BusinessMirror March 14, 2023

INSURANCE LACK HURT COVID JOBLESS DEEPLY

By Cai U. Ordinario @caiordinario

I n a chapter in the “Labor Market Implications of the Covid-19 Pandemic in the Philippines” book recently launched by the Bangko Sentral ng Pilipinas (BSP), Ateneo de Manila University Associate Professor Geoffrey Ducanes said the pandemic reversed the gains of the past 15 years to cut unemployment in the country.

D uring the lockdowns, Ducanes said, millions suffered because they had nowhere to turn to help them survive an average of 3 to 4.5 weeks of unemployment. Given this and to prepare for future crises, the government can consider giving these Filipinos insurance coverage during shorter periods of unemployment.

Outside of crisis situations such as the pandemic, the unemployment insurance would cover a period of between three and 4.5 weeks, equivalent, respectively, to the median and mean amount of time the textbook unemployed spend looking for work,” Ducanes said. “Many of those who lost employment have jobs in the informal sector and were thus unlikely to be members of the social security system.”

D ucanes recommended that the government examine successful social insurance coverage in other countries in a bid to expand unemployment insurance for informal sector workers.

T his could also be accompanied by efforts to simplify and incentivize government registration for unregistered micro, small, and medium enterprises (MSMEs), as well as “subsidizing contributions for informal sector workers with earnings below a certain threshold.”

HISTORIC FAILURE Vehicles are parked outside a Silicon Valley Bank branch in Wellesley, Massachusetts, on Saturday, March 11, 2023. Governments in the UK and the US took extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank, even as another major bank was shut down. The UK Treasury and the Bank of England announced early Monday that they had facilitated the sale of Silicon Valley Bank UK to HSBC, Europe’s biggest bank, ensuring the security of £6.7 billion ($8.1 billion) of deposits. British officials worked throughout the weekend to find a buyer for the UK subsidiary of the California-based bank. Its collapse was the second-largest bank failure in history. US regulators also worked all weekend to try to find a buyer. Those efforts appeared to have failed Sunday, but US officials assured all depositors that they could access all their money quickly. AP/PETER MORGAN

House leader to Senate: Give Cha-cha a chance

By Jovee Marie N. dela Cruz @joveemarie

CITING inter-chamber

courtesy, House Committee on Constitutional

Amendments Chairman Rufus Rodriguez on Monday said the Senate should not ignore the overwhelming sentiment of members of the House of Representatives for rewriting the Constitution’s economic provisions.

R odriguez made a statement in reaction to remarks by Senate President Juan Miguel Zubiri that it would be useless for senators to tackle Charter change since there would be no vote for it in his chamber.

“ The Senate cannot and should not ignore our initiative, which is an expression of the people’s consensus we gathered in our recent nationwide public hearings and consultations,” he said.

He said 301 of the 314 House members manifested such consensus by voting for Resolution of Both Houses No. 6, which urges Congress to convene a constitutional convention to rewrite the Charter’s “restrictive” economic provisions.

Inter-chamber courtesy calls that the Senate tackle any measure passed by the House, especially if it is approved by an overwhelming vote and requires urgent attention, and vice versa,” Rodriguez said.

He added that Zubiri, who claims he is for Charter reform, should not be afraid of the result of the Senate vote on the matter.

“

Let the people know who are against and who are for reform that could result in more foreign companies investing or expanding their businesses in the country,” he added.

R odriguez also urged senators to take cognizance of the assessment of Fitch Solutions, a unit of credit rating and financial market research firm Fitch Ratings, that constitutional economic reform could improve the investment and economic climate in the country.

A ccording to Fitch Solutions, the present economic provisions of the Constitution have always been a “challenge” for foreign investors.

We need more foreign capital to create more jobs and income for our people, to reduce the number of unemployed among those with employable skills,” he said.

He noted reports that the unemployment rate in the country rose to 4.8 percent in January this year from 4.3 percent in December last year.

T he figure translated to about 2.3 million jobless workers, many of whom were in the construction sector.

HISTORY ALL AT ONCE Michelle Yeoh has won the Academy Award for best actress and made history all at once. The Malaysian-born actor became the first Asian woman to win the Academy Award for best actress on Sunday night for her multifaceted performance in the multiversal Everything Everywhere All at Once. “For all the little boys and girls who look like me watching tonight, this is a beacon of hope and possibility. This is proof that dreams dream big and dreams do come true,” she said. “And ladies, don't let anyone ever tell you you’re past your prime.” See story in Life, page B5. AP/CHRIS PIZZELLO

BIR ramps up drive vs fake transactions, fake receipts

THE Bureau of Internal Revenue (BIR) is doubling its efforts on cracking down on fake transactions and fake receipts to curb tax leakages and increase the government’s revenue collections.

I n a statement, the BIR said it launched its new enforcement program dubbed Run After Fake Transaction (RAFT) program, akin to its existing program the Run After Tax Evaders (RATE) program.

B IR said the program was launched by Commissioner Romeo D. Lumagui Jr. recently during the national functional conference of the bureau’s legal group in Clark, Pampanga.

When we go against tax evaders, kasama niyo po ako sa pagtugis natin ng mga [I am with you in running after the] tax evader. Just let us know the difficulties that you are encountering and we will give

THE lack of insurance coverage of unemployed Filipinos, who were working mainly in the informal sector, may have caused them to suffer more during the pandemic and increased poverty nationwide, according to a local economist.

Cop convicted of murder in 2 boys’ deaths in drug war

By Joel R. San Juan @jrsanjuan1573

THE Regional Trial Court of Navotas City has found Caloocan policeman Jefrey Perez guilty of two counts of murder in relation to the killings of two young boys, Carl Angelo Arnaiz and Reynaldo “Kulot” De Guzman, at the height of the controversial war on drugs in August 2017.

I n an 89-page decision issued by Navotas RTC Presiding Judge Romana Lindayag del Rosario, the court sentenced Perez to reclusion perpetua for each count.      Perez was likewise ordered to indemnify the heirs of Arnaiz in the amount of P390,000 in damages and the heirs of De Guzman,

“ In case of a similar crisis in the future necessitating a similar type of hard lockdown and forcing many people into involuntary unemployment, the unemployment insurance should cover the period for which the hard lockdown is in place,” Ducanes said.

B ased on previous research, Ducanes said there were 11 million

P300,000.    I n November 2022, Perez was convicted  by Caloocan City Regional Trial Court Branch 122 Presiding Judge Rodrigo Pascua of planting of evidence and torture, also in connection with the twin killings.

For violation of Republic Act 9745 or the Anti-Torture Act of 2010

households or 46 percent of total households in the country during the pandemic that did not have a member who was engaged in paid work in April 2020.

D ucanes also said there were 12.5 million more workers in April 2020 who reported having a job but having worked zero hours in the reference week.

against Arnaiz, the court sentenced Perez to a prison term of six months as minimum to four years and two months as maximum.

For violation of the same law with relation to De Guzman, the police officer was sentenced to reclusion perpetua or life imprisonment.     I n the case of planting evidence against Arnaiz, the court meted out two life terms to Perez, in addition to “absolute perpetual disqualification from any public office.”

He was also directed to pay the heirs of Arnaiz and De Guzman the amount of P2 million for each of the victim’s heirs representing moral and exemplary damages.

T he charges against Perez’s coaccused PO1 Ricky Aquilita were dismissed owing to his death.

T he Navotas RTC gave credence to the testimony of lone eyewitness Joe Daniel who provided “a com -

Most of these workers, he said, could also be considered unemployed, especially those whose jobs require doing actual work before they are paid.

T he country’s employment situation, particularly in the second quarter of 2020 when the unemployment rate reached 17.7 percent, was the most dire compared to its neighbors.

D ucanes noted that the unemployment rate in the Philippines increased by 12.3 percentage points, while its neighbors like Malaysia

Pinoy workforce will be ready for 4.0 with AMDev, says DTI

plete and detailed account of the whole incident, from the moment he personally saw the victims” together with Perez and Aquilita until the time Arnaiz was killed.

Joe Daniel did not only testify and describe the events chronologically, but he moreover provided particular details, which only a credible eyewitness could convey and deliver,” the decision read.

T he killing of Arnaiz and De Guzman happened at the height of the anti-illegal drug war of the Duterte administration.

Arnaiz and De Guzman, who were neighbors in Cainta Rizal, decided to go out for a snack on the evening of August 18, 2017 but failed to return home.

Ten days later, their bodies were found in a creek in Gapan, Nueva Ecija, with Arnaiz sustaining gunshot wounds while De Guzman was stabbed 30 times.

only saw its unemployment rate increase by 1.6 percentage points.

T hailand and Vietnam also saw their unemployment rates increase but only by less than 1 percentage point at 0.4 percentage points and 0.9 percentage points, respectively.

“ These differences in the impact on unemployment cannot be explained by output decline alone. Although Philippine GDP in the second quarter of 2020 fell by a historic 16.9 percent year-on-year, Malaysia’s GDP fell by an even bigger 17.1 percent in the same period, and Thailand’s GDP also fell by a substantial 12.3 percent,” Ducanes said. “Some of the differences can probably be accounted for by variation in the level of employmentretention support provided by the different countries.”

In his opening remarks at the book launch, BSP Governor Felipe M. Medalla underscored that a lot of information could still be derived from the country’s pandemic experience.

Much remains to be learned about the economic implications of Covid-19 pandemic not just in the labor market, but as I already said, [also in] the development of human capital,” Medalla said.

A ccording to former Socioeconomic Planning Secretary Dante Canlas, labor economics has been evolving and has been fine-tuned to serve public policy objectives, including the conduct of monetary policy.

T he publication presents different mechanisms by which the health crisis has affected various aspects of the labor market, including employment, labor productivity, wages, human capital investment, and consumption and saving.

B esides the pandemic’s impact on the labor sector, the book tackles policy coordination among monetary, financial, and fiscal authorities, and new organizing frameworks and econometric methods that support the understanding of the operations of labor markets.

“ It was an opportunity for me to think about emerging policies and strategies geared toward full employment,” Canlas said.

T he 400-page book features 15 chapters written by economic experts and public policy officials, including former Socioeconomic Planning Secretary and University of the Philippines (UP) School of Economics Professorial Lecturer

Dr. Emmanuel F. Esguerra, former BSP Deputy Governor and Head of the BSP Research Academy (BRAc)

Dr. Maria Almasara Cyd N. TuanoAmador, and Philippine Institute for Development Studies (PIDS)

President Dr. Aniceto C. Orbeta Jr.

O ther experts who wrote chapters in the book were professors from the UP School of Economics (UPSE) and Ateneo de Manila University (ADMU), and research fellows from the PIDS.

THE Department of Trade and Industry (DTI) on Monday expressed confidence that its Advanced Manufacturing Workforce Development Alliance (AMDev) Program will boost efforts in tapping the Filipino workforce to strengthen the competencies of the country’s manufacturing sector.

With around 790,000 Filipino graduates annually, companies should find it promising to readily recruit smart, young, and productive workforce for their manufacturing operations,” Trade Secretary Alfredo E. Pascual said at the launching of the AMDev Program on Monday.

T he Trade chief also noted that advancing the country’s “workforce pipeline” is crucial to manufacturing development. The program is meant to improve the capacity of the education system to develop human capital aligned with the requirements of Industry 4.0.  AMDev is a five-year (2022-2027) public-private partnership supported by the

House...

United States Agency for International Development (USAID) and implemented by Unilab Foundation (ULF).

It seeks to develop a highly skilled and adaptive workforce pipeline that meets the evolving requirements of the advanced manufacturing sector through better-defined, harmonized skills and qualifications descriptors, competency, and training standards,” DTI said in a statement on Monday.

I n January, USAID inked a memorandum of agreement (MOA) with the ICCP Group Foundation, Inc. (ICCP) as one of the core partners for USAID’s AMDev Program.

T he Trade department said part of AMDev is the establishment of the Advanced Manufacturing Institute (AMI) to be operationalized by Alliance Core Partners, namely Amherst Laboratories,Inc., Belmont Softgel Pharma Corporation, Fastech Advanced Assembly, and Western Digital. A ndrea E. San Juan

Continued from A1

F or his part, Camarines Sur Rep. Lray Villafuerte said there is more reason for the Senate to pass the Con-Con measures soon enough now that Chairman George Garcia of the Commission on Elections has told the media that the Comelec is ready should the balloting for Con-Con delegates be held simultaneously with the BSKE on October 30.

V illafuerte pleaded to legislators in both chambers who continue to resist Charter Change “to support the lifting of our Constitution’s misplaced and outdated sense of nationalism as the Philippines, despite its newfound image as one of Asia’s economic stars, a dramatic increase in FDIs will never see the light of day in our country for so long as investors see the 40-percent cap on foreign ownership or

BIR...

Continued from A1

all the support that you need,”

Lumagui was quoted as telling the BIR Legal Group in a statement.

T he BIR said it is currently building up cases against the fraudulent receipt operators and illegal cigarette traders that were involved in a raid conducted by the bureau in Quezon City in December 2022, as well as the illegal cigarette traders last January 2023.

T he BIR pointed out that during the first 100 days of Lumagui’s leadership, the bureau made a “one-time, big-time” filing of 74 RATE cases worth P3.58 billion at the Department of Justice against illicit vape traders.

Lumagui said that the BIR will now

Israel...

Continued from A10

Amb. Fluss shared the rich historical relationship between the Philippines and Israel, starting in 1938 when President Manuel L. Quezon allowed 1,300 Jewish refugees to seek asylum in the Philippines after fleeing the Nazis.

I n 1947, the Philippines was also a critical vote in the United Nations in the establishment of the Jewish state of Israel as the homeland for the Jews. The Philippines was the only country in Asia who supported the move.

For these two important gestures, Israel feels responsible to pay back to the Philippines in cases of humanitarian disasters and in cases of needs, Israel would be here to work and assist the Philippines,” said Fluss.

“ We hope that this is an opportunity to further our progression and collaboration for the future. Mayor Zamora and members of

participation in local businesses as a nagging deal-breaker for investments.”

He appealed to senators to have “open hearts and minds” on longneeded constitutional reforms, assuring them that the Con-Con neither has a hidden agenda to marginalize them in  the voting on would-be amendment  proposals  nor to abolish the Senate.   V illafuerte stressed that the House had passed the resolution and bill both  calling for reforms by a Con-Con in lieu of the Congress convening itself into a Constituent Assembly (Con-Ass), precisely to eschew the kind of protracted debates that marred past attempts over whether senators and congressmen are required by the 1987 Charter to vote separately or jointly on would-be proposed amendments.”

followthrough its successful raids with the corresponding filing of cases against those involved in fraudulent receipt and illegal cigarettes.

“ The BIR needs a strong legal group, one that is committed to aggressively pursuing tax evaders and cracking up fraudulent activities,” Lumagui added.

L ast week, Lumagui told reporters that they will soon file new cases against entities involved in fraudulent transactions and receipts, particularly those that were part of the December 2022 raid.

L umagui added that they plan to file cases against over 100 corporations within the year.

Jasper Emmanuel Y. Arcalas

the council, the employees, this is our opportunity to renew our commitment with you in San Juan in embracing the path towards gender equity, inclusivity and health. I hope we can work in many more projects, both in women and girls,” he added. O peration Blessing also distributed medicines and vitamins to the women while Makati Medical Center Foundation and the Embassy of Israel provided them with loot bags.  It’s an honor today to be here with you. Of course it’s Women’s Month, and [for] the initiatives that are helping women through this project, we thank and congratulate everyone who is involved in this,” said Howe.

Several healthcare workers from Makati Medical Center and San Juan Medical Center volunteered to provide free services to the womenbeneficiaries while Operation Blessing brought their mobile clinic to San Juan City Hall.  Claudeth Mocon-Ciriaco

The Nation

Recto says govt can fund cold storage facility for agri yield

By Jovee Marie N. Dela Cruz  @joveemarie

AS farm-gate prices of onion

plummet, a House leader on Monday expressed confidence that government officials can find funds for the building of cold storage facilities with the same degree of creativity in raising capital for the Maharlika Fund.

If they boast they can raise hundreds of billions for a sovereign fund, then I am sure they can do that for cold storage facilities that cost P40 million a piece,” House Deputy Speaker Ralph Recto said.

T he Batangas lawmaker was referring to the cost of one 20,000bag cold storage facility that the Department of Agriculture will be putting up in six onion-producing areas this year.

“For me [we should do] equality in prioritization. If it’s possible to raise a few billions for an investment fund, maybe it’s easier to fund something with a lower value,” he added.

“If the idea of a sovereign fund gets an official warm embrace, then why should cold storages get a cold reception?” Recto said.

By prolonging food shelf life, Recto explained that a cold chain system, not just for onions but also for plant and meat products, “will smash the cartelization of trade in some sectors because those who control the refrigerators control the market.”

But for cold storages to help farmers, more should be built in “frontline areas,” away from Metro Manila and other big cities, which, by one estimate, house 80 percent of national cold storage capacity.

T he latter stands at 500,000 tons for all food products, bulk of which are the 151 DA-accredited privately owned refrigerated warehouses in Metro Manila, Central Luzon and Southern Tagalog regions.

“Our 230,000 tons of local onion production, in theory, would already occupy half of our cold storage parking space. There are vegetables, meat and more. Plus vaccines and drugs,” he said.

Cold storages, Recto emphasized,

“should be the government’s counterpart to the farmer industry.”

R ecto said conserving farm produce raises farmers’ incomes, stabilizes supply, lower retail prices, and shields the public from market manipulators.

“It negates the need for imports. The annual postharvest losses in rice alone, if you can save it, you can feed the entire Metro Manila,” Recto said.

So we are in this situation wherein the scarcity of cold storage has made the latter a hoarding device,” he said.

Sen. Risa Hontiveros, for her part, said an onion retail price of above P100 is “not too worrisome,” since harvests are still underway.

“ There will likely be a slight drop in that. But the bigger problem is the fact that onion farmers are not receiving a fair farm-gate price. Hindi dadami ang magtatanim ng sibuyas kapag ganito ang sinasapit nila,” the senator said.

T he Department of Agriculture, she said, should also learn from India’s approach in boosting cold storage supply.

“Sa ilang lugar sa India, tinatapatan ng gobyerno ang investment ng mga negosyante sa cold storage—50-50 sila at sa kapital ng gobyerno unang kakaltasin ang anumang pagkalugi. Right now the amount of cold storage in India is nine times that of the Philippines,” Hontiveros said in a statement.

“Walang cartel kung sapat ang cold storage. Wala nang maluluha— konsyumer man o magsasaka—dahil dadami ang suplay at bababa ang presyo, tag-ulan man o tag-araw,” she added.

R ecto also said the government should “bring out of the freezer” the National Cold Chain Industry Roadmap, “and make the recommendations there appear in the national budget, in GOCC [government owned and controlled corporation] policies.”

Worried that the current farmgate price of P47 per kilo will further drop to as low as P10 per kilo, onion growers have appealed over the weekend to President Marcos to save them from a losing season.

Zamora is new Metro RPOC chairman

SAN Juan City Mayor Francis Zamora was sworn in as the new chairman of the Regional Peace and Order Council (RPOC) of Metro Manila in its first quarter meeting for 2023 on Monday.

D epartment of Interior and Local Government (DILG) Secretary Benjamin “Benhur” Abalos Jr. administered the oath of Zamora at the Danilo Lim Conference Room, 19th Floor, Metropolitan Manila Development Authority New Building in Pasig City.

8 cops linked to killing of 3 teenagers in Sultan Kudarat face murder charges

By Joel R. San Juan @jrsanjuan1573

MURDER and other criminal charges were filed before the Department of Justice (DOJ) on Monday against eight police officers in Lambayong, Sultan Kudarat for their alleged involvement in the shootout that left three teenage boys dead last December.

A mong those charged were Lambayong Police Chief Police Major Jenahmeel Tonaco, Senior Master Sergeant Syril Mahaddi, Corporals Elpedio Garlit, and Joffrey Apalla, Patrolmen Nicol Dion Toreja, Basser Mako, Mario Rombaoa Jr., and Roldan Claveria.

A ll respondents are assigned at the Lambayong Municipal Police Station.

A side from murder, the policemen were also charged with planting of evidence, falsification of documents, grave misconduct and conduct prejudicial to the best interest of the service and irregularity in the performance of duty.

T he complaint was filed before the National Prosecution Service (NPS) of the DOJ by the parents of the three victims, identified as Samanoden Mustapha, Horton Ansa Jr., and Arshad Tingao, through the assistance of the National Bureau of Investigation (NBI).

L awyer Ronald Hallid Torres, who is representing the parents of the victims, told reporters that the claim of the Philippine National Police (PNP)-Lambayong that the

victims engaged their policemen in a shootout was not true.

“ The PNP alleges that there was a shootout, but based on the documents that we have, they were shot,” Torres said.

Based on reports, the three teenagers who were aboard a motorcycle

ignored a police checkpoint in Barangay Didtaras, Lambayong on December 1, prompting the police officers to chase them.

T he policemen claimed that a shootout ensued after the victims fired at them.

T he victims were then brought to

a nearby hospital but were declared dead upon arrival.

T he police also claimed that they found a sachet of shabu in the pants of one of the teenagers.

However, Torres said a post-mortem report indicates that the three were shot at close range.

Senate reso sets investigation into destructive Oriental Mindoro oil spill

By Butch Fernandez   @butchfBM

Z amora was thankful of the appointment.

“Ako’y nagpapasalamat sa mga kapwa ko mayors sa tiwalang binigay po nila sa akin at makakaasa po kayo sa ating onthe-ground leadership sa pamumuno po natin,” he added.

A side from being mayor of San Juan City and new chairman of RPOC in the National Capital Region, Mayor Zamora is also the Vice Chairman of the Regional Development Council of Metro Manila and president of the Metro Manila Council.

SENATE probers, acting on Senator Cynthia Villar’s motion, are poised to mount an inquiry into the oil spill leaking from the tanker MT Princess Empress that sunk off the coast of Naujan, Oriental Mindoro, damaging the marine ecosystem and biodiversity in the area and beyond.

I n filing Senate Resolution 537, Villar asked the Senate Committee on Environment, Natural Resources and Climate Change to spearhead the probe on the escalating adverse effects of the oil spill from the tank ship that sank off the coast of Naujan, Oriental Mindoro last February 28.

T he Villar resolution also cited initial reports that the Department

of Environment and Natural Resources (DENR), Philippine Coast Guard and Office of Civil Defense (OCD) have assessed the oil spill incident, but the lawmaker lamented, “No concrete action to contain it has been initiated.”

Moreover, the senator also received reports that urgent calls were made by the local government units (LGU) concerned, as well as the people directly affected and environmentalists asking the government to “act swiftly to contain the oil spill and avoid further damage to the environment, livelihood and health of the people, and the tourism industry.”

Villar also cited reports by University of the Philippines-Marine Science Institute experts that also warned that the oil spill can possibly “affect over 36,000 hectares of

coral reefs, mangroves, and seagrass across Oriental Mindoro, Occidental Mindoro, Palawan and Antique.”

According to the chairperson of the Senate Committee on Environment and Natural Resources, the oil spill is also likely to threaten the marine biodiversity of the Verde Island Passage, considered by scientists as the center of the world’s marine biodiversity, noting reports that “there were already findings of dead fishes, marine life and sea birds.”

The oil spill has likewise affected the tourist destinations in Oriental Mindoro, such as the Bihiya Beach, 3 Cottage, Long Beach K. I, Aguada Beach Resort, Oloroso Beach Resort, Munting Buhangin Tagumpay Beach Resort, and Buhay na Tubig White Beach Resort in Oriental Mindoro, and even threatens to affect Boracay, the country’s premiere tourist

destination,” she said.

“Apart from the environmental damage to the marine ecosystem, biodiversity, fisheries and tourism, the livelihood and health of the people in the area are already adversely affected by the said oil spill,” Villar added.

Based on the monitoring report of the Provincial Disaster Risk Reduction and Management Office (PDRRMO), nine out of the 13 towns in Oriental Mindoro have been affected by the oil spill while 10,362 families or 48,885 people were likewise affected.

T he ill-fated tanker vessel was traversing the route from Limay, Bataan to Iloilo, carrying a around 800,000 liters of industrial fuel when it encountered rough sea conditions and engine trouble that resulted to the ship’s sinking.

PBBM stresses need to establish systems to deal with cyber attacks

By Samuel P. Medenilla @sam_medenilla

THE government has ramped up its cyber security surveillance of the country’s power distribution system with the signing of a new memorandum of understanding (MOU) between the National Grid Corporation of Philippines (NGCP) and the National Intelligence Coordinating Agency (NICA).

President Ferdinand R. Marcos Jr. witnessed the forging of the accord held at the Malacañang Palace on Monday.

D uring the event, the President lauded NGCP President and CEO Anthony Almeda for taking the lead in forging the new accord, which he said, will help allay concerns on the security of NGCP’s power system.

“I thank of course Anthony—Anthony is known to me because we were classmates together. We were studying economics actually, [at the] Asia Pacific. But pareho kaming hindi

nagtapos [but both of us were not able to finish]. But I know him well and I’m happy that he has taken the lead in this,” Marcos said.

“ There have been fears that the involvement of any foreign entity in our power transmission system would present a security threat to the Philippines,” he added.

Marcos and Almeda were classmates at the University of Asia and the Pacific (UA&P) in Pasig for a special certificate program in economics.

In 2019, some lawmakers were alarmed after China’s State Grid Corporation was able to get a 40 percent stake in NGCP, which is a private consortium.

T hey warned it could give China the capability to shut down the country’s power grid.

“ Since NGCP is a critical part of our security, of our ability to continue to function as a society, then this is an important day because now we have made more robust the defenses against any possible attacks on our power systems, on

any other of the elements in our everyday lives that require power; and for that matter, that require the exchange of secure information amongst ourselves in society,” Marcos said.

U nder the new MOU, NGCP will provide technical aid to NICA especially on energy-related security to help the latter’s cybersecurity measures.

Meanwhile, NICA will help in the protection of the nationwide power transmission assets of NGCP.  Marcos said his administration would be engaging in more similar measures to further improve the country’s cybersecurity.  “ There are those such as today that we will do formally and there are those that we will do quietly. But nonetheless, it is something we must continue to develop. And it is a good development, it is a good example for the rest of our infrastructure, and I talk about hard and soft infrastructure,” the President said.

families of three teenage boys who were killed in Lumbayong Sultan Kudarat, arrive on Monday at the Department of Justice office in Manila to file a multiple murder,

Editor: Vittorio V. Vitug

House bill proposes ₧750 wage increase for workers

By Jovee Marie N. Dela Cruz  @joveemarie & Samuel P. Medenilla @sam_medenilla

Wage Increase Act.

In filing House Bill 7568, ACT

Teachers Rep. France Castro, Gabriela Rep. Arlene Brosas and Kabataan Rep. Raoul Manuel said in the midst of this worsening economic situation, workers’ wages remain meager, hindering workers from providing a decent living for their families and from attaining their constitutional right to a living wage.

T he lawmakers said while the minimum wages in the 17 regions increased by hesitant small steps since the inception of the regional wage boards, the prices of basic goods and services increased by wild leaps and bounds across the country, unobstructed by any government intervention. This, the lawmakers said, resulted in a widening gap between minimum wage and cost of living.

T he living wage, as defined by the National Wages and Productivity Commission (NWPC), is “the amount of family income needed to provide for the family’s food and non-food expenditures with sufficient allowance for savings/investments for social security so as to enable the

family to live and maintain a decent standard of human existence beyond mere subsistence level, taking into account all of the family’s physiological, social and other needs.”

With this, the lawmakers said the proposed wage increase bill should be certified as urgent by President Ferdinand R. Marcos Jr., adding that legislating a significant wage increase is long overdue, especially under the current dire circumstances.

In the latest report by the Philippine Statistics Authority (PSA), inflation remained high in February 2023 at 8.6 percent. While headline inflation eased slightly, core inflation, which excludes volatile items like food and fuel, rose to 7.8 percent in February from 7.4 percent in January, and 1.9 percent in February last year.

Citing the IBON Foundation, the lawmakers said the P570 minimum wage in Metro Manila, the highest regional minimum wage in the country, is only 49.1 percent of the P1,161 family living wage in the region as of January 2023.

I n the Bangsamoro Autono -

Investing in the Philippines: There’s an urgent need to improve the efficiency of government agencies

one important government organization—the SEC or Securities and Exhange Commission).

mous Region in Muslim Mindanao (BARMM), which has the lowest minimum wage, the P341 basic daily pay is only 17.5 percent of the region’s family living wage of P1,944, they added.

“Using the January 2023 inflation data, the average gap in the current regional wage rates and the regional family living wage stands at P750, with the minimum wage-family living wage gap highest in the BARMM at P1,603, followed by the P880-gap in Region IX,” the authors said in the explanatory note of their bill.

FFW, KMU support wage hike proposal

LABOR groups backed the passage of House Bill (HB) 7568, which will grant a P750 across-the-board wage hike for workers in the private sector.

T he Federation of Free Workers (FFW) said it supported the legislation filed by the Makabayan bloc in the House on Monday so the existing minimum wage rates will be at par with “family living wage (FLW)” rates.

T he Kilusang Mayo Uno (KMU), for its part, urged Congress to prioritize the passage of the bill instead of the proposed Charter change (Cha-cha).

“ Namamatay na sa gutom ang mga manggagawa dahil sa kakarampot na sahod. Pero mas inuna pang atupagin ng mga kongresista ang pagpapasa ng Chacha. [Workers are already starving from hunger due their measly wage, but Congress is still preoccupied with Cha-cha],” KMU chairperson Elmer Labog said in a statement.

By Henry J. Schumacher

DURING investment missions to and from the Philippines, government officials and local businessmen have encouraged investments in the Philippines and offered support for foreign investors interested to invest here.

My question today is: Are government agencies in the Philippines really supportive of investments?

H ow do they compare with similar agencies in neighboring countries with regards to ease of investment procedures, clarity of regulations and timeliness?

L et’s summarize the experience of several local and foreign investors trying to expand their investments here:

Long delays

WE are part of the many companies at the receiving end of very long delays, lack of clarity about requirements, impossibility to engage directly, and a non-working web site (with special reference to

It takes months or years to achieve what can be done in weeks in Singapore, such as establishing a new company, or proceeding with a capital increase, capital infusion, etc.

Lack of regulatory clarity

THESE are some of the issues have been encountered:

When making inquiries over the phone, different people in the same group can come up with varying answers, and if this is made via formal query e.g. via email, there’s usually no response.

Lack of proper implementation re: zero face-to-face policy: their suggestion to use their web portal has not been properly handled as there is trouble accessing and navigating the site.

Poor database management

THERE appears to be a filing or database management issue. At the onset of some of its activities, the SEC asks businesses to present documents that the SEC already approved or received in the past.  It would be reasonable to ask for this if there’s a conflict between the SEC and client records, but there is no prior verification of such from the agency before asking businesses to produce the documents that they already have.

Basing on the news articles, it seems that local conglomerates can get their SEC requirements processed fairly quickly compared to the rest of enterprises. Is there an express lane that the “others” can also avail of if needed?

T he situation described is creating significant delays and frustration in proceeding with capital increases, capital infusion, and

interaction with the SEC which affect business operations, growth, employment, and certainly revenues for the government in the form of taxes.

It does not have to be this way, and it benefits no one.

T he SEC situation also undermines the Ease of Doing Business Act, which standardizes deadlines —three days for simple transactions, seven days for more complex ones, and 20 days for highly technical ones—for government transactions and business permits processing. My question: is the Anti-Red Tape Authority (ARTA) really helping?

A RTA seems to be more interested in joining hands with the Philippine Ports Authority (PPA) to create the container tracking system, which is extremely negative for business in terms of cost and procedures. ARTA failed to consider the consequential impact of this negative PPA project on industry and consumers.

T he list of bureaucratic delays is much longer but I have a space limit.

I n conclusion, the government must look seriously at improving the country’s investment regulatory processes, and a lot needs to be done to assist investors and business at large. I am sure that the business sector is willing to support the national and local governments to create the investment environment President Ferdinand R. Marcos Jr. outlines during his international missions.

B eing involved in integrity and ethics activities in the country, allow me to add that the government needs to increase transparency on government transactions and processes.

DA, Customs seize ₧40M worth of smuggled poultry products Gas pricier by ₧1 at the pump today

By Raadee S. Sausa

GOVERNMENT authorities have seized smuggled poultry products worth P40 million, the Department of Agriculture (DA) announced on Monday.

L ed by DA, Bureau of Customs and other government agencies, the team conducted an operation on March 2 and found misdeclared agricultural products that were pur-

ported to consist of squid rings but instead contained dressed chicken, duck heads and duck necks, worth approximately P40 million.

T he confiscation of the said shipment is part of the government’s campaign to curb illegal trade activity to enable Filipino farmers and fishers to increase income and make locally grown agricultural produce more competitive.

Moreover, the DA will immedi-

By Lenie Lectura @llectura

ately initiate prosecution against the two consignees of containers under Abucayan Business and Trade, which were placed on alert order for the misdeclaration and misclassification of the shipment.

I n February, authorities also seized a total of P202.5 million worth of smuggled agricultural and fishery products during separate operations at the Manila International Container Port.

OIL firms announced Monday an increase in the price of gasoline products.

T he P1-per liter price hike takes effect Tuesday morning. The price of diesel and kerosene, on the other hand, will be slashed by P0.10 per liter and P0.60 per liter, respectively.  Seaoil, Petron, Shell, Total, Caltex, PTT, Phoenix said they will adjust

their pump prices at 6 a.m. today, Tuesday. Cleanfuel, meanwhile, will implement the price hike for gasoline and price rollback for diesel and kerosene at 4:01 p.m.

“ These reflect movements in the world oil market,” oil firms said.

L ast week, oil companies implemented a per liter increase of P0.40 for gasoline, P1.50 for diesel and P1.25 for kerosene. These resulted to a year-to-date net decrease for

Feedback is appreciated; contact me at hjschumacher59@gmail.com

diesel at P0.90/liter and kerosene at P1.05/liter. Gasoline on the other hand has a net increase of P5.70/liter.

Movements in the world oil market affect local pump prices, oil firms said.

Based on the monitoring of the Department of Energy (DOE), the recent week-on-week price of Dubai crude has increased by about $1.05 per barrel (bbl).

AMID “historic surges” in inflation data, the Makabayan bloc on Monday filed the proposed P750 Across-the-Board Nationwide Daily

PNP probes absence of Degamo security on day gov was killed

By Rene Acosta @reneacostaBM & Jovee Marie N. Dela Cruz  @joveemarie

PHILIPPINE National Police (PNP) chief General Rodolfo Azurin Jr. on Monday said the five security escorts of Negros Oriental Governor Roel Degamo have been asked to explain their absence on the day that the provincial chief executive was killed by armed men who broke into his compound.

House Speaker Martin Romualdez earlier asked the Philippine National Police to investigate the absence of the five out of the six police security of Degamo on March 4, the day the armed men swooped down into the governor’s compound in the town of Pamplona in Negros Oriental and killed him along with eight others.

Romualdez said the security personnel knew that Degamo has existing death threats and yet only one of them reported for duty during the time the governor was attacked.

A zurin said the five policemen, who are already in custody, must explain their absence altogether, although the chief of the PNP said he understood that the security personnel should be performing their duties in rotations.

A zurin said during a news briefing on Monday that the security personnel should “enlighten” them on “what transpired,” and why they were not around during the day the governor was killed.

“ That’s why we have yet to determine or it is them who should answer why during the time of the incident, only one of his security details is there,” Azurin said.

He, however, said that it was the governor who personally handpicked his bodyguards.

Meanwhile, Azurin said that the remaining suspects in the killing could also be former soldiers, and

they have already coordinated with the Army for the ongoing manhunt and investigation.

A t least 17 suspects were alleged to have been involved in Degamo’s killing, four of them have been arrested, while another one was killed by a combined police and military team.

T hose who are in custody and have been charged over the killing are former soldiers.

A zurin said that based on the statements of the four arrested suspects, the remaining suspects could also be former soldiers who have been dismissed from the service.

R elatedly, the PNP chief said that the strongest motive in the killing of Aparri, Cagayan Vice Mayor Rommel Alameda was the latter’s opposition to the black sand mining in his province.

A lameda and his five companions were killed in an ambush perpetrated by gunmen in Bagabag, Nueva Vizcaya on February 19.

During the news briefing, Azurin said probers have already uncovered leads that could establish the motive and identify the mastermind behind the attack.

Threats had been made upon Vice Mayor Alameda that point to business rivalry as one of the possible motives,” he said.

Business rivalry in the sense that there is an ongoing black sand mining. ‘Yun yung matagal nang issue diyan sa Cagayan na kung saan itong mga black sand na ito ay binibenta sa mga Chinese. Vice Mayor Alameda had been against sa negosyo na ’yun,” he added.

T he PNP chief believed that investigators would solve the case in due time.

Romualdez to Teves: Report for work ASAP

HOUSE Speaker Romualdez on Monday appealed to Negros Oriental Rep. Arnolfo Teves to report for work as

soon as possible.

R omualdez, in a statement, said Teves’ stay outside the country is no longer authorized by the House of Representatives.

Teves was tagged by one of the suspects in the recent killing of Negros Oriental Gov. Roel Degamo.

I have yet to receive any communication from Cong. Arnie since I appealed to him to return home. I expect Cong. Arnie to heed my appeal and report for work as soon as possible,” the Speaker said.

C iting the Philippine National Police (PNP), Romualdez said Teves would be provided with security once he returns home from a personal trip to the US.

“Nagsalita na ang mga opisyal ng PNP. They are willing to provide security to protect him from bodily harm. All Cong. Arnie needs to do is make the appropriate request. Our law enforcers cannot extend this protection outside the Philippines,” he said.

According to the Office of the Speaker, the travel clearance granted to Teves for his personal trip to the US lapsed last March 9, 2023.

In a news forum, Atty. Ferdinand Topacio, lead legal counsel of Teves, said the lawmaker intends to return to clear his name.

Topacio said Teves is reaching out to the Office of the Speaker to explain his situation, saying “Romualdez might not have been apprised of the complete situation with respect to the security concerns of Teves.”

In an earlier statement, Topacio called on all concerned to observe sobriety in their pronouncements regarding the allegations against Teves in the face of certain accusations against him in connection with the killing of Degamo and several other persons.

“ The killing has already been denounced strongly by Rep. Teves, who has denied involvement therein. It will not serve the ends of justice by

publicly obfuscating the issues prematurely before a thorough investigation in accordance with procedures provided for by law. Verily, justice can only be done to the victims if and when the real perpetrators are brought before the bar of justice and convicted with finality,” Topacio said.  We shall face any and all accusations consistent with the courses outlined in the legal system, confident that, in the end, our client will be exonerated,” he added.

Remulla assures Teves’ safety

JUSTICE Secretary Jesus Crispin Remulla assured on Monday the safety of Teves, who is one the persons being investigated in connection with the killing of Degamo and eight civilians last March 4.

Teves went to the US last February 28 to undergo stem cell treatment and was supposed to return to the country on March 9. He will be secured. We will not allow anything bad to happen,” Remulla said.

Remulla, however, clarified that no charges have been filed against Teves yet as authorities are still gathering evidence against those being linked in the horrific crime.

T he Department of Justice (DOJ) chief said due process and legal processes would be observed in the conduct of the investigation.

“ We just want to follow the process, evidence gathering where it takes us. Then, the courts will evaluate I and they will be the ones to say whether a warrant of arrest will be issued against anybody,” he added.

T he Teveses are known political rivals of Degamo.

T he lawmaker’s brother, Pryde Henry Teves, lost his petition filed before the Supreme Court seeking to reverse the September 1, 2022 ruling of the Commission on Elections (Comelec) which declared a certain Grego Ruel Degamo as a nuisance candidate in the guber -

Accor’s MGallery to open first resort in Philippines

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

LEADING hospitality group Accor is further expanding its network of managed hotels in the Philippines with the opening of South Palms Resort Panglao BoholMGallery in 2024.

In a news statement, Maud Bailly, CEO of Sofitel, Sofitel Legend, MGallery and Emblems said, “South Palms Resort Panglao Bohol–MGallery is an exceptional resort that adds another outstanding destination to our expanding presence in Southeast Asia, joining our flourishing collection of memorable hotels and resorts full of character and charm.”

She described Panglao as “an island paradise that promises the perfect blend of soft, sandy beaches, sparkling seas and rich cultural heritage, encouraging more globally-minded travelers to experience its pleasures, and connecting them to the delights of the local neighborhoods.”

The opening of Panglao International Airport in 2018, she said, has widened the travel and tourism opportunities on the island. “[We] are delighted to be at

the forefront of this trend.”

South Palms Resort, which faces Bolod Beach, is currently owned and operated by the Alturas Group of Companies (AGC), which made its name in supermarkets, mall operations, food, and agro-industrial activities under popular Bohol brands such as the iconic Peanut Kisses, the Alturas Mall and Island City Mall in Tagbilaran, Marcela Farms, among others.

Founded by the Alturas and Uy families, AGC opened the 78-room South Palms Resort in December 2013, and will be expanded to 188 rooms with support from Bill Barnett, Managing Director of Asian hospitality consultancy C9 Hotelworks. The resort is part of the 10-year, P25-billion resort town project called Panglao Shores recently launched by AGC.

“AGC is a family company that was born in Bohol and cares deeply about this destination,” said Hope Uy, Managing Director of Panglao Shores. “By coming together with Accor, one of the world’s leading hotel companies, we are proud to enhance the quality of hospitality on the island by blending world-class facilities and international standards with the genuine local charm and authentic cultural heritage

of Bohol, which is based on shared community values. In combination with Panglao Shores, our destinationdefining lifestyle development, we hope to build a bright future for the people of Panglao.”

South Palms Resort Panglao Bohol-MGallery will become the first resort-style property for MGallery in the Philippines. “We look forward to working with our partners at AGC to bring this exciting, locally-inspired project to life,” said Bailly. MGallery is the luxury boutique hotel category of the Accor Group, which also operates Admiral Hotel Manila-MGallery in Malate, Manila.

T he five-star resort is nestled within 6.4 hectare of expansive grounds, surrounded by palm trees and overlooking the powder-soft sands of Panglao’s South coast. “Throughout their stay in this tropical paradise, travelers will be able to soak up the stunning scenery and explore the island’s cultural charms and natural wonders, including snorkeling and scuba diving in the turquoise seas,” added Bailly.

W hen guests are not exploring the island or other scenic spots in Bohol, they can dine at any of the resort’s four restaurants, cool off in the swimming

pool, grab refreshments at the pool bar, work out in a well-equipped fitness center, or enjoy get pampered at the spa. A ballroom and meeting rooms will be sure to attract original, out-of-town corporate events and dream weddings.

The resort will weave the timeless tales of family and folklore into every aspect of the guest experience. Using a pioneering ‘adaptive reuse’ design approach, the project will embrace the history of the destination by reusing materials from village dwellings in every room. These materials include wooden walls and objects that tell the story of local artisans. This inspiring concept is perfectly aligned with the values of MGallery, Accor’s oneof-a-kind global collection of hotels where captivating stories are lived and shared,” said Bailly.

Accor is the leading international hotel operator in the Philippines with 10 hotels, resorts and branded residences currently operating and a committed pipeline of 16 hotels scheduled to open within the next five years. Its other brands are also looking to add more properties to manage in the country. (See,“Fairmont looking to expand its footprint in the PHL—exec,” in the BusinessMirror, February 24, 2023.)

Marinduque gov Velasco lauds upcoming desalination project

FORMER Supreme Court Jus -

tice now Marinduque Governor Presbitero J. Velasco Jr. has cited an upcoming project designed to ultimately bring an end to Marinduqueños’ decades-old problem of inadequate potable water supply. Velasco was referring to a recently concluded bidding and award between the Marinduque Water District and the Pasig City-based Peak Off-Grid Innovations and Solutions for the establishment of modern facilities designed to deliver some 29,200 cubic meters of drinkable water daily to meet

the islanders’ demand for personal, household, and irrigation purposes.

T he facilities boast an uninterruptible supply of potable water using Finnish desalination technology running on pure solar power.

T he awarding ceremony was held on Friday, March 10, at the Marco Polo Hotel on Ortigas Ave. in Pasig. The governor, along with Marinduque Rep. Lord Allan Velasco, Vice Governor Lynn Angeles, and Finnish Ambassador to the Philippines Juha Markus Pyykkö witnessed the ceremony. “I am pleased that this unique Finn-

ish technology is offering solutions to the challenges of the people of Marinduque. Finland’s water expertise is world class,” said Ambassador Pyykkö. Governor Velasco viewed the event as “a game changer” for his constituents who have been grappling with acute potable water supply shortage over the decades.

We can finally see the light at the end of the tunnel, and soon enough, our water woes will be over,” he said.

The multimillion-peso project involves the construction of distributed desalination facilities that could convert

natorial race in Negros Oriental last May 2022 elections.

A s a result, the poll body ordered that the 49,953 votes obtained by Grego be credited in favor of Degamo, bringing the latter’s total votes to 331, 727.

Subsequently, the Comelec annulled Teves’ proclamation as provincial governor since his total

votes of 301,000 was lower than Degamo’s votes, who was declared as the duly-elected governor of the province.

A side from being implicated in Degamo’s killing, Teves was recently charged before the DOJ with murder in connection with three killings that took place between March to June 2019. With Joel R. San Juan

raw seawater into fresh potable water safe for drinking and other household needs, as well as irrigating farmlands.

T he project combines solar desalination technologies with freshwater management, efficient storage facilities, and tapping rainwater to boost the supply chain.

M arinduqueños have long been battling with the seemingly insurmountable problem of water supply shortage, exacerbated by a long drought that hit the northern municipality of Santa Cruz and parts of the capital town of Boac.

China’s Xi eyes bigger global role after Saudi-Iran accord

By Joe Mcdonald The Associated Press

US-South Korea drills begin after N. Korea submarine missile test

By Hyung-Jin Kim The Associated Press

SEOUL, South Korea—The South Korean and US militaries launched their biggest joint military exercises in years Monday, as North Korea said it conducted submarine-launched cruise missile tests in apparent protest of the drills it views as an invasion rehearsal.

North Korea’s missile tests Sunday signal the country likely will conduct provocative weapons testing activities during the US-South Korean drills that are to run for 11 days. Last week, North Korean leader Kim Jong Un ordered his troops to be ready to repel its rivals’ “frantic war preparation moves.”

The South Korean-US drills include a computer simulation called the Freedom Shield 23 and several combined field-training exercises, collectively known as the Warrior Shield FTX.

South Korean and US authorities didn’t immediately disclose details of Monday’s drills.

But they said earlier the computer simulation is designed to strengthen the allies’ defense and response capabilities amid North Korea’s increasing nuclear threats and other changing security environments. They said the field exercises would also return to the scale of their earlier largest field training called Foal Eagle that was last held in 2018.

Xi spoke Monday following a legislative session that installed a government of loyalists to tighten his control over the economy and society.

China should “actively participate in the reform and construction of the global governance system” and promote “global security initiatives,” said Xi, the country’s most powerful leader in decades, in a speech at end of the annual meeting of China’s ceremonial legislature.

That will add “positive energy to world peace and development and create a favorable international environment for our country’s development,” Xi said.

Xi gave no details of the ruling Communist Party’s ambitions, but his government has pursued increasingly assertive policies abroad since he took power in 2012. It has pressed for changes in

the International Monetary Fund and other entities Beijing says fail to reflect the needs and desires of developing countries.

Beijing also has built on China’s growing heft as the second-largest economy to promote trade and construction initiatives that Washington, Tokyo, Moscow and New Delhi worry will expand its strategic influence at their expense.

Xi’s government rattled the United States and Australia in early 2022 when it signed a security agreement with the Solomon Islands that would allow Chinese navy ships and security forces to be stationed in the South Pacific island nation.

The foreign minister, Qin Gang, warned Washington last week of possible “conflict and confrontation” if the United States doesn’t change course in relations that have been strained by conflicts

over Taiwan, human rights, Hong Kong, security and technology.

Xi’s speech Monday called for faster technology development and more self-reliance in a speech loaded with nationalistic terms. He referred eight times to “national rejuvenation,” or restoring China to its rightful historic role as an economic, cultural and political leader.

On Friday, Xi was named to another term in the ceremonial Chinese presidency after breaking with tradition in October and awarding himself a third-five year term as general secretary of the ruling party, putting himself on track to become leader for life.

The National People’s Congress session cemented Xi’s dominance by endorsing the appointment of his loyalists as premier and other government leaders in a once-a-

decade change. Xi has sidelined potential rivals and loaded the top ranks of the ruling party with his supporters.

Xi said that before the ruling Communist Party took power in 1949, China was “reduced to semi-colonial, semi-feudal country, subject to bullying by foreign countries.”

“We have finally washed away the national humiliation, and Chinese people are the master of their own destiny,” Xi said. “The Chinese nation has stood up, become rich and is becoming strong.”

Xi also called for the country to “unswervingly achieve” the goal of “national reunification,” a reference to Beijing’s claim that Taiwan, the self-ruled island democracy, is part of its territory and is obliged to unite with China, by force if necessary.

China’s ‘Big Fund’ gets new boss to fight US chip export controls

CHINA has assigned a new chief for a high profile, state-backed chip investment fund amid a renewed push to pour resources into the local semiconductor industry and counter a US-led blockade of the country’s technological development.

Zhang Xin is taking the helm of the National Integrated Circuit Industry Investment Fund Co., better known as the Big Fund, according to the Chinese corporate data service provider Tianyancha. Zhang was previously an official from China’s Ministry of Industry and Information Technology, according to the news outlet Caixin.

The Big Fund was tarnished by an anti-graft probe last year, which led to the downfall of its previous chief and several other officials.

Top Chinese leaders ordered investigations after they grew frustrated with a lack of breakthrough in developing semiconductors to replace foreign imports after years of ample government investments, at a time the US and its allies are tightening restrictions on China’s access to critical technologies.

The secretive Big Fund is Beijing’s primary vehicle for doling out capital to the country’s chipmakers.

Founded in 2014, it drew about $45 billion in capital and backed scores of companies, including Semiconductor Manufacturing International Corp. and Yangtze Memory Technologies Co. The fund operated mostly behind the scenes and kept investment standards away from public view, which some analysts said undercut accountability.

Zhang replaced Ding Wenwu at the Big Fund on March 10 and replaced him as the head of China Integrated Circuit Industry Investment Fund Phase II Co., another state-backed chip fund, a day later, according to Tianyancha.

Zhang had been a mid-ranking official at MIIT. He is listed as a first-class inspector on the website of the ministry’s planning bureau.

As a contrast, Ding was once director of the ministry’s electronic information bureau, outranking Zhang.

The ministry didn’t respond to a faxed request for comment on the appointment.

The Big Fund became somewhat dormant for a few months following the anti-graft investigations, but it sprang into action earlier this year, pledging an additional investment

into Yangtze Memory, China’s top memory chipmaker that has been blacklisted by the US.

Earlier this month, Chinese President Xi Jinping said his country will take forceful measures to support the development of high-end manufacturing and he overhauled China’s bureaucracy as part of a sweeping push to make the economy more self-sufficient and resilient.

However, the Biden administration is looking to put further limits on the export of semiconductor manufacturing gear to China on top of a set of broad restrictions it already announced in October, escalating rules aimed at preventing the country from developing an advanced chip industry, Bloomberg News has reported. With assistance from Ran Li/Bloomberg

Malaysian ex-PM Muhyiddin hit with seventh graft charge

KUALA LUMPUR, Malaysia—Former Malaysian Prime Minister Muhyiddin

Yassin pleaded innocent Monday to a seventh corruption charge, this one alleging he received illegal proceeds of 5 million ringgit ($1.1 million) that was banked into his political party.

Muhyiddin is Malaysia’s second leader to be indicted after leaving office and has denied wrongdoing. He slammed the case as “organized political persecution” to embarrass him and crush his Islamic-dominated opposition ahead of state elections. He denied abusing his power to award contracts to selected ethnic Malay contractors in return for bribes, and to approve an appeal by a business tycoon on the cancellation of his tax exemption.

Prime Minister Anwar Ibrahim rejected accusations that the charges were politically motivated. The anti-graft agency and the attorney general’s chambers, whose chiefs were previously appointed by Muhyiddin, have denied there was political interference in the investigation and prosecution process.

On Friday, Muhyiddin pleaded innocent to

four charges of abusing his power to obtain 232.5 million ringgit ($51.4 million) bribes for his party and two charges of money laundering involving 195 million ringgit ($43 million).

After taking power in November, Anwar ordered a review of government projects

approved by past administrations including Muhyiddin, who led Malaysia from March 2020 until August 2021. Anwar has said many of the projects awarded were overpriced and given without tender. Anwar and Muhyiddin had fought for

the premiership after the November general elections produced a hung parliament. Muhyiddin’s alliance includes a conservative Islamist party that won stronger-thanexpected support from Malays, who account for about two-thirds of Malaysia’s 33 million people. The king later appointed Anwar as premier after he formed a unity government with several smaller parties, but his strength will be tested in six state elections due in the next few months.

Muhyiddin was the second former leader to be charged after ex-Prime Minister Najib Razak, who was hit with multiple charges after he lost in 2018 general elections. Najib began a 12-year prison term in August after losing his final appeal in the first of several graft trials related to the looting of the 1MDB state development fund.

Two senior members from Muhyiddin’s Bersatu party were recently charged with graft. The anti-graft agency has also frozen Bersatu’s party accounts.

If Muhyiddin, 75, is found guilty, he faces up to 20 years in prison for each of the corruption charges, 15 years each for money laundering and fines. AP

A recent US military statement said the field exercises are to further enhance the two militaries’ “cooperation through air, land, sea, space, cyber and special operations, and improve upon tactics, techniques and procedures.”

North Korea said in state media that its launches of two cruise missiles from a submarine off its east coast showed its resolve to respond with “overwhelming powerful” force to the intensifying military maneuvers by the “the US imperialists and the South Korean puppet forces.”

The North’s official Korean Central News Agency on Monday called the missiles “strategic” weapons and said their launches verified the operation posture of the country’s “nuclear war deterrence.” This implies that North Korea aims to arm the cruise missiles with nuclear warheads.

It said the missiles flew for more than two hours, drawing figureeight-shaped patterns and hit targets 1,500 kilometers (930 miles) away. The missiles were fired from the 8.24 Yongung ship, KCNA said, referencing a submarine that North Korea used to conduct its first submarine-launched ballistic missile test in 2016.

The reported launch details show Japan, including US military bases in Okinawa, is within striking distance of the cruise missiles, if they are fired from the North’s eastern waters, said Kim Dong-yub, a professor at the University of North Korean Studies in Seoul. He added the weapons could reach even the US Pacific territory of Guam if the submarine could operate at a greater distance from North Korean waters.

Sunday’s actions were the North’s first underwater missile launches since it test-fired a weapon from a silo under an inland reservoir last October. Last May, the country test-launched a short-range ballistic missile from the same submarine.

North Korea’s command of submarine-launched missile systems would make it harder for adversaries to detect launches in advance and would provide the North with retaliatory attack capability. Experts say it would take years, extensive resources and major technological improvements for the heavily sanctioned nation to build a fleet of several submarines that could travel quietly in seas and reliably execute strikes.

Kim Dong-yub, the professor, said Sunday’s tests were the North’s first known launches of cruise missiles from a submarine as its previous underwater launches all involved ballistic missiles. He said that North Korea is pushing to obtain various types of missiles and launch platforms to boost its ability to evade detection before launch or interception during flight.

South Korea’s military confirmed the latest North Korean missile launches, saying they were fired from a submarine in waters near the North’s eastern port city of Sinpo on Sunday. Sinpo has a major submarine-building shipyard.

South Korea’s Joint Chiefs of Staff said that it maintains a readiness in close coordination with the United States. It said the South Korean and US intelligence authorities were analyzing details of Sunday’s launches.

After a record number of missile tests last year, North Korea has carried out several additional rounds since Jan. 1. Before Sunday’s launches, the country also test-fired an intercontinental ballistic missile potentially capable of reaching the mainland US; short-range, nuclearcapable missiles designed to hit South Korea; and other weapons.

Experts say Kim, who sees his nuclear arsenal as his best security guarantee, is trying to pressure the United States into accepting the North as a legitimate nuclear power and relax international economic sanctions.

North Korea sees regular South Korea-US military exercises as a major security threat, though the allies say their drills are defensive. Some observers say North Korea uses its rivals’ drills as a pretext to test weapons and modernize its nuclear arsenal to secure an upper hand in dealings with the United States.

In past years, the US and South Korea cancelled or scaled back some drills to pursue diplomatic efforts to denuclearize North Korea and out of concern about the Covid-19 pandemic. The two countries once more expanded exercises after North Korea conducted more than 70 missile tests in 2022 and adopted an increasingly aggressive nuclear doctrine.

In recent weeks, the US flew powerful, long-range bombers for joint aerial drills with South Korean fighter jets. South Korea’s Defense Ministry said the deployment demonstrated US commitment to use a full range of military capabilities, including nuclear, to defend its Asian ally in the event of outright conflict with North Korea.

Last Thursday, Kim supervised a live-fire artillery drill simulating attacks on a South Korean airfield. He ordered his military to maintain the capability to “overwhelmingly respond “ to enemy actions, which he said included “all sorts of more frantic war preparation moves” according to KCNA.

The news agency reported Sunday that Kim also convened a key meeting on military affairs to adopt unspecified steps to make “more effective, powerful and offensive use of the war deterrent” in light of US and South Korean maneuvers.

The Associated Press writer Kim Tong-hyung contributed to this report

BEJIING—President Xi Jinping called for China to play a bigger role in managing global affairs after Beijing scored a diplomatic coup by hosting talks that produced an agreement by Saudi Arabia and Iran to reopen diplomatic relations.

CHINESE President Xi Jinping delivers a speech at the closing ceremony for China’s National People’s Congress at the Great Hall of the People in Beijing on Monday, March 13, 2023. AP/ANDY WONG

MALAYSIA’S former Prime Minister Muhyiddin Yassin poses for media outside courthouse, after charged with corruption and money laundering, in Kuala Lumpur, Malaysia, on Friday, March 10, 2023. Muhyiddin has been charged with corruption and money laundering, making him Malaysia’s second ex-leader to be indicted after leaving office. Muhyiddin pleaded innocent Friday to four charges of corruption and two charges of money laundering. AP/VINCENT THIAN

Iran-Saudi Arabia accord casts China in unfamiliar global role

BEIJING—An agreement between Iran and Saudi Arabia to re-establish diplomatic relations has cast China in a leading role in Middle Eastern politics—a part previously reserved for longtime global heavyweights like the US and Russia. It’s another sign that China’s diplomatic clout is growing to match its economic footprint.

Under strongman leader Xi Jinping, Chinese diplomacy has become known for angry outbursts against the West, threats against Taiwan, aggressive moves in the South China Sea and a refusal to condemn Russia over Ukraine.

The deal reached in Beijing Friday, under which the sides agreed to re-open their embassies and exchange ambassadors after seven years of tensions, shows a different side of Chinese diplomacy. Xi appears to have played a direct part in the talks by hosting Iran’s president in Beijing last month. He also visited the Saudi capital Riyadh in December for meetings with oil-rich Gulf Arab nations crucial to China’s energy supplies.

The agreement was seen as a major diplomatic triumph for China, coming as Gulf Arab states perceive the United States as winding down its involvement in the Middle East.

“I think it is a sign that China is increasingly confident in taking a more assertive role in the Middle East,” said Muhammad Zulfikar Rakhmat, an Indonesian academic affiliated with the Washingtonbased Middle East Institute.

China’s economic interests increasingly draw it into conflicts far from its shores. It’s by far the biggest customer for Middle Eastern energy exports, while the US has reduced its need for imports as

the country shifts toward energy independence.

Chinese officials have long argued that Beijing should play a more active role in the region, said June Teufel Dreyer, a political scientist at the University of Miami specializing in Chinese politics.

Meanwhile, US-Saudi frictions have created “a vacuum that Beijing was happy to step into,” Dreyer said.

China has invested heavily in regional energy infrastructure. It also occasionally contributed naval ships to join anti-piracy operations off the coast of Somalia, though the US Navy has served as the main security guarantor for Mideast waters since the 1980s.

In a statement Saturday, China’s Foreign Ministry quoted an unidentified spokesperson as saying Beijing “pursues no selfish interest whatsoever.”

“China has no intention to and will not seek to fill so-called vacuum or put up exclusive blocs,” it said, in an apparent reference to the US.

At the close of the ceremonial legislature’s annual session Monday, leader Xi Jinping said China should “actively participate in the reform and construction of the global governance system” and promote “global security initiatives.”

The diplomatic victory comes

as Washington has heavily criticized China for failing to condemn Russia’s invasion and for accusing the US and NATO of provoking the conflict.

However, many Middle Eastern governments view China as a neutral party, with strong ties to both Saudi Arabia, China’s largest oil supplier, and Iran, which relies on China for 30 percent of its foreign trade and in which China has pledged to invest $400 billion over 25 years. Iran, which has few export markets owing to sanctions over its nuclear program, sells oil to China at a steep discount.

The deal “boosts Beijing’s ability to project an image of itself as a constructive actor for peace, which will be helpful for fending off accusations from the West that it is supporting Russia’s invasion in Ukraine,” said Amanda Hsiao, Taipei-based analyst for the International Crisis Group.

“It demonstrates that China is trying to conduct competition in foreign diplomacy with the US, and not only in its immediate neighborhood,” said Wang Lian, an international relations professor at Beijing’s prestigious Peking University. The successful negotiations show the two countries “placed their trust in China,” Wang said.

China created the position of special envoy for the Middle East in 2002, focusing on Israel and the Palestinian Authority. While China sells drones and other weaponry to countries in the region, it does so nowhere on the scale of the United States and without political conditions.

Earlier, China moved aggressively to build ties in the South Pacific, signing a security agreement with the Solomon Islands that could see Chinese naval ships and security forces taking up a presence in the country. The US, Australia and others moved swiftly to shore up ties in the Pacific, and China’s efforts to ink similar agreements with other island nations ultimately foundered.

Having secured a norm-breaking third five-year term in office, Xi appears more confrontational than ever toward the West, with his foreign minister warning just days earlier of future “conflict and confrontation” with the US.

However, that strain of toughtalking “wolf warrior” diplomacy is mainly reserved for developed nations seen as rivals, while China has been “admirably diplomatic” with others, said Miami’s Dreyer. Having largely written off the democratic West, China has been willing to build close

10 historic occasions that help define Pope Francis’ first 10 years as pontiff

By Nicole Winfield

The Associated Press

VATICAN CITY—Pope

Francis marks the 10th anniversary of his election as pope on Monday. During that decade, several historic occasions, as well as several unplanned events, helped define the contours and priorities of history’s first Latin American pontiff. Visits with refugees in Italy and Greece, trips to Africa and the Arabian Peninsula, and the coronavirus pandemic and the death of his predecessor are some of the iconic moments that have shaped his papacy and influenced the direction of the Catholic Church at large.

July 8, 2013: Francis travels to the southern Italian island of Lampedusa for his first pastoral visit outside Rome to denounce the “globalization of indifference” that greets migrants who risk their lives trying to reach Europe. The plight of refugees would go on to become a major concern of his pontificate, including when he returned from Greece in 2016 with 12 Syrian migrants aboard his plane.

July 29, 2013: During his first airborne press conference as pope, Francis is asked about a purportedly gay priest and replies, “Who am I to judge?” His comment while flying home from World Youth Day in Rio de Janeiro signaled a more conciliatory, welcoming tone for LGBTQ Catholics who long felt marginalized by the church.

Nov. 29, 2015: Francis starts his yearlong Jubilee of Mercy by opening the holy door of the Bangui cathedral, bringing his message of peace to the conflictwracked Central African Republic. His emphasis on the church being a merciful “field hospital” of welcome would long outlast the official jubilee year.

Feb. 13, 2016: “We are brothers,” Francis says as he becomes the first pope to meet with the head of the Russian Orthodox Church, Patriarch Kirill. The historic meeting in Havana, Cuba, wouldn’t be repeated, as hoped, following Russia’s 2022 invasion of Ukraine.

February 4, 2019: Francis signs a document pledging Christian-Muslim cooperation to work for peace with the grand imam of Egypt’s Al-Azhar, the seat of Sunni learning, during the first-

ever papal trip to the Arabian Peninsula. The “Human Fraternity” document would go onto become a cornerstone of the pope’s effort to forge better relations with the Muslim world.

October 21, 2019: Conservative Catholic activists steal three Amazonian Indigenous statues from a Vatican-area church and throw them in the Tiber River, claiming they were pagan idols. The so-called “Pachamama” stunt during Francis’ synod on the Amazon epitomized the depth of conservative opposition to the pope, which only intensified after he launched a crackdown on the use of the old Latin Mass.

November 24, 2019: Standing at the memorial to victims of the US atomic bombing in Hiroshima, Japan, Francis declares that not only the use but the mere possession of nuclear weapons is “immoral.” Francis’ position modified the Catholic Church’s position, which previously held that nuclear deterrence could be morally acceptable in the interim as long as it was used toward mutual, verifiable nuclear disarmament.

March 27, 2020: Francis prays in a hauntingly empty St. Peter’s

ties with authoritarian regimes from North Korea to Nicaragua.

Though China is active in UN peacekeeping operations, Beijing’s previous efforts at third-party mediation have sagged under the weight of its political baggage. A recent Chinese proposal calling for a cease-fire and peace negotiations between Russia and Ukraine went nowhere.

It’s too soon to say whether the agreement will bring lasting improvements between the two longtime adversaries, much less greater Middle Eastern stability. None of their fundamental conflicts appear to have been discussed.

But for Saudi Arabia, the agreement may facilitate its quest for an off-ramp from its proxy war against Iran-backed Houthis rebels in Yemen. And for Iran, it could contribute to greater regional stability at a time of mounting domestic problems.

Not everyone is happy about the agreement.

Under political pressure at home, Israeli Prime Minister Benjamin Netanyahu has threatened military action against Iran’s nuclear program as it enriches closer than ever to weapons-grade levels. Riyadh seeking

an accommodation with Tehran takes one potential ally for a strike off the table.

It was unclear what this development meant for Washington, whose Middle East presence has waned since the end of its withdrawal from Iraq and amid its growing energy independence.

However, the White House bristled at the notion that a Saudi-Iran agreement in Beijing suggests that Chinese influence could replace the US in the Mideast. “I would stridently push back on this idea that we’re stepping back in the Middle East—far from it,” National Security Council spokesman John Kirby said.

The fact that Saudi Arabia struck the agreement without Washington shows they are “seeking to diversify their bets on security and not rely wholly on the United States,” Jon Alterman of the Center for Strategic & International Studies, wrote in a note on the deal.

“The US government is of two minds on that; it wants the Saudis to take increasing responsibility for their own security, but it does not want Saudi Arabia freelancing and undermining US security strategies,” Alterman wrote. AP

Square for an end to the coronavirus pandemic on the day that Italy recorded the biggest jump in Covid-19 deaths. “We have realized that we are on the same boat, all of us fragile and disoriented, but at the same time important and needed, all of us now called to row together, each of us in need of comforting each other,” he says.

July 26, 2022: On the grounds of a former residential school in Canada, Francis apologizes to Indigenous peoples for the “catastrophic” and “evil” policy of forcibly assimilating Native peoples into Christian society. His Canadian apology tour followed a 2015 mea culpa in Bolivia for the “sins, offenses and crimes” of Europe’s colonial-era conquest of the Americas.

Jan. 5, 2023: Francis bids farewell to Pope Emeritus Benedict XVI, presiding over his funeral in St. Peter’s Square and closing out an unprecedented chapter in the history of the 2,000-yearold Catholic Church. Benedict’s 2013 resignation paved the way for Francis’ election, and the two men lived side-by-side in the Vatican for a decade as a retired and reigning pope.

IN this photo released by Xinhua News Agency, visiting Iranian President Ebrahim Raisi, left, shakes hands with Chinese President Xi Jinping before their meeting at the Great Hall of the People in Beijing on February 14, 2023. YAN YAN/XINHUA VIA AP

editorial

Courting disaster is sheer madness

The lessons of World War ll are so valuable to be ignored or forgotten. There were two major reasons why Japan invaded the Philippines on December 8, 1941. First, because it was an American colony, and second, to prevent the use of the Philippines as an advance base of operations by American forces in the region.

From Bloomberg, March 10, 2023: “China and the US have locked themselves into a new cycle of recriminations, provoking fresh worries that the world’s two biggest economies are heading down a path that could one day lead to the once unthinkable: the possibility of open conflict.”

Chinese Foreign Minister Qin Gang, who served as ambassador to the US before he was promoted, warned at the annual gathering of China’s National People’s Congress last week: “If the US does not hit the brakes, but continues to speed down the wrong path, no amount of guardrails can prevent derailing and there will surely be conflict and confrontation.”

US officials, for their part, said that China still hasn’t changed any of the behavior that’s drawn criticism, from assertiveness toward its neighbors to its efforts to steal the intellectual property of US companies and harass dissidents overseas. They said “the tone taken by Chinese diplomats and state media also made it more difficult to improve ties.”

The two countries remain in dispute over territorial issues in the South China Sea. China claims sovereignty over virtually the entire South China Sea, while the United States sees it as international waters and asserts the right for its warships and aircraft to conduct operations in the area.

On the part of the Philippines, China’s bullying in the West Philippine Sea —in our exclusive economic zone—has driven the Marcos administration to establish closer ties with the US. For example, the government is giving the US temporary access to four more of the country’s military bases.

The US currently has access to five Philippine bases, courtesy of the Enhanced Defense Cooperation Agreement: Cesar Basa Air Base in Pampanga, Fort Magsaysay in Nueva Ecija, Antonio Bautista Air Base in Palawan, Mactan-Benito Ebuen Air Base in Cebu province, and Lumbia Air Field in Cagayan de Oro.

According to news reports, the US asked for additional sites in Cagayan, Palawan, Isabela and Zambales.

Ian Easton, author of  “The Chinese Invasion Threat: Taiwan’s Defense and American Strategy in Asia,” said he is concerned that a major crisis is coming. “It is possible to envision this ending in an all-out invasion attempt and superpower war. The next five to 10 years are going to be dangerous ones. This flash point is fundamentally unstable,” he said.

President Joe Biden has said US forces would defend Taiwan in the event of a Chinese invasion. Although the White House quickly walked back the president’s remarks, saying Washington has maintained a “One China” policy since 1979, America’s Taiwan Relations Act requires the US to provide the self-ruled island with the means to defend itself.

USA Today: “US plans to expand its military presence in Philippines to counter threats against Taiwan.” The Washington Post: “The US military is poised to secure expanded access to key bases in the Philippines that could give US forces a strategic position from which to mount operations in the event of a conflict in Taiwan.”  Al Jazeera: “A top Republican in the US Congress says the odds of conflict with China over Taiwan “are very high” after a US general caused consternation with a memo suggesting war would happen in two years’ time.”

The Chinese Embassy in Manila on Sunday warned the Philippines against opening up additional sites under its Enhanced Defense Cooperation Agreement with the US, saying this will drag the country into “the Taiwan question.”

Anybody can figure out that the sites used by American forces in the country will be targeted for destruction in the event of a US-China war.

Sen. Imee Marcos, chairman of the Senate foreign relations committee, also sees the imminent threat to Philippine security. “Clearly, the expanded EDCA is addressing the escalation of tensions in the Taiwan Strait, not the Philippine interests in the West Philippine Sea,” she said.

It would do well for national leaders to keep a potentially terrible trouble from coming to the Philippines. As the saying goes, “those who do not learn history are doomed to repeat it.” Courting disaster is sheer madness. We should avoid the risk of war at all costs.

Inflation is beatable with better insights

Manny B. Villar

THE EnTrEprEnEur

rising inflation is not at all insurmountable. having reliable insights on supply and demand is crucial in keeping consumer prices steady, especially for a large market like the Philippines. Being on top of the situation will help us prevent sudden spikes in inflation as what happened last year.

The inflation rate fortunately slightly eased in February 2023 from a 14-year peak recorded a month earlier, signaling the uptrend in consumer prices may be over. Many economists, however, are convinced we are not out of the woods yet, as food inflation remains a source of concern.

But the government is showing a strong resolve to stabilize consumer prices. The steady cost of goods and services supports economic stability and sways other important indicators, such as hunger and poverty levels.

Per the data of the Philippine Statistics Authority, the inflation rate in February eased to 8.6 percent from 8.7 percent in January. With the latest figure, the Bangko Sentral ng Pilipinas may either raise the policy

I am optimistic that inflation, here and abroad, will eventually go down as the global supply chain adjusts to new developments. China is reopening its borders while global crude prices are certain to come down from their 2022 peaks.

interest rate again or temporarily hold its monetary tightening cycle to give the market time to cope with the 50-basis-point adjustment on February 17. That put the Philippine borrowing rate at 6 percent from a record low of just 2 percent less than two years earlier.

What affects market sentiment is not only local inflation but also the price index in the United States, which keeps the Federal Reserve hawkish in its stance. This leaves equity investors and analysts jittery, as a Fed rate hike will most likely force other central banks such as the BSP to follow suit. Otherwise, there will be complications such as the depreciation of the local currency against the US dollar.

While higher interest rates will temper demand for credit, they are

ineffective in addressing supplyside price pressures, such as shortages of food commodities. In fact, they are disincentives to farmers who need credit to plant rice, onion or sugar.

I am optimistic that inflation, here and abroad, will eventually go down as the global supply chain adjusts to new developments. China is reopening its borders while global crude prices are certain to come down from their 2022 peaks. If we could also bring down local prices to manageable levels, the impact of economic growth—which reached 7.6 percent in 2022—would be more inclusive and more felt by the people. Economic and labor indicators show that the Philippines achieved a robust recovery from the pandemic, following the reopening of the economy. The high level of inflation, however, threatens to defeat these gains.

Acknowledging the challenge, the administration of President

Ferdinand Marcos Jr. aims to bring down inflation, with a focus on monitoring food stocks and recalibrating strategies to alleviate the impact of high commodity prices. These include timely importation of commodities that the country could not sufficiently produce in a given period.

The proposal of the National Economic and Development Authority to convene a high-level inter-agency committee to advise the President on measures to keep food prices stable is also a step in the right direction.

For many years, we have produced and imported commodities based on historical market demand, without considering the fact that the Philippine population exceeded 110 million as early as 2021.

Suddenly, we are running short of many commodities like rice, onion and sugar—which we used to produce abundantly.

Food inflation remained high at 11.1 percent in February. Excessive food prices hurt the poor the most because they spend more than half of their income to feed their families. It is therefore in the best interest of the country to ensure food security to ease the burden on the vulnerable sectors of society.

Checking the root causes of high food prices will ease the plight of the poor and ensure economic stability in the years ahead.  See

John Mangun

The financial Big Three OuTSIDE THE BOX

There are three foundations, and therefore objectives, for everyone’s financial health and prosperity. These three apply to my 21st century son Adam.

However, the Big Three were also requirements for my Great-grandfather John W. born in 1853. Greatx2grandfather James born in 1755 and back to my Greatx6-grandfather John W. Sr. from 1654 who, through all their lives, marched to the tune of these three bedrocks of financial comfort.

The three financial foundations and goals are: continuous and steady employment/income, wealth growth over time, and financial security for the future.

At first look, these would appear to be an equilateral triangle in which all sides—income, growth, and security—have equal weight and importance. However, the way we manage our financial lives changes over time. There are different priorities as we grow. Prepare the field, plant the seeds and reap the harvest as the seasons change.

You plan for your higher earning years when you are in your twenties. But that is also a good time—if you can afford it—to buy life insurance

An economy must supply workers with jobs and employers need a steady supply of workers who have the skill and age qualifications to fill those positions. The economy must continually grow to create more jobs as population increases and to create and increase wealth. However, increased wealth must be genuine so that future economic prosperity feels secure with positive confidence in the future.

as the costs are low. The ‘Thirties’, earlier the better, is when a person should accumulate core assets—a home being the primary one. Our Forties and the later peak earning years is when you fund your ‘growth income’ opportunities such as a business (passive or active) and other investment opportunities.

If you have properly and effectively managed your financial affairs, the

Fifties should be a time when wealth growth intensifies and expands. The optimum situation would be that by the time you are “legally” if not physically/mentally a “Senior Citizen,” you have provided for yourself and loved ones a secure future that does not depend on the “kindness of strangers,” family, or government to live comfortably.

Too many people think that if they work and plan for steady income, wealth growth and security will naturally follow. Not true. Each of the Big Three is distinct even as they must function together. Further, you must prepare for one or two of the three to fail completely. The lockdowns taught that lesson to many who thought they had it all figured out.

As the “twenties” lead to the “thirties” and so on, also steady income leads to wealth growth, which leads to security. The reverse is true. No income means no growth, which means no security/confidence in the future.

China’s new premier strikes conciliatory tone on ties with US

New Chinese Premier Li Qiang touted trade ties with the US and questioned the need for decoupling, a sign that Beijing may be trying to put a floor under simmering tensions with washington.

Li said China and the US were “closely intertwined economically,” adding that both nations benefited from each other’s development and pointing to last year’s two-way trade, which climbed to a record.

“I know that in recent years, some in the United States have been trumpeting the idea of decoupling with China and sometimes it could become quite a hot topic in the media, but I wonder how many people can truly benefit from this kind of hype,” Li said.

The comments provide some optimism that relations between the world’s two biggest economies won’t fall further. Ties soured last month when the US shot down a balloon that it said had been spying. China called that an overreaction, saying the device was collecting weather data when it was blown off course.

Li’s comments contrast with remarks by President Xi Jinping a week ago, when he sought to rally China’s private sector to help overcome “containment” by the US and other countries—rare direct criticism of the nation’s biggest trading partner.

Shortly after that, the new foreign minister, Qin Gang, used his first major press briefing to declare that US competition “means to contain and suppress China in all respects,” comments that come as the Biden administration moves to cut China off from advanced technology.

In his remarks on Monday, Li also referenced Beijing’s view that

Villar. . .

Continued from A8

Fighting inflation is not an exclusive jurisdiction of the national government. The Department of Trade and Industry encourages local government units and their price coordinating councils to assist in price and supply monitoring and stabilization. I also believe that a whole-ofgovernment approach is necessary in managing inflation and pursuing food security.

In this connection, the Neda and the Department of Finance approved the creation of the Interagency Committee on Inflation and Market Outlook to serve as an advisory body to the President. The committee is tasked to lead the close monitoring of inflation, assess the supply-demand situation for energy and essential food commodities, provide forward estimates on various scenarios and

Mangun. . .

Continued from A8

The macro-economic system works the same way.

An economy must supply workers with jobs and employers need a steady supply of workers who have the skill and age qualifications to fill those positions. The economy must continually grow to create more jobs as population increases and to create and increase wealth. However, increased wealth must be genuine so that future economic prosperity feels secure with positive confidence in the future.

Here is the problem. Governments for the past 40 years have tried to manipulate economies and have failed miserably.

Thailand and South Korea artificially controlled currency exchange rates, which allowed business to borrow less expensive foreign money to expand and create jobs. Market forces always win, and their currencies disintegrated, killing jobs and economic growth.

Artificial personal wealth growth

“I know that in recent years, some in the United States have been trumpeting the idea of decoupling with China and sometimes it could become quite a hot topic in the media, but I wonder how many people can truly benefit from this kind of hype,” Li said.

Washington is trying to limit China’s progress, though his language wasn’t as harsh as that used by Xi and Qin.

Li said “China and the United States can and must cooperate,” adding that “encirclement and suppression are in no one’s interest.”

Li, who was Communist Party chief of Shanghai during the monthslong Covid lockdown last year, said that he’s had a lot of experience talking with executives at multinationals, including many from the US.

“They all told me that they were optimistic about the future of Shanghai and China,” he said. “They all hope to see cooperation between all countries in the world.”

Earlier this month, a report from the American Chamber of Commerce in China said that for the first time in about 25 years the Asian nation was not a top three investment priority for a majority of US firms, as geopolitical tensions and domestic economic issues drive businesses to increasingly focus elsewhere. With assistance from Zibang Xiao / Bloomberg.

submit timely recommendations to the President. This hopefully will avert excessive fluctuations in supply and prices before they play out in the market.

To have reliable insights, we should also watch global and regional developments that could affect commodity prices. As a part of the global market, the Philippines should work with other countries to bring in the commodities that it lacks and take advantage of export opportunities for local farmers and producers.

The quest for steady consumer prices requires good insights as well as the cooperation of everyone in the supply chain—from farmers and producers to traders and consumers—all working to balance supply and demand at all times.

For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar. com.ph

was manipulated in the property sector and when market forces destroyed the debt of unqualified and government subsidized borrowers, all the fake wealth creation was destroyed.

For more than a decade, artificial economic growth—hoping to create a sense of future security—through the manipulation of false low interest rates and massive public debt has succumbed to the reality of the greatest destroyer of future security that is uncontrolled price inflation.

“Rain poured down, rivers flooded, and winds beat against the house. But it was built on solid rock, and so it did not fall. A foolish person built a house on sand. Rain poured down, rivers flooded, and the winds blew and beat against that house. Finally, it collapsed with a crash.”

Building on rock solid foundations take time and effort. Building on sand is easy and cheap. You get out what you put in.

VAT on interest income

atty. Mabel L. Buted

Tax Law for Business

IS interest income subject to VAT?

To recall, sales that are subject to value-added tax (VAT) are those that are made in the course of trade or business. These cover sales of all tangible and intangible objects and the performance of all kinds of services. This means that the sale or transaction to be taxable must be regularly conducted in the pursuit of a commercial or economic activity.

The law also treats transactions undertaken that are incidental to the pursuit of such activity as entered in the course of trade or business. So, these incidental transactions are also subject to VAT. On what may be considered as “incidental,” it has been settled to include those that depend upon or belong to something else considered as primary or principal, or those which are incidental to the main purpose of the activity.

Interest income may be subjected to VAT if the grant of the loans or advances giving rise to the income is made “in the course of trade or business” or is considered as incidental to the trade or business. Unless the company is engaged in lending activity, this is usually difficult to determine. As a matter of fact, VAT on interest income has been the subject of many debates.

Recently, the Supreme Court (SC)

Interest income may be subjected to VAT if the grant of the loans or advances giving rise to the income is made “in the course of trade or business” or is considered as incidental to the trade or business. Unless the company is engaged in lending activity, this is usually difficult to determine. As a matter of fact, VAT on interest income has been the subject of many debates.

promulgated a decision further clarifying the VAT treatment of interest income (G.R. No. 186155, January 17, 2023). The subject of the case is the interest income earned by the company from the loans extended to its parent company and subsidiaries. The company is engaged in management services—managing, promoting, administering, or assisting in any business or activity of other corporations. The loans were extended only on few times during the taxable year. The purpose of the loan is to accommodate the related parties, which did not have existing credit lines with banks. The Court held that the income is not subject to VAT. The interest is not subject to VAT not because of the fact that the loans were granted on an isolated or occasional basis only. This is so, because an isolated transaction may still be considered an in-

cidental transaction that is subject to VAT. Instead, in ruling upon the case, the Supreme Court considered the presence or absence of intimate connection between the granting of financial assistance and the company’s primary purpose of providing management services.

In other words, to determine if an interest income is subject to VAT, there should be a resolution as to whether the loans are related or connected with the conduct of the main business activity of the company. And if there is, it is at this instance where the interest income arising from the loans would be subjected to VAT. Otherwise, in the absence of any relation or connection of the grant of loans with the primary business of the entity, the interest will not be subjected to VAT. To illustrate—in a sale of an asset, the asset must have been actually used in the business before the said sale may be subjected to VAT.

Russian advance stalls in Ukraine’s Bakhmut, think tank says

By Karl Ritter | The Associated Press

KYIV, Ukraine—Russia’s advance seems to have

stalled

in

In the same case, the SC concluded that the loans extended by the company had no connection with its main business. The SC did not agree with the decision of the tax court stating that the granting of the loan to the related parties as a form of financial assistance was covered in purpose of the company of “assisting” other entities. This cannot be embraced in its activity of managing, controlling, or directing the affairs of, or advertising or publicizing, the business operations of another. Because there is no connection or relation established between the activity that gave rise to the income and the main business of the company, it cannot be said that the loans were made in the course of trade or business nor considered an incidental transaction. Therefore, the interest arising from the loans is not subject to VAT. I hope the SC has clarified the “VATability” of interest income. But if you have doubt on the “VATability” of your interest income, seek the help of your counsel.

The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@ bdblaw.com.ph or call 8403-2001 local 160.

Moscow’s

campaign

to capture the eastern Ukrainian city of Bakhmut, a leading think tank said in an assessment of the longest ground battle of the war.

The Washington-based Institute for the Study of War said there were no confirmed advances by Russian forces in Bakhmut. Russian forces and units from the Kremlin-controlled paramilitary Wagner Group continued to launch ground attacks in the city, but there was no evidence that they were able to make any progress, the ISW said.

The founder of the Wagner Group, Yevgeny Prigozhin, said Sunday on the Telegram messaging app that the situation in Bakhmut was “difficult, very difficult, with the enemy fighting for each meter.”

The ISW report issued Saturday cited the spokesperson of the Ukrainian Armed Forces’ Eastern Group, Serhii Cherevaty, who said that fighting in the Bakhmut area had been more intense this week than the previous one. According to Cherevaty, there were 23 clashes in the city over the previous 24 hours.

The ISW’s report comes following claims of Russian progress earlier this week. The UK Defense Ministry said Saturday that paramilitary units from the Kremlin-controlled Wagner Group had seized most of eastern Bakhmut, with a river flowing through the city now marking the front line of the fighting. The assessment highlighted that Russia’s assault will be difficult to sustain without more significant personnel losses.

The mining city of Bakhmut is located in Ukraine’s eastern Donetsk province, one of four regions of Ukraine that Russian President Vladimir Putin illegally annexed last year. Russia’s military opened the campaign to take control of Bakhmut in August, and both sides have experienced staggering casualties.

Ukrainian President Volodymyr Zelenskyy has vowed not to retreat.

In its latest report, the UK Defense Ministry said Sunday that the impact of heavy Russian military casualties in Ukraine varies dramatically across Russia. The British military’s intelligence update said Moscow and St. Petersburg remained “relatively unscathed,” particularly among members of Russia’s elite.

In many of Russia’s eastern regions, however, the death rate as a percentage of the population is “30-40 times higher than in Moscow,” the UK ministry said. It added that ethnic minorities often take the biggest hit.

In the southern Astrakhan region, for example, about “75% of casualties come from the minority Kazakh and Tartar populations.”

Russia’s mounting casualties are reflected in a loss of government control over the country’s information sphere, the Institute for the Study of War said. The think tank said Russian Foreign Ministry spokesperson Maria Zakharova confirmed “infighting in the Kremlin inner circle” and that the Kremlin has effectively ceded control over the country’s information space, with Putin unable to readily regain control.

The ISW saw Zakharova’s comments, made at a forum on the “practical and technological aspects of information and cognitive warfare in modern realities” in Moscow, as “noteworthy” and in line with the think tank’s long standing assessments about the “deteriorating Kremlin regime and information space control dynamics.”

In a separate statement, Zakharova said Sunday that the next round of talks regarding extending the Black Sea grain deal would take place Monday in Geneva. A Russian delegation is expected to meet with top UN officials. The deal currently is

Russia’s mounting casualties are reflected in a loss of government control over the country’s information sphere, the Institute for the Study of War said. The think tank said Russian Foreign Ministry spokesperson Maria Zakharova confirmed “infighting in the Kremlin inner circle” and that the Kremlin has effectively ceded control over the country’s information space, with Putin unable to readily regain control.

set to expire on March 18.

The wartime agreement that unblocked grain shipments from Ukraine and helped temper rising global food prices was last extended by four months in November.

The deal, which Ukraine and Russia signed in separate agreements with the UN and Turkey on July 22, established a safe shipping corridor in the Black Sea and inspection procedures to address concerns that cargo vessels might carry weapons or launch attacks.

Ukraine and Russia are key global suppliers of wheat, barley, sunflower oil and other food to countries in Africa, the Middle East and parts of Asia where millions of impoverished people lack enough to eat. Russia was also the world’s top exporter of fertilizer before the war.

A loss of those supplies following Russia’s full-scale invasion of Ukraine in February 2022 had pushed up global food prices and fueled concerns of a hunger crisis in poorer countries.

Zelenskyy said Sunday that he posthumously conferred the highest national title, Hero of Ukraine, on a soldier who is thought to have been killed by Russian-speakers. Zelenskyy identified him as Oleksandr Matsiyevsky, although the Ukrainian military previously gave a different name for the soldier pending final confirmation.

A brief video that surfaced this month and caused a national outcry in Ukraine showed a man

standing and smoking a cigarette in a wooded area and exclaiming “Glory to Ukraine” before being cut down with gunfire. Senior Ukrainian officials alleged, without providing further evidence, that the man was an unarmed prisoner of war killed by Russian soldiers.

Matsiyevsky was “a Ukrainian warrior. A man who will be known and remembered forever,” Zelenskyy said. Ukraine’s national security service, the SBU, said Matsiyevsky had served as a sniper and was shot on December 30.

Ukrainian authorities reported Sunday morning that Russian attacks over the past day killed at least five people and wounded another seven across Ukraine’s Donetsk and Kherson regions, local Ukrainian authorities reported Sunday morning.

Donetsk Gov. Pavlo Kyrylenko said that two people were killed in the region, one in the city of Kostyantynivka and one in the village of Tonenke. Four civilians were wounded.

Also in the Donetsk province, Sloviansk Mayor Vadim Lyakh said the power grid and railway lines were damaged by Russian shelling on Sunday, but didn’t report any casualties.

Local officials in the southern Kherson province confirmed that Russian forces fired 29 times on Ukrainian-controlled territory in the region on Saturday, with residential areas of the regional capital, Kherson, coming under fire three times. Three people died in the province and a further three were wounded.

A woman was wounded in Russian shelling in the village of Bilozerka on Sunday, just outside Kherson.

In Kharkiv province, three districts came under fire, but no civilian casualties were reported.

The governor of the Mykolaiv region, Vitali Kim, said the town of Ochakiv at the mouth of the Dnieper River came under artillery fire early Sunday. Cars were set ablaze and private houses and high-rise buildings sustained damage. No casualties were reported.

A10 Tuesday, March 14, 2023

GCG SETS TALKS WITH GOCCS ON PAY ISSUES

THE Governance Commission for GOCCs (GCG) will hold a series of dialogues with GOCCs to iron out issues surrounding the government workers’ salaries and benefits following the last tranche of the salary standardization.

I n a statement, the GCG urged all GOCCs to discuss with the oversight agency their issues concerning the Compensation and Position Classification System (CPCS) and employee welfare “as part of its dynamic and collaborative approach to providing excellent public service.”

T he GCG pointed out that it received about P48 million under the 2023 national budget to conduct a study on the government compensation structure of different national government agencies and GOCCs.

“ Chairperson Justice Alex L. Quiroz (ret.) assured that the Governance Commission would submit the required recommendations to the Office of the President and continue its

transparent and constructive engagement with the GOCC Sector to resolve CPCS issues,” GCG said in a statement on Monday.

“ The GCG remains steadfast in its mandate as the central advisory, oversight, and monitoring body for GOCCs, to institutionalize transparency, accountability, financial viability, and responsiveness in corporate performance by monitoring and evaluating GOCCs’ performance,” GCG added. GCG Head Executive Assistant and Chief of Staff Atty. Remus Romano A. Reyes said the agency is open to discuss all issues involving GOCCs aside from the CPCS.

While we forge ahead with our mandate and espouse G.R.E.A.T to the GOCC Sector, we encourage open communication and collaboration to address concerns whether related to the CPCS or Performance Targets.  Para sa mga GOCCs, handa ang GCG. Mag-usap tayo  [For the GOCCs, the GCG is ready. Let’s talk],” Reyes said.  Jasper Emmanuel Y. Arcalas

Foreign chambers urge Senate: Pass PTSB bill

By Andrea E. San Juan

THE members of the Joint Foreign Chambers (JFC) of the Philippines are calling on the Senate to start its deliberations on Senate Bill 1121, the law creating the Philippine Transportation Safety Board (PTSB), at the soonest possible time, noting the urgent need to institute “structural” reforms in the air transport sector.

I n a statement on Monday, the JFC said, “The incident at the [Ninoy Aquino International Airport] NAIA, and the disruption it caused to air transportation throughout the country, is a strong reminder of the need to pass laws to institute structural reforms in the air transport sector.”

O n New Year’s Day, the air traffic shutdown stranded tens of thousands of passengers and disrupted nearly 300 flights. In line with this, Senator Grace Poe recently renewed her pitch to enact PTSB, saying this will pave the way toward  “safer and more effective journeys for all Filipinos.”

Poe also noted that such should “prompt the creation of the PTSB to expedite investigations, exact accountability and prevent the occurrence of similar tragedies.”

I n her sponsorship of SB 1121, Poe stressed: “We need an independent agency that shall conduct independent, thorough, and truthful investigations, and provide corresponding and critical recommendations.”

W hile the senator acknowledged last week that the Department of Transportation (DOTr), Civil Aviation Authority of the Philippines (CAAP), Maritime Industry Authority (MARINA) and other concerned agencies can also look into accidents within their jurisdiction, Poe believes “an independent and dedicated agency can more efficiently and expeditiously address such incidents.”  “

what we saw

Region-based tack pitched for high underemployment

By Samuel P. Medenilla @sam_medenilla

ing the New Year fiasco at the airport, CAAP will never say that they were remiss with their maintenance. When a ship sinks, MARINA will never say that they failed to conduct the proper inspection. And when a fatal train accident occurs, DOTr will never admit that they bought a malfunctioning train or that corners were cut during construction,” Poe said.

A ddressing the Jan. 1 air traffic management system glitch, however, is only the tip of the iceberg of the recommendations contained in Senate Committee Report (CR) No. 39 supported by the foreign business groups.

O ther recommendations embodied in the Senate’s CR are the amendment of the Civil Aviation Authority of the Philippines (CAAP) charter to strengthen CAAP as an agency and to decouple its “conflicting” functions as regulator, operator, and investigator.

A ccording to the JFC, the passage of bills creating the PTSB and the Philippine Airports Authority are also contained in the recommendations of the Senate committee report. These recommendations, JFC said, will allow for more “efficiency and transparency” in the sector.

We urge relevant Committees in both chambers to conduct public hearings on the bills pending at the committee level and for the Senate to commence deliberation on SB No. 1121 at the soonest possible time,” JFC stressed.

T he members of the JFC, alongside other industry associations such as the Safe Travel Alliance, Air Carriers Association of the Philippines, and the International Air Transport Association said they have long “advocated” for these reforms.

We are optimistic that with congressional, executive, and private sector support, we will finally see their enactment in the 19th Congress,” the business and industry groups said.

I n a press statement, the Trade Union Congress of the Philippines (TUCP) said by identifying the top performing industries in the region, the government can prioritize its interventions on regional sectors, which have the most potential of providing permanent and decent jobs.

It said the list can also guide companies to establish their operations in areas, which could provide their needed resources and workforce.   “

Pinpointing and upscaling these identified products and industries will generate new jobs, bolstered by fiscal incentives and

tax breaks,” TUCP said.   T UCP Vice President Luis Corral said the list can be included in the pending Labor and Employment Plan (LEP) of the Department of Labor and Employment (DOLE).

“ The LEP should provide for a roadmap on the use of TESDA (Technical Education and Skills Development Authority) and TUPAD (Tulong Panghanapbuhay sa ating Disadvantaged/Displaced Workers) to prepare the workforce of each region through job-matching, upskilling, and ensuring temporary job support, during lean times,” Corral told

BusinessMirror in a SMS.

T UPAD is the emergency employment program which provides light public works to qualified beneficiaries.

T he labor group issued the statement after the Philippine Statistics Authority (PSA) reported last week the underemployment rate accelerated to 14.1 percent in January from 12.6 percent in December 2022.

T UCP expressed concern over the trend since it showed more workers are now “trapped in

precarious work which is largely either short-term contractual arrangements” amid high inflation.  “ These are not decent jobs whose income can sustain the health and productivity of working families,” TUCP stressed.

“ Unless our Economic Managers address poor job quality and the inflationary environment, new entrants to the labor force will be joining the queue of millions of job-sharing workers who can never bring in nutritious food to their family’s table,” it added.

A side from its proposed region-based promotion strategy, TUCP also reiterated its call for a revitalized national infrastructure program, government financial and technical aid for micro, small, and medium enterprises (MSMEs) and their workers, as well as bringing down food and power inflation to help improve the quality of employment in the country.

TUCP urgently calls on our Economic Managers to adopt the TUCP jobs agenda as the roadmap to inclusive growth and towards building a fair and more decent society,” the labor group said.

Israel, San Juan, Mkti Med unite vs cancer

SEVENTY women-beneficiaries were provided with free PAP Smear, breast exam, and consultation in celebration of Women’s Month in San Juan City on Monday.

T his was made possible with the collaboration among the Embassy of Israel headed by Ambassador Ilan Fluss, through Mashav, the Israeli agency for international development cooperation in the Ministry of Foreign Affairs; and San Juan City Mayor Francis Zamora, with Makati Medical Center Foundation and Operation Blessing, as they launched the ISHA Project.

Z amora said that those who will test positive for cancer will be jointly helped by the Makati Medical Center Foundation and Operation Blessing in seeking treatment.

“ Mr. Ambassador, we are very thankful that you’ve chosen the city of San Juan to be the venue of this wonderful project,” Zamora said as he recalled that his wife Keri was diagnosed a few years ago with stage 3 breast cancer.

“ It was the hardest point in our lives. But through God’s grace, prayers, and faith, she’s strong and healthy. So every time there is a program for breast cancer, it

is close to our hearts. We have experienced how hard it is to battle cancer. That’s why we’re thankful that there are people like Amb. Fluss, Marge (Barro, of MakatiMed Foundation), and John (Howe of Operation Blessing) to help us in our program for women,” the mayor added.

T he Executive Director of Makati Medical Center Foundation, Barro, also addressed the audience and said, “On behalf of our board of trustees, we would like to thank Mayor Zamora, Amb. Ilan Fluss, and Operation Blessing for this opportunity to

be able to serve the City of San Juan. We are looking forward to working with you towards securing the health security of the City of San Juan. Sa lahat ng kababaihan  [To ll women] this morning, we celebrate you!”

T he ISHA Project was coined after “Isha” which means “woman” in Hebrew. It aims to serve as an efficient and effective tool for responding to the health and wellness needs of Filipinas with limited access to health services, particularly tests that help detect cervical and breast cancer.

THE country’s largest labor group called for the creation of a regionbased industry promotion strategy to address high underemployment nationwide.

SAN Juan City Mayor Francis M. Zamora together with his wife Keri, Israeli Ambassador to the Philippines Ilan Fluss and wife Gila launch Project ISHA in San Juan City, on Monday, March 13, 2023. At least 70 women-beneficiaries will be provided free PAP Smear, breast exam and consultation in celebration of Women’s Month. Those who are found positive for cancer will be jointly helped by the Makati Medical Center Foundation and Operation Blessing in seeking treatment. NONOY LACZA

CORRAL

25.

WANG, GUANGPING Mandarin Deck Officer

Brief Job Description: The mandarin deck officer will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals.

59,999

Basic Qualification: Proven experience as mandarin deck officer, familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan.

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

Basic Qualification:

26.

YING, WENLONG Mandarin Deck Officer Brief Job Description: The mandarin deck officer will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals.

Proven experience as mandarin deck officer, familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan.

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

27.

TANG, FAYOU Mandarin Security Officer

strategic business BusinessMirror A11 www.businessmirror.com.ph Tuesday, March 14, 2023

Brief Job Description:

Basic

Basic ZHANG, DAOQING Mandarin Security Officer Brief Job Description: Proven experience as mandarin security officer, familiarity, knowledge and awareness on machinery and heavy equipment use by company. Demonstrable experience in developing strategic business plan.

The mandarin security officer will be a strategist and a leader able to steer the company to the

Qualification: Basic Qualification: The mandarin security officer will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals. Salary Range: Php 30,000 - Php 59,999 CHINA ROAD AND BRIDGE CORPORATION Unit 2605, 2607, 2608, & 2609, High St. South Corporate Plaza, Tower 1, 9th Avenue Corner 26th St. Bonifacio Global City, Fort Bonifacio, City Of Taguig 30.

The mandarin security officer will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals. SHAO, YUE Procurement Officer Brief Job Description: Overseeing all activities of the Purchasing Department

Basic Qualification: Experience in procurement management / fluent in Chinese and English language Salary Range: Php 60,000 - Php 89,999 CHROMELAB TECHNOLOGIES INC. 25/f Techzone Bldg., 213 Sen. Gil Puyat Ave., San Antonio, City Of Makati 31.

as mandarin security officer, familiarity, knowledge and awareness on machinery and heavy equipment use by company. TON CAM VINH Bi-lingual Speaking Data Analyst Executive Brief Job Description: Interpret data, analyze results using statistical techniques and provide ongoing reports

plan.

experience in developing Basic Qualification: Fluent and proficient in writing and speaking at least 2 of the following languages: English, Mandarin, Cantonese, Thai, Bahasa Malaysia, Bahasa Indonesia, Korean, Spanish and Portuguese Salary Range: Php 30,000 - Php 59,999

65.

creatively across multiple projects and platforms at the same time.

Basic Qualification: A passion for delivering excellent customer service, Excellent communication skills in Chinese, both spoken and written, Previous experience in a similar role in the offshore/ online gaming industry or less experience but a good attitude and motivation to learn.

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

TIAN, YANG Gaming Support Specialist

Brief Job Description:

Being the voice of our players within our fastgrowing online/offshore gaming platform, stay on track with the game updates, implementing procedures to support players, work creatively across multiple projects and platforms at the same time.

Basic Qualification: A passion for delivering excellent customer service, Excellent communication skills in Chinese, both spoken and written, Previous experience in a similar role in the offshore/ online gaming industry or less experience but a good attitude and motivation to

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

Editor: Jennifer A. Ng

Tuesday, March 14, 2023

Car sales for ‘23 to exceed pre-Covid levels—Campi

By Andrea E. San Juan @andreasanjuan

The Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) and Truck Manufacturers Association (TMA) expressed optimism that the local auto industry’s sales for this year would exceed pre-pandemic levels.

Campi and TM a said they expect vehicle sales for 2023 to reach 3 95,000 units, a level that is also higher than last year’s 352,596 units.

“Members of C a M PI and TM a r emain optimistic that it will further grow by 10 to 15 percent, heading towards the 395,000-unit sales m ark this 2023 from the actual sales of 352,596 units recorded last year,” Campi President Rommel R. Gutierrez said in a statement on Monday.

a c cording to C a M PI-TM a , t heir sales forecast for this year is higher than the pre-pandemic levels, second only to the industry’s performance in 2017 or a year prior to the i mplementation of excise tax under the Tax Reform for a c celeration and Inclusion (TR a I n ) l aw. Data from the joint report released by the two groups in January 2020 showed that the industry finished 2019 with 369,941 units.

a s c ar sales in February rose by 27.2 percent year-on-year, Gutierrez said the industry is “continuously progressing from the course of the pandemic.”

a joint report released by Campi and TM a on Monday indicated that new motor vehicle sales for February reached 30,905 units, higher than the 24,304 units recorded a year ago.

In the first two months of 2023, Campi-TM a sold 60,404 units, 34 percent higher than the previous year’s level.

On a monthly basis, data indicated that car sales grew by 4.8 percent to 30,905 units in February from 29,499 units in January.

a m ong all the vehicle segments, the a s ian utility vehicle, commercial vehicle, and light commercial vehicle posted gains last month.

In contrast, sales of trucks and buses fell by 39.4 percent year-todate to 100 units from the 165 units recorded last year.

Toyota Motor Philippines Corp. led year-to-date sales with 28,299 units, followed by Mitsubishi Motors Philippines Corp. with 10,656 units,

ERC starts review of secondary price cap

By Lenie Lectura @llectura

additional power plants to bolster the country’s supply requirements.

and Ford Motor Company Phils. Inc. with 4,171 units.

a c cording to Gutierrez, “favorable various economic indicators a re prevailing, leading to improving the overall outlook of the economy alongside increasing consumer demand for new motor vehicles.”

I n an interview with reporters last February, the Campi chief said the industry is banking on pent-up demand and the “many models” which w ould boost sales. He said “the auto industry is optimistic of its continued expansion from the demand-side s tandpoint.”

Gutierrez, however, said the industry is “mindful” of supplyside challenges which may hamper growth. He noted that some car models, especially those sourced from Japan, are still affected by the shortage of microchips.

Campi-TM said total industry sales forecast for the year is 408,00 units, which includes exclusive members of the a s sociation of Vehicle Importers and Distributors and MG Motors Phils. (Morris Garages).

Ginebra sidesteps threats in 2022

By VG Cabuag @villygc

San Miguel Inc., the liquor maker of conglomerate San Miguel Corp., had set a record net income of P4.5 billion last year, 9 percent higher than the previous year’s P4.17 billion.

The company said it achieved such growth despite the global supply chain disruptions, high inflation and the weakening of the peso a gainst the US dollar.

Consolidated sales for the year reached P47.3 billion, 11 percent more than the previous year’s P42.53 billion, while income from operations reached P6 billion, 13 percent higher year-on-year.

Strong brand equity, relevant campaigns, and a continuous push

to expand distribution coverage in new markets enabled Ginebra to sustain its volume ascent and remain the market leader in the hard l iquor category.

“The company is one of the few companies that continued to grow despite the challenges of the past years. This is genuine proof of the company’s strength and true resiliency,” Ginebra President and CEO R amon S. a n g said.

In 2022, total volume growth of 7 percent across various product lines significantly boosted the c ompany’s bottom line.

Flagship brand Ginebra San Miguel delivered record-breaking sales volumes, the highest in the history of the brand.

Chinese wine Vino Kulafu also saw substantial volume increases in 2022, while GSM Blue Flavors and Primera Light Brandy sustained high volume growth as the popularity of these brands continued to r ise and Ginebra’s most premium product, 1834 Premium Distilled Gin continues to impress even the most discerning consumers. Other existing premium brands such as its Premium Gin and a n tonov Vodka also got an upgrade.

Ginebra’s board, in a meeting held last week, also approved the declaration and payment of regular cash dividends of P0.75 and special cash dividends of P1.75 on common shares to all shareholders of record as of March 24.

ACEN, US firm to develop RE projects in India

aCE n Corp. and United Statesbased renewable energy (RE) firm Bright n i ght LLC are teaming up to develop over 1.2 gigawatts (GW) of hybrid RE projects in India.

They will jointly construct and operate large-scale hybrid windsolar and round-the-clock renewable power projects that will cater to utility offtakers and the growing commercial and industrials customers. The demand for energy in India is expected to grow faster than any other nation over the next decade.

aC E n and its partners already own a solar farm portfolio of 450 MW of operating and under construction assets in India. Brightn i ght, meanwhile, brings its advanced India portfolio, experienced local team, and differentiated capabilities to develop and optimize large scale, multi-technology hybrid renewable power plants.

Under the partnership, aC E n will deploy a $250-million equity plus related performance guarantees to support Bright ni ght’s existing portfolio and future growth, including a differentiated 100 MW co-located, wind-solar project in the resourcerich state of Maharashtra.

“With this partnership, we are significantly strengthening our foothold in India’s fast-growing market as we shift from pure solar play to multi-technology renew -

ables. We look forward to working with Bright n ig ht’s highly experienced local team as our combined expertise will help India progress towards their energy transition goal and spur the global transition towards a n e t Zero economy,” said a C E n I nternational CEO Patrice Clausse.

Bright ni ght, according to its CEO Martin Hermann, and aC E n have a shared vision on delivering what the India market requires: dispatchable, reliable, and affordable clean power.

a C E n is one of the largest and most respected renewables investors in a s ia Pacific, and we are honored that they have chosen to work with us. They have demonstrated success in scaling and operating large fleets of renewable assets through strategic partnerships across the region,” added Hermann.

Bright ni ght is developing a global portfolio of 23 GW across the US and a s ia Pacific, including India, a u stralia, the Philippines, and Bangladesh, and is backed by some of the most respected investors in the global energy sector.

HSBC acted as financial advisor to Bright n i ght for this transaction, King & Spalding LLP and Clifford Chance LLP acted as international legal advisors, Cyril a m archand Mangaldas and Khaitan & Co LLP as Indian legal advisors, and EY and GT acted as global tax advisors.

aC E n is the listed energy platform of the ay ala Group. The company

about 4,000

ity from owned facilities in the Philip -

pines, Vietnam, Indonesia, India, and a u stralia, with a renewable share of 98 percent, which is among the highest in the region. Lenie Lectura

THE E nergy Regulatory Commission (ERC) has commenced the review of the secondary price cap (SPC), a mechanism that puts a ceiling on traded power whenever prices shoot up in the Wholesale Electricity Spot Market (WESM).

While the secondary price cap is being implemented to protect consumers from higher WESM prices, the imposition of the cap curtails new investments in the energy sector.

The agency said Monday it is already conducting a review of the price cap. However, ERC initial analysis showed that, with SPC in place, price signals are distorted and actual market results do not necessarily reflect the true cost of generation. This blurs planning exercises on energy security and dampens investors’ interest in the Philippine power generation sector.

“The ERC needs to do a balancing act, as is the role of the regulator in our system. We need to ensure that the regulatory framework incentivizes investors to pour in more capital by building

a t t he same time, we cannot discount the fact that the price cap is a preventive measure to protect the consumers from the immediate impact of high market prices,” ERC Chairperson Monalisa Dimalanta said.

Earlier, Energy Secretary Raphael Lotilla identified the SPC as one of the “stumbling blocks” that prevent the entry of new investors in the Philippine power sector.

“The secondary price cap has been imposed way back in 2013, but this has been difficult to lift at this time because of the impact on prices. But we will have to deal with this if we want to attract more investments down the line,” Lotilla had said.

The Philippine Independent Power Producers a s sociation (PIPPa ) h ad said the cap is not reflective of the real situation of the energy sector.

a s e arly as 2014, PIPPa h as been advocating the removal of the SPC to provide proper price signal for additional investments in the generation sector.”

AirAsia sells more seats

By Lorenz S. Marasigan @lorenzmarasigan

BUDGET carrier a i r as ia Philippines said on Monday it recorded a 95-percent increase in seats sold in March, owing to its competitive prices as well as the rising demand for travel post pandemic.

Steve Dailisan, the carrier’s communication and public affairs head, said in absolute figures, the increase sums up to 475,000 booking requests, with Cebu, Boracay, Tacloban, Taipei, Bangkok, and Seoul topping the most booked destinations.

a i r a s ia’s competitive pricing is still seen as among the top motivators for guests choosing to fly with us. Our

effort of mounting different online and on-ground travel promos is our way of providing the best value for our guests’ hard-earned money,” he said.

Dailisan said the budget carrier aims to “sustain this momentum” by providing passengers with more deals, announcing its new round of seat sale until March 19.

“We advise our guests to plan ahead and book their flights earlier to enjoy affordable rates. We also invite our guests to regularly visit our website and download the airasia Super a p p for exciting deals on hotels and activities,” Dailisan added. a i r a s ia targets to restore “most” of its international destinations this quarter.

has

MW of attributable capac

PCCI’S 1ST GENERAL MEMBERSHIP MEETING. The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, held its 1st General Membership Meeting on Thursday (March 9, 2023) at the Makati Diamond Residences in Makati City with the theme "Achieving A Sustainable Economy Through Efficient Taxation Policies and Reforms" with guest of honor and keynote speaker Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. Photo shows Lumagui Jr. (4th from left) with (from left) PCCI honorary chair and committee-incharge for membership Ma. Alegria "Bing" Sibal-Limjoco, PCCI President George Barcelon, Department of Science and Technology Secretary Renato Solidum Jr., PCCI honorary chair and treasurer Sergio Ortiz Luis Jr., and PCCI director Arch. Felino Palafox Jr. after delivering his keynote address in front of over 200 PCCI members from national and local chambers.

Photo from www.sanmiguel.com

How to avoid falling into a debt trap?

IN the 1930s, an elderly Tonto tells a young boy the tale of John Reid, the Lone Ranger, who departs on his white stallion, Silver, and would shout, “Hi-Yo, Silver! Away!”

The Lone Ranger is so named because the character is the last survivor of a group of Texas Rangers. An idealistic lawyer, he rides with his brother and fellow Texas Rangers pursuing the notorious Butch Cavendish. Ambushed by the outlaw and left for dead, Reid is rescued by the renegade Comanche, Tonto, and offers to help him bring Cavendish to justice. Becoming a reluctant masked rider with a seemingly incomprehensible partner, Reid pursues the criminal against all obstacles. However, John and Tonto learn that Cavendish is only part of a far greater injustice and the pair must fight it in an adventure that would make them a legend.

In the present day, there are a lot of rangers who are going after people from the middle class. One of them can be seen on the road, especially along Ayala Avenue, Makati City, passing out flyers to passersby. Some rangers stay in the office and hunt down people using the power of technology. Another one can be seen in the malls encouraging people to get their product that come with a gift such as umbrella. I am not stranger to this as I often oblige just to get their freebies. These rangers are so good in convincing their targets that if one is not careful, he runs the risk of falling into the debt trap.

These rangers are what we all the “Loan Rangers.” Their job is to get people to agree to the idea of what they are offering. The first kind offers quick cash loan even without collateral. If one is in dire need of money, he will not think twice in availing of that offer.

The second one is the credit card offer that, upon approval, will mean instant money that can be withdrawn anytime. This is a great convenience, especially during time of need. However, convenience has a price.

If mismanaged, the temporary convenience will become a source of unnecessary stress coming from the building up of interest charges. The temporary joy of getting easy money will be replaced by anxiety and worry.

Not only that, another set of ranger will haunt him. This time around it will be from the collecting department who will use harassment in order to have the borrower pay up.

I have often encountered people who are deep in credit card debt who are often sought by credit card companies for their growing outstanding

Investors demanded higher yields for short-term T-bills

By Jasper Emmanuel Y. Arcalas @jearcalas

Leon said the auction committee made the decision to “ensure rates are within secondary levels.”

debt. They will often blame credit card companies for their misery but, in reality, it is their wrong behavior that has led them to their present predicament. Please allow me to share some techniques whenever these loan rangers communicate with me:

1. Decline the offer. This is the best way to prevent going into debt. Since this is an offer that will definitely take away money from your pocket, politely decline the offer. I always use a joke to ward them off. I tell them that I always have “asthma” when I receive such offers. When they ask me to elaborate, I smilingly tell them that I have to “ask my [asthma] wife.” This is only an alibi but it works for me.

2. Make a counter-offer. Since I am in the field of sales, what I do when I am being offered is to gradually shift the topic and turn the table around. I will be the one making an offer to the point that the sales agent will try his best to end his conversation with you. I used the Golden Rule “Do unto others what you would like others do unto you” to scare them away.

3. Accept the offer. If all else fail, just accept the offer and do not use it. Many times I was offered credit card and when I run out of reasons, I accept the offer but make it a point to keep the card away from me. Out of my 15 credit cards, I only use 2 (one for personal use and one for corporate use). Credit cards are handy, especially in times of emergencies. Just do not abuse it.

Instead of being the target of the loan rangers in getting our money, one must try his best to be a lone ranger in looking for people or group who can help in improving his finances just like I experienced in the past. Having learned personal finance a decade ago, I decided to become a lone ranger who runs after knowledgeable people and group to learn more.

Are you hunted by the loan ranger or are you a lone ranger?

Edmund Lao is a registered financial planner of RFP Philippines. To learn more about personalfinancial planning, attend the 100th RFP program this March 2023. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-6248110.

With the auction committee’s decision, the Treasury successfully borrowed a total of P12.837 billion out of its target amount of P15 billion.

This is now the fourth consecutive week that the national government was unable to fully raise its intended amount from the sale of T-bills.

The Treasury awarded P3.781 billion out of the P6.091 billion total bids for the 91-day T-bill. The debt paper fetched an average rate of 4.664 percent with a range of a low of 4.57 percent to a high of 4.75 percent.

For the 182-day debt paper, the

Treasury raised P4.056 billion, which saw rates averaging 5.437 percent. The total bids for the debt paper reached P7.816 billion.

Meanwhile, the 364-day T-bill fully raised P5 billion. The debt paper was oversubscribed by 1.54 times as total offers reached P7.722 billion.

The average rate for the 364-day T-bill settled at 5.717 percent with the investors bidding for yields as low as 5.69 percent to a high 5.775 percent.

“The auction was 1.4 times oversubscribed, attracting P21.6 billion in total tenders. With its decision, the committee raised P12.8 billion of the P15.0 billion total offering,” the Treasury said.

Lender to offer deals at ‘BPI Awesome Travel Fair’

THE Bank of the Philippine Islands (BPI) announced it is launching its third “BPI Awesome Travel Fair” from March 24 to 26 at the Glorietta 2 Activity Center in Makati City.

“It is a one-stop shop for everything you need on your next adventure. This year’s travel fair is a hybrid event as it will simultaneously run with an online event,” the lender said in a statement issued last Monday.

BPI said its “Awesome Travel Fair” is open to all BPI cardholders and clients, including BPI credit, debit and prepaid cardholders, as well as BPI private, preferred, personal and overseas Filipino clients.

“Things are continuously looking good for the travel industry this 2023! We are thrilled to bring back the BPI Awesome Travel Fair due to the rising demand for affordable travel packages. Special travel deals and discounts await our clients that will surely help them achieve their travel goals,” Jenelyn Z. Lacerna, head of BPI’s unsecured lending and cards product and sales, was quoted in a statement as saying.

“Traveling is part of ensuring one’s overall wellness, as it nourishes relationships with loved ones.

When this aspect of our life is taken care of, everything else follows. For BPI, this travel fair supports our overall mission of helping to build a better Philippines, one family, one community at a time,” Lacerna added.

“BPI once again brings together a roster of travel exhibitors composed of some of the top-rated and worldrenowned airlines, travel agencies, tour operators and travel stores,” the lender said.

These include Philippine Airlines,

Cebu Pacific, AirAsia, Cathay Pacific, All Nippon Airways, Turkish Airlines, Asiana Airlines, AirSWIFT, Sunlight Air, EVA Air, Etihad, Korean Air, Singapore Airlines and Qatar Airways, as well as Klook, El Nido Group, The Travel Club and Agoda.

The bank cited the following perks in store for participants to the fair:

n Special offers, such as low and discounted fares from travel exhibitors, both on-ground and online.

n Zero-percent interest for purchases on installment from select exhibitors.

n Flexible payment terms with minimal monthly add-on fee for select partners.

n Low forex, allowing for savings when a BPI Credit Card is used to book airline tickets, shopping abroad, or buying from online international stores with only 1.85 percent foreign exchange (forex) conversion rate.

n Free insurance, wherein complimentary travel insurance is offered for purchase of an airline ticket with a qualified BPI Credit Card.

n Mastercard Platinum Exclusive: Benefit from the real zeropercent installment of up to six months when you use your BPI Platinum Rewards Mastercard on airline tickets.

US govt moves to stop potential banking crisis after historic SVB failure

By Ken Sweet, Christopher Rugaber, Chris Megerian & Cathy Bussewitz

The Associated Press

NEW YORK—The US government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down.

The announcement came amid fears that the factors that caused the Santa Clara, California-based bank to fail could spread. Regulators had worked all weekend to try to find a buyer for the bank, which was the second-largest bank failure in history. Those efforts appeared to have failed Sunday.

In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed and was being seized on Sunday. At more than $110 billion in assets, Signature Bank is the third-largest bank failure in US history.

The near-financial crisis that US regulators had to intervene to prevent left Asian markets jittery as trading began Monday. Japan’s benchmark Nikkei 225 sank 1.8 percent in morning trading, Australia’s S&P/ASX 200 lost 0.7 percent and South Korea’s Kospi shed 0.8 percent.

But Hong Kong’s Hang Seng rose 0.5 percent and the Shanghai Composite

increased 0.4 percent.

Emergency lending

IN an effort to shore up confidence in the banking system, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. said last Sunday that all Silicon Valley Bank clients would be protected and able to access their money. They also announced steps that are intended to protect the bank’s customers and prevent additional bank runs.

“This step will ensure that the US banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the agencies said in a joint statement. Under the plan, depositors at Silicon Valley Bank and Signature Bank, including those whose holdings exceed the $250,000 insurance limit, will be able to access their money on Monday.

Also Sunday, another beleaguered bank, First Republic Bank, announced that it had bolstered its financial health by gaining access to funding from the Fed and JPMorgan Chase.

In a separate announcement, the Fed late Sunday announced an expansive emergency lending program that’s intended to prevent a wave of bank runs that would threaten the stability of the banking system and the economy as a whole. Fed officials

characterized the program as akin to what central banks have done for decades: Lend freely to the banking system so that customers would be confident that they could access their accounts whenever needed.

Relatively limited

THE lending facility will allow banks that need to raise cash to pay depositors to borrow that money from the Fed, rather than having to sell Treasuries and other securities to raise the money. Silicon Valley Bank had been forced to dump some of its Treasuries at at a loss to fund its customers’ withdrawals. Under the Fed’s new program, banks can post those securities as collateral and borrow from the emergency facility.

The Treasury has set aside $25 billion to offset any losses incurred under the Fed’s emergency lending facility. Fed officials said, however, that they do not expect to have to use any of that money, given that the securities posted as collateral have a very low risk of default.

Analysts said the Fed’s program should be enough to calm financial markets on Monday.

“Monday will surely be a stressful day for many in the regional banking sector, but today’s action dramatically reduces the risk of further contagion,” economists at Jefferies, an investment bank, said in a research note.

Though Sunday’s steps marked the most extensive government intervention in the banking system

since the 2008 financial crisis, its actions are relatively limited compared with what was done 15 years ago. The two failed banks themselves have not been rescued, and taxpayer money has not been provided to the banks.

Tech startups

PRESIDENT Joe Biden said Sunday evening as he boarded Air Force One back to Washington that he would speak about the bank situation on Monday. In a statement, Biden also said he was “firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.”

Regulators had to rush to close Silicon Valley Bank, a financial institution with more than $200 billion in assets, on Friday when it experienced a traditional run on the bank where depositors rushed to withdraw their funds all at once.

It is the second-largest bank failure in US history, behind only the 2008 failure of Washington Mutual.

Some prominent Silicon Valley executives feared that if Washington didn’t rescue the failed bank, customers would make runs on other financial institutions in the coming days. Stock prices plunged over the last few days at other banks that cater to technology companies, including First Republic Bank and PacWest Bank.

Among the bank’s customers are

companies from California’s wine industry, where many wineries rely on Silicon Valley Bank for loans, and technology startups devoted to combating climate change. Sunrun, which sells and leases solar energy systems, had less than $80 million of cash deposits with Silicon Valley. Stitchfix, the clothing retail website, disclosed recently that it had a credit line of up to $100 million with Silicon Valley Bank and other lenders.

Vulnerable position

TIFFANY DU FU, founder and CEO of The Cru, a New York-based career coaching platform and community for women, posted a video Sunday on LinkedIn from an airport bathroom, saying the bank crisis was testing her resiliency. Given that her money was tied up at Silicon Valley Bank, she had to pay her employees out of her personal bank account. With two teenagers to support who will be heading to college, she said she was relieved to hear that the government’s intent is to make depositors whole.

“Small businesses and early-stage startups don’t have a lot of access to leverage in a situation like this, and we’re often in a very vulnerable position, particularly when we have to fight so hard to get the wires into your bank account to begin with, particularly for me, as a Black female founder,” Dufu told The Associated Press.

Silicon Valley Bank began its slide

into insolvency when its customers, largely technology companies that needed cash as they struggled to get financing, started withdrawing their deposits. The bank had to sell bonds at a loss to cover the withdrawals, leading to the largest failure of a US financial institution since the height of the financial crisis.

Interest rates

TREASURY Secretary Janet Yellen pointed to rising interest rates, which have been increased by the Federal Reserve to combat inflation, as the core problem for Silicon Valley Bank. Many of its assets, such as bonds or mortgage-backed securities, lost market value as rates climbed.

Sheila Bair, who was chairwoman of the FDIC during the 2008 financial crisis, recalled that with nearly all the bank failures then, “we sold a failed bank to a healthy bank. And usually, the healthy acquirer would also cover the uninsured because they wanted the franchise value of those large depositors so optimally, that’s the best outcome.”

But with Silicon Valley Bank, she told NBC’s “Meet the Press,” “this was a liquidity failure, it was a bank run, so they didn’t have time to prepare to market the bank. So they’re having to do that now, and playing catch-up.” Rugaber and Megerian reported from Washington. Sweet and Bussewitz reported from New York. Associated Press

THE national government failed to raise its intended amount of P15 billion as the auction of Treasury bills (T-bills) on Monday yielded mixed results after investors sought higher yield for shorter term debt papers.

con-

The Bureau of the Treasury (BTr) auction committee decided to fully award the bids for the 364-day T-bills

but only partially awarded the sale of 91-day and 182-day securities. National Treasurer Rosalia V. De

pERsonal fInancE Edmund lao

This undated photo courtesy of the Bank of the Philippine islands shows a woman on an escalator. The Ayala-led BPi announced it will launch its third travel fair on March 24. CREDIT: PhoTo CouRTEsy of ThE Bank of ThE PhIlIPPInE IslanDs

THE inscription “He is Odin’s man” is seen in a round half circle over the head of a figure on a golden bracteate unearthed in Vindelev, Denmark in late 2020. Scientists have identified the oldest-known reference to the Norse god Odin on a gold disc unearthed in western Denmark.

ARNOLD MIKKELSEN, THE NATIONAL MUSEUM OF DENMARK VIA AP

Art BusinessMirror

Oldest reference to Norse god Odin found in Danish treasure

BY JAMES BROOKS The Associated Press

COPENHAGEN, Denmark—Scandinavian scientists said Wednesday that they have identified the oldest-known inscription referencing the Norse god Odin on part of a gold disc unearthed in western Denmark in 2020.

Lisbeth Imer, a runologist with the National Museum in Copenhagen, said the inscription represented the first solid evidence of Odin being worshipped as early as the 5th century—at least 150 years earlier than the previous oldest known reference, which was on a brooch found in southern Germany and dated to the second half of the 6th century.

The disc discovered in Denmark was part of a trove containing about a kilogram (2.2 pounds) of gold, including large medallions the size of saucers and Roman coins made into jewelry. It was unearthed in the village of Vindelev, central Jutland, and dubbed the Vindelev Hoard.

Experts think the cache was buried 1,500 years ago, either to hide it from enemies or as a tribute to appease the gods. A golden bracteate—a kind of thin, ornamental pendant—carried an inscription that read, “He is Odin’s man,” likely referring to an unknown king or overlord.

“It’s one of the best executed runic inscriptions that I have ever seen,” Imer said. Runes are symbols that early tribes in northern Europe used to communicate in writing.

Odin was one of the main gods in Norse mythology and was frequently associated with war as well as poetry.

More than 1,000 bracteates have been found in northern Europe, according to the National Museum in Copenhagen, where the trove discovered in 2020 is on display.

Krister Vasshus, an ancient language specialist, said that because runic inscriptions are rare, “every runic inscription (is) vital to how we understand the past.”

“When an inscription of this length appears, that in itself is amazing,” Vasshus said. “It gives us some quite interesting information about religion in the past, which also tells us something about society in the past.”

During the Viking Age, considered to be from 793 to 1066, Norsemen known as Vikings undertook

TODAY’S HOROSCOPE By

Eugenia Last

CELEBRITIES BORN ON THIS

DAY: Betsy Brandt, 50; Megan Follows, 55; Billy Crystal, 75; Quincy Jones, 90.

HAPPY BIRTHDAY: Slow down, seize the moment, enjoy what life offers and do whatever it takes to not waste your energy on trivial matters and emotional arguments. Trust your intuition and promote your creative ideas. Expand your mind and make personal and spiritual growth your journey. Protect your home, family and reputation from anyone who makes you look bad or bullies you. Your numbers are 3, 16, 20, 27, 31, 39, 46.

ARIES (March 21-April 19): Stick to the truth, question anything that sounds fictitious and verify information before passing it along. You’ll have plenty of opportunities, but not all will have longlasting effects. Don’t overload your to-do list; pick what makes you happy and proceed. ★★★★★

TAURUS (April 20-May 20): Say no to joint ventures, lending or borrowing, or paying for someone else’s mistake. Pay attention to your needs and what you are trying to accomplish. You are better off working alone to get things done correctly and on time. ★★★

GEMINI (May 21-June 20): Don’t get angry; get moving. What you do, not what you say, will impact others. Getting along will be half the battle, especially when dealing with emotionally unstable people. Dissecting all the details will clear up confusion. ★★★

CANCER (June 21-July 22): Read between the lines, consider every detail and don’t be afraid to do things your way. Pay attention to your gut feeling; you’ll know what to do to get what you want. Don’t let a peer step in and take over. ★★★

large-scale raiding, colonizing, conquest and trading throughout Europe. They also reached North America.

The Norsemen worshipped many gods and each of them had various characteristics, weaknesses and attributes. Based on sagas and some rune stones, details have emerged that the gods possessed many human traits and could behave like humans.

“That kind of mythology can take us further and have us reinvestigate all the other 200 bracteate inscriptions that we know,” Imer said. ■

Vatican ‘donating’ its own 3 Parthenon sculptures to Greece

ROME—The Vatican and Greece finalized a deal Tuesday for the return of three sculpture fragments from the Parthenon that have been in the collection of the Vatican Museums for two centuries, the latest case of a Western museum bowing to demands for restitution.

The Vatican has termed the return an ecumenical

“donation” to the Orthodox Christian archbishop of Athens and all Greece, not necessarily a state-to-state transfer. But it nevertheless puts pressure on the British Museum to conclude a deal with Greece over the fate of its much bigger collection of Parthenon sculptures.

The head of the Vatican city-state, Cardinal Fernando

Vergez, signed an agreement to implement the “donation” during a private Vatican Museums ceremony with Greek Culture Minister Lina Mendoni and a representative of the Orthodox Christian archbishop of Athens and all Greece, His Beatitude Ieronymos II.

The envoy, Father Emmanuel Papamikroulis, told The Associated Press that the Greek Orthodox Church and archbishop were grateful to Pope Francis for the deal.

“It has taken place at a difficult time for our country, and it will hopefully provide some sense of pride and happiness.

I hope this initiative is followed by others,” he said in a telephone interview from the Vatican, where he was touring the gardens after the signing ceremony.

“This initiative does help heal wounds of the past and it demonstrates that when Christian leaders work together, they can resolve issues in a practical way,” Papamikroulis added.

The fragments are expected to arrive in Athens later this month, with a March 24 ceremony planned to receive them.

The British Museum has refused decades of appeals from Greece to return its much larger collection of Parthenon sculptures, which have been a centerpiece of the museum since 1816.

Earlier this month, however, the chair of the British Museum said the UK and Greece were working on a deal that would see his institution’s Parthenon Marbles displayed in both London and Athens.

The 5th century BC sculptures are mostly remnants of a 160-meter-long (520-foot) frieze that ran around the outer walls of the Parthenon Temple on the Acropolis, dedicated to Athena, goddess of wisdom.

LEO (July 23-Aug. 22): Mix business with pleasure and have fun. Your ability to connect with people and show them a good time will pay off and encourage you to challenge anyone who tries to stand in your way. Personal improvement will prompt a proposal. ★★★★★

VIRGO (Aug. 23-Sept. 22): Don’t allow anyone to surpass you. Stand up for yourself, vouch for your ability to deliver on your promises and do whatever it takes to make a positive difference. Arguing will not help you excel, but solutions will. Aim to please. ★★

LIBRA (Sept. 23-Oct. 22): Talks will reveal someone’s true colors. Take a back seat, be a friendly observer and gather the information that helps you find the most beneficial path. A partnership will turn out to be more valuable than you anticipate. Romance is favored. ★★★★

SCORPIO (Oct. 23-Nov. 21): Make money your priority. Whether it’s investments, how you earn your living or how you use your skills and experience, go through the proper channels to ensure you don’t have technical issues. Abide by the rules and regulations and call in favors. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Home is your haven and where you’ll get the most accomplished. Redecorate, declutter or plan something special for someone you love. Don’t feel you must appease outsiders or peers who try to take advantage of you. Know when to say no. ★★★

CAPRICORN (Dec. 22-Jan. 19): Rethink your objective, and you’ll gain insight into unique ways to gain momentum and turn your skills into something cutting edge. Not everyone will agree with you, but the ones who do will help you get things up and running. ★★★

AQUARIUS (Jan. 20-Feb. 18): Be careful what you reveal. Focus on making opportunities that will help you get ahead financially. An energetic approach to life will keep you healthy, wealthy and wise. Don’t shy away from a challenge if your input will influence the outcome.

PISCES (Feb. 19-March 20): Don’t let your emotions dictate how well you do today. Let go of any animosity you feel. Approach discussions and problems with optimism, solutions and a smile on your face. Be willing to meet opposition halfway, and mutually beneficial deals will develop. ★★

sulate as part of its

Much of the frieze and the temple’s other sculptural decoration were lost in a 17th-century bombardment, and about half the remaining works were removed in the early 19th century by a British diplomat, Lord Elgin. AP

‘pay up!’ BY CARLY SCHUNA

The Universal Crossword/Edited by David Steinberg

BIRTHDAY BABY:

You are imaginative, colorful and ambitious. You are influential and helpful.

‘Everything’ wins best picture, is everywhere at Oscars

By Jake Coyle

The Associated Press

LOS ANGELES—The metaphysical multiverse comedy Everything Everywhere All at Once wrapped its hot dog fingers around Hollywood’s top prize on Sunday, winning best picture at the 95th Academy Awards, along with awards for Michelle Yeoh, Ke Huy Quan and Jamie Lee Curtis.

Though worlds away from Oscar bait, Daniel Kwan and Daniel Scheinert’s anarchic ballet of everything bagels, googly-eyed rocks and one messy tax audit emerged as an improbable Academy Awards heavyweight. The indie hit, A24’s second best-picture winner following Moonlight, won seven Oscars in all.

Fifty years after The Godfather won at the Oscars, Everything Everywhere All at Once triumphed with a much different immigrant experience. Its eccentric tale about a Chinese immigrant family—just the second feature by the Daniels, as the filmmaking duo is known—blended science fiction and alternate realities in the story of an ordinary woman and laundromat owner.

Everything Everywhere, released all the way back in March 2022, helped revive arthouse cinemas after two years of pandemic, racking up more than $100 million in ticket sales. And despite initially scant expectations of Oscar glory, Everything Everywhere All at Once toppled both blockbusters (Top Gun: Maverick, Avatar: The Way of Water) and critical darlings (Tar, The Banshees of Inisherin).

Yeoh became the first Asian woman to best actress, taking the award for her lauded performance in Everything Everywhere All at Once. The 60-yearold Malaysian-born Yeoh won her first Oscar for a performance that relied as much on her comic and dramatic chops as it did her kung fu skills. She’s the first best actress win for a non-white actress in 20 years.

“Ladies, don’t let anyone ever tell you you’re past

VETERAN actors Dexter Doria and Tessie Tomas are still at the top of their game, attracting more fans and followers with each new role that they take on, in every new show and project that they commit themselves to. Doria is Susan Burgos, the well-loved and widely-followed character in Abot Kamay ang Pangarap, the highest-rating afternoon series of GMA for many months now. She gives many layers to her role as the doting grandmother to Jillian Ward, and as the assertive mother to Carmina Villaroel, and Doria shifts from tough to tenacious to tender with so much each and natural grace.

“I am having a grand time on the set of our series. I am grateful that I continue to get wonderful roles that challenge me. I admire the pool of creative GMA

your prime,” said Yeoh, who received a raucous standing ovation.

In winning best director, the Daniels—both 35 years old—won for just their second and decidedly un-Oscar bait feature. They’re just the third directing pair to win the award, following Robert Wise and Jerome Robbins (West Side Story) and Joel and Ethan Coen (No Country for Old Men). Scheinert dedicated the award “to the moms of the world.”

Best actor went to Brendan Fraser, culminating the former action star’s return to center stage for his physical transformation as a 600-lb. reclusive professor in The Whale. The best-actor race had been one of the closest contests of the night, but Fraser in the end edged Austin Butler.

“So this is what the multiverse looks like,” said a clearly moved Fraser, pointing to the Everything Everywhere All at Once crew.

The former child star Quan capped his own extraordinary comeback with the Oscar for best supporting actor for his performance in the indie hit

Everything Everywhere All at Once. Quan, beloved for his roles as Short Round in Indiana Jones and the Temple of Doom and Data in Goonies, had all but given up acting before being cast in Everything Everywhere All at Once. His win, among the most expected of the night, was nevertheless one of the ceremony’s most moving moments. The audience—including his Temple of Doom director, Steven Spielberg—gave Quan a standing ovation as he fought back tears.

“Mom, I just won an Oscar!” said Quan, 51, whose family fled Vietnam in the war when he was a child.

“They say stories like this only happen in the movies. I can’t believe it’s happening,” said Quan.

“This is the American dream.”

Minutes later, Quan’s castmate Jamie Lee Curtis won for best supporting actress. Her win, in one of the most competitive categories this year, denied a victory for comic-book fans. Angela Bassett (Black Panther: Wakanda Forever) would have been the first performer to win an Oscar for a Marvel movie.

talents who continue to come up with well-developed characters and well-written scripts. You know what, I always get excited to go to the set, and I notice that I feel stronger physically and mentally, perhaps because I am productive and because I am happy with this role that was entrusted to me,” she told us during a recent dinner get-together.

Doria has been on a roll after the pandemic, even winning accolades for her outstanding work on film. She scored big wins from many award-giving organizations including her first Gawad Urian trophy last year.

“Acting energizes me. Taking on good roles sharpens my mind and skills, and makes me crave for more. I believe that age should not be a deterrent to what an actor can do, because real life presents us with so many interesting characters for my age group.”

LIKE EXQUISITE WINE IN Dreamscape’s Dirty Linen, Tessie Tomas fearlessly stepped into the shoes of Doña Cielo Fiero, the matriarch of a dysfunctional family that has amassed so much wealth and hidden truths over the years.

The 72-year-old Tomas has been getting rave reviews for her authentic portrayal that encompasses all the qualities that have drawn the audience to her—

It also made history for Curtis, a first-time winner who alluded to herself as “a Nepo baby” during her win at the Screen Actors Guild Awards. She’s the rare Oscar winner whose parents were both Oscar nominees, something she emotionally referenced in her speech. Tony Curtis was nominated for The Defiant Ones in 1959 and Janet Leigh was nominated in 1961 for Psycho. Curtis thanked “hundreds” of people who put her in that position.

The German-language WWI epic All Quiet on the Western Front—Netflix’s top contender this year— took four awards as the academy heaped honors on the craft of the harrowing anti-war film. It won for cinematography, production design, score and best international film.

The telecast, airing live on ABC, opened traditionally: with a montage of the year’s films (with Kimmel edited into a cockpit in Top Gun: Maverick) and a lengthy monologue. Kimmel, hosting for the third time, didn’t dive right into revisiting Will Smith’s slap of Chris Rock at last year’s ceremony.

The late-night comedian struggled to find lessons from last year’s incident, which was followed by Smith winning best actor. If anyone tried any violence this year, Kimmel said, “you will be awarded the Oscar for best actor and permitted to give a 19-minute-long speech.”

But Kimmel, hosting for the third time, said anyone who wanted to “get jiggy with it” this year will have to come through a fearsome battalion of bodyguards, including Michael B. Jordan, Michelle Yeoh, Steven Spielberg and his show’s “security guard” Guillermo Rodriguez.

After landmark wins for Chloé Zhao (Nomadland) and Jane Campion (The Power of the Dog), no women were nominated for best director. Sarah Polley, though, won best adapted screenplay for the metaphor-rich Mennonite drama Women Talking “Thank you to the academy for not being mortally offended by the words ‘women’ and ‘talking,’” said Polley.

passion, fierceness, vulnerability and extraordinary depth.

“I treat the character of Doña Cielo as a work in progress. She is such an interesting woman who is not afraid to show her dark and bright sides, and I love that as an actor. I needed to come into the series with a completely new persona, looks and all, to achieve how I see my character and how she will evolve throughout the series,“ Tomas shared.

Angel Aquino, who plays Tomas’s daughter in the series, compared her to good wine. “Tita Tessie’s intensity and commitment as an actress is getting to be rare nowadays. She studies her role and comes prepared. She is also collaborative. She is like exquisite wine that becomes better and pricier when it reaches a certain age. Tita Tessie is such an inspiration.”

Tomas is often labeled in the industry as an icon. Her live performances as a stand-up comedienne are almost always sold-out. She acts, she sings, she hosts, she writes—Tomas does a lot of things, and puts her heart and soul to every undertaking.

Not too long ago, Tomas decided to move to the Isle of Man with her British husband Roger, but she made a promise to herself to fly back to the Philippines once or twice a year to quench her thirst as an artist.

Daniel Roher’s Navalny, about the imprisoned Russian opposition leader Alexei Navalny, took best documentary. The film’s win came with clear overtones to Navalny’s ongoing imprisonment and Vladimir Putin’s continued war in Ukraine. Yulia Navalnaya joined the filmmakers on the stage.

“My husband is in prison just for telling the truth,” said Navalnaya. “Stay strong my love.”

Some big names weren’t in attendance for other reasons. Neither Tom Cruise, whose Top Gun: Maverick was up for best picture, nor James Cameron, director of best-picture nominee Avatar: The Way of Water were at the ceremony. Both have been forefront in Hollywood’s efforts to get moviegoers back after years of pandemic. “The two guys who asked us to go back to theater aren’t in the theater,” said Kimmel, who added that Cruise without his shirt on in Top Gun: Maverick was “L. Ron Hubba Hubba.”

After last year’s Oscars, which had stripped some categories from being handed out in the live telecast, the academy restored all awards to the show and leaned on traditional song and and dance numbers.

The night’s first award went to Guillermo del Toro’s Pinocchio for best animated film. That handed Netflix its first Oscar in the category.

After last year’s slap, the academy created a crisis management team to better respond to surprises. Neither Rock, who recently made his most forceful statement about the incident in a live special, nor Smith, who was banned by the academy for 10 years, attended.

The Academy Awards is attempting to recapture some of its old luster. One thing working in its favor: This year’s best picture field was stacked with blockbusters. Ratings usually go up when the nominees are more popular, which certainly goes for Top Gun: Maverick and Avatar: The Way of Water

Neither won much, though. The Way of Water, with more than $2.28 billion in box office, won for best visual effects. The Top Gun sequel ($1.49 billion), took best sound. n

With each new role, thespians like Dexter Doria and Tessie Tomas continue to push the boundaries of what’s possible. The many characters they give life to on the big and small screens remind us of their enduring power as esteemed, first-rate actors that defy time and age, even science and technology.

FROM left: Tessie Tomas and Dexter Doria

DIRECTORS Daniel Kwan and Daniel Scheinert of Everything Everywhere All at Once

JAMIE LEE CURTIS PHOTOS: AP MICHELLE YEOH BRENDAN FRASER KE HUY QUAN

Higher cargo, passenger volumes boost ATI‘s income to P3 billion, up 35 percent in 2022

Yamaha hits the Apex: Fabio Quartararo,

Franco Morbidelli set PHL racetracks on fire

“EL Diablo” Fabio Quartararo set the Philippine racetracks on fire together with teammate Franco Morbidelli during their visit to the Philippines.

In what seemed like forever since a Yamaha MotoGP rider visited, the duo from Monster Energy Yamaha Racing Team finally refilled the racing hearts of the Filipinos with their arrival.

Thousands flocked to the Clark International Speedway for Yamaha’s Apex Arrival. The event, which was highlighted by the appearance of the riders, also included a special track day experience. But it was the blazing performance of Fabio and Franco on the tracks that captured the attention of everyone in attendance.

It was a beautiful sight to see Fabio leading Yamaha Philippines’ own international riders in McKinley Kyle Paz who will be racing the FIM JRGP Moto2 European Championship, April King Mascardo and Gian Carlo Mauricio who will compete in the Asia Road Championship.

Franco, who was slated to only ride a couple of laps like everyone else, gave the Filipinos seemingly an endless number of laps to their delight. And for the first time ever, a President of Yamaha Motor Philippines raced on the tracks when Hiroshi Koike suited up. It was a historic moment that exemplified the magnitude of the event.

Those in the stands wouldn’t just be spectators for this race because of a special raffle draw. The winners received an all-expense paid trip to watch the Malaysia GP featuring Fabio and Franco.

The duo also gave their own take on the racing program of Yamaha Motor Philippines.

That it should continue to expose its riders to European competition, because of the level of riders that they will ride against. As is the case with Kyle Paz. Fabio also stated that “You need to enjoy, work hard, believe in yourself, of course dream about your goals that can be a reality. I won the MotoGP Championship two years ago and that was my childhood dream, so all dreams can happen.”

It was also a joy for them to be able to visit the Philippines and they hope that the next time they come will be more than just one day so they can enjoy what the country has to offer. Franco said “I am really happy to be here in the Philippines. It is a place that I looked at with a lot of passion. I know that here there are many beautiful places. And hopefully one day

we can come and have a race here in the Philippines.”

In the first day of their visit, they were introduced to the Philippine motoring media at the Marriot Hotel Manila. There, they quickly experienced the warm welcome and signature hospitality of Filipinos. They also got a taste of the culture, literally. They tasted Chicken Adobo, Pork Sisig, Sinigang, and HaloHalo. Fabio seemed to enjoy Adobo and Franco leaned towards the Sisig which he had second and third servings of. Later in the day, they were also introduced in Yamaha’s annual Branch Manager Convention as special guests. This event is not just an example Yamaha’s racing excellence in the form of their riders and machines. It also marks the beginning of a long and exciting racing season for Filipino racing athletes who will race our flag across the globe.

LISTED trade enabler Asian Terminals Inc. (ATI) delivered solid results in 2022 driven by higher cargo and passenger volumes handled by its gateway ports in Manila and Batangas as trade activities continued to gain momentum reflective of the resilience of the Philippine economy.

In a regulatory disclosure, ATI said its revenues for 2022 reached P13.62 billion, higher by 22% from Php11.16 billion in 2021.

Revenues from its international container port operations in Manila and Batangas increased by 19.2 percent and 12.7 percent, respectively, on account of higher boxed cargoes compared to the previous year, while revenues from noncontainer port operations in Batangas grew by 65.9 percent led by the record volume of international rolling cargoes and the robust increase of passengers transiting through the modern Batangas Passenger Terminal.

ATI ended the year with a net income of P3.03 billion, 35.3 percent higher than the P2.24 billion it posted in 2021.

On a consolidated basis, ATI’s Manila South Harbor and Batangas Port handled

over 1.4 million teus (twenty-foot equivalent units) from January to December, 4.5 percent higher than 2021. In the non-containerized segment, Batangas Port’s car carrier terminal set a new operations milestone as it ended the year handling over 230,000 completelybuilt car units (CBUs), 73 percent higher than 2021 and eclipsing its previous record of 201,000 CBUs back in 2016.

Meanwhile, the Batangas Passenger Terminal, the country’s biggest and most modern interisland transport hub, facilitated the safe transit of over 2.2 million outbound passengers and nearly 360,000 domestic roll-on/roll-off vehicles, with the continued easing of Covid-19 travel restrictions.

“ATI is very pleased to report solid results for the year amid macroeconomic headwinds, market uncertainties, and the prevailing pandemic conditions. As a trade enabler, the company continuously provides bigger, better, and modern integrated ports and logistics infrastructure alongside smart trade solutions to create greater value for customers and support the longterm growth of the economy,” ATI said in a statement.

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MELISSA Vergel de Dios, center, Chief Sustainability Officer and Head of Investor Relations at PLDT and Smart, explains how the PLDT

PLDT and Smart highlight the importance and integration of Environmental, Social, and Governance (ESG) principles in the group’s long-term strategy. As the country’s largest integrated telecommunications company, the PLDT group recognizes the importance of understanding and managing its impact to people and planet.

Speaking at the recent “ESG SUMMIT: Future Roadmap for Net-Zero Economy” organized by Trueventus Foundation, Melissa

Vergel de Dios, Chief Sustainability Officer and Head of Investor Relations at PLDT and Smart, underscored the integration of sustainability in the group’s DNA. “At PLDT and Smart, sustainability is not a standalone project. It is our culture. It is embedded in everything we do – in our daily operations, decision-making, and engagements in and out of the organization.”

To operationalize this thrust, Vergel de Dios added that PLDT and Smart have included Sustainability in their CEO scorecard and have crafted ESG-focused key performance indicators across company units and functions. PLDT and Smart also crafted awareness programs and learning courses, as well as facilitated dialogues with employees to nurture a workforce that champions sustainability. Going beyond the organization, the PLDT Group also expanded its sustainability culture to include stakeholders in the value chain.

Speaking to fellow corporate sustainability professionals, Vergel de Dios shared how ESG strategy should be part of business interactions with different stakeholders and customer communities. “In the case of the PLDT group, we touch different lives – our customers, suppliers, and retailers. If we are able to reach out to them and explain what sustainability is about, then they become our force multipliers,” Vergel de Dios explained.

With support of the PLDT Board led by Chairman Manuel V. Pangilinan, PLDT and Smart President and CEO Alfredo S. Panlilio have identified sustainability as one of the key pillars that underpin the PLDT Group strategy. In line with this, the Group crafted a decarbonization roadmap which aims to reduce its Scope 1 and 2 greenhouse gas (GHG) emissions by around 40 percent by 2030. It also continues to support the Sustainable Development Goals across its products and operations.

Schneider Electric‘s 2023 Innovation Summit to take place on March 28 at Raffles Fairmont Hotel

SCHNEIDER Electric, the global specialist in digital transformation of energy management and automation, will be hosting Innovation Day 2023 on March 28, 2023 at the Raffles Fairmont Hotel, Makati City, with a simultaneous online broadcast of the event. The hybrid event will serve as a venue for industry leaders and key partners to convene and explore how to accelerate digital transformation and futureproof enterprises through the adoption of intelligent sustainability solutions.

This year’s Innovation Day will feature a formidable line up of speakers, including Department of Energy (DOE) Undersecretary Rowena Cristina L. Guevara, Schneider Electric Philippines Country President Ireen Catane, Meralco First Vice President and Chief Sustainability Officer Raymond Ravelo, and Aboitiz Power Chief Operating Officer for Distribution Utilities Anton Perdices.

The one-day event will also feature a panel discussion that centers on addressing the sustainable energy and digitization challenges in the Philippines. Speakers will tackle energy distribution, supply, transmission, and generation in the country, challenges in the power sector, and how Schneider Electric has taken steps through its solutions to promote energy efficiency and sustainability.

“We are witnessing global social and environmental upheavals, and these changes are accelerating. Today’s energy crisis is already bringing higher costs, uncertainty in global supply chains, and tremendous impact across industries and communities. Now more than ever, it is crucial for companies to rethink who they are and what

they do to ensure future resilience,” stated Ireen Catane, Schneider Electric Philippines Country President. “Staying competitive in today’s business environment and creating a more sustainable world involves going all-in on digitization, and rethinking the way we operate and do business. However, the good news is that everything companies need to accelerate their transition to digital and electric energy is available right now.”

To gain a better understanding and deeper appreciation for what Schneider Electric does and how it impacts multiple industries, attendees will have the opportunity to experience the innovation hub. Available both on site and virtually, the innovation hub allows participants to explore Schneider Electric’s extensive portfolio of products and solutions; discover the latest innovations; and learn about the company’s story, values, and commitment to sustainable innovation. This year’s hub offers three unique experiences: the Data Centers of the Future; the Grids of the Future; and Buildings of the Future.

PLDT, Smart integrate ESG principles in long-term strategy in order to manage their impact on people and the planet

Group has embedded sustainability in its long-term strategy

to China

By Cindy Wang & Rebecca Choong Wilkins

TAIWAN is seeking infor -

mation from China about a soldier who went missing from an island outpost and turned up on the mainland, in a case that Taipei acknowledged could be a possible defection.

The soldier who disappeared last week from Erdan Island, just a few kilometers from the Chinese border, was confirmed to be in China, said Chiu Tai-san, head of the Mainland Affairs Council in Taipei. A semi-official organization in Taiwan has contacted Chinese authorities about the incident, Chiu told lawmakers who asked about the matter Monday, adding that Taipei hoped Beijing would announce details soon.

The Taiwanese Defense Ministry will assess whether the case qualifies as a defection, Chiu said. The reasons the solider went to China last week were unclear, the Central News Agency reported, citing opposition lawmaker Chen Yu-jen.

Defection from Taiwan’s military, which maintains compulsory military service for men, has been rare in recent decades. Departures from both sides were more common in the decades following the Chinese Nationalists’ withdrawal to Taiwan in 1949.

A high-profile example occurred in 1979, when the Taiwanese military officer Justin Lin Yifu swam 3 kilometers (1.9 miles) from Kinmen Island, which is near the Chinese city of Xiamen. He went on to become the first person from an emerging market to serve as chief economist at the World Bank and later headed a research center at Peking University in Beijing.

Lin said he went to China because he wanted to help shape the nation’s economic transformation.

With assistance from Jing Li/Bloomberg

US turns to new ways to punish Russian oligarchs for the war

By Fatima Hussein The Associated Press

From the Treasury Department to the Justice Department, US officials will focus on efforts to legally liquidate the property of Russian oligarchs, expand financial penalties on those who facilitate the evasion of sanctions, and close loopholes in the law that allow oligarchs to use shell companies to move through the US financial system.

Andrew Adams, who heads the KleptoCapture task force, designed to enforce the economic restrictions within the US imposed on Russia and its billionaires, told The Associated Press that the group is prioritizing its efforts to identify those who help Russians evade sanctions and violate export controls.

“These illicit procurement networks will continue to take up an ever-increasing amount of our bandwidth,” said Adams, who also serves as acting deputy assistant attorney general.

So far, more than $58 billion worth of sanctioned Russians’ assets have been blocked or frozen worldwide, according to a report

last week from the Treasury Department. That includes two luxury yachts each worth $300 million in San Diego and Fiji, and six New York and Florida properties worth $75 million owned by sanctioned oligarch Viktor Vekselberg.

The US has begun attempts to punish the associates and wealth managers of oligarchs—in Vekselberg’s case, a federal court in New York indicted Vladimir Voronchenko after he helped maintain Vekselberg’s properties. He was charged in February with conspiring to violate and evade US sanctions.

The case was coordinated through the KleptoCapture group.

“I think it can be quite effective to be sanctioning facilitators,” Adams said, calling them “professional sanctions evasion brokers.”

A February study led by Dartmouth University researchers showed that targeting a few key wealth managers would cause far greater damage to Russia than sanctioning oligarchs individually.

Other attempts to inflict pain on the Russian economy will

come from the efforts to liquidate yachts and other property owned by Russian oligarchs and the Kremlin, turning them into cash to benefit Ukraine.

Ukrainian President Volodymyr Zelenskyy has long called for Russian assets to be transferred to Ukraine, and former Biden administration official Daleep Singh told the Senate Banking Committee on February 28 that forfeiting Russia’s billions in assets held by the US is “something we ought to pursue.”

Singh suggested the US should “use the reserves that we have immobilized at the New York Fed, transfer them to Ukraine and allow them to put them up as collateral to raise money.” He ran the White House’s Russia sanctions program when he was national security adviser for international economics.

Adams said the KleptoCapture

task force is pursuing efforts to sell Russians’ yachts and other property, despite the legal difficulties of turning property whose owners’ access has been blocked into forfeited assets that the government can take and sell for the benefit of Ukraine.

He stressed that the US will operate under the rule of law. “Part of what that means is that we will not take assets that are not fully, totally forfeited through the judicial procedures and begin confiscating them without a legal basis,” Adams said.

He added that the task force has had “success in working with Congress and working with folks around the executive branch in obtaining authorization to transfer certain forfeited funds to the State Department.”

The Treasury Department said on Thursday that the government is “paving the way” for

$5.4 million in seized funds to be sent as foreign assistance to Ukraine.

Additionally, strengthening laws that serve as loopholes for sanctions evaders will also be a priority across federal departments, officials say.

The Financial Crimes Enforcement Network, under Treasury, is expected to roll out rules to address the use of the US real estate market to launder money, including a requirement on disclosing the true ownership of real estate.

Steven Tian, director of research at the Yale Chief Executive Leadership Institute, who tracks companies’ disengagement from Russia, said the new real estate rule is long overdue.

“I would point out that it’s not just unique to Russian oligarchs. As you know, the real estate market makes use of shell companies in the United States, period,” Tian said.

Erica Hanichak, the government affairs director at the FACT Coalition, a nonprofit that promotes corporate transparency, urged the administration to put the rule forward by late March, when the US co-hosts the second Summit for Democracy with the governments of Costa Rica, Netherlands, South Korea and Zambia.

“We’re viewing this as an opportunity for the United States to demonstrate leadership not only in addressing corrupt practices abroad, but looking to our own backyard and addressing the loopholes in our system that facilitate corruption internationally,” she said.

Russia’s economy holds up, but growing challenges test Putin

By David Mchugh AP Business Writer

WESTERN sanctions have hit Russian banks, wealthy individuals and technology imports. But after a year of far-reaching restrictions aimed at degrading Moscow’s war chest, economic life for ordinary Russians doesn’t look all that different than it did before the invasion of Ukraine.

There’s no mass unemployment, no plunging currency, no lines in front of failing banks. The assortment at the supermarket is little changed, with international brands still available or local substitutes taking their place.

Crowds might have thinned at some Moscow malls, but not drastically. Some foreign companies like McDonald’s and Starbucks have been taken over by local owners who slapped different names on essentially the same menu.

“Economically, nothing has changed,” said Vladimir Zharov, 53, who works in television. “I work as I used to work, I go shopping as I used to. Well, maybe the prices have risen a little bit, but not in such a way that it is very noticeable.”

Russia’s economy has weathered the West’s unprecedented economic sanctions far better than expected. But with restrictions finally tightening on the Kremlin’s chief moneymaker—oil— the months ahead will be an even tougher test of President Vladimir Putin’s fortress economy.

Economists say sanctions on Russian fossil fuels only now taking full effect—such as a price cap

on oil—should eat into earnings that fund the military’s attacks on Ukraine. Some analysts predict signs of trouble—strained government finances or a sinking currency—could emerge in the coming months.

But other economists say the Kremlin has significant reserves of money that haven’t been hit by sanctions, while links to new trade partners in Asia have quickly taken shape. They say Russia isn’t likely to run out of money this year but instead will face a slow slide into years of economic stagnation.

“It will have enough money under any kind of reasonable scenario,” Chris Weafer, CEO and Russian economy analyst at the consulting firm Macro-Advisory, said in a recent online discussion held by bne IntelliNews.

Russia will keep bringing in oil income, even at lower prices, so “there is no pressure on the Kremlin today to end this conflict because of economic pressures,” he said.

As the economy teeters between sanctions and resilience, what everyday Russians can buy has stayed remarkably the same.

Apple has stopped selling products in Russia, but Wildberries, the country’s biggest online retailer, offers the iPhone 14 for about the same price as in Europe. Online retailer Svaznoy lists Apple AirPods Pro.

Furniture and home goods remaining after IKEA exited Russia are being sold off on the Yandex website. Nespresso coffee capsules have run short after Swiss-based Nestle stopped shipping them, but knockoffs are available.

Labels on cans of Budweiser and Leffe beer on sale in Moscow indicate they were brewed by ABInBev’s local partner—even though the company wrote off a stake in its Russian joint venture and put it up for sale. Coke bottled in Poland is still available; local “colas,” too.

ABInBev says it’s no longer getting money from the venture and that Leffe production has been halted. Wildberries and Svyaznoy didn’t answer e-mails asking about their sourcing.

But it’s clear goods are skirting sanctions through imports from third countries that aren’t penalizing Russia. For example, Armenia’s exports to Russia jumped 49 percent in the first half of 2022.

Chinese smartphones and vehicles are increasingly available. The auto industry is facing bigger hurdles to adapt. Western

automakers, including Renault, Volkswagen and Mercedes-Benz, have halted production, with sales plunging 63 percent and local entities taking over some factories and bidding for others.

Foreign cars are still available but far fewer of them and for higher prices, said Andrei Olkhovsky, CEO of Avtodom, which has 36 dealerships in Moscow, St. Petersburg and Krasnodar.

“Shipments of the Porsche brand, as for those of other manufacturers, aren’t possible through official channels,” he said. “Whatever is on the market is scattered offerings of cars that were imported by individual persons or through friendly countries by official channels.”

Unlike European automakers, some corporations are far from bailing.

While 191 foreign companies have left Russia and 1,169 are working to do so, some 1,223 are staying and 496 are taking a waitand-see approach, according to a database compiled by the Kyiv School of Economics.

Companies are facing public pressure from Kyiv and Washington, but some have found it’s not so easy to line up a Russian buyer or say they’re selling essentials like food.

Moscow residents, meanwhile, have downplayed the impact of sanctions.

“Maybe it hasn’t affected me yet,” 63-year-old retiree Alexander Yeryomenko said. “I think that we will endure everything.”

Dmitry, a 33-year-old who declined to give his last name, said only clothing brands had changed.

“We have had even worse periods of time in history, and we coped,” he said, but added that “we need to develop our own production and not to depend on the import of products.”

One big reason for Russia’s resilience: record fossil fuel earnings of $325 billion last year as prices spiked. The surging costs stemmed from fears that the war would mean a severe loss of energy from the world’s third-largest oil producer.

That revenue, coupled with a collapse in what Russia could import because of sanctions, pushed the country into a record trade surplus—meaning what Russia earned from sales to other countries far outweighed its purchases abroad.

The boon helped bolster the ruble after a temporary post-in -

vasion crash and provided cash for government spending on pensions, salaries and—above all— the military.

The Kremlin already had taken steps to sanctions-proof the economy after facing some penalties for annexing Ukraine’s Crimea peninsula in 2014. Companies began sourcing parts and food at home and the government built up huge piles of cash from selling oil and natural gas. About half of that money has been frozen, however, because it was held overseas.

Those measures helped blunt predictions of a 11 percent to 15 percent collapse in economic output. The economy shrank 2.1 percent last year, Russia’s statistics agency said. The International Monetary Fund predicts 0.3 percent growth this year—not great, but hardly disastrous.

The big change could come from new energy penalties. The Group of Seven major democracies had avoided wide-ranging sanctions against Russian oil for fear of sending energy prices higher and fueling inflation.

The solution was a $60-perbarrel price cap on Russian oil heading to countries like China, India and Turkey, which took effect in December. Then came a similar cap and European embargo on Moscow’s diesel fuel and other refined oil products last month.

Estimates differ on how hard those measures will hit. Experts at the Kyiv School of Economics say Russia’s economy will face a “turning point” this year as oil and gas revenue falls by 50 percent and the trade surplus plunges to $80 billion from $257 billion last year.

WASHINGTON—The US has begun an aggressive new push to inflict pain on Russia’s economy and specifically its oligarchs with the intent of thwarting the Kremlin’s invasion of Ukraine.

ANDREW ADAMS, director of the Justice Department’s KleptoCapture task force, designed to enforce the economic restrictions imposed on Russia and its billionaires, speaks to the Associated Press in an interview at the AP bureau in Washington on March 1, 2023. AP/ANDREW HARNIK

Taiwan seeks details on soldier’s possible defection

RUSSIAN President Vladimir Putin gestures while speaking at a news conference following a meeting of the State Council at the Kremlin in Moscow, Russia on December 22, 2022. Russia’s economy has weathered the West’s unprecedented economic sanctions far better than expected. But with restrictions finally tightening on the Kremlin’s chief moneymaker—oil— the months ahead will be an even tougher test of President Vladimir Putin’s fortress economy.

SERGEY GUNEYEV, SPUTNIK, KREMLIN POOL PHOTO VIA AP

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

YULO TO WORLDS: HERE I COME

By Josef Ramos

CARLOS “CALOY” YULO

Young guns out to stir up battle in PGT Bacolod

ACREW of young turks— including locals who could well represent the future of Philippine pro golf—sets out for an early impact in their first foray in the big league as they vie in the International Container Terminal Services Inc. (ICTSI) Negros

Occidental Classic presented by MORE Power beginning Wednesday at the Marapara Golf and Country Club in Bacolod City.

Former national team standouts

Gab Manotoc, Kristoffer Arevalo and Jonas Magcalayo, along with Russell Bautista, Josh Jorge, Leandro Bagtas and Elee Bisera expect a rocky start to their pro debuts but all hope to rise to the challenge and give their respective new careers a shot in the arm.

Hyun Ho Rho actually heads a mix of young and seasoned campaigners who made the grade in the recent Philippine Golf Tour (PGT) Q-School in this week’s P2.25 million championship with the 18-year-old Korean also to be sized up by the elite field after bagging the medal honors in the four-day elims at Splendido Taal.

But while these new kids on the block pack the power and skills needed to pose a threat, the veterans—with their experience and sheer talent—are still tipped to dominate the 72-hole championship put up by ICTSI, which ushers in the new PGT season.

T hey include multi-titled Tony Lascuña, Clyde Mondilla, Jhonnel Ababa and Jay Bayron with former Order of Merit champion Jobim Carlos and leg winners Reymon Jaraula, Michael Bibat, Zanieboy Gialon and Ira Alido and legend Frankie Miñoza beefing up the cast.

But focus will surely be on Manila-based Dutch Guido van der Valk, whose two victories in the seven-leg PGT edition last year and a dominant title run in last month’s The Country Club Invitational easily make him the marked player in the Pilipinas Golf Tournaments, Inc.organized championship.

Still, the rest from the 67-player men’s field have toughened up for this year’s tour, including local hero and many-time Philippine Masters champion Robert Pactolerin, whose local knowledge of the tight, tree-lined layout likewise makes him a top contender.

M eanwhile, the title chase in the Ladies PGT, to be held simultaneously with the men’s tournament, is also expected to head to an interesting finish with amateurs Rianne Malixi and Mafy Singson back in the hunt against the likes of Chanelle Avaricio, Daniella Uy, Sunshine Baraquiel, Marvi Monsalve, Gretchen Villacencio and reigning OOM winner Chihiro Ikeda.

A lso ready and eager to do battle are two comebacking aces in Bacolod native Mia Piccio and Cyna Rodriguez, a former three-time OOM titlist, along with Laurea Duque, Sarah Ababa, Florence Bisera, Kristine Fleetwood, Apple Fudolin, Lovelynn Guioguio, Majorie Pulumbarit and Pamela Mariano.

has qualified himself for the world championships in Belgium later this year following his three gold medals from the International Gymnastics Federation (FIG) World Cup Apparatus Series—two he won in Baku over the weekend and one in Doha a week ago.

“ I’m very blessed to have this kind of experience in these competitions,” Yulo told BusinessMirror on Monday. “I’m so thankful to God for helping me improve in every competition.”

The four-leg series are qualifiers for the world championships and with Yulo securing a gold medal each in floor exercise, vault and parallel bars, he’s guaranteed to vie in the September 29 to October 8 Antwerp tournament where berths to next year’s Paris Olympics are at stake.

The Tokyo Olympian and former world champion in floor exercise and vault also has one silver and three bronze medals from the first three legs so far of the series.

H e’s No. 2 in parallel bars with 75 points and No. 3 with 55 points in vault and floor exercise with 30

points, based on an unofficial but confirmed ranking in the series.

Yulo, however, has only 22 points to rank No. 11 in the rings.

T he top eight gymnasts in each apparatus will advance to the world championships.

I’m thankful to coach Mune [Munehiro Kugiyama] for being a super hardworking coach,” said Yulo, who’s bound for Manila for a brief break before he heads to Cairo for the fourth and final leg set from April 27 to 30.

Yulo won the floor exercise gold medal in the Doha second leg and ruled the vault and parallel bars— his first in his career—just over the weekend in the Azerbaijan capital.

He got silver and bronze in the bars in the Cottbus first leg and Doha, where he also clinched a vault bronze medal.

Gymnastics Association of the Philippines (GAP) president Cynthia Carrion-Norton told BusinessMirror that Yulo would get the opportunity to observe his potential world championships and Paris Olympics opponents at the Cairo final leg.

in the apparatus.

In Cairo, we expect to just study Caloy’s opponents. If we wins, that’s good, but not necessary as we are qualified already. No pressure on him,” Carrion-Norton said.

The FIG, meanwhile, described the 23-year-old Yulo’s performance in Baku as his “usual impeccable form.”

It was in his victory in parallel bars that ended Ukrainian Illia Kovtun’s streak of six world cup titles

Fiel bags 2 titles in Maasin juniors tennis

tourney

MA. CAROLIEAN FIEL flourished with her brand of play and pulled off a pair of victories to upstage fancied Kimi Brodeth for Most Valuable Player (MVP) honors in the Mayor Nacional “Nikko” V. Mercado National Juniors Tennis Championships at the Maasin City Tennis Club in Leyte over the weekend. B rodeth also scored an expected two-title romp in the girls’ 16- and 18-under divisions but Fiel’s romp in the 10-under unisex and girls’ 12-under finals netted her the overall top honors she shared with Gio Manito, who dominated the boys’ side of the Group 2 tournament presented by Dunlop.

Fiel, one of the rising stars from talent-rich Ormoc City, toppled Pete Niere from Bogo City (Cebu), 4-2, 4-0, to rule the youngest category then held off Beatrice Celeste, also from Ormoc, 6-2, 7-5, for the 12-under crown in the event sponsored by Mayor Mercado as part of the city’s youth sports program’s continuing effort to produce talents like Maasin native and former Davis Cupper Ringo Navarrosa, who is also a former Philippine Columbian Association Open titlist. M anito, on the other hand, outdueled Kenzo Brodeth in a tensefilled finale, 6-4, 3-6, 10-5, to capture the 16-under plum then the Pardo, Cebu find crushed Allain Ocat, 6-0, 6-3, in the 18-under finals.

The difference was slight on parallel bars with Yulo’s 15.400 just beating Kovtun’s 15.366 after both turned in excellent routines,” the FIG said in its web site.

T he FIG furthered that Yulo’s only visible error in vault was a small hop forward on landing and that he stood up a Lopez (Kasamatsu double twist).

CPS-Antipolo, De La Salle Lipa bag gold medals in PNVF U18

CALIFORNIA Precision Sports (CPS) was a class act while De La Salle Lipa had to go the extra mile to rule the Philippine National Volleyball Federation (PNVF) Under-18 Championships at the Rizal Memorial Coliseum on Sunday.

C PS made Antipolo City proud by winning the girls’ crown of the tournament revived by the PNVF at the expense of Gracel Christian College Foundation (GCC) of Taguig City, 25-14, 25-16, 25-18.

De La Salle Lipa, on the other hand, was extended to a fourth set before booking a 23-25, 25-20, 2513, 25-15 victory over Laguna team Santa Rosa City, which has started to establish itself as one of the county’s volleyball hotbeds.

M iddle blocker Jenalyn Umayam had 18 kills, two service aces and a block for 21 points, while Most Valuable Player and Best Outside Hitter Casiey Monique Dongallo peppered GCC’s porous defense with 15 hits and Joyce Soliven contributed nine points on marked with three service aces for CPS.

B ut CPS coach Obet Vital made special mention to his team’s veteran Kizzie Madriaga—named the tournament’s Best Setter— for providing stability when it mattered most.

“ She [Madriaga] is the quarterback of our team, she knows where to give the ball,” Vital said. “She delivers and scores well. Definitely, she did an outstanding job whoever was in the

floor with her, she’s a playmaker.”

The CPS girls won the crown undefeated in seven matches beginning from the pool play. They also didn’t give up a set in their title run.

PNVF Ramon “Tats” Suzara was impressed on how the teams played in the three-weekend tournament supported by the Philippine Olympic Committee, Philippine Sports Commission, PLDT, Rebisco and Akari.

It proves that volleyball is very much alive in the grassroots and the way these boys and girls played, Philippine volleyball has a big mass base for future members of the national team,” said Suzara, who also congratulated technical director Yul Benosa and competition director Oliver Mora for successfully organizing the tournament.

A total of 36 teams—20 girls and 16 boys—played in the tournament, which will be preceded by the PNVF Under-23 Championships in August also at the Rizal Memorial Coliseum.

S uzara awarded the medals and trophies to the podium winners along with Philippine Sports Commission Commissioner Olivia “Bong” Coo and PNVF vice president Ricky Palou, secretary-general Donaldo Caringal, board member Karl Jeffrey Chan, Benosa and Christian Gopez, founder and coach of Fil-Am Nation Select, a worldwide platform for Filipino athletes.

De La Salle Lipa coach Pedro Perez Jr. banked on team captain Kris Gabriel Hernandez who led the team

with 22 points on 18 hits, two blocks and two service aces.

This championship is really a dream come true for us, being the PNVF’s first ever U-18 champion,” said Perez, De La Salle Lipa’s coach for the past 25 years. “We have been dreaming about this for a long time… to play in this kind of tournament here in Manila.”

K irby Lance Carurucan and Patrick Jade Reyes got 13 and 12 points, respectively, for De La Salle Lipa.   Hernandez was named boys’ MVP trophy and Best Outside Hitter, joining the other individual awardees—Second Best Hitter Neil Aldrin Catap of third-placer Justice CM Palma High

Coo starts Paris bid with BMX silver in Jakarta

PATRICK BREN COO kicked off his campaign to qualify for his first Olympics in Paris 2024 with a silver medal finish in the Indonesia BMX 2023 Round 1 at the Pulonas International BMX Center in Jakarta on Sunday.

It was very, very close to the gold, but it’s racing,” said the Filipino-American Coo, the Asian Juniors champion in 2021. “But it’s racing, you know what it is.”

Indonesia’s Gusti Bagus Saputra won gold in 33.919 seconds, with Coo finishing only .20 second behind and another Indonesian, Rio Akbar, settling for the bronze with a time of 34.346.

E leven riders raced in the final with Indonesia qualifying five more riders, South Korea with two and Thailand with one.

The humidity tolled on most of the foreign riders with the athletes and coaches from the foreign teams complaining about the short break in between the motos and the quarterfinals and finals.

It was so hot and was super hard to cool down,” said Coo, who turns 21 on March 17. “We were given only some 15 minutes break in between races, unlike in other races and in the US where there are breaks are one hour or more.”

Coo earned 86 International Cycling Union points out of the possible 100 points.

Up next for Coo, whose family is Ilonggo, will be the Thailand BMX Cup 2—also a C1 UCI race that offers ranking points like the Jakarta event—on March 19 in Coo and Daniel Caluag are hoping to qualify for the Paris Olympics.

School, First Middle Blocker Curt Jan Guillermo and Best Setter Clark Dingle of Santa Rosa City, Second Best Middle locker Jury Cureg of Mayamot National High Sschool-Antipolo City and Best Libero Jeremi Pierre Cuenca and Best Opposite Hitter Patrick Jade Reyes of De La Salle Lipa.

The other girls individual awardees were Second Best Outside Hitter Shane Andrei Dimaano and Second Best Middle Blocker Raizah Nicole Mamailao of bronze medalist De La Salle Lipa and Best Middle Blocker Rianne Margaret Bedural, Best Libero Lavhinia Jean Sasondoncillo and Best Opposite Hitter Sherrie Acosta of GCC.

Brodeth, meanwhile, lived up to the hype and took the 16-under trophy with a 6-1, 6-0 rout of Davanee Velasco then posted a shutout victory over Corazon Lambonao, 6-0, 6-0, to add the 18-under plum to her growing trophy collection in the country’s longest talent-search put up by Palawan Pawnshop president and CEO Bobby Castro.

The other winners were Kenzo Brodeth, who dispatched Xian Calagos, 6-1, 6-1, for the 14-under crown with local bet Molly Tan bagging the girls’ diadem with a 6-2, 6-1 victory over Celeste.

Meanwhile, action in the junior circuit, backed by ProtekTODO, PalawanPay, Unified Tennis Philippines and Universal Tennis Rating shifts to Baybay City beginning Thursday with Ormoc City hosting the third Visayan swing stop from March 23 to 27.

For registration, contact tournament organizer Bobby Mangunay at 0915-4046464.

PHILIPPINE National Volleyball Federation president Ramon “Tats” Suzara hands the girls’ trophy to Kizzie Madriaga and her California Precision Sports teammates. With them are head coach Obet Vital and technical director Yul Benosa.

IRONKIDS ushers in IM 70.3 Davao

THE future of Philippine triathlon braces for another spirited battle in pursuit of top honors in their side of the swim and run race in a competitive but friendlier setting when the Ironkids Philippines 2023 kicks off on March 25 at the Azuela Cove.

The organizing The Ironman Group/ Sunrise Events Inc. is introducing new distances to encourage more participation while adding an extra year in the premier side to enable the 15-year-old bidders to still join the event as part of their preparations for bigger competitions ahead.

Four Individual titles will be up for grabs, including the 6 to 8 years old (100-meter swim and 1-km run), 9-10 (150-meter swim and 1.5-km run), 1112 (200-meter and 1.5-km run) and the 13-15 (250-meter and 2-km run).

A lso to be disputed are the mixed team relay trophies in the 6-10 (100-meter swim and 1-km run) and

11-15 (200-meter swim and 1.5-km run) categories.

For details, log on to ironkidsphil.com.

Spicing up the big weekend of fun and bonding in a shared experience is the Girls’ Run on March 24.

The Ironkids has ushered in a number of Ironman events in prepandemic, contributing to the growth of the sport while guaranteeing the steady flow of talents. It marked its return to the mainstream at Vermosa Sports Hub in Cavite last October.

The event has also helped develop values like discipline, sportsmanship and respect for others and at the same time preventing gadget addiction among them while encouraging the children to live an active lifestyle.

Meanwhile, the Alveo Ironman 70.3 Davao powered by Petron roster has hit 1,052 entries two weeks before its staging, which marks the return of the premier endurance race in the king city of the south.

PATRICK COO (right) with (from left) Indonesian bronze medalist Rio Akbar and gold medalist Gusti Bagus Saputra.