensure the credibility of the 2025 National and Local polls.

Foremost

“They are willing to gamble [their source code]. They are willing to show it to the public so anyone can test it,” Garcia said in Filipino in a press conference during the signing of the FASTrAC contract on Monday.

“This is the first time Comelec has received such an offer. This means they are confident with the ability of their program. This [offer] will be studied by the Comelec,” he added.

He

received, we can grant and implement,” Garcia said.

Under the signed FASTrAC contract, Miru together with other JV members—the Integrated Computer Systems, St. Timothy Construction Corporation, and Centerpoint Solutions Technologies Inc.—will provide the following to Comelec: lease of 110,000 Automated Counting Machines; 104,345 ballot boxes; 2,200 Control Service Server/ Laptop and Printer; and the paper, printing, and verification for 73,881,894 ballots.

The 2025 polls will be the first automated elections which will not be handled by Smartmatic International.

Smartmatic has been the automated election system provider of Comelec from 2010 to 2022, but last November, the Comelec en banc “disqualified and disallowed” the company in its bidding due to the ongoing investigation in the United States on its alleged illegal activities.  Garcia said he warned Miru against engaging in any activity, which can undermine the credibility of the upcoming elections.

“We have Republic Act No. 9396 [which has a provision] on electoral sabotage. If there are any irregularities [in the conduct of the election], we can face imprisonment. And that is non-bailable,” the Comelec chief said.

By VG Cabuag @villygc

The Po family’s Century Pacific Food Inc. (CNPF) on Monday said it entered into a new longterm contract with The Vita Coco Co. Inc., a listed US company that sells coconut water.

Vita Coco conveys our mutual trust and respect for each other as business partners, a relationship built through consistency, collaboration and excellence,” Noel Tempongko Jr., vice president of CNPF’s Coconut OEM business, said. The company’s partnership with Vita Coco marked CNPF’s entry into the coconut category. The initial

agreement started in 2012, and, since then, the group has produced multiple coconut products for Vita Coco.

With long-term health and wellness trends on the rise, both partners saw a significant increase in sales over the last decade.

During this time, CNPF has become one of the largest suppliers of Vita Coco, augmenting its capacity by 50 percent in 2022, to serve the brand’s growing needs.

“We are thrilled to enter into this new agreement and eagerly anticipate the opportunity to meet the heightened demand. As such, we are planning to invest in additional capacity, which will create more jobs in Mindanao and help stimulate the local economy,” Tempongko said.

“Our mutual ambition to serve consumers better with healthier products has taken us to new heights in innovation and quality. This agreement also creates an avenue by which we collaborate to make a positive impact on society and help build thriving communities among

smallholder farmers in the Philippines,” Jonathan Burth, COO of Vita Coco, said.

The companies said the deal will further support the growth of the local coconut industry in the region. The Philippines is second largest producer of coconuts in the world, home to approximately 2.5 million coconut farmers. Many of them are in Mindanao where CNPF operates.

CNPF works with local smallholder farmers, creating market access for their produce. In 2021, the group partnered with the fintech GCash, and impact organization, HOPE, to plant and donate 1 million coconut trees to smallholder coconut farmers in Mindanao.

These younger seedlings aid in boosting the productivity of their farms, augmenting their income. The program helps secure long-term coconut supply, and, in turn, support the sustainability of the country’s coconut industry. CNPF completed the 1 Million Coconut Trees program in 2022.

Premium Leisure seeks delisting

SHARES of Premium Leisure Corp. (PLC), the Sy-controlled gaming firm, were suspended for trading starting Monday after it announced its decision to voluntary delist from the Philippine Stock Exchange (PSE).

Belle Corp., which already owns 78.74 percent of PLC, has launched a mandatory tender offer on all of shares of Premium Leisure that it does not own.

“The tender offer price is to be determined upon receipt and acceptance by the BEL board of the fair-

REDDIT Inc. and its investors are seeking to raise as much as $748 million in what would be one of the biggest initial public offerings (IPO) so far this year, according to people familiar with the matter.

The social media platform and some of its current shareholders plan a sale of 22 million shares for $31 to $34 each, said the people, who asked not to be identified because the information wasn’t public yet. The company was seeking a valuation of as much as $6.5 billion in the listing, Bloomberg News has reported.

The people said the company is setting aside about 1.76 million shares in the IPO to be bought by

ness opinion report of First Metro Investments Corp. (FMIC),” the company said. FMIC is the independent third party hired to conduct the valuation study and issue a fairness opinion report. PLC owns 100 percent equity investment in Premium Leisure and Amusement Inc., which is a grantee by the Philippine Amusement and Gaming Corp. (Pagcor) of certificate of affiliations and provisional license to operate integrated resorts, including casinos, in the vicinity of the Pagcor Entertainment City.

users and moderators who created accounts before Jan. 1. Those shares won’t be subject to a lockup period, meaning the owners can sell them on the opening day of trading, according to Reddit’s filing in February with the US Securities and Exchange Commission. A representative for Reddit declined to comment.

Reddit’s valuation R EDDIT ’S more than two-year slog to listing reflects the ups and downs of the market, beginning with its initial confidential filing in 2021, when IPOs on US exchanges set an an alltime record of $339 billion, according to data compiled by Bloomberg.

The license runs concurrent with Pagcor’s Congressional franchise, which expires in 2033. Congress can renew the franchise for another 25 years.

The company also owns a 50.10-percent controlling interest in Pacific Online Systems Corp., which leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery operations in the Visayas and Mindanao regions.

PLC said its income rose 85 percent to P2.32 billion last year from the previous year’s P1.56 billion due

Reddit raised funds that year valuing it at $10 billion, and Bloomberg News reported the following year that it could be valued at as much as $15 billion in an IPO.

Meanwhile, IPOs in the US tumbled, reaching only $26 billion last year, the data show. In January, Bloomberg News reported that Reddit was weighing feedback from early meetings with potential IPO investors that it should consider a valuation of at least $5 billion.

The company is a high-profile addition to the year’s roster of newly and soon-to-be public companies. The biggest of those listings was the $1.57 billion offering by Amer Sports Inc. in January. Astera Labs

to “significantly enhanced mass and VIP operations at the City of Dreams Manila.”

Revenues grew 41 percent to P2.94 billion from the previous year’s P2.08 billion.

The company’s gaming revenue share through its wholly owned subsidiary Premium Leisure and Amusement jumped by 50 percent to P2.33 billion from P1.56 billion in 2022.

Meanwhile, Pacific Online had a net income of P275 million in 2023, up by 44 percent higher from the previous year’s P191 million. VG Cabuag

Inc., a software maker focused on artificial intelligence, said in a filing Friday that it would seek up to $534 million in its IPO, which will likely proceed Reddit’s.

Reddit’s listing will be watched closely by IPO candidates such as Microsoft Corp.-backed data security start up Rubrik Inc. and health-care payments company Waystar Technologies Inc. Their deliberations come after a quartet of US listings led by semiconductor designer Arm Holdings Plc’s $5.23 billion offering in September failed to ignite a lasting rebound in the market.

Continued on B2

ASMALL Japanese plastic recycling company is gearing up to go public in the United States through an SPAC merger this month, even as many IPO hopefuls are delaying or scrapping such plans.

Kawasaki-based Jeplan Inc. plans to merge with special purpose acquisition company AP Acquisition Corp. to debut on the New York Stock Exchange in coming weeks. If the deal moves forward, it would value Jeplan at around $300 million and the merged entity at an estimated $429 million, assuming no additional equity financing or redemptions by AP Acquisition’s investors.

Public listings via SPAC mergers are under heightened investor scrutiny, as redemption rates climb well above 90 percent. But Jeplan thinks the risk worthwhile. Listing on the NYSE will allow it to access capital from a wider base of investors, enhance its brand and attract additional talent needed to drive further growth, the company said.

“This buys us time,” Jeplan

Chief Executive Officer Masaki Takao said in an interview.

Founded in 2007, Jeplan develops what is known as chemical recycling, which in theory would make PET bottles reusable millions of times over. Its technology breaks down used plastic to nearvirgin resin with only one part per million residual metal, according to the company. Jeplan holds a mere 3 percent to 5 percent of the global chemical recycling market, according to market research firm Imarc Group.

Jeplan now has a contract with Japanese beverage firm Asahi Group Holdings Ltd., which has begun adopting Jeplan’s tech to recycle PET bottles retrieved from about 30,000 vending machines in Tokyo, with plans to expand in other parts of the country. Proceeds from the listing would help boost the company’s research and development and expand capacity to recycle bigger volumes.

Over the past year, however, US SPAC merger have seen an average of roughly 94 percent of shares swapped for cash, according to SPAC Research data analyzed by Bloomberg. More than 300 SPACs have been liquidated since November 2022, data from SPAC Research show, while those that are still operating have seen the vast majority of investors bail.

“Any company merging with a SPAC has to know that the money in trust that will stay there through the deal is really low,” said Jay Ritter, a University of Florida professor who tracks new stock issues. “Unless this company gets lucky—and it might— there probably won’t be a whole lot of cash delivered from the cash trust.”

Japanese hoverbike maker Aerwins Technology Inc. debuted on the Nasdaq through a SPAC merger last year, only for its Japan unit A.L.I. Technologies Inc. to file for bankruptcy just ten months later.

Even discounting the SPAC factor, post-IPO success has been elusive for Japanese companies venturing abroad. Of the six Japanese companies that debuted on the Nasdaq over the past year, all are trading below their initial public offering prices.

Now, with Japan’s benchmark Nikkei 225 Stock Average’s topping its historic 1989 high, appetite to go public overseas may flag in the months ahead.

Sponsored by Japanese private equity firm Advantage Partners, AP Acquisition was launched two years ago to merge with a company in de-carbonization or renewable energy. The deal with Jeplan comes after the blank check firm’s had to postpone its merger deadlines twice so far.

“We want to be fast in raising money, fast in going public,” said AP Acquisition’s Chief Executive Officer Keiichi Suzuki. “That way, the company can expand its business and win licensing deals from many different places ahead of others.” Bloomberg News

Pl ASTIC waste on a beach in Japan. phoTographer: norIko hayashI/bloomberg

Banking&Finance

Favorable T-bill rates bag ₧15B for Treasury

By Reine Juvierre Alberto

THE national government successfully raised its full programmed amount from the tender of Treasury bills (T-bills) after the Bureau of the Treasury (BTr) saw favorable rates on Monday.

The Treasury made a full award of its P15 billion programmed auction of three-tenor bills after the aver-

age auction yields finally corrected slightly lower for the first week after rising for 11 straight weeks.

OFW

2024,

Senator worried over ads pushing online gambling

By Butch Fernandez @butchfBM

SENATOR Manuel “Lito” M. Lapid has expressed concern over the proliferation of advertisements on online gambling on different social media platforms in the country.

According to Lapid, presiding chairman of the Senate Committee on Games and Amusements, the young people who are exposed early to social media platforms such as Facebook, X, Instagram and TikTok risk becoming addicted to online gambling.

Moreover, Lapid warned in a statement recently that “this could also harm their values and morality if the government fails to act on it.”

He added that financial technology (fintech) firms, mobile wallet service like GCash and PayMaya, and other platforms could also be exploited for unbridled gambling activities.

“If the youth are getting away with playing online gambling, how can we raise them well and with good values in life? It is sad that our youth good

manners will be destroyed by this bad habit and they may even bet their pocket money in school,” the senator said, warning that “if worse gets worst, they might learn to steal, like the characters in ‘FPJ’s Batang Quiapo.’” The latter is an action-comedy drama television series broadcast by Kapamilya Channel, a network operated by ABS-CBN Corp. Likewise, Lapid conveyed concerns that “it is very easy to install applications on cellphones and other mobile devices for online gambling,” noting that “this is often overlooked by parents.”

“It is also very easy or accessible to register because only name and age are required,” he noted

Among the online gambling forms that young people are obsessed with today are poker, roulette, color games and others like in casino, the senator said, noting that because of this, he was “prompted to file a resolution seeking the committee to investigate the illegal gambling online and formulate a law to prevent or suppress it.

With the results, the Treasury raised P5 billion each from 90-day T-bills, 182-day tenor, and 364-day government securities.

For the 90-day T-bills, investors’ average yield stood at 5.772 percent, versus the previous tender’s 5.778 percent. Bids for the 90-day T-bills ranged from 5.730 percent to 5.825 percent. The 182-day T-bills saw its yield averaging at 5.966 percent compared to last auction’s 5.995 percent. The government security rates were between 5.930 percent and 5.993 percent.

Investors’ average rate for the 364-day T-bills, meanwhile, was at 6.087 percent with a yield range of

6.040 percent to 6.100 percent. Tbills’ yields averaged 6.100 percent in the Treasury’s previous tender last March 4.

According to the Treasury, the auction was 3.4 times oversubscribed, attracting P50.7 billion in total tenders.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort attributed the “slightly lower” T-bill yields to the recent dovish signals of Federal Reserve (Fed) Chairman Jerome Powell and other officials that hinted of possible rate cuts later this year.

Ricafort also noted the lower Tbills yields in the context of large

maturities of Retail Treasury Bonds (RTBs) worth about P700 billion. He said the latter would increase liquidity. Reinvesting part of the amount raised in government securities could further lead to lower yields, Ricafort added.

“[Treasury bills] auction yields are again mostly unusually higher [against] the comparable short-term PHP BVAL yields, but still below the comparable [Bangko Sentral ng Pilipinas’] BSP short-term interest rates,” the RCBC economist said.

The PHP BVAL yield for 90-day and 182-tenor T-bills are at 5.765 percent and 5.974 percent, respectively, except the 365-day govern-

ment securities at 6.104 percent which is slightly lower than its T-bill yield counterpart.

Ricafort explained the lower T-bill yields would lower borrowing costs, such as interest rates and in government’s debt servicing.

The Treasury aims to raise as much as P60 billion in March from the sale of T-bills. It is also targeting to raise P180 billion in March from the combined sale of T-bills and Treasury bonds (T-bonds).

Based on state budget documents, the national government aims to borrow a total of P2.46 trillion, P253 billion higher than the P2.207 trillion gross borrowing plan in 2022.

Solon eyes gains from Capital Markets Efficiency bill

OOffice (PCSO) if the proposed Capital Markets Efficiency Promotion Act (Cmepa) is enacted.

According to AnaKalusugan Party-list Rep. Ray T. Reyes, halving the documentary stamp tax (DST) on lottery tickets and horse-racing bets to 10 percent would substantially increase the charity fund allocated to the PCSO’s Medical Access Program (MAP).

Reyes, a member of the House

Committee on Ways and Means, said through a statement issued last Monday that a reduction in the DST would contribute an additional P4 billion to their charity fund for medical assistance. The lawmaker cited PCSO’s data as basis.

Reyes further noted that while PCSO’s charity fund reached P18.3 billion last year, 67 percent, or P12.2 billion, went to DST.

“In our congressional hearings, we discovered that a considerable portion of PCSO’s charity fund is consumed by DST,” he remarked. “As a result, only an estimated 11 percent, or P2 billion, was allocated to the medical access program last year.”

The lawmaker said that for 2024, the PCSO is estimating that P14 bil-

lion will be spent on DST and only P1.68 billion will be used for beneficiaries of the MAP.

“This is why we are proposing a tax reduction. Once approved, we expect an additional P3 billion will be added to the program, giving it a total of P4.9 billion,” Reyes added.

The lawmaker issued a statement after the bill was recently approved on third reading in Congress with 270 affirmative votes, three negative votes and one abstention.

Aside from cutting the 20-percent DST on PCSO lottery tickets and horse-racing bets, HB 9277 seeks to amend the Tax Code by reducing taxes on stock transactions from 0.6 percent to just 0.1 percent of stock value.

HB 9277 aims to enhance capital markets and the investment competitiveness of the country and create parity in the tax treatment of debt and stock securities. It shall do so through the following: reduction of the stock transaction tax; imposition of the debt transaction tax, except for government securities; and, reduction of the dividends tax to non-resident aliens from 25 percent to 10 percent to harmonize the cash and property dividend rates.

Once enacted into law, HB 9277 will amend Sections 22, 24, 25, 121, 127 and 190 of Republic Act 8424, or the National Internal Revenue Code of 1997, as amended.

DOF upholds BIR order dismissing errant staff

THE Department of Finance (DOF) has confirmed the dismissal of an erring personnel of the Bureau of Internal Revenue (BIR) who was tagged in the tampering and altering of the Point of Sales-Cash Register Machine (POS-CRM), read a statement issued by the BIR last Monday.

The statement quoted Internal Revenue Commissioner Romeo D. Lumagui Jr. as saying he welcomes the support of the DOF in “upholding the integrity and professionalism” of BIR employees.

According to Lumagui, the bureau is closely monitoring syndicates who tamper POS-CRM machines and will file criminal cases against all conspirators once discovered.

“If there is a BIR employee involved, aside from the criminal case, we will immediately remove you from office,” added the BIR chief.

To recall, Lumagui led the filing of a complaint for violation of Section 264-B of the National Internal Revenue Code of

1997 (Tax Code), as amended against one of its employees, his wife and a relative.

(See: https://businessmirror.com. ph/2023/05/12/billions-lost-frombir-staffs-scheme/).

The said provision penalizes the “purchase, use, possess, sell or offer to sell, install, transfer, update, upgrade and keep or maintain any software or device designed for or capable of modifying, hiding or deleting electronic records of sales transactions and providing a ready means of access to them.”

According to the BIR, the employee charged who ran the software management company Basebyte Software Management and Consultancy Services. The employee worked for the BIR for at least 10 years before he was ordered dismissed from the agency.

Lumagui said four business establishments were identified to have benefited from the scheme, which cost approximately P6.4 billion in initial government revenue loss.

Walang lugar sa Bagong BIR at sa

Bagong Pilipinas ang mga kawani na sila mismo ang tumutulong paano mangdaya ng buwis gamit ang POS-CRM machines. Tatanggalin namin kayo sa pwesto, ipapakulong din namin kayo. Kayo dapat ang ehemplo sa tamang pagbayad ng buwis ,” the BIR chief added. [There’s no place for employees who themselves help in tax evasion using POS-CRM machines in Bagong BIR and Bagong Pilipinas. We will remove you from your position and put you in jail. You should be the example in paying taxes properly.]

The DOF, for its part, affirmed the BIR’s decision to dismiss the erring personnel and confirmed that the respondent took advantage of his position when he and his wife entered a business related to his work at the BIR.

“The DOF Decisions affirmed the Commissioner’s rulings and reiterated that BIR employees should exhibit upright and noble public service to protect the integrity of the institution,” read the statement issued by the DOF.

Empowering Filipino women through financial education

FOR years, I’ve poured my passion for personal finance into videos and blog posts, crafting guides on budgeting, saving and building a secure future. But the most impactful lessons did not come from spreadsheets: they came straight from the hearts of Filipina women just like those I’m privileged to connect with. In the quiet whispers of my Inbox, I’ve encountered the silent struggles of women from all walks of life, each carrying the weight of their dreams, fears and aspirations.

Among them stands Theresa, the devoted stay-at-home mom who meticulously stretches her husband’s salary to cover every necessity. Her heart longs to contribute more, yet

amidst the whirlwind of managing the household and caring for her children, financial security feels like an elusive dream, burdened by the weight of responsibility. Then there’s Leah, the resilient mom, who sacrifices precious moments with her family to provide them with a better life as an overseas Filipino worker. With each passing day spent far from home, her desire to learn how to save and invest wisely grows stronger, fueled by the hope of one day reuniting with her loved ones and building a brighter future together.

And let’s not forget Carla, the tireless working mom, who skillfully navigates the intricate balance between

career and family life. Despite her unwavering efforts, the looming presence of mortgage and car payments adds an extra layer of pressure to her daily struggles. Even with a supportive partner by her side, the constant worries about money cast a shadow over her aspirations.

As we celebrate Women’s Month, these stories serve as powerful reminders of the challenges faced by Filipina women on their quest for financial empowerment. It’s a celebration not just of their resilience but also a call to action to unleash the potential that lies dormant within their hearts and pave the way towards a future where every Filipina woman can thrive, flourish and achieve their dreams.

But how do we transform dreams into reality? How do we break free from the shackles of financial uncertainty and embrace a future filled with promise?

The answer lies in the power of education, which is the cornerstone of empowerment. In the realm of personal finance, knowledge is not just power; it’s freedom. It’s the key that unlocks doors, dismantles barriers and sets hearts on fire with possibility.

At the core of financial empow-

erment lies the art of budgeting—a skill often overlooked but profoundly transformative. Imagine it as a guiding compass navigating you through the maze of expenses, leading you towards the shores of financial stability. Begin by mapping out your income and expenses, carving out space for necessities and aspirations alike. Remember, every peso saved is a step closer to your dreams.

Yet, amidst the clamor of bills and responsibilities, debt often looms like a shadow, casting doubt upon our hopes and dreams. Fear not, for in the face of adversity lies opportunity. Take charge of your financial destiny by confronting your debts head-on. Prioritize repayment, negotiate for lower interest rates and reclaim control over your financial narrative. Remember, you are not defined by your debts but by your resilience.

Financial empowerment extends beyond mere survival. It’s about thriving, flourishing and embracing the abundance of life. Sow the seeds of prosperity through the art of investing. Explore myriad avenues, from stocks to mutual funds, real estate to retirement accounts. Seek guidance, craft a strategy aligning with your aspirations and embark on a journey towards wealth creation.

In addition to budgeting and investing, another crucial aspect of financial empowerment is safeguarding what you’ve built with insurance. It acts as a safety net, providing protection against unexpected events for you and your loved ones.

When it comes to insurance, considering both health and life insurance is crucial. Health insurance ensures that you and your family are covered in case of medical emergencies, shielding you from the financial burden of unexpected healthcare costs. On the other hand, life insurance provides financial security for your loved ones in the event of your untimely demise, offering them a lifeline to navigate through challenging times.

To further enhance financial literacy, women can explore various avenues for education. Attending financial literacy seminars or webinars, watching YouTube videos, reading blogs, or joining online communities dedicated to financial wellness can provide valuable insights and practical tips for managing finances effectively.

Communication is key, especially between partners. Openly discussing financial matters fosters understanding, trust and unity, strengthening

The DOF also supported several dismissals made by the bureau of their erring personnel following its confirmation, the BIR said.

The cases vary from Grave Misconduct, Conduct Prejudicial to the Best Interest of the Service, Violation of Republic Act 3019 or the Anti-Graft and Corrupt Practices Act, and Violation of Reasonable Office Rules and Regulations.

Recently, a BIR employee was arrested for allegedly extorting money from a business establishment selling bicycles for children (See: https://businessmirror.com.ph/2024/02/20/bir-employee-nabbed-for-extortion/).

the foundation of your financial goals.

Moreover, instilling financial literacy in our children from a young age empowers them with essential life skills for wise decision-making. Teach them the value of budgeting, saving and wise spending.

As we stand on the brink of possibility, reaffirm our commitment to empowering Filipina women through financial education. Ignite flames of hope, illuminate pathways to prosperity and champion the cause of financial independence. For in the hearts of Filipina women lies the power to change the world—one empowered decision at a time.

To all the leading ladies, heed this call to arms. You are the architects of your destiny, the sculptors of your dreams. Embrace the journey towards financial empowerment and let us pave the way for a future where every Filipina woman can thrive, flourish and soar.

Janice Sabitsana is a registered financial planner of RFP Philippines. The views she expressed in this column do not necessarily reflect those of the BusinessMirror. To learn more about financial planning, attend the 106th RFP program this March 2024. Please e-mail info@rfp.ph or visit https://www.rfp.ph for details.

and OFBank

Memorandum of Agreement to fast-track the delivery of indemnity claims for OFWs affected by

in

It’s how life is perceived in ‘Pananaw’

NO two takes are identical from the artwork’s composition to its title in Pananaw, Niño Cris Odosis’ ongoing fifth solo exhibition at Art Verité Gallery. Each piece can be viewed differently, depending on the viewer’s frame of mind, state of life, or what makes him him Odosis stimulates subjectivity by tackling social realism from all fronts. Driven by the truth that experiences can be familiar but never categorically alike, the artist explores themes and scenes of everyday life.

We may share, for instance, a childhood affinity with the Filipino merienda bananacue. But how it’s perceived differs from a boy who shared it every afternoon with his privileged family compared to another tasked to peddle it on the streets to help make ends meet. And we see more of the latter in one of Odosis’ featured artworks, as the underprivileged kid takes a moment to fantasize about a sweet escape— living life with only his kite to worry about, nothing more.

Odosis hails from Cavite and lives in Parañaque as an art instructor. After finishing school, he went into mural painting with walls of Cavite public schools bearing his creations. In 2016, he began teaching art and continues to pay it forward by training artists both young and young-at-heart.

In 2018, Odosis won the grand prize at the Vision Petron Art Competition “Tuklas Kultura” contest. Last year, he received an honorable mention for his entry in the PCSO National Art Competition 2023.

■■■

VISUAL artists Pinggot Zulueta, Rafael La Madrid, and Jep Dizon comprise the trifecta of solo exhibitions

that opened over the weekend at Art Cube Gallery in Makati City. In Obskrva, Zulueta dissects the existentiality of the human condition. The exhibit serves as the fifth of a years-long series, wherein the multidisciplinary artist looked inward, then mused about the concept of alienation, before diving inward again and exploring the idea of mortality. Zulueta presents dark surrealism in Obskvra, centered on the complexities of navigating the past, present and future.

Meanwhile, La Madrid’s takes us through the interplay between nature and its elements in Paths, Found Rocks, and Moss. Lifelike paintings stun with intricate detail, from the masterful play of light and the manifold forms of life it shines on. The show explores themes of renewal and inherent beauty.

Lastly, in On the Ground, Across the Shadow, Jep Dizon fires up classical still-life images with melting surrealism. This bold reimagination produces a metaphor for mundane existence.

The three solo shows are on view at Art Cube Gallery until March 30. ■

Globe supports local creative economy with art collaborations

IN its commitment to nurture creativity and improve the lives of Filipinos, telecom giant Globe is once again collaborating for the 11th consecutive year with two of the Philippines’ most significant art events: Art Fair Philippines and Art in the Park. Support for these two events underscores Globe’s dedication to nurturing the creative economy and giving customers access to engaging and enjoyable experiences. It is part of the company’s broader commitment

to support the arts, uplift Filipino talent, and enrich the country’s cultural fabric.

The recently concluded Art Fair Philippines, renowned for showcasing contemporary Philippine and international visual art, has become a platform for artists, galleries and collectors to come together.

Meanwhile, Art in the Park offers an open-air art fair environment, providing enthusiasts a unique opportunity to explore and purchase

affordable artworks from both emerging and established artists and galleries in a casual setting. Visitors can also enjoy live performances, public art installations, and various culinary delights.

At Art in the Park, Globe subscribers can expect quicker transactions with a dedicated cashier lane and relax at the Globe lounge. Both events will provide free WiFi accessible to all. “At Globe, we believe that beyond being a source of enjoyment, art has the

ability to catalyze creativity, inspire ideation and offer avenues for selfdiscovery and self-expression,” said Pia Gonzalez-Colby, Globe chief marketing officer. Globe invites customers and art enthusiasts alike to immerse themselves in the vibrancy of the Philippine art scene at Art in the Park on March 17, 2024, at the Jaime Velasquez Park in Salcedo, Makati. Meanwhile, Art Fair Philippines was held in mid February at The Link, Ayala Center, Makati.

CELEBRITIES BORN ON THIS

DAY: Jaimie Alexander, 40; Aaron Eckhart, 56; Courtney B. Vance, 64; Liza Minnelli, 78.

HAPPY BIRTHDAY: Channel your energy wisely this year. Stay focused on what you are trying to achieve. Refuse to let anyone take advantage of you or what you have to offer. Look for ways to use your skills to gain access into a group, company or position that allows you to expand your knowledge and improve your earning potential or acquire personal gains. Your numbers are 3, 11, 18, 26, 34, 38, 45.

ARIES (March 21-April 19): Set your sights on what you can accomplish, and stop worrying about what everyone else is doing. Leave nothing to chance when dealing with bureaucracy. Pay attention to detail, and go about your business. Preparation is priceless. ★★★

TAURUS (April 20-May 20): Stand firm and follow through with your plans. Don’t feel bad if someone doesn’t tag along; it’s up to you to make things work and find your joy. When one door closes, another will open. Be receptive to new beginnings. ★★★★

GEMINI (May 21-June 20): You’ll find it difficult to separate your feelings from what you know to be accurate and what you have to do. Be realistic, prepare to work diligently toward your goal and be proud of your accomplishments. Don’t fold under pressure. ★★

CANCER (June 21-July 22): Step into the spotlight and take over. How you present your plans will make a difference in the amount of help you receive. A money matter is likely to fall short if you count on someone unpredictable. ★★★★

LEO (July 23-Aug. 22): Alter your life because it’s what you want, not because someone pressures you. Connect with people who bring out the best in you. Let go of what isn’t working for you, and make cutbacks that lower your overhead. ★★★

VIRGO (Aug. 23-Sept. 22): Communication will bring good results. Ask questions and listen to the response you get, and you’ll come up with concrete plans that will improve your life and your relationship with someone who can contribute to your long-term goals. Romance is favored. ★★★

LIBRA (Sept. 23-Oct. 22): Pour your energy into something that excites you. The more you accomplish, the better you will feel about yourself and your future. Pursue information, start something new and associate with people who share your beliefs and interests. Self-improvement will boost your confidence. ★★★

SCORPIO (Oct. 23-Nov. 21): Less talk and more action are required. Remove the clutter from your life, and focus on what’s best for you. Physical and emotional changes will take place if you set up a routine geared toward better health. Make personal growth a priority. ★★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Keep your emotions under control when dealing with personal matters and people who are manipulative. Be smart, disciplined and moderate when temptation puts you to the test. Choose friends and partners carefully to avoid disappointment and setbacks. Protect your reputation. ★★

CAPRICORN (Dec. 22-Jan. 19): You’ll gain insight into something you want to pursue. Start to make the changes that will help you use your skills, experience and knowledge in a new and exciting way. Set high standards and goals. Romance will enhance your love life. ★★★★

AQUARIUS (Jan. 20-Feb. 18): Keep an open mind, but don’t make an impulsive move because someone else does. Listen to your voice of reason, set boundaries and do what makes you feel comfortable. A joint venture isn’t in your best interest. Do your own thing. ★★★

PISCES (Feb. 19-March 20): Emotions will flare up if someone takes advantage of you. It’s in your best interest not to be too accommodating. Don’t worry if someone likes you; demand respect before you get involved in a joint venture. Discipline will pay off. ★★★

BIRTHDAY BABY: You are generous, resourceful and kind. You are persuasive and imaginative.

B5

‘Oppenheimer’ crowned best picture at an Academy Awards shadowed by war

By Jake Coyle The Associated Press

LOS ANGELES—Oppenheimer, a solemn threehour biopic that became an unlikely billiondollar box-office sensation, was crowned best picture at a 96th Academy Awards that doubled as a coronation for Christopher Nolan.

After passing over arguably Hollywood’s foremost big-screen auteur for years, the Oscars made up for lost time by heaping seven awards on Nolan’s blockbuster biopic, including best actor for Cillian Murphy, best supporting actor for Robert Downey Jr. and best director for Nolan.

In anointing Oppenheimer, the Academy of Motion Pictures Arts and Sciences did something it hasn’t done for more than a decade: hand its top prize to a widely seen, big-budget studio film. In a film industry where a cape, dinosaur or Tom Cruise has often been a requirement for such box office, Oppenheimer brought droves of moviegoers to theaters with a complex, fission-filled drama about J. Robert Oppenheimer and the creation of the atomic bomb.

“For better or worse, we’re all living in Oppenheimer’s world,” said Murphy in his acceptance speech. “I’d like to dedicate this to the peacemakers.”

As a film heavy with unease for human capacity for mass destruction, Oppenheimer also emerged— even over its partner in cultural phenomenon, Barbie—as a fittingly foreboding film for times rife with cataclysm, man-made or not.

Sunday’s Oscars at the Dolby Theatre in Los Angeles unfolded against the backdrop of wars in Gaza and Ukraine, and with a potentially momentous US election on the horizon. Awards for the documentary winner, 20 Days in Mariupol, and best international film, The Zone of Interest, brought geopolitics into the Oscar spotlight.

The most closely watched contest went to Emma Stone, who won best best actress for her performance as Bella Baxter in Poor Things. In what was seen as the night’s most nail-biting category, Stone won over Lily Gladstone of Killers of the Flower Moon. Gladstone would have become the first Native American to win an Academy Award.

Instead, Oscar voters couldn’t resist the full-bodied extremes of Stone’s Poor Things performance. The win for Stone, her second best actress Oscar following

her 2017 win for La La Land, confirmed the 35-yearold as arguably the preeminent big-screen actress of her generation. The list of women to win best actress two or more times is illustrious, including Katharine Hepburn, Frances McDormand, Ingrid Bergman and Bette Davis.

“Oh, boy, this is really overwhelming,” said Stone, who fought back tears and a broken dress during her speech.

Sunday’s broadcast had razzle dazzle, including a sprawling song-and-dance rendition of the Barbie hit “I’m Just Ken” by Ryan Gosling, with an assist on guitar by Slash and a sea of Kens who swarmed the stage.

But protest and politics intruded on an electionyear Academy Awards. Late during the show, host Jimmy Kimmel read a critical social-media post from former president Donald Trump.

“Thank you for watching,” said Kimmel. “Isn’t it past your jail time?”

Nolan has had many movies in the Oscar mix before, including Inception, Dunkirk and The Dark Knight. But his win Sunday for direction is the first Academy Award for the 53-year-old filmmaker. Addressing the crowd, Nolan noted cinema is just over a hundred years old.

“Imagine being there 100 years into painting or theater,” said Nolan, who shared the best-picture award with Emma Thomas, his wife and producer.

“We don’t know where this incredible journey is going from here. But to know that you think that I’m a meaningful part of it means the world to me.”

Downey, nominated twice before (for Chaplin and Tropic Thunder), also notched his first Oscar, crowning the illustrious second act of his up-and-down career.

“I’d like to thank my terrible childhood and the academy, in that order,” said Downey, the son of filmmaker Robert Downey Sr.

Barbie, last year’s biggest box-office hit with more than $1.4 billion in ticket sales, ultimately won just one award: best song (sorry, Ken) for Billie Eilish and Finneas’ “What Was I Made For?” It’s their second Oscar, two years after winning for their James Bond theme, “No Time to Die.”

Protests over Israel’s war in Gaza snarled traffic around the Dolby Theatre in Los Angeles, slowing stars’ arrival on the red carpet and turning the Oscar’ attention toward the ongoing conflict. Some

protesters shouted “Shame!” at those trying to reach the awards.

Jonathan Glazer, the British filmmaker whose chilling Auschwitz drama The Zone of Interest won best international film, drew connections between the dehumanization depicted in his film and today.

“Right now, we stand here as men who refute their Jewishness and the Holocaust being hijacked by an occupation which has led to conflict for so many innocent people, whether the victims of October the 7th in Israel, or the the ongoing attack on Gaza, all the victims, this dehumanization, how do we resist?”

A year after Navalny won the same award, Mstyslav Chernov’s 20 Days in Mariupol, a harrowing chronicle of the early days of Russia’s invasion of Ukraine, won best documentary. The win, a first for The Associated Press and PBS’ Frontline, came as the war in Ukraine passed the two-year mark with no signs of abating.

Chernov, the Ukrainian filmmaker and AP journalist whose hometown was bombed the day he learned of his Oscar nomination, spoke forcefully about Russia’s invasion.

“This is the first Oscar in Ukrainian history, and I’m honored,” said Chernov. “Probably I will be the first director on this stage to say I wish I’d never made this film. I wish to be able to exchange this [for] Russia never attacking Ukraine.”

Kimmel, hosting the ABC telecast for the fourth time, opened the awards with an monologue that emphasized Hollywood as “a union town” following 2023’s actor and writer strikes, drew a standing ovation for bringing out teamsters and behind-thescenes workers—who are now entering their own labor negotiations.

The night’s first award was one of its most predictable: Da’Vine Joy Randolph for best supporting actress, for her performance in Alexander Payne’s The Holdovers. An emotional Randolph was accompanied to the stage by her Holdovers costar Paul Giamatti.

“For so long I’ve always wanted to be different,” said Randolph. “And now I realize I just need to be myself.”

The win for Oppenheimer offered Hollywood a chance to celebrate despite swirling storm clouds in the film industry.

Nolan’s film debuted last year just as actors joined screenwriters in a prolonged strike over streaming

Rhian Ramos continues to evolve into a woman of beauty and substance

SUCH a joy to know that actress Rhian Ramos always makes it a point to choose projects that will send important reminders to women.

“I am happy that in my own small way, I am able to give life to strong female characters that have taken up space and allowed their voices to be heard, “ Ramos told us recently at the special screening of Miss Probinsyana, a movie she headlines.

The film, directed by Jenny Pearl (JP) Ninalga, from a screenplay she cowrote with her husband Eligio Ninalga Jr., tells the inspiring story of a woman who rose above all the challenges when she set up her own BPO company outside the big city.

The narrative is based on the inspiring success story of Marjorie Aviso, owner of Telework PH, a visionary who continues to open doors and work opportunities for many, specifically women from the provinces who dream of working in a corporate set-up.

“I spent some time with Ms. Aviso, observing her, and listening to her stories. I also had to immerse myself in the world of BPO, how things are done, the way employees go through their work day. I also had to familiarize myself with terminologies that I had absolutely no clue about in order to give sincerity and

truth to how I would portray my character, “ Ramos volunteered, adding that she is fortunate to have the highly-touted and multi-awarded thespian Sid Lucero as her leading man. Ramos enthused, “Sid is a rare kiºnd of actor. He is very giving and innately kind and warm, and he is such a joy to work with—light and passionate and funny all rolled into one. I don’t have to mention that he is high up there in terms of acting prowess. You have to always be ready and in the zone when acting with Sid kundi maiiwanan ka talaga. Such a brilliant actor!”

Ramos is glad that she finds time to work on

projects like this movie in between television jobs. She got good reviews for her last series on the GMA primetime block, new assignments soon. She was also in the news a few months back when her best buddy and beauty queen flat mate Michelle Dee competed overseas. “These days, more and more women discover how much they can achieve and I think it is important to know about these women and their stories that inspire. Whenever I hear about a woman achieving something great, I feel like I have also somehow achieved it, and I’m part of their milestones, too!”

On the love front, Ramos whispered to us that “all is good, and life is beautiful!” before letting out a big smile, refusing to delve deeper into her private romantic life.

Rhian Ramos’s hard work as an actor is slowly paying off. She is evolving into a woman of both beauty and substance. She has learned to take up space, assert herself, and speak on behalf of many others, specifically women in and out of the entertainment spectrum. She continues to celebrate womanhood. And most importantly, she is truly happy.

PHOTOS FROM AP

❷ FRom left: Robert Downey Jr., winner of the award for best performance by an actor in a supporting role for Oppenheimer; Da’Vine Joy Randolph, winner of the award for best performance by an actress in a supporting role for The Holdovers; Emma stone, winner of the award for best performance by an actress in a leading role for Poor Things; and Cillian murphy, winner of the award for best performance by an actor in a leading role for Oppenheimer, pose in the press room at the oscars.

economics and artificial intelligence. The actors’ strike ended in November, but little of Hollywood’s unease subsided. Streaming has proved less lucrative for most studios not named Netflix. n

gma’s murder mystery series comes to Netflix

TuRNiNg up the heat on Netflix this march is the murder mystery drama Royal Blood. The gma Network series stars Dingdong Dantes, who makes his highly-anticipated return to the small screen. Far from the typical rags-to-riches story, the plot-driven drama is high on intrigue, tension and excitement.

Royal Blood follows the story of Napoy (Dingdong). the illegitimate son of a business tycoon who struggles to make ends meet as a motorcycle rider for himself and his daughter. Despite financial hardships, Napoleon manages to provide for his daughter with the support of his friends and neighbors.

his life takes an unexpected turn when his long-lost father, gustavo, suddenly appears and tries to make up for his years of neglect. as Napoleon becomes part of his father’s wealthy family, he faces opposition from his half-siblings who consider him a threat to their inheritance. Things get complicated when his father is murdered, and he becomes the main suspect. Determined to prove his innocence, Napoleon embarks on a dangerous journey to uncover the truth behind his father’s death.

Royal Blood boasts a star-studded cast that includes megan Young, Dion ignacio, mikael Daez, Lianne Valentin, and Rhian Ramos. Joining the actionpacked drama as well is miss universe Philippines 2020 Rabiya mateo, plus Benjie Paras and arthur solinap. Playing the rich patriarch and shrewd business tycoon gustavo Royales is multi-awarded actor Tirso Cruz iii Royal Blood is made possible under the supervision of gma sVP for entertainment group Lilybeth g. Rasonable, with aloy adlawan as creative director and Ricky Lee as content development consultant. Dominic Zapata directs the series through twists and surprises.

Royal Blood begins streaming on Netflix in aPaC and middle East regions on march 15. more information is available at www.gmanetwork.com

LOCAL MANUFACTURERS LAUD TATAK PINOY ACT AUTHORED BY ANGARA

Land other related products, expressed their gratitude to President Marcos for signing this landmark law and advocating for locally produced goods and services. The swift passing of the law authored by Senator Sonny Angara was also the result of close collaboration between the Senate, House of Representatives, and the President, who had listed it as one of the priority measures of his administration. With the Tatak Pinoy Law in place, local enterprises can get the support they need from both

CREIT bags prestigious International Finance Magazine Award for Best Investor Relations

CCREIT’s IR program maintains a stakeholderfocused approach, emphasizing a proactive communication strategy that ensures visibility to its stakeholders, shareholders, and the public.

“It is a privilege to receive international recognition for our Investor Relations program. This award not only emphasizes the level of service

that CREIT upholds, but also highlights our passion to deliver our mission of a sustainable investment platform with a renewable energy asset portfolio which hedges on a commitment to work closely with our stakeholders and investors. This IR strategy has driven excellent value and delivered attractive returns while maintaining our sustainable footing,” said CREIT President and CEO Oliver Tan.

In recent years, IR has evolved significantly from a mere financial communication to a more wholistic perspective, zeroing in on a triple bottom line approach of economic, environmental, and social or ESG-focused platform to value creation. The company’s platform integrates renewable energy generation, agricultural production, and community development in its DNA, offering stable and sustainable income, while upholding the highest standards of corporate governance and sustainable practices in all its activities.

“CREIT’s value proposition, anchored on a strong ESG campaign, has worked to our advantage in terms

the MOA signing were, from left, BSK Director Josephine Parilla, BSK Executive Vice President Joan Araneta, BSK EntrePinoy Program Chairperson Rosario (Charo) Yu, BSK Chairperson Emeritus Guia Gomez, Robinsons Land Senior Marketing Director Jess Zulueta III, Robinsons Land Marketing Manager Ana Palenzuela, and LDR Events Solution Managing Director Lucette Dela Rosa. Not in the photo is BSK National President Michelle Taňada.

In a significant stride towards fostering inclusive development and empowering local entrepreneurs, Balikatan sa Kaunlaran (BSK) National Foundation, Inc. recently entered into a Memorandum of Agreement (MOA) with Robinsons Land Corporation and LDR Events Solution. The partnership aims to relaunch the EntrePinoy Expo: Likhang Balikatan 2024, a pioneering initiative that began in the 1990s under the visionary leadership of then San Juan Mayor Guia Gomez.

The MOA signing ceremony, held at the premises of the BSK Office, marked the official collaboration between these key stakeholders committed to community development and the promotion of small enterprises. The event was graced by distinguished personalities, including BSK Chair Emeritus Gomez, BSK Executive Vice President Joan Araneta, BSK Director Josephine Parilla, BSK Entrepinoy Program Chair Rosario Yu, Jess Zulueta III Sr., Marketing Director of Robinsons Land Corporation, Ana Palenzuela, Marketing Manager of Robinsons Land Corporation, and Lucette Dela Rosa, Managing Director of LDR Events Solution.

Organized in 1976 as a women’s movement, BSK National Foundation continues to empower

national and local governments to improve their operations and attract investments, all to produce high-quality products that carry the “Made in the Philippines” trademark and elevate their inherent worth in foreign markets.

A key provision of the Act is Philippine made products will be given priority and preference in all government procurement activities for a period of 10 years. Patronizing locally made goods and services will naturally spur and promote investments, job creation, innovation, tax generation, among others in the country. The law will also be good for generating and sustaining high quality jobs for Filipinos, instead of looking for employment overseas.

The Tatak Pinoy Law encourages local industries to innovate to promote the excellence of Philippinemade products, which would improve our standing in the global value chain, according to the Department of Trade and Industry. Local companies and manufacturers commit to providing quality materials for the administration’s infrastructure programs.

Following the passage of the law, a Tatak Pinoy Council will also be assembled to develop a multiyear strategy for exports and provide solutions to the challenges local industries face in the global market.

of

Edgar Saavedra.

The company’s consistent and regular quarterly dividends to its shareholders in the two years since its listing has translated into CREIT as a constituent in the Philippine Stock Exchange’s PSE Dividend Yield Index since 06 February 2023 and Property Index since August 7, 2023.

The International Finance Awards is a yearly awards event organized by prestigious UK-based International Finance Magazine. The event recognizes companies demonstrating business and financial industry talent, leadership skills, industry net worth, and capability.

Filipino families toward inclusive development through community-based initiatives and support network-building activities. In faithfulness to the vision outlined in Presidential Proclamation No. 1609 issued on January 5, 1977, by former President Ferdinand Marcos, Sr. which declared January 6 of each year as Araw ng Balikatan and to the efforts of then First Lady Imelda Romualdez Marcos in organizing and uniting the country’s women’s groups in partnership with the forerunner of the today’s Philippine Commission on Women (PCW), BSK remains steadfast in bringing communities together in our envisioned shoulderto-shoulder march towards progress.

A concrete example of BSK’s impact is the pioneering EntrePinoy project initiated in the 1990s under the leadership of Gomez. Sulong EntrePinoy was created to enhance the quality of small enterprise products by providing them access to technical and other resources offered by government agencies and non-government institutions.

This year, BSK National Foundation relaunched EntrePinoy Expo: Likhang Balikatan with renewed vigor to bring the products of BSK partner communities to a wider market. This initiative

also seeks to expand BSK partner communities and integrate BSK products with circular economy practices and technologies.

The MOA signing represents a crucial step towards realizing the shared goals of BSK, Robinsons Land Corporation, and LDR Events Solution in advancing community development, entrepreneurship, and education. Robinsons Galleria, a prominent retail and commercial hub, offered a strategic venue for the Entre-Pinoy event, providing an accessible and vibrant space for participants and attendees.

Zulueta expressed enthusiasm about the collaboration, stating, “ Robinsons Land Corporation is honored to be part of this meaningful initiative. We believe that by providing a platform for EntrePinoy Expo: Likhang Balikatan 2024, we contribute to the growth and success of local entrepreneurs, further enhancing the economic landscape of our communities.”

Dela Rosa emphasized the importance of strategic partnerships in realizing impactful events.

“LDR Events Solution is thrilled to be part of this collaboration. We are committed to ensuring the EntrePinoy Expo: Likhang Balikatan 2024 event is not only successful but also leaves a lasting positive impact on the participants and the community.”

In an impactful message, Gomez expressed her enthusiasm for the collaboration, stating, “The EntrePinoy project is a testament to the strength of collaborative efforts in promoting community development and empowering local entrepreneurs.

We are grateful for the support of the officers and members of BSK, networks, National Government Agencies, partners, Robinsons Land Corporation, and LDR Events Solution in making our vision a reality. Together, we will continue to march shoulder-toshoulder towards progress, bringing positive change to Filipino communities.”

The EntrePinoy Expo: Likhang Balikatan 2024, took place at Robinson’s Galleria from February 23-25, 2024. This collaborative effort reflected a shared commitment to the progress and well-being of Filipino communities, showcasing the potential when the public and private sectors join hands for a common cause.

DILG Secretary Benjamin C. Abalos, Jr. at the recent CREBA general membership meeting and election

DILG chief Abalos urges industry players to build resilient homes

INTERIOR and local government Secretary

Benjamin “Benhur” C. Abalos, Jr. urged housing and real estate industry players not just to build homes, but to build resilient structures with the necessary facilities in the communities for proper sewage management, water and sanitation, drainage, and wastewater treatment.

Speaking before the general membership meeting of the Chamber of Real Estate and Builders’ Associations, Inc. (CREBA) led by its national president Noel Toti M. Cariño last week, Abalos said that these facilities are essential in fulfilling the country’s commitment to sustainable development goals (SDG).

Sewage system requirement

ABALOS cited DILG Memorandum Circular No.

2019-62 which enjoins local government units to grant incentives to residential, commercial and industrial establishments that have wastewater management facilities or systems.

The circular also makes it mandatory for LGUs to ensure that all residential, commercial, industrial, institutional, and government establishments that have proper sewage treatment and septage management system.

DILG interventions for housing

ABALOS said that in ensuring the LGUs’ support to housing development, the DILG has been intensifying its interventions, such as enhancing LGU capabilities and supporting digitalization of LGU regulation and services.

Some 71 percent of all cities and municipalities have Comprehensive Development Plans

in effect, some 43 percent have updated Comprehensive Land Use Plans (CLUP), while 52 percent have CLUPS due for updating, Abalos reported.

To monitor compliance with the legal requirements, Abalos said, LGUs are required to submit quarterly reports and are subject to random on-site validation visits.

CREBA welcomed Abalos’ announcement that in addition to the guidelines in the processing of construction-related permits under the interagency Joint Memorandum Circular No. 2021-01, new policies in the processing of building permits have been prescribed, such as:

Requirements of documents generated by the LGU itself, such as Tax Declaration, Tax Receipt, Locational or Zoning Clearance will no longer be submitted by the applicant, but instead will form part of backroom processes. Required clearances from NGAs will be submitted 30 days after the issuance of Building Permits. Failure to submit these clearances may suspend the Building Permit and delay the approval or release of the Certificate of Occupancy. Barangay Clearance will be applied and issued at the City and Municipal level.

Devolution

PHL Hilton Properties Celebrate Women in Art, Cuisine in March

H

ILTON properties across the Philippines are poised to transform March into a monthlong celebration of women. Through an array of meticulously curated events, guests can embark on an inspiring journey of culinary offerings and artistic expression, interpreted through the unique lens of women’s creativity.From March 19 to 25, 2024 Conrad Manila will be hosting “Breaking the Glass Canvas,” an art exhibit in collaboration with Art Anton and The Artists’ Backroom, at its esteemed C Gallery. The exhibition showcases captivating works of nine exceptionally talented up and coming local female artists namely, Flora Baradi, Addie Cukingnan, Anita Del Rosario, Irish Galon, Helena, Lara Latosa, Celeste Lecaroz, Lydia Velasco, and Meneline Wong. Meanwhile, the hotel’s C Lounge invites cocktail enthusiasts to try its exclusive “Floral Femme Cocktail,” made only available for March at P480++. Comprising Campari, honey, lemon, and garbanzos, this bespoke cocktail was crafted to symbolize the strength, resilience, and nurturing spirit of women, and offers a refreshing respite.

At the Hilton Manila, a 10-Hands Culinary Series at Kusina Sea Kitchens pays homage to the invaluable contributions of women in the culinary realm. Throughout March, five of the restaurant’s leading female chefs will be showcasing their signature dishes from their respective specialty kitchens.

Savor the exciting flavors of Pochero from the Filipino Kitchen, Pad Thai from the Asian Kitchen, Premium Roasts from the Western Kitchen, Black Salmon Roll from the Japanese Kitchen, and a delectable array of sweets at the Dessert Kitchen. Weekday dinner buffet is at P2,800++ per person, Weekend lunch and dinner buffet is at P3,000++ per person; comes with unlimited flow of beverages, including Barefoot Pink Moscato.

Manila presents the 10 Hands Culinary Series featuring

female chefs.

Guests can also enjoy an irresistible CelebrEat 3+1 promotion at Hilton Clark Sun Valley Resort’s all-day dining buffet restaurant Olive, where an additional guest gets to eat for free with every three paying adult guests. The spread includes succulent Western roasts, Asian favorites, and an abundant dessert spread.

For the month of March, all women diners will also get a complimentary chocolate treat. Olive’s lunch buffets are priced at P1,950 nett from Fridays to Saturdays, and P2,400 nett on Sundays. Dinner buffets are priced at P2,200 nett from Mondays to Thursdays and priced at P2,400 nett from Fridays to Sundays.

Meanwhile, the resort’s stylish bar, Treat, unveils its “Pink Potion” cocktail, featuring mint cherry candyinfused vodka, raspberry syrup, white chocolate syrup, peach Schnapps, lemon juice, and vanilla which promises a delightful and refreshing taste. Priced at P450 nett, this captivating concoction is a delightful accompaniment for those looking to unwind and savor a moment of indulgence.

For more information, please visit www. conradmanila.com, www.hiltonmanila.com www. clarksunvalleyresort.hilton.com, or email MNLMB. FB@conradhotels.com, MNLPH_F&Binquiries@ hilton.com, CRKPP_FB@hilton.com

One of the infamous trades on Wall Street is roaring back amid investors’ huge bets

By Lu Wang and Justina Lee

FORGET the artificial-intelligence frenzy—the most-exciting trade on Wall Street right now might just be betting on boring.

As

can mint reliable profits, provided the market stays tranquil. But with the trade sucking up assets and major event risks like the US presidential election on the horizon, some investors are starting to get nervous.

“The short-vol trade and its impact is the most consistent question we have gotten this year,” said Chris Murphy, cohead of derivatives strategy at Susquehanna International Group. “Clients want to know how much of an impact it’s having on markets so they can structure their trades better. But we have seen cycles in the past like 2018 and 2020 where the short volatility trade grows until a big shock blows it up.”

The good news for worrywarts is that the structural difference of the new funds changes the calculus— the income ETFs are generally using options on top of a long stock position, meaning that $64 billion isn’t all wagering against equity swings. There’s also likely a higher bar for broad contagion than in 2018, since the US market has doubled from six years ago.

The bad news is that the positions—alongside a stack of less visible short-vol trades by institutional players—are suspected of suppressing stock swings, which invites yet more bets for calm in a feedback loop that could one day reverse. The strategies are also part of an explosive wider growth in derivatives that is introducing new unpredictability to the market.

‘Somebody has to sell’

THE trading volume of US equity options surged to a record last year, propelled by a boom in transactions involving contracts that have zero days until expiration, known as 0DTE. That has enlarged the volatility market, because each derivative

amounts to a bet on future price activity.

“There basically is a natural increased demand for options because retail is speculating using the short-dated lotteryticket type of options,” said Vineer Bhansali, founder of volatility hedge fund LongTail Alpha LLC. “Somebody has to sell those options.”

That’s where many income ETFs come in. Rather than deliberately betting on market serenity like their short-vol predecessors, the strategies take advantage of the derivative demand, selling calls or puts to earn extra cash on an underlying equity portfolio. It usually means capping a fund’s potential upside, but assuming stocks stay calm the contracts expire worthless and the ETF walks away with a profit.

Industry growth in recent years has been remarkable, and it has mostly been driven by ETFs. At the end of 2019, there was about $7 billion in the category of derivative income funds, according to data compiled by Morningstar Direct, three-quarters of which was in mutual funds. By the end of last year there was $75 billion, almost 83 percent of it in ETFs.

But while the money involved looks bigger, derivatives specialists and volatility fund managers are so far brushing off the risk of another “Volmageddon,” as the 2018 selloff came to be known.

John Marshall, Goldman Sachs Group Inc.’s head of derivatives research, said the strategy tends to come under pressure only when the market rises sharply. Most of the cash is in so-called buy-write ETFs, which take a long stock position and sell call options for income. A big rally increases the chances those contracts will be in the money, obliging the seller to deliver the underlying security below the current trading price.

“It’s generally a strategy that is not under pressure when the market sells off,” Marshall said. “It’s less of a worry for a volatility spike.”

Before the 2018 blowup, Bhansali at LongTail correctly foresaw the threat from the growing short-vol trade. He reckons there’s little danger of a repeat because this boom is powered by canny traders simply meeting retail-investor demand for options, rather than making leveraged bets on volatility falling.

In other words, the shortvol exposure itself is not a destabilizing force, even if such bets are vulnerable to turmoil themselves.

“Yes, there’s potential of instability if there’s a big market move for sure,” Bhansali said.

But “somebody selling those options doesn’t necessarily mean that there’s a massive unhedged short base,” he said. Nonetheless, quantifying any potential risk is difficult because even knowing the exact size of

the short-vol trade is a challenge. Strategies can take on various shapes beyond the relatively simple income funds, and many transactions occur on Wall Street trading desks where information is not available to the public.

To many, the income ETF boom is a telltale sign of something bigger taking place below the surface.

“When you’re seeing something going on publicly, there’s probably five to 10 times that going on privately that you don’t see directly,” said Steve Richey, a portfolio manager at QVR Advisors, a volatility hedge fund.

Dispersion doubts

THOSE unseen bets include a significant chunk of quantitative investment strategies—structured products sold by banks that mimic quant trades.

According to PremiaLab, which tracks QIS offerings across 18 banks, equity shortvol trades returned 8.9 percent in the US last year and wound up accounting for roughly 28 percent of new strategies added to the platform over the past 12 months. Their notional value is unknown, but consultancy Albourne Partners estimated last year that QIS trades overall command about $370 billion.

Hedge funds gaming relative volatility are also feeding the boom. One of the most notorious short-vol bets is an exotic options strategy known as the dispersion trade. Employing various complex options overlays, it amounts to being long volatility in a basket

of stocks while wagering against the swings of an index like the S&P 500. To work, it needs the broader market to stay subdued, or at least experience less turbulence than the individual shares.

With the S&P 500 steadily going up while stock returns diverged widely in recent years, the strategy has flourished. Once again it’s difficult to measure the size of the trade, but it’s popular enough that Cboe Global Markets plans to list a futures product tied to the Cboe S&P 500 Dispersion Index this year.

That rising popularity, combined with leverage and a lack of transparency, has prompted Kevin Muir of the MacroTourist blog to warn that a market selloff could upset the trade, forcing an unwinding of positions that could further exacerbate the rout.

“It worries me because the dispersion trade has all the hallmarks of a crisis-inthe-making,” Muir wrote. It’s “exactly the sort of sophisticated, highly levered trade where everyone assumes ‘those guys are math whizzes— we don’t need to worry about them blowing up because they are hedged,’” he said.

To get an idea of how much short-vol exposure is out there, market players can often be found adding up what’s known as vega. That’s a measure of how sensitive an option is to changes in volatility.

At Ambrus Group, another volatility hedge fund, an internal measure of vega aggregates options activity for

Shorting volatility is an investing approach that can mint reliable profits, provided the market stays tranquil. But with the trade sucking up assets and major event risks like the US presidential election on the horizon, some investors are starting to get nervous.

the S&P 500 Index, the Cboe Volatility Index—a gauge of implied price swings in the US equity benchmark also known as the VIX—and the SPDR S&P 500 ETF Trust (SPY). Kris Sidial, co-chief investment officer, said in January the net short vega exposure was two times larger than in the run-up to the 2018 rout.

That means a 1-point increase in volatility could incur notional losses double those experienced six years ago. The big worry: Panicked investors unwinding positions as their losses mount could fuel more volatility, which causes more losses and more selling.

Such a scenario raises the risk of introducing another downside accelerant in the shape of the dealers and market makers who are usually on the other side of derivatives transactions. They don’t have their own directional view, so aim to maintain a neutral stance by buying and selling stocks, futures or options that offset each other.

In a big market decline— when dealers suddenly find themselves selling high quantities of options that protect or benefit from the rout—it tends to put them in what’s called “short gamma.”

The dynamics are complex, but the upshot is that to neutralize their exposure dealers would have to sell into the downdraft, compounding the drop.

For now, the short-vol trade’s proliferation has been proposed as one reason why the VIX has stayed eerily low in the past year despite two ongoing major geopolitical conflicts and the Federal Reserve’s most aggressive monetary tightening in decades. That’s because in current conditions, dealers are in a “long gamma” position that generally sees them buying when stocks go down and selling when they go up—dampening swings.

In its latest quarterly review published last week, the Bank for International Settlements said that dynamic was the likely reason behind the compression of volatility given the boom in strategies that eke out income from selling options.

“The meteoric rise of yieldenhancing structured products linked to the S&P 500 over the last two years has gone hand in hand with the drop of VIX over the same period,” researchers wrote.

There are good alternative reasons for the calm. The stock market has steadily ground higher as neither the Fed nor the US economy delivered any major shocks over the past year. It’s also possible that, with so many bets now placed using shortdated options, the VIX no longer captures all the action since it is calculated using contracts about one month out.

Yet QVR Advisors also sees the footprints of the boom in vol-selling. The degree of swings priced into S&P 500 options— so-called implied volatility— has drifted lower over the years versus how much the index actually moves around, its data show. The theory is that money managers flooding the market with contracts to generate income are putting a lid on implied volatility—which after all is effectively a gauge of the cost of options. The hedge fund has recently launched a strategy seeking to take advantage of cheap derivatives that benefit from large swings in the S&P 500, whether up or down.

“Post pandemic, we have seen fundamental and technical reasons for volatility suppression,” said Amy Wu Silverman, head of derivatives strategy at RBC Capital Markets.

“While I think that continues, it becomes more and more difficult to be short volatility from here.”

Plenty of macro factors exist with the potential to disrupt the stock market’s steady march higher, including the ongoing wars in Ukraine and Gaza, lingering inflation and the American elections. And while vol-selling strategies have provided investors with gains historically, they have a reputation for their role in compounding routs.

The most famous episode took place in February 2018, when a downturn in the S&P 500 sparked a surge in the VIX, wiping out billions of dollars in trades betting against volatility that had built up during years of relative calm. Among the biggest casualties was the VelocityShares Daily Inverse VIX Short-Term note (XIV), whose assets shrank from $1.9 billion to $63 million in a single session.

A catalyst has yet to emerge to trigger a repeat. Even when the Israel-Hamas war broke out in October or the US reported hotter-than-expected inflation for January, the market remained serene. The VIX has stayed below its historic average of 20 for almost five months, a stretch of dormancy that was exceeded only two times since 2018.

To Tobias Hekster, co-chief investment officer at volatility hedge fund True Partner Capital, that enduring period of calm offers little reassurance.

“You are assuming a risk— the fact that that risk hasn’t materialized over the past one and a half years doesn’t mean it doesn’t exist,” Hekster said. “If something trips up the market, the longer the volatility has been suppressed, the more violent the reaction.” Bloomberg News

TRADERS in the Cboe Volatility Index (VIX) pit on the floor of the Cboe Global Markets Inc. exchange in Chicago on February 14, 2018. DANIEL ACKER/BLOOMBERG

Uy leads tough field as women’s tour unwraps

THE new Ladies Philippine Golf Tour (LPGT) season unfolds Tuesday in Davao City with a potential scramble of a start and wild of a finish in the P1-million International Container Terminal Services Inc. (ICTSI) Apo Golf and Country Club Classic.

The 21-player field braces for fierce competition at the quaint championship layout that’s hosting an LPGT leg for the first time since 2013, following last year’s tournaments at Del Monte Golf Club in Bukidnon and South Pacific Golf and Leisure Estates in Catalunan Pequeno, also in Davao.

With notable players like Daniella Uy and Florence Bisera, last year’s winners at Del Monte and South Pacific, respectively, marked for attention, the next three days promise intense action.

Top contenders, including Harmie Constantino and Chihiro Ikeda, are also poised to engage in a spirited duel of shotmaking and course management on the tight, challenging layout. But the title chase is not just a showcase of skill but also a test of nerves, strategy and determination, especially if the competition heads to a nail-biting finish. Multi-titled Chanelle Avaricio, meanwhile, adds to the competitive field, eager to display the improvements gained from playing on the Epson Tour last year. Mikha Fortuna, on the other hand, aims to open the season strong, seeking to replicate her emphatic victory in last year’s Match Play Invitational at The Country Club.

Debuting pros Lois Kaye Go and Mafy Singson, armed with extensive experience representing the country in various international competitions, including the SEA Games, the Asian Games and the World Amateurs, are likewise set to create an early impact. Young talents such as Velinda Castil, Laurea Duque and Annika Cedo

DANIELLA UY is marked in Davao City.

PGT season gathers top men’s bets as season unfolds with Apo Classic

THE Philippine Golf Tour (PGT) kicks off Tuesday with the International Container Terminal Services Inc. (ICTSI) Apo Golf and Country Club Classic that promises a rousing showdown among former champions, seasoned campaigners and emerging talents in Davao City.

The P2.5-million tournament boasts an impressive roster—former Order of Merit (OOM) winners Tony Lascuña, Clyde Mondilla, Jobim Carlos, Elmer Salvador and Jay Bayron and reigning titlist Jhonnel Ababa and recent PGT Q-School graduates.

The Apo layout, renowned for its narrow fairways and undulating greens guarded by water hazards, will test the players’ skills and precision over the next four days.

Local favorites Lascuña, Salvador, Bayron and Ababa are armed with their knowledge of the course at the foothills of Mt. Apo and are eager to make an early impact.

players and promising young talents, including PGT Q-School topnotcher Aidric Chan.

“We have a slight edge, but there’s a lot of strong players, including the young ones,” said Lascuña, who reigned when Apo last hosted a PGT event in 2019.

“I was younger then, now I’m old,” said the 53-year-old Lascuña during Monday’s pro-am. “I will just focus on my game. Everyone has a chance here, so it’s about who will play well all week.”

Apo, with its rich history and challenging features, ensures a captivating start to what promises to be another flourishing year for Philippine golf.

Petecio zeroes in on Paris, Villegas keeps hope alive

By Josef Ramos

THE two women left standing—Nesthy Petecio and Aira Villegas—go for crucial victories on Tuesday in the World Olympic Qualifying Tournament in Busto Arsizio, Italy, to secure berths to the Paris Games.

Petecio, a silver medalist in Tokyo 2020, needs one more win to barge to the finals and an automatic qualification for Paris awaits, and Villegas also has one more hump to tackle before

she becomes an Olympian.

The Philippines had 10 boxers in this first of two Paris qualifiers but Petecio and Villegas remained as the only hopefuls to join early qualifier Eumir Felix Marcial in the Games in July.

“They are really determined to qualify for the Olympics and we are hoping for them to sustain their streaks,” national coach Elmer Pamisa messaged BusinessMirror on Monday. “They have been accurate in their moves on the ring.” A bronze medal—except for Petecio’s weight category—in the Italy qualifier is the minimum requirement for boxers to earn slots to Paris. Petecio, 31, beat The Netherlands’

Maud van der Toorn, 5-0, in the women’s featherweight quarterfinals on Sunday at the Maria Piantanida Sports E-Work Arena and would return to the Olympics if she beats Turkey’s Esra Yildiz on Tuesday morning (Manila time) in the semifinals.

Villegas, 28, and fighting out of Tacloban City, also won 5-0 against Denmark’s Sofie Vinter Rosshaug in the women’s flyweight round-of 16 and could move closer to her Olympic dream with a quarterfinal round victory over Bulgaria’s Zlatislava Genedieva Chukanova also on Tuesday.

Carlo Paalam, also a silver medalist in Tokyo, however, couldn’t go further no thanks to a shoulder injury.

Paalam yielded his men’s featherweight round-of-16 bout against Turkmenistan’s Shukur

Ovezov after his coaches decided to stop the fight in the second round.

“Carlo sustained a shoulder injury from his previous bout when his Mexican foe slammed him to the canvas,” Association of Boxing Alliances in the Philippines secretarygeneral Marcus Manalo said. “We tried to manage the pain for this bout, but he still couldn’t throw a punch with this right.”

“To prevent further damage, the coaches decided to stop the fight in the second round,” he added.

Rogen Ladon also failed to advance after losing to Great Britain’s Karan MacDonald, 1-4, in the roundof-16 of men’s flyweight.

“Rogen had a strong showing in the bout and the whole tournament. It was great to see him compete at this level again after missing the Asian Games due to foot injury,” Manalo said. “We look forward to his continued progress going to Bangkok for the last qualifying tournament.”

Paalam, Ladon and the other Filipino aspirants still have a chance for Paris in the Final qualifier in Bangkok from May 23 to June 3.

Cool Smashers target solo lead vs Athletics

CREAMLINE tries to break away from a tie with Choco Mucho and Cignal when the Cool Smashers tangle with the winless Strong Group Athletics in the Premier Volleyball League All-Filipino Conference at the PhilSports Arena in Pasig City Tuesday. Coming off a three-set romp over the Galeries Tower Highrisers last Thursday, the defending champions set out for their 4 p.m. match against the Athletics as the heavy favorites. Despite the favorable odds, however, team captain Alyssa Valdez cautioned her teammates against complacency while stressing the need to respect their opponents and maintaining their aggressiveness.

While many anticipate coach Sherwin Meneses to experiment with new combinations, the Cool Smashers are expected to handle the Athletics convincingly as they pursue a fourth straight victory.

Creamline’s roster boasts of top hitters Tots Carlos, Jema Galanza, Michele Gumabao and Valdez, middles Bea de Leon and Pangs Panaga, and ace setter Kyle Negrito.

In contrast, the Athletics are still in search of their first win in their maiden stint in the league organized by Sports Vision.

But after consecutive losses to powerhouse Petro Gazz and Chery Tiggo, and a defeat to fellow newcomer Capital1, coach Onyok Getigan is hopeful that his team, led by Mary Joy Onofre and skipper

Dolly Verzosa, could challenge the formidable Cool Smashers. Nxled, meanwhile, expects to end its skid as it collides with Galeries Tower at 6 p.m.

Despite early struggles against top teams like the Flying Titans, the HD Spikers and the PLDT High Speed Hitters, the Chameleons, with the entry of Ivy Lacsina and improvements from players like Krich Macaslang, May Luna, Camille Victoria and Chiara Permentilla, are determined to secure their first win against the Highrisers. Both matchups will be broadcast live on free-to-air on One Sports, in HD on One Sports+, as well as on the PVL’s official website (pvl.ph) and the Pilipinas Live app. Global coverage includes the new free-toair channel—RPTV.

Nine clubs air strong commitment of support to Spikers’ Turf

TLascuña, the only four-time OOM winner, acknowledges their slight advantage at Apo, which hosted the 1995 Philippine Open, but stressed on the competition’s intensity with several skilled

Mondilla, a noted long hitter, plans to keep his driver in the bag, opting for a more conservative approach due to Apo’s tight fairways and undulating greens.

“I’ll be using 4-iron off the tee, so lesser mistakes,” said Mondilla, who is using the first two PGT events to fine-tune his game in preparation for his campaign in Japan next month. “I can’t attack here, the fairways are narrow and the greens are also difficult to read.”

Multi-titled Guido van der Valk, meanwhile, said the course is firm and playing fast, emphasizing the need to focus on ball control and strategic course management.

“It will be interesting but quite tricky to score because it’s not easy to hit the fairways and greens since the ball bounces a lot. If you can play it safe, you’ll be alright,” Van der Valk said. Despite the challenges, he acknowledged the advantage of homegrown talents at Apo.

“The main thing about Apo is that all the top golfers in the country come from this golf club and they’re all here. So my chances are quite difficult but will give it a try,” said the two-time The Country Club Invitational champion.

Chan, on the other hand, initially eyed the Asian Development Tour debut in Vietnam, also slated this week, but chose to join the PGT, highlighting the allure of facing the country’s top guns in the circuit put up by ICTSI.

Other formidable contenders include last year’s leg winners Ira Alido, Rupert Zaragosa and Reymon Jaraula with golf legend Frankie Miñoza adding prestige to the 72hole championship organized by Pilipinas Golf Tournaments Inc. and supported by PGTI official apparel, Kampfortis Golf.

HE nine teams seeing action in the Spikers’ Turf Open Conference committed their enduring commitment to the league that starts tomorrow at the Paco Arena in Manila.

While favorites like Cignal and Criss Cross enjoy solid support from their team principals, the other squads are driven by individuals whose passion is focused on elevating men’s volleyball with the hopes of mirroring the

achievements of their women counterparts.

Mike Navi, owner of D’Navigators team, shared his lifelong dream of showcasing Iloilo’s talent in the Big City and expressed his commitment to the league’s continued success.

“For the D’Navigators-Iloilo, it’s my long-time dream to join Spikers’ Turf because I’m from Iloilo,” Navi said. “Now that I have brought Iloilo here, as long as there is volleyball, I

think I can commit the team to join.”

Ralph Ocampo, head coach and owner of VNS (Volleyball Never Stops) team, echoed his unwavering support for the Spikers’ Turf as the Griffins played a crucial role in identifying talent and nurturing players who have transitioned to leading collegiate squads.

“As the team owner and head coach of VNS, we are committed to the Spikers’ Turf for a long-term program,” Ocampo said. “We are

Chiba Jets bag 1st EASL crown at SK Knights’ expense

THE Chiba Jets beat the Seoul SK Knights in a 72-69 thriller to cap a dominant campaign in the East Asia Super League (EASL) championship before a jampacked crowd at the Hoops Dome on Sunday night in Lapu-Lapu City.

Yuki Togashi had a game-high 22 points he capped with two pressurepacked title-clinching free throws in the final 14 seconds after Jameel Warney missed a potential game-tying threepointer in the Knights’ final possession.

The 5-foot-6 Togashi, captain of the Japan national team, also nailed four triples and had seven assists in the win worth $1 million for the Japan B. League ballclub which finished unbeaten in eight games.

“Hats off to the players, they deserved the championship,” Chiba Jets coach John Patrick said. “It was a dramatic, difficult game. We addressed our defense and Yuki took over at the end, and that has been the story of our season so far.”

“I couldn’t be prouder and I couldn’t be happier. I’m also glad to do this in Cebu, with so many friendly and passionate fans, great environment

here, loud and high, and that’s what basketball is all about,” he added.

The Knights banked $500,000 as runners-up in the five-month, homeand-away season backed by Philippine Airlines, Dusit Thani Mactan Cebu Resort, Tiktok as official partners and Anta, McDonald’s and Spalding as product endorsers

John Mooney also played big for the Jets with a double-double of 16 points and 16 rebounds, while

naturalized player and former San Miguel Beer import Ira Brown was the other Chiba player in double figures with 12 points.

The loss by the Knights spoiled the 22-point, 17-rebound and fiveassist effort of Jameel Warney, whose completed three-point play gave the Korean Basketball League side a 62-60 lead with under five minutes left in the tightly-fought game.

But Togashi answered back with

developing many players to find more talents.”

Ralph Calasin, a player from Air Force, cited the challenges of juggling military duties and sports and like Navi and Ocampo, affirmed their commitment to the league.

The Air Force squad, featuring new recruits like beach volley players James Buytrago and Pol Salvador, along with Herald Domingo and Louis Lumanlan, remains dedicated to their passion for volleyball.

a huge three-pointer as the Jets wrested the lead for good, 63-62.

The Knights threatened at 69-70 on a three-point shot by An Youngjun in the final 73 seconds, before Togashi answered back with his two free throws to seal the deal.

Dethroned champion Anyang

Jung Kwan Jang edged New Taipei Kings in the battle for third place, 7876, to pocket $250,000.

Rhenz Abando (Anyang) and former National Basketball Association star Jeremy Lin (Taipei Kings) didn’t suit up due to injuries.

ALYSSA VALDEZ warns her teammates against complacency.

PETECIO

VILLEGAS