BusinessMirror March 14, 2022 by BusinessMirror

Govt wants to cut tap Omicron tariffs for exposure inflation fight ‘Close borders, risk’ U. Ordinario By By CaiCai U. Ordinario @caiordinario @caiordinario

& Jasper Emmanuel Y. Arcalas

LOSING the@jearcalas country’s borders is one of the most immediate HE National and courses of actionEconomic the governDe ve lopment Aut hor ment must take to prevent the lat-it y (Neda) aims to put in place est Covid-19 variant, Omicron, from lower tariffs for a number of reaching Philippine shores, accord-key in the soonest time ingcommodities to local economists. possible to prevent surge in prices. T he new var iant ais a threat, e s p e cThe i a l l yTariff w it hCommission, t he hol id an ay sattachedupagency of theforeigners Neda, has alcoming and more ready issued a notice for public hearbeing a llowed to travel to the ing for lower tariffs and extended Philippines, De La Sa lle Univereffectiveness sit ythe economist Marof ia low Ellatariffs Oplasfor a number of commodities. told BusinessMirror. on the Neda’sbring proposal, TheBased holidays usually in tariffs can be maintained or lowered Overseas Filipino Workers (OFWs) coal, rice,topork, andChristmas corn in light whoforare eager spend

of the warloved in Eastern with their ones,Europe while which forinvolved countries supplying oil and eigners living in temperate regions wheat.want to relax in tropical usually “(We)like hope get them (lower countries thewe Philippines. This tariffs) in place before they expire. year’s influx of OFWs is expected to corn,since (we want tariffs be For heavier manylower of them wereto be put place) soonest public hearunable toin come home for the holidays ing done,” Neda Undersecretary for in December 2020. Regional Development Mercedita “My recommendation is to protectA. Sombilla BusinessMirror over the borders.told Do not allow people with the weekend. a history of travel to countries with In acases recent presentation to the positive to enter,” Oplas said. Cabinet, Socioeconomic Planning “We should be more restrictive. [We Secretary Karl Kendrick Chua said have to be] more protectiveT.in terms his recommendations to keep inflaof our measures.” tion at bay reducing Oplas saidincludes that while this the willMost be Favored Nation (MFN) tariff a setback to some industries,rate thisfor to measure zero, fromconsidering the current that 7 peris coal a fair cent, until December 2022. this could help prevent placing the Forin corn, the Neda recommended country another strict lockdown,

that ashe 5-percent MFN tariff in-quota which, said, the economy can no rate and 15 percent out-quota rate longer afford. be“Itimposed along with a Minimum is better that we do protective Access Volume (MAV) of 4get million preventive measures than exmetric tonsWe until December posed again. have a lot to 2022. lose,” Chua said riceshould MFN tariffs can also Oplas said. “We do it now so be kept at 35 percent until the end of that we can open just before Christthe If year. Thecontained, MFN rate we of 35 mas. it gets canpercent open is set to expire on May 30 this year. it again.” For pork, Neda’s recommendaAteneo Center for Economic Retion isand to Development extend the lower tariffs search (ACERD) until December 2022 it would Associate Director SerasPercival on May 17. Currently, K.lapse Peña-Reyes said closing pork the in-quota tariff is set at 15 country’s borders would bepercent effecwhile is at 25 percent tive butout-quota should still adhere to with the a MAV of 200,000 metric tons. standards set by the World Health The Neda(WHO). also recommended Organization that all non-tariff barriers fortold fish What is needed, Peña-Reyes imports be removed. Last year, the this newspaper, is for travel restricgovernment certificates tions to be putissued in place swiftly andof

necessity to import cover the for government to be to proactive in supply gap with the closing of the imposing them. fishing season. Previous instances when the country had the opportunity to imMerits pose travel restrictions did not preTHEthe TCspread is conducting public vent of Covid-19. Thathearwas ings to determine the merits of mainly because the decision was not maintaining lower tariff rates on made immediately, he said. imported pork andpatay rice as as “Kung papatay [Ifwell we’re reducing tariffs on corn imports to slow] and we get caught flat-footmitigate the impact of the Ukraineed, [that’s risky] We were too reRussiainstead war on of local food prices. active proactive before. TC issued a notice for public We The should learn from that,” Peñahearings proposed tariff adjustReyes said.on “It’s a delicate balancing ments 4 commodities: pork, rice, act. Wefor need to push testing and corn and coal. The TC has scheduled tracing to be properly informed investigation for pork and rice ofthe our decisions. Blanket/shotgun tariffs on March 17 while corn and approaches could have dire consecoal are slated on March 18. quences on the economy.” See“Omicron,” “Govt,” A2 A2 See

NATL GOVTPAYMENTS BORROWINGS PHL DEBT UP 25%,10 REACH P1.2T 2021 FOR MOS DIP TOIN P2.75T w w

n Monday, March 14, 157 Monday, November 29, 2022 2021 Vol. Vol.17 17 No. No.52

P25.00 P25.00 nationwide nationwide || 22 sections sections 18 20 pages pages ||

By By Bernadette Bernadette D. D. Nicolas Nicolas

Omicron risk Actual Covid spurs revival deaths in PHL of quarantine may hit ruleshave in PHL 184K–study

@BNicolasBM @BNicolasBM

HE HE national national government government’s shelled gross out more moneyastoof borrowings repay its debtsshrank last end-October year compared to by almost 6 percent ayear-on-year year ago, with to its debt P2.75service trillion.bill hitting P1.2 trillion asLatest thedata Covid-19 from the Bureau of the pandemic on. Treasury showed raged that the govern-

ment’s gross borrowings during the 10-month period fell by 5.99 percent Government’s debt payments from P2.92 trillion a year ago. in 2021 spiked by 25.1 percent With only two monthsyear-onleft for year fromthe P962.47 billionisasalready it had this year, latest figure to pay more for both interest equivalent to 89.6 percent ofand its amortization, based on the latest P3.07-trillion borrowing program. data from the Bureau the Treasury. Broken down, grossof domestic borHowever, the government’s debt rowings from January to October service in 2021 was below settled bill at P2.23 trillion, downthe by P1.29 trillion program for year 5.08 percent from P2.35 the trillion by 6.6 percent. in 2020. To national governTherecall, bulk the of the amount was ment ended 2021 with an P11.73sourced from Fixed Rate Treasury trillion outstanding andby a Bonds (P1.19 trillion),debt followed 16-year-high debt-to-GDP ratio of short-term borrowings from Bang60.5 percent. ko Sentral ng Pilipinas or BSP (P540 In 2021, amortization outpaced billion), Retail Treasury Bonds/Preinterest payments. myo Bonds (P463.3 billion), Retail Amortization payments Onshore Dollar Bonds (P80.84last bilyear surged by 33.1 percent to lion). In the same period, there was P774.73 billion from the previous also a net redemption of Treasury year’s P582.05 billion as both doBills amounting to P43.94 billion. mestic amortization Net and debtforeign redemption means obligations grew.debts repaid comthere were more On the other hand, interest paypared to the amount borrowed durments grew by 12.89 percent to ing the period. P429.43 billion from billion Meanwhile, grossP380.4 foreign borin 2020. rowings in the same period also For December alone,togoverncontracted by 9.7 percent P518.7 ment’s debt payments shrank by billion from last year’s P574.4 billion. 5.1This percent P69.99 billionglobal from wasto raised through P73.78 billion inbillion), the sameprogram month bonds (P146.17 in 2020, as the drop in amortizaloans (P139.98 billion), euro-detion payments thanbillion), offset nominated bondsmore (P121.97 the increase in the amount spent a project loan (P86.41 billion), and for interest. yen-denominated samurai bonds Continued on A2 (P24.19 billion).

By Samuel P. Medenilla @sam_medenilla

By Cai U. Ordinario

PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. The country will celebrate the 158th birth anniversary of Filipino revolutionary ROY DOMINGO hero Gat Andres BonifacioWhile on Tuesday, November 30.with ‘WORSE NORMAL’ many people speak hope about a “new normal,” for many foot soldiers in the transport sector like Rogelio Oliva—here sharing a meal with his wife inside his jeepney—the situation has grown increasingly bad since the pandemic hit two years ago. Sidelined by lockdowns, he had barely begun plying his route when oil prices began their steady ascent, cutting further whatever little income he could eke out. To survive and avoid rent, he and his wife “live” inside their jeepney, bringing out all their meager belongings each time he hits the road. NONIE REYES

OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND JOEY’S 3 WAYS TO AVOID ‘SPOOKING’ INVESTORS IN ’22 By Jasper Emmanuel Y. Arcalas @jearcalas

By Jovee Marie N. dela Cruz

M A

@joveemarie ORE than 3 million coconut farmers and LEADER of are thenow House of workers regisRepresentatives said the tered with the government’s regPhilippines’s foreign istry, which serves2022 as the basis investment performance for the number of people could to be be betterbyifthe “foreigners areofnot covered utilization the spooked,” and offeredlevy three sugP75-billion coconut fund. gestions on how to avoid this. Philippine Coconut Authority House Committee on Ways (PCA) Deputy Administrator Roel and Means Chairman Joey Sarte M. Rosales said about 3.11 million Salceda, a statement overworkthe coconut in farmers and farm weekend, cited the Corporate ers have been registered with the

government since it started up-

See “Borrowings,” A2

PESO EXCHANGE RATES n US 52.1550 PESO EXCHANGE RATES n US 50.4600

dating its registry following the enactment of the Coconut FarmRecovery and TaxTrust Incentives for ers and Industry Fund law. Enterprises Act (CREATE) as a Rosales explained that about key driver of foreign direct invest500,000 coconut farmers and ment (FDI), which hit an all-time workers were added to the PCA’s high 2018in list2021. that had about 2.5 million According to Salceda, can coconut farmers and farm2022 workers. be an even better year for foreign The PCA’s next step is to coninvestors “if they are not spooked, duct an exclusion-inclusion proeither ourmaking overdependence on cedurebyby the updated imported oil, or bypublic, the results of farmers’ registry providthe elections and its aftermath.” ing everyone the opportunity to To do Salceda check thethis, veracity of thesaid list,the Ronext President must do three sales added. things immediately, “so that 2022 “The list will be posted in public spaces where people can easily see

them. This allows everyone to see who are listed in the registry and if can be adoesn’t bettersee year FDIs.” farmer hisfor name then he “First, hire anwith economic team shall coordinate the PCA imthe markets can be confident mediately,” he explained at a recent with. Personnel is policy. PRRD dialogue with coconut farmers. [President Rodrigo Duterte] has “On the other hand, if people not endorsed any candidate yet, would see names on the list and so there is they someare policy uncerthey think not coconut tainty in terms of continuity. farmers or their details are incorWe arethey unsure whether rect, can report it tothe thenext PCA President will keep goodhe reforms for immediate action,” added. intact,” said. The he PCA official noted that “Second, the President has list to the completion of the initial act on inflation. Food and fuel of coconut farmers registry would prices be priority number be justmust in time for the expected rollout of coconut levy-funded

programs as President Duterte is expected to sign the industry one for the next President. susdevelopment plan in earlyI2022. pectRosales fuel prices high saidwill theremain PCA will not instop theupdating first 100 its days next listofofthe coconut administration. Whenthem inflation farmers and enjoined to regisister high, it tends to increase the in order to reap the benefits “risk premium” investors expect of the decades-long idled coconut from a country. That makes levy fund. “We will not stop atthe 3.1 decision to invest in the Philipmillion. We hope that more indipines a little more difficult for a viduals will register in our coconut foreign farmersinvestor,” registry,”heheadded. said. Third, Salceda of saidthe thecoconut next The updating President must commit to propfarmers registry is mandated by erty rightsAct and(RA) institutions. Republic 11524 or the See “Spooking,” A2Fund Act. Coconut Industry Trust See “3-M farmers,” A2

@caiordinario NTER NATIONA L concerns over the possible spread of the 200,000 Filipinos moreEARLY infectious Omicron Comay have died due to govCovid-19 variant prompted the according to a study ernmentvid-19, to reimpose mandatory published by thequarantine Lancet and funded facility-based for all by United States-based arriving passengers in theorganizacountry. tions suchPresidential as the Bill & Melinda Acting spokesperGates Foundation. son Karlo B. Nograles announced research titled, “Estimaton The Sunday that the Inter-Agency ing excess mortality due to the Task Force for the Management Covid-19 pandemic: a systematic of Emerging Infectious Diseases analysis of Covid-19-related mor(IATF) suspended the implementality, reported No. Covid-19 tation2020–21,” of its Resolution 150deaths in theeffectively country hadimposing reached A (s.2021), 53,000 researchers stricter but protocols for allestimated inbound that this could have reached as travelers. much as 184,000. To note, IATF Resolution 150The showed IndoneA had data allowed fullythat vaccinated sia, Myanmar, and the Philippines non-visa travelers from Green List were countries the withhighareasthe to enter the with country est deaths within outestimated the needexcess for facility-based Southeast Indonesia conquarantineAsia. as long as they is secure sidered one of the top countries in negative Reverse Transcriptionthe world with the highest excess Polymerase Chain Reaction (RTdeaths due within to Covid-19. PCR) test 72 hours prior “Excess mortality to their departure. due to the Covid-19 pandemic, defined classified as the net “Except for countries difference between the number of as ‘Red,’ the testing and quarantine deaths during theinbound pandemic (meaprotocols for all internasured observed or estimated alltionalby travelers in all ports of entry cause mortality) and the number shall comply with the testing and of deaths that would be quarantine protocols forexpected ‘Yellow’ on the basis of past trends alllist countries,” Nograles said,in citing cause mortality, is therefore a cruthe provision of IATF Resolution cial No. measure 151-A. of the true toll of the Covid-19 pandemic,” thewhich research He noted Hong Kong, has stated. confirmed a case of the Omicron Based on fall theunder estimates, variant, will also the Yelthe number of excess deaths in low list countries. theThe country may of have reached suspension the rules for a“Green ny w heList” re fcountries rom 175,0 will0 0be to in 197,000 or an average of effect from November 28,184,000. 2021 to See “Covid deaths,” A2 December 15, 2021. Continued on A2

n JAPAN 0.4491 n UK 68.2605 n HK 6.6673 n CHINA 8.2500 n SINGAPORE 38.3775 n AUSTRALIA 38.3704 n EU 57.3027 n SAUDI ARABIA 13.9028 Source: BSP (March 11, 2021) n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021)

News

BusinessMirror

A2 Monday, March 14, 2022

Where are promised digital signatures? Comelec asked T By Butch Fernandez

@butchfBM

HE Commission on Elections must ensure there are enough digital signatures in place, as promised, to validate authenticity of the results of the upcoming May 9 elections.

Senator Imee Marcos made this clear over the weekend, as she disclosed information reaching her that the Comelec was “reducing the number of digital signatures needed to ensure that the May 9 election results are authentic.” The senator cited a February 18 Comelec memorandum that assigned only 106,174 digital signatures for teachers who will head the

electoral boards and only 38,739 for those who will be members. Marcos learned that the digital signatures for electoral board members will be limited to the National Capital Region (31,614), Cebu City (2,892), and Davao City (4,233). This, she said, was counterintuitive, observing that, “rampant cheating usually occurs in rural, island, and other remote areas.” She

Covid deaths...

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This meant that for every 100,000 deaths, a total of 78.8 to 88.7 were due to Covid-19. This translates to an average mortality rate per 100,000 of 82.9. The data showed that given that reported deaths of 53,000 or a 23.8 mortality rate per 100,000 report may have been understated. The researchers estimate Covid-19 deaths may have been 3.31 to 3.72 or an average of 3.48 is the ratio between excess mortality rate and reported Covid-19 mortality rate.

“Gaps exist between reported and excess deaths related to the Covid-19 pandemic for a number of reasons,” the researchers stated. These reasons include the fact that healthcare reporting systems generally do not list Covid-19 as the cause of death without a positive SARSCoV-2 test. This meant that deaths due to Covid-19 will be missed in official counts in locations with low testing capacity. Another reason for this is that country systems for registering

warned that “the lack of digital signatures at the precinct level will set up the elections for public distrust, even failure.” Marcos, who chairs the Senate Electoral Reforms and People’s Participation Committee, cited Section 18 of the Election Automation Law or Republic Act (RA) 8436, amended by RA 9369. It provides that: “The election returns transmitted electronically and digitally signed shall be considered as official election results and shall be used as the basis for the canvassing of votes and the proclamation of a candidate.” The senator reminded the poll body that “besides the law’s mandate, there were commitments to provide complete digital sig-

natures for the May 9 elections” that were made by the Comelec, the Department of Information and Communications Technology (DICT), Department of Education (DepEd), and the Department of Science and Technology during Senate hearings on the bill in May and June 2021. At the same time, she warned that “downscaling digital security measures on Election Day is cause for further alarm.” She noted that at a Senate hearing she called last March 9, it was disclosed that Comelec blocked independent observers from monitoring the configuration of SD cards for vote-counting machines and that the National Printing Office churned out voter’s ballots in similar secrecy.

deaths vary in their quality and comprehensiveness, as well as in the definitions used for counting Covid-19 deaths. The researchers also said globally, there is no universal agreement as to when a death of someone infected with SARS-CoV-2 should be reported as a death due to Covid-19. The researchers also said political considerations may have prevented accurate reporting of deaths in some locations, while the magnitude and distribution of many other causes of death might have changed because of social, economic, and behavioral responses to the pandemic, including strict lockdowns.

“Under these conditions, excess mortality can provide a more accurate assessment of the total mortality impact of the Covid-19 pandemic than reported Covid-19 deaths,” the researchers said. The researchers said that although reported Covid-19 deaths between January 1, 2020 and December 31, 2021, reached 5.94 million worldwide, they estimated that 18.2 million people died worldwide because of the Covid-19 pandemic, as measured by excess mortality, over that period. The estimates showed that the number of excess deaths due to Covid-19 was largest in the regions of south Asia, north Africa and the Middle East, and eastern Europe. At the country level, the highest numbers of cumulative excess deaths due to Covid-19 were estimated in India at 4.07 million; the USA, 1.13 million; Russia, 1.07 million; Mexico, 798,000; Brazil, 792,000; Indonesia, 736,000; and Pakistan, 664,000. “The full impact of the pandemic has been much greater than what is indicated by reported deaths due to Covid-19 alone. Strengthening death registration systems around the world, long understood to be crucial to global public health strategy, is necessary for improved monitoring of this pandemic and future pandemics,” the researchers said. “In addition, further research is warranted to help distinguish the proportion of excess mortality that was directly caused by SARS-CoV-2 infection and the changes in causes of death as an indirect consequence of the pandemic,” they added. The study aimed to estimate excess mortality from the Covid-19 pandemic in 191 countries and territories, and 252 subnational units for selected countries between January 1, 2020 and December 31, 2021.

OFWs…

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The insured OFWs must also be given medical evacuation, medical repatriation, and a compassionate visit by one family member of a migrant worker who is hospitalized and confined for at least seven consecutive days. The concerned recruitment or manning agency will pay for the insurance cost of rehires, while for direct hires it will be shouldered by their foreign employer. “Only reputable private insurance companies duly registered and currently accredited with the Insurance Commission are qualified to provide the insurance coverage,” Bello said. The new guidelines will last until the end of the public health emergency due to Covid-19 and shall remain in force until the full completion of the national government’s vaccination program. However, its validity may be extended by the Labor Secretary if necessary. Samuel P. Medenilla

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PHL DEBT PAYMENTS UP 25%, REACH P1.2T IN 2021 Continued from A1

Amortization payments in December last year slid by 11.9 percent to P42.7 billion from P48.4 billion. Meanwhile, interest payments rose by 7.9 percent to P27.3 billion from P25.3 billion. For this year, the government programmed P1.298 trillion for its debt service, of which P785.2 billion is allotted for principal amortization while the remaining P512.59 billion will be for interest payments. Earlier this month, Finance Secretary Carlos G. Dominguez III said this year will be a “critical” time for the country as it needed to begin outgrowing debt by restoring high economic growth. While Dominguez called the current debt level “manageable,” he said the Duterte

administration is “determined to return quickly to fiscal consolidation.” To help bring down the current debt and budget deficit levels, Dominguez has since said they are working on a fiscal consolidation plan that they will turn over to the incoming economic team under the new administration. “In fact, we have already formulated a program to limit the budget deficit and improve our debt-to-GDP ratio. This is part of our transition plan to the next administration. Essential to our fiscal consolidation program is the improvement of collections to meet our expenditure requirements. This year would be critical, we need to begin outgrowing our debt by restoring our high growth,” Dominguez said.

Govt...

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“Interested parties shall be afforded the opportunity to be present and present evidence in support of their position/s on the matter. Parties who intend to make presentations during the PHV [Public hearing via Videoconferencing] are also required to submit their presentation slides to the Commission on or before 16 March 2022,” the TC’s notice read. The TC has set a deadline of March 24 for the submission of position papers for pork and rice tariffs while the position papers for corn and coal tariffs must be submitted on March 25.

The presentation, titled “Mitigating the impact of the RussiaUkraine crisis on the people,” was presented by Socioeconomic Planning Secretary Karl Kendrick T. Chua to the public. Under section 1608 or the flexible clause, the TC is mandated to conduct investigations before the National Economic and Development Authority (Neda) recommends to the President any tariff adjustments. The President could adjust or modify tariff rates when Congress is not in session upon the recommendation of the Neda. “The Commission shall conduct an investigation and shall hold public hearings wherein interested parties shall be afforded reasonable opportunity to be present, to produce evidence and to be heard,” the law’s provision read. “The Commission shall also hear the views and recommendations of any government office, agency, or instrumentality,.” Under the law, the TC must submit its findings and recommendation to the Neda within 30 days after the termination of the public hearings.

Powerpoint presentation

A DOCUMENT obtained by the BusinessMirror indicated that the public hearings that the TC will conduct did not “emanate” from any petition for tariff modifications under Section 1608 of Republic Act 10863 or the Customs Modernization and Tariff Act (CMTA). The document showed the TC’s basis for conducting its public hearings was a powerpoint presentation submitted to the body by the government’s economic development cluster (EDC).

Spooking...

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“Investors have to be certain that their property will not be confiscated and their returns will not be clawed back arbitrarily. Meaningful commitment to rule of law, fair commercial arbitration and regulation will be musthaves for the next administration,” the economist-lawmaker said. “If we can do all that, I think 2022 will be a better year for FDI, if the next President inspires confidence, through policy and personnel preferences,” he added. Salceda the net FDI data for 2021, an all-time high of USD 10.52 billion, demonstrates that “the promise of the CREATE Law is being realized,” and that “more beneficial reforms will make 2022 a better year for investments than 2021.” “I am elated by 2021 data, and I am hopeful that 2022 will be even better because we have not yet maximized CREATE. We still have the Strategic Investment Priorities Plan to complete. That will really guide our industrial and investment policy, and help boost high-tech and high-value sectors,” Salceda said. “Don’t forget that 2021 was also a pandemic year, so I expect a less COVID-intense year such as 2022 to earn more FDI,” Salceda added.

“We promised record investment performance after CREATE, and it worked,” Salceda also said.

BSP’s report on FDI

SALCEDA cited a release from the Bangko Sentral ng Pilipinas (BSP), which noted that the December 2021 FDI report “brought the full-year 2021 FDI net inflows to a new record level of US$10.5 billion, breaching the previous high of US$10.3 billion in 2017.” The 2021 level represents a 54.2 percent increase from the US$6.8billion net inflows recorded in 2020. Salceda also noted that the increase in both debt and equity capital is similar, indicating “that foreign investors see the Philippines as something they can risk their money in, either through debt, or real skin in the game in the form of equity.” “I attribute confidence in our credit to confidence in the capacity of both the Philippine government and the Philippine private sector to pay our debts. Confidence in our prospects, as seen in equity investments, is largely due to our commitment to economic reforms, as well as key fundamentals such as a young, talented population,” he added.

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Firms’ patent filings surged 137% in ‘21 By Cai U. Ordinario @caiordinario

HE gradual reopening of the economy has prompted a surge in patent applications filed at the Intellectual Property Office of the Philippines (IPOPHL); the agency noted applications reached an alltime high in 2021. IPOPHL said it processed a total of 45 outbound applications under the Patent Cooperation Treaty (PCT) System in 2021, marking a 137-percent increase from 2020, an all-time high. “With the continued reopening of the economy, we hope to encourage more local inventors and companies to seek global opportunities,” IPOPHL Director General Rowel S. Barba said. The agency also said the PCT System allows an inventor to file a single patent in multiple or all 155 PCT contracting states. As part of this global push, IPOPHL extended its PCT Filing Assistance Program until December 31 last year through Memorandum Circular 2022-007. Implemented by the Bureau of Patents (BOP), the PCT Filing Assistance Program waives fees for an International Search Report (ISR) and International Preliminary Examination Report (IPER). This meant small firms saved a total of $600 while large entities saved a total of $1,500 for ISR and IPER. The BOP charged small firms

$400 and large firms $1,000 for an ISR. In terms of IPER, the BOP charges $200 for small entities and $500 for big entities. The program also provides technical consultation on the PCT system and the application process. Eligible beneficiaries include Filipino inventors, higher educational institutions that are members of IPOPHL’s Innovation and Technology Support Office Program, and foreign inventors. They are eligible for 90 percent reduction in certain PCT Fees coming from PCT contracting states that designate IPOPHL as an International Searching and Preliminary Examining Authority (ISA/IPEA) and where IPOPHL is their selected Office of first filing from between February and December 2022. “With their inventions or UMs patented, our Filipino inventors can gain greater competitiveness with their exclusive rights to prevent others from making, using, offering for sale, selling or importing their inventions,” BOP Director Lolibeth R. Medrano said. IPOPHL said that as an ISA/IPEA, the agency prepares International Search Reports (ISRs) and IPERs. An ISR identifies the existing patents and prior art which may affect an invention’s patentability. Meanwhile, an IPER is an initial assessment of an application’s novelty, inventive step and industrial applicability prepared according to international standards.

Editor: Vittorio V. Vitug • Monday, March 14, 2022 A3

Senators weigh in on Palace actions as oil prices increase By Butch Fernandez @butchfBM

ENATE Minority Leader Franklin M. Drilon sees no need to grant Malacañang “emergency powers” to deal with the impact of the oil price crisis, even as other lawmakers suggest it is time to review the Electric Power Industry Reform Act. In a radio interview over the weekend, the opposition senator reminded “there are many unused funds, so much so the Department of Finance (DOF) was prompted to “do a cash sweep to track and return those funds to the treasury.” The Minority Leader suggests that in order “to help the country,” Malacañang can instead call a special session to suspend the excise tax. “The Palace can ask Congress (to do it) and one day its done,” says Drilon, adding: “Let us not be reliant on (imposing) emergency power.”

Excise tax suspension

FOR his part, Senator Panfilo T. Lacson backed the suspension of the oil excise tax “on a temporary basis.” “With fuel prices expected to shoot up yet again, threatening to further raise the cost of living,” Lacson pressed for the “immediate suspension of excise taxes on fuel products even on a temporary basis until such time that the international price of oil stabilizes to a

manageable level.” From his view as chairman of the Senate Committee on National Defense and Security, Lacson expects the suspension will “provide the much-needed breathing space not just to motorists but also to virtually all sectors affected by the upward trend in fuel prices.” He, however, stressed the need for the Duterte administration officials concerned that “in the meantime, the government must draw up long-term solutions to the crisis, including the use of renewable energy.”

re-imposed when the prices go below these levels. Pointing out the urgency of the matter as upward trend in fuel prices will also impact the prices of food and other basic commodities, Lacson reminded that “the upward trajectory of fuel prices is expected to continue and the government must do something now to mitigate the impact of international oil prices on motorists, the public transport sector, fisherfolk and farmers who will bear the brunt of this burden if we do not act now.”

Unprecedented increases

‘Breathing space’

LACSON said he anticipates another round of fuel price hike this week, warning that “this time, the increases are unprecedented.” Citing the Mean of Platts Singapore (MOPS) reference price for refined petroleum products and other oil price indices have already reached levels never seen before as a result of Russia’s invasion of Ukraine,” Lacson projects soaring prices of gasoline and diesel per liter “could hit more than P80-90 per liter.” He suggests the administration officials concerned consider installing “a mechanism be put in place, where the excise tax on fuel will be suspended when crude oil prices based on the MOPS reach or exceed $90 to $100 per barrel,” adding that the excise tax can be

AT the same time, Lacson acknowledged that “while there may be a loss of revenue for the government when the excise tax is suspended what matters now is the plight of ordinary Filipinos.” The senator suggests that the Duterte government should “give the people ‘breathing space’ so that the economy can recover,” noting that “this is a temporary measure but it will be welcomed as we are all just trying to get back on our feet.” Moreover, he reminds that “our long-term solutions should be in investing in renewable energy, facilitating the transition to electric vehicles in our transport sector, and exploring for oil, gas and other indigenous energy resources that can

supply sustainable energy.” Lacson assures this will “serve multiple purposes in relation to climate, the environment and sustainable development,” projecting “this will remove our dependence on imported fuel and will be a buffer against disruptions like war.”

No legal impediment

LAST week, Drilon asserted that there is actually no need for Congress to pass a new law suspending fuel taxes, because the “spirit of the Train law” gave the Department of Finance and BIR the power to suspend such taxes. Drilon, a former Justice Secretary, affirmed he “does not see any legal impediment” that would prevent the DOF and BIR from doing this “if they really want to mitigate the impact of high oil prices on the cost of goods and living expenses of the ordinary Filipino.” Thus, if no law is necessary, no special session need be called. On Sunday, he repeated this plea for a “liberal interpretation” of the Train law. But in case President Duterte calls a special session to pass new legislation to cover the new circumstances posed by the unprecedented, rapid price hikes, Drilon said he does not see any one in Congress taking a contrary stance to suspending excise taxes during the crisis.

Six presidential candidates commit to Comelec debate DOJ looking into circumstances behind Lumad teacher’s death By Samuel P. Medenilla @sam_medenilla

ITH only a few days before its first national election debate, the Commission on Elections (Comelec) said six of the 10 presidential candidates have formally committed to attend the event. As of 1:25 p.m. last Sunday, Comelec spokesperson James Jimenez said the presidential candidates, who already executed a written commitment to join the debates are former presidential spokesman Ernesto C. Abella, labor leader Leodegario

“Leody” Q. de Guzman, Manila Mayor Francisco “Isko” M. Domagoso, former National Security Adviser Norbeto B. Gonzales, incumbent senators Panfilo “Ping” M. Lacson and Emmanuel “Manny” D. Pacquiao. He said the following three candidates have verbally expressed their interest to join the event: businessman Faisal M. Mangondato, Jose C. Montemayor, Jr., and Vice President Leonor “Leni” G. Robredo. Only former senator Ferdinand “Bongbong” R. Marcos, Jr. has yet to indicate a verbal or written commitment to participate in the debate.

An anxious Robredo is pleased to see thousands in ‘Solid North’ By Rene Acosta @reneacostaBM

ICE President Leni Robredo barnstormed the “Solid North” at the weekend, visiting two vote-rich provinces in Northern Luzon in her campaign for the presidency. Robredo admitted she was apprehensive of the reception she would get from Ilocanos, but was heartened by the thousands who attended her rallies in Cagayan and Isabela, some of whom, in between her talks, chanted, “there is no Solid North.” She also drew people to quick-stop rallies in the town of Alcala and in Tuguegarao City in the heart of Cagayan. They wore pink, the signature color of her campaign. The sight of thousands of Ilocanos in the region considered as the bailiwick of her rival, former Senator Ferdinand “Bongbong” Marcos Jr., eased her anxiety, according to her campaign team. Robredo, at the rally in Alcala, encouraged them to show their support to her on May 9. “Show me your support on May 9 please. Not just today. I’m nervous now, and I understand the situation. I know it’s hard for those of you campaigning for another presidential candidate here in your place,” she told them, mostly in Filipino. She praised them, noting times

have changed indeed. “That means, our youth today look at the qualifications of candidates, not just where they came from. And that’s very important, because whoever gets elected will be the driver of our national vehicle in the next six years,” she added. In between her talk, the vice president would get a response from the crowd shouting “there is no Solid North.” Solid North refers to Ilocanos and the northern portion of Luzon. It has always been considered Marcos country. While Robredo admitted that she lost in Cagayan when she ran for vice president in 2016, she set aside politics and ensured her help reaches the province every time it is struck by calamities. From Cagayan, Robredo went to the neighboring province of Isabela where a larger crowd welcomed her and her campaign team in Santiago City. “You surprise me. Actually, when Cong. Presley (party-list Rep Presley De Jesus) suggested a motorcade, I said it might not be advisable because they might pelt us with tomatoes or eggs, but I was surprised because people greeted us warmly,” she said. The presidential candidate vowed the country would do well under a “Robredo presidency.” She promised, “first, a clean government. Second, very professional.” Last, she said all transactions will be free from corruption and politics.

The Comelec will be conducting the first leg of its 5-part debate series on March 19 at the Sofitel Philippine Plaza in Pasay City. The first three debates will follow a single-moderator format, wherein the participants will answer topics pre-determined by Comelec. The last two of the debates will make use of a town hall debate format featuring two moderators. Candidates, which will fail to attend the event, will be barred from using its e-rally platform and will be represented by an empty podium at the actual debate.

HE Department of Justice (DOJ) is now looking into the circumstances behind the death of Lumad school teacher Chad Booc to determine if the inter-agency committee on extra-judicial killings (EJK) could conduct a separate probe. Justice Secretary Menardo I. Guevarra said he could not say yet whether the committee would take over the investigation on Booc’s death as information are still being gathered about the case to ascertain is within the scope of the Inter-Agency Committee on Extra-Legal Killings, Enforced Disappearances, Torture and

Other Grave Violations of the Right to Life, Liberty and Security of Persons or AO 35 Committee. GuevarrachairstheAdministrative Order 35 Committee. “We’re gathering more facts from the ground; then we’ll evaluate if the case falls under the ambit of AO 35,” Guevarra said. The members of the AO 35 Committee is are the Presidential Human Rights Committee, Department of the Interior and Local Government, Department of National Defense, Presidential Adviser for Political Affairs, Armed Forces of the Philippines, Philippine National Police and

the National Bureau of Investigation. The Office of the Ombudsman, Department of Foreign Affairs (DFA), and the Commission on Human Rights (CHR) serve as independent observers of the Committee. Booc along with four others were killed during an alleged encounter with the military last February 24 in Davao de Oro. An autopsy conducted by pathologist Raquel Fortun said that Booc allegedly suffered from multiple gunshot wounds to the trunk and right elbow, while his most fatal injury was in his spinal cord, which was reportedly torn. Joel R. San Juan

PAF using FA-50 fighter jets in exercises with US forces

HE Philippine Air Force will begin today (Monday) its air exercises with its counterpart from the United States, to test for the first time, the readiness and capability of its South Korean-acquired FA-50 fighter jets and their pilots to defend the country’s air space in combat. While the squadron of FA-50 jets has been in the service of the Air Force since their acquisition more than a year ago, they have been mainly used for training, air show and bombing missions against local threat groups. The latest was more than a week ago when it bombed the camp of a local front of the Islamic State in Lanao del Sur. Air Force spokesman Maynard

Santiago said the Bilateral Air Contingent Exchange-Philippines (BACE-P) involving both air forces of the Philippines and the US will use the Basa Air Base and Clark Air Base, both in Pampanga, the Colonel Ernesto Ravina Air Base in Tarlac and Wallace Air Station in San Fernando, La Union during the 12-day air exercises. On Sunday, F-16 fighter jets from the 13th Fighter Squadron of the US Air Force arrived in the country for the war games with the 7th Fighter Squadron and 105th Fighter Training Squadron, both of the Philippine Air Force, thus testing the capability of the FA-50 jets and their Filipino pilots to go toe-to-toe with modern aircraft.

“For 12 days, these units will be involved in one of the most rigorous air exercises being conducted between the two countries,” Mariano said of the acquired aircraft and Filipino combat pilots. Mariano said both air forces will undertake a wide range of missions such as air-to-air engagement; base defense; air traffic navigations and integration coordination; air battle management, air defense command and control operations; radar and radio operations; and surface to air missile operation and deployment planning. The exercise between the US and Philippine Air Forces is the third bilateral training between the military allies taking place this month as

the Balance Piston involving special forces units from both countries has just concluded. Another exercise, Salaknib, involving the Philippine Army and the US Army, Pacific (Usarpac) is also ongoing in Central Luzon. In the latter part of this month, the US and the Philippines will also start Balikatan, the biggest war games involving the two countries and will be attended by some of their allies, including Japan and Australia as well as armies in Southeast Asia. Meanwhile, the Philippine Navy accorded a sendoff ceremony to the French surveillance frigate Vendémiaire during the weekend as it sailed out of the country following a port call. Rene Acosta, AP

DPWH speeding up Davao infrastructure project By Lorenz S. Marasigan @lorenzmarasigan

HE Department of Public Works and Highways (DPW H) a nnounced its personnel are speeding up the development of the Davao City Bypass Construction Project, reporting that the contractor now conducts simultaneous tunneling activities at northbound and southbound directions on north portal of the project’s road moun-

tain tunnel component. Public Works Undersecretary Emil K. Sadain said the simultaneous works for the northbound and southbound directions “will ramp-up project progress to catchup on the late arrivals of special equipment and/or machineries and Japanese experts due to movement restrictions and delayed issuance of travel permits because of the pandemic.” A part of the “Build, Build, Build” program, the road aims to reduce

congestion in Davao City and cut travel time between Toril, Davao City and JP Laurel, Panabo City to 49 minutes from the current 1 hour and 44 minutes. “It is expected that the start-up of excavation work at the northbound direction of the north portal will significantly speed up project delivery,” Sadain said. Construction of the soundbound direction started in November last year. The group of Shimizu-Ulticon-

Takenaka is undertaking the construction of Contract Package (CP) I-1, which covers 10.7 kilometers of four-lane highway and a 2.3-kilometer tunnel that has a diameter of 10 meters. The entire 45.5-kilometer bypass road is divided into six packages: CP I-1 (10.7 km), CP I-2 (12.8 km), CP I-3 (6.1 km), CP II-1 (2.7 km), CP II-2 (3.5 km), and CP II-3 (9.7 km). The project is funded through a loan program from the Japan International Cooperation Agency.

Economy BusinessMirror

A4 Monday, March 14, 2022 • Editor: Vittorio V. Vitug

www.businessmirror.com.ph

Proposed ₧750-daily wage gains ground By Samuel P. Medenilla

The PM is demanding for P100 across-the-board legislated wage increase from the government.

@sam_medenilla

& Jovee Marie N. Dela Cruz @joveemarie

Solons’ discussion

HE regional wage board in the National Capital Region (NCR) said it is now tapping the Department of Energy (DOE) in its review of a wage petition filed in 2019. Regional Tripartite Wages and Productivity Board-National Capital Region (RTWPB-NCR) Chairman Sarah B. Mirasol said they will be conducting the formal assessment on March 22. Mirasol told the BusinessMirror they “have been reviewing socio-economic indicators by inviting resource persons from” the Bangko Sentral ng Pilipinas, Department of Health, Department of Trade and Industry and recently from the Department of Energy. She issued the statement after Labor and Employment Secretary Silvestre H. Bello III instructed last Wednesday the regional boards to start reviewing pending wage petitions following the recent spike in oil prices. Last year, the RTWPB-NCR deferred once again tackling the P750-wage proposal filed in 2019 by the Unity for Wage Increase Now (Uwin), which is comprised by 10 labor groups and advocates. Discussion on Uwin’s proposal was deferred after government imposed restrictions to stem the spread of the novel coronavirus disease (Covid-19). The restriction prevented the wage board from conducting the needed stakeholder consultation and public hearing, which is necessary for reviewing a wage petition.

Another petition

THE last wage order issued by the RTWPB-NCR was in 2018, which raised

CURRENT CRUISE E-Mobility staff charges an electric vehicle using a new installed fast-charger powered by solar panels at the University of the

Philippines-Electrical and Electronics Engineering Institute (UP-EEEI) in Quezon City on December 21, 2021. Apart from UP-EEEI, the Department of Science and Technology in cooperation with the Quezon City government and UP National Center for Transportation Studies recently installed an EV fast-charger node and solar panels in two more charging stations located at the QC Department of Public Order and Safety office and the Payatas environmental office. NONOY LACZA

the daily minimum wage in NCR to P500 (about $9.50 at 2018 exchange rates) to P537 ($10.20)—the highest minimum wage rate nationwide. Data from the National Wages and Productivity Commission (NWPC) showed that the “real” value of the P537 minimum wage in NCR, after adjustment for inflation, is at P494.02 as of last month. The Trade Union Congress of the Philippines (TUCP) said it is set to file a new wage petition in NCR on March 14. TUCP Vice President Luis C. Corral said they will be announc-

ing the amount of their wage petition after they file it at the RTWPB-NCR in Manila.

Economic boost

BUSINESS leaders expressed concern over the impact of a new round of minimum wage hike to businesses, particularly micro, small, and medium enterprises (MSMEs), which are still reeling from the impact of the pandemic in the last two years. They noted raising wages could lead to the eventual closure of more establishments, which may be unable to shoulder the additional expense.

Partido Manggagawa (PM) contradicted the said assertion by business leaders by stating the additional pay will actually help boost the economy. “The economic slump is not an argument against a pay increase. Instead it is a reason to provide money to consumers through a wage hike. Boosting the purchasing power of consumers—especially lowly paid workers who spend most of their take-home pay compared to high income earners—will pump prime the economy and lead to the revival of MSME’s,” PM Secretary-General Judy Miranda was quoted in a statement as saying.

AMID calls for wage hike, the House Committee on Labor and Employment will convene this week to resume deliberations on the proposal amending the Labor Code of the Philippines to institutionalize a national minimum wage for private sector workers. House Committee on Labor and Employment Chairman Enrico A. Pineda said the meeting of his committee will be held on Thursday, March 17, at 1:30 p.m. “It’s high time we raise the minimum wage, considering the rising costs of goods and the effects of the pandemic,” Pineda said. House Bills (HB) 246, 276, 541, 668, 2878, 6668 and 6752 all propose to amend the Labor Code of the Philippines to institutionalize a national minimum wage for private sector. “The cost of goods is not different in all places around the country; a primary reason for making wages higher in larger cities in Metro Manila. That reason is barely evident now since malls have been popping up in provinces, offering the same goods for the same prices, and with the rising gasoline prices, which is even more expensive outside Metro Manila. The effect of the rising gas prices is that everything also goes up, “the lawmaker explained. “Further, additional expenses are now necessary due to the pandemic. People need to buy masks, vitamins, disinfecting materials, and spend on testing. How do we expect our workers to keep up without any increase in their salaries?” The bills were initially discussed by the Committee on Labor and Employment on February 2020, before the onset of the pandemic in the Phil-

ippines and the implementation of community quarantines. However, no agreement was reached because several issues still needs further discussion, according to Pineda. For his part, House Ways and Means Chairman Joey Sarte Salceda said that the country’s minimum wage “is severely, almost embarrassingly unprepared for price hikes to come this year,” noting that 2022 will be the fifth year that there were no hikes in minimum wage rates in the National Capital Region (NCR). “Sadly, the NCR wage drives the needle for wages in the country; and NCR has seen no minimum wage increase since 2018,” Salceda said. “That leaves ordinary, working-class Filipinos totally unprepared for the price hikes that will inevitably come due to rising oil prices.” Based on Salceda’s calculations, the NCR minimum wage of P537 a day is now worth just P464 in 2018 prices. “That means that today’s NCR minimum wage would be able to buy P73 less in goods in 2018. That is grossly unfair to the working class,” Salceda added. “Besides, increasing wages is the right thing to do at this point. The burden of price hikes has to be shared, between workers and their employers. Shared pain and shared benefits is the principle of a working economy,” the lawmaker explained. Salceda said he will endorse the petitions for wage hikes to Labor Secretary Silvestre H. Bello III, “to argue the economic case for raising minimum wage.”

‘Contractual employees’

MEANWHILE, Rep. Michael T. Defensor of Anakalusugan has vowed to fast-track the grant of permanent status to long-time Quezon City Hall contractual employees.

An idea whose time has come: Prepaid gas lets consumers cut pain of inflation By Lorenz S. Marasigan @lorenzmarasigan

INANCIAL coach Elmaerwin Sibucao usually drives his Chevy Trailblazer between Ilocos and Manila, passing through Cabanatuan to fetch his fiancée, and that takes up quite a lot of mileage and fuel. Typically, he would gas up on popular oil brands like Petron, Shell, or Caltex, but when the fuel prices went up significantly much to his dismay, he had to look for better options. Six months ago, he heard about PriceLOCQ, a mobile app that allows consumers to buy prepaid gas from Seaoil. Yet, since he’s more inclined to patronize other competing brands, he dismissed the idea of checking it out. But when pump prices skyrocketed recently, Sibucao decided to download the app. He registered on the platform just this Monday. “I remembered the app when I took notice of the recent P5.85 increase in diesel and chose to try it,” he shared. Sibucao tried PriceLOCQ and prepaid for a supply of gas in a Seaoil station in Cabanatuan, since that station sells diesel cheaper than in Metro Manila and Ilocos. He was thrilled to learn that he can buy digital fuel with a locked-in price and store it until he needs to gas up again. “My favorite feature of the app is that you can have your own inventory of gas without hassle,” he said. “Another feature that the gasoline boy shared was that I can use it in any Seaoil station that uses PriceLOCQ.” Since trying it out on Monday, Sibucao has been advocating for the use of the app on social media.

Fuel hedging, retail level

PRICELOCQ is a mobile app developed by its founder Mark Yu, who is also an executive at Seaoil. The platform allows consumers and fleet managers to

MARK YU, PriceLOCQ founder

buy fuel when they want, have the fuel stored both digitally and physically, and redeem the fuel with ease from any participating Seaoil gas station. The app was launched in mid-2020 amid the pandemic. “We are democratizing the ability for people to buy fuel when they want —that’s the main element,” he said in an interview. Yu admitted that prepaid gas was not the initial business idea he had in mind. He initially conceptualized some sort of a digital token based on oil, as blockchain was fast becoming popular in the Philippines in 2020. “The idea of oil tokens evolved to providing something that will really benefit the end consumers. We want to empower each individual to participate in the energy market,” he said. Yu explained that PriceLOCQ essentially makes the concept of fuel hedging available to consumers. By buying fuel in advance, users are able to reduce their exposure to volatile and rising fuel costs, enabling them to save money on fuel expenses.

PriceLOCQ has become more relevant today, as fuel prices continue to rise amid the ongoing war between Russia and Ukraine, as well as the low fuel supply in the global market. “Last Monday, a day before the price increase, the daily sales that we had was 2.5x of our February sale,” he said. “We want to be able to cushion the effect of the rising fuel costs by allowing people to buy at a lower price.” Currently, PriceLOCQ allows users to store up to 600 liters of gas digitally. It is currently available in close to 300 Seaoil retail outlets.

Expansion plans

YU noted that he is now in talks with other fuel companies for partnerships to expand the offers of PriceLOCQ beyond Seaoil. “In areas where Seaoil is not present, we want to be present there as well. Hence, we are open and in talks with other players as well,” he said. Down the line, Yu said he plans to transform PriceLOCQ from a prepaid gas purchasing platform into an ecosystem of mobility solutions that help

SCREENSHOT from a PriceLOCQ user’s phone

bring people from Point A to Point B more efficiently. These include partnerships with RFID companies, parking solutions, selling of insurance, and car servicing, among others. �� “The long-term vision is to transform PriceLOCQ into a platform for mobility—anything and everything that has to do with people being mobile,” he said. He also hopes for the company to become a unicorn, a startup whose valuation has reached $1 billion, and become a global player in the digital prepaid gas space. “In terms of growth, we want to be a unicorn and I think with this we’ll also get inquiries from other countries. We believe that this type of need is not unique in the Philippines,” Yu said.

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14, 2022 A5 BusinessMirror Monday, March Editor: Jennifer A. Ng

2021 meat imports at 1.16MMT, new record By Jasper Emmanuel Y. Arcalas @jearcalas

HE Philippines’s meat imports in 2021 reached a new recordhigh of 1.165 million metric tons (MMT), driven by higher pork purchases abroad as the country plugged the shortfall in domestic supply due to African swine fever. Bureau of Animal Industry (BAI) data showed that total meat imports last year was 30.29 percent higher than the 894,698.528 MT recorded in 2020, the previous highest import volume by the country. BAI data showed that the doubledigit rate increase was driven by higher imports of pork and buffalo meat last year. The country’s pork imports in 2021 more than doubled to 554,697.998 MT from 256,017.459 MT in 2020 as a result of the government’s twin measures to boost domestic pork supply. The government lowered pork tariffs last year and expanded its minimum access volume (MAV) by 200,000 MT to plug the shortfall in supply and arrest skyrocketing meat prices. The country has been reeling

from the impact of ASF on the local pig production, which was down by 20 percent last year, since the dreaded hog disease was confirmed in 2019. Imports of pork bellies and pork cuts, which benefited from lower tariffs and expanded MAV, accounted for half of the total pork volume imported last year. Volume of imported pork bellies and pork cuts reached 272,634.023 MT, nearly triple the 92,442.7 MT imported volume last year, based on BAI data.

Spain top pork supplier

SPAIN was the country’s top supplier of pork last year at 139,211.662 MT followed by Canada (105,863.273 MT ) a nd t he United St ates (66,224.315 MT). The country’s chicken meat imports last year grew slightly to 404,711.559 MT from 402,700.069 MT as mechanically deboned meat (MDM) imports were down by 13 percent year-on-year due to constrained supplies. The country’s imports of chicken leg quarters last year grew by 41.94 percent to 113,403.576 MT from 79,894.371 MT while imports of

chicken cuts increased by 3 percent year-on-year to 39,599.832 MT, based on BAI data. BAI data showed that the country’s chicken MDM imports, which account for more than half of the annual chicken meat purchases abroad, fell to 236,742.040 MT from 273,814.91 MT. The lower chicken MDM imports was attributed to fewer sources abroad as the Philippines banned most European suppliers due to bird flu concerns. The country’s top supplier of chicken meat last year was Brazil at 148,558.158 MT followed by the United States at 142,699.584 MT, BAI data showed. The country’s buffalo meat imports last year rose by 31.42 percent year-on-year to 45,479.574 MT from 34,606.228 MT while beef imports declined by 20 percent year-on-year to 158,716.790 MT, BAI data showed. Thecountry’slambimportsplunged by 73 percent to 515.987 MT from 1,912.058 MT while duck imports declined 41.8 percent to 56.691 MT from 97.421 MT, based on BAI data. Meanwhile, turkey imports last year rose by more than half to 1,505.345 MT from 979.968 MT in 2020.

‘Govt agencies agree to buy directly from farmers, fishers’

ICE Presidential aspirant Francis N. Pangilinan said the Secretaries of Interior and Local Government, Education, Agriculture, and Social Welfare and Development have agreed to use their budget for their food-related programs and buy directly from local farmers and fishers. To immediately ease the effects of oil price spikes and the consequent increases in farm and fishing inputs, Pangilinan said he has reached out to Secretaries Eduardo Año of DILG, Leonor Briones of DepEd, William Dar of DA, and Rolando Bautista of DSWD and told them about his Batas Sagip Saka, which mandates national and local governments to buy bypass middlemen in the purchase of food for their feeding programs for schools, jails, hospitals, and the like. “I texted them and they said yes [to the proposition],” said Pangilinan, who in his campaign sorties around the country brings with him copies of the law, the implementing

rules and regulations, as well as the memorandum of the Government Procurement Policy Board doing away with rigid bidding processes for food purchases. Annually, government appropriates billions of funds for the procurement of food and other related products in the implementation of feeding programs, subsidies, and other programs. In 2021 alone, at least P40 billion was available in the national budget as possible sources of fund for direct purchase from farmers and fisherfolk. “Ang taas-taas na ng presyo ng petrolyo. Halos lahat ng kita napupunta na lang sa petrolyo. Wala nang kakainin ang mga nagpapakain sa atin,” he said in a statement. Pangilinan said farmers also face higher cost of farm inputs including fuel and fertilizer. “Kung tutuparin ang Batas Sagip Saka ng gobyerno at direkta silang bibili sa mga magsasaka at mangingisda, direkta na rin sa bulsa nila ang bilyon-bilyong pisong nakalaan para sa

mga government feeding programs sa ospital, sa provincial jail, at kung ano-ano pa.” “May budget na binibili karaniwan sa trader. Bigas, karne, gulay, isda, prutas, lahat dapat bilhin sa mga magsasaka at mangingisda,” Pangilinan added. The former food security secretary gives out these documents and explains to government officials he meets that the full implementation of his Batas Sagip Saka would provide farmers and fishers a steady market that would pay them a fair price for their harvest and catch. He said this would encourage farmers and fishers to produce more, increasing the supply in the market, effectively lowering food prices and meeting his campaign promise for the entire country to be able to say “Hello pagkain, goodbye gutom.” “Bumili na direkta sa magsasaka at mangingisda…Bumili na agad-agad ng pagkain sa kanila…We need to act quickly. Appropriate government intervention is necessary,” he said.

Gold dealers swamped by demand as war creates inflation scare

OLD is playing its age-old role as a safe haven in times of wars and crises, and people all over the world are piling in. Russia’s invasion of Ukraine has sent the price of everything from oil and gas to wheat and metals skyrocketing, sparking inflation fears and threatening global growth. That’s driving retail investors everywhere from Vienna and Singapore to New York to the safety of gold, which spiked to $2,070.44 an ounce, close to the record reached during the pandemic. The almost 10-percent surge in gold prices since the start of the year is turning into a boon for bullion dealers like Rudolf Brenner, founder of Philoro Edelmetalle GmbH, whose shops in German-speaking Europe now have long lines of buyers—a trend that’s likely to continue with the conflict showing no signs of abating. “WhenthecrisisinUkrainestarted, we saw massive orders” said Brenner, whose sales are triple their normal level. “People are buying everything.” Similar stories are emerging from

gold dealerships around the world. At Empire Gold Buyers in New York, Chief Executive Officer Gene Furman says 30 percent of his customers trading luxury items like watches and jewelry want bullion instead of cash. Gregor Gregersen, founder of Silver Bullion Pte Ltd. in Singapore, saw gold and silver sales rise 235 percent in the first week following Russia’s invasion, and demand has only intensified since. “Investors are thinking along the lines of a worst-case scenario with the war in Ukraine and are finding it prudent to buy physical safe-haven assets in a safe jurisdiction like Singapore,” Gregersen said. The soaring demand comes after an already strong year for physical metal buying, particular in western nations. Demand for bars and coins hit 1,124 tons in 2021, according to the World Gold Council, the highest in almost a decade. That helped support prices at a time when institutional investors weren’t dipping in as much. The current clamor for physical

gold is causing already high premiums on retail investors’ favorite versions of the metal to extend gains, a sign of their scarcity. To get their hands on a one-ounce bar, buyers may need to cough up as much as $100 over the spot price. Premiums are up about 25 percent at physical bullion brokerage Goldcore and are expected to rise further, according to its chief executive officer, Stephen Flood. In his view the main driver is concern about the financial sanctions on Russia, which have “politicized and weaponized” the payments system. “It’s the ultimate backup plan to have the metal within reach,” Flood said. “Everyone and their mum is looking at precious metals now.” But it’s not a one-way street. Many are bringing their bars, coins and jewelry back to the dealers to cash in on prices that haven’t been this high since the summer of 2020. Back then, there was a spike in activity as lockdowns eased and people flocked to gold stores to trade in the haven. Bloomberg News

Monday, March 14, 2022

The World BusinessMirror

US accuses Russia of using UN Security Council for ‘spreading disinformation’ By Edith M. Lederer

The Associated Press

NITED NATIONS—The United States accused Russia of using a U.N. Security Council meeting Friday for “lying and spreading disinformation” as part of a potential false-flag operation by Moscow for the use of chemical or biological agents in Ukraine. US Ambassador Linda Thomas-Greenfield said Russia was playing out a scenario put forth in the council last month by US Secretary of State Antony Blinken—that President Vladimir Putin would “fabricate allegations about chemica l or biological weapons to justify its own violent attacks against the Ukrainian people.” “The intent behind these lies seems clear, and is deeply troubling,” she said. “We believe Russia could use chemical or biological agents for assassinations, as part of a staged or false-flag incident, or to support tactical military operations.” The United States has warned about such Russian operations in conjunction with an invasion, which began Feb. 24. Russia had requested the meeting to address its allegations of US “biological activities” in Ukraine—a charge made without any evidence and denied by both Washington and Kyiv. R u s si a’s U N A mba s s ador Vassily Nebenzia said its Defense Ministry had documents charging that Ukraine has at least 30 biological laboratories carrying out “very dangerous biological experiments” involving pathogens, and its work “is being done and funded and supervised by the Defense Threat Reduction Agency of the United States.” Ukraine does have a network of biological labs that have gotten funding and research support from the US—but they are owned and operated by Ukraine and are part of an initiative called the Biological Threat Reduction Program that aims to reduce the likelihood of deadly outbreaks, whether natural or manmade. The US efforts date back to work in the 1990s to dismantle the former Soviet Union’s program for weapons of mass

destruction. “The labs are not secret,” said Filippa Lentzos, a senior lecturer in science and international security at King’s College London, in an e-mail to the Associated Press. “They are not being used in relation to bioweapons. This is all disinformation.” Britain’s UN Ambassador Barbara Woodward called the allegations “utter nonsense” and said “Russia is sinking to new depths today, but the council must not get dragged down with it.” UN disarmament chief Izumi Nakamitsu told the council she was aware of media reports about the allegations and said: “The United Nations is not aware of any biological weapons programs.” Thomas-Greenfield also denied that Ukraine has a biological weapons program or biological weapons labs as Russia claimed, saying the public health laboratory facilities are used to detect and diagnose diseases like Covid-19, with US help. Thomas-Greenfield said that ever since Russia began building up forces near Ukraine’s borders, Washington’s strategy has been to counter Moscow’ tactics and share what it knows with the world. “We’re not going to let Russia get away with lying to the world or staining the integrity of the Security Council by using it as a venue for legitimizing Putin’s violence,” she said. She accused Russia’s ally, China, of “spreading disinformation in support of Russia’s outrageous claims.” China’s UN Ambassador Zhang Jun expressed concern at Russia’s accusations and urged an investigation to “prov ide a comprehensive clarification and accept a multilateral verification.” Britain’s Woodward said the

The United Nations Security Council listens to comments during a meeting on Friday, March 11, 2022, at UN headquarters. The Russian request for the Security Council meeting followed a US rejection of Russian accusations that Ukraine is operating chemical and biological labs with US support. UNTV via AP

Security Council must not be “an audience for Russia’s domestic propaganda” and must remain focused on Russia’s invasion of Ukraine. “We should not allow Russia to abuse its permanent seat to spread disinformation and lies and pervert the purpose of the Security Council,” Woodward said. U kraine’s UN A mbassador Sergiy Kyslytsya said Moscow’s accusations “may actually point at Russia preparing another horrific false-flag operation.” Noting that Russia has already used cruise missiles, multiple rocket launchers and heavy aerial bombardment, he addressed Putin by asking: “So what else are you going to use against Ukraine?” The UN human rights office, meanwhile, has received “credible reports” that Russian forces are using cluster munitions in Ukraine, including in populated areas which is prohibited under international humanitarian law, Undersecretary-General Rosemary DiCarlo told the Security Council. “Indiscriminate attacks, including those using cluster munitions, which are of a nature to strike military objectives and civilians or civilian objects without distinction, are prohibited under international humanitarian law,” DiCarlo said. “Directing attacks against civilian and civilian objects, as well as so-called area bombardment in towns and villages, are also prohibited under international law and may amount to war crimes.” Nebenzia replied that the allegations are “refuted repeatedly by our Ministry of Defense.”

The Russian request for the Security Council meeting came from its first deputy UN ambassador, Dmitry Polyansky. Russian Foreign Ministry spokeswoman Maria Zakharova had made the accusation earlier this week. White House press secretary Jen Psaki called Russia’s claim “preposterous” and tweeted: “This is all an obvious ploy by Russia to try to justify its further premeditated, unprovoked, and unjustified attack on Ukraine.” Ukrainian President Volodymyr Zelenskyy also denied Russia’s accusation, saying the accusation itself was a bad sign. “That worries me very much because we have often been convinced that if you want to know Russia’s plans, they are what Russia accuses others of,” he said late Thursday. “No chemical or any other weapon of mass destruction has been developed on my land. The whole world knows this.” Pentagon press secretary John Kirby called the Russian claim “a bunch of malarkey.” UN spokesman Stephane Dujarric said the World Health Organization, which has been working with the Ukrainian government, said it was “unaware of any activity on the part of the Ukrainian government which is inconsistent with its international treaty obligations, including on chemical weapons or biological weapons.” The international community for years has assessed that Russia used chemical weapons in carrying out assassination attempts against its political opponents such as Alexei Navalny, now in a Russian prison, and former spy Sergei Skripal, who lives in the UK Russia also supports the Syrian government, which has used chemical weapons against its people in an 11-year civil war. “Russia has a well-documented history of using chemical weapons and has long maintained a biological weapons program in violation of international law,” said Olivia Dalton, spokesperson for the US Mission to the United Nations. She added Moscow has “a track record of falsely accusing the West of the very violations that Russia itself is perpetrating.” Associated Press writers David Klepper in Providence, R.I., and Angelo Fichera in Philadelphia contributed

Malaysia ruling party wins big again in state election Russian official warns

UAL A LUMPUR, Malaysia—Malaysian Prime Minister Ismail Sabri’s Malay party has defeated its allies in the ruling party and the opposition to score a landslide victory in a second state election that could presage early national polls. Saturday’s big win in southern Johor state by the United Malays National Organization, or UMNO, mirrored its victory in another state election in November and will embolden supporters to escalate demands for early general elections, which are not due till July 2023. The UMNO-led National Front coalition governed Malaysia for 61 years until its shocking ouster in 2018 due to a multibilliondollar financial scandal. But the reformist alliance that won those polls collapsed in 2020 due to defections and the National Front made a comeback as part of a new government. The new government, however, is plagued by infighting with the National Front, going up against some of its allies in both state elections. Although the parties have agreed to share power until the next gen-

eral election, factions in UMNO are anxious to capitalize on its victories and revive its former rule. “This is a confirmation of recent trends. People voted strongly for the National Front because they want stability” following political turmoil in the past few years, said James Chin, an Asian expert at Australia’s University of Tasmania. A low voter turnout and a highly divided opposition were in UMNO’s favor, he said. “Ismail Sabri will be under tremendous pressure now to call for general elections. UMNO wants to build on the momentum generated by its state victories. A big win in the general election will also mean that UMNO can rule on its own without a messy coalition,” Chin said. Ismail was greeted with chants of “dissolve Parliament” when he arrived at a National Front center in Johor late Saturday ahead of the announcement of full official results. The Front secured 40 out of the 56 state seats. Its allies in the ruling coalition only won three seats while the opposition took 13. Chin said UMNO itself is divided and the premier, who is a

second-tier leader in UMNO, is likely to try and delay national polls as he may be replaced if the National Front wins. Ismail took over the helm just seven months ago after his predecessor, from another party in the ruling coalition, resigned due to defections. UMNO’s president can’t take the top job as he is fighting a corruption charge. Ismail’s government has a thin majority, and he has inked a pact with the opposition for support in case there are defections. The state victories also appeared to be a remarkable turnaround for former Prime Minister Najib Razak, who was a key figure in the campaigning despite his conviction and 12-year jail sentence for corruption. Najib is out on bail pending appeal and is also fighting dozens of other graft charges related to an international scandal involving the 1MDB state fund that has sparked public anger and led to his defeat in 2018 polls. “The people’s voices are loud and clear. This is a people’s referendum ...They want stability. They want prosperity and development,” Najib wrote on Facebook. AP

Finland, Sweden against joining NATO

inland and Sweden countered Russian warnings of retaliation should the Nordic nations join the North Atlantic Treaty Organization. Military and political consequences may follow if the two countries join the pact, Sergei Belyaev, director of the Second European Department of Russia’s foreign ministry, told the state-owned news agency Interfax. Their nonparticipation in NATO is “an important factor in ensuring security and stability in northern Europe,” he said. Putin has cited NATO’s expansion east as a reason for his invasion last month, saying it represents a security threat to Russia. Ukraine has said it wants to join the alliance, whose members are treaty-bound to come to each other’s defense. “We reject that kind of statement. Swedish security policy is determined by Sweden,” said Ann Linde, Sweden’s minister for foreign affairs. “Russia has nothing to do with our independent decisions.” Finland “as a sovereign state makes its own security policy decisions based on our own interest,” said Marja Liivala, director general of the Department for Russia, Eastern Europe and Central Asia at Finland’s ministry for foreign affairs. “It’s very important for Finland that the NATO Open Door policy remains.” Bloomberg News

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AP video shows tank and sniper fire in besieged city of Mariupol By Mstyslav Chernov The Associated Press

ARIUPOL, Ukraine— A tank emblazoned with a giant Z backs up clumsily in the besieged city of Mariupol, crashing into destroyed buses before letting loose a shell. Ukrainian fighters later destroyed it, notching up one small victory. An Associated Press journalist witnessed tanks firing on a 9-story apartment block and was among a group of medical workers who came under sniper fire Friday in the city completely surrounded by Russian soldiers. T he v ideo he shot shows shells exploding as they hit the apartment block, already severely damaged, setting balconies on fire. It wasn’t possible to tell whether the Russian positions had first received fire from the targeted locations. At another point, a medical worker was hit in the hip by sniper fire. She survived, but conditions in the hospital were deteriorating. Windows rattled from nearby tank and artillery fire, electricity was reserved for operating tables, and the hallways were lined with people with nowhere else to go. One of them was Anastasia Erashova, who wept and trembled as she held a sleeping child. Shelling had just killed her other child as well as her brother’s child. Erashova’s scalp was encrusted with blood. “We came to my brother’s [place], all of us together. The women and children went underground and then some mortar struck that building. We were trapped underg round, and two children died. No one was able to save them,’’ she said through tears.

Her anguish deepened, and she cried out: “I don’t know where to run to. Who will bring back our children, who?” In a video message broadcast to European cities on Saturday, President Volody my r Zelenskyy said the families of the 79 children killed in the war “had been destroyed,’’ and pleaded for help from Europe so that the number does not grow. Zelenskyy emphasized the plight of Mariupol, a port city of 430,000 in southeaster n Ukraine, surrounded by Russian troops. “ T hey are bombing it 24 hours a day ... launching missiles,’’ he said, recalling the destruction this week of a maternity hospital in the city. “It is hatred. They kill children. They destroy maternity hospitals. They destroy hospitals, why? So Ukraine has no more children.” “ This is happening in all of our country. They have destroyed dozens of hospitals, hundreds of schools and day cares, they are destroying universities, they are destroying residential quarters,’’ Zelensky y said. “Imagine how we can survive, what it means for us Ukrainians and our families, for our children. What it means when you cannot even find the peace in church because Russians are bombing even the churches.” He sought help from European countries to defend Ukraine but also the continent’s own way of life. He again appealed for protect ion of U k ra ine’s skies. The night before in Mariupol, a building that was hit by tank fire during the day still burned later in the night. No one was around to extinguish the f lames.

Cashless and flightless, thousands of Russian tourists stuck in Thailand

A N G K O K—T h o u s a n d s of Russian tourists are stranded in T hailand ’s beach resorts because of the war in Ukraine, many unable to pay their bills or return home because of sanctions and canceled flights. The crisis in Europe also put a crimp in recovery plans for the Southeast Asian nation’s tourism industry, which has hosted more visitors from Russia than any of its neighbors before the pandemic hit. There are about 6,500 Russian tourists stuck in Phuket, Surat Thani, Krabi and Pattaya, four provinces that are popular seaside resort destinations, in addition to 1,000 Ukrainians, Yuthasak Supasorn, governor of the Tourism Authority of Thailand, told The Associated Press on Friday. Some 17,599 Russians accounted for the largest bloc of arrivals in February, representing 8.6% of a total of 203,970, according to the Public Health Ministry. After the Feb. 24 Russian invasion of Ukraine, their numbers drastically declined. Yuthasak said the Russians face two main problems: cancellations of their flights home by airlines that have stopped flying to Russia, and suspension of financial services, particularly by credit card companies that have joined sanctions against Moscow. There are also some who prefer to delay their return. “There are some airlines that still fly to Russia, but travelers have to transit in another country. We are trying to coordinate and search the flights for them,” Yuthasak said. While almost all direct flights from Russia have been suspended, connections are still available through major carriers based in the Middle East. He said efforts are also being made to find alternative methods

of payments for Russian tourists. Siwaporn Boonruang, a volunteer translator for Russians stranded in Krabi, said some cannot pay their bills because they can no longer use Visa or Mastercard credit cards. Many have cash and those with UnionPay credit cards, which are issued by a Chinese financial services company, can still use them, but payment by cryptocurrency is not allowed, she said. Many hotels have helped by offering discounted rates, she added. Thailand’s government has offered 30-day visa extensions without payment, and is trying to find low-cost alternative accommodation for people forced to stay for an extended period. T he problem s a ssoc i ated with the war in Ukraine have compounded Thailand’s hopes for economic recovery. Officials hope to see the threat from the Covid-19 pandemic ebbing by July, even though daily cases are currently at record highs, driven by the Omicron variant of the coronavirus. Thai authorities later this year expect to drop most quarantine and testing regulations that have been in place to fight the spread of the virus, which would make entry easier for foreign travelers. Thailand may have to lower its targets for tourist arrivals and revenues this year because of the knock-on effects of rising oil prices and inflation on global travel, Yuthasak was quoted saying by the Bangkok Post newspaper. “Tourism is still a key engine to revive our economy, even though revenue was stymied by negative factors,” he said. According to the report, Thailand had projected gaining a total of 1.28 trillion baht ($38.4 billion) in revenue this year from foreign and domestic tourists. AP

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Saudi Arabia puts 81 to death in its largest mass execution By Jon Gambrell

The Associated Press

UBA I, United A rab Emirates—Saudi Arabia on Saturday executed 81 people convicted of crimes ranging from killings to belonging to militant groups, the largest known mass execution carried out in the kingdom in its modern history. The number of executed surpassed even the toll of a January 1980 mass execution for the 63 militants convicted of seizing the Grand Mosque in Mecca in 1979, the worstever militant attack to target the kingdom and Islam’s holiest site. It wasn’t clear why the kingdom choose Saturday for the executions, though they came as much of the world’s attention remained focused on Russia’s war on Ukraine—and as the US hopes to lower recordhigh gasoline prices as energy prices spike worldwide. British Prime Minister Boris Johnson reportedly plans a trip to Saudi Arabia next week over oil prices as well. The number of death penalty cases being carried out in Saudi Arabia had dropped during the coronavirus pandemic, though the kingdom continued to behead convicts under King Salman and his assertive son, Crown Prince Mohammed bin Salman. The state-run Saudi Press Agency announced Saturday’s executions, saying they included those “convicted of various crimes, including the murdering of innocent men, women and children.” T he k ingdom a lso said some of those executed were members of al-Qaida, the Islamic State group and also backers of Yemen’s Houthi rebels. A Saudi-led coalition has been battling the Iranbacked Houthis since 2015 in neighboring Yemen in an effort to restore the internationally recognized government to power. Those executed included 73 Saudis, seven Yemenis and one Syrian. The report did not say where the executions took place. “ The accused were provided with the right to an attorney and were guaranteed their full rights under Saudi law during the judicial process, which found them guilty of committing multiple heinous crimes that left a large number of civilians and law enforcement officers dead,” the Saudi Press Agency said. “The kingdom will continue to take a strict and unwavering stance against terrorism and extremist ideologies that threaten the stability of the entire world,” the report added. It did not say how the prisoners were executed, though death-row inmates typically are beheaded in Saudi Arabia. An announcement by Saudi state television described those executed as having “followed the footsteps of Satan” in carrying out their crimes. The executions drew immediate international criticism. “The world should know by now that when Mohammed bin Salman promises reform, bloodshed is bound to follow,” said Soraya Bauwens, the deputy director of Reprieve, a London-based advocacy group. Ali Adubusi, the director of the European Saudi Organisation for Human Rights, alleged that some of those executed had been tortured and faced trials “carried out in secret.” “These executions are the opposite of justice,” he said. The kingdom’s last mass execution came in January

2016, when the kingdom executed 47 people, including a prominent opposition Shiite cleric who had rallied demonstrations in the kingdom. In 2019, the kingdom beheaded 37 Saudi citizens, most of them minority Shiites, in a mass execution across the country for alleged terrorism-related crimes. It also publicly nailed the severed body and head of a convicted extremist to a pole as a warning to others. Such crucifixions after execution, while rare, do occur in the kingdom. Activists, including Ali alAhmed of the US-based Institute for Gulf Affairs, and the group Democracy for the Arab World Now said they believe that over three dozen of those executed Saturday also were Shiites. The Saudi statement, however, did not identify the faiths of those killed. Shiites, who live primarily in the kingdom’s oil-rich east, have long complained of being treated as second-class citizens. Executions of Shiites in the past have stirred regional unrest. Saudi Arabia meanwhile remains engaged in diplomatic talks with its Shiite regional rival Iran to try to ease yearslong tensions. Sporadic protests erupted Saturday night in the island kingdom of Bahrain — which has a majority Shiite population but is ruled by a Sunni monarchy, a Saudi ally — over the mass execution. The 1979 seizure of the Grand Mosque remains a crucial moment in the history of the oil-rich kingdom. A band of ultraconservative Saudi Sunni militants took the Grand Mosque, home to the cube-shaped Kaaba that Muslims pray toward five times a day, demanding the Al Saud royal family abdicate. A twoweek siege that followed ended with an official death toll of 229 killed. The kingdom’s rulers soon further embraced Wahhabism, an ultraconservative Islamic doctrine. Since taking power, Crown Prince Mohammed under his father has increasingly liberalized life in the kingdom, opening movie theaters, allowing women to drive and defanging the country’s oncefeared religious police. However, US intelligence agencies believe the crown prince also ordered the slaying and dismemberment of Washington Post columnist Jamal Khashoggi, while overseeing airstrikes in Yemen that killed hundreds of civilians. In excerpts of an interview with The Atlantic magazine, the crown prince discussed the death penalty, saying a “high percentage” of executions had been halted through the pay ment of so -ca l led “blood money” settlements to grieving families. “Well about the death penalty, we got rid of all of it, except for one category, and this one is written in the Quran, and we cannot do anything about it, even if we wished to do something, because it is clear teaching in the Quran,” the prince said, according to a transcript later published by the Saudi-owned satellite news channel Al-Arabiya. “If someone killed someone, anot her person, t he family of that person has the right, after going to the court, to apply capital punishment, unless they forgive him. Or if someone threatens the life of many people, that means he has to be punished by the death penalty.” He added: “Regardless if I like it or not, I don’t have the power to change it.” Associated Press writer Aya Batrawy in Dubai, United Arab Emirates, contributed to this report

Monday, March 14, 2022

China reports over 3,300 Covid infections as outbreak worsens

hina reported more than 3,300 Covid-19 infections on Saturday as the country faces its worst outbreak since the early days of the pandemic and officials step up efforts to stem the spread.

There were 1,807 confirmed local infections and 1,315 asymptomatic local cases, the National Health Commission said on Sunday. The northeastern province of Jilin accounted for more than 2,100 cases. The country also reported more than 200 imported cases. China is grappling with new domestic infections that are jumping at a rate not seen since the peak of the outbreak in Wuhan, the virus’s first epicenter. Vice Premier Sun Chunlan on Saturday vowed to take stringent measures to stem regional clusters and urged officials to roll out rapid antigen tests on top of nucleic acid testing to keep up with Omicron’s spread. The country should “resolutely hold the bottom line of avoiding resurgence of scale,” she said. China last week approved five rapid Covid antigen tests developed by domestic companies. Guangzhou Wondfo Biotech Co., one of the firms that got the clearance, has signed a deal to sell its kits through DaShenLin Pharmaceutical Group Co.’s outlets and online platform, according to a

report by chinastarmarket.cn, which is affiliated to Shanghai United Media Group. Regional governments are stepping up efforts to contain the spread of the virus in their areas. Shanghai has required people to provide negative nucleic acid test results within last 48 hours if they want to leave or enter the city, according to a statement released by the municipal government late Saturday. Guangdong province in the south removed six officials from their posts, including a deputy chief of the provincial public security department, for a cluster outbreak in Dongguan city on March 1, the Beijing Daily reported. In another development, China has asked residents in the technology hub of Shenzhen to work from home and has closed non-essential venues in a southern Chinese city as the country braces for a nationwide Covid-19 resurgence last seen in the early days of the pandemic. Daily locally transmitted Covid infections in China have ballooned to more than 1,500 from a little over 300 in less than a week and authorities have tightened restrictions in some megacities to tame omicron’s unfettered spread. The country on Saturday reported 1,524 infections, with more than two thirds of them asymptomatic. Despite the rising caseload, only six Covid patients are severely ill and China hasn’t reported a single Covid-related death for more than a year. The growing clusters spawned by the highly infectious Omicron variant in China’s most developed large cities and economic powerhouses have turned into an unprecedented challenge for the country’s Covid Zero strategy, a policy abandoned by the rest of the world. Officials have largely resisted tactics such as lockdowns and mass testing and relied mostly on targeted responses, only to see Omicron continues to spread.

Shenzhen has asked its almost 18 million residents to stay home next week, while dining in at restaurants has been banned and non-essential venues such as bars and cinemas are closed, state media reported Saturday. Five of the city’s 10 districts will also conduct daily mass testing for four consecutive days, according to local media. The city, which neighbors Hong Kong, has been battling a growing Omicron outbreak that has led to lockdowns of residential compounds and office buildings. Shenzhen is also under pressure to stave off infections from seeping in through Hong Kong, which has seen daily cases rise to tens of thousands. Meanwhile, Shanghai Disneyland said it will operate at controlled capacity and will require visitors to present negative Covid test results from within 24 hours of entering the amusement park. China’s financial hub is also battling a rising number of omicron infections that have prompted school closures for students from kindergarten through middle school next week. Later on Saturday, Chinese capital Beijing also reported three infections among people traveling back from other parts of the country. Down in southern China, Guangzhou, the provincial capital of Guangdong Province locked down tens of thousands at a convention center on Friday afternoon to conduct mass testing after learning an infected person may have entered the premises. No one has tested positive so far. Omicron has also spread in the eastern province of Shandong, which reported almost 600 infections on Saturday. In northeastern Jilin province, which borders Russia and North Korea, authorities have locked down the provincial capital Changchun and removed the mayor of nearby city Jilin for failing to control the local outbreak that is now among the country’s worst and fastest growing. Bloomberg News

Croatia criticizes NATO after crash of Russian-made drone

AGREB, Croatia—Croatian officials criticized NATO Saturday for what they said was its slow reaction to a military drone that apparently flew from the Ukrainian war zone through the airspace of three NATO member states, before crashing in the Croatian capital. The Russian-made unmanned aircraft crossed Romania and Hungary before entering Croatia and slamming late Thursday into a field near a student dormitory. Some 40 parked cars were damaged but no one was injured after a loud blast. NATO said the alliance’s integrated air and missile defense had tracked the object’s flight path. But the Croatian prime minister said the country’s authorities were not informed and that NATO reacted only after question were posed by journalists. “We cannot tolerate this situation, nor should it

have ever happened,” Prime Minister Andrej Plenkovic said while visiting the crash site. “This was a pure and clear threat and both NATO and the EU should have reacted,” he said. “We will work to raise the readiness not only of us but of others as well. “ Plenkovic said a Soviet-era Tu-141 “Strizh” reconnaissance drone flew for over 40 minutes over Hungary and six to seven minutes over Croatia before crashing. Earlier, Romanian defense authorities said the drone was in Romania’s airspace for only three minutes after crossing from Ukraine, making it hard to intercept. Plenkovic called on Hungarian authorities to launch an investigation into why its defenses apparently did not notice the unmanned drone as both Croatia and Romania had little time to react to the fast-moving object.

Vatican in ‘pain’ at expulsion of papal nuncio in Nicaragua

EXICO CITY—The Vatican on Saturday expressed “surprise and pain” at Nicaragua’s expulsion of the papal nuncio, which comes at a time of growing pressure on opposition figures in the Central American nation. The church said in a statement that Nicaragua’s action against Polish Msgr. Waldemar Stanislaw Sommertag was “grave and unjustified.” It said the action was “incomprehensible” because Sommertag “has worked tirelessly for the good of the church and of the Nicaraguan people,” while “always seeking to promote good relations” between the Vatican and Nicaraguan authorities. It noted he had functioned as a formal witness during government talks with the opposition. The Vatican office in Nicaragua’s capital, Managua, announced on Monday that Sommertag had left the country on March 6, though it did not say why. His place was taken by the chargé d’ affaires, Msgr. Marcel Mbaye Diouf. The government has made no statement about the nuncio’s departure. Sommertag arrived in Managua in 2018 in the midst of a wave of protests against the government of President Daniel Ortega. At least 328 people were killed, 2,000 wounded, hundreds detained and 88,000 fled into exile, according to the InterAmerican Commission on Human Rights. Ortega had tried to maintain cordial relations with the Roman Catholic Church in years before the protests, but those ties increasingly soured in the aftermath. The nuncio participated in efforts to mediate in the conflict and win the release of detained opposition figures. At the end of last year, relatives of 46 detained opposition figures had asked Sommertag to intercede with Ortega, though nothing came of the effort. In a November interview with The Associated Press, Sommertag said his office had not received a formal request to intervene, but said it had worked “in favor of the most vulnerable, among those detainees of all categories, including political.” “I think intercession is more than just and neces-

“Fortunately, something much worse did not happen,” Plenkovic said, adding that Hungarian Prime Minister Viktor Orban “found out about this after me.” “This could have fallen on the nuclear power plant in Hungary. Obviously there was no good reaction and other countries did not react well. Now we have a test from which we have to learn and react much better,” he said. He said that only an investigation can determine who launched the drone—the Russians or the Ukrainians—after the aircraft is pulled out of a large crater created after impact. Both Russia and Ukraine have denied they launched the drone. Military experts say Ukraine is the only known current operator of the Tu-141, which has a wingspan of nearly 4 meters (12 feet) and weighs just over 6 tons. AP

In Ethiopia, video of civilians burned alive sparks anger

A Archbishop Waldemar Stanislaw Sommertag, right, speaks with journalists accompanied by Cardinal Leopoldo Brenes, at the Cathedral in Managua, Nicaragua on July 14, 2018. The Vatican on Saturday, March 12, 2022, expressed “surprise and pain” at Nicaragua’s expulsion of Stanislaw. AP Photo/Alfredo Zuniga

sary...,” he said. “But in the end, we know very well that things depend on the government.” Ortega’s government increased its crackdown on opposition leaders ahead of last year’s presidential elections, arresting potential candidates against him as well as several dozen prominent journalists, leaders of nongovernmental organizations and other critics. On Friday, a judge convicted journalist Cristiana Chamorro, a potential presidential contender and daughter of former President Violeta Chamorro— who had defeated Ortega in a 1990 election—of money laundering and other crimes. The news site Confidencial, run by Cristiana Chamorro’s brother Carlos Fernando Chamorro, reported that she, two members of her mother’s foundation, a driver, as well as a former lawmaker and other Chamorro sibling Pedro Joaquín Chamorro were all convicted Friday at the conclusion of a seven-day trial. Ortega has targeted nongovernmental organizations in Nicaragua, cutting off their foreign funding, seizing their offices and canceling their charters. He has alleged they worked with foreign interests that wanted to see him removed from office. AP

DDIS ABABA, Ethiopia—Ethiopian authorities say they will prosecute individuals seen in a gruesome video in which armed men appear to burn at least three people alive. The video, shared widely on social media since Friday, has sparked anger among many in this country facing war in its northern region as well as ethnic strife in other parts. The Ethiopian Government Communication Service confirmed that the incident—in which armed men drag and then burn three people in civilian clothing—took place in the Guba area of the northwestern Benishangul-Gumuz region. “The video that circulated on social media depicts a very gruesome and inhumane act,” it said. “Whatever their motive is, the government will prosecute those who committed the horrible crime.” Authorities didn’t say when the incident happened. It also was not immediately clear if any suspects had been taken into custody. The AP was not able to verify the authenticity of the video. Tigray’s leaders, who are fighting federal forces and their allies, charged that the burning victims were ethnic Tigrayans, describing the incident as “barbaric” in a statement Saturday. They accused “Amhara expansionists and their cronies” of carrying out atrocities against ethnic Tigrayans living in Benishangul-Gumuz. Both sides in the Tigray conflict are accused of committing rights abuses. The government-appointed Ethiopian Human Rights Commission on Friday accused Tigray forces of indiscriminately killing civilians and heavily shelling towns since August as they swept across the Amhara and Afar regions. Prime Minister Abiy Ahmed’s government has been struggling to contain ethnic-based attacks that spiraled out of control in recent months, especially after the Tigray war erupted in November 2020. Thousands of civilians are believed to have died in the conflict that persists in some parts of the northeastern Afar region. AP

Monday, March 14, 2022 • Editor: Angel R. Calso

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editorial

Let nobody kill the golden goose

he Covid-19 pandemic made work from home arrangements the new normal. Companies across the globe know that the best way to keep employees safe during the pandemic and prevent infection spreading in the workplace is to move work from an office environment to telecommuting. And global trends show that as employees get more flexibility, they never want to give it back. The most obvious advantage for workers is the time gained without commuting every day. Remote workers cite flexible schedules and the ability to spend more time with family as top benefits of working from home. Here’s bad news for workers in the Information Technology and Business Process Management sector: The Fiscal Incentives Review Board (FIRB) has rejected the Philippine Economic Zone Authority’s request to allow the extension of the implementation of work-from-home arrangement for 10 percent of the workers of IT-BPM companies beyond the end of this month. This means that starting April 1, these workers will have to brave traffic once more amid soaring oil prices. Finance Secretary Carlos G. Dominguez III, FIRB chairman, said the WFH arrangement is only a time-bound temporary measure adopted during the surge of the Covid-19 pandemic. “Given the increasing vaccination rate of Filipinos nationwide, we can now undertake safe measures for physical reporting of employees, including those working in the IT-BPM firms operating within ecozones and free ports,” Dominguez said, adding that “the employees’ return to the office would provide more opportunities and pave the way for the recovery of local micro, small, and medium enterprises that depend on IT-BPM employees for their livelihood.” While Covid infections in the country are going down, many workers are not keen on returning to onsite work. They questioned the timing of the FIRB order as most Filipinos are being hurt by the oil crisis. A Facebook user said: “There are jobs that really need to be done in the workplace, but it’s time for our country to adopt different setups in working. Instead of wasting and spending so much time commuting, since traffic problems are still common, workers must be allowed to do jobs that can be done remotely.” Another netizen said that remote work is “a concrete solution to decongest our crowded cities. Consider the millions of hours collectively lost everyday to just traveling to and from work. Back in 2018, the estimated loss according to a JICA report was P3.5 billion per day due to traffic in Metro Manila alone.” In a recent forum, Sen. Manny Pacquiao assailed the obstinacy of fiscal authorities in rejecting the PEZA and IT-BPM sector’s plea to allow retention of WFH for 10 percent of work force. He said allowing WFH arrangement for these workers would: a) mitigate the traffic jams that started to return with Alert Level 1; b) save fuel, not just for the public but for the country; and c) help stabilize fuel prices (since there won’t be inordinately high demand chasing too little supply). House Deputy Speaker Lito Atienza, Pacquiao’s runningmate, who has resumed his daily Facebook sessions after his surgery, said it didn’t make sense to make things difficult for a sector like IT-BPM that has consistently shored up the economy even amid the pandemic. Employing 1.3 million people and contributing about $29 billion to the economy, the IT-BPM sector is one of the primary pillars of the Philippine economy. The sector contributed 7.3 percent to the country’s GDP in 2019, according to a World Trade Organization report. Given these facts, Dominguez argued that the return of IT-BPM workers to their offices would help small businesses, including restaurants and other establishments, recover from the economic downturn. But the FIRB decision obviously disregards the welfare of the IT-BPM workers who have embraced remote work without affecting efficiency and company bottom line. Worse, it comes at a time when oil prices are skyrocketing. A good compromise would be to allow WFH arrangement for 10 percent— or even 20 percent—of the workers of IT-BPM companies. This way, we can help small businesses that depend on IT-BPM employees for their livelihood, and at the same time free some workers from commute-related stress. Chronic stress is hazardous to health and can lead to early death, according to health experts. They may not be called heroes like our OFWs, but IT-BPM workers now bring in money as substantial as the OFW contributions. Let's not kill the goose that lays the golden egg.

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What to do in uncertain times Atty. Jose Ferdinand M. Rojas II

RISING SUN

S the world faces the consequences of war, the threat of nuclear weapons, the escalating prices of fuel and commodities, many among us are understandably anxious. Even young people are not spared. Recently, a friend opened up to say that her daughter has been showing symptoms of anxiety. It does not help that we are just coming out of a two-year health crisis of global proportions and that the nation is on the verge of electing new officials and living under a new administration in just a few weeks. It does not help that the world is also facing challenges related to climate change and environmental crises. Scientists agree that the dangers of climate change are already being felt or seen now—just look at all the destructive storms, drought,

They say there is always something good that can come out of a crisis. Rethinking our dependence on fossil fuel is definitely a result of this unwanted war in Ukraine. And as we watch this unfortunate war happening and commiserate with a people fighting for their homeland, we realize that we are, thousands of miles away, a part of that conflict.

In our country, rhetoric about reaching such goal do not equate correspondingly to the actions we take, both collectively and as individuals. We are signatory to the Paris Agreement, which intends to address the problem of global warming, primarily with the reduction of the use of fossil fuel. We are also committed to the Sustainable Development Goals of the United Nations, recognizing the need for renewable energy with 2030 as the target date. And there

ture the government had successfully pivoted during this pandemic. Public transport has also become more efficient, not to mention that the rail build up that was greatly given attention by this administration and of which we will see fruition in the next one, will lead to reduced use of individual gas guzzling motorized trips. But there is so much more that needs to be done. The UkrainianRussian war has no doubt acted as a catalyst to the needed change. On the table is the Electric Vehicle Bill that is languishing in both houses of Congress and which will have to be passed on to the next administration. Initiatives such as additional incentives for solar and wind farms need to be given attention, in the same manner that penalties to the insistence of industries on traditional carbon based fuel use need to be consciously confronted. And as we begin to rise from the pandemic,

Thomas M. Orbos

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While it may be difficult to control our thoughts and emotions on our own, we can always find some solace in the fact that we can change the things within our influence and that there is no use worrying over things we cannot control. Science, in fact, presents suggestions on how we can protect our emotional or mental well-being. One of these is through generosity, altruism, or the simple act of extending ourselves to help others. It gives us a sense of purpose and allows us to fight anxiety, stress, and panic. (Of course, it will help if we are open to seeking professional help for our

pressing psychological issues.) Our helpful action doesn’t even have to be big. According to Dr. Steven Southwick at Yale University School of Medicine, “Small acts are important.” We could volunteer our time, make a phone call, give advice to someone, give blood, or donate an amount to a cause we believe in or to our local community pantry. We could pick up some groceries for an elderly neighbor or give a free lesson or workshop to children at an orphanage. The important thing is to find a purpose that is bigger than ourselves, which has the potential to help us regulate our own emotions and gain some form of control over things. When we help to lessen the suffering of others, or when we use our talents to help make the world a better place, this kind of action is very healing for us. There are many ways to help. There is plenty of work to be done and an endless number of people just waiting for us to reach out to them.

Global dependence on fossil fuel needs to stop

✝ Ambassador Antonio L. Cabangon Chua Publisher

and heat waves that we’ve been dealing with recently. Dr. Lakeasha Sullivan, a clinical psychologist from Atlanta, says that uncertainty is part of life, and she has a point. These times we are living in now are uncertain, and times will always be uncertain. The sooner we come to terms with this truth, the better it will be for our mental and emotional health. “Feeling anxious right now is normal,” she says, “It’s human.”

Science, in fact, presents suggestions on how we can protect our emotional or mental well-being. One of these is through generosity, altruism, or the simple act of extending ourselves to help others. It gives us a sense of purpose and allows us to fight anxiety, stress, and panic.

he Ukrainian crisis has only highlighted the global dependence on fossil fuel. With Russia controlling close to 20 percent of the world’s oil supply plus the apparent lukewarm response of the other oil-producing nations to stabilize the market, global price of oil has skyrocketed and is affecting all economies. Immediately following suit are the increases in logistics and transport costs, as well as in prime commodities and services, which will then have a tremendous impact on the purchasing power of the individual. Bracing for the worse is a given. And while we need to address this situation head on, we also need to fast track our timelines in drastically reducing such global vulnerability and our shift to renewable energy and low carbon initiatives. Otherwise, similar occurrence of the Ukrainian crisis will happen again and again. Global fossil fuel addiction must stop and it should involve collective policy actions from governments but with us individuals as well. have been gains insofar as efforts to bring down our fossil fuel consumption is concerned. Renewable energy apportionment to total usage in the form of solar and wind has increased this past decade alone. Transport modernization and shift to alternative fuels plus encouragement of non-motorized modes have been attempted, somewhat successfully in this administration. All over cities, bike usage has increased; greatly encouraged by the bike lane infrastruc-

automobile usage has gone back, as well as traffic. Efficiency programs such as the integrated bus terminals, motor vehicle inspection systems as well as the jeepney modernization are suddenly vulnerable to political transactions. Individually we need to consciously have that attitudinal shift, and change our mindset that we can’t function if we do not have that carbon component in our lifestyle. Think about it. That air conditioning on a cool day, that 5-minute errand trip on your car or to the gym that definitely will give you the same amount of exercise had you walked instead of taking the car. In the same manner, private companies need to continue their work from home mode, or promote carpooling among their workers. They say there is always something good that can come out of a crisis. Rethinking our dependence on fossil fuel is definitely a result of this unwanted war in Ukraine. And as we watch this unfortunate war happening and commiserate with a people fighting for their homeland, we realize that we are, thousands of miles away, a part of that conflict. We can, as our contribution to their fight, do our own fair share in shaking off our country’s addiction to fossil fuel. The author may be reached via: thomas_orbos@ sloan.mit.edu

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Opinion

Xi time

Tax financing a bankrupt state

BusinessMirror

By Chaco Molina

lot has been written and said, as of late, on how recent developments in Eastern Europe are being observed and processed by both allies and foes of the United States in East Asia and the Pacific alike. Governments, business, media, civil-society organizations and ultimately the peoples of these nations and economies to the East of the Yabanovyt Range can’t help but ask themselves: How reliable is the US as a defense partner? How far is the US willing to go to honor its commitments in this part of the world? The military setbacks that the Armed Forces of the United States have experienced, not to mention America’s disengagement strategies, ever since the end of the Vietnam War are not very reassuring to its allies. Eyes are inevitably drawn to the Senkaku/Diaoyu Islands, Taiwan, the West Philippine Sea,…¿Somos o no somos? is the existential question. Or in the vernacular, Ano ba talaga, kuya? Advocates of Realpolitik have warned US Foreign Policy crafters of being distracted from what should be its paramount concern: the hegemonic ascendency of China. It would appear as if in the Information Age geography was no longer relevant— rivers, valleys and mountain ranges had vanished into thin air—and, thus, geopolitics shelved in the drawer of history if not thrown to the bin altogether. Many pundits on international relations have spared no time in completing their winner-loser columns following the outbreak of hostilities. There are divergent views on which of these two columns to put the North Atlantic Treaty Organization, and conflicting readings of what it means for the European Union. This ranges from its definitive epitaph to an opportunity to rise to the occasion and reinvent itself in Ave Phoenix fashion. Moreover, questions abound on this idea: Is there such a thing as the free world? If so, what does it mean following the fall of the Berlin Wall, close to third of a century ago. There seems to be greater consensus on who the prime medium-andlong-term beneficiary is: China. And China is aware of this and is from a comfortable distance watching developments unfold and witnessing the further decline of the superpower of what it foresees as the Ancien Régime. China may be geographically relatively far from the conflict but is by no stretch of the imagination strategically indifferent as it has more at stake than initially meets the eye. Indeed, China has so far maintained itself in relative equidistance. The way it has voted both in the UN Security Council as well as the General Assembly can attest to this. Then again, speaking out on issues such as sovereignty and territorial integrity may have a boomerang effect on its domestic and foreign policies. Prudence is a necessity.

China has the clout to convene the two conflicting parties— Ukraine and Russia—as well as other actors such as the US, the European Union, as a facilitator, a reliable honest broker of sorts. It can do so under the auspices of the United Nations or by itself. It has little to lose and the world to gain. While China may be quietly celebrating the erosion of the current international order, particularly the palpable and increscendo weakening of the US, in the midst of the armed conflict, it is aware that a protracted war, much less a spillover, is not in its interest. China’s might is rooted in its economic growth and this relies on sustained open international trade and prosperous domestic markets. An all-out war does not contribute to these. The emergence of the so-called next-gen economic sanctions is of great concern in Beijing as they have the potential of crippling any economy, dynamic as this may be. Not letting a good crisis put to waste might constitute a unique opportunity for China to step up to the plate as a responsible member of the international community and in doing so build the foundations of its global leadership. China has the clout to convene the two conflicting parties—Ukraine and Russia—as well as other actors such as the US, the European Union, as a facilitator, a reliable honest broker of sorts. It can do so under the auspices of the United Nations or by itself. It has little to lose and the world to gain. As a facilitator it need not (ought not) take sides, just project China’s good faith. In doing so it can dispel the notion of China as an expansionist power and replace it for one of a nation that fosters peace and understanding by generously providing its services and promoting goodwill. Then again, like any broker, reliable and honest or otherwise, it is bound to send its bill.

Joel L. Tan-Torres

DEBIT CREDIT First part

ow would you describe an entity that has accumulated substantial borrowings, continues to be burdened by muchneeded expenditures for essential requirements, and is unable to generate the commensurate finances and earnings to shoulder these obligations? I call this a “bankrupt state” or something close to this. I believe that this is the dire situation that the Philippines is in at this stage. It may seem like I am exaggerating the problematic state that our government is presently encountering, but let’s look at the realities and the numbers. The Bureau of Treasury recently announced that the country’s total debt reached P12.03 trillion as of end January 2022. This consists of P8.37 trillion of domestic debt and P3.66 trillion of external loans, consisting mainly of foreign borrowings. This is the 16-year high level of debt to gross domestic product. Prior to the impact of the Covid-19 pandemic, the country’s outstanding debt was P8.2 trillion. The increase in debt over the past two years during the pandemic comes up to a significant level of 46.7 percent. This national debt of the Philippines is 60.5 percent of the GDP for 2021. Do we need to be concerned about

this level of borrowing? While the International Monetary Fund statistics indicate that a greater number of countries have debt to GDP level exceeding 50 percent, it is quite worrisome for us in the Philippines that our debt level stock substantially increased over the past two years without any marked increase in developmental and infrastructure projects or standard of living of the citizens for which these loan proceeds could have been utilized. These are troubling signs for a bankrupt state. The 2022 expenditure budget calls for the allocation of P5.024 trillion. This budget is higher by 11.5 percent than the 2021 national budget. A significant sum has been budgeted for the country’s Covid-19 pandemic response and the recovery efforts in the aftermath of Typhoon Odette. Furthermore, the sum of P541 billion is set aside for inter-

Monday, March 14, 2022

est on loans, while amortization of debts falling due in 2022 amounts to P785 billion. The amount allotted for debt and interest payments alone represent a significant 42.4 percent of projected tax collections for 2022. This is a clear indication of a state pursuing priority programs that are focused on funding the basic needs of the public and servicing the country’s debt. These expenditures do not directly result in the medium or long-term benefits for generating economic developmental gains. A lot of challenges indeed for a bankrupt state. For 2022, as per Department of Budget and Management records, the national government has set its revenue target at P3.289 trillion, with P3.125 trillion coming from tax and duty collections. Comparing the revenue estimates with the approved budget of P5.024 trillion, this will result in a fiscal deficit of P1.665 billion, which will result in a projected deficit ratio of 7.5 percent of GDP. This is worse than the pre-pandemic rate of just over 3 percent deficit ratio. Total revenues collected before the pandemic in 2019 were P3,137.5 billion. The targeted collections for 2022 represent only a small 4.8 percent increase over the 2019 collections. A vivid picture of this bankrupt state shows that the expenditures for 2022 are expected to exceed by over 50 percent of what the government is expected to collect in terms of revenues and earnings. Taking into account the debt servicing for 2022, total disbursements of expenditures and debt servicing amount to P5.809

ILAN—Italian paper mills that make everything from pizza boxes to furniture packaging ground to a halt as Russia’s war in Ukraine has sent natural gas prices skyrocketing.

And it’s not just paper. Italian steel mills, likewise, turned off electric furnaces last week. And fishermen, facing huge spikes in oil prices, stayed in port, mending nets instead of casting them. Nowhere more than in Italy, the European Union’s third-largest economy, is dependence on Russian energy taking a higher toll on industry. Some 40 percent of electricity is generated from natural gas that largely comes from Russia, compared with roughly one-quarter in Germany, another major importer and the continent’s largest economy. Over the past decade, Italy’s dependence on Russian natural gas has surged from 27 percent to 43 percent—a fact lamented by Premier Mario Draghi. It will take at least two years to replace, his energy transition minister says. Even before the war, Europe was facing a serious energy crunch that drove up costs for electricity, food,

supplies and everything in between for people and businesses. Ever higher prices tied to fears that the conflict will lead to an energy cutoff are hitting the continent much harder than the US because it imports so much of its oil and gas from Russia. European leaders meeting Friday in Versailles outside Paris discussed ways of easing the pain. Draghi pushed to diversify gas sources, develop renewables and introduce a cap on natural gas prices. He said his foreign minister, who recently visited Algeria and Qatar, was working on new gas markets. “We are talking about errors made over many years,” said Francesco Zago, CEO of the Veneto-based paper and packaging manufacturer Pro-Gest. “We get too much gas from Russia. In school, they tell us we need to diversify the sources, otherwise there is a danger.” Natural gas prices were on the rise last year as reserves dwindled in Eu-

trillion, or 76.6 percent over what the government will earn for 2022. The government funds come from a number of sources. These include tax revenues from collection of the Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC); non-tax revenues from income from treasury operations, from gover nment-ow ned and -controlled corporations; and from fees and charges and other non-tax earnings of the government; and from privatization proceeds from the sale and lease of government assets, among others. Tax revenues account for the largest share of the sources of government funds. For 2022, the tax collections of the BIR and BOC come up to about 87 percent of the total revenues. Clearly, for a bankrupt state to ease its precarious financial situation, one of the immediate and effective solution is enhancing the collection of tax revenues. What can be done to tax finance a bankrupt state? (To be continued) Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts articles for potential publication from the business and academic community. Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

Biden urged to invoke Cold War-era powers to blunt energy price hike By Jennifer A. Dlouhy Bloomberg Opinion

resident Joe Biden is under pressure to invoke Cold War-era powers to force more domestic oil production as the war in Ukraine strains supplies, raising gasoline prices and fueling inflation. Lawmakers and labor activists have urged Biden to compel deployment of drilling rigs and solar panels using the 1950 Defense Production Act, the same authority wielded by Harry Truman to make steel for the Korean War and Donald Trump to spur mask production to battle the coronavirus. So far, the Biden administration has shown little enthusiasm for the move. “It would basically be providing money to oil companies to do something that they already probably have the capacity to do,” White House Press Secretary Jen Psaki said Thursday.

Nevertheless, Russia’s invasion of Ukraine is rapidly shifting the window of what’s possible. The administration is already weighing a narrow use of the 72-year-old law to jump-start production of electric heat pumps that can help Europe curb its reliance on Russian gas. And in Washington, lawmakers eager to tame gasoline prices and combat Russia’s energy dominance are pushing the Defense Production Act as a prescription for supply-chain bottlenecks and languished gas projects. Senator Joe Manchin, an influential Democrat from West Virginia, has urged Biden to wield the DPA to force construction of the Mountain Valley Pipeline to send gas to the East Coast, though the act wouldn’t overcome all of the pipeline’s legal and environmental obstacles. Separately, four senators, including Manchin and Lisa Murkowski, an Alaska Republican, on Friday asked Biden to use the act to accelerate production of

lithium-ion battery materials needed to power electric vehicles. Invoking the DPA to steer energy production seems radical in times of peace, said Kevin Book, managing director of research firm ClearView Energy Partners. “It’s not so radical when you’re actually in a war that is washing onto American shores as gasoline prices and could potentially mean acute shortages in Europe for American allies,” he said. The federal law empowers the president to essentially nationalize private industry to ensure the US has resources that could be necessary in a crisis. It even singles out energy as a “strategic and critical material,” giving the president wide latitude to prioritize contracts and force businesses to supply the government with materials and services. The power isn’t only for wartime. Shortly before leaving office, President Bill Clinton invoked the law to steer natural gas to California utili-

Russia’s war idles some European mills as energy costs soar By Colleen Barry | AP Business Writer

rope, but Zago said his company was able to stabilize prices and continue operating. That changed with the Russian invasion, when already high prices soared from €90 a megawatt hour to over €300 a megawatt hour. “We found ourselves facing huge losses,’’ Zago said. To remain profitable, he said they would have had to nearly double prices from €680 a ton to 1,200 euros—not doable on the marketplace. He suspended operations at six mills that recycle paper to supply one-third of all of Italy’s packaging needs, and he is keeping a close eye on the energy market to see when production can relaunch. For now, there is still enough stock to keep open the company’s sites that make cardboard boxes and other packaging, supplying industries from food to pharmaceuticals to furniture. But that could run out soon. Likewise, Acciaierie Venete shut three of its steel mills for a few days last week as prices spiked to 10 times above normal. The makers of highquality steel for automotive and agricultural machinery had enough stock to work on finished product, waiting for prices to dip so they could reopen. “Never, ever has this happened

The urgency of Italy’s energy situation is trickling down to consumers in the form of higher heating bills, and more recently, rising prices at the pump, with gasoline topping 2 euros a liter this week, or nearly $6 a gallon.

that we had to shut down ovens,’’ said Francesco Semino, an executive at the steel-making company based in the northeastern region of Veneto. The urgency of Italy’s energy situation is trickling down to consumers in the form of higher heating bills, and more recently, rising prices at the pump, with gasoline topping 2 euros a liter this week, or nearly $6 a gallon. Radio call-in shows are soliciting ideas about how to save energy, reviving memories of long-abandoned tricks like ember-fueled bedwarmers. Italy’s state broadcaster has launched a campaign with lists of how to save energy, including turning off lights, lowering thermostats and regularly defrosting refrigerators, under the motto “M’illumino di meno,’’ or “I light up less.” Truckers who say they can’t af-

ford higher gasoline prices are set to strike this coming week. Fishermen took the hit last week, deciding not to trawl the waters off Italy, with fishing boats along the entire peninsula moored in port. At current prices, it costs €1,250 a day to run boats out of Fiumicino, leaving little room for profits after plying the sea for cod, sea bass, sea bream, octopus, squid and shrimp, said Pasquale Di Bartolomeo, who runs one of 22 boats out of the port near Rome. Restaurants, he said, will make do with frozen seafood or farm-raised fish. He hopes the prices ease so he can return to work. “The family needs to eat, there are expenses,’’ Di Bartolomeo said. Italy decreased its gas consumption from 2010 to 2014, thanks to the addition of subsidized wind and solar power, but reliance on natural gas pushed back up again in recent years as it took polluting coal power plants offline. They have been substituted mostly by natural gas as renewables stalled, partly because of Italy’s infamous bureaucracy that has kept many investors away, said Matteo Di Castelnuovo, an energy economist at

ties and prevent blackouts during the 2001 power crisis. The Trump administration considered using the DPA to force coal plants to keep running. The statute is a powerful tool to help stabilize markets and forge “an industrial policy that makes sense for the 21st century American economy,” said Alex Williams, a research analyst at the labor advocacy group Employ America that published a blueprint for using the DPA to accelerate oil production. The Biden administration has so far resorted to imploring the oil industry to increase production, casting it as a patriotic duty in wartime. Lawmakers on Thursday suggested Biden should stop asking and use the DPA to intervene directly, since energy companies and their investors are wary of cranking up drilling to generate crude a year from now, when prices are expected to have fallen well below current highs. With assistance from Joe Deaux and Barbara Powell

Milan’s Bocconi University. “Italy clearly underestimated the problem of increasing its gas consumption the last few years, and with that, its dependence on Russian gas,’’ he said. The government has pledged to simplify red tape, and this week approved six new wind parks that will produce more than 400 megawatts of energy. Energy transition minister Roberto Cingolani has floated the idea of next-generation nuclear to a reluctant population. “Nuclear fusion will not save us from Russian gas,’’ Di Castelnuovo said, referring to a technology that is still decades away. Italy’s dependence on Russian gas can most quickly and effectively be reduced by simple conservation methods, he said, given the time and investments it takes to transition to other energy sources. That can include such measures as improving home insulation, using appliances that consume less energy and lowering the thermostat. “My heat, my thermostat, is actually paying for Putin’s missiles and bombs,” Di Castelnuovo said. “It is good enough for me to lower it by 2 degrees and wear a jumper instead.”

A10 Monday, March 14, 2022

PHL garment-textile exports seen to grow to $1.5B in ’22

By Jasper Emmanuel Y. Arcalas

@jearcalas

ESPITE persisting global challenges worsened by the Russia-Ukraine conflict, the country’s garment and textile exports this year may expand by almost half to $1.5 billion as the industry is keen on filling up supply gaps by other producers. In a statement, the Foreign Buyers Association of the Philippines (Fobap) said the domestic garments, textile and apparel industry has already received bulk orders from countries that cannot be served by Vietnam, China India and Bangladesh due to “minimum order quantity requirement.” “We will hit it [target] easily because we have all the orders right now on hand,” Fobap President Robert Young, who also serves as the Philippine Exporters Confederation Inc.

(Philexport) trustee for textile, yarn and fabric sector, said. “We can now project that the $1.5 billion [exports volume] for 2022 year end is just a walk in the park,” Young added. Young said the industry would be able to fulfill its orders despite persisting supply chain problems such as port congestions. “We have a track record to boast of that we were number two in the whole Asia and exportation of garments and

apparel therefore, we are still being considered as an alternative for the garment production of these foreign buyers,” he said. Nonetheless, Young admitted that the Russia-Ukraine crisis would be a challenge in meeting the industry’s export target this year due to trade sanctions on Russia such as garment expansion to the country. Young said the country’s shipments on apparel, textile and garments last year reached $1.052 billion—$758 million of which was accounted for by garments and apparels, and textile, $294 million. “There were actually $200 million worth of finished goods ready to be shipped by the end of 2021, but remained at the port due to the congestion. These goods only exited the port terminal facility last February,” he said. “Fobap, six months ago, had a projection that it would be $1.2 billion [exports volume for 2021] so we hit it. We are very elated for the Philippine economy that the garments business improved as compared to previous year, you really saw an increase in percentage despite the pandemic,” he added. Young explained that bulk or

about 80 percent of the country’s textile and garment exports are shipped to the United States, while 20 percent to the European Union, Australia, Canada, and Asean countries. “Our aggressiveness [in marketing] is really there, we work 24/7, we are scouting for other orders which the other countries are not accepting due to the minimum [volume] requirement,” he said. Young added that certain policy measures that could be implemented by the next administration could help reach the $1.5-billion export target this year. “A serious consideration on the [revival of] nuclear power plant will finally solve our power cost, energy problem, that’s number one. Number two, the wages must be somehow reexamined and restudied,” he said. “There should also be a grant on tax deduction for export because this will somehow encourage the foreign investors to come in. The CREATE [Corporate Recovery and Tax Incentives for Enterprises] law is there, but it’s not enough. We have to make an added feature attracting these foreign investors,” he added.

NEW YORK CONGEN: 2 MORE PINAYS ATTACKED IN SUBWAY

HE Philippine Consulate General in New York has reminded members of the Filipino Community to be vigilant and take precautions in the wake of two recent shoving incidents that left two elderly Filipino women injured. In a statement over the weekend, the Consulate expressed concern over the latest incidents that followed similar assaults against other members of the Asian-American Community since the start of the year. “The recent spate of attacks against Filipinos and other AsianAmericans—whether triggered by racial bias or mental illness—is a serious concern that must be immediately addressed,” said Consul General Elmer G. Cato. On Thursday (March 10, 2022), a Filipina in her late 50s, who walks with a cane and suffers from poor eyesight, was injured after she was shoved down the stairs by an unidentified man at the 179th Street Station of the F Train in the neighborhood of Jamaica in Queens. On the same day, a Filipina in her mid-60s was pushed by an unidentified man at the Long Island Rail Road (LIRR) train platform, also in Jamaica, causing her to land on her face and breaking her eyeglasses in the process. She sustained multiple injuries. According to Consul General Cato, the latest incidents are the first two involving members of the Filipino Community to be reported to the Consulate this year. Last year, 23 incidents involving Filipinos were reported to the Consulate. Prior to the Jamaica incidents,

BBM, Sara count on full support of Laguna folk

several Asian-Americans were also victims of violence in the subways, with the latest involving an Asian man who was injured after another man repeatedly struck him in the head with a hammer. In another incident, seven Asian women were assaulted by a man in separate incidents in Manhattan that took place within minutes of each other. The latest incidents came a few weeks after Mayor Eric Adams unveiled his Subway Safety Plan to address the surge of violence and homelessness in subway platforms and stations. This has led to the arrest of 143 individuals; the removal of 455 others from trains and stations; and the issuance of 1,553 tickets for various violations. However, despite these measures, New York City is still experiencing a skyrocketing crime rate, with criminal incidents rising nearly 60 percent in February compared to the same month last year. “Mayor Eric Adams promised to make New York City safe again and we are counting on him to fulfill that promise,” said Cato who, at the same time, advised members of the Filipino Community to always be on alert when commuting or while outside their residences. He advised them to immediately report any incident to authorities. In addition, the Consulate will also be holding a “self-defense and situational awareness” webinar on Monday (March 28) to be facilitated by Black 6 Project, a humanitarian assistance group made up mostly of Filipino-American military veterans.

Direct hired, rehired OFWs now covered by insurance

BONGBONG Marcos reaches out to supporters at the caravan in Sta. Cruz, Laguna.

ARTIDO Federal ng Pilipinas standard-bearer Ferdinand “Bongbong” Marcos Jr. and his running-mate Mayor Inday Sara Duterte have urged the people of Laguna to work with their administration if they win the May elections in order to attain economic recovery and progress for the country. Speaking before thousands of people during a rally at the capitol compound in Sta. Cruz, Laguna, Marcos said the country overcame challenges that it faced because Filipinos united and worked together. “We have weathered all crises, all calamities, because we were united. We have learned that no one else will help the Filipino except fellow Filipinos,” he said. The PFP presidential bet said the people should unite and work with the government because no matter how hard-working and how strong his and Inday Sara’s desire to serve the people is, they would not succeed in propelling the country to progress and development by themselves alone. “That is why we bring with us here in Laguna our dream that we can all be united so that we will not just recover from the pandemic, but also uplift the entire nation so that we Filipinos can walk with heads up high anywhere in the world. We will all rise again, together,” he said, speaking mostly in Filipino. Duterte for her part also called on the people to work with them for their plans and programs to succeed. “Together we can overcome the crisis brought on by the pandemic,”

ROY DOMINGO

she said. The two also thanked the people for their warm welcome and their responsiveness to the UniTeam’s call for unity. Aside from Marcos and Duterte, the people also gave a warm welcome to their senatorial bets who joined them—including Harry Roque, Larry Gadon, Greg “Gringo” Honasan, Jinggoy Estrada, Herbert Bautista and Sherwin Gatchalian. The UniTeam slate members disclosed their platforms of government should they win in May. Meanwhile, to show his support to Marcos and Duterte, a student from the BN Calara School walked from his house in the hilly Bgy. San Antonio, Kalayaan, Laguna to present sketches of the two that he painstakingly made. “Naniniwala po ako na maganda ang gobyerno nila dahil si Marcos ay taga-Norte habang si Sara naman ay taga-Mindanao. Magkakaroon ng pagkakaisa [I think their government will be good because Marcos is from the North and Sara is from the South. There will be unity],” Stephen Angel Lucero said. Meanwhile, Jesus Banaag, an employee at the Capitol’s Engineering Department, skipped his lunch break to join the rally and see Marcos, adding that he has been loyal to the Marcoses ever since. “I rushed here to see them. They can do much for the country. He’s already a winner—hardworking, bright, upright. I had goose bumps listening to him,” he said, partly in Filipino.

EHIRED and direct-hired overseas Filipino workers (OFW) will soon be able to enjoy compulsory insurance coverage. This after the Department of Labor and Employment (DOLE) announced on Sunday that the Philippine Overseas Employment Administration (POEA) finally released the much awaited guidelines for DOLE Department Order (DO) No. 228, Series of 2021. Prior to the DO 228, only agencyhired OFWs were given mandatory insurance coverage as stipulated in Republic Act (RA) 10022. “By expanding the compulsory insurance coverage, we aim to extend the protection to all OFWs, at no cost to our workers,” Labor Secretary Silvestre H. Bello III said in a statement. Under the guidelines, the insurance policy for rehired and direct hired OFWs should include a $15,000 survivor’s benefit in case of accidental death; at least $10,000 sur vivor’s benefit in case of natural death; and at least $7,500 disability benefit. It should also cover repatriation expenses, including transport of the worker’s personal belongings, when his/her employment is terminated by the employer without any valid cause or terminated by the employee with just cause. In case of death, the insurance provider shall arrange and pay for the repatriation or return of the worker’s remains. The insurance policy must also have provisions for subsistence allowance benefit of at least $100 per month for a maximum of six months for an OFW who is involved in a case or litigation, and money claims arising from the employer’s liability which may be awarded or given to the worker in a judgment or settlement of his/ her case in the National Labor Relations Commission. See “OFWs,” A2

Companies

Editor: Jennifer A. Ng

Monday, March 14, 2022

ERC to Meralco: Customers entitled to additional refund By Lenie Lectura

@llectura

he Energy Regulatory Commission (ERC) has ordered the Manila Electric Co. (Meralco) to refund its customers an additional P4.8 billion after it recomputed the utility firm’s Actual Weighted Average Tariff (AWAT). T he tota l amount of P4,837,163,842 is equivalent to an average refund rate of P0.1064 per kilowatt hour (kWh), which shall be refunded to its customers beginning the billing cycle immediately after receipt of the order, which was promulgated last March 7 and published on the ERC website over the weekend. “The Commission’s recalculation of the AWAT resulted in a difference of P0.0067 per kilowatt hour (kWh) from the provisionally approved

AWAT amounting to P1.4414 per kWh. Likewise, the same recalculated AWAT showed a variance of P0.0671 per kWh from Meralco’s approved Maximum Average Price (MAP) amounting to P1.3810 per kWh. In consideration of the difference and variance, an additional refund of P4,837,163,842.00, or an average rate of P0.1064 per kWh over a 12-month period to the customers of Meralco is deemed in order, cov-

ering the period December 2020 to December 2021,” said the ERC in its 23-page decision. The ERC told Meralco to reflect the refund rate as a separate line item in the electricity bills. Of the total refund a mou nt , P 3,0 3 6 ,678 ,4 82 or P0.1923 per kWh, will go to residential & general service A customers; P275,583,867 or P0.1262 per kWh, for general service B; P1,467,808,456, or P0.0549 per kWh; P20,222,542, or P0.0812 per kWh for government hospitals, metered street lights and charitable institutions; P27,156,139, or P0.1999 per kWh for flat streetlights; and P9,714,356, or P0.0255 per kWh for generator-wheeling. “The immediate implementation of additional refunds to Meralco consumers is appropriate and timely. Moreover, the Commission, given its lawful mandate to protect the welfare of consumers, must exhaust all acts and remedies available to lessen the impact of the pandemic upon consumers. This supplemental

order, in the form of interim relief, is a positive measure to ensure the consumers are assisted in a timely manner and with due regard to their interests,” it said. It can be recalled that in February last year, the ERC directed Meralco to refund P13.89 billion in overrecoveries based on its AWAT from July 2015 to November 2020. The amount is equivalent to an average of P0.1528 per kWh and was returned to customers in 24 months. “The Commission, based on its initial evaluation of the application and all the information now available, including the data reflected in Meralco’s recently submitted Uniform Reportorial Requirement for the year 2021, the Commission determined that it is but proper, and beneficial to consumer, to expand the period covered by the refund to include December 2020 to December 2021. This additional period covered by the refund is well within the coverage of the lapsed period affected by the regulatory lag,” said the ERC.

SEC allows virtual board meetings By VG Cabuag @villygc

he Securities and Exchange Commission (SEC) has urged companies to encourage greater stakeholder involvement in their governance by allowing shareholders or members to participate in meetings even if these are done online. The SEC said that it allowed participation in corporate meetings through remote communication or in absentia but this was not an interim measure meant to take effect only during the pandemic. Moving forward, corporations may continue holding meetings through remote communication or other alternative modes, as provided under the Revised Corporation Code. “The provisions of the Revised Corporation Code for the virtual participation of shareholders or

members, directors or trustees, and officers in meetings allow for greater stakeholder involvement in corporate governance,” SEC Chairman Emilio B. Aquino said. “Stronger stakeholder engagement brings in more insights that could translate to well-grounded decisions and innovations, and promotes transparency and accountability in the decision-making. All these will ultimately redound to the benefit of the corporation.” Under the guidelines, the corporate secretary may send notice of meetings to directors or trustees through email, messaging services or such other manner provided in the corporation’s bylaws or by board resolution. The company shall develop the internal procedures for the conduct of board meetings through remote communication or other alternative modes to address administrative,

technical and logistical issues. Directors or trustees who intend to participate in a meeting through remote communication shall notify in advance the presiding officer and corporate secretary. In stockholders’ or members’ meetings, the written notice of meetings may likewise be sent to stockholders or members through email or such other similar manner as may be provided in the corporation’s bylaws. The notice shall include the requirements and procedures to be followed when stockholders or members are allowed to participate by remote communication or in absentia, and the manner of casting of votes and the period during which votes by remote communication or in absentia will be accepted. In the election of directors, trustees and officers, stockholders or members may exercise their right

to vote in person, through a proxy or, when so authorized in the corporation’s bylaws, through remote communication or in absentia. The right to vote of stockholders or members may be exercised also through remote communication or in absentia when authorized by a resolution of the majority of the board. The resolution, however, shall only be applicable for a particular meeting. In corporations vested with public interest, stockholders or members may vote through remote communication or in absentia in the election of directors, trustees and officers notwithstanding the absence of a provision in the corporation’s bylaws. Corporations shall issue their own internal procedures embodying the mechanisms for participation in meetings and voting through remote communication or in absentia.

Nestlé PHL joins global call to #BreakTheBias Ford sees US sales I falling 12%

ord Motor Co. is projecting a 12-percent drop in United States sales this year as production bottlenecks worsen, Automotive News reported. Executives on Saturday told dealers they now see US deliveries of 1.66 million vehicles this year, down from 1.9 million in 2021, the publication said, citing two people present at the meeting. The US automaker has already lost 100,000 units of production after 37 suppliers failed to provide parts as scheduled, according to the report. A Ford spokeswoman wasn’t able to immediately comment on the report, Automotive News said. A scarcity of parts such as chips has hit Ford and its fellow automakers, and the latest report suggests the supply crunch isn’t easing anytime soon. Ford last month reported earnings that missed analyst estimates and warned it may get off to a slow start in 2022 due to supply chain issues. Bloomberg News

n celebration of International Women’s Day, Nestlé Philippines joins the global call to #BreakTheBias, as it highlights its significant progress in enhancing gender balance in its workforce and empowering women across the entire value chain. With people as the driving force of its mission to be a force for good, Nestlé intensifies its commitment to its employees through enablement practices and systems that deliberately make individual empowerment a corporate priority of Nestlé. “Pursuing and safeguarding gender equality and inclusivity, and the development and empowerment of women, are of great importance to Nestlé Philippines because it raises the quality of our organization. We are proud of the progress we are making in unlocking the capabilities and talents of women towards enhanced growth and productivity,” said Nestlé PH Human Resources Director Mitzie Antonio. In 2015, Nestlé globally launched its Gender Acceleration Plan with the main goal of increasing the number of women in the top 200 senior executive positions by 30 percent. Under the plan, the company is implementing policies and

programs that prevent gender bias and create opportunities for a diverse workplace. “At Nestlé Philippines, we continue to invest in efforts that empower our women employees and leaders in the workplace. Key initiatives have been employed to ensure we create an enabling environment for them to thrive in,” added Antonio. Gender balance and the mindset of inclusivity are embedded in the company’s policies and programs. In 2021, with over 5,000 employees, Nestlé Philippines achieved a 50-50 gender ratio in its senior leadership and critical positions, even as it enforces gender balance in developing and appointing successors to key posts in the organization for the long term. Furthermore, Nestlé Philippines conducts an annual equal pay exercise, a proactive measure ensuring that internal pay equity is maintained and is within the pay gap industry threshold. Reinforcing their commitment to diversity and inclusivity, Nestlé employees are trained annually on unconscious bias and sexual harassment prevention. Coaching and mentoring are two of the flagship programs that the company has

strengthened over the years to support women leaders as they pursue their career development plans. A soft-skills training initiative for women on the production lines or shopfloor has been completed in partnership with the Employer’s Confederation of the Philippines and the International Labor Organization. With its continued commitment to create a gender-inclusive workplace, Nestlé PH has recently won recognition as follows: 1. Bloomberg Gender Equality Index 2022 for the 4th consecutive year, advancing gender equality in the workplace; 2. Winner, Asia Corporate Excellence and Sustainability Awards 2021 (ACES) - One of the Top Workplaces in Asia; 3. 1st-runner-up, Gender Inclusive Workplace Category 2021 – UN Women’s Empowerment Principles. In 2022, Nestlé Philippines continues to advance the role of women in the workplace with its sustained commitment to achieve gender balance in key positions and functions, enhanced company policies, and increased organizational awareness via mandatory training to foster diversity and inclusion.

8 power projects get clearance to conduct SIS

he Department of Energy (DOE) has cleared eight power projects to proceed with the conduct of system impact study (SIS). These are the 250MW hydro power project of Pan Pacific Renewable Power Philippines Corp., 555MW solar of Sapang Balen Solar Sustainable Energy Corp., 180MW gas plant of Millennium Energy Inc., 81.85MW solar of PV Sinag Power Inc., 50MW biomass plant of Lumino Biomass Power Inc., 15MW hydro power of Cabanglasan Hydropower Corp., 638MW LNG plant of Panasia Energy Inc., and the 162MW floating solar of PV Sinag Power Inc. In all, these projects are expected to inject add 1,931MW should these push through. The DOE approved in February their applications for the conduct of SIS. The list was uploaded on the DOE website over the weekend. These projects have been issued

with certificates of endorsement to the National Grid Corporation of the Philippines for clearance to undertake SIS. According to the Energy Regulatory Commission, SIS is an assessment conducted by the Transmission Network Provider or System Operator in addition to the Grid Impact Studies (GIS) prepared by it in accordance with the Philippine Grid Code. This study is necessary to determine the adequacy of the grid and its capability to accommodate a request for power delivery service; and the costs, if any, that may be incurred in order to provide power delivery service to a transmission customer. The GIS is a set of technical studies, which are used to assess the possible effects of a proposed expansion, reinforcement, or modification of the grid or a user development and to evaluate significant incidents. Lenie Lectura

STOCK-MARKET OUTLOOK Last week

Share prices plunged last week, with the main index touching the 6,900-point level, as investors were rattled by soaring oil prices caused by Russia’s invasion of Ukraine. The benchmark Philippine Stock Exchange index fell 229.82 points to close at 7,112.19 points. Most of the main index’s losses came in during the first two trading days of the week, when it lost more than 360 points, to close at the year-to-date low of 6,977.73 points. It recovered some of its losses for two succeeding days. Average daily trading value for the week reached P8.34 billion, while foreign investors, which made up 39 percent of the trades, were net buyers at P1.18 billion. All other sub-indices ended in the red, led by the All Shares index fell 130.16 points to close at 3,765.36, the Financials index declined 43.88 to 1,644.83, the Industrial index plunged 479.31 to 9,597.13, the Holding Firms index shed 250.52 to 6,809.80, the Property index retreated 122.46 to 3,376.08, the Services index was down 45.47 to 1,913.26 and the Mining and Oil index dropped 463.50 to 12,863.57. For the week losers led gainers 181 to 45 while 22 shares were unchanged. Top gainers were Macay Holdings Inc., Roxas Holdings Inc., Oriental Peninsula Resources Group Inc., TKC Metals Corp., Benguet Corp. A and B shares, Global Ferronickel Holdings Inc. and Primex Corp. Top losers were Apollo Global Capital Inc. PH Resorts Group Holdings Inc., Emperador Inc., Doubledragon Corp., Citystate Savings Bank Inc., Merrymart Consumer Corp. and Coal Asia Holdings Inc.

This week

Jittery trading is expected this week as the war in Ukraine rages on and sanctions on oilproducing Russia sent crude prices to record highs. Broker 2TradeAsia said the political climate has made the United States Federal Reserve’s next meeting, scheduled on March 15 and 16, more “complicated and polarizing.” A 25 basis points increase is seen at the early part of the year, but the broker said a 50 basis point hike is justifiable, in the context of recent developments. “Broadbased meltdowns provide openings to accumulate companies of real value at a discount,” the broker said. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the main index may continue to test its 7,000 to 7,100 support range this week. “A resurgence of global oil prices could bring the market below its said support range. The market is also expected to watch out for the Federal Reserve’s policy meeting next week where the possibility of a rate hike is already seen amid the US’ high level of inflation. If the Fed goes for an aggressive rate hike, or hints of such to be done in their succeeding policy meetings, then it is expected to add to the downward pressure on the local market,” he said. “If the market holds its ground at the 7,000 to 7,100 range, then this will remain as its support while its resistance is seen at 7,300. If it fails to do so however, its next support is seen at 6,600.”

Stock picks

Broker Regina Capital and Development Corp. advised to take a position on the stock of Century Pacific Food Inc. (CNPF) after it rebounded by 5 percent to P21.05, snapping its four-day losing streak on a volume-backed trading Thursday. “At this price level, CNPF is already trading at a deep discount to its key moving averages. This makes the stock appealing for investors to be included in their bargain hunting list,” it said. Century Pacific shares were last traded on Friday at P21 apiece. Meanwhile, the broker advised to buy on pullbacks on the stock of Jollibee Foods Corp. as its price also rebounded during last week’s trade. Its technical reading shows an uptrend on its price. “A slight pullback from current price would open for a buying opportunity for investors,” it said. Jollibee shares closed last week at P230 apiece. VG Cabuag

Monday, March 14, 2022

Companies BusinessMirror

CTS Global’s initial public offering gets SEC approval By VG Cabuag

a combined capital amounting to P550 million. Most of the proceeds of its IPO, or about P1.23 billion, will be used to scale up it operations globally. “For the past few years, the company has consistently generated profits from its assets under management but was not able to maximize its bottomline profit due to overhead expenses. As the traders scale their accounts using the existing strategy, the company’s overhead expenses will stay the same, giving a promising opportunity for its operating leverage,” it said. “For the past decade, the company maintained its capital stock at P200 million, only raising it to P500 million in the last quarter of 2019 and an additional P50 million in 2020. A further increase in capital to be deployed in the global markets is the key to CTS Global taking it to the next level.” The company will allocate some P20 million to build the client accounts management segment and offer its services to interested clients as it hires more talent in the new departments and creates the client acquisition and support infrastructure. During the first few years in business, this segment will need the capital to fund the initial expansion in operation, it said. The remaining balance of about P100 million will be used for general corporate purposes, such as any adjustments needed depending on the country’s pandemic recovery. This may be in the form of developing the company-owned office space to the extent necessary or further improvements in the digital systems for the work-from-home arrangement.

@villygc

he Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of stock broker CTS Global Equity Group Inc., which aims to raise as much as P1.37 billion. In its March 10 en banc meeting, the SEC gave its nod to the registration statement of CTS Global covering 6.87 billion common shares. CTS Global will offer to the public up to 1.37 billion common shares priced at up to P1 per share, to be listed on the Small, Medium and Emerging Board of the Philippine Stock Exchange Inc. (PSE). Net proceeds from the offering is expected to amount to about P1.35 billion, which the company will use for the scaling of its global trading operations, client account management expansion, and general corporate purposes. CTS Global engages in the trading of equities as a broker-dealer for the Philippine market, as well as global markets including the United States, China, Hong Kong, and Japan. Its chairman, Edward K. Lee, is also the head of listed brokerage firm COL Financial Group Inc. The IPO will run from March 31 to April 6, with listing on the PSE scheduled for April 13, according to the timetable submitted to the SEC. CTS Global tapped SB Capital Investment Corp. as the issue manager, underwriter and bookrunner for the offer. Currently, the company has a pool of over 30 individual traders who manage

mutual funds

March 11, 2022

NAV

One Year Three Year

Five Year

per share Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

228.6

5.33%

-4.3%

-2.08%

-1.93%

ATRAM Alpha Opportunity Fund, Inc. -a

1.5041

19.53%

-2.1%

1.34%

-9.62%

-8.02%

-4.71%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1721

6.68%

-2.03%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7506 -1.05%

-6.89% n.a.

-0.78%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7049 5.62%

-6.17% n.a.

-8.56%

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

8.84%

-1.95%

0.02%

-0.96%

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

5.1328

0.7622

10.38%

-4.09%

-3.56%

MBG Equity Investment Fund, Inc. -a

-8.79%

-10.25% n.a.

-4.05%

90.61

PAMI Equity Index Fund, Inc. -a

46.6428

4.35%

-3.1%

Philam Strategic Growth Fund, Inc. -a

490.76

5.13%

-3.01%

-1%

Philequity Dividend Yield Fund, Inc. -a

1.3775

22.91%

2.05%

2.36%

1.56%

36.026

8.18%

-1.96%

0.57%

-1.56%

Philequity Fund, Inc. -a

-0.73%

-3.08% -1.98%

Philequity MSCI Philippine Index Fund, Inc. -a

0.9313

7.52%

-2.95% n.a.

-1.07%

Philequity PSE Index Fund Inc. -a

4.8335

5.65%

-2.31%

-2.57%

Philippine Stock Index Fund Corp. -a

803.41

4.98%

-2.44%

-0.1%

0.736

7.16%

-6.75%

-2.92%

-2.21%

6.3%

-4.79%

-1.31%

-2.58%

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

0.9152

4.53%

-2.76%

-0.35%

United Fund, Inc. -a

6.36%

-2.31%

0.9%

-1.28%

Soldivo Strategic Growth Fund, Inc. -a

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.678 3.3934

0.02%

-2.69%

-3.03%

-3.1%

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

1.1897

Philippine Stock Index Fund Corp. -a

982.85 n.a. n.a. n.a. n.a.

14.92% n.a. n.a.

2.32%

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

108.3166

5.45%

-2.18%

0.39%

-2.83%

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

$1.0184

-20.08%

0.79%

2.4%

-9.6%

-3.69%

8.96%

7.98%

-13.25%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6018

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

1.6504

0.47%

-1.08%

-0.76%

ATRAM Philippine Balanced Fund, Inc. -a

2.2433

1.73%

-0.74%

-0.29%

-1.67%

5.31%

0.68%

1.4%

-0.73%

First Metro Save and Learn Balanced Fund Inc. -a 2.6713

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2099

-2.46%

10.07% n.a. n.a.

NCM Mutual Fund of the Phils., Inc. -a

1.9836

2.63%

1.46%

1.57%

-1.64%

PAMI Horizon Fund, Inc. -a

3.6905

1.32%

0.63%

0.44%

-1.98%

Philam Fund, Inc. -a

16.5498

1.33%

0.34%

0.4%

-1.76%

Solidaritas Fund, Inc. -a

2.0938

2.51%

-0.49%

0.29%

-1.3%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5804 3.19%

-2.02%

-0.14%

-1.83%

Sun Life Prosperity Dynamic Fund, Inc. -a

-0.91%

0.31%

0.9385

9.28%

0.43%

-1.65%

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

0.9606

-0.91%

-0.8% n.a.

-2.95%

Sun Life Prosperity Achiever Fund 2038, Inc. -a

0.9123

1.54%

-2.32% n.a.

-3.41%

Sun Life Prosperity Achiever Fund 2048, Inc. -a

0.9018

1.96%

-2.64% n.a.

-3.44%

Primarily invested in foreign currency securities (shares) -6.02%

-0.26%

0.17%

-6.67%

$0.9992

-11.3%

0.64%

1.68%

-6.36%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.3006 -4.05%

Cocolife Dollar Fund Builder, Inc. -a $0.03541

6.12%

5.79%

-10.44%

2.45%

2.48%

-7.96%

PAMI Asia Balanced Fund, Inc. -b

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.1032 -4.88%

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

374.03

0.98%

2.63%

2.47%

ATRAM Corporate Bond Fund, Inc. -a

1.8852

-1.06%

0.34%

0.02%

-0.07% 0.03%

Cocolife Fixed Income Fund, Inc. -a

3.242

0.84%

2.66%

3.69%

-0.06%

Ekklesia Mutual Fund Inc. -a

2.2265

-1.06%

1.14%

1.28%

-1.11% -0.27%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4195 -0.16%

2.65%

1.79%

Philam Bond Fund, Inc. -a

4.3294

-3.27%

3.07%

1.34%

-1.51%

Philam Managed Income Fund, Inc. -a

1.3157

0.11%

3.43%

2.76%

-0.26%

Philequity Peso Bond Fund, Inc. -a

3.9325

-0.67%

3.11%

2.57%

-0.84%

Soldivo Bond Fund, Inc. -a

1.0187

0.%

3.79%

1.95%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1648

0.02%

3.6%

3.12%

-0.71%

-0.59%

2.74%

2.42%

-0.94%

Sun Life Prosperity GS Fund, Inc. -a

1.7143

-0.92%

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

$485.83

2.44%

2.25%

ALFM Euro Bond Fund, Inc. -a

Є216.29

-1.31%

0.19%

0.62%

ATRAM Total Return Dollar Bond Fund, Inc. -b

$1.1185

-4.87%

-1.07%

0.13%

-7.09%

0.13%

0.16%

-3.46%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0251 -2.33%

-0.76% -1.69%

PAMI Global Bond Fund, Inc -b

$0.9607

-8.24%

-3.01%

-1.91%

-6.07%

Philam Dollar Bond Fund, Inc. -a

$2.3637

-3.21%

2.09%

1.68%

-5.67%

$0.0611818

-1.92%

2.01%

1.49%

-1.78%

-3.2%

0.43%

0.44%

-6.92%

Philequity Dollar Income Fund Inc. -a

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.9751

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

131.51

1.27%

2.53%

2.55%

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

1.06

1.05%

1.82% n.a.

1.52%

2.43%

2.51%

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

1.3195

0.24% 0.22%

0.3%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0618

0.67%

1.33% n.a.

0.11%

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

45.5309 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.2748

7.8% n.a. n.a.

-7.82%

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

$0.903

-7.86% n.a. n.a.

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago.

c - Listed in the PSE.

-6.91%

d - in Net Asset Value per Unit (NAVPU).

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

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

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

March 11, 2022

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FILIPINO FUND IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH

26,040 122,074,260 254,428,926 699,215 3,446,905 200,975,041.50 2,326,128 96,207 521,180 88,103,736 79,599,763 554,930 28,000 1,965 369,830 63,350 84,700 65,630

21,723,302 -8,384,174 -1,279,859 40,083,022 353,616 356,380 945,074 2,680,583 8,000 780 -

INDUSTRIAL AC ENERGY 8.26 8.28 8.15 8.35 8.15 8.28 21,445,200 176,869,626 1.02 1.07 1.06 1.07 1 1.07 151,000 158,280 ALSONS CONS ABOITIZ POWER 34.9 35 35.1 35.25 34.75 34.9 1,739,000 60,797,500 0.46 0.465 0.475 0.475 0.455 0.46 10,890,000 4,996,250 BASIC ENERGY FIRST GEN 26.2 26.5 26.5 26.6 26.2 26.2 185,300 4,875,565 70.1 70.15 70.1 70.1 70 70.1 20,550 1,438,840.50 FIRST PHIL HLDG JOLLIVILLE HLDG 4.7 5.48 366.4 370 374.6 374.6 366 370 201,460 74,396,240 MERALCO MANILA WATER 19.32 19.4 19.6 19.7 19.2 19.4 318,800 6,188,786 3.51 3.52 3.56 3.6 3.51 3.51 4,235,000 14,951,570 PETRON PETROENERGY 4.75 5.07 4.7 4.79 4.7 4.79 35,000 164,950 10.2 10.64 10.6 10.64 10.04 10.64 23,700 245,658 PHX PETROLEUM SYNERGY GRID 12.16 12.2 12.2 12.2 12.1 12.2 614,200 7,451,876 18.62 18.96 19.2 19.2 18.62 18.62 141,800 2,677,192 PILIPINAS SHELL SPC POWER 14.2 14.4 14.3 14.4 14.3 14.3 54,500 780,530 1.8 1.81 1.84 1.87 1.81 1.81 37,449,000 68,617,680 SOLAR PH AGRINURTURE 5.75 5.76 5.5 5.8 5.5 5.75 3,562,500 20,401,990 2.52 2.61 2.58 2.61 2.52 2.61 57,000 145,810 AXELUM CNTRL AZUCARERA 12.54 13.02 13.02 13.02 13 13 2,700 35,118 20.7 21 21.05 21.1 20.3 21 5,060,400 105,485,050 CENTURY FOOD DEL MONTE 14.6 14.7 15.18 15.18 14.6 14.6 220,900 3,265,014 7.12 7.15 7.45 7.45 7.15 7.15 13,595,400 98,469,685 DNL INDUS EMPERADOR 13.98 14 14.4 14.74 13.72 14 3,968,200 56,039,602 64 64.45 64.35 64.95 64 64.45 31,930 2,051,509 SMC FOODANDBEV FIGARO COFFEE 0.58 0.59 0.6 0.61 0.58 0.59 13,859,000 8,198,140 0.58 0.59 0.58 0.58 0.58 0.58 33,000 19,140 ALLIANCE SELECT FRUITAS HLDG 1.13 1.15 1.16 1.16 1.13 1.15 3,863,000 4,434,470 113.5 114 114.4 114.4 112 113.5 29,260 3,310,500 GINEBRA JOLLIBEE 230 231 239.8 239.8 230 230 791,650 183,186,804 1.21 1.22 1.2 1.24 1.2 1.22 990,000 1,201,710 KEEPERS HLDG MAXS GROUP 6.1 6.15 6.25 6.25 6.15 6.15 70,000 430,734 0.141 0.148 0.143 0.143 0.142 0.142 1,020,000 145,170 MG HLDG MONDE NISSIN 14.52 14.7 14.3 14.7 14.24 14.7 4,360,800 63,557,202 8.4 8.48 8.55 8.55 8.4 8.48 32,400 273,693 SHAKEYS PIZZA ROXAS AND CO 0.69 0.73 0.68 0.73 0.68 0.73 799,000 560,740 4.42 4.6 4.6 4.6 4.6 4.6 1,000 4,600 RFM CORP ROXAS HLDG 1.38 1.44 1.43 1.45 1.37 1.37 32,000 45,870 0.102 0.107 0.105 0.105 0.102 0.102 540,000 56,080 SWIFT FOODS UNIV ROBINA 107.7 108.4 110.9 110.9 107.5 107.7 2,896,960 314,150,953 0.64 0.66 0.64 0.66 0.63 0.66 128,000 81,460 VITARICH CONCRETE A 47 48.85 47.5 47.5 47 47 1,500 71,000 0.96 0.97 0.97 0.97 0.94 0.96 775,000 737,890 CEMEX HLDG EAGLE CEMENT 13 13.44 13.46 13.48 13 13.48 2,013,800 26,182,420 5.4 5.5 5.55 5.7 5.5 5.5 95,800 531,640 EEI CORP HOLCIM 5.4 5.49 5.48 5.58 5.48 5.49 40,200 221,105 5.06 5.15 5.2 5.2 5.03 5.15 80,000 414,426 MEGAWIDE PHINMA 19.02 19.9 19.98 19.98 19.02 19.9 3,800 75,604 0.83 0.91 0.85 0.89 0.83 0.89 35,000 30,390 TKC METALS VULCAN INDL 1.11 1.13 1.16 1.22 1.08 1.11 8,536,000 9,608,260 1.78 1.83 1.75 1.89 1.75 1.83 910,000 1,652,670 CROWN ASIA EUROMED 1.25 1.3 1.3 1.3 1.3 1.3 6,000 7,800 4.3 4.43 4.43 4.43 4.43 4.43 2,000 8,860 MABUHAY VINYL 5.6 5.67 5.51 5.72 5.51 5.68 145,000 819,813 PRYCE CORP CONCEPCION 20.55 21 22.05 22.05 21 21 21,700 459,980 1.77 1.79 1.81 1.83 1.76 1.79 5,304,000 9,514,890 GREENERGY INTEGRATED MICR 8.41 8.5 8.4 8.5 8.3 8.5 80,000 671,913 0.69 0.71 0.71 0.71 0.69 0.69 47,000 32,530 IONICS PANASONIC 6.06 6.2 6.2 6.2 6.06 6.06 2,200 13,586 1.13 1.14 1.14 1.14 1.13 1.13 203,000 230,250 SFA SEMICON CIRTEK HLDG 3.36 3.4 3.38 3.43 3.35 3.36 255,000 861,200

23,454,285 -7,861,005 18,400 -463,320 399,860.00 14,646,544 777,192 -3,164,430 -122,200 162,420 -1,646,060 -2,698,900 2,299,866 2,550 30,602,710 -698,228 -45,260,212 -26,292,012 -163,579.50 418,710 -13,900 2,566,110 -53,796,996 -14,550 -1,845 20,749,774 56,590.00 5,728,314 -660 5,760 -35,227 -51,680 56,860.00 140,240 -333,900 1,406,250 1,666 -

HOLDING & FRIMS

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

43.8 126.3 95 26.15 8.43 55.45 19.64 55.6 20.6 111 94 1.88 3.9 6.55 0.78 0.3 0.62 209

0.84 800.5 60.1 12.64 9 0.91 0.65 0.64 5.05 8.93 526 57 6.55 0.56 2.93 9.19 3.6 1.3 901 102.8 0.295 0.168

45 127 97 26.3 8.49 55.5 19.68 56.7 21.6 111.2 95 1.99 4 7.67 0.83 0.335 0.72 212

0.86 802.5 61 12.7 9.1 0.93 0.66 0.65 5.1 8.94 530 58.1 7.03 0.59 2.97 9.3 3.63 1.38 909 102.9 0.3 0.175

43.4 126.6 95 26.35 8.6 55.2 19.88 56.5 20.6 108.8 95 1.9 4 6.55 0.78 0.3 0.63 209

0.84 830 58.8 12.8 9 0.93 0.73 0.75 5.16 9.19 535.5 56.35 6.55 0.56 2.93 9.4 3.76 1.3 885.5 102.9 0.295 0.168

43.4 127 97 26.35 8.7 55.7 19.9 56.7 20.6 111.4 98 1.99 4 6.55 0.83 0.335 0.63 212

0.86 830 61 12.9 9.1 0.98 0.74 0.75 5.16 9.2 535.5 58.1 6.55 0.59 2.93 9.4 3.76 1.38 912 103 0.3 0.168

43.4 126 93.6 26.1 8.41 55.2 19.6 55.6 20.6 108 92.55 1.89 4 6.55 0.77 0.3 0.62 209

0.83 800.5 58.4 12.58 9 0.93 0.65 0.65 5.08 8.93 523.5 56 6.55 0.56 2.93 9.16 3.6 1.3 885.5 102.1 0.295 0.168

43.4 127 97 26.15 8.43 55.5 19.68 55.6 20.6 111 94 1.99 4 6.55 0.83 0.335 0.62 209

0.86 800.5 61 12.7 9.1 0.93 0.65 0.65 5.1 8.94 526 58.1 6.55 0.56 2.93 9.3 3.6 1.3 909 102.9 0.3 0.168

600 963,840 2,678,900 26,600 405,600 3,620,880 118,000 1,700 25,300 796,970 842,190 292,000 7,000 300 473,000 210,000 135,000 310

3,531,000 315,600 585,210 2,673,300 2,900 290,000 56,267,000 2,125,000 137,000 6,629,700 139,280 1,253,610 100 463,000 40,000 1,835,500 28,025,000 28,000 271,210 183,110 310,000 270,000

3,016,680 254,689,400 35,410,414 33,833,924 26,160 270,410 38,308,220 1,442,790 698,318 59,511,140 73,326,690 72,442,894 655 259,340 117,200 16,881,889 101,542,180 36,480 245,148,955 18,821,918 92,500 45,360

PROPERTY

ARTHALAND CORP 0.55 0.56 0.56 0.56 0.54 0.56 339,000 185,460 36.7 36.85 36.55 36.9 36.15 36.85 6,835,600 249,847,930 AYALA LAND AYALA LAND LOG 4.42 4.5 4.55 4.6 4.41 4.42 989,000 4,447,150 1.03 1.05 1.05 1.05 1.05 1.05 1,000 1,050 ARANETA PROP AREIT RT 47 47.4 49.5 50 45.85 47.4 2,328,600 110,736,380 0.92 0.94 0.94 0.94 0.93 0.94 1,066,000 994,040 A BROWN CITYLAND DEVT 0.69 0.7 0.7 0.7 0.7 0.7 12,000 8,400 0.094 0.099 0.093 0.099 0.093 0.099 2,910,000 271,470 CROWN EQUITIES CEB LANDMASTERS 2.84 2.86 2.86 2.88 2.84 2.84 229,000 655,690 0.385 0.39 0.38 0.39 0.38 0.39 160,000 62,100 CENTURY PROP CITICORE RT 2.68 2.69 2.71 2.73 2.68 2.69 8,680,000 23,448,010 9.31 9.32 10.22 10.22 9.31 9.32 1,531,400 14,753,343 DOUBLEDRAGON DDMP RT 1.71 1.73 1.73 1.75 1.71 1.71 1,989,000 3,421,360 6.41 6.5 6.99 6.99 6.5 6.5 110,500 738,904 DM WENCESLAO EVER GOTESCO 0.26 0.27 0.28 0.28 0.265 0.27 1,080,000 293,700 7.12 7.16 7.35 7.35 7.07 7.12 2,497,000 17,824,098 FILINVEST RT FILINVEST LAND 1.06 1.07 1.09 1.09 1.07 1.07 2,192,000 2,346,300 0.89 0.93 0.88 0.93 0.88 0.93 3,000 2,700 GLOBAL ESTATE 8990 HLDG 13.2 13.26 13.3 13.7 13.26 13.26 98,600 1,328,380 0.97 0.98 1 1 0.97 0.98 27,081,000 26,270,390 PHIL INFRADEV CITY AND LAND 0.81 0.85 0.81 0.85 0.81 0.85 14,000 11,380 3.07 3.08 3.12 3.12 3.05 3.07 9,176,000 28,273,010 MEGAWORLD MRC ALLIED 0.265 0.27 0.28 0.285 0.265 0.27 9,070,000 2,478,550 18.9 18.96 19.5 19.9 18.8 18.96 2,154,500 41,511,104 MREIT RT PHIL ESTATES 0.41 0.415 0.41 0.41 0.41 0.41 860,000 352,600 2.22 2.27 2.34 2.34 2.12 2.27 2,009,000 4,467,470 PRIMEX CORP RL COMM RT 7.26 7.37 7.72 7.72 7.22 7.26 15,079,300 111,253,999 19.3 19.5 19.5 19.52 19.14 19.5 3,420,300 66,334,868 ROBINSONS LAND PHIL REALTY 0.219 0.236 0.219 0.236 0.219 0.236 60,000 13,950 1.36 1.5 1.5 1.5 1.5 1.5 4,000 6,000 ROCKWELL STA LUCIA LAND 2.72 2.8 2.8 2.8 2.8 2.8 5,000 14,000 37.25 38 37.25 38 37.1 38 9,276,900 347,972,055 SM PRIME HLDG SOC RESOURCES 0.57 0.62 0.58 0.58 0.57 0.57 70,000 40,030 0.98 1.03 1.03 1.03 0.99 0.99 252,000 251,580 SUNTRUST HOME VISTA LAND 2.94 2.95 3.05 3.05 2.87 2.95 6,127,000 18,069,060 SERVICES ABS CBN 12.28 12.5 12.7 12.7 12.2 12.5 68,400 846,210 15.62 15.64 15.78 15.78 15.56 15.62 1,232,900 19,287,038 GMA NETWORK MANILA BULLETIN 0.405 0.415 0.405 0.415 0.405 0.415 50,000 20,650 2,516 2,518 2,586 2,586 2,500 2,518 22,605 57,032,550 GLOBE TELECOM PLDT 1,829 1,830 1,845 1,849 1,823 1,830 194,190 355,831,750 0.049 0.05 0.047 0.053 0.046 0.049 1,899,640,000 94,444,310 APOLLO GLOBAL CONVERGE 24.3 24.35 24.3 24.65 24.15 24.35 4,529,700 110,198,640 2.28 2.34 2.32 2.34 2.28 2.28 63,000 144,810 DFNN INC DITO CME HLDG 5.19 5.2 5.25 5.3 5.14 5.2 3,654,500 19,041,039 1.18 1.19 1.18 1.19 1.17 1.18 443,000 522,190 NOW CORP TRANSPACIFIC BR 0.33 0.335 0.33 0.34 0.33 0.33 4,430,000 1,472,650 7.3 7.49 7.5 7.5 7.29 7.5 8,000 59,412 2GO GROUP CHELSEA 1.55 1.58 1.53 1.58 1.53 1.55 52,000 79,780 43.2 43.3 43.85 43.9 43.15 43.2 91,600 3,988,435 CEBU AIR INTL CONTAINER 226 226.2 228.2 232 224 226 1,832,070 417,180,018 22.25 23.45 22.1 23.3 22.1 22.15 13,600 302,105 LBC EXPRESS MACROASIA 5.18 5.19 5.28 5.36 5.15 5.19 1,015,500 5,300,258 0.98 1.05 1 1.08 0.98 1.05 224,000 222,270 METROALLIANCE A HARBOR STAR 0.75 0.76 0.79 0.79 0.75 0.75 281,000 212,840 1.45 1.5 1.5 1.5 1.5 1.5 15,000 22,500 ACESITE HOTEL DISCOVERY WORLD 1.48 1.68 1.65 1.69 1.65 1.68 17,000 28,160 0.45 0.47 0.45 0.45 0.45 0.45 860,000 387,000 WATERFRONT FAR EASTERN U 530 530.5 530.5 530.5 530.5 530.5 2,960 1,570,280 0.34 0.355 0.355 0.355 0.335 0.35 1,910,000 666,500 STI HLDG BELLE CORP 1.28 1.3 1.3 1.3 1.28 1.28 106,000 135,880 6.8 6.82 7.1 7.18 6.77 6.8 9,797,600 67,015,315 BLOOMBERRY LEISURE AND RES 1.3 1.31 1.32 1.32 1.29 1.3 647,000 842,930 1.03 1.05 1.13 1.15 1.03 1.03 4,983,000 5,274,170 PH RESORTS GRP PREMIUM LEISURE 0.435 0.44 0.44 0.44 0.435 0.44 2,540,000 1,109,650 2.15 2.18 2.18 2.18 2.15 2.15 243,000 525,010 PHILWEB ALLDAY 0.47 0.475 0.48 0.48 0.465 0.47 9,020,000 4,229,750 8.5 8.7 8.97 8.97 8.4 8.5 768,600 6,661,375 ALLHOME METRO RETAIL 1.42 1.43 1.43 1.43 1.42 1.42 233,000 331,190 32.9 33 33.7 33.7 33 33 2,650,500 87,908,580 PUREGOLD ROBINSONS RTL 55.5 57 56.5 57 55.5 57 1,545,410 87,515,371.50 64.5 65 67 67 65 65 7,080 462,878 PHIL SEVEN CORP SSI GROUP 1.06 1.08 1.08 1.09 1.06 1.08 626,000 673,540 26.95 27 26.9 27 26.8 27 2,262,100 60,992,850 WILCON DEPOT APC GROUP 0.243 0.25 0.242 0.243 0.242 0.243 200,000 48,550 0.91 0.94 0.92 0.94 0.9 0.94 1,714,000 1,562,710 MEDILINES PRMIERE HORIZON 0.55 0.56 0.6 0.6 0.55 0.55 19,465,000 11,084,910 MINING & OIL APEX MINING 1.69 1.7 1.8 1.82 1.69 1.69 18,904,000 32,690,840 ATLAS MINING 6.95 6.96 7.38 7.65 6.94 6.96 3,400,600 24,160,000 6.06 6.2 6.16 6.2 6.16 6.2 11,700 72,313 BENGUET A BENGUET B 5.5 6.19 6.19 6.19 6.19 6.19 4,200 25,998 0.255 0.26 0.26 0.26 0.255 0.255 370,000 95,900 COAL ASIA HLDG CENTURY PEAK 2.61 2.7 2.6 2.7 2.6 2.7 41,000 108,600 4.82 4.9 4.81 4.91 4.8 4.9 10,900 53,040 DIZON MINES FERRONICKEL 3 3.02 3.09 3.12 2.97 3 17,947,000 54,026,920 0.192 0.195 0.194 0.195 0.194 0.194 360,000 70,040 GEOGRACE LEPANTO A 0.161 0.162 0.168 0.172 0.159 0.161 29,590,000 4,826,410 0.162 0.168 0.175 0.175 0.163 0.163 1,540,000 254,880 LEPANTO B MANILA MINING A 0.01 0.011 0.01 0.011 0.01 0.011 22,800,000 243,300 0.01 0.011 0.01 0.01 0.01 0.01 16,100,000 161,000 MANILA MINING B MARCVENTURES 1.87 1.88 1.99 2.05 1.85 1.87 61,521,000 117,960,830 1.01 1.04 1.05 1.08 1 1.04 925,000 948,700 NIHAO NICKEL ASIA 8.07 8.1 8.35 8.42 7.99 8.1 9,907,200 80,743,960 1.16 1.2 1.21 1.21 1.13 1.2 7,180,000 8,383,850 ORNTL PENINSULA PX MINING 5.81 5.82 6.1 6.2 5.8 5.82 3,387,100 19,942,323 30.7 31 32 32.5 30.15 31 5,295,100 164,425,195 SEMIRARA MINING UNITED PARAGON 0.0068 0.0069 0.0071 0.0072 0.0068 0.0069 47,000,000 324,200 23.7 24 25.9 25.9 23.15 24 1,313,100 31,800,540 ACE ENEXOR ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.012 38,100,000 443,200 0.012 0.013 0.012 0.012 0.012 0.012 600,000 7,200 ORNTL PETROL B PHILODRILL 0.0092 0.0097 0.0099 0.0099 0.0091 0.0092 98,300,000 935,210 6.06 6.1 6.35 6.35 6.06 6.06 868,500 5,366,089 PXP ENERGY PREFFERED HOUSE PREF B 99.5 100.5 101 101 99.5 99.5 510 50,760 99 100.5 100.5 100.5 100.5 100.5 500 50,250 HOUSE PREF A CEB PREF 43 43.5 43 43.5 43 43.5 1,400 60,750 102.1 102.9 103 103 103 103 2,000 206,000 CPG PREF A DD PREF 100.4 101.1 100.3 100.4 100.3 100.4 4,080 409,620 104 104.5 104 104 104 104 2,390 248,560 FGEN PREF G JFC PREF A 1,000 1,040 990 990 990 990 20 19,800 101.1 103 103 103 103 103 110 11,330 PNX PREF 3B PNX PREF 4 976 979 975 980 975 979 460 448,990 1,050 1,084 1,050 1,050 1,050 1,050 1,100 1,155,000 PCOR PREF 3A PCOR PREF 3B 1,080 1,085 1,080 1,082 1,080 1,080 2,885 3,115,975 77 78.9 78.9 78.9 77 77 60 4,658 SMC PREF 2F SMC PREF 2H 76.75 77 76.75 76.75 76.75 76.75 6,790 521,132.50 78 78.1 78 78.1 78 78.1 24,500 1,911,250 SMC PREF 2I SMC PREF 2J 76.4 77.5 76.4 76.4 76.4 76.4 22,700 1,734,280 76 76.95 76.05 76.05 76 76 13,400 1,018,781.50 SMC PREF 2K TECH PREF B2C 52 52.95 51.5 51.5 51.5 51.5 500 25,750 PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 14.54 14.8 14.68 14.9 14.54 14.54 131,000 1,927,902 WARRANTS TECH WARRANT 0.68 0.69 0.71 0.71 0.66 0.7 330,000 221,990

1,724,600 -150,714,450 23,167,140.50 7,566,358 930 12,910.00 -169,521 -1,977,295 -2,847,260 11,183,602 8,309,318 -68,654,480 -29,847,865 5,429,857 -39,532,675.00 -512,470 40,683,740 5,520 -1,514,170 -1,862,670 -316,380 -980,638 -557,200 -91,944 -2,940 13,337,200 -7,873,066 -2,146,390 10,517,148 18,502,776 23,063,840 2,000 -11,167,460 -21,322,200 -127,070,480 1,958,230 -23,489,690 646,362 -3,300 -1,021,300 -128,911,032 22,670 3,370 7,100 -57,700 2,047,166 39,300.00 26,100 793,150 -1,457,551 -26,207,460 38,262,613 -144,590 -63,400 -13,146,380 10,210 475,510 453,950 1,097,321 54,000 26,467,090.00 1,690 -38,870 -20,690 -1,329,842 1,178,972 18,699,645 42,600 -203,025 -91,674 37,890

SMALL & MEDIUM ENTERPRISES

ALTUS PROP HAUS TALK ITALPINAS MERRYMART XURPAS

16.84 0.95 0.95 1.87 0.365

16.86 0.96 0.97 1.88 0.375

EXHANGE TRADE FUNDS

FIRST METRO ETF

107.8

108.2

16.98 0.95 0.97 1.97 0.37

16.98 0.97 0.97 2 0.38

16.86 0.95 0.94 1.87 0.365

16.86 0.96 0.97 1.88 0.37

35,000 786,000 180,000 2,484,000 1,410,000

592,200 753,680 172,250 4,728,220 519,600

19,400 -148,340 -

108.3 108.4 107 108.2 22,250 2,396,123 1,041,833

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Banking&Finance

Fintech to launch online finance hub for women By Rizal Raoul S. Reyes @brownindio

BX Corp., the fintech subsidiary of Unionbank of the Philippines, recently formed a partnership with Bixie Pte. Ltd., to launch an open finance platform targeting women. Under the partnership, the Singapore-based Bixie will leverage UBX’s platform to disburse aid funds directly to Filipino women beneficiaries through a “last mile” disbursement network of the Unionbank unit’s the banking-as-a-service venture called “i2i.” The i2i has a network of over 3,000 banking agents that provide basic banking solutions and services in unserved and underserved areas in the Philippines, according to UBX. In one of their studies, the World Bank said providing women with greater control over household chores through their own earnings or cash transfers boosts the country’s growth prospects by changing spending habits that will benefit their children. “Our partnership with Bixie enables us to accelerate our goal of financially empowering women to drive growth to the society,” UBX Managing Director for Banking Services Anne B. Yosuico was quoted in a statement as saying. To familiarize them with the system, Bixie has also started to provide Filipino women with free personal accident with telemedicine insurance policies to women through UBX’s embedded insurance platform.

Bixie also has a digital ledger/ financial goal tracker that provides women insights on their spending. It also features a digital community center that allows members to share their financial goals and milestones, UBX said. According to the fintech, Bixie also hosts live events on its social media platforms discussing topics such as entrepreneurship, insurance, savings, and investment tools, and even including digital assets such as non-fungible tokens and cryptocurrencies. Bixie’s partners include various aid and humanitarian groups that channel their assistance to women from developing countries through Bixie’s platform. Bixie CEO Rosalia Gitau said there still a lot to be done to address the huge market gap in finance worth at least $3 trillion. “I see a future where women can turn our network into our net worth– and Web3 technology enables that,” Gitau was quoted as saying. “At Bixie, we are building the world’s first female aggregator in Web3, turning our social capital into real capital.” “UBX and Bixie share the common goal of driving financial access to each individual. This is just the initial phase of the partnership,” Singapore-based UBX Managing Director Cyrus Cruz was quoted in a statement as saying. “We aim to introduce more tools and services in Bixie’s platform, including micro investments and other wealth generation programs.”

Perspectives Influences on luxury consumer trends

APID digital acceleration has challenged many industries to balance tradition with innovation. However, this tension is particularly acute for the luxury sector. A striking paradox exists between traditional luxury, which centers on exclusivity and scarcity versus modern luxury, which enables accessibility to all. Can the two exist in harmony? Being able to positively blend both approaches requires brands to transform strategic and operational business models and revise value propositions to meet changing consumer preferences across channels. A careful balance between brand heritage and future-forward strategies needs to be achieved. This challenges companies to move quickly, seizing new digital opportunities while safeguarding the key foundational elements that built their brands. Historically, luxury stocks have bounced back after a crisis, but as we continue to see in 2022, the 2020 pandemic-related recovery is uneven. For example, luxury cars are already exceeding 2019 levels, but we don’t expect personal luxury to recover fully by 2024. Examining personal luxury in more detail, we see a slightly slower recovery in the largest segments of designer apparel and leather goods and a slow recovery in workwear. This aligns with gradual increase in social interaction and the spotty return to physical corporate office environments. The luxury market continues to both consolidate and expand. A few big names will keep getting bigger, bolstered by acquisitions. LVMH is a prime example. During the second quarter of 2021, LVMH accounted for 15 percent of the global luxury goods market, helped partly by the acquisition of Tiffany and Co. At the same time, new brands, and importantly, new categories are emerging as consumers look for “luxury” in more areas of their life, such as pet care, fitness apparel, and wellness products, resulting in an expansion of the overall market. We believe this will continue to play out with the luxury ecosystem growing and the middle of the traditional market hollowing out as many

brands struggling from the pandemic are acquired by conglomerates and private equity. Some things will remain constant. Luxury buyers continue to care about the authentic origins of a brand and its products or services. The brand story remains critical to consumers as each luxury purchase is an emotional investment and not just a monetary one. Also, luxury shoppers expect more than a transaction—they expect a premium, exclusive experience. Millennials and Generation Z are instrumental to this future growth. Gen Z is already estimated to account for 40 percent of the world’s consumers; they have a global buying power of $150 billion and influence $600 billion of consumer spend. Their preferences are important to consider as they also impact older and younger generations—a phenomenon we call an “echo effect.” Key factors involved in Gen Z’s decision-making include being socially conscious, tech savvy, active on social media and online, and are more wary of traditional credit. More so than any other generation, Gen Z views identity as fluid and less representative of characteristics such as gender, race, physical size, and sexual orientation. These consumers want to see their identity acknowledged and reflected by brands. Fashion and beauty brands have an opportunity to help consumers affirm their identity and build confidence. Traditional categories around gender and sizing may be limiting, and even alienating, to growing groups of people and should be carefully considered in segmentation, product offerings, and marketing.

The excerpt was taken from the KPMG Thought Leadership publication “The luxury brand paradox.” © 2022 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Ltd., a private English company limited by guarantee. All rights reserved. For more information on KPMG in the Philippines, you may send a message via social media or visit www.home.kpmg/ph.

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Editor: Dennis D. Estopace • Monday, March 14, 2022

Govt loses ₧8.7B after giving tax perks to vaccine imports

By Bernadette D. Nicolas

@BNicolasBM

OREGONE revenues from tax and duty exemptions on Covid-19 vaccine imports processed by the Department of Finance (DOF) last year reached almost P8.7 billion.

Finance Assistant Secretary Dakila Elteen M. Napao of the DOF’s Revenue Operations Group (ROG) said these foregone revenues amounting to P8.699 billion accounted for 37 percent of the total P23.4 billion tax and duty exemptions processed by the office last year. Of the 276 requests that were re-

ceived from vaccine importers by the DOF’s Revenue Office (RO), 254 applications were approved and issued tax exemption indorsements (TEIs). “Estimated foregone revenue is returning to its pre-pandemic figure of P23.9 billion in 2019,” Napao said in a report to Finance Secretary Carlos G. Dominguez. “However, this

is primarily due to the foregone revenue attributable to importations of Covid-19 vaccines, as well as importations of items related to Covid-19 response.” It was Dominguez who approved the inclusion of all Covid-19 vaccine imports in the express, or Mabuhay, lane of the DOF Revenue Office to allow the quick processing of the tax and duty exemptions of the doses within 24 hours. Apart from this, filing fees for Covid-19 vaccine applications under the Mabuhay Lane were waived and the Tax Exemption System Online Filing Module was used to process vaccine imports following Dominguez’s approval. Meanwhile, Napao said the DOF RO also issued TEIs to 823 applications for value-added tax exemptions

on imports of Covid-19 medicines and medical devices, which resulted in foregone VAT revenues of P382.1 million in 2021. The Financial Analytics and Intelligence Unit (FAI), which is also under the ROG, approved P211-million worth of tax refunds referred to the DOF by the Bureau of Customs last year. Under Executive Order 46, the FAI was institutionalized to serve as the data analytics unit of the DOF for purposes of revenue management and to review matters that may be deemed fiscally adverse to the government, including those elevated by agencies, bureaus and offices attached to DOF for the approval and conformity of the Secretary of Finance, among other key functions.

New SSS CEO: Pensioners in PHL exempted from ACOP

EWLY-appointed Social Security System (SSS) President and CEO Michael G. Regino clarified that retirement pensioners residing in the Philippines were still exempted from complying with the Annual Confirmation of Pensioners’ program, or Acop, to continue receiving their monthly pensions. Regino said in a statement issued last March 12 that retirement pensioners living in the country were no longer required since October 30, 2017, to report to any SSS branch on their birth month to comply with the Acop. “We recognize the challenges brought about by the pandemic and we have suspended Acop compliance starting February 2020 until September 30, 2021, to protect the safety and health of our pensioners,” he said. “We devised a way that will no

longer require our pensioners to do the annual reporting to SSS. We implemented various verification procedures to confirm if a retirement pensioner is still alive and entitled to receive his/her monthly pension,” Regino added. Regino said the SSS required pensioners to annually report to SSS to ensure the rightful recipients would continue to receive their benefits. “We have established ACOP in 2012 to ensure that we are giving the benefits only to those who are entitled under the Social Security Law. ACOP protects the SSS fund from various kinds of fraudulent claims wherein some beneficiaries still receive SSS pensions while the member is already deceased, especially for surviving spouses,” Regino explained. Regino clarified that there are only four types of pensioners, which includes survivor (death), total dis-

ability, dependent’s pensioners and retirement pensioners residing abroad, w3ho should comply with the ACOP. They have until March 31, 2022, to conduct their yearly reporting online and other non-faceto-face methods. Regino said that it was important for concerned pensioners to comply with this program so they could enjoy receiving their monthly pensions. “Non-compliance with the yearly reporting will lead to temporary suspension of their monthly pensions starting May 2022,” he added. The new SSS chief explained that pensioners could send their ACOP compliance through the SSS corporate e-mail address of the nearest SSS branch or service office if they reside in the Philippines. “They also have the option to send their compliance through mail or courier service addressed to the Branch Head of nearest SSS branch

if they reside in the Philippines. If residing overseas, they can send it to the SSS OFW-Contact Services Section located in the SSS Main Office in Quezon City, or the nearest foreign representative office,” Regino said. Regino said they could also opt to do their Acop compliance through video conferencing via Microsoft Teams for pensioners residing abroad. “On the other hand, total disability pensioners residing in the Philippines can comply with Acop through a home visit by sending a written request via e-mail or mail addressed to the Medical Services Section of the nearest SSS branch,” he said. Pensioners may access the directory of SSS branches and foreign offices for their respective e-mail addresses and location through a URL. Furthermore, Regino urged pensioners to follow or subscribe to the agency’s official social media accounts.

Newbies-Crypto 1 percent Bond market seeks clues tiff keeps Bitcoin swinging after expected Fed hike

IKE the little Coinbase QR code that bounced around within the outlines of your TV during the Super Bowl, Bitcoin’s been stuck in a stubborn trading range for months. Some market-watcher have a theory as to what might be going on. Consider this explanation: longterm investors are wading in whenever prices fall, according to Brett Munster at Blockforce Capital. “This group of market participants have been repeatedly willing to step in and accumulate coins at these lower prices, thus setting a floor for Bitcoin over the past couple months,” he wrote. On the other hand, short-term holders are underwater as long as Bitcoin stays below $47,000, and most are currently holding their coins at a loss. “Every time we start to approach that mark, there appears to be increased sell pressure likely caused by those investors excited to simply get their initial investment back,” Munster, who analyzed Glassnode data, said. The result? Bitcoin’s been clinging to a range between $32,000 and $47,000, which is proving tricky to break out of. Matt Maley, chief market strategist at Miller Tabak + Co., has noticed the trend too. “The long-term players are keeping a bid under the market,” he said. “However, a lot of people who bought Bitcoin last year are underwater. They seem to be using every bounce as an opportunity to take some chips off the table with so much uncertainty surrounding its ability to become a hedge against inflation.” Cryptocurrencies, like many other risk assets, have lost their luster in recent weeks as global central banks

start to lift interest rates and Russia’s war on Ukraine stirs all manner of anxiety. Bitcoin, the largest digital asset by market value, has lost 15 percent since the start of the year and is down roughly 40 percent since its November record high. Chris Gaffney, president of world markets at TIAA Bank, says there’s one cohort of crypto investors who bought the coin a long time ago, they’ve seen tremendous gains and they don’t trade or sell it. “Those that bought it cheap and are sitting on big gains are just going to sit on it,” he said by phone. “But then the traders, if they bought cheap and it’s run up, they sell and they keep it within that range.” Crypto prices have for the most part mirrored moves of the US stock market, where consternation over the war in Ukraine, diminishing growth prospects and skyrocketing commodities prices are blunting sentiment. Investors have pruned many of their riskier bets, including in digital-asset markets, though a long-awaited crypto executive order from the Biden administration was celebrated on Wednesday with a big rally. But despite the better-than-expected news around the executive order, “crypto spot performance overall remains somewhat directionless,” wrote David Duong, head of institutional research at Coinbase Global Inc. He cites the Ether-Bitcoin crossrate, which has continued to trend lower and “which we often use as a risk barometer for crypto assets more broadly,” he said. “What it seems to be telling us is that risk appetite away from the perceived ‘safe havens’ of the asset class is still somewhat low.” Bloomberg News

OND traders are virtually certain the Federal Reserve will raise interest rates by a quarter percentage point on Wednesday. What they’re watching for is where the central bank is heading after that. Two-year Treasury yields, which are highly sensitive to monetary policy changes, have already climbed to the highest since September 2019 with the central bank poised to begin a cycle of rate hikes to slow the steepest inflation surge in four decades. The jump in food and fuel prices since Russian’s invasion of Ukraine is adding to the price pressure, increasing speculation that the Fed in the next few months could follow next week’s move with a 50-basis-point hike— something it hasn’t done since 2000. The market may receive another jolt if Fed Chair Jerome Powell indicates during his post-meeting comments that inflation is growing more problematic. Analysts will also be watching for the latest update to Fed officials’ interest-rate projections—known as the “dot plot”—to see if they support the market’s current expectations. Swaps are now pricing in at least six quarter-point hikes in 2022, compared with the three indicated by the Fed’s last dot-plot release in December. “We went from a complete focus on central banks to the war in Ukraine—and now with the back up in Treasury yields the market is back to watching central banks,” said Gregory Faranello, head of US rates strategy at AmeriVet Securities. He said that while the Fed will “likely move gradually, the trajectory is clearly higher in terms of rates, along with a bearish flattening in the yield curve.”

Since Powell said he favors a quarter-point move next week but is open to larger changes if warranted, traders are pricing in a roughly fifty-fifty chance of a 50 basis-point move at the following meeting in early May. Investors are also alert for any insights on the Fed’s plans to reduce its more than $8 trillion of asset holdings, another step that will pull money out of the financial system as it stops reinvesting the proceeds of maturing bonds. Powell said this month that the central bank will likely set the pace for that reduction during next week’s meeting, though the full details of the plan likely won’t be forthcoming until later. The Fed is having to walk a fine line by tightening policy enough to cool inflation but not so much that it drives the economy into a recession. The jump in the price of oil and other commodities has added further uncertainty by threatening to both slow economic growth and add to inflation. Bond-market gauges of expected inflation, known as breakeven rates, have reached record levels on some maturities. That is a warning sign of a potentially more aggressive Fed path since officials have shown concern in the past that expectations of rising prices can add to actual inflation. The backdrop has some warning that the Fed might have to lift its policy-rate to a peak beyond the sub-2 percent area derivative markets are now penciling in. That’s has investors also keenly watching for any officials marking up forecasts for the long-run overnight lending rate, which had a median in December of 2.5 percent. Bloomberg News

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China’s balancing act on Russian invasion of Ukraine explained

THE Chinese-Russian border in the Inner Mongolia Autonomous Region town of Manzhouli, opposite the Russian border town of Zabaykalsk. Jianqing Gu | Dreamstime.com

tion came on the eve of the Olympics in Beijing, and Putin’s presence at that event contrasted strongly with the absence of Western leaders, many of whom imposed a diplomatic boycott. The document was signed at the height of pre-war tensions over Ukraine, and it included language criticizing America’s system of alliances in both Europe and Asia. It specifically outlined the countries’ joint opposition to any “ further enlargement of NATO.” There has also been some suggestion in Western media that the Chinese had been warned before that pact about a Russian invasion of Ukraine. The details of the conversation Putin and Xi had about Ukraine in Beijing are not fully known, but the joint statement certainly gave observers in the West cause to believe China’s behavior might have helped to enable Russian aggression.

By Joseph Torigian | American University

The Conversation

USSIA has few friends in the international community following its invasion of Ukraine. But China, which shares a 2,672-mile (4,300-kilometer) border with Russia, is among the handful of nations that has refused to condemn Vladimir Putin’s actions, while criticizing the West’s response to the crisis and its role in pushing tensions to a “breaking point.” But Beijing hasn’t offered fullthroated messages of support to Moscow over the war, instead calling for peace talks and “maximum restraint.” The Conversation asked Joseph Torigian, a specialist on Russia and China at American University who has a forthcoming book on power struggles in the Soviet Union and China after Stalin and Mao, to unpack what is behind Beijing’s delicate position on Ukraine.

What is behind China’s position on Russia and the war in Ukraine?

China’s President, Xi Jinping, said on March 8 that he was “pained” to see “flames of war reignited in Europe.” But China has been reticent to criticize Russia. The Russian Foreign Ministry on February 28, 2022, described China as one of Russia’s key remaining friends, and Moscow will hope that Beijing will continue to provide rhetorical and substantive assistance. Beijing w ill be sensitive to Western attempts to foster tension in t he rel at ionsh ip, a nd Chinese Foreign Minister Wang Yi recently described ties with Moscow as “rock solid.” He add-

ed that China and Russia “will always maintain strategic focus and steadily advance our comprehensive strategic partnership of coordination for a new era.” China has carefully ensured that its own media remains pro-Russian and has even republished false reports by Russian state media. Yet the invasion of Ukraine is problematic for Beijing. It is unclear how much economic help China can provide to Russia. And the Chinese government will not put the country’s own financial interests at stake in any significant way to help Russia avoid sanctions. Meanwhile, China is also trying to preserve its reputation as a responsible stakeholder and protect its economic, trading and political ties to Europe. Underlying this, Xi met with his German and French counterparts on March 8, 2022, to discuss a diplomatic solution to the war in Ukraine. Beijing’s balancing act—seen in its decision to abstain from a United Nations Security Council vote condemning the invasion— will grow harder to maintain the longer the fighting continues, especially as the Russian army resorts to even more brutal methods and the Russian economy continues to

US President Joe Biden, Russian President Vladimir Putin and Chinese President Xi Jinping are depicted on Russian nesting dolls at a gift shop in Moscow, February 26, 2022. Uladzimir Zuyeu | Dreamstime.com

deteriorate.

What has been Beijing’s reaction to the sanctions on Russia?

Beijing has been critical of Western sanctions against Russia, and it certainly does not want to see a complete collapse of the Russian economy. Such an outcome could encourage instability in a neighboring state that Beijing sees as an important strategic partner. But so far, China has not rushed to support the Russian Federation economically. China is very vulnerable to secondary sanctions —penalties levied against institutions with ties to the country under primary sanctions—and it is notable that some Chinese financial institutions have begun to distance themselves from the Russian economy. Meanwhile, the Asian Infrastr ucture Investment Bank, a development bank that China launched and in which it holds 27 percent of voting power, halted its work in Belarus and Russia in

protest of the invasion of Ukraine. W hat remains to be seen is whether China will use creative, less visible methods to help the Russia economy in a way that would not put its bigger institutions at risk of being accused of sanctions busting. Beijing will also likely be drawing lessons about its own potential vulnerabilities to sanctions should China ever, like Russia, find itself provoking large-scale economic penalties from the West.

What role does anti-West feeling play in China-Russia relations?

Russia and China endured decades of rivalry and hostility during much of the Cold War. But a rapprochement decades in the making has picked up pace in recent years based in part in opposition to the West. The governments of both countries hold similarly negative views about America’s role in Europe and Asia. They also share a distaste for Western democracy and a desire to

make global public opinion more welcoming to autocracies. But Washington is not the only factor pushing them together. In the 2000s, Russia and China finally fully resolved their long-running territorial dispute over their shared border. The two countries are also trading partners: Russia sells weapons, gas and oil to China, and China provides investment and consumer goods. Close ties have been reflected at the highest level, with Putin and Xi developing a personal relationship they are eager to present to the world. In July 2021, Wang, China’s foreign minister, described Moscow and Beijing’s relationship as everything but an alliance yet also better than an alliance. And then, in February, Xi and Putin signed a joint declaration outlining their shared positions on a number of issues.

How significant was that statement, coming just before the invasion?

The timing of the joint declara-

Is there a role for China in ending the war?

China has floated the idea of playing some kind of mediating role, but what exactly it might mean remains unclear. Beijing is widely seen in the West as too pro-Russian, and it doesn’t have experience playing that kind of a role in Europe. There is certainly some hope that China will put pressure on Russia to end the conflict. Ukrainian Foreign Minister Dmytro Kuleba said in March that he had received assurances that “China is interested in stopping this war,” adding: “Chinese diplomacy has sufficient tools to make a difference, and we count that it is already involved.” Western policymakers have signaled to China that Beijing would face costs if it is seen to be an enabler of Russia’s continued aggression. And Putin may be sensitive to any change in Xi’s position. But China lacks the will and capability to force Russia to completely back down. And both sides have reason to try to manage whatever strains may exist for now.

Style

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Editor: Gerard S. Ramos

• Monday, March 14, 2022

Philanthropy is always in fashion PEOPLE line up at a Uniqlo store after the announcement that Uniqlo stores are suspending trade in Russia beginning March 21. AP

Uniqlo fast-fashion chain joins Russia exodus in reversal By Kanoko Matsuyama Bloomberg News FAST Retailing Co.’s Uniqlo apparel chain said it will temporarily suspend operations in Russia, joining a growing list of global companies in curtailing their activities in the country after its invasion of neighboring Ukraine. The move is a reversal after Fast Retailing founder Tadashi Yanai earlier this week said clothing is a “necessity of life” and that Russians have “the same right to live as we do.” Other fashion retailers, including rivals Hennes & Mauritz AB and Zara’s Inditex SA, had previously stopped selling there as Uniqlo stores stayed open. Although Fast Retailing unveiled last week plans to donate clothes and other items to Ukrainians who’ve fled and $10 million to the UN’s refugee agency, pressure had been building for the Japanese company act more assertively. There are 50 Uniqlo stores in Russia, the largest number of outlets outside of Asia, according to its web site. “Fast Retailing is strongly against any acts of hostility,” the retailer said in a statement Thursday. “We condemn all forms of aggression that violate human rights and threaten the peaceful existence of individuals.” Yanai’s comments had been drawing criticism, with some social-media users pushing the hashtag #BoycottUNIQLO. Ukraine’s ambassador to Japan, Sergiy Korsunsky, also criticized the retailer on Twitter, saying “the more companies that withdraw from Russia, the better.” The invasion of Ukraine is causing an exodus of companies from Russia, including Apple Inc. and McDonald’s Corp., reversing three decades of investment by Western and other foreign businesses there following the collapse of the Soviet Union in 1991. Asia’s biggest apparel maker entered the Russian market in 2010. It set up a joint venture with Mitsubishi Corp. in 2017 to further expand in the market. While there’s been a rush of US and European companies boycotting sales and operations in Russia, that hasn’t been matched in speed by corporations in Japan and other parts of Asia. Like other Japanese businesses, including carmakers, Fast Retailing also cited operational difficulties. “We have recently faced a number of difficulties, including operational challenges and the worsening of the conflict situation,” the company said in Thursday’s statement. For Yanai, Russia’s war against Ukraine comes at a time when he’s seeking to expand Fast Retailing’s presence in Europe and reduce the company’s dependence on Japan, where the population is getting older.

S we observe National Women’s Month, I’d like to celebrate one of the women I most admire: Rose Santiago Licup. I’ve featured her in the past as a fashion icon, being a glamorous muse to the late Eddie Baddeo; and as a philanthropist, being an untiring supporter of the Philippine Cancer Society. The past year saw the shocking deaths of two of our mutual friends: Eddie’s partner, Edgardo Medina, and veteran editor Renato Bisquiera. These losses, while bringing us closer, also brought memories of how she and the fashion couple’s relationship developed from a business standpoint to a friendship. “It all started when my eldest daughter, Cathy, and I were preparing for her high-school prom and we were looking for a good designer. Our first meeting, I would say, was serendipitous, because we were unexpectedly introduced. We became fast friends and since then, all of my family’s important occasions and mine wouldn’t be complete without Eddie in attendance and us wearing her creations,” Pink Rose, as she is known in the society circuit, recalls. After she lost her ever-dearest Eddie Baddeo, Pink Rose has entrusted her couture needs to Lito Perez, Lloyd Arceo, Alessandro Sy, John Guarnes and Dobie Aranda. “Their imagination, creative ideas and design philosophy impress me,” she says. Maria Grazia Chiuri of Dior is the designer she would love to meet. “Better watch Designers of Dreams and surely you will fall in love with her. The classic and elegant designs she showcases in the documentary are really fabulous.” Even while the fashion world’s activities were halted at the height of the pandemic, Pink Rose’s philanthropic pursuits continued. As part of the Manila’s Best Dressed organization, she supported the group’s charitable services in the countryside through the “Share a Meal” and “Optical Missions” projects in

Quezon Province. She is also a staunch advocate of the Philippine Cancer Society, whose main mission is to help Filipinos cope with cancer and minimize the deaths caused by the disease. One of its support programs is the Best Dressed Women of the Philippines event. “With all humility, I’m a PCS Best Dressed Ambassador for Life. Helping people and extending a hand to those who are in need even in a simple way is a virtue,” Pink Rose declares. How did she keep herself safe and sane in this still ongoing pandemic? “Physical activity and relaxation techniques can be valuable tools to help you remain calm and continue to protect your health during this time. Always follow the health protocols and being with my family is an effective morale booster,” she offers. “The pandemic disrupted lives. We have become isolated from the outside world, and I’m no exemption. That’s why I was inspired to work with religious groups for the feeding programs and community pantries. My beloved partners are the Baclaran Church, Kawa Filipino, Kamay ni Jesus in Lucban Quezon, and Santo Domingo Church in Quezon City.” With restrictions having been eased recently, Pink Rose is busy with her role in Ganap TV, a sistercompany of the international lifestyle magazine Ganap, as a director and coordinator of marketing plans. But before all the Alert Levels, one great thing happened for her, being crowned Mrs. WOW Universe Classic 2021. “WOW is an international beauty pageant with the mission to empower, educate and enlighten people. Contestants compete from 20-plus counties and showcase their talents, skills, advocacy and personality. Mrs. WOW is designed for married or divorced women whose advocacy is to help and support charity works,” explains Pink Rose. An advocacy she also holds dearly is heritage conservation. At the birthday party of good friend and fashion director Raymond Villanueva in December, Pink Rose and her fashion friends led by Lito Perez held a tertulia. During the Spanish Era, tertulias (social gatherings) led to the Propaganda Movement that let reform-minded illustrados like Jose Rizal to fight for freedom and an end to the Spanish colonial rule. The “Tertulia sa Villa Tortuga,” a fashion show at Lito Perez’s property, was a version of the colonial-times

gatherings with artistic overtones. “I am currently working with a group of heritage advocates on a project to raise funds that would help support visual artists to pursue their craft and help promote their work,” Pink Rose says. “It has been my passion to support and save our Philippine heritage through activities involving art and culture.” n

A triumphant return to the trail A LEADER in outdoor lifestyle apparel and footwear, Merrell teams up with international sporting and fitness event Spartan Trail for a series of exciting races this 2022. They will be kicking off the festivities in Camp John Hay, Baguio City on March 19, beginning with a 21-kilometer half-marathon and a 10-kilometer trail run. The obstacle-free races will see runners traverse the picturesque pine forests of Benguet, offering a breathtaking backdrop and view. This marks the first Spartan Trail event co-presented by Merrell for 2022, with the next legs happening in Anda, Bohol, in April and Vigan, Ilocos Sur, in September. Competitors get to push their limits and overcome every type of terrain at blinding speeds in pursuit of the largest prize purse in trail running in the world. Trail running enthusiasts and seasoned athletes can join in on the adventure by registering in Spartan

Race Philippines’ web site. In compliance with Baguio’s local government unit (LGU) health protocols, participants and spectators are required to have a Baguio Visita Pass and accomplish a health declaration form prior to entry in the city. The event will likewise see the launch of Merrell’s latest trail running model, the Agility Peak 4. This cushioned, grippy trail running shoe is designed for those who want top performance and protection on even the most rugged trails. Version 4 was updated with a slightly thicker midsole made of the lighterweight FloatPro foam and a new Vibram Megagrip outsole for even better rock grip. You can now shop the Agility Peak 4 in Merrell concept stores nationwide, major department stores, and their official Viber community. More trail running shoes information can be found at www. merrell.com.ph.

New girl group Calista stands out because of powerful looks

ONE of the things I love about girl pop groups is the styling, which is always very dynamic. The styling usually depends on the group’s concept. For the new girl group Calista, the vibe is that of an empowered woman. “The look is adventurous but still youthful and aspirational. So we patterned the looks from each of the girls’ branding while highlighting also their personalities,” said stylist Myrrh Lao To, who worked with the six-member Calista for the group’s grand launch and the release of their debut single. For their debut “Race Car” music video and the

group’s official launch, the girls wore red and black and bold-hued outfits. For the launch’s question-andanswer portion, they were in lovely pastels. I loved how strong their makeup looks were for the boldhued outfits and how this was toned down when they changed into pastels. Calista’s lead vocal is Anne Tenorio, a former Viva talent who competed in It’s Showtime’s “Tawag ng Tanghalan.” Anne has released two singles and also appeared in movies. She looks best with a bold lip and feathered brows. Seventeen-year-old Olive May Sophia, who is known for her bright personality, has over 1.2 million followers on TikTok and 17,500 followers on Instagram. She has taken acting workshops, and also has pageant experience. Olive’s best facial feature are her beautiful eyes. Denise Pello is 18 and has had extensive dancing experience. She’s a dance scholar who has also competed internationally. She has full lips that stand out in red lipstick. Dainiel is a beauty queen, model and brand ambassador. At 21, she’s ready to conquer the world. Dain has soft and dainty features.

Laiza is a former Star Magic artist who has appeared on TV shows, movies and TV commercials. She’s excited about her Calista journey. Laiza has movie star looks. Elle is only 20 but she was recognized at the Navotas Film Festival and was nominated for Best Actress for her work in the film Iris. Elle has lovely cheekbones and beautiful eyes. “They [the six members] all have inputs with regards to their looks so it was easy for us to pattern from their personal style, so it’s safe to say that each girl has her own signature style,” said Myrrh Lao To. Tyronne Escalante Artist Management (TEAM) and Merlion Events Production Inc. had to search all over the country for unique and talented individuals in order to form the multi-talented group. The six members were chosen from a field of over 100 aspirants. “It’s incredible how Calista was formed and how these girls have endured—training and studying in the midst of this pandemic. They’re tough and we’re all proud of them. With all their hard work, we’re sure they’re ready to wow the Philippines and the world,” said Escalante.

The group was formed within three months in the midst of the pandemic. Olive, the team leader of the group, came up with the name “Calista”, which she said meant “the most beautiful or feminine.” Since the group’s formation, the members have undergone extensive skills enhancement activities. They spend their day training under globally-renowned choreographer Nesh, and vocal strength with voice coaches Arnie Mendaros and Marnie Jereza. The girls also underwent body conditioning to build their stamina, and personality development and public relations classes with world-class coaches and experts. To accommodate their daily training, the members live together and when they are not training, they study online. Calista recently unveiled the music video for their hit single “Race Car.” The group will headline the upcoming “Vax to Normal” concert produced by Merlion Events Production Inc. The concert on April 26 at the Smart Araneta Coliseum in Cubao, Quezon City, will be telecast on TV5. The event also features special performances by Yeng Constantino, AC Bonifacio, Elmo Magalona, Andrea Brillantes, Darren Espanto and Ken San Jose.

DESIGNER: Lito Perez; hair and makeup: Audee Bermejo; shoes: YSL. PHOTOGRAPHED BY ALLEN CAB

B6 Monday, March 14, 2022

‘Women entreps can lead PH economic rebound’

Mondelēz partners with Geocycle to collect 102,000 kilos of waste

HANGE for the environment often seems the hardest thing to do, and yet the most important one. For the past several years, Mondelēz International in the Philippines has been strengthening its actions on environmental protection, particularly on plastic waste. Today, the company is proud to announce its achievement of collecting 102,000 kilos of post-consumer plastic waste with partner Geocycle in the areas of Bulacan, Misamis Oriental, Davao City and La Union. Starting in 2019 with a collection of just 1,000 kilos of plastic waste for the entire year, Mondelēz International has been steadily understanding the opportunities for waste collection in the Philippines. In 2021, the company achieved a milestone of 172,000 kilos’ worth of collection and diversion of plastic waste. That means this amount of waste was diverted to better use and did not end up as landfill nor marine litter. This year, the Company announces its goal to collect and coprocess more waste, and it’s off to a good start with this partnership with Geocycle, the waste management unit of building solutions provider Holcim Philippines, Inc. The amount of waste collected and diverted through Geocycle is equal to the weight of 70 cars. “Sustainability, particularly in the area of packaging and plastic waste, is one of the pillars of our strategy as a Company,” explains Ashish Pisharodi, Country Director for Mondelēz International in

the Philippines. “We call it sustainable snacking – a commitment to grow our business by making our snacks in the right way, with positive impact for people and the planet. This new partnership with Geocycle is one way we are showing our commitment to consumers, our stakeholders, our own people, and the environment.” This collection of waste is brand-neutral, meaning the company collects most types of plastic waste, regardless of the maker or product. Increasingly, consumers are expecting companies to make more than delicious products. According to Mondelēz International’s 3rd State of Snacking report, “85 percent of global consumers surveyed said they either buy or would like to buy snacks from companies that are working to offset their environmental impact.” Supporting environmental goals is something people demand of the companies who make products they consume. 70 percent give more value to brands that act in a responsible, transparent, and honest way towards the community (Kantar, 2021). In working with Geocycle, snacks company Mondelēz International is collaborating with experts in the field of waste management to help support their sustainability goals. Geocycle is a leading provider of industrial, agricultural and municipal waste management services worldwide. It applies the proven technology of ‘co-processing’ and utilizes facilities

of Holcim Philippines to help address waste challenges sustainably. This enables Geocycle and Holcim Philippines to recover energy and recycle minerals from waste, leaving no residue. “We are extremely pleased to be working with Mondelēz International and supporting their sustainability journey,” shares Jon Alan Cuyno, New Revenue Streams Manager of Geocycle. “Our aim is to promote the transition towards a more extensive circular economy and create a zerowaste future. This means a future where plastic and other materials are not treated as waste; but are reused and repurposed to preserve natural resources and prevent pollution while producing essential building materials for development.” Mondelēz International similarly supports the circular economy of plastics. In 2021, the company pledged support for the Circulate Capital Ocean Fund (CCOF) as a limited partner. This involves an investment in CCOF to support scalable business solutions, thereby helping develop infrastructure for the collecting, sorting and recycling of plastic waste, including flexible films or sachets. The Company’s investment in CCOF is expected to finance enterprises that support the company’s goal to collect more plastic waste than the company currently produces across India and Southeast Asia and will further CCOF’s investments into flexible plastic waste collection, recycling and infrastructure enterprises.

All the things women deserve are now just a Grab away

N celebration of International Women’s Month, Grab Philippines is giving women the place and time to grab what they deserve. With GrabMart, consumers can enjoy a mall in an instant shopping experience by offering a wide range of personal care, wellness, beauty and grooming service brands women love—delivered in an instant through the Grab app. Just like how customers would shop for their personal care, skincare, and makeup essentials in the mall, GrabMart also makes household names and cult favorite brands like Dove, Palmolive, Olay, Happy Skin, The Body Shop, and Innisfree easily accessible through GrabMart stores GrabMart now also allows women to book their beauty and wellness services through its partnership with Parlon, the go-to platform for beauty and wellness services in the Philippines. With Parlon’s availability on GrabMart, women can also find their beauty and grooming services in the Grab app. In just a few taps, they can book home services or instore appointments for haircuts, beauty treatments, and grooming services from Parlon partner salons like Marqed Salon, The Secret Lounge, Benibana Beauty Hub, Vine Aesthetics, LayBare, Passionails, and many more.

Big prizes and promos up for grabs

NO need for mall goers to miss out on the big sales they’ve grown to love and look forward to, because GrabMart also gives

“W

E need to inspire and motivate our women entrepreneurs,” said Presidential Adviser for Entrepreneurship and Go Negosyo Founder Joey Concepcion as he welcomes women leaders and entrepreneurs at Go Negosyo’s Women 2022 Entrepreneurship Summit to be held online on March 11 at 9 a.m. With nearly 15,000 confirmed attendees, the event will be streamed live over Go Negosyo’s and its partners’ Facebook pages. Aptly themed “Thriving in a Changed World: Women Leading the Way” the summit comprises three events, each designed to inspire the next generation of women entrepreneurs to start their own businesses. First is a virtual conference to discuss opportunities for women’s economic empowerment; followed by the Inspiring Filipina Entrepreneurs Awards which will recognize the achievement of 17 women entrepreneurs. The summit will be capped by the Women Enterprise Enablers Virtual Expo, an exhibit of women-led businesses and partner organizations and a venue for linking partner institutions and women entrepreneurs.

Concepcion said that empowering women entrepreneurs today becomes more urgent as the Philippines faces several threats to its recovery. Rising commodity prices brought on by the Russia-Ukraine crisis has put a damper on consumer spending, while the continued fear of Covid is still slowing the return to normal activities.

Skincare Hacks from #DermaDateswithGarnier will talk about self-care problems that evolved during the pandemic, the effects of change of lifestyle and stress to skin, and the causes of sudden maskne breakouts. The 2nd episode will also be streamed live on Garnier and Watsons Facebook Pages at 6pm. Just like in the first episode, viewers will also get to ask skincare questions straight to our Derma!

HE pandemic has brought about so many problems, and the importance of getting expert opinions is more critical than ever. However, when it comes to our skincare problems during this new normal, seeing our dermatologists have become more difficult with the restrictions. With #DermaDatesWithGarnier, Garnier gives everyone easy access to a dermatologist to ask questions and get recommendations for how to do skincare the right way! Dr. Coreen Sampedro will discuss the basics of fighting acne, 2022 skin problems, and skincare tips to achieve brighter and clearer skin this year. You can join the first four (4) Derma Dates with Garnier this March and April on Garnier and Watsons Facebook Pages.

Episode 1: 2022 Skin Problems, All Cleared Up

DR. Coreen and Cat Triviño tackled common problems of different skin types, sources of acne, and key skincare ingredients for clear and glowing skin! In this episode onMarch 11, viewers got the chance to have free online consultations from Dr. Coreen Sampedro.

Episode 2: How to Fight Maskne (And Other Pandemic Self-Care Tips!)

ON March 25, Dr. Coreen, Cat Triviño, and Nate Javier (Skin and Beauty Influencer),

Episode 3: Debunking Acne Misconceptions

IS it a fact or myth? On April 9, you can learn more about the different misconceptions on acne and acne solutions from Dr. Coreen. Live on Shopee and Garnier Facebook Page, viewers will be put to the test with their knowledge on acne in Garnier’s live quiz segment, and they will be given a chance to ask Dr. Coreen skincare questions. Winners of the live quiz will get Shopee vouchers and exclusive bestseller gifts from Garnier.

Episode 4: Fighting Acne from Day and Night! Derma Approved Routine

LOOKING for a perfect skin routine for your skin type? On April 22, Dr. Coreen and Cat Triviño will share the best daytime and nighttime skincare routine to prevent acne buildup and fade acne scars. Viewers will also have a chance to ask Dr. Coreen if their own skincare routines are derma-approved. This will be streamed on Garnier Facebook Page and Lazada Live. Garnier aims to help treat and prevent acne breakouts with the Garnier Anti-Acne Cleanser - a dermatologically tested gentle cleanser that contains Salicylic Acid which fights and controls 99.9 percent acne causing bacteria. Visit the official Garnier website and follow the Garnier Philippines Facebook and Instagram to stay updated on latest announcements and updates.

How artists can make money on Gigz?

EOPLE used to say, “You will never make any money as an artist.” Now it's time to throw away the negativity and pick up some real hope, because in this digital (and pandemic) age, Gigz is changing the game for artists. shoppers endless promos, discounts, and even a month-long raffle—making it even more fulfilling for women to grab the things they deserve. With just a minimum spend of Php 1,000 on GrabMart, shoppers will be entitled to one raffle entry for a chance to win a 5-day getaway trip to Boracay for two, a Dyson Airwrap, an Apple Watch Series 7 GPS, Fitness/Wellness/Beauty passes from ClassPass (up to 10 passes) or Php 500 of GrabMart Vouchers. Grab is also giving up to 50 percent off with free delivery and up to 700 GrabRewards Points on brands under Personal Care, Skincare, and Makeup Categories from March 7 - April 3, 2022: Health and Wellness Brands, Mother and

Baby Brands, Pet Brands, and Home and Living Brands.

TikTok challenge

FOR more chances of winning prizes they deserve, women of all ages can also join Grab’s #GrabMartDeserveKoTo Grab Your Happiness Challenge on TikTok. With a grand prize of two Dyson Airwrap to be given away to two lucky winners, participants just need to join the movement of grabbing happiness and showing the world why they deserve it through a creative 30 second TikTok video. Download the Grab app or visit www. grab.com to learn more about GrabMart and its offerings.

If you’re an artist who’s struggling to replace lost revenue streams in the wake of the current pandemic, Gigz may just be the solution you need. In today's world, there are more opportunities than ever which allow entertainers (musicians, comedians, etc.) to do what they love and generate a sustainable income. And as long as you're willing to put in the time and work, you too can reap the incredible rewards of this new age by being creative enough. Gigz was founded in 2021, providing an online platform to help entertainers earn by simply uploading their videos or performances. The platform features music, comedy, video podcasts, films, events, and more. It operates in a way similar to

YouTube except that Gigz has a donation button that allows fans and followers to contribute any amount to support their favorite artists. Moreover, entertainers can choose to price their performances for fans to pay and watch anytime on-demand, and on any device. Additionally, Gigz marketing efforts help raise artists’ profiles and create awareness to allow artists to be discovered globally. Signing up as an Artist is easy on Gigz. Simply log in to the website (https:// gigz.online/), create your account by providing your email address, and assigning a password, and upload a profile photo and profile video – and you are ready to create content and start monetizing! gigz.online

Marketing BusinessMirror

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Monday, March 14, 2022

How a messaging app helps businesses and communities stay connected

PR Matters

By Joy Lumawig-Buensalido

DAVID

HE need for communication and staying connected emerged as the most dominant need during the pandemic. People who were stuck at home or were isolated from socializing remained glued to their phones because they all needed to reach out to others. Businesses that were not prepared to close or to be suspended for an extended period had to find means to reach out to its audiences in the most convenient and economical way. In the Philippines, one company that noted a significant growth in its operations and partnerships in 2021 was leading messaging app Viber. To think that barely 10 years ago when Viber first entered the Philippines, they only started with one-on-one chats, then they moved to group messaging, and eventually moved to video calls and group calls as well. Today the term has almost become generic when we hear people say: “Please Viber it to me!” or “Let me add you to our Viber community group chat!” How about: “I got this from another Viber group.” One can only wonder how this phenomenal growth happened so quickly and so organically. For those who have found this to be an ever-reliable and valuable tool for communication, it is a blessing. Personally, I witnessed how our village Viber groups ballooned into multiple categories: We had barangay community chats, residential and church organization groups, even groups of home cooks and food pasabuyers. For work, I also have my own corporate and office Viber groups with my teams and clients, and for my professional organizations as well. But

Brand & Business: Teleperformance, DOH, DOLE, MMDA make vaccination more accessible to the work force MANILA, PHILIPPINES—Teleperformance (TP) Philippines, the global leader in outsourced omnichannel customer experience management, along with the Department of Health (DOH), Department of Labor and Employment (DOLE), and Metropolitan Manila Development

Authority (MMDA), inaugurated the fourth leg of the Bayanihan Bakunahan initiative, which expands the government’s national vaccination program focusing on the Filipino work force. This is in line with TP’s commitment to ensure the health and safety of their employees. Through this partnership, the government is kicking off its stronger collaborations with the private sector to make vaccines more accessible by bringing it straight to workplaces. A ceremonial vaccination was recently held at TP Ayala, which was graced by government officials such as National Task Force Against Covid-19 Chief Implementer Secretary Carlito

the most important to me are my Viber groups with my immediate and my extended families. It’s amazing how this app has entered our lives so naturally. I would like to believe that it has definitely enhanced the way we reach one another so it is an excellent communication tool. According to David Tse, Rakuten Viber’s Senior Director for Asia Pacific, they “owe their stronger presence in the Philippines to how they partnered with local brands and businesses while presenting them with new features of the app that help them enhance how they communicate.”

Strategic partnerships

IN the past two years, strategic partnerships have been Viber’s key driver to succeed because by the end of 2021, they recorded a 57.37-percent increase in calls, and a 31-percent growth in the use of messages. Group chats grew 17 percent while group chat messages also grew 19 percent. Viber pursued strategic and local partnerships in response to the shifting needs of users and allowed itself to be an integral part of everyone’s day to day life, beyond the usual calls and text messages. This led to its significant growth in content collaborations across various categories like health, food, entertainment, and sports. At the start of the pandemic, it tied up with government agencies particularly the Department of Health which created its own Viber community and a chatbot which amplified their online reach and provided crucial updates on the country’s health situation.

Galvez Jr., MMDA Undersecretary Hon. Frisco San Juan Jr., DOLE Undersecretary for Labor Relations Atty. Benjo Santos M. Benavides, and DOH Director IV Dr. Gloria J. Balboa. Also present in the event was Teleper for mance Philippines Senior Vice President for Human Capital Resource Management Jeffrey Johnson, who shared, “[It’s] exciting that the government is opening up opportunities for people to get vaccinated right in their workplace. This is important for companies like Teleper for mance because we have around 57,000 employees in the Philippines and to give vaccines straight to the workplace is a great opportunity for

Viber also pursued partnerships with telecommunication companies like Globe particularly GCash to help micro, small and medium entrepreneurs on Food PH through their Negoserye webinars. They helped the MSMEs sell more with less worries using the messaging platform.

Help for small online businesses

A SIDE f rom par tner ing w ith the more established businesses, Viber has also been helping small independent online entrepreneurs. According to Viber’s Business Development Manager Veronica Feleo: “Viber Communities have provided small online businesses some advantages by harnessing the power of two-way, personal conversations with their customers, while our app’s Channel feature has allowed them to open discussions with users to hear their thoughts and engage with them by enabling the comment section for each post.” In a recent episode of Negoserye 2022 Raket @Home, for instance, the topic of the webinar was how independent online sellers (termed “raketera” and “raketero” in colloquial terms) manage to succeed in their businesses in the middle of competition and challenges. The lively discussion focused on how digital sellers have maximized the restricted conditions brought about by the pandemic to quickly adapt to the fast changing behavior of customers with the help of tools like Viber.

Viber’s 2022

GIVEN its robust performance in 2021, Viber moves into 2022

us to keep everybody safe and at the same time for the government to be able to provide a valuable service.” Galvez said “The BPO industry had a large contribution to our country’s economy. That’s why the government’s efforts are as large when it comes to making sure all workers in the industr y get t heir vaccines. [Napakalaki ng ambag ng BPO industry sa ekonomiya ng ating bansa kaya naman ganoon din ang pagpupursigi ng pamahalaan para lahat ng empleyado ng industriyang ito ay mabigyan ng ating booster shot.]” Benavides, Undersecretar y for Labor Relations of the Department of Labor and Employ-

in a position of strength as it will continue to find more ways to better understand and engage Filipino users with features and local partnerships and content that resonate with them most. The upcoming National Elections in May will be a key point of interest for Filipinos, so Viber is supporting the Filipinos’ right to vote by partnering with legitimate sources of information to help combat disinformation, which could be weaponized to influence the poll results. Viber is ensuring that it does not become a platform where fake news or misleading information is possible. This extends to beyond elect ion-re l ated i nfor m at ion. In terms of public content that users see in the Communities as well, Viber will increase moderations and resources in the country to ensure that inappropriate content is monitored and removed in a timely manner. And of course, as restrictions are slowly being lifted and we enter a new normal, Viber will remain an integral part of the users’ lives. Pandemic or not, Viber will always remain committed in keeping people connected conveniently, creatively, and of course, securely. As David Tse summarizes it: “The pandemic has shown people how messaging apps like Viber makes things more efficient—like how it cuts business travel costs now that anyone can reach out to their colleagues in a few clicks and how educators can ma ximize online chats to improve relationships with their students and the parents. Even after the situation goes back to a ‘new’ normal, online communication

ment, shared, “BPO was one of the industries permitted to operate even during the height of the pandemic, and on behalf of the Department of Labor and Employment, we would like to extend our gratitude to the BPO industry for preserving employment and avoiding displacement and of course taking care of your workers and to some extent, their families.” Benavides added, “The government in partnership with the private sector, for one, Teleperformance, is making more accessible the vaccines to the workers.” In the Philippines, the Information Technology and Business Process Management (IT-BPM) industry is one of the top employ-

will continue to strive, become more efficient, and change how people communicate. And these new realizations and habits will definitely inf luence our plans and impact our performance as a company.” Driving Viber’s commitment to support independent online sellers is the successful NegosyoSerye series. Recently, Viber kicked off 2022 with an exciting, informative new episode, Raket@Home, in partnership with mobile payment app GCash and Globe At Home Prepaid WiFi. In Cebu, Let’s Eat Bai launched its own Viber Community giving members exclusive access to promos and updates from their favorite local food businesses. David Tse, Rakuten Viber Senior Director for APAC, emphasised that “partnering with local brands and businesses has allowed Viber to strengthen its presence in the Philippines while improving our connection with them.” PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior communications professionals around the world. Joy Lumawig-Buensalido is the president and CEO of Buensalido PR and Communications. She was past chairman of the Ipra Philippine chapter for two terms. PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com.

ers and is said to have about a 1.4 million strong work force, according to IT & Business Process Association of the Philippines (IBPAP) president Jack Madrid. Dr. Balboa from the Department of Health also said, “We focus on the agencies or companies that have large percentages of employees who need to be vaccinated because they are the target group, like Teleperformance. [The agencies or companies na mayroong malaking persyento pa na dapat mabigyan ng bakuna ay doon po tayo magpopokus, kasi target group na ito.]” Balboa added, “We are bringing vaccines and also the information closer to the homes and to the workplaces.”

‘Ping’ Lacson slams Patafa for refusing to endorse Obiena to world indoor

N ugly self-inflicted loss, no thanks to “sports politics.” This was how Senator Panfilo “Ping” M. Lacson described the exclusion of world-ranked pole vaulter Ernest John “EJ” Obiena from the World Indoor Championships that Friday in Belgrade. “EJ Obiena: a case of missed opportunity because of sports politics. Sayang,” Lacson said on his Twitter account Sunday. Obiena’s exclusion stemmed from his non-endorsement by the Philippine Athletics Track and Field Association (Patafa), with which he has a rift. “Unacceptable! We just threw away a golden opportunity to showcase our world-class talent— all because we cannot get our acts together,” Lacson said. “I am sure we Filipinos can accept losing in a fair competition. What we cannot accept is being denied the opportunity to compete in the first place,” he added. Lacson likened the plight of Obiena to local homegrown scientists who go abroad and thrive there because they don’t get the muchneeded support at home. “We have so many homegrown talents, whether they be in science and technology or sports. But we simply don’t maximize their talents and instead allow them to go abroad,” he said. “When they succeed there, we can only feel regret for not supporting them earlier. On Saturday, Obiena lamented his non-inclusion in the world indoors because Patafa did not endorse him. He said on social media that he’s in “prime physical and mental condition,” and is “ready to be the first Philippine HOME-GROWN athlete to compete in the Worlds”— yet ended up being “the only topranked vaulter not participating.” Lacson said it is time that Philippine sports authorities draw up a mechanism to make national sports associations like the Patafa accountable and answerable for failing to develop homegrown talents. “So much taxpayers’ money goes to our sports bodies to do one job: make sure we develop our athletes and give them the opportunity to represent us especially in international competitions. Clearly something went wrong in EJ’s case and we Filipinos are sadly paying the price,” he said. “We dropped the ball in EJ’s case. The least we can do now is to make sure this does not happen again,” he added.

By Josef Ramos

AET, Camarines Norte— Reigning champion George Oconer took Stage 4 on a rainy Sunday and suddenly, the race’s complexion saw defending team titlist Philippine Navy-Standard Insurance (PNSI) positioning its riders for an impending assault entering the halfway mark of the 11th LBC Ronda Pilipinas. Oconer slingshot himself up front approaching the finish at the Provincial Capitol here to rule the 179.80-km race—the third longest in this year’s Ronda—from Legaspi City in four hours, 10 minutes and 12 seconds. Mervin Corpuz of Excellent Noodles finished a bike length at second and Arjay Peralta of D’ Reyna was third over the route characterized by as a “false flat” with the 92 surviving cyclists so far out of the original 104 starters pedaling over a slight ascent. “I just worked very hard in the last five kilometers to take the lead and didn’t waste the opportunity and created space over Mervin [Corpuz],” the 30-year-old Oconer said. On the unseasonal rains, Oconer, a national team mainstay, said: “I’m used to it.” Corpuz couldn’t match Oconer’s

Sports

Napoles lifts Appmasters to 3x3 leg title

BusinessMirror

| Monday, March 14, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

PHL SPORTS CELEBRATES!

AFTER lifting her way to the gold medal in last year’s Tokyo Olympics, Hidilyn Diaz will be raising aloft her third but most prestigious Athlete of the Year trophy on Monday night.

HE spotlight will again be focused on Hidilyn Diaz on Monday night as the country celebrates once more its first Olympic gold medal with the staging of the 2021 San Miguel Corp.-Philippine Sportswriters Association (PSA) Awards Night that returns as a faceto-face gala affair at the Diamond Ballroom of the Diamond Hotel. Diaz made history by winning the country’s first Olympic gold medal in women’s -55 kgs of weightlifting in July last year, ending the Philippines’s almost a century of waiting for that elusive accomplishment on the world’s biggest sports stage. Hoisting the Athlete of the Year trophy is no longer new for Hidilyn—she was named to the prestigious award when she clinched a weightlifting silver medal at the Rio de Janeiro 2016 Olympics and shared the honor with her gold at the Jakarta 2018 Asian Games. But it would all be different this time around. It would be a night of celebration that would etched its prominent nook in Philippine history. The awards night starts promptly at 7:30 p.m. with 38 other men, women and entities— including Diaz’s fellow medalists in Tokyo—joining the prestigious two-hour program presented by the Philippine Sports Commission (PSC), Philippine Olympic

Committee (POC) and Cignal TV. The 31-year-old weightlifter from Zamboanga City provided arguably the greatest moment in Philippine sports history and she will more than aptly honored in the affair also supported by Milo (official chocolate milk), 1Pacman, Philippine Basketball Association, Philippine Racing Commission, Rain or Shine, ICTSI, Chooks To Go, MVP Sports Foundation and Smart. Reigning US Women’s Open titlist Yuka Saso and world champion gymnast Carlos Yulo will receive the President’s Award from PSA head Rey Lachica, sports editor of Tempo. Tokyo Olympics silver medalists Carlo Paalam and Nesthy Petecio and bronze medalist Eumir Marcial lead six other achievers who will receive Major Awards. The others are billiards champion Carlo Biado, pole vaulter EJ Obiena, tennis grand slam winner Alex Eala and boxing champions Nonito Donaire Jr., Jerwin Ancajas and Johnriel Casimero. Expected to warm the everyone’s heart are Robert Jaworski Sr. and Ramon Fernandez, who will stand side-by-side on stage to receive the Lifetime Achievement Award. Trophies for the National Sports Association of the Year will be given to the Samahang Weightlifting ng Pilipinas and the Association of Boxing Alliances in the Philippines. Not to be outdone are the

country’s top two sports leaders— POC President Rep. Abraham “Bambol” Tolentino and PSC Chairman William “Butch” Ramirez. Tolentino will be accorded the Executive of the Year trophy and Ramirez the Excellence in Leadership Award. Awards from Chooks To Go and Milo will also be given to Marcial as the Fan Favorite “Manok Ng Bayan” and again Diaz as the chocolate drink company’s first recipient of the Champion of Grit and Glory Award. Citations will be given to Tokyo Olympians Margielyn Didal (skateboard), Irish Magno (boxing), Bianca Pagdanganan (golf), Juvic Pagunsan (golf), Elreen Ando (weightlifting), Kristina Knott (athletics), Remedy Rule (swimming), Luke Gebbie (swimming), Kiyomi Watanabe (judo), Cris Nievarez (rowing), Kurt Barbosa (taekwondo), and Jayson Valdez (shooting), Paralympians Jerrold Mangliwan (wheelchair racing), Ernie Gawilan (swimming), Gary Bejino (swimming), Allain Ganapin (taekwondo), Jeanette Aceveda (athletics) and Achelle Guion (powerlifting), as well as to Asian weightlifting double gold winner Vanessa Sarno. All awardees, officials, guests and PSA members need to present their vaccination cards to be allowed entry to the venue.

OCONER, NAVYMEN START ASSAULT

DEFENDING individual champion George Oconer wins Stage 4 and slowly, defending team titlist Philippine Navy-Standard Insurance is starting to make its assault.

A casualty of politics (and war) IN the wake of Russia’s invasion of Ukraine and the freezing of assets from Russian oligarchs, Chelsea Football Club has been a target because of its owner, Roman Abramovich. Abramovich is said to be a close friend of Russian President Vladimir Putin and his steel company reportedly

provides the material in the production of military tanks. Of the 20 clubs that comprise the Premier League, only four clubs are owned by British citizens. The rest are owned by Americans, Saudis, Chinese, Serbians, Swiss and Italians with a sprinkling of British co- or minority owners. And that is just top tier football. Now the league is thinking of a human-rights component to its owners’ and directors’ tests before they purchase clubs. Of course, the league is downplaying it saying it has always been normal practice. Sure, and there’s a Michael Jackson sighting at Craven Cottage. That’s all good. However, why only now? Why were people quiet when Russia was engaged in wholesale death and destruction in Syria or Chechnya? You want to talk a brutal invasion? How about the Israeli occupation of Palestine? Not many people are talking about that. Save for some Irish politicians who sounded off about the hypocrisy a few days ago. For most of my life, I have not been for the integration

pace in the last 5 kms where he opted to settle for a podium finish. “I stuck with him but fell behind so I decided to go for the podium finish because I felt I had no chance with my legs cramping,” Corpuz said. The stage win sent Oconer from seventh the other day to fourth in the general classification that smelled of an impending assault by the Navymen, who’re now one man down after climber Junrey Navarra complained of difficulty breathing and pulled out of the Ronda. Excellent Noodles’ Jan Paul Morales, Corpuz and Ryan Tugawin kept their 1-2-3 positions in the standings after four stages, but PNSI skipper Ronald Oranza finished fifth in the stage and dislodged another Excellent rider and former Navyman, 47-year-old Santy Barnachea, at No. 4 just 2:05 behind the pace. Go For Gold’s Jonel Carcueva, Jericho Jay Lucero and Aidan Mendoza occupied the next three slots behind Barnachea, with Oconer threating at ninth place, 2:41 behind. At No. 10 was Mar Francis Sudario, also of Excellent Noodles whose top

JOREY NAPOLES delivers a wealth of points for Limitless App.

CdO’s Pamisa reaches final in Asian junior boxing meet man Morales just moved in from PNSI in the last few months. Staring down at Sudario was Navyman Jeremy Lizardo at No. 11, while his teammates John Mark Camingao and Ronald Lomotos strategically positioned themselves at Nos. 14 and 15 and ready to attack. Excellent Noodles held fort in the team classification with a 2:22 lead over Go For Gold and 3:06 over PNSI. The rest of the field hardly coped with Army at No. 4 (11 minutes behind) and D’Reyna at No. 5 (19 minutes behind). The race stakes P3.5 million in total cash prizes, including P1 million to the invidual champion courtesy of LBC Express Inc., MVP Sports Foundation, Quad X, Smart, Twin Cycle Gear, Standard Insurance, Print2Go, Elves Bicycles, Elitewheels, Orome, Maynilad, PhilHydro, Garmin, Petron, Boy Kanin, Green Planet Bikeshop, Prolite, Fujiwara, Black Mamba Energy Drink, Lightwater, LBC Foundation, PhilCycling and the Games and Amusements Board. Stage 5 on Monday is a 212-km grind from here to Lucena City, the longest in this year’s Ronda that traces the past Philippine tour’s traditional route that exits Bicol and enters Southern Tagalog and the heart of Luzon.

of politics into sports. Yes, I understand that what happens in politics affects all our lives including sports. As it is said, this is what happens when you play politics. Compromise follows, you look one way, you scratch his back so he scratches yours. In the middle of all of it whether through self-preservation or someone suddenly grows a conscience… boom. The war in Ukraine is a tragedy of epic proportions. I follow all the reports coming out several times a day from both credible sources and my Ukrainian friend who lives in Kyiv. As it is, no recent conflict has potential repercussions that could trigger World War III. Thus, it is frightening. With the whole world watching, all it takes is one mistake of firing on someone who is outside the battlefield and then all hell can break loose. It is said that in war, the first casualty is truth. It is, but ultimately, it is people. People who only want peace but are caught in the crossfire. People who lose their jobs because the oligarchs’ assets are frozen. People who entrust

OREY NAPOLES willed back Limitless App against TNT and scored the follow up basket that won for the team the Leg 3 title of the Philippine Basketball Association 3x3 Lakas Ng Tatlo Conference 2 on Sunday at the Smart Araneta Coliseum. The former Phoenix Fuel Master finished with a game-high 14 points, including four in the stretch run, none more important than the putback off a Brandon Rosser miss for the win, 21-20. Napoles also scored on a long two and then hit a technical free throw to put the Southeast Asian Games-bound team on the hill, 20-19 after trailing 12-7. Samboy De Leon tied the game at 20 with his own basket from the charity stripe, before the Appmasters clinched the victory behind Napoles’s heroic. It was the third leg title overall for the 3x3 team of the Phoenix franchise and fourth championship in all counting the grand finals of the First Conference last year. The victory was worth P100,000 for the Appmasters, who will represent the country in the 3x3 event of the Hanoi SEA Games in May. “It took a while,” said Limitless App coach Willie Wilson of his team which last made it to the finals of the standalone tournament during the December grand finals. The Appmasters went undefeated in six games on the way to the championship. Rosser added six including a long two that kicked off Limitless’ comeback from five points down. The Tropang Giga were led by the nine points of Almond Vosotros and the seven points of De Leon, but fell short of winning another leg championship after claiming the opening leg of the second conference. They claimed the P50,000 runner up purse. On the way to the finals, Limitless App held off Meralco, 16-11, while TNT survived a gritty Terrafirma side in overtime, 21-19, on a game-winner by Vosotros to arrange the title duel between the two teams considered the best in the league’s half-court game. In the battle for third place, Tonino Gonzaga hit two straight clutch baskets and Alfred Batino the clinching free throw in the Bolts’ 21-18 win over the Dyip, to claim the P30,000 prize money.

AGAYAN DE ORO’S Eljay Pamisa barged into the finals of the Asian Boxing Confederation (ASBC) Junior and Youth Championships at the Al Hossein Sports City in Amman, Jordan. Pamisa, 17, hammered out a spectacular win over Iran’s Nima Beygi on Thursday, using effective counter attacks and deft footwork en route to his golden showdown on Monday against tough Abduvali Buriboev of Uzbekistan. Pamisa was to take on the other semifinal winner, Anand Yadav of India, in the final. But a protest launched by Buriboev’s camp was upheld, sending the Uzbek instead against the Filipino fighter from the other semifinals bout of the tournament that drew 305 boxers from the region. The young bantamweight (54 kgs) was a silver medalist in the Asian juniors in Al Fujaira in the United Arab Emirates in 2019 when he was in the 46-kg class. He is a nephew of Southeast Asian Games veteran Elmer Pamisa, now a member of the Association of Boxing Alliances in the Philippines (Abap) coaching staff Other members of the team are junior boxers (15 to 16 years old) Robert Malunoc Jr. (46 kgs), Justine Valero (48 kgs) and Van Hendrich Abing (50 kgs). The Youth boxers (16 to 17) are Reymond Lofranco (48 kgs), John Wayne Vicera (51 kg) and Pamisa. The team is coached by Elmer Pamisa and Gerson Nietes with Abap secretarygeneral Marcus Manalo as team manager. The Philippines’s Karina Picson is the Technical Delegate while is 3-star international referee-judge Rolando Jose is also officiating in the event. Abap president Ed Picson and Manalo attended the ASBC Congress and Elections on Saturday where Thailand’s Pichai Chunhavajira was elected as the new president, beating Saken Polatov of Uzbekistan, 18 votes to 11.

their sons to the military but instead of fighting the good fight, are left in body bags or by the roadside; victims of a madman’s vanity. I feel bad for the people of Ukraine. I feel bad for Russian soldiers who were duped by Vladimir Putin and his generals. I feel bad for the people who lost their jobs with Putin’s cronies’ assets frozen. I feel bad for Chelsea Football Club and their supporters. What could have been a glorious season could be the most catastrophic of years in their 117th anniversary of their founding. The sad thing about what is going on in English football, nay, world football, is sports organizations tend to turn a blind eye to certain ills until that position is no longer tenable. In truth, the politics and problems in football and sports in general, mirror what goes on society. And that is bleeping tragic. Like the war in Ukraine that doesn’t seem to be headed for a good ending, one can only hope for the best.