BusinessMirror March 15, 2023

January export earnings dip 13.5% to $5.23B

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The latest data from the PSA also indicated that the country’s import bill during the period rose by nearly 4 percent to $10.97 billion, from $10.55 billion a year ago.

HE Philippines’s export earnings fell by 13.5 percent to $5.23 billion in January, from the previous year’s $6.045 billion, according to the Philippine Statistics Authority (PSA).These results led to the widening of the country’s trade deficit in January. PSA data showed that the trade deficit reached $5.73 billion in the first month of the year, 27.2 percent higher than the previous year’s $4.51 billion.

“The balance of trade in goods [BoT-G] is the difference between the value of export and import.

The BoT-G in January 2023 amounted to $-5.74 billion, indicating a trade deficit with an annual increase of 27.2 percent,”

the PSA said in a report.

“The trade deficit in the previous month recorded an annual decline of -11.9 percent, while it posted an annual increase of 57 percent in January 2022,” it added.

The PSA said export receipts in January fell as six of the 10 major commodity groups registered lower earnings, including electronic products—the country’s top export. These were coconut oil (-39.1 percent), cathodes and sections of cathodes, of refined copper (-39.0

percent); metal components (-19.8 percent); electronic products (-19.2 percent); chemicals (-14.6 percent); and other manufactured goods (-11.9 percent).

By commodity group, the agency said electronic products continued to be the country’s top export in January 2023 with total earnings of $2.83 billion, which accounted for 54.2 percent of the total exports during the period.

BusinessMirror

www.businessmirror.com.ph P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK

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By Butch Fernandez @butchfBM

n Wednesday, March 15, 2023 Vol. 18 No. 151

Spending

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protection measures filed by senators, including six bills she herself endorsed for plenary action, declaring ecologically vital areas as protected areas (PAs) under the National Integrated Protected Areas Systems (NIPAS).

Presiding over the Committee on Environment, Natural Resources and Climate Change, Villar also lined up environment

Villar expressed dismay over the extent of damage caused by the oil spill from tanker MT Princess

See “Oil-spill,” A2

PHL NOW 2ND COUNTRY WITH MOST WEB THREATS

By Lorenz S. Marasigan @lorenzmarasigan

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According to the Kaspersky Security Network (KSN) Report for 2022, Kaspersky users in the Philippines received “repeated attacks” from threats through removable devices and affected web

sites in 2022 versus the year prior.

HE Philippines ranked second in the world with the most web threats in 2022, according to global cybersecurity firm Kaspersky, reflecting how cybercriminals were “relentless and persistent” in targeting Filipino organizations last year.This made the Philippines go two notches up in the list of the most attacked countries last year, next to Mongolia, and followed by Ukraine, Greece, and Belarus. The ranking is based on the number of web-based cyberthreats detected and blocked by Kaspersky products.

A single device can frequently be targeted by cybercriminals and subjected to multiple attacks, the report noted.

“I would always insist for any business that’s new, or qualifies as a small and medium enterprise, to have basic protection

from the get-go. Secure the endpoint and then have encryption in place. As you expand, spending on the business and security should be in lockstep. It’s pointless to build a business that is not protected because once you’re compromised, it is costly to repair the damage. At the very least, it could look like losing opportunities for your business because of lost customer trust,” said Chris Connell, Managing Director for Asia Pacific at Kaspersky.

In terms of vulnerabilities and attacks through removable devices such as USB sticks, the Philippines placed 72nd in the

world, reaching 25.06 million malware attacks last year.

Worms and file viruses accounted for the majority of such incidents that were detected and blocked by Kaspersky products in devices of its Filipino customers.

Likewise, cybercriminals tried to penetrate systems through attacks via browsers.

Detected and foiled incidents by Kaspersky plunged from 50.54 million to 39.39 million. Drive-by downloads and social engineering are the “favorite attack methods used by cyber

See “Web threats,” A2

HE Bureau of Internal Revenue (BIR) is banking on higher spending by Filipinos to offset the possible reduction in its collection of personal income tax as a result of the second round of income tax reduction under the TRAIN law.BIR Commissioner Romeo D. Lumagui Jr. said money collected by the bureau from Filipinos’ consumption would be able to compensate for the reduction in their annual income tax filings.

“Hopefully, it will compensate. Effectively, with higher take-home pay, hopefully they will be spending,” Lumagui told reporters in a recent interview. “So, consumption tax.”

Under the TRAIN law, the tax rate for individuals earning between P250,000 and P8 million

See “Export,” A2

Sen. Cynthia Villar stressed this at Tuesday’s Senate hearing on the massive oil spill and urged the government to step in and source funds to cover for the damage mitigation and cleanup for what has been called the country’s worst ecological disaster.

TRAIN law. . .

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would be slashed further by 2-percentage points to 5-percentage points depending on their tax brackets. The reductions in personal income tax took effect on January 1.

For example, the personal income tax of individuals earning between P250,000 and P400,000 would now be 15 percent of excess over P250,000 from 20 percent of excess over P250,000 before.

Aside from taxes collected through consumption, such as value added tax, the BIR would further improve its enforcement activities against illicit trade to boost the bureau’s collections, Lumagui said.

He disclosed that the BIR does not have a study yet on how much the bureau would lose from the reduced income tax. Nonetheless, Lumagui said, the lower income tax was already factored in the BIR’s revenue collection target of nearly P2.6 trillion this year.

“We have to just accept that, that’s it. We will look for ways [to collect more],” he said.

Some revenue regions of the BIR, such as Region 7A (Quezon City), have noted that the income tax reduction is one of the challenges in hitting their respective revenue target for the year. (Related story: https://businessmirror.com.

ph/2023/03/09/bir-region-7a-eyesover-%e2%82%a797b-in-revenuecollections-this-year/)

Earlier, finance officials expressed confidence that the BIR will achieve or even surpass its P2.599-trillion target revenue collections for this year on the back of an improving economy and digitalized taxpaying services. (Related story: https://businessmirror.com.

ph/2023/02/08/dof-sees-bir-hitting%e2%82%a72-599-t-target/)

Jasper Emmanuel Y. Arcalas

Continued from A1

Empress that sank off Naujan, Oriental Mindoro on February 28, noting that the oil spill “is emerging to have more extensive effects,” compared to the 2006 Guimaras oil spill—considered then as the worst in the country’s history.

Citing the National Disaster Risk Reduction Management Council Situation Report dated March 12, 2023, Villar said the oil spill in the province affected 21,691 families in 117 barangays of Region 4-B; 7,616 families in four barangays of Region 6; a total of 13 marine protected areas and 61 tourist attractions; and an estimate of 8 kilometers of coastline in Caluya, Antique.

“It is an understatement to say that this is a distressing news for the country. For one, this oil spill incident is a setback on our ongoing efforts to strengthen our ecosystem and mend our fragile biodiversity while we are undergoing the United Nations Decade of Ecosystem Restoration from 2021 to 2030.  You see, the Philippines is among the world’s biodiversity hotspots or those areas experiencing high rates of habitat and biodiversity loss,” Villar pointed out.

Also at Tuesday’s hearing, Senator Francis Tolentino questioned the seaworthiness of the M/T Princess Empress.

“We want to know how old is the M/T Princess Empress, how long has it been in business, and if it has been inspected for seaworthiness; inspection ius crucial,” Tolentino

said, speaking mostly in Filipino.

The sea accident continues to affect not only the livelihood of fisherfolk, but also the marine biodiversity and tourism as it heads towards the famous beaches of Coron in Palawan and in Boracay Island.

Representatives from the Maritime Industry Authority (MARINA) bared to the Senate panel that RDC Reield Marine Services (RDC)—the owner of M/T Princess Empress— has yet to secure an amendment of its certificate of public convenience (CPC) for the ill-fated vessel; thus it should not have been allowed to sail in the first place.

MARINA’S revelation thus confirmed information raised by Villar at the start of the hearing, when she warned against fanning undue expectations of oil spill victims who may think the vessel owner can easily use its insurance claim to cover its liabilities to them.

Tolentino, who earlier spurred the Senate environment panel to demand an in-depth assessment of the huge damage brought by the Mindoro oil spill incident following his privilege speech last week, also urged authorities and M/T Princess Empress’s owner to hasten the distribution of compensation for those affected by it.

Compensation Act

TOLENTINO suggested that authorities use existing funds cited in Republic Act No. 9483 or the Oil Pollution Compensation Act, since there is a specific provision there in which for every shipment of oil tanker, 10 centavos per liter is allotted specifically for compensation fund.

“In the law—in Section 1 of the IRR [Implementing Rules and Regulations] sa Republic Act 9483—for every delivery of an oil tanker, 10 centavos per liter of every delivery should go to the compensation fund. These  funds are administered by the Maritime Industry Authority [MARINA],” said Tolentino.

According to Tolentino, MARINA should lay down the guidelines on how the said compensation fund provided under the law will be utilized as soon as possible to fast-track its distribution to affected residents and local government units (LGUs) not only in Mindoro Oriental, but also in other areas like in Coron, Palawan and in some provinces in the Western Visayas region.

Tolentino said it’s now a race against time and authorities should not wait for the compensation and assistance coming from RDC Reield Marine Services (RDC), owner of the ill-fated boat. Tolentino also noted that the said company should clarify the status of its insurance claim since they are the one primary responsible for damaging the country’s center of marine biodiversity.

Authorities at present continue to race against time in containing the 800,000-liter that spilled from the oil tanker after it sank.

Sen. Raffy T. Tulfo called for a review of the provisions of Republic Act 9483 which, he said, tends to shield charterers from oil spill liabilities. Tulfo pointed out during the hearing that RA 9483 exempts charterers from claims for compensation and damages. “A charterer should also have a liability. This also concerns the capability of the coast guard to contain oil spills,” Tulfo said.

Sen. Risa Hontiveros stressed the importance of  collective and immediate action to clean up and mitigate the effects of the oil spill on the lives of many Filipinos, the environment and to tcountry.

Hontiveros said the oil spill has placed one of the richest biodiversity sites in the world and the livelihood of many of Filipinos  living in the affected areas at risk. The Verde Island Passage is known as the center  of marine shorefish biodiversity in the world.

“The threat that this brings to the Verde Island Passage will impact not only the people living in Mindoro and nearby provinces...but as the area with the highest concentration of coral reefs, fishes and mangroves, it will also negatively affect the country’s food supply,” Hontiveros said.

President Pro Tempore Loren Legarda asked government agencies to clarify their roles in the oil spill, citing the need for a concerted action for containing, removing, and mitigating the damage, as well as addressing its impacts on health and livelihood. “There should be one head,” Legarda said, as she called for a “coherent, comprehensive response” to the oil spill. “We cannot have different agencies—while well-meaning, well-funded, have the resources—[working] without a head,” she pointed out. She said that under Republic Act No. 10121, the National Disaster Risk Reduction and Management Council (NDRRMC) was tasked to provide for a framework and coordinate efforts for such disasters. Legarda recommended that an official be designated to lead the agencies in the oil spill response.

Sen. Francis “Chiz” Escudero grilled Philippine Coast Guard and officials of the oil tanker over the incident, pointing out the failure of the PCG to check the ship’s certificate of public convenience (CPC).

In questioning Fritzee Tee, vice president of RDC Reield Marine Services Inc. which owns MT Princess Empress, Escudero found out that the vessel was newly acquired and has sailed nine times already even though it technically had no permit to operate yet. Tee said they applied for an amended CPC in November 2022. “So nine times from whatever area it left port, the Coast Guard was supposed to inspect it and the Coast Guard saw that there was no amended CPC yet covering this vessel. [That means this is already the] ninth oversight on the part of Coast Guard,” Escudero said.

CPC is a license to operate or an authorization issued for the operation of public services for which no franchise, either municipal or legislative, is required by law such as a common carrier. Escudero also learned that the ship was not issued an amended CPC because the owner did not apply for one.

Export. . .

Continued from A1

This was followed by other mineral products with an export value of $290.17 million (5.5 percent); and other manufactured goods, which amounted to $282.22 million (5.4 percent).

“By major type of goods, exports of manufactured goods contributed the largest to the country’s total exports in January 2023 amounting to $4.17 billion [79.8 percent]. This was followed by mineral products with a share of $541.87 million [10.4 percent]; and total agro-based products, which contributed $373.14 million [7.1 percent],” the PSA said.

Japan was the top destination of Philippine exports in January, accounting for $866.25 million or 16.6 percent of the receipts during the period.

Other major buyers of Philippine products were United States ($738.26 million), China ($666.99 million), Hong Kong ($530.16 million), and Singapore ($318.47 million).

As for the increase in the country’s import payments in January, the PSA attributed this to seven of the top 10 major commodity groups. It noted that metalliferous ores and metal scrap recorded the fastest annual increase of 333.5 percent.

“This was followed by mineral fuels, lubricants and related materials, which increased by 70.6 percent annually; and telecommunication equipment and electrical machinery by 15.2 percent,” it added.

The PSA said most of the imported goods in January were electronic products with an import value of $2.44 billion or a share of 22.2 percent to the total imports. This was followed by mineral fuels, lubricants and related materials, which was valued at $2.06 billion (18.8 percent); and transport equipment, which amounted to $890 million (8.1 percent).

By major type of goods, imports of raw materials and intermediate goods accounted for the largest share to the country’s total imports amounting to $3.91 billion. Imports of capital goods ranked second with a share of $3.16 billion, followed by mineral fuels, lubricants and related materials with an import value of $2.06 billion.

“The People’s Republic of China was the country’s biggest supplier of imported goods valued at $2.32 billion or 21.1 percent of the total imports in January 2023,” the PSA said.

Other major sources of imports for the Philippines during the period were Indonesia, Japan, South Korea and the US.

Web threats. . .

Continued from A1

attackers to spread malware on their victims.”

The KSN report explained that a drive-by download attack is when a user visits a website and unintentionally downloads a malicious code; while a social engineering attack is when a user downloads malware but was made to believe it’s a legitimate program. If a company employee connects to an unsecured WiFi network or visits a non-work related website, such actions could result in disastrous and costly damage to company data.

“In the Philippines, businesses continue to flourish despite the challenges. We have seen how adversity, such as the pandemic, hastened the digital transformation among local businesses and customers alike. In the same vein, cybercriminals saw it as an opportunity to take advantage of the cybersecurity weaknesses of those jumping on the digital wave. As the country moves towards sustaining its recovery, hope Filipino businesses will be as aggressive in protecting their devices and their data as cybercriminals are persistent in preying on them,” Connell said.

Con-con bill gets 301 votes in House 3rd & final reading

Continued from A14

A con-con delegate shall enjoy the same parliamentary immunity accorded to a member of Congress.

The Senate, the House, and other government agencies shall make available personnel, facilities, equipment, or office space needed by the convention without hampering public service.

The con-con shall submit its report to the President, Congress, and Comelec within 30 days after the completion of the proposed amendments, or on June 30, 2024.

Funding for the convention shall initially be charged against any available appropriations in the 2023 national budget and subsequently included in next year’s budget proposal.

Premature, futile

ALBAY Rep. Edcel Lagman described the approval of HB 7352 as premature and futile. “No less than the Chairman of the sponsoring Committee on Constitutional Amendments admitted in plenary session that Resolution of Both Houses No. 6 is not yet complete, effective and implementable pending its approval by the Senate,” he said.

Verily, the approval of the Constitutional Convention Act, which is entitled An Act Implementing Resolution of Both Houses No. 6 of the Congress of the Philippines calling for a Constitutional Convention, is patently precipitate and premature as there is nothing yet to be implemented,” Lagman added.

According to Lagman, consideration and approval of HB 7352 is an exercise in inordinate futility because no less than the Senate President disclosed that the Senate cannot muster the extraordinary requisite vote to join the House in calling for Charter change via a constitutional convention.

The eventuality of a deadlock or an impasse could have been avoided had there been a joint session between the House and the Senate in considering Resolution of Both Houses No. 6. Had the House called for a joint session with the Senate, which is the proper mode when the Congress exercises its constituent power under Art. XVII of the Constitution, and the Senate demurred or did not agree, then it would have been clear from the very start that the Senate would not now venture into charter change,” he said.

Also, Lagman said no less than the Bangko Sentral ng Pilipinas reported that direct foreign investments to the Philippines shrank by 23 percent in 2022 because of “extended global slowdown and high inflation, which adversely affected investor decisions.” Therefore, he said, the decrease in foreign direct investments was not due to the nationalistic provisions in the Constitution—the argument used by the proponents of Cha-cha.

“ With negative economic indicators plaguing the economy, coupled with a dubious human rights record, no amount of liberalization of the constitutional economic provisions would induce or attract more foreign investors,” Lagman said.

On the other hand, when we open wide the economy up to 100 percent to foreign investment, the lords of foreign capital may not only supplement Filipino capital but supplant it altogether in gross violation of the constitutional mandate that the State shall develop a self-reliant and independent economy effectively controlled by Filipinos,” added Lagman.

The Makabayan bloc registered its strong objection to House Bill 7352, “as it operationalizes the route to rewriting any aspect of the 1987 Constitution even if it will hardly provide solutions to the urgent needs of Filipino women and the people.”

The Nation

Group presses full accountability from companies linked to oil spill

By Jonathan L. Mayuga @jonlmayuga

ENVIRONMENTAL group

Greenpeace on Tuesday urged the government to demand full responsibility and accountability from those involved in the Mindoro oil spill.

T he call was made as the Senate began its public hearing on the sinking on February 28 of the MT Princess Empress in Naujan, Oriental Mindoro that is reportedly carrying 800,000 liters of industrial oil.

The oil spill is projected to affect 36,000 hectares of mangrove forests, coral reefs, and seagrass beds in Mindoro, Batangas, and nearby provinces in the Visayas.

Unless the government demands full responsibility from those involved in the oil spill, companies will get away scot-free and avoid their environmental and social accountability for cleanup and economic damages caused by the disaster, Greenpeace Philippines warned.

The group noted that the tanker owner was slow to take responsibility for the spill, and that two weeks after the spill, the charterer or cargo owner has not come out and their identities remain unknown, with no government agency calling them out to take accountability.

Greenpeace reiterated the need for transparency from the government and urged members of the Senate panel conducting the public inquiry to underscore the accountability of the companies involved and seek reparations for affected communities.

Greenpeace noted that while the owner of the tanker, RDC Reield Marine Services, has apologized for its role in the spill, the owner of the oil cargo is yet to be named, although media reports identified SL Harbor Bulk Terminal Corp., reportedly a subsidiary of San Miguel Shipping and Lighterage Corporation, a company under conglomerate San Miguel Corporation, allegedly chartered the vessel.

“If these reports are true, these are alarming developments with regard to the spill. This suggests that the government does not have any teeth to compel polluters to own responsibility for a major catastrophe,” Greenpeace campaigner Jefferson Chua said in a statement.

“Unfortunately, we have yet to see the government stand up and take side with the communities and LGUs [local government unit] who have lost the main source of their livelihoods and economies by calling for all companies involved to take full responsibility for the damage,” he added.

“There is also a glaring lack of official information on what facility the cargo came from and where it’s headed, and what it is exactly that’s leaking out of the sunken ship,” he added. “These are vital pieces of information that can aid in developing policies for the avoidance of such accidents in the future.”

Greenpeace said it is in the best interest of the government to name all parties responsible, and—through

a comprehensive inquiry—seek accountability from these companies for the irreparable and ongoing damage the spill has dealt to the communities affected municipalities.

“We must remember that unless the companies involved are held fully accountable, it is the government that will shoulder the costs for ‘cleanup,’ recovery, and long-term rehabilitation of the ecosystems and communities impacted, in effect cleaning up and paying for the pollution private companies have caused,” Chua said. “Full transparency from all the companies and government agencies involved should therefore be sought.”

Meanwhile, the Department of Environment and Natural Resources (DENR) continues to rally communities to create oil spill booms made of organic materials to save marine ecosystems threatened by the oil slick. Working hand-in-hand with various national government agencies, including the Philippine Coast Guard (PCG), the local government units and the local communities, the DENR hopes to restrict the oil leaked by the sunken MT Princess Empress from afflicting surrounding marine protected areas (MPAs) in the Mimaropa and Western Visayas regions.

The use of improvised spill booms is a feasible precautionary measure to prevent damage to marine environments. These booms are made from indigenous materials, which are readily accessible to the immediate communities.

The DENR-Environmental Management Bureau (EMB) Mimaropa, together with the PCG and LGUs, has installed provisional spill booms made of cogon and sawali in Casiligan River and Calimawawa River in Oriental Mindoro province to prevent the oil spill from reaching the mangrove forests, coral reefs, and other marine life.

Coconut shingles, which have effective adsorption capacities, are also vital materials in fabricating spill booms. These are used with nets in Barangay Misong, Pola, and rice straws at Barangay Aplaya in Poblacion and Barangay Anilao in Bongabong. Coastal municipalities not affected by the oil spill have started fabricating and deploying spill booms 2 kilometers away from their shorelines as a precaution against the creeping spill.

Imalaguan Island MPA in Cuyo, Palawan now has about 100-meter booms, protecting its sanctuaries inhabited by pelagic fishes, coral reefs, and mangrove forests. Volunteers in Roxas, Palawan, which caters 13 MPAs across its 11 barangays, also started deploying spill booms.

The DENR-EMB Western Visayas worked with the local government of Caluya, Antique and PCG to undertake cleanup operations at the shorelines of Sitio Sabang at Barangay Tinogboc. This included the fabrication and completion of a 1,363-meter improvised spill boom using nets and coconut shingles to help contain the oil spillage, and prevent it from reaching the shore.

Rep. Barbers: 30% to 70% of seized drugs given as ‘reward’ to tipsters

By Jovee Marie N. Dela Cruz @joveemarie

THE chairman of the House Committee on Dangerous Drugs on Tuesday said illegal drugs were given to informants as “reward” after their successful drug seizures for the past 20 years.  Committee on dangerous drugs chairman Rep. Ace Barbers, in a statement following his committee hearing, said a substantial amount of illegal drugs hauled, seized and confiscated by the Philippine National Police and Philippine Drug Enforcement Agency are being recycled for the past 20 years.  T his fact, Barbers said, was revealed by an asset/informant of the two agencies who admitted being given “basura,” street lingo for shabu,

by anti-illegal drug operatives of the two agencies every time they complete a bust based on tips relayed to law enforcers.

T he amount varies from 30 percent of the haul up to us much as 70 percent, the lawmaker said.  Barbers condemned the illegal practice and promised to unearth more evidence and name names in succeeding hearings.

The testimony of the asset confirmed what we have heard all this time. The illegal practice of giving substantial portions of the drugs seized now has a face. In due time, if evidence warrants, criminal charges will be filed,” Barbers said.

We will not stop until we have unmasked all these crooks in uniform who have doomed so many lives to live in luxury,” he added.

Earlier, Barbers asked all antidrug law enforcement agencies to account and submit to the lower chamber the complete inventory list of all seized illegal drugs that remain under their custody pending court resolution of their cases.

As of now, we have no clear knowledge or understanding on the disposition of previously seized drugs that are still under the custody of law enforcement agencies such as the PDEA, the Philippine National Police and the National Bureau of Investigation,” Barbers said.

B arbers said he and his colleagues would want to know the whereabouts, the disposition and case status of the 990 kilos worth P6.7 billion of shabu seized by PNP anti-drug agents in Manila in October last year; the 1,855 kilos of

shabu worth P11 billion seized on March 15, 2022 in Infanta, Quezon; the P11.953 billion worth of illegal drugs reportedly seized by the Bureau of Customs in various drug bust operations in 2022 and turned over to the PDEA; the 365 kilos of shabu worth P730 million seized in August 2000 from six Chinese nationals in Sariaya off Tayabas Bay in Quezon, among others.

Under the RA 9165 or the Dangerous Drugs Act of 2002, the law has a specific period that within only 24 or 36 hours, the seized drugs must be destroyed. But this does not happen and the anti-drug agents have many reasons to keep them under their custody. And if they have them in custody, there is a great tendency for these drugs to be pilfered, lost and recycled,” he said.

PHL, Australia boost defense cooperation with turnover of Air Force training facility

By Rene Acosta @reneacostaBM

AUSTRALIA has turned over to the government a training facility for the Philippine Air Force (PAF) as Canberra and Manila strengthen their defense cooperation.

A cting Undersecretary of National Defense Angelito de Leon led the acceptance and turnover of the Close Air Support Part Task Trainer, Classroom & Debriefing Facility of the Air Force from Australia on Monday in Tarlac.

The facility is dedicated to the capacity-building efforts for the pilots and personnel of the 710th Special Operations Wing (SPOW), whose main mission is to perform close air support to ground troops during combat operations.

“On behalf of the Armed Forces of the Philippines and the Department of National Defense [DND], I thank the Australian government, represented here by Her Excellency Hae Kyong Yu, PSM, Australian ambassador to the Philippines, for donating this classroom and debriefing facility to the Philippine Air Force,” de Leon said, quoting the speech of DND Officer-in-Charge, Senior Undersecretary Carlito Galvez Jr.

Yu officially handed the transfer documents to de Leon, which he passed to Major Gen. George Blanco, commander of the Air Logistics Command, then turned over to Col. Rommel Allan Genete, acting wing commander, 710th SPOW.

The donation was made possible through the Philippines-Australia Enhanced Defense Cooperation Program (EDCP) signed in December 2019. The agreement forged the robust defense relationship between the two countries, notably counter-terrorism.

With this facility, the PAF will

House endorses rightsizing bill for Senate approval

THE House of Representatives on Tuesday endorsed for Senate approval a measure implementing a rightsizing program in the national government (NG), which is expected to result in P14.8 billion in savings.

T his after, lawmakers—voting 292 affirmative, 3 negative and without abstention, approved on third and final reading House bill 7240 or the “National Government Rightsizing Act.”

T he bill will be transmitted to the Senate for its own approval.

T he Department of Budget and Management disclosed that the rightsizing of the bureaucracy would result in P14.8 billion in savings at

the expense of an estimated 2 million government employees who have been determined to have redundant or overlapping functions.

T he bill grants authority to the President of the Philippine to rightsize the Executive branch in order to eliminate redundant, duplicate and overlapping functions. It also provides for optional adoption of the rightsizing program by the legislature, judiciary, constitutional commissions, Office of the Ombudsman and local government units.

T he bill grants retirement benefits and separation incentives for personnel who may be affected by the program.

It also provides a three-year time-

line to implement the rightsizing program.

T he bill seeks to create the Committee on Rightsizing the Executive Branch (CREB) to the best interest of the State to reorganize, merge, streamline or abolish agencies and offices.

Under the bill, the committee shall be composed of the Executive Secretary as chairperson, and the Secretary of the Department of Budget and Management as co-chairperson, with the Secretary of the SocioEconomic Planning, chairperson of the Civil Service Commission and the director general of the Anti-Red Tape Authority as members. Jovee Marie N. Dela Cruz

be able to address the technical training gaps of its personnel who will be given more time and training opportunities such as the use of simulator and actual flight events,” de Leon said.

A ustralia has continued to provide education and training opportunities to the DND in developing the professional and individual capacities of its civilian and military personnel.

“ To reciprocate this goodwill and support, we must collectively ensure that the Philippines will be able to fulfill its roles as a responsible nation-state and a reliable regional security partner,” de Leon said.

PBBM: Build cold storage facilities at major fish ports

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand R. Marcos Jr. ordered concerned agencies on Tuesday to prioritize the construction of cold storage facilities at 11 fish ports and modernize fishponds as well to reduce the country’s dependence on fish imports.

T he President met with key officials of the Bureau of Fisheries and

Aquatic Resources (BFAR) and other government agencies in Malacañang to discuss how to boost the efficiency of the country’s fishing sector. A mong the matters discussed were the staggering post-harvest losses along the value chain of fishermen, which is currently at 25 to 40 percent, since they lack access to equipment needed to preserve the freshness of their catch.

To address the matter, the Presidential Communications Office

(PCO) said the President ordered the construction of cold storage facilities to minimize fish spoilage in11 large fishing ports, including those in General Santos and Cagayan de Oro.

“ Doon sa mga mas maliliit na bagsakan ay mag-provide naman kami ng ice-making machine para naman puwedeng ilagay kaagad sa yelo para tumagal naman na sariwa ’yung mga isda. [For smaller ports, we will be providing ice-making machines so they can immediately use ice to ex-

tend the freshness of their catch],” Marcos said.

T he PCO noted that the President estimated that a reduction of postharvest losses on fish yield to just 8 to 10 percent would eliminate the country’s reliance on imported fish to meet local demand for the food commodity.

Department of Public Works and Highways (DPWH) Secretary Manuel M. Bonoan said they are now coordinating with the Department of Ag-

riculture (DA) to identify the areas, which will be covered by the construction and rehabilitation initiatives.

T he Chief Executive said he also wants to boost local fish production by providing financing to fishpond operators, particularly those engaged in high value mariculture to upgrade their operations.

Mariculture or marine farming is a specialized branch of aquaculture involving cultivation of marine organisms for food and other animal

products in enclosed sections of open ocean and fish farms built on littoral waters, or in artificial tanks, ponds or raceways, which are filled with seawater.

He said the DA is now crafting a plan to “encourage” the private sector to invest in mariculture. Such investments, Marcos said, will allow fishpond operators to make use of new technology, such as better fish cages to improve their yields.

Zambales power firms yield to province-wide rates cut DAR’s SPLIT project generates 406 e-titles for Sarangani ARBs

By Henry Empeño Correspondent

IBA, Zambales—Power distribution companies in Zambales and Olongapo City agreed to reduce electric billings by as much as P2 per kilowatt hour following a dialogue last week with Zambales First District Rep. Jay Khonghun, Second District Rep. Doris Maniquiz, and Mayors League President Jeffrey Khonghun.

T he P2 rates reduction will take effect for March billings to be made by the Zambales Electric Cooperative (Zameco) I, which operates in the First District, Zameco II in the Second District, and Olongapo Electricity Distribution Company Inc. (OEDC).

T he power distributors also agreed that beginning April, they would revert to the reduced rates agreed upon in September last year.

Maniquiz told the

BusinessMirror that the power rates cut will give residents of Zambales much relief from high electricity costs following a new round of increases made by the power firms.

“ Zambaleños have been burdened immensely after the power distributors once again increased their rates. Pagod na ang mga tao [The people have grown tired of this]. So, we had to find a win-win solution,” Maniquiz explained.

T he new agreement with the distributors would lower power cost for Zameco I subscribers from the current P19.52 per kilowatt hour (kWh) to P12.70 in March and to P14.70 from April to December this year.

O n the other hand, Zameco II will reduce rates from the current P19.9146 per kWh to P13.02 in March and to P15.02 from April to December 2023, while OEDC will adjust its rates to P13.60 per kWh in March and P15.60 starting April.

T he three power distribution firms agreed to the reduction after SMC Global Power, which operates the coal-fired thermal power plant in Masinloc, Zambales, heeded residents’ clamor for lower power rates and proposed a price cap of P8 this month and P10 starting April.

In the dialogue, Congressman Khonghun pointed out that the three power distributors recently increased their power rates in violation of the agreement in September last year that there will be a continuing cap on electricity rates, “while residents continue to be burdened by high prices.”

“So, why were you so keen on increasing your rates? Why not instead find ways to keep the price down?” Khonghun asked.

H e also noted that the power distributors failed to inform the local government units of the impending increase, and likewise did not explain to the public how they came about with the higher billings.

Mayor Khonghun, meanwhile, reminded Zameco officials that cooperatives are owned by their member-subscribers. “Taumbayan ang may-ari ng Zameco, hindi kayo. Empleyado lang kayo ng mga tao. [The people are the owners of Zameco, not you. You are just employees of the people],” he said. He warned that he would initiate an investigation of Zameco operations to get to the bottom of how the cooperatives fix their electricity rates.

C ongresswoman Maniquiz clarified that they were not on a witch hunt, but only looking for solutions because of the pressing need to ease the suffering of their constituents.

“ There is really a need to ascertain how the rates are formulated. So, let us look at how the costs of production and distribution are passed on to the people,” Maniquiz said.

Let us love our stakeholders because they are the ones feeding our families,” she added.

By Jonathan L. Mayuga @jonlmayuga

THE Department of Agrar -

ian Reform (DAR) generated

406 electronic land titles (etitles) for a total of 394 agrarian reform beneficiaries (ARB) who have been tilling their governmentawarded land in different towns of Sarangani Province.

T he e-titles cover a total area of 601 hectares of agricultural lands previously covered by a collective certificate of land ownership awards (CCLOs).

The e-titles cover seven municipalities in Sarangani, which include Alabel with 13 e-titles; Glan, 37; Kiamba, 14; Maasim, 7; Maitum, 222; Malapatan, 63; and Malungon, 50.

Cenon S. Original, Officer-inCharge-Provincial Agrarian Reform Officer II, said the e-titles were generated under DAR’s Support to Parcelization of Lands for Individual Titling (SPLIT) project.

SPLIT project is the parcelization of lands and issuance of individual land titles to ARBs who were previously awarded with lands distributed under collective certificate of land ownership award (CCLOA).

“These titles determine the exact metes and bounds of the areas covered under the Comprehensive Agrarian Reform Program [CARP] to be issued to the ARBs,” he explained. Original said that because of this, the ARBs would gain full control of making their lands productive.

“I thank the Registry of Deeds for their unwavering support in accurately and promptly processing and encoding of individual land titles to make the ARBs as legitimate owners of the lands they have been tilling to serve as inspiration to make their farms more productive and richer,” he said.

Last year, the DAR, under the SPLIT project, distributed about 520 e-titles to 292 ARBs of Sarangani and General Santos City.

Republic of the Philippines DEPARTMENT OF LABOR AND EMPLOYMENT Regional Office No. IV-A

4th Flr. Andenson Bldg. II, Brgy. Parian, Calamba City Telefax No.: (049) 545-7362

March 15, 2023

NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S)

Notice is hereby given that the following companies/employers have filed with this Regional Office application/s for Alien Employment Permit/s:

CORP.

10 MOA CLOUDZONE CORP.

Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

11 NATURE SPECIALISTS, INC.

Lot 2, Timberland Heights, Guitnang Bayan II (Pob.), San Mateo, Rizal

3

Basic Qualification:

4 BRICKHARTZ TECHNOLOGY INC.

Lot 4044, Molino Boulevard, Niog III, City of Bacoor, Cavite

5 BRICKHARTZ TECHNOLOGY INC.

Lot 4044, Molino Boulevard, Niog III, City of Bacoor, Cavite

6 BRICKHARTZ TECHNOLOGY INC.

Lot 4044, Molino Boulevard, Niog III, City of Bacoor, Cavite

7 BRICKHARTZ TECHNOLOGY INC.

Lot 4044, Molino Boulevard, Niog III, City of Bacoor, Cavite

8 MOA CLOUDZONE CORP.

Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

JIN, DA Mandarin Customer Relations Officer

Job Description: Ensure outstanding customer satisfaction by maintaining strong working relationships

ZHANG, TAO Mandarin Customer Relations Officer Brief Job Description:

Ensure outstanding customer satisfaction by maintaining strong working relationships

Has excellent problemsolving and communication skills in Mandarin, with related BPO experience

Range: Php30,000 – Php59,999

Basic Qualification:

Has excellent problemsolving and communication skills in Mandarin, with related BPO experience

Salary Range: Php30,000 - Php59,999

12 SKY DRAGON GLOBAL TECHNOLOGIES CORP.

B1, LY Building, Mabuhay, Carmona, Cavite

13 SKY DRAGON GLOBAL TECHNOLOGIES CORP.

B1, LY Building, Mabuhay, Carmona, Cavite

14 SKY DRAGON GLOBAL TECHNOLOGIES CORP.

B1, LY Building, Mabuhay, Carmona, Cavite

LEE,

CAO, JINLONG

Mandarin Customer Service

Brief Job Description:

Ensure outstanding customer satisfaction by maintaining strong working relationships

LI, TAO

Mandarin Customer Service

Brief Job Description:

Ensure outstanding customer satisfaction by maintaining strong working relationships

CHEN, JINNAN

Chinese Customer Service

Basic Qualification:

Has excellent problemsolving and communication skills in Mandarin, with related BPO experience

Salary Range: Php150,000 - Php499,999

Basic Qualification: Has excellent problemsolving and communication skills in Mandarin, with related BPO experience

Salary Range:

Php30,000 - Php59,999

HETTIARACHCHI, HETTIARACHCHIGE DON RANUKA SRIDHARA Executive Chef

Job Description: Ensure efficient, effective and profitable operation of the resort

NUWAMANYA, EDWIN

Customer Service Representative Buganda Speaking Brief Job Description: Build sustainable relationship of trust through open and interactive communication in Buganda Speaking

DONG, ZHIXIANG

Customer Service Representative Mandarin Speaking

Brief Job Description: Build sustainable relationship of trust through open and interactive communication in Buganda Speaking

HU, HUIXIA

Customer Service Representative Mandarin Speaking

Brief Job Description: Build sustainable relationship of trust through open and interactive communication in Buganda Speaking

Qualification: Must have at least 10+ years of work experience of which 5 years in an international class hotel and preferably at least two years in a similar position

Basic Qualification: Able to speak foreign language

Salary Range: Php30,000 - Php59,999

Basic Qualification: Able to speak foreign language

Salary Range: Php30,000 - Php59,999

Basic Qualification: Able to speak foreign language

Salary Range: Php30,000 - Php59,999

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE Regional Office IV-A located at 3rd and 4th Floors, Andenson Building II, Parian, Calamba City, Laguna, within 30 days after this publication.

Please inform DOLE Regional Office IV-A if you have any information on criminal offense committed by the foreign nationals.

To avail of free job referral, placement, and employment guidance services, visit the nearest Public Employment Service Offices

at http://www.philjobnet.gov.ph

40.

Brief Job Description: Marketing Staff is an overseer of an organization’s marketing campaigns and plays an important role in developing and executing communication concepts and marketing strategies for the company.

Basic Qualification: Can develop strong positive relationships with executive and management contacts; able to speak and communicate using mandarin.

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

Basic Qualification: Bachelor’s degree in marketing, communications or related. Proven work experience in marketing. Excellent interpersonal skills. Solid knowledge of market research techniques. Thorough knowledge of social media and web analytics. Solid understanding of research techniques

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

41.

CHEN, BIN Marketing Staff

Brief Job Description: Marketing Staff is an overseer of an organization’s marketing campaigns and plays an important role in developing and executing communication concepts and marketing strategies for the company.

42. SHI,

Php 30,000 - Php 59,999

Salary

Banana sector badly needs govt support

Guatemala is the largest economy in Central america and is an upper-middle country based on its GDP per capita of $4,603 in 2020, according to the World Bank. the Washington-based multilateral lending institution characterized its economy as having “the least volatile growth among its structural and aspirational peers.” this was achieved years after it began its slow march towards political and economic recovery following a civil war that lasted 36 years.

Many Filipinos may not be familiar with Guatemala, which is not surprising as it is not a popular tourist destination for locals who wish to spend their vacation abroad. Stakeholders in the local farm sector, however, know Guatemala very well as it has recently stripped the Philippines of its status as the world’s second-largest exporter of bananas. Based on data from the Food and Agriculture Organization of the United Nations, the Central American nation has overtaken the Philippines in terms of banana exports last year (See, “PHL loses No. 2 spot for banana exporters,” in the BusinessMirror, January 26, 2023).

In a report, FAO estimated that Guatemala exported a total of 2.467 million metric tons of bananas last year, eclipsing the Philippines’s 2.235 MMT. The UN body noted that Philippine banana growers are grappling with the spread of Fusarium wilt or Panama disease, which could wipe out entire banana plantations. The spike in the cost of inputs and fertilizers, which was largely caused by the conflict in Eastern Europe, has also made it difficult for traders to keep the price of the crop at an affordable level.

The Philippines, according to FAO, has lost substantial market share in key banana destinations, such as China. From 75 percent, the market share of Philippine bananas in China fell to just 38 percent. And this trend may be seen in other traditional markets of Philippine bananas as the FAO report took note of the increasing exports of other Central American banana producers, including Guatemala.

Apart from coconut oil, banana is one of the major agricultural export earners of the Philippines. Based on data from the Philippine Statistics Authority (PSA), the country’s banana exports reached $1.096 billion last year, second only to shipments of coconut oil, which reached more than $2 billion. However, export receipts from bananas recorded in 2022 were nearly 4 percent lower than the previous year’s $1.138 billion.

Reversing the sagging trend of banana exports would require major reforms particularly in eliminating Panama disease, which continue to threaten banana-producing areas. Banana growers and exporters belonging to the Pilipino Banana Growers and Exporters Association are banking on the campaign promise of the President, who is concurrent agriculture chief, that a state-ofthe-art Banana Research and Development Center would be set up during his term (See, “Amid sagging yield, banana sector eyes research center,” in the BusinessMirror, February 27, 2023). Lawmakers should help the President make good on his promise that he will arm the banana sector with the necessary tools to become competitive in the international arena.

The continuous discrimination of Filipina comfort women

Flowers For lolas

‘We do not want war. If there is war, what we experienced may also happen to the future generations,” said Filipina comfort woman lola estelita Dy of lila Filipina.

I joined the assembly of Lila Filipina at the Raha Sulayman Park in Malate on March 4, 2023 as they rang bells for peace and justice.

Lola Estelita (92) and Lola Narcisa Claveria (91) were 14 and 12 years old, respectively, when they became victims of Japanese military sexual violence and sexual slavery during the Second World War.

They held “No to War of Aggression” signages as they expressed alarm over recent reports on the formation of a US-Japan-Philippines security agreement in light of intensifying military tensions between the US and China in the Asia-Pacific region.

Four days later, the UN Commit-

tee on the Elimination of Discrimination against Women (CEDAW) released on International Women’s Day a decision on the complaint by the Malaya Lolas, which found that the “Philippines violated the rights of victims of sexual slavery perpetrated by the Imperial Japanese Army during the Second World War by failing to provide reparation, social support and recognition commensurate with the harm suffered.”

The Committee pointed out that the Philippine government failed to adopt appropriate legislative and other measures to prohibit all discrimination against women and protect women’s rights on an equal basis with men.

By Matthew Daly & Chris Megerian |

The Associated Press

WaSHINGtON—the Biden administration said monday it is approving a huge oil-drilling project on a laska’s petroleum-rich North Slope, a major environmental decision by President Joe Biden that drew quick condemnation as flying in the face of his pledges to slow climate change.

The announcement came a day after the administration, in a move in the other direction toward conservation, said it would bar or limit drilling in some other areas of Alaska and the Arctic Ocean.

The approval of ConocoPhillips’ big Willow drilling project by the Bureau of Land Management will allow three drill sites including up to 199 total wells. Two other drill sites proposed for the project will be denied. ConocoPhillips Chairman and CEO Ryan Lance called the order “the right decision for Alaska and our nation.”

The Houston-based company will relinquish rights to about 68,000 acres of existing leases in the National Petroleum Reserve-Alaska.

The order, one of the most significant of Interior Secretary Deb Haaland’s tenure, was not signed by her but rather by her deputy, Tommy Beaudreau, who grew up in Alaska and briefed state lawmakers on the project Monday. Haaland was notably silent on the project, which she had opposed as a New Mexico congresswoman before becoming Interior secretary two years ago, until releasing a video Monday evening.

She described Willow as “a difficult and complex issue that was inherited” from earlier administrations. Because ConocoPhillips has held leases in the area for decades, Haaland said officials “had limited decision space” to block the project but focused on minimizing its footprint.

Haaland defended the Biden administration’s record on climate change by saying, “I am confident that we are on the right path, even if it’s not only a straight line.”

Climate activists remained outraged that Biden approved the project, which they say puts his climate legacy at risk. Allowing the drilling plan to go forward marks a major breach of Biden’s campaign promise to stop new oil drilling on federal lands, they say.

Monday’s announcement is not likely to be the last word, with litigation expected from environmental groups.

The Willow project could produce up to 180,000 barrels of oil a day, create up to 2,500 jobs during construction and 300 long-term jobs, and generate billions of dollars in

It noted that while Philippine war veterans, who are mostly men, are entitled to special and esteemed treatment from the government, such as educational benefits, health care benefits, old age, disability and death pensions, there was no such action with the women victims of sexual violence and slavery.

The Committee found such actions as a breach of the Philippines’ obligations under the CEDAW as a State Party.

The Committee recommended that the victims must be provided with “full reparation, including recognition and redress, an official apology, and material and moral damages” proportionate to the physical, psychological, and material damage suffered by them and the gravity of the violation of their rights experienced.

The decision also recommended the preservation of Bahay na Pula, or the establishment of another space to commemorate the suffering of the victims and honor their struggle for justice.

Built in 1929, it is a big, ancient two-floor house standing alone on a hacienda. It was made largely of wood and painted red on the outside,

royalties and tax revenues for the federal, state and local governments, the company said.

The project, located in the federally designated National Petroleum Reserve-Alaska, enjoys widespread political support in the state. Alaska’s bipartisan congressional delegation met with Biden and his advisers in early March to plead their case for the project, and Alaska Native state lawmakers recently met with Haaland to urge support.

Sen. Lisa Murkowski, R-Alaska, said Monday the decision was “very good news for the country.”

“Not only will this mean jobs and revenue for Alaska, it will be resources that are needed for the country and for our friends and allies,” Murkowski said. “The administration listened to Alaska voices. They listened to the delegation as we pressed the case for energy security and national security.”

Fellow Republican Sen. Dan Sullivan said conditions attached to the project should not reduce Willow’s ability to produce up to 180,000 barrels of crude a day. But he said it was “infuriating” that Biden also had moved to prevent or limit oil drilling elsewhere in Alaska.

Environmental activists who have promoted a #StopWillow campaign on social media were fuming at the approval, which they called a betrayal.

“This decision greenlights 92% of proposed oil drilling (by Cono-

giving the house its name.

On November 23, 1944, the Imperial Japanese Army attacked Mapaniqui in Candaba, Pampanga, a suspected bailiwick of Hukbo ng Bayan Laban sa Hapon (Hukbalahap).

The women were ordered to walk to the Bahay na Pula in San Ildefonso, Bulacan, which became a barracks where they became victims of military sexual violence and slavery. Upon reaching the mansion, the soldiers dragged the women, ranging in age from 13 to early 20s, into dark rooms and took turns raping them. The victims have spent their lives in misery, having endured physical injuries, pain and disability, and mental and emotional suffering.

The Malaya Lolas was established after the women broke their silence in August 1996, four years after Maria Rosa Luna Henson made public her ordeal as a “comfort woman.”

In 2014, the Supreme Court finally denied the petition filed by Malaya Lolas to declare the Philippine government guilty of grave abuse of discretion for refusing to espouse their claims for war crimes and crimes against humanity.

The Malaya Lolas claim that

See “Gorecho,” A13

coPhillips) and hands over one the most fragile, intact ecosystems in the world to” the oil giant, said Earthjustice President Abigail Dillen. “This is not climate leadership.’’ Biden understands the existential threat of climate change, “but he is approving a project that derails his own climate goals,’’ said Dillen, whose group vowed legal action to block the project.

John Leshy, who was a top Interior Department lawyer in the Clinton administration, said Biden’s climate goals aren’t the only factor in an environmental review process that agencies must follow.

Leshy, a professor at the University of California College of the Law, San Francisco, called the decision on Willow defensible, adding: “I think it reflects a balancing of the things they have to balance, which is the environmental impact and the lease rights that Conoco has.’’

Christy Goldfuss, a former Obama White House official who now is a policy chief at the Natural Resources Defense Council, said she was “deeply disappointed’’ at Biden’s decision to approve Willow, which the BLM estimates would produce more than 239 million metric tons of greenhouse gases over the project’s 30-year life, roughly equal to the combined emissions from 1.7 million passenger cars.

“This decision is bad for the climate, bad for the environment and bad for the Native Alaska commuSee “Biden,” A13

Dennis Gorecho

Government races to reassure US that banking system is safe

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

The Associated Press

NEW YORK—Depositors

withdrew savings and inves-

tors broadly sold off bank shares Monday as the federal government raced to reassure Americans that the banking system was secure after two bank failures fed fears that more financial institutions could fall.

President Joe Biden insisted that the system was safe after the secondand third-largest bank failures in the nation’s history happened in the span of 48 hours. In response to the crisis, regulators guaranteed all deposits at the two banks and created a program that effectively threw a lifeline to other banks to shield them from a run on deposits.

“Your deposits will be there when you need them,” Biden told the public, seeking to project calm. He also said the banking executives responsible for the failures would be held accountable.

In other developments, the Federal Reserve announced that it would reassess its supervision of Silicon Valley Bank.

“We need to have humility and conduct a careful and thorough review of how we supervised and regulated this firm, and what we should learn from this experience,” said Michael Barr, the Fed’s vice chair for supervision, who will lead the effort.

Regulators closed the bank Friday after depositors rushed to withdraw their funds all at once. The only larger failure in US banking history was the 2008 collapse of Washington Mutual. Regulators seized new York-based Signature Bank late Sunday in thirdlargest failure in the US.

In both cases, the government agreed to cover deposits, even those that exceeded the federally insured limit of $250,000.

Despite the message from the White House, investors broadly dumped shares in bank stocks.

Shares of First Republic Bank closed down more than 60% even after the bank said it was taking emergency funding from the Federal Reserve and additional money from JPMorgan Chase.

Shares in KeyCorp and Comerica plunged by nearly a third. The stock of well-known franchises such as Charles Schwab, Fifth Third Bank, Truist and Huntington Bancshares all dropped by double digits.

The selloff happened in part because the country woke up to a new banking system and investors had to find the winners and losers, banking experts said.

There was no guarantee that the anxiety would not spread. Customers at other banks with deposits over the $250,000 limit remained at risk of losing access to their money for a time.

Just because the government covered for Silicon Valley Bank and Signature Bank “doesn’t mean they are going to cover for these smaller banks,” said Chris Caulfield, a senior partner at West Monroe.

Wesley Zheng, co-founder and CEO of Posh Robotics, which is working to develop sustainable batteries, said he will move $4 million from Silicon Valley Bank to JPMorgan Chase.

“No more small banks. We have so many other things we’re working on, we don’t want to be worried about figuring out the risk management of the banks we’re working with,” he said.

Further, the government’s actions suggested it would stand behind all deposits if doing so prevents damage to the broader economy.

“Everything is now covered. That’s a fact. No matter how specialized or isolated your bank is, if there’s a risk of contagion, regulators have made it clear that they are going to intervene,” said Norbert Michel, a banking policy expert at the libertarian-leaning Cato Institute.

Amid the selloff of midsize banks,

investors kept relatively calm over the health of the nation’s biggest banking bulwarks, such as Citigroup, Bank of America and Wells Fargo. Investors apparently concluded that the only place to be safe in banking was with the nation’s most strictly regulated institutions.

Notably, shares in JPMorgan Chase—the nation’s biggest bank with more than $3 trillion in assets—fell a modest 1.8% on Monday.

Regional banks were seen as the riskiest, since they do not have the scale to compete against larger competitors. Large account balances— once seen as a positive sign that a bank’s clients are well off—were a liability since they could be withdrawn at the first sign of trouble.

“I wouldn’t want to be running a regional bank right now where my services are no different from my competition,” Caulfield said.

International regulators also had to step in to ease fears. The Bank of England and U.K. Treasury said they facilitated the sale of a Silicon Valley Bank subsidiary in London to HSBC, Europe’s biggest bank. The deal protected 6.7 billion pounds ($8.1 billion) of deposits.

Under the plan announced by US regulators, depositors at Silicon Valley Bank and Signature Bank were able to access their money. A new Fed program will allow banks to post certain high-quality securities as collateral and borrow from a government emergency fund.

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

New York bank regulators took possession of Signature Bank on Sunday, ousting its leaders and handing day-to-day control over to the Federal Deposit Insurance Corp.

New York Gov. Kathy Hochul said the decision by the state Department of Financial Services was aimed at holding off a bigger crisis involving more banks.

“Our view was to make sure that the entire banking community here in New York was stable, that we can project calm,” Hochul said Monday at a news conference.

She said a high volume of withdrawals that began last week continued with online transactions through the weekend. The bank was open Monday under the name of Signature Bridge Bank.

Signature, which was founded more than two decades ago, has about 40 offices across the country and says it focuses on banking for privately owned businesses, their owners and senior managers.

Though Sunday’s steps marked the most extensive government intervention in the banking system since the 2008 financial crisis, the actions were relatively limited compared with 15 years ago.

The two failed banks themselves have not been rescued, and taxpayer money has not been provided to them.

Michele Barry, a teacher who was at Silicon Valley Bank on Monday, said members of the FDIC and bank employees were available to answer questions.

Barry, who also runs an afterschool program for children, wanted to make sure that her four employees would be paid. She was told that all checks from Friday would be honored, along with her automatic payments.

Barry left enough in her account to cover the payments, but she transferred the bulk of her money over to another bank. She said Biden’s reassurance was helpful. Rugaber and Megerian reported from Washington. Sweet and Bussewitz reported from New York. Associated Press writers Hope Yen in Washington; Michelle Chapman in New York; Jennifer McDermott in Providence, Rhode Island; Geoff Mulvihill in Cherry Hill, New Jersey; and Danica Kirka in London contributed to this report.

Legalizing ‘ukay-ukay’ is like trampling on our nation’s dignity

those allowed under the Tariff and Customs Code (RA 1937), including donations.

Dr. Jesus Lim Arranza MAKE SENSE

Awise man once said that the saddest thing in the world is not poverty—it’s loss of dignity. The word dignity comes from the Latin word “dignus”, which means worth or value. in our society, dignity is a person’s sense of self-respect and of feeling worthy of respect. while dignity resides within us, it is also communicated by the members of the community. This means our self-respect is supported by others who treat us with dignity.

Just how sacred and priceless is a nation’s dignity? Well, when trampled upon, people go to war to defend it.

This is why it pains me to read news reports saying some lawmakers and business groups are clamoring for the legalization of the importation and retail of ukay-ukay or used clothing.

It would do well for Filipinos to remember the intention and spirit of Republic Act 4653, or the law that bans the entry of used apparels into the country: To safeguard our people’s health and national dignity. This 1966-enacted law is aptly titled: “ AN ACT TO SAFEGUARD THE HEALTH OF THE PEOPLE AND MAINTAIN THE DIGNITY OF THE NATION BY DECLARING IT A NA-

TIONAL POLICY TO PROHIBIT THE COMMERCIAL IMPORTATION OF TEXTILE ARTICLES COMMONLY KNOWN AS USED CLOTHING AND RAGS.”

Clearly, the framers of this law correctly cited health reasons and dignity to prohibit the importation of used or second hand clothes.

Yes, these great lawmakers knew how sacred our nation’s dignity is, and they had the vision to pass this law to protect us from people that many years hence would wantonly disregard the Filipino people’s collective dignity in exchange for scraps, literally and figuratively. These used apparels are considered trash in other countries. When they enter our country, these are considered contrabands, except

The ukay-ukay trade, however, continues to proliferate in the country. Used clothing and similar items are now flagrantly being sold in the streets, in warehouses, and even in malls and on online platforms.

Because of this, some sectors are saying that we need to legalize the entry and sale of used clothing and similar items so we can generate revenues from them while creating jobs and other economic activities.

This is so disheartening.

Now they are putting a price tag on our nation’s dignity. What price are we willing to pay for our national humiliation? Are we now putting a price on our people’s collective pride and dignity to make money from this illicit economic activity?

As an industry leader, I can categorically say that the ukay-ukay trade is a negative proposition that adversely affects the country’s economy.

The proliferation of these used apparels and similar items like used shoes have been killing our local manufacturers. They also contribute to the steady decline of investments in our garments and textile industry. These are the legitimate Philippine businesses and industries that we are killing by legalizing ukay-ukay.

In the end, Filipino workers will lose their jobs.

I appeal to our lawmakers, please

do not legalize ukay-ukay.

I also call on our government executives, from the Bureau of Customs to the regulators, law enforcers, and local government units, to please strictly implement RA 4653.

To all shady non-government organizations that are being used as conduits in the entry of these ukayukays via their privilege to receive donations, please have the conscience to stop what you are doing.

The law carries penalties of up to P200,000 fine and five years’ imprisonment for those illegally bringing in used clothing. The ukay-ukay trade should serve as a test to all government personnel who are mandated to implement the law. Looking the other way while these ukay-ukay merchandise are being brought in and flagrantly sold in the country is called dereliction of duty. Public servants must be reminded that they can get a lifetime ban from government service if found guilty. I still believe that the law has the power to make people obey it. We just need to muster that deeper motivation to have it followed to the letter. It is every Filipino’s sense to duty to protect and defend the nation’s dignity.

Dr. Jesus Lim Arranza is the chairman of the Federation of Philippine Industries and Fight Illicit Trade; a broad-based, multisectoral movement intended to protect consumers, safeguard government revenues and shield legitimate industries from the ill effects of smuggling.

Activists urge UN Security Council to refer Myanmar to court

By Edith M. Lederer | The Associated Press

UNiTeD NATiONs—Human rights activists urged the U.N. security Council on Monday to refer Myanmar’s military rulers to the international Criminal Court and urged neighboring southeast Asian countries to support the opposition pro-democracy movement.

The leaders of two women’s rights organizations spoke to reporters ahead of a closed council meeting on Myanmar. Members heard briefings by U.N. special envoy for Myanmar Noeleen Heyzer and Indonesia’s Foreign Minister Retno Marsudi, whose country chairs the 10-member Association of Southeast Asian Nations.

May Sabe Phyu, director of the Gender Equality Network, a coalition of organizations promoting women’s rights in Myanmar, accused Myanmar’s military of conducting “a terror campaign” and committing “heinous acts” that constituted crimes against humanity. She said the Security Council should refer the junta’s actions to the International Criminal Court for prosecution.

Myanmar’s military has long been accused of human rights violations, most notably during a brutal 2017 counterinsurgency campaign against Rohingya Muslims in the

Gorecho . . .

western state of Rakhine. International courts are considering whether that crackdown was genocide.

In 2021, the military ousted Myanmar’s elected civilian government, then moved to violently suppress public opposition to the takeover. Some experts now consider the situation in Myanmar to be a civil war in which the army has been conducting major offensives against widespread armed resistance.

Asean adopted a five-step consensus on restoring peace in April 2021 to which Myanmar agreed but has not implemented, leading to Myanmar’s exclusion from some top-level Asean meetings since then.

The Security Council approved its first-ever resolution on Myanmar in December, demanding an immediate end to violence, urging its military rulers to release all “arbitrarily detained” prisoners including ousted leader Aung San Suu Kyi and to restore democratic institutions. It also

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since 1998, they have approached the Executive Department through the DOJ, DFA, and OSG, requesting assistance in filing claims against the Japanese officials and military officers who ordered the establishment of the “comfort women” stations in the Philippines.

The Court ruled that while it commiserates with the sufferings of the women of Mapaniqui, this, allegedly, is one instance where there is a violation of right but bereft of a legal remedy. The Court also said that while rape is prohibited, there is no non-derogable obligation to investigate, prosecute and punish those who committed mass rape as a war crime.

The UN decision also recommended for the Philippine government to “embrace a sensitive understanding of human rights violations endured by these women and prevent its recurrence through the educational system’s institutions and curricula.”

The Commission on Human Rights urged the putting back of the comfort women statue that once stood near Manila Bay, which was removed in 2018.

From the more than 200 documented survivors in the late 1990s, less than 50 Filipino comfort women are still alive.

The dwindling number highlights a sense of urgency for them to receive a formal, unequivocal public apology and just compensation from Japan as well as accurate historical inclusion while their voices can still be heard.

reiterated a call for dialogue and reconciliation and urged all sides “to respect human rights, fundamental freedoms and the rule of law.”

The activists called for an arms embargo, for the U.N. special envoy to have public engagements with pro-democracy actors, and for accountability for crimes perpetrated by the military.

Phyu, who left Myanmar after the takeover and is now based in the United States, asked the Security Council to pressure Myanmar’s neighbors not to support the government but to publicly support democratic forces, including the National Unity Government, which she said has the support of the people of Myanmar.

And she criticized U.N. envoy Heyzer for meeting Senior Gen. Min Aung Hlaing but not meeting publicly with pro-democracy groups including the National Unity Government, which operates underground and calls itself the country’s legitimate government.

Naw Hser Hser, head of the Women’s League of Burma, said supporters of democracy feel forgotten by the international community.

Before Monday’s council meeting, Britain’s U.N. Ambassador Barbara Woodward said the Security Council

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nities who oppose this and feel their voices were not heard,’’ Goldfuss said.

The Willow project has been a particularly galvanizing issue for young activists, who flooded TikTok with videos opposing the proposal. Biden has not commented publicly on the project’s approval. However, he talked about climate change with Kal Penn, an actor who served in the White House under President Barack Obama, in an interview that was taped last week and will be aired Monday evening on Comedy Central’s “The Daily Show.”

“We’re going faster than anyone has ever gone,” Biden said when asked about young people who want him to push harder. He said the energy situation “got really complicated” with the Russian invasion of Ukraine, adding that “we’re going to need fossil fuel.”

“So it’s a matter of transitioning, but it’s not like you can cut everything off immediately,” Biden said.

Anticipating anger among environmental groups, the White House announced Sunday that Biden will prevent or limit oil drilling in 16 million acres in Alaska and the Arctic Ocean. The plan would bar drilling in nearly 3 million acres of the Beaufort Sea — clos-

fully supports Asean and the fivepoint council, but stressed that it’s time for progress now.

“The people of Myanmar have been suffering for too long,” Woodward said. “Myanmar is the second deadliest place in the world for civilians and the people of Myanmar really can’t wait.”

France’s deputy UN ambassador Nathalie Broadhurst told The Associated Press after the council meeting that Marsudi presented the implementation plan which calls for action on all five points in parallel, not sequentially.

“They say they don’t want megaphone diplomacy,” Broadhurst added, expressing hope that the Asean effort will eventually lead to a national inclusive effort and end the “desperate situation” in Myanmar.

Brazil’s U.N. Ambassador Ronaldo Costa Filho told AP that council members supported Asean, and some said the Security Council should be prepared for further action, but no new council action is expected “for the time being.”

The Security Council in New York has been increasingly divided due to a major rift among its five permanent members: China and Russia on one side, Britain, France and the United States on the other.

ing it off from oil exploration — and limit drilling in more than 13 million acres in the National Petroleum Reserve.

The withdrawal of the offshore area ensures that important habitat for whales, seals, polar bears and other wildlife “will be protected in perpetuity from extractive development,” the White House said in a statement. The conservation announcement did little to mollify activists.

“It’s a performative action to make the Willow project not look as bad,” said Elise Joshi, the acting executive director of Gen-Z for Change, an advocacy organization.

City of Nuiqsut Mayor Rosemary Ahtuangaruak, whose community of about 525 people is closest to the proposed development, has been outspoken in her opposition, worried about impacts to caribou and her residents’ subsistence lifestyles. “My constituents and community will bear the burden of this project with our health and our livelihoods,’’ she said.

But there is “majority consensus” in the North Slope region supporting the project, said Nagruk Harcharek, president of the group Voice of the Arctic Iñupiat, whose members include leaders from across much of that region. Associated Press writers Becky Bohrer in Juneau, Alaska and Matthew Brown in Billings, Montana, contributed to this story.

Russia: 60-day extension of grain deal acceptable

By Jamey Keaten & Karl Ritter The Associated Press

Japan weighs defense exports as it shows off fighter jet plans

By Isabel Reynolds & Yuki Hagiwara

JAPAN’S joint fighter jet project with the UK and Italy will take center stage at a defense show near Tokyo this week, as the country bolsters its defense ties with Nato members and mulls loosening controls on defense exports.

The Global Combat Air Program, a next-generation stealth fighter announced in December, is the country’s first major military development plan with partners other than the US since World War II. The defense ministers from the three countries will meet in Tokyo on Thursday for discussions on the plane, Japan’s Defense Ministry said.

Japan has been one of the biggest buyers of US aircraft for years and the fighter jet signals Tokyo is ready to increase outlays on its domestic arms makers as it pledges to increase defense spending by 60 percent in the next five years.

“We will gain increased exposure to global markets,” Akira Sugimoto, who heads the project for Japan’s biggest defense contractor Mitsubishi Heavy Industries, said in an interview. MHI, a descendant of the maker of the World War II Zero fighter, will be working with BAe Systems Plc and Leonardo SpA as main contractors, while a host of other firms will also be involved.

“We think we can develop through exchanges with foreign companies that have a wealth of that type of experience,” Sugimoto said. He added MHI cannot comment on the potential for exports of the new plane, scheduled to be ready in 2035, given current regulations.

The United Nations said it “notes” the Russian announcement and reaffirmed its support for the agreement struck in July as “part of the global response to the most severe cost-of-living crisis in a generation.”

The UN and Turkey brokered the deal between the warring countries that allows Ukraine—one of the world’s key breadbaskets—to ship food and fertilizer from three of its Black Sea ports.

The 120-day agreement was renewed last November. That extension expires on Saturday, and another 120-day extension was on the table.

Ukraine charged that the Russian proposal to extend it only for 60 days goes against the deal, although the language of the agreement allows the parties to roll it over or “modify” it—as Russia did Monday.

The noncommittal UN response betrayed the world body’s inability to force hands. Russia can largely do what it wants to abide by or reject the deal, leaving the issue dangling for countries in the developing world, which benefit most.

“The UN Secretary-General has confirmed that the UN will do everything possible to preserve the integrity of the Black Sea Grain Initiative and ensure its continuity,” a UN statement said. It stressed that the deal had allowed the export of 24 million tons of grain and more than 1,600 trips by vessels through the Black Sea—with more than half the exports destined for developing countries.

In Washington, US State Department spokesman Ned Price emphasized the need to extend the deal, describing it as a “critical instrument at a critical time.”

Moscow has voiced frustration that a parallel agreement has failed to fully open the door to Russian exports of grain and fertilizer

through the Black Sea. Still, overall Russian wheat shipments were at or near record highs in November, December and January, increasing 24% over the same three months a year earlier, according to financial data provider Refinitiv.

“The comprehensive and frank conversation has once again confirmed that while the commercial export of Ukrainian products is carried out at a steady pace, bringing considerable profits to Kiev, restrictions on the Russian agricultural exporters are still in place,” the Russian delegation said in a statement.

“The sanctions exemptions for food and fertilizers announced by Washington, Brussels and London are essentially inactive,” it claimed.

UN spokesman Stephane Dujarric said the organization has been working to facilitate Russian agricultural exports, noting that while Russian food and fertilizer haven’t been sanctioned, private companies have been cautious to deal with them and “that’s why we’ve asked for letters of comfort from certain governments.”

As part of the arrangement, Moscow wants Russian ammonia to be fed through a pipeline across Ukraine to Black Sea ports for possible export. Russian officials also say banking restrictions and high insurance costs have hurt their hopes of exporting fertilizer.

Ukraine’s Deputy Prime Minister Oleksandr Kubrakov claimed that “Russia’s position to extend the deal only for 60 days contradicts the document” envisaging an extension of at least 120 days and said Kyiv was awaiting the official positions of the UN and Turkey.

Rebeca Grynspan, secretarygeneral of the UN Conference on Trade and Development, and Martin Griffiths, head of the UN

humanitarian agency, hosted a team led by Russian Deputy Foreign Minister Sergey Vershinin at UN offices in Geneva.

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 don’t have enough to eat. Russia was also the world’s top fertilizer exporter before the war.

The loss of those supplies, after Russia launched its full-scale invasion in February 2022, drove global food prices higher and fueled concerns of a hunger crisis in poorer countries.

The Black Sea Grain Initiative involves seaborne checks of cargo by UN, Russian, Ukrainian and Turkish officials to ensure that only foodstuffs—not weapons— are being transported.

The amount of grain leaving Ukraine has dropped even as the deal works to keep food flowing. Inspections of ships under the grain initiative have fallen sharply since they got rolling in earnest in September, and vessels have been backed up.

Western critics accuse Russia of dragging its heels on inspections. Moscow denies that.

Though the grain deal helped stabilize global food prices, there are still concerns about the impact on prices of possible trade restrictions and weather, especially heat waves, said Michael Puma, director of Columbia University’s Center for Climate Systems Research whose research focuses on global food security.

“Big picture, we’re pretty fortunate that the weather conditions have allowed…high levels of production across many of the grains,” he said.

On the front lines in Ukraine, the eastern city of Bakhmut remained the site of fierce fighting, with Ukrainian forces denying Russian forces the prize of its capture after six months of attrition.

In a video address late Monday, Ukrainian President Volodymyr Zelenskyy noted that “it’s very tough in the east, very painful,” adding that “we need to destroy the enemy’s military might, and we will.”

Ukraine’s ground forces chief, Col. Gen. Oleksandr Syrskyi also noted that “the situation around Bakhmut remains difficult,” with assault units from Russia’s Wagner Group military contractor “advancing from several directions, trying to break through the defenses of our troops and advance to the central districts of the city.”

Ukraine’s presidential office said that four civilians were killed by the latest shelling, including two in the southern Mykolaiv region. Three more, including a 7-year-old child, were wounded.

On Monday, one civilian was killed in Avdiivka in the Donetsk region, where a school building was destroyed, and five others were wounded by Russian shelling of the village of Kostiantynivka. Another person died in shelling of Znob-Novhorodske in the northern Sumy region that also wounded four people.

Russian officials accused Ukrainian forces of shelling the town of Volnovakha in the Russia-controlled part of the Donetsk region that killed two civilians and wounded two others on Monday.

Karl Ritter reported from Kyiv. Courtney Bonnell in London, Edith M. Lederer at the United Nations and Matthew Lee in Washington also contributed

Japan’s decades-old ban on foreign transfers of defense equipment, which made it hard for firms in the industry to turn a profit or collaborate with allies, was relaxed in 2014 under former Prime Minister Shinzo Abe. Yet restrictions remain tight, and the government is considering further opening up, potentially helping to sustain Japan’s defense manufacturers.

“If you can’t export, you can’t benefit from advantages of scale,” said Nobukatsu Kanehara, a former deputy head of the National Security Secretariat, and now a professor of law at Doshisha University. “That’s why Japan’s defense industry is so weak.”

Russia’s war in Ukraine has set off a global arms race and created opportunities for the likes of South Korea, which was on track to more than double its defense exports in 2022 as buyers seek to replace Soviet-era weaponry with more advanced technology.

Washington seems to be giving the green light to allies to sell to states in places like Eastern Europe as US defense contractors race to fill orders for weapons that will go to Kyiv and Taipei, which is staring down threats from China.

Japan, which adopted a pacifist constitution under US occupation after the war, had long considered it taboo to be an arms exporter. That thinking is beginning to change as neighboring North Korea’s missile prowess grows and tensions simmer between the US, Japan’s only formal military ally, and China.

Transfers of defense equipment and technology were described as “a key policy instrument to ensure peace and stability, especially in the Indo-Pacific,” in the National Security Strategy released in December. The document lays out plans for revisions to smooth the way for such efforts, which could potentially include cases like the GCAP fighter.

Japan is the only member of the Group of Seven advanced democracies that hasn’t provided lethal military support for Ukraine, even as Kishida considers inviting President Volodymyr Zelenskiy to the group’s summit in Hiroshima in May.

“I see this as an issue where we need to reach a conclusion,” Kishida said in parliament earlier this month when pressed on the issue.

The new fighter jet has been touted as a boost for the broader defense industry across all three partner-countries. That could be key in Japan, where some small and medium-sized enterprises have been forced out of the business in recent years by slender profits and unpredictable demand, undermining the supply chain.

“We are extremely worried,” said Sugimoto, adding his company had been affected by the disappearance of such suppliers. “If one part among thousands or tens of thousands isn’t available, the whole operation stops.”

While talks among the three contractors are still in the initial phase, the GCAP fighter will be one of the main attractions at the DSEI defense show that started in Chiba on Wednesday. Organizers say they expect a 25 percent increase in visitor numbers compared with the previous iteration in 2019.

“A fighter plane is a very wide-ranging project,” Sugimoto said. “Through this program, Japan’s supply chain as a whole will gain experience, knowledge and business opportunities. I have great expectations that Japan’s defense industry as a whole will grow.” With assistance from Takashi Hirokawa/Bloomberg

UK INCREASES DEFENSE SPENDING IN RESPONSE TO RUSSIA AND CHINA

By Jill Lawless | The Associated Press

LONDON—UK Prime Minister Rishi Sunak pledged

Monday to increase military funding by 5 billion pounds ($6 billion) over the next two years in response

to Russia’s invasion of Ukraine and the “epoch-defining challenge” posed by China.

The increase, part of a major update to UK foreign and defense policy, is less than military officials wanted. Sunak said the UK would increase military spending to 2.5 percent of gross domestic product “in the longer term,” but didn’t set a date.

Britain currently spends just over 2 percent of GDP on defense, and military chiefs want it to rise to 3 percent.

The extra money will be used, in part, to replenish Britain’s ammunition stocks, depleted from supplying Ukraine in its defense against Russia. Some will also go towards a UK-US-Australia deal to build nuclear-powered submarines.

“The world has become more volatile,

the threats to our security have increased,” Sunak told the BBC during a visit to the US.

“It’s important that we protect ourselves against those.”

Sunak met US President Joe Biden and Australian Prime Minister Anthony Albanese in San Diego on Monday to confirm next steps for the military pact, known as AUKUS, struck by the three countries in 2021 amid mounting concern about China’s actions in the Pacific.

Under the deal, the UK and Australia will build new nuclear-powered, conventionally armed subs from a British design, with US technology and support. Most of the UK construction will take place in shipyards at Barrow-in-Furness in northwest England, with the first subs completed by the late

2030s. Australia will also buy up to five Virginia-class subs from the US.

The three leaders said the submarine plan “elevates all three nations’ industrial capacity to produce and sustain interoperable nuclear-powered submarines for decades to come, expands our individual and collective undersea presence in the Indo-Pacific, and contributes to global security and stability.”

Britain last produced a defense, security and foreign policy framework, known as the Integrated Review, in 2021.

The government ordered an update in response to an increasingly volatile world. The new report, released Monday, said “there is a growing prospect that the international security environment will further deteriorate in the coming

years, with state threats increasing and diversifying in Europe and beyond.”

Moscow’s February 2022 invasion of Ukraine upended European security order, and the review said Russia poses “the most acute threat to the UK’s security.”

The UK is also increasingly concerned about what the government calls “the epoch-defining challenge presented by the Chinese Communist Party’s increasingly concerning military, financial and diplomatic activity.”

The defense review said that “wherever the Chinese Communist Party’s actions and stated intent threaten the UK’s interests, we will take swift and robust action to protect them.”

UK intelligence agencies have expressed

growing concern about China’s military might, covert activities and economic muscle. Ken McCallum, head of domestic spy agency MI5, said in November that “the activities of the Chinese Communist Party pose the most game-changing strategic challenge to the UK” MI5 said in January 2022 that a London-based lawyer had tried to “covertly interfere in UK politics” on behalf of the Chinese Communist Party—including by channeling money to an opposition Labour Party lawmaker. Concern about Beijing’s activities has sparked a government-wide catch-up campaign on China, including Mandarinlanguage training for British officials and a push to secure new sources of critical minerals that are essential to technology.

GENEVA—A Russian delegation at talks with senior UN officials said Monday that Moscow is ready to accept an extension to a grain export deal that has helped bring down global food prices amid the war in Ukraine—but only for 60 days as the Kremlin holds out for changes to how the arrangement is working.

Grain is offloaded from the Eaubonne bulk carrier ship after it docked in the port of Mombasa, Kenya on November 26, 2022. Senior UN officials hosted Russian envoys in Geneva on Monday, March 13, 2023, in a bid to extend an export agreement amid Moscow’s invasion of Ukraine and prevent a potential new spike in world food prices. Despite being at war, Ukraine and Russia struck a deal last July that allows Ukraine—one of the world’s key breadbaskets—to ship grain from its Black Sea ports and permits Russia to export food and fertilizers. AP/GIDEON MAUNDU

World

IMF sees Argentina setbacks in review of $44-billion deal

By Patrick Gillespie

THE International Monetary Fund called on Argentina to make stronger efforts to address foreign reserve losses, galloping inflation and other “policy setbacks” amid a severe drought that’s hitting the country’s crucial commodities sector.

Argentina and the IMF staff agreed Monday on the review of the country’s $44 billion program, a key step for the Washingtonbased lender to disburse about $5.3 billion to the government, pending approval by its executive board.

In order to reach agreement, the IMF said a change to a key target in the program, known as net reserve accumulation, “is being requested” after “recent reserve losses.” The Fund did not say in the statement what the new figure would be. Net reserves, or the stockpile of cash at the central bank, is seen as crucial to preventing a major currency devaluation.

“Against the challenges of an increasingly severe drought, a stronger policy package is necessary to safeguard macroeconomic stability, address rising inflation and recent policy setbacks,” Luis Cubeddu, the IMF’s mission chief to Argentina, said in the statement.

The government expects to reduce the 2023 reserve target in the IMF deal by about $2 billion, according to two senior government officials who requested not to be named to discuss unpublished figures. Pending board approval, that would bring the annual reserve target down to roughly $2.8 billion from the current $4.8 billion stipulated in the last IMF review.

The sharpest change to the quarterly reserve targets, which are the key benchmarks to pass IMF reviews and receive more disbursements, will happen in the first half of this year, the officials added.

Argentine policy makers are also weighing whether to make payments totaling about $2.7 billion to the IMF scheduled for March 21-22 with current reserves or wait for the IMF board to approve the next disbursement and make the payments with those new funds. Per IMF rules, a country can wait until the final day of a month and bundle multiple payments together without a risk of falling into arrears or default.

Officials expect the IMF board

to approve the program before the end of March.

In a bid to protect the central bank’s cash stockpile, Argentina also agreed to not use reserves or repurchase debt to intervene in currency markets as a strategy to contain a gap between the official exchange rate and parallel rates.

Intervening in currency markets and repurchasing debt had contributed to a decline in reserves in recent months.

The next $5.3 billion disbursement, if approved by the Fund’s executive board, will be used to repay Argentina’s debts owed to the IMF from a previous program that failed to stabilize the South American economy.

Changing the reserve target for the third time would mark another setback for a year-old program that’s facing growing obstacles as a historic drought dwindles crop exports needed to bolster economic growth and tax revenue.

Economic activity has declined for four straight months through December and annual inflation is charging toward 100 percent.

Argentina’s economy is expected to contract 3 percent this year, according to estimates earlier this month from Buenos Aires-based consulting firm EconViews. That contrasts with the government’s projection for 2 percent growth in its annual budget.

The program does maintain the primary fiscal deficit target, another key anchor. The IMF said Monday Argentina planned to meet the target—a gap of 1.9 percent of gross domestic product—with “improved targeting of energy subsidies” to households and businesses, eliminating subsidies for high-income Argentines and businesses by the end of 2023.

Still, lost tax revenue stemming from the commodity harvest threatens the government’s fiscal effort. Extra spending cuts to make up for lost revenue would prove politically costly in an election year.

Argentina’s latest IMF agreement is entering its second year after government officials dragged out negotiations for more than two years following the record bailout with the previous administration in 2018. The current agreement is already on its third Argentine economy minister after the first two left the job last July amid an ongoing political crisis.

Bloomberg News

Australia says nuclear submarines needed to counter militarization

CANBERRA, Australia—Australia’s defense minister said Tuesday a deal to buy nuclear-powered attack submarines from the United States was necessary to counter the biggest conventional military buildup in the region since World War II.

Australian officials said the deal will cost up to $245 billion over the next three decades and create 20,000 jobs. It comes at a time that China is rapidly building up its own military.

Australian Defense Minister Richard Marles said it had made a huge diplomatic effort for months ahead of Monday’s announcement of the deal, including making more than 60 calls to regional and world leaders. Australia had even offered to keep China in the loop, he said.

“We offered a briefing. have not participated in a briefing with China,” Marles said.

Asked by reporters if China had rejected the briefing or responded at all, Marles replied: “I’m not aware of that response.”

Without specifically mentioning China, Marles said Australia needed to respond to the military buildup in the Pacific.

“A failure to do so would see us be condemned by history,” he said.

China has said the deal poses serious nuclear proliferation risks and stimulates the arms race.

Global financial stocks lose $465B on SVB impact worry

By Kurt Schussler

Losses widened Tuesday, with the MSCI Asia Pacific Financials Index dropping as much as 2.7 percent to the lowest since Nov. 29. Mitsubishi UFJ Financial Group Inc. slid as much as 8.3 percent in Japan, while South Korea’s Hana Financial Group Inc. fell 4.7 percent and Australia’s ANZ Group Holdings Ltd. lost 2.8 percent.

There are concerns that financial firms could see an impact from their investments in bonds and other instruments on the SVBinduced worry. Treasury yields plunged Monday amid expectations the Federal Reserve will hold off raising rates due to turmoil in the banking system.

“The financial markets are walking on eggshells,” John Woods, Credit Suisse Group AG’s chief investment officer for AsiaPacific, said in an interview with Bloomberg Television. “We really need to know precisely what impact this is likely to have around the broader market. My sense is that the Fed will probably pause because I think this is largely to do with liquidity risk.”

The aggregate market value of companies included in the MSCI World Financials Index and the MSCI EM Financials Index has dropped about $465 billion since Friday. US regional banks were among the hardest hit Monday as the KBW Regional Banking Index sank 7.7 percent, its sharpest plunge since June 2020.

First Republic Bank’s shares have plunged almost 73 percent in three sessions to be the top losers on the MSCI World Financials gauge in the period. Moody’s put all long-term ratings of the lender on review for downgrade.

Shares of European banks and insurers also slumped on Monday. Credit Suisse Group AG’s stock tumbled as much as 15 percent to a fresh record low and the cost of insuring its bonds against default climbed to an all-time high amid concern about broader contagion in the banking industry from SVB’s collapse.

Japan banks

MAJOR northern Asia banks mostly have “minimal risk of the

sudden run on deposits that crumpled Silicon Valley Bank” given their solid deposits, asset mixes and liquidity, Bloomberg Intelligence analyst Francis Chan wrote in a note. “Smaller lenders may harbor liquidity and credit risks that could easily be overlooked.”

Japanese banks feature prominently among the highest unrealized loss-to-equity ratios in the region, according to data on about 130 Asia Pacific lenders with more than $5 billion in assets compiled by Bloomberg. Jimoto Holdings Inc., Tsukuba Bank Ltd. and Fukushima Bank Ltd. are among those with unrealized loss-to-equity ratios of at least 9 percent.

All three, which have market caps below $150 million each, have fallen more than 10 percent in three days. Japanese financial stocks had surged since December amid signs the nation’s central bank was pivoting toward tightening after years of ultra-loose monetary policy.

“I’m selling banks and insurers today,” said Taku Ito, chief fund manager at Nissay Asset Management Corp. “No doubt it’s a defeat but I think a lot of fund managers are also doing the same because bank shares had been rising and a lot of growth managers have been increasing bank shares.” With assistance from Jeanny Yu, Ishika Mookerjee, Aya Wagatsuma and Hideyuki Sano/Bloomberg

China to resume issuing visas as it emerges from Covid Zero

By Peter Martin & Jacob Gu

CHINA will resume issuing visas to tourists and other foreigners, a significant step in the country’s move to rejoin the world and leave its stringent Covid restrictions behind.

The shift comes into force from Wednesday, China’s embassy in the US said in a statement. It will also see visa-free entry into Guangdong province resumed for foreigners in groups from Hong Kong and Macau, and for those on cruise ships stopping in Shanghai.

“We urge the US, Britain and Australia to abandon the Cold War mentality and zerosum game, faithfully fulfill their international obligations and do more to contribute to regional peace and stability,” Foreign Ministry spokesperson Mao Ning said during a daily briefing Thursday.

Marles said Australia intended to increase its military capabilities and to spend more on defense in the future, something it wanted to be transparent about.

“You know, our concern about other military buildups is that they happen in a manner which is opaque, and where neighbors are left uneasy as to why it is occurring,” he said. “That is why we have gone to such an effort to make clear exactly why we are taking the steps that we’re taking.”

US President Joe Biden announced the deal in San Diego along with Australian Prime Minister Anthony Albanese and British Prime Minister Rishi Sunak. Albanese said the agreement “represents the biggest single investment in Australia’s defense capability in all of our history.”

Australia is buying three, and possibly up to five, Virginia-class boats as part of deal.

Under the so-called AUKUS partnership, a future generation of submarines will be built in Britain and in Australia with US technology and support. AP

Reopening to tourists is a highly symbolic sign China is leaving its absolutist Covid Zero regime behind. The strategy, which involved frequent lockdowns, mass testing and an effectively closed border weighed on economic growth, particularly last year.

It was abruptly scrapped in early December, after protests across multiple Chinese cities and as the economic hit worsened.

Business travelers have been able to apply for visas for China since Jan. 8, when the country took the first major step toward reopening its once-busy borders by scrapping mandatory quarantine upon arrival. Since then, foreign nationals have been able to apply for business visas to travel to China for commercial activities.

Since abandoning Covid Zero, the Communist Party has been prioritizing a return to strong growth, with China’s

new Premier Li Qiang calling for more effort to meet a 5 percent expansion target for 2023 at a meeting of the national legislature this week.

Only 115.7 million inbound and outbound trips were made in 2022—less than a fifth of those flown in 2019 before the pandemic took hold, according to data from China’s Ministry of Public Security. Mainland residents made 64.6 million trips last year, also about a fifth of pre-Covid levels.

Travelers from China were among the biggest spenders globally pre-pandemic, and their absence hammered tourism-reliant nations from Southeast Asia to Europe. The country itself was also seeing a steady increase in foreign tourists before Covid, with market and consumer data provider Statista showing roughly 145.3 million international arrivals in China in

2019, up from 141.2 million the previous year.

Chinese airlines have been ramping up to meet demand since quarantine was eased, adding international routes after the government allowed the resumption of overseas group trips. This year’s number of international flights will be 50 percent-60 percent of the level seen just before the pandemic then exceed that mark in 2024, the China Securities Journal reported, citing an estimate from Citic Securities.

Still, flights each way between the US and China remain capped at 12 a week, a relic of the Covid-era rules. Both governments have to agree to lift the ceiling, put in place amid a disagreement over virus testing protocols.

China has been steadily normalizing its border regime since the move in January.

Authorities loosened Covid

test requirements for travelers from a handful of countries including New Zealand, Russia and Malaysia from March. Travelers now only need to provide negative rapid antigen test results before being allowed to board flights to China, and carriers aren’t required to check test results prior to boarding.  China still requires a swathe of countries, including the US, provide negative PCR tests before boarding flights. The US lifted a similar rule for travelers from the country last week, raising prospects China will soon reciprocate. With assistance from Ramsey Al-Rikabi and Dong Lyu/Bloomberg

GLOBAL financial stocks have lost $465 billion in market value in two days as investors cut exposure to lenders from New York to Japan in the wake of Silicon Valley Bank’s collapse.

SECURITY guards let individuals enter the Silicon Valley Bank’s headquarters in Santa Clara, California, on Monday, March 13, 2023. The federal government intervened Sunday to secure funds for depositors to withdraw from Silicon Valley Bank after the bank’s collapse. Dozens of individuals waited in line outside the bank to withdraw funds. AP/ BENJAMIN FANJOY

AN airline worker asks travelers to declare their health information after checking in at the international

flight check counter at the Beijing Capital International Airport in Beijing on August 24, 2022. China will reopen its borders to tourists and resume issuing all visas on Wednesday, March 15, 2023, after a three-year halt during the pandemic as it sought to boost its tourism and economy. AP/ANDY WONG

A14 Wednesday, March 15, 2023

U.S. BANKS’ FAILURES WON’T HURT PHL MUCH

By Jasper Emmanuel Y. Arcalas @jearcalas

THE Bankers Association of the Philippines

(BAP) on Tuesday assured the public that the fallout from failed US banks will not have a “substantial” or “material” impact on the country’s banking system.

“ The Bankers Association of the Philippines assures the Filipino public that recent developments in the US financial system have no substantial or material impact on Philippine banks,” the group said in a statement on Tuesday.

T he BAP issued the statement after concerns were raised regarding the strength of the US banking system following the collapse of Silicon Valley Bank (SVB) and Signature Bank of New York.

I nternational news outfits have reported that the closure of the two lenders have been attributed to ill-timed decisions of their bankers.

R eports have also indicated that the sudden demise of the two US banks exposed the weaknesses in the US bank-

ing system, particularly in terms of regulation. (Related story: https://businessmirror .com.ph/2023/03/13/ us-govt-moves-to-stop-potential-banking-crisis-after-historic-svb-failure/)

“The prudential measures implemented by the BSP (Bangko Sentral ng Pilipinas) provide the necessary support that allows the Philippine banking system to withstand economic shocks,” the BAP said.

T he BAP explained that local banks have “diversified” deposit bases that include all sectors of the Philippine economy, allowing them “to continuously provide the liquidity needs of their clients.”

T he group added that Philippine banks’ current capital and liquidity ratios continue to “exceed” the requirements set by the BSP.

“ The BAP continues to work with BSP and other stakeholders to pursue reforms that will lead to an even stronger financial system that sufficiently provides the financial needs of the banking public,” it said.

Con-con bill gets 301 votes in House 3rd & final reading

By Jovee Marie N. dela Cruz @joveemarie

WITH supermajority votes of 301, the House of Representatives on Tuesday endorsed for Senate approval the proposed Constitutional Convention Act, the accompanying bill of the Resolution of Both Houses 6 calling for a constitutional convention (Con-con).

D uring the third and final reading approval of House Bill 7352, only seven lawmakers voted against its passage.

Speaker Ferdinand Martin G. Romualdez, Majority Leader Manuel Jose Dalipe, and House Committee on Constitutional Amendments Chairman Rufus Rodriguez led 301 of the 314 House members in authoring and voting for the bill.

A mong the salient features of the bill is the seven-month term of office of the convention, starting from December 1, 2023, up to June 30, 2024.

R omualdez repeatedly assured the public that the House constitutional reform initiative only aims to rewrite the “restrictive” economic provisions of the Constitution to enable the country to attract more foreign investments.

We need more foreign capital to create additional job and income opportunities for our people. Increased investments will sustain our economic growth,” he said.

R elaxing the Charter’s economic provisions would enhance the investment and economic space in the country, he added.

Under HB 7352, Charter amendments to be endorsed by the proposed Con-con shall be submitted to the people for ratification in a plebiscite to be held not earlier than 60 days nor later than 90 days after the submission of the convention report to the President and Congress.

T he envisioned con-con shall be composed of elected delegates, one from each legislative district, to be voted on October 30, 2023.

T he Con-con shall also have sectoral representatives, comprising 20 percent of the total number of delegates, to be appointed jointly by the Senate President and the

House Speaker.

T he appointed sectoral representatives shall include three retired members of the judiciary, three from the academe, three from the legal profession, two economists, and two each from the business sector, labor, urban poor, farmers and fisherfolk, indigenous cultural communities, women, youth, veterans, cooperatives, senior citizens and persons with disability, and such other sectors as the Senate president and House Speaker may determine.

T he bill provides that convention delegates “must be of recognized probity, independence, nationalism, and patriotism,” and “with recognized knowledge and competence in the Constitution, and a deep understanding of the State and the principles which underlie its existence, organization, and activities, as well as of government and governance.”

A delegate must be at least 25 years of age on the day of his election or appointment, must be a college degree holder, a registered voter in his district, and a resident of such district at least one year before the election.

T hose convicted by final judgment of a crime involving moral turpitude are not qualified to be elected/appointed to the convention.

T he Commission on Elections (Comelec) shall issue implementing

rules and regulations for the election of con-con members. The Senate President and House Speaker shall appoint the appointive members within 15 days before the start of the convention.

O fficers and members of all political parties or coalitions shall be prohibited from nominating, fielding, endorsing, supporting, or campaigning for any candidate for con-con delegate.

No aspirant shall represent or allow himself/herself to be represented as a candidate of a political party/coalition. Any person holding public office, including members of the armed forces, shall be considered resigned upon the filing of his certificate of candidacy for con-con delegate.

A ny person elected or appointed to the convention shall not be eligible to run in the first local or national elections after the ratification of the proposed amendments, or appointed to any government position while the convention is in session and within one year after its adjournment.

T he Senate Secretary and House Secretary-General shall initially convene and preside over the Concon at 10 in the morning at the Philippine International Convention Center on Dec. 1, 2023, until it has elected its president and presiding officer.

Groundbreaking set for CaviteBataan Bridge, other key infra

By Samuel P. Medenilla @sam_medenilla

THE P175-billion bridge connecting Cavite and Bataan and several other infrastructure projects are set for groundbreaking this year, according to the Department of Public Works and Highways (DPWH).

D PWH Secretary Manuel M. Bonoan made the disclosure during his meeting with President Ferdinand R. Marcos, Jr. in Malacañang on Tuesday.

A mong the highlights of his presentation was the progress in the Cavite-Bataan bridge project, which has been under development since the administration of former President Rodrigo R. Duterte.

“And the detailed engineering is now ongoing; it’s about 70 percent complete. And we told the President that it will be ready within the year to actually break ground on the implementation of this very significant bridge,” Bonoan said.

Civil works

SPANNING 32 kilometers, the Cavite-Bataan cable-stayed bridge will be the longest of its kind in the country once completed.

It will be built across the Ma -

nila Bay and composed of two segments—the first will have a length of 400 meters, while the second half will be much longer at 900 meters.

“ We intend to start construction towards the latter part of this year, probably if we are able to procure its civil works and then it will take maybe anywhere between five years, maybe five years,” Bonoan said.

He said they are now currently acquiring the needed right of way for the project.

T he Cavite-Bataan bridge is being financed through Official Development Assistance from the Asian Development Bank (ADB).

Economic benefits

BONOAN said the Marcos administration decided to push through with the project because of the economic benefits seen from connecting two “growth corridors” in Luzon.

“ No less than the Asian Development Bank has indicated that the economic rate of return of this bridge is more than 25 percent and that’s big, that’s really big,” the DPWH chief said.

T he four-lane Cavite-Bataan bridge is also expected to reduce travel time from Cavite to Bataan from five hours to just two hours.

Other projects

ASIDE from the Cavite-Bataan bridge, Bonoan said other projects set for groundbreaking are six new bridges to be built across the Pasig River.

O f these, three are funded by ADB, and the other three will be constructed through the assistance of Exim Bank of China.

A lso scheduled for groundbreaking are new medical facilities including the additional buildings of the National Kidney and Transplant Institute; the pediatric and adult’s specialty center of the Philippine General Hospital; Philippine Children’s Medical Center and the Philippine Cancer Center.

DPWH said several projects will soon be ready for inauguration before the next State-of-the-Nation Address (SONA) of Marcos in July.

T hese projects cover the North Luzon Expressway-South Luzon Expressway connecter, a segment of the Cavite-Laguna Expressway, flood mitigation projects in Cagayan de Oro and some road projects in Mindanao;  the Central Luzon Link Project; and the Samar Pacific Coastal Road.

B onoan said the DPWH was allocated a P890-billion budget this year for its over 70,000 construction projects.

ES Bersamin: Resignation rumor black propaganda

EXECUTIVE Secretary Lucas P. Bersamin on Tuesday dismissed the rumors of his alleged resignation as “black propaganda.”

I n a brief statement, the former chief justice denied he left his position in the Cabinet of President Ferdinand R. Marcos, Jr.

It is fake news and part of black propaganda [against me],” Bersamin said.

T he Executive Secretary togeth -

er with Presidential Legal Counsel, Secretary Juan Ponce Enrile, were also present during Marcos’s meeting with the officials of the Bureau of Fisheries and Aquatic Resources (BFAR) and other government agencies at the State Dining Room of Malacañang on Tuesday.

B ersamin issued the clarification after reports of his supposed resignation circulated online last week.

W hen asked about the said rumor,

the Presidential Communications Office (PCO) earlier said Bersamin remained as Executive Secretary.  B ersamin joined the Marcos administration in September following the resignation of former Executive Secretary Victor D. Rodriguez. P rior to leaving his post, Rodriguez was linked in the unauthorized sugar order fiasco,  which led to the resignation of members of the Sugar Regulatory Board.  Samuel P. Medenilla

Editor: Jennifer A. Ng

Companies

Wednesday, March 15, 2023

Alternergy plans to spend ₧20B on RE projects–exec

By Lenie Lectura @llectura

“For the entire group, in the next three to five years, we’re looking at a total capex [capital expenditure] of P20 billion for the lineup of the projects we have,” company vice president and CFO Gerry Magbanua said Tuesday.

The soon-to-be listed RE firm is planning to develop 220 megawatts (MW) of offshore wind power projects, 50MW of capacity from run-of-river projects, and

33MW solar power.

“In the next three to five years we’ll have representative projects for each of the technology and that’s part of the P20-billion capex,” added Magbanua.

He said 70 percent of the planned capex will be funded through debt and 30 percent by equity.

“For P20 billion, the equity is around P6 billion. Yes, just partial will come from (IPO).”

The company reduced the total offer size to P1.6 billion after pricing the shares for P1.28 each, lower than the maximum indicative price of P1.48 per share.

Part of the initial public offering (IPO) proceeds would be used to fund the pre-development activities of its pipeline of projects, which are mostly wind power.

Aside from the planned IPO, the company is looking at taking in strategic partners but it does not intend to give up majority control over its planned projects.

“Take note that for Alternergy, our mantra is not to own 100 percent of these projects. We’ll be inviting partners to participate in the equity structure of these projects…The goal is to have majority stakes in these projects,

at least 51 percent or 50 percent plus one share,” said Magbanua, who added that a number of interested parties—both local and foreign—have already approach the company.

Recently, Alternergy bagged three additional offshore wind service contracts from the Department of Energy (DOE). Its wind arm Pililla Av PC Corp. (PACO) has been granted exclusive rights to explore, develop, and utilize wind resource in the windswept Tablas Strait separating Oriental Mindoro and Antique.

Last year, PACO was awarded a wind energy service contract over the Calavite Passage. Alternergy is also co-developing the offshore wind power projects with Shell Overseas Investment B.v as its strategic partner.

UBX taps PGA Sompo cyber insurance

By Lorenz S. Marasigan @lorenzmarasigan

UBX Philippines Corp., the fintech venture arm of the Aboitiz family, said on Tuesday it partnered with global insurance company PGA Sompo Insurance Corp. to strengthen its customer protection mechanism through cyber insurance.

Under the deal, PGA Sompo will provide UBX with cyber insurance, in which UBX will serve as the principal policyholder for its end-users who are covered by the group insurance.

With the cyber insurance policy, customers are guaranteed financial protection against electronic fund transfer fraud, identity theft, online retail fraud, purchase protection, and other cybersecurity-related threats, according to UBX President and CEO John Januszczak.

“While the use of technology in finance has grown exponentially

these past few years, threats to security have increased as well. The trust and confidence of our clients are two of our most prized assets and we are committed to ensuring the safety of our users, most especially their financial security. Together with PGA Sompo, we can confidently give them peace of mind in using our open finance platform,” he said.

The cyber insurance, which serves as an additional safety measure on top of the existing safety and security layers that UBX has deployed for its customers, covers all end users of UBX’s verticals.

UBX operates the following platforms: i2i, a banking-as-aservice platform of UBX; BUx, an end-to-end payment solutions platform; and Sentro, an online shop builder.

“More than just giving them the technology to enhance their operations, we want to make sure that businesses, organizations, and financial institutions are

protected from external threats as they undertake their journey towards digital transformation,”

UBX Business Lead for Insurtech Marc Gorospe said.

He added that it is “high time to add to the layers of security across all UBX platforms as the number of its clients and customers continue to grow, cementing its position as the preferred open finance platform in the Philippines.”

The Bangko Sentral ng Pilipinas has recently mandated banks and financial institutions to strengthen their policies on customer confidentiality and security.

“As advocates of financial inclusion, we are always on the lookout for like-minded individuals and institutions who are just as committed to putting the trust and confidence of their clients and customers above anything else to guarantee an equal and level playing field for all,” said Januszczak.

German logistics firm to unveil WMS in PHL

By Andrea E. San Juan @andreasanjuan

AEB, a Germany-based logistics provider, said it is set to roll out a warehouse management system (WMS) in the Philippines.

Francis Kok, General Manager of AEB Asia Pacific, told reporters in a chance interview on Tuesday in Taguig City that the company decided to stage the first product launch in the Philippines. He said its WMS would eventually be rolled out in other countries.

According to the Germanybased logistics firm, the new WMS solution is “designed to manage warehouse operations and personalize business processes for next-level warehouse automation.”

Kok said AEB chose the Philippines as the first site for its product launch because “we have a significant customer base here using the previous generation software.” He also said the company believes that “the Philippine market would really be able to use this solution.”

The software will be unveiled

on Wednesday and will be implemented within the year.

“The first two launched customers, one is a large frozen meat distributor and the other customer is a large distributor or storage facility of condiments like pepper, salt,” Kok said.

He said the logistics firm would like to start off with about 2 to 4 implementations this year.

He said the company “carefully picked” these customers since the firm would like to learn from them.

“So we specifically picked these customers to work with as they could also give us the experience of the first said launches,” Kok noted.

Kok also gave an overview of what this software could mean for Philippine food security. “So one of our customers is using our software, providing chilled areas. Instead of three to four weeks, the farmer can keep this product for about four months.”

This, he said, enables food security because the system preserves items for a longer period of time. “If things can be stored longer, the quality can be main-

tained.”

As a result, he said a farmer may enjoy “higher payback in returns” which could also benefit the Filipino consumer.

“It means that the price is much more stable because it’s not that much influenced by the season. The season is not three weeks, but it’s basically extended to four months,” Kok said.

“So this of course helps with the whole inflation story. So this is a really practical example of what we’re doing in the Philippines to improve food security.”

Meanwhile, AEB said the Supply Chain Trilogy, the technology conference for supply chain leaders and logistics professionals, is set to take place on March 15 in Taguig City.

According to the logistics provider, the said conference aims to discuss “top industry trends, strategies, and the latest technologies for the future of supply chain management and logistics.”

AEB said its key customers in the Philippines are Royale Cold Storage, South Alps Cold Storage, Starkson Logistics, Starkson Packaging, and 3MD Logistics.

B1

PAL remits terminal fees to Bangsamoro

DAvAO City—Flag-carrier

Philippine Airlines (PAL) remitted on March 7 to the Bangsamoro Treasury Office (BTO) its Domestic Passenger Service Charge (DPSC) amounting to P928,935, according to the Bangsamoro Information Office.

The Ministry of Finance, Budget and Management (MFBM) said the DPSC is known as the passenger terminal fee. The DPSC collects a terminal fee of P150 from tickets purchased for flights departing from the region’s airports. The fee is collected by respective air carriers.

“We, in the Philippine Airlines, are turning over this amount from the two tranches of remittance from January 1 to 31 of this year,” said PAL Sales Manager Delfin Tubera Jr.

“We are keeping our commitment as a partner of the Bangsamoro Autonomous Region in bringing progress by supporting and providing airport transport service.”

Tubera said PAL has been operating in the region for almost four decades now.

The Bangsamoro Region is comprised by the southwestern island provinces of Basilan, Sulu and Tawi-

Tawi and the central Mindanao provinces of Lanao del Sur, and recently divided provinces of Maguindanao. Its airports are located in Awang, Datu Odin Sinsuat, Maguindanao del Norte, Jolo, Sulu and Bongao, Tawi-Tawi, all considered principal domestic airports, and in Malabang, Lanao del Sur, which is classified as community airport.

PAL remitted the check to Minister Paisalin Tago of the Ministry of Transportation and Communications (MOTC). MOTC Deputy Minister Roslaine Maniri, MFBM Deputy Minister Amilbahar Amilasan Jr. and Bangsamoro Treasurer Naila Dimaraw witnessed the handover of the cheque.

Under the Memorandum of Agreement (MOA) signed by MOTC and PAL on integrating tickets purchased for flights departing from airports managed by the MOTC’s Bangsamoro Airport Authority (BAA), it provides that PAL shall remit its DPSC collection to the BTO.

Meanwhile, the MFBM reported that MOTC is one of the ministries that collected a high revenue for the BARMM, reaching a total of P87.1 million remitted to the BTO for fiscal year 2022. Manuel T. Cayon

Alternergy Holdings Corp. will need P20 billion to bankroll its renewable energy (re) projects under its expansion plan.

IFEX Philippines 2023 girds for ‘highest’ SME regional, provincial exhibitors ever

By Andrea E. San Juan

10,000 MSME players receive training on financial literacy

LEARNING is everybody’s business, including the 10,000 Filipino micro, small and medium enterprises (MSMEs) which will undergo an intensive training on financial literacy as part of the SME Financial Empowerment (SFE) program to help integrate them into the banking system and empower them to scale and grow.

Such joint initiative of UNO Digital Bank and Singapore-based Proxtera is a step toward educating millions of “unbanked” Filipinos that traditional financial institutions find hard to reach.

According to the 2021 Bangko Sentral ng Pilipinas Financial Inclusion Survey, 45 percent do not have the minimum financial requirement to open an account, 40 percent lack the right documents, and 22 percent lack knowledge about the process.

“When you piece all this together, the financial literacy penetration is very low because people haven’t really understood what it means to integrate into organized banking or have a relationship with financial institutions,” said Manish Bhai, CEO of UNO Digital Bank. “We want to promote financial literacy as an entry point to the formal financial sector.”

“SFE provides financial literacy credentials which is the first step in providing an important indicator of intent to pay,” noted Proxtera CEO Saurav Bhattacharyya. “We are very excited to have this partnership with UNO Digital Bank in the Philippines which supports the core purpose of Proxtera: to serve MSMEs through financial inclusion.”

The program’s courses are heavily subsidized to ensure they are accessible to MSMEs. “…Proxtera… developed these modules which are effective, fun, and engaging. With this partnership, we want to make sure that these modules reach the critical mass,” Bhai said.

Those who finish the course

will receive a digitally verifiable certificate, gain access to a resource hub with financial services tools and knowledge services, and get digital bank account and loan facilities.

Seeing the success of Proxtera’s SFE courses during launch in Africa and Asia, UNO decided to work with the former, cementing it during the recent Philippine FinTech Festival convened by Digital Pilipinas, in partnership with Elevandi, which was founded by the Monetary Authority of Singapore.

Bhai cited the partnership “will definitely help the business owners out there to make use of multiple financial products which will enable them to grow their business, and be profitable and selfsustaining.”

Bhattacharyya agreed, saying, “Our whole purpose as a company is to help MSMEs in financial inclusion, which is where UNO Digital Bank is starting and targeting their customer base as well.”

For UNO Digital Bank Chief Business Officer Amit Malhotra, small businesses are the economy’s lifeline. He said: “The MSMEs have a need for credit rating, financial investment, and other financial services. And we, as a digital bank, feel like providing that is our moral responsibility to them.”

UNO Digital Bank and Proxtera are preparing for the SFE’s next phase as the MSMEs graduate. Per PTTC Training Division Chief Guia Donido, they will continue to enroll MSMEs whose main problems are access to finance.

“What’s the usual concern of MSMEs? Additional capital and learning how to manage and grow capital. These were addressed by the learning modules provided through the website. This is a good program that addresses the concerns of MSMEs from training and financial education to access to finance services,” she said.

Roderick L. Abad

The food trade event, which serves as the country’s “long-running” trade event and sourcing program for Philippine and global food and ingredients will be spearheaded by the CITEM, the Department of

Trade and Industry’s (DTI) export promotions arm.  CITEM Executive Director Edward L. Ferreira said this year’s edition of IFEX Philippines will help Philippine exporters grow their

network of buyers and expand their markets overseas.

Moreover, he said, “IFEX Philippines 2023 will highlight the idea of sharing, which is at the core of Filipino food culture.”

According to CITEM, IFEX Philippines is expected to gather more than 500 exhibitors who will “showcase a wide and diverse range of products” including beverages, fine food and specialties, fruits and vegetables, biscuits and confectioneries, snacks and crispy savory food products, meat and poultry, dairy products, cereals, grains and starch, seafood and marine products, organic and natural products, raw materials and food ingredients, and equipment and services.

Ferreira also noted that in its 16th year, the food trade event aims to position the Philippines as a “sourcing destination” that is not only capable of meeting global demands but also offers some of the “most distinct and innovative products on the market.”

The DTI’s export promotions arm claims this year’s IFEX Philippines has the “highest” regional food small and medium enterprises (SMEs) representation, with the DTI regional and provincial offices, as well as other local government units (LGUs), “doubling down on supporting top food exporters through subsidized participation.”

CITEM said IFEX Philippines is expected to provide opportunities for networking and discussions about the latest trends and developments in the food export industry.

“The three-day event will hold business matching activities, seminars and talks, cooking demonstrations, product presentations, and other special events in addition to the exhibition,” CITEM said.

Last year, the export promotions arm of DTI said IFEX Philippines attracted nearly 6,000 buyers and visitors from all over the world and generated $107.1 million in export sales.

Pinay gets award at US Summit for women entrepreneurs

ON International Women’s Day last March 8, Filipino entrepreneur Senith Araez received the Academy for Women Entrepreneurs (AWE) Outstanding Achievement Award from the United States government for her exemplary leadership in business and contributions to the empowerment of women in her community.

The award was presented during the first regional AWE Summit organized by the US government from March 6 to 9 in Kuala Lumpur, Malaysia.  More than 200 businesswomen and AWE graduates from Brunei, Fiji, New Zealand, Papua New Guinea, the Philippines, Singapore, Taiwan, Thailand, and Vietnam attended the event.

Araez founded Whistler Travel and Tours in Puerto Princesa City, Palawan in 2019.  Through the business mentorship and training provided by AWE, she was able to expand her business and cater to clients based in the United States.  In Araez’s company, 75 percent of employees are single mothers or women

who are family breadwinners.

“I am humbled to receive this Outstanding Achievement Award.  AWE made it possible for me to develop a sound business plan that resulted in engagements with local, national, and now, international corporate accounts,” Araez said.

Launched by the US State Department’s Bureau of Educational and Cultural Affairs in 2019, AWE is a hybrid program that combines the

use of DreamBuilder—an online business training curriculum developed by Arizona State University’s Thunderbird School of Global Management—with in-class mentoring and facilitation.

Globally, the program has trained more than 25,000 women entrepreneurs in 100 countries.

In the Philippines, AWE has trained more than 180 women beneficiaries since its launch in October

2020.  Araez is actively involved in establishing a new AWE cohort in Puerto Princesa City that is expected to provide professional training for 30 women working in the local fishing industry.

“When we opened AWE Philippines in 2020, our vision was to provide Filipinas with the confidence and technical skills needed to start sustainable businesses.  Now three years later, we are excited to see these entrepreneurs expand their business ideas and their networks of entrepreneur partners,” said US Embassy Assistant Cultural Affairs Officer Pauline Anderson.

AWE Philippines is implemented by non-profit organization Samahan ng mga Pilipina para sa Reporma at Kaunlaran (SPARK!) and the US Embassy’s American Spaces network in Bacolod City, Cebu City, Manila, Marawi City, and Puerto Princesa City.

In December 2022, two new AWE cohorts led by SPARK! were established in Bohol and Zambaonga del Sur.

There’s ‘forever’ for MSMEs with free lifetime online e-commerce platform

By Roderick L. Abad @rodrik_28

Contributor

PUTTING up an online store may be difficult for some micro, small and medium enterprises (MSMEs) and side-hustle online sellers, but not for actressturned-entrepreneur Nadine Lustre, who has found an easy solution that works for her.

“With Shopboxo, my team can handle inventory, manage orders and sales, all from their phones. So now we have more time to focus on other things. I’m able to see all the updates and store movements, even when I’m super busy. Shopboxo also allows customers to make payments directly to my bank account, using a variety of trusted e-wallets,” she said following the successful debut of nadinelustre. store in December 2022 and the relaunch of betty-blooms.com using Shopboxo in February 2023.

Out-of-the box solution

SHOPBOXO is a “forever free” online platform for MSMEs to build virtual stores using designer crafted templates in just a few minutes, with or without technical know-how. Storeowners can showcase their brands and products, accept online payments, and arrange delivery—all at the comfort of a smartphone app or

a web interface.

Customers, on the other hand, enjoy the same convenience they get from any well-known online store or market place.

Given the sudden change in the economic and logistical situations brought about by the Covid-19 pandemic, many Filipinos turned to online selling to boost or even replace their income. Digital sellers who have the means tapped e-commerce platforms to ply their trades. A few has set up fully functional virtual stores, but the many who couldn’t do either resorted to sell on social media.

In fact in October of last year, the Department of Trade and Industry estimated that there are more than 2,000,000 online sellers in the Philippines, higher than its previous forecast of 750,000 by the end of 2022.

This also translated to a significant hike in e-commerce transaction value at 15.1 percent to P264.5 billion in 2021, per GlobalData’s E-Commerce Analytics.

Because big platforms generally charge hefty commissions as sales volumes increase, a seller’s growth potential becomes limited. On the contrary, developing a fully functional standalone site is too complex and costly for most.

This makes smallest players to go

online, selling goods on social media. This is problematic rather than a remedy. Any customer of these sellers deals and coordinates with a vendor, a payment channel, and a delivery service on three separate apps with every transaction. Due to inconvenience, a lot of customers are turned off, particularly security conscious ones.

On the part of the merchant, a seller has to interact with each customer personally and log each order

manually. Messages that are not responded to are lost opportunities. As businesses expand, this leads to various problems—from necessitating additional manpower to order tracking and inventory management.

E-wallets are the payment method options for them, but they face problems such as daily limits on peerto-peer e-wallet transfers. These challenge them to scale up, which could sometimes be disastrous to even try.

Fast forward to 2023, consumers know the convenience brought by e-commerce. To stay, online sellers must continue to have an edge by embracing smarter and more costefficient solutions.

What works for Nadine, works for others

WITH her new found solution, Nadine Lustre now has two out of 70,000 Shopboxo powered stores across fashion, food and beverage, and beauty industries all over the regions. They went live on the web within nine months of Shopboxo’s launch.

“Feedback from our merchants is that they increase their revenue by up to 30 percent after launching their online stores on Shopboxo,” said Shopboxo Chief Executive Officer Kaniyet Rayev. “Merchants can reduce time spent on operations of their stores by 50 percent with Shopboxo Order, Inventory and Product Management.”

Funded by Google’s Gradient Ventures, Shopboxo already has strong local partnerships, notably with GCash and logistics providers Ninja Van, Lalamove and GrabExpress. Because of this, customers can pay with all the leading e-wallets, and major credit or debit cards, then arrange for delivery sans leav-

ing the store of the Shopboxo client merchant.

“Being able to easily create and use a website is perfect for MSMEs like us,” shared Shopboxo merchant Justin Ang, cofounder of Dear Pets.

“With more time to focus on operations and our customers, we saw a 34 percent increase in sales and a 22 percent increase in basket value within the first two weeks of using Shopboxo.”

Shopboxo also has a toolkit for digital transformation of even the brick-and-mortar establishments like restaurants. QR-enabled online menus and a scan to order and pay make ordering and paying easy. What’s more, a pickup function allows diners who find the restaurant on Google Maps to conveniently order and pay before they arrive and pick up the food.

“What we offer is an app that is so easy to use that it saves MSMEs time, and recurring overhead and frees up precious hours to develop and market their products, all while offering their customers convenience that is indistinguishable from the most established e-commerce sites,” said Rayev.

To set up a Shopboxo online store, visit https://shopboxo.io/ or download the app from the Playstore and Appstore.

IFEX Philippines, the country’s major international food trade show which is set to hold its 16th edition in the World Trade Center Metro Manila in Pasay City from May 26 to 28, 2023 will help Philippine exporters expand their markets overseas, according to the Center for International Trade Expositions and Missions (CITEM).

WITH its 70,000 enabled stores across several countries and industries in just nine months, Shopboxo is leveling the playing field in online entrepreneurship like nothing before it.

US Embassy Assistant Cultural Affairs Officer Pauline Anderson (fifth from right) and AWE beneficiaries from the Philippines showcase Filipino products at the first ever AWE Summit held from March 6 to 9 in Kuala Lumpur, Malaysia.

BOC seizes smuggled cigarettes worth ₧1.4B

By Jasper Emmanuel Y. Arcalas @jearcalas

THE Customs bureau announced last Tuesday its personnel seized P1.4 billion worth of smuggled cigarettes in Sulu, an island a few hours by speedboat from the Malaysian state of Sabah.

rettes. The BOC Intelligence Group acted on the tip with Customs Commissioner Bienvenido Y. Rubio issuing a Letter of Authority (LoA) to conduct an inspection on the reported storage houses.

The inspection was conducted last March 2 with Customs operatives discovering 18,533 master cases of assorted imported cigarettes including brands such as “Bravo,” “New Far,” “BPBM,” “Billionaire,” “Cannon,” “Souvenir,” “Astro,” “Wilcon,” “New D’ Premier,” “B&E Ice,” and “Fort,” according to the bureau.

The BOC said its personnel was backed up with the soldiers under the Western Mindanao CommandArmed Forces of the Philippines (Wesmincom-AFP), 11th Infantry Division, Philippine Army (11ID P.A.), Philippine Air Force-Special Operations Wing (PAF-SPOW), Joint Task Force (JTF)-Sulu, Philippine Navy-Naval Special Operations Unit (PN-NAVSOU), and the PN Naval Forces Mindanao.

“Remember that this happened in Sulu, in Indanan. Yet, despite how far Mindanao is from us, we made sure that distance won’t stop us from serving the LOA,” BOC Deputy Commissioner for Intelligence Group Jucvymax R. Uy was quoted in a statement as saying.

“Simply put, we will stop at nothing, and we will be present in every corner of the Philippines to make sure there won’t be space for these illegal activities,” Uy, who led the Army’s 6th Infantry Division before his retirement last year, added.

The BOC said the District Collector of the Port of Zamboanga will issue a warrant of Seizure and Detention (WSD) against the smuggled cigarettes for possible violations of pertinent rules and regulations.

Bill on income classification for LGUs flies in Congress

By Jovee Marie N. dela Cruz

@joveemarie

THE House of Representatives

on Tuesday approved on third and final reading the proposed “Automatic Income Classification Act for Local Government Units (LGUs).”

Voting 300 affirmative and 0 negative, lawmakers approved House Bill 7006, which seeks to institutionalize an income classification system reflective of the

financial capability of provinces, cities, and municipalities.

The bill will be transmitted to the Senate for its consideration.

The bill mandates the Department of Finance to issue the income classification and reclassification standards of provinces, cities and municipalities. It also enumerates the income classification of provinces, cities and municipalities.

The measure provides for the automatic reclassification

Govt successfully raises ₧25B from T-bonds sale

THE national government successfully raised its intended amount of P25 billion from Tuesday’s auction of Treasury bonds (T-bond), marking the 10th consecutive time of a full award as investors’ asking yield remained well within acceptable rates.

The auction saw the Bureau of the Treasury’s (BTr) auction committee making a full award as the average rates for the debt paper settled at 6.167 percent, lower than its previous average of 6.197 percent. The average rate was also lower than the current 6.262 percent secondary market benchmark rate for the debt paper with the same maturity.

Investors’ asking rates for the reissued T-bonds, which had a remaining life of 12 years and 6 months, ranged between 6.050 percent and 6.2 percent, according to the Treasury. The T-bonds would mature on

September 30, 2035.

“The auction attracted P54.0 billion in total tenders, 2.2 times the P25.0 billion offer. With its decision, the committee raised the full program of P25.0 billion, bringing t he total outstanding volume for the series to P188.4 billion,” the Treasury said in a statement after the auction.

The national government aims to borrow P200 billion from the domestic debt market this month through the sale of T-bonds and bills (T-bills).

For the whole year, the national government plans to borrow P2.207 trillion with a 75:25 mix in favor of domestic sources.

In terms of domestic borrowings, the national government aims to raise a total of P1.654 trillion, P54.1 billion of which coming from the sale of T-bills while the remaining amount would come from the auction of T-bonds.

Jasper Emmanuel Y. Arcalas

computation.

Under the bill, provinces shall be classified into six classes, according to income range based on the average annual income for two fiscal years preceding an automatic income reclassification.

Cities, to note, shall be classified into seven classes, also according to income range based on the average annual income for two fiscal years preceding an automatic income reclassification.

Municipalities shall be classi-

MORE than 800 businesses, majority of which are micro and small enterprises (MSEs), borrowed a total of P41.3 billion from the Land Bank of the Philippines (LandBank) to finance their working capital amid the economic challenges caused by the Covid-19 pandemic.

In a statement, the state-run bank said it recorded a total of 825 borrowers nationwide under its “interim rehabilitation support” lending program that sought to fast-track the recovery of local businesses and cooperatives from the Covid-19 pandemic. LandBank said the total number of borrowers included 549 MSEs, 134 cooperatives, seven microfinance institutions, and 135 large enterprises. As of end January 31, the bank has approved P41.3 billion worth of loans under the its lending program.

“LandBank remains committed to supporting the resurgence of pandemichit businesses and cooperatives. We will

fied into six classes, according to income range based on the average annual income for two fiscal years preceding an automatic income reclassification.

The bill also provides for guidelines on personnel services for reclassification from fourth or lower income class to higher income classes.

The bill mandates the secretary of Finance to issue rules and regulations to implement the provisions of the proposal.

capital

continue to serve their financial requirements to further advance the country’s ongoing economic recovery,” the bank’s President and CEO Cecilia C. Borromeo was quoted in the statement as saying.

LandBank said the lending program was launched at the onset of the Covid-19 pandemic and was designed to provide borrowers “timely” financial aid at “concessional” terms that included “a longer repayment period, moratorium on principal and interest payments and lower interest rates.”

Eligible borrowers under the lending program could loan up to 85 percent of their emergency or permanent working capital requirements, with an interest rate of 7 percent fixed for one year and subject to annual repricing thereafter.

The state-run lender extended its lending program for businesses until December of this year “to accommodate more potential borrowers,” the bank said.

Jasper Emmanuel Y. Arcalas

GFII, UNOBank launch high-yield savings offer

By Roderick Abad @rodrik_28

Contributor

GCASH-OPERATOR Globe Fin-

tech Innovations Inc. (GFII) has tied up with UNO Digital Bank Inc. to sell a high-yield savings product on the e-wallet platform. Through the partnership, users can open an account and access the products of GFII’s partner bank directly from GCash.

“Our partnership with UNO Digital Bank is in line with GCash’s goal of giving Filipinos a secure and convenient banking experience by being an all-in-one app for all their financial needs, from banking to lifestyle essentials,” GFII President and CEO Martha R. Sazon was quoted in a statement as saying.

Users who will tap the interconnec-

tion between GCash and banks must be at least 18 years old. A user must be a fully-verified GCash app user with an active mobile number and a mailing address registered in the Philippines. GFII also offers a time deposit facility. With the GCash segment called “GSave Marketplace,” a user can manage an UNO savings account in one app. GFII said users can also cash in and cash out from their GCash wallet to their UNO accounts.

“Through this partnership with GCash, we will open the door for more people to experience fast, seamless, and well-protected digital transactions so they can avail of high-rate savings products to get started on their financial growth journey. We hope more Filipinos will be able to achieve their financial goals through GSave and UNO Digital Bank,” Lester Cruz, head of UNO Digital

➜ Muntinlupa credits top taxpayers for bolstering coffers

SETTLING their huge amount of tax dues in a timely manner, the Top 10 taxpayers in Muntinlupa have been recognized by the local government for their “significant contributions” as the city bounces back from the economic scarring from the Covid-19 pandemic. The taxpayers have bolstered Muntinlupa’s coffers, posting P6.033 billion in total revenues which surpassed the income target for 2022, on top of its 101.09-percent tax collection efficiency rate, the city government said through a statement. According to the city government, the number of registered entities in the city grew by 59 percent to 12,232 in January 2023, from 7,651 during the same period of last year.

Roderick L. Abad

Bank liabilities and payments-products and partnerships, was quoted in the statement as saying.

The UNOReady account in the GCash app gives up to 4.25 percent interest per annum (p.a.) with no requirements for a minimum or maintaining balance and sans service fees. Interest is credited daily. Additionally, each user can get free life insurance coverage worth P50,000 for a minimum monthly average daily balance of P10,000.

Time deposit products provide up to 6.50 percent interest p.a. with deposit of at most P100,000 for each of the five tranches allowed. The former has flexible terms from three months to 12 months, while the latter can be locked-in for 12 months or 24 months with monthly interest payout.

“We are initially offering our savings products that will help them grow their

➜ Insurer to train financial advisors

“Our success in conducting our enforcement operations anywhere in the country is attributed to the streamlined procedures and coordination between all BOC offices, collection districts, and partner agencies,” Rubio said. “We will continue to modernize our information-sharing systems and enforcement assets to ensure that we are a step ahead against unscrupulous importers.”

Fake Nikes

MEANWHILE, representatives of Nike Inc. commended the BOC’s Intelligence Group on its success in seizing counterfeit footwear through the implementation of LOA against violators of Intellectual Property (IP) rights.

The BOC inspected last week

several warehouses and storages in Manila and Malabon that have been found to be storing billions of counterfeit products, including fake Nike-brand shoes.

“The Bureau’ continuous actions in combating illicit goods at the border or the supply source, which greatly encourages foreign investments in our country,” Uy said.

The BOC has urged the public to avoid patronizing counterfeit products.

“These counterfeit products do not have the required documentation, and they endanger the safety of those who use them,” Rubio said.

“As the BOC remains vigilant against these IPR-infringing goods, we also encourage the public against purchasing or supporting these goods,” he added.

money by offering better than standard industry interest rates backed by superior digital experience. Other products and services like loans, insurance, and investment products will soon follow,” UNO Digital Bank Chief Business Officer Amit Malhotra was quoted in the statement as saying.

UNO Digital Bank Founder and CEO Manish Bhai revealed their “discussions around present and potential opportunities have been very progressive with like-minded approach, and with [GFII] as our partner, we are well-positioned to create meaningful impact by providing financial inclusion and innovative products to majority of Filipinos.”

“Thanks to like-minded partners like UNO, we can make sure that more Filipinos can have access to essential banking services and help them gain financial freedom,” Sazon said.

THE Manufacturers Life Insurance Co. announced last week it tapped the Wealth Management Center for Communications and Research Inc. to conduct a Certified Wealth Planner course to hone the skills of its financial advisors. The course will start in May 2023 and expected to produce 200 graduates by the end of the year, according to Manulife. The firm said the course will cover holistic and comprehensive programs in wealth creation, protection, and conservation, focusing on health and life insurance, investment, and estate planning. Moreover, the program aims to equip Manulife financial advisors with practice-based knowledge of the global financial system, financial risk management, financial health and insurance planning, investment strategies, and macroeconomic and market cycles. Rizal Raoul S. Reyes

Audit

& Assurance and Technology: Some updates

THE International Auditing and Assurance Standards Board (IAASB) cognizant of the impact of technology in standards setting, engaged in the disruptive technologies informationgathering and research to prepare it for technology disruption. The IAASB has the mandate to support audit and assurance quality and to improve its own position as global standard setter, it deemed to respond appropriately to the disruptive technology.

The data gathering included the engagement of a third party, Founders Intelligence (FI), in 2020. FI researched and analyzed the landscape of innovation activity in audit and assurance. It also conducted “Disruptive Technologies” roundtable encounters attended by industry stakeholders, technology entrepreneurs and corporate innovators. The research findings were presented to IAASB in January 2021 with proposed actions that the Board broadly supported highlighting the significance of:

n Identifying adequate resources and accountabilities on technology, both in terms of current projects and longer-term disruption;

n Building and maintaining a knowledge base and keeping the Board informed and educated;

n Incorporating technology considerations into current projects; and,

n Taking advantage of the available technologies for the IAASB’s own processes.

In November 2021, the IAASB seconded Danielle Davies, a partner from a “Big 4 Firm,” as a staff fellow to focus primarily on taking forward the proposed actions from the disruptive technologies research. The scope covers:

n Development and maintenance of a knowledge base containing curated technology-related resources for IAASB members, technical advisors and Staff;

n Establishing and leading a Digital Advisory Group to provide broad and different perspectives to the IAASB;

n Performing research and outreach activities in relation to technology matters including roundtables and external presentations;

n Preparing regular articles and thought leadership including a “Market Scan” publication on different technology topics for regular external distribution; and,

n To have breakout sessions to identify ways forward for the initiative and prioritize focus areas.

During the recent March 9, 2023, meeting of the IAASB Consultative Advisory Group, a presentation on the landscape of the “Audit and Assurance Technology Landscape” was presented with a chart.

Evidently, the auditor and the entity are with varying degrees of development—low, moderate and significant. The trends from research and outreach activities may be summarized as follows:

n Consistent access to appropriate data (including for use in training AI) continues to be a barrier to greater and more widespread use of technology;

n Technology adoption lags innovation—people-related factors are a significant contributor including required skills/expertise, confidence, capacity and mindset shift;

n Artificial Intelligence and Machine Learning technologies are consistently identified as the most revolutionary and are increasingly used:

1. To support risk identification and anomaly detection;

2. To identify key terms in unstructured documents (e.g., leases, contracts); and,

3. To perform predictive analytics to support forward looking procedures (e.g., going concern);

n Diverse views exist on the expected impact of Blockchain and related technologies—however Digital Assets are becoming more prevalent; and,

n Remote working continues to influence technology innovations.

Interestingly, if the trend is technology adoption in audit and assurance lags innovation, one may wonder what could be the technology landscape in accountancy education, training and continuing professional education. This is a major concern requiring serious consideration and focus.

As the profession of accountancy celebrates its 100 years in the country, it should look into the landscape of technology in the profession considering its major groups—those in government, in commerce & industry, in education and in public practice. Much has to be done.

May the Philippine accountancy profession’s technology adoption be aligned with the global trends.

Conchita L. Manabat is the President of the Development Center for Finance. A past President of FINEX and past Chair of the International Association of Financial Executives Institutes (IAFEI), she serves as the chairman of the IAFEI Advisory Council. She is a member of the Consultative Advisory Groups of the International Auditing & Assurance Standards Board and the International Ethics Standards Board for Accountants.

800 businesses borrowed ₧41.3B for working

Better appreciation at work

FROM MARkETING TO DESIGN, BRANDS ADOPT AI TOOLS DESPITE RISk

EVEN if you haven’t tried artificial intelligence tools that can write essays and poems, or conjure new images on command, chances are the companies that make your household products are already starting to do so.

Mattel has put the AI image generator DALL-E to work by having it come up with ideas for new Hot Wheels toy cars. Used vehicle seller CarMax is summarizing thousands of customer reviews with the same “generative” AI technology that powers the popular chatbot ChatGPT.

Meanwhile, Snapchat is bringing a chatbot to its messaging service. And the grocery delivery company Instacart is integrating ChatGPT to answer customers’ food questions.

Coca-Cola plans to use generative AI to help create new marketing content. And while the company hasn’t detailed exactly how it plans to deploy the technology, the move reflects the growing pressure on businesses to harness tools that many of their employees and consumers are already trying on their own.

“We must embrace the risks,” said Coca-Cola CEO James Quincey in a recent video announcing a partnership with startup OpenAI—maker of both DALL-E and ChatGPT— through an alliance led by the consulting firm Bain. “We need to embrace those risks intelligently, experiment, build on those experiments, drive scale, but not taking those risks is a hopeless point of view to start from.”

Indeed, some AI experts warn that businesses should carefully consider potential harms to customers, society and their own reputations before rushing to embrace ChatGPT and similar products in the workplace.

“I want people to think deeply before deploying this technology,” said Claire Leibowicz of The Partnership on AI, a nonprofit group founded and sponsored by the major tech providers that recently released a set of recommendations for companies producing AI-generated synthetic imagery, audio and other media. “They should play around and tinker, but we should also think: What purpose are these tools serving in the first place?”

“For companies that are really in the creative industry, if they want to make sure that they have copyright protection for [the outputs of] those models, that’s still an open question,” said attorney Anna Gressel of the law firm Debevoise & Plimpton, which advises businesses on how to use AI.

A safer use has been thinking of the tools as a brainstorming “thought partner” that won’t produce the final product, Gressel said.

“It helps create mock-ups that then are going to be turned by a human into something that is more concrete,” she said.

And that also helps ensure that humans don’t get replaced by AI. Forrester analyst Rowan Curran said the tools should speed up some of the “nitty-gritty” of office tasks—much like previous innovations such as word processors and spell checkers—rather than putting people out of work, as some fear.

“Ultimately it’s part of the workflow,” Curran said. “It’s not like we’re talking about having a large language model just generate an entire marketing campaign and have that launch without expert senior marketers and all kinds of other controls.” AP

IN every office setting I have worked in, I realized it was not common for people to acknowledge, or even compliment someone on how well they did at work. This might be the effect of a competitive environment, or due to people not becoming accustomed to appreciating others’ work because they themselves were not appreciated by their manager. It could also be the result of a harsh working environment because of the nature of their industry, or a lack of opportunity for people to socialize and get to know one another.

When you are managing a team, part of your toolkit in helping your team perform at their peak should be knowing how to encourage them, and for you to find ways to make them feel appreciated for their contribution to the team’s growth.

Appreciating your team’s work helps increase their morale, which invariably leads to increased engagement and productivity. The more they feel appreciated as part of the team, the more they will continue to perform well and find new ways to improve their work output. Appreciating your team’s efforts and contributions to the team’s success helps them understand that they are doing well, and what kinds of results and behaviors contribute to the overall success of the team.

As a people manager, any appreciation coming from you will boost your team’s morale. But for them to truly feel that the appreciation is genuine and authentic, you need to take the time to get to know them, especially the new team members. Knowing your team members a little better will help you know what motivates them individually, and will help you identify what you can do to keep them appreciated and motivated to do their work. It will also help you evaluate their strengths so you can assign them to projects where they will thrive.

One of the best ways you can get to know your team is to get them out of the office environment so they can let their hair down.

Team building activities and games help you understand how they deal with pressure, disappointments, and how well they work with others. This will also help you find underlying issues and concerns with team members which you can address during the team-building session, or help you develop long-term action plans if needed.

Even without a team-building activity, time spent with each of your team members is already encouraging because you are indirectly telling them that they are important enough that you spend time with them. If you do not have a quarterly or semestral catch-up session with each of your team members, you can still catch-up by chatting with

6 tips to appreciate the little things in life

WHENEVER we have our attention only on the bigger picture in life, we tend to overlook its simple joys. Instead of living each day full of energy, we find ourselves feeling stuck and yearning for more.

Personal finance expert Sam Hawrylack, the coowner of financial independence and early retirement platform How To Fire and brand marketing agency SJ Digital Solutions, highlighted the importance of appreciating the little aspects.

“When you’re focused on what’s going on right in front of you, life doesn’t feel as stressful or mundane,” she explained. “Instead, you realize how much you have to be grateful for. You’ll enjoy every step it takes to reach your goals, financial or otherwise.”

In Clever Girl Finance, one of the largest personal finance and media educational platforms in the US that provides women with financial guidance, Hawrylack likewise advised her readers to consider living on less to concentrate on what is meaningful.

“The things that make up everyday happiness will lead to much more personal and financial peace when you accept it,” she added.

“Learning to be thankful for what you have can keep you from filling the need for more with things you don’t really need or want.”

Echoing Hawrylack, the Benilde Well-Being Center (BWC) of the De La Salle-College of Saint Benilde shared several tips on how to recognize the things that nurtures and sustains our being.

1. Spend time with loved ones. Life is short. Moments cannot replace things. Savor the memories you create with loved ones. Be there for each other’s core memories.

2. Go through old memories. Revisit photographs, videos and keepsakes. Treat yourself to a trip down memory lane. Allow yourself to immerse in

the joys of these moments. Enjoy the good times.

3. Celebrate your financial wins. Every win is a win. This comes in different ways: being frugal, saving enough money for a short-term goal, or stocking up on your emergency fund. Set small milestones and celebrate them.

4. Keep a gratitude journal each day. Take a few minutes to sit down and think about the good that happened. Make it a part of your wake-up or bedtime routine. It may be non-monetary events you are

them occasionally while getting a cup of coffee, or when you get water from the dispenser. While these may be short interactions, these are enough to make your team feel appreciated because you took the time to ask them.

Team meetings are good opportunities to acknowledge what individual team members have contributed to the overall success of the team, and is a great way to appreciate what your team has done as a group. But in your appreciation of each team member, you need to be very specific on what they did well so they can sustain the quality of their work or retain the beneficial behavior. Outside of those meetings, praise your team publicly and always catch them doing good. You should also discourage behaviors that undermine other people’s work, and develop behaviors that promote a culture of appreciating others’ work.

One thing that people managers need to do is to pass on encouraging words about your team members. Your team does not have access to other managers except when they work with them. I remember talking to one of my team members and telling her a comment from a manager on how good she was as a facilitator. She told me it was one of the most difficult groups she has handled because they had so many questions. I told her that maybe that was the reason she made quite an impression because she handled the participants well. It gave her the motivation to accept more facilitation assignments and pushed her to find ways to improve her skills. Similarly, find ways to show appreciation for your team. Remember that while words of appreciation go a long way in showing appreciation, saying “Good job”

is no longer going to cut it especially if you always tell it to them, or use it in conjunction with “thank you.” Spending time with your team can help you discover what they appreciate as a reward to show your appreciation. Or, you can directly ask your team how they would like to be appreciated. For some people, a team lunch-out can already make a team feel truly appreciated. For others, they may want to have more training opportunities, a flexible work schedule, or additional monetary incentives.

Also, do not feel obliged to be the only one appreciating the team. Encourage teamwork so people can connect with others in the team with the same interests. This will help foster good working relationships, and help you create an environment where people are more likely to appreciate the work done by others. When we had a mini team-building session last month, we realized that we shared similarities which were not as obvious when we first met. It helped us start conversations and discover what will encourage each other.

Lastly, be the example of how you want others to be. If you want to develop a culture of appreciation, set the standard by doing it yourself. Catch people doing good and publicly announce your team’s successes. When presenting outside your team, do not take credit for your team’s work; instead, mention the names of everyone who helped contribute to the project. By promoting your team to others, you also influence the other managers to find ways to appreciate their team more. And who knows, your example might just be the spark in igniting a culture of appreciation for your organization. n

CONRAd MANiL A PRESENTEd wiTH HOSPiTALiT Y iNdUSTRY’S TOP RECOgNiTiONS

THE premier haven for smart luxury by Manila Bay, Conrad Manila was recently recognized by top global hospitality associations including Tatler Dining Awards and Forbes Travel Guide 2023 Star Awards.

“We are humbled with the recent wins of the hotel. Our sincere gratitude go to our guests and patrons for their unwavering support. But all these wouldn’t be possible without the passion and dedication of our team members who continuously strive in providing guests with authentic experiences,” shared Fabio Berto, hotel general manager. China Blue by Jereme Leung, the hotel’s consistent award-winning Chinese restaurant, best known for its modern interpretation of traditional Chinese cuisine, was hailed in Tatler Dining’s Top 20 list, an unranked collection of the city’s most impactful restaurants.

Meanwhile, the hotel was recognized as a verified luxury hotel by Forbes Travel Guide 2023 Star Awards, the world-renowned authority on excellence in hospitality. According to the organization’s website, the 65th annual list features 433 Recommended Hotels; 360 Five-Star, 585 Four-Star, among its illustrious annual rating list worldwide.

Conrad Manila presents guests with a haven for smart luxury amid the picturesque views of Manila Bay with 347 well-appointed guest rooms, dining and leisure options. The hotel is owned by SM Hotels and Conventions Corp., a subsidiary of SM Investments Corp., and managed by Hilton Worldwide. It is strategically located at the forefront of the Mall of Asia complex, in the heart of the 42-hectare Bay City development, a destination earmarked as a shopping, leisure

grateful for, which made your day a little more special.

5. Create a visual board. Document everything good. Pin photos of your family, friends, pets or anything that produces a smile. Place the photos somewhere that you see them often. Let these be a reminder of all the riches you have in your life.

6. Slow down and be present. Stop rushing through life. Focus on what’s in front of you—no matter how small. Relish in the moment. Stop thinking about what you do or don’t have.

Media, photographers get first shot at TECNO Mobile’s PHANTOM X2 Series 5G smartphones

PHL, Malaysia, Mongolia sign MOU for stronger housing finance partnership

STATE-owned National Home Mortgage Finance Corporation (NHMFC) strengthened its partnership with its ASEAN counterparts through the signing of Memorandum of Understanding (MOU) with the Cagamas Berhad of Malaysia and the Mongolian Mortgage Corporation (MIK) held last March 6, 2023 in Sentosa, Singapore.

As the government’s sole Secondary Mortgage Institution (SMI) under the umbrella organization of the Department of Human Settlements and Urban Development (DHSUD), the NHMFC pursues to collaborate with its international counterparts and exchange information on research and programs related to the fields of housing finance, mortgage market, Mortgage-Backed Securities (MBS) and other funding instruments.

“The sealing of this NHMFC partnership with Cagamas and MIK is well timed,” NHMFC President Renato L. Tobias said.

“As one of the Key Shelter Agencies under the leadership of DHSUD Secretary Jose Rizalino ‘Jerry’ Acuzar, NHMFC is in full support of the government’s Pambansang Pabahay Para sa Pilipino Program or 4PH. With this collaboration with our international counterparts, we can explore solutions to issues on housing and share our experiences and knowledge on policies, research and program that will help us improve our country’s housing situation,” Tobias stressed.

He added that under the MOU, the housing organizations also commit to

share risk management programs that ensure the health of the MBS market. It also allows the NHMFC, Cagamas and MIK to share comparison of housing finance, mortgage and investor activities, as well as housing price monitoring in their respective countries.

Cagamas Berhad issues corporate bonds and sukuk to finance the purchase of housing loans and receivables from financial institutions, selected corporations and the public sector, while the Mongolian

Mortgage Finance Corporation promotes development of the primary and secondary mortgage markets by issuing and selling mortgage-backed securities in domestic and international capital markets.

Tobias, Cagamas Berhad President and CEO Datuk Chung Chee Leong, and MIK CEO Gantulga Badamkhatan signed the MOU during the International Secondary Mortgage Market Association (ISMMA) meeting also held on the same day in Sentosa.

Embracing Equity: Multiple brands gather to honor women's individuality for Int‘l Women’s Day 2023

Actress and Model, Chesca Kramer, Content Creator and Entrepreneur, Ayn Bernos, and Licensed Professional Teacher and Co-founder of Queer Safe Spaces, Roanne Carreon talked about their lives on-screen and off-screen and the pressures and responsibilities they carry as women of influence. Gonzalez underscored that the most crucial role as women of influence is becoming responsible role models to the next generation of women and paving the way to allow them to thrive in a safer and more inclusive world.

FOR one day, local media and professional photographers traded in their usual camera gear for a premium 5G smartphone to participate in TECNO

Mobile’s Technology for Nature Conservation photo tour at Masungi Georeserve in Rizal province.

The 5G smartphones were extraordinary, with high-quality camera lenses comparable to professional cameras. Touted as TECNO

Mobile’s flagship high-end, groundbreaking smartphones, the stylish, powerful PHANTOM X2 Series under the subbrand PHANTOM features the world’s first retractable portrait lens paired with astounding telescopic camera technology. Away from the busy and sometimes chaotic life in the city, the media and photographers got to experience TECNO Mobile’s passion for innovation while communing with nature. The Masungi Georeserve conservation tour was a unique experience – quiet walks, nature appreciation, and discoveries – while taking professional-quality photos using PHANTOM X2 smartphones.

Through PHANTOM, TECNO Mobile brings the latest in global smartphone innovations to local consumers who share in its drive to stop at nothing to pursue their passion.

TECNO Mobile premium sub-brand PHANTOM has launched in the Philippines its latest flagship smartphone series, the PHANTOM X2 Series, combining innovative technologies with iconic design for a unique high-end experience. PHANTOM X2 Series feature two world firsts – they are equipped with MediaTek’s flagship Dimensity 9000 4nm 5G chip for exceptional high-end performance and an innovative camera sensor and lens for amazing night photography. The groundbreaking retractable portrait lens is a game changer.

With its one-of-a-kind design, PHANTOM X2 Series makes ”premium” more accessible and affordable than ever.

At Masungi Georeserve, the PHANTOM X2 Series smartphones served as the local media and photographers’ “official” cameras, capturing not just photos and videos but also unique experiences everyone can look back to in their own memory banks.

While only over an hour away from the hustle and bustle of the metropolis, entering Masungi Georeserve is like retreating to another world. Home to a tranquil conserved rainforest with walking or hiking trails, the air is fresh, and the environment is peaceful.

Time slows down and nature treats its visitors to its amazing limestone formations, natural sculptures, caves, and several hundred types of flora and fauna flourishing in their natural habitat – every step leads to wonderful discoveries.

Adventurous souls likewise found pleasure with Masungi Georeserve’s hanging bridge, stone and concrete trails, rope courses, pocket gardens, and one-of-a-kind viewing platforms. The winding trails have terrains that suit all levels of fitness – from beginners to seasoned hikers, even the outdoor and nature enthusiasts. Each experience was unique. And the PHANTOM X2 Series smartphone captured them all – the vivid images, the emotion of the moment, popping out of the comfort zone, living 100%.

The PHANTOM X2 Pro 5G brings photography using a smartphone to the next level with its four exceptional, high quality cameras. It has a 50MP retractable portrait lens with 65mm focal length and a 2.5x optical zoom, large F1.49 aperture and shallow 18.9cm depth of field creating a stunningly pure optical bokeh for breathtaking portraiture, a technological breakthrough for smartphone cameras. The world-first, innovative lens enables users to shoot portraits with quality that are comparable to professional camera shots.

The PHANTOM X2 Pro 5G ingenious camera lens re-imagines what’s possible with a pocket-sized smartphone camera. It also has a powerful 50 MP main camera with a 1/1.3” sensor and a Super Night mode that also enables spectacular night imaging, and a 13MP wide angle camera. Keen selfie takers will likewise enjoy its 32MP front camera with a new self developed beautification mode.

Higher generation charges to push electricity rates to go up in March, says Meralco

“EQUAL opportunities are no longer enough.” This year’s International Women’s Day Celebration seeks to move past advocating for equality and start embracing equity— sharing the passion and excitement that comes from valuing and supporting everyone’s differences to create a more inclusive world.

To celebrate the strength and tenacity of Filipina women, Lactacyd and Buscopan Venus created an avenue where women can come and celebrate the power of diversity and inclusivity, sharing experiences on how to thrive through numerous obstacles and emerge as women of impact and influence.

Dubbed #IAmWoman, Lactacyd and Buscopan Venus celebrated International Women’s Day with the aim to unite women from all walks of life and work towards advancing gender equity together with the #IamWoman Femme Council leading the charge.

“Filipina women have long been seen as strong and resilient women, but the Filipina woman of today has broken through multiple glass ceilings at work, at home, and in society,” said Vanee Gosiengfiao, General Manager for Sanofi Consumer Healthcare PHHKTW, “For this year’s women’s day celebration, we wanted to create a positive, inspiring, and empowering avenue for women to be proud of their unique voice and feel motivated to use that voice to break through the boxes we women are often put in.”

Despite gains in the representation of women in different industries over

the years, it still did not lessen women’s existing barriers in the workforce.

To provide insight on “leading by example”, frontrunners in their respective fields, TV Host and Co-founder of She Talks Asia, Bianca Gonzalez along with the first half of the Femme Council, Sustainable PH President, Shawntel Nieto, Sports Producer and Host, Sam Corrales, Dermatologist, Dr. Kaycee Reyes, and Modern Parenting Editor-inChief, Marga Tupaz talked about their experiences gaining leadership in their industries and what it took to earn a seat at the table and make a genuine impact for women.

Gonzales noted from the discussion that as women leaders in their respective industries, the progress they are pushing for is more than just women’s representation, it is being able to create more spaces for their fellow women to thrive and reach their maximum potential, “Whether it be in our homes, in our circles, and even in our communitiesas women, let’s embrace equity and celebrate our own individualities, our experiences, and our journeys.”

She also highlighted that to earn a seat at the table, women must look within and allow themselves to flourish to attain their full potential.

With the talk on representation, the conversation moved forward to women in media, particularly the double standards, living up to impossible expectations, and the constant scrutiny women get from the public. To expand on the topic, Gonzalez along with the second half of the Femme Council, TV

“At a time we’re in, there’s many voices from social media, there’s friends, people that they meet, so I try to make sure that my children know who their anchor is. So, anchor would have to be, with my children, God first, and then your family. So, keep them grounded, keep them connected to who they really are, and while they know they can come to their parents any time. There is no question that is too hard or too matured. They know that their safe space is with me, where I do not judge them, but I’m here to listen to them,” said Kramer.

“I feel like it’s so important to present yourself especially if you have your own sphere of influence to be as confident as you can, to embrace yourself as you can because you’re not only representing yourself but other women as well, who are following your footsteps,” Bernos added.

As the new face of Lactacyd and the voice of the youth, Kramer, through a video created specifically for the event, also shared her experiences of growing up in the spotlight and how has good role models influenced how she views the world, “I have three main women role models, which two of them are my grandmas and my mom. [And] If there’s one thing that’s common between the three of them is that they like spending time with me a lot, and I feel like that has impacted me so much because I don’t think I’d be the person who I am today if they did not spend as much time with me as they are right now.”

THE Manila Electric Company (Meralco) announced March 10, 2023 an upward adjustment of P0.5453 per kWh in the electricity rate this March, bringing the overall rate for a typical household to P11.4348 per kWh from the previous month’s P10.8895 per kWh.

For residential customers consuming 200 kWh, the adjustment is equivalent to an increase of around P109 in their total electricity bill.

The generation charge went up by P0.4636 to P7.3790 from P6.9154 per kWh the previous month due to higher supply costs, mainly because of the Malampaya gas-topower facility maintenance shutdown from February 4 to 18.

“This month’s generation charge increase would have been significantly higher, but we took the initiative to cushion the impact in the bills of our customers by coordinating with some of our suppliers to defer collection of portions of their generation costs,” Meralco Head of Regulatory Management Office Atty. Jose Ronald V. Valles said.

Valles added that a total of around P1.1 billion deferred costs reduced this month’s generation rate by about P0.40 per kWh and will be billed on a staggered basis over the next two months or in April and May billing months, as coordinated with the Energy Regulatory Commission (ERC).

Charges from Independent Power Producers (IPPs) increased by P0.5784 per kWh, net of deferred generation costs. The 15-day shutdown of the Malampaya facility compelled the First Gas-Sta. Rita and First Gas-San Lorenzo plants to operate using more expensive alternative fuel to ensure continuity of supply. Also contributing to the increase were Quezon Power’s maintenance shutdown, which was scheduled on January 21 until February 19 to ensure availability during the summer months; and Peso depreciation, which affected 98 percent of IPP costs that are dollar-denominated. IPPs accounted for 35 percent of Meralco’s total energy requirement for the period.

Wholesale Electricity Spot Market

(WESM) charges were higher by P1.4795 per kWh, resulting from an increase in demand in the Luzon grid. Peak and average demand went up by 457 MW and 675 MW, respectively, while average capacity on outage remained at around 3,800 MW. Due to the tighter supply conditions, the secondary price cap, which was not triggered in January, was imposed 7.06 percent of the time in the February supply month. Meralco sourced 22 percent of its total requirement from the WESM during the period, from 16 percent last month, due to the Energy department-approved scheduled maintenance of the Quezon Power plant and the First NatGas-San Gabriel power plant. San Gabriel’s maintenance outage was scheduled to coincide with the Malampaya shutdown.

Meanwhile, charges from Power Supply Agreements (PSAs) remained generally flat, largely due to the deferral of collection of a portion of PSA costs. PSAs covered the remaining 43% of Meralco’s total requirement in the last supply month.

All other charges, including transmission charge and taxes, registered a net upward adjustment of P0.0817 per kWh. Collection of the P0.0364 Feed-In Tariff Allowance (FIT-All) remains suspended following the issuance of the ERC Resolution extending the suspension for another six months, beginning this March until the August billing month.

Pass-through charges for generation and transmission are paid to the power suppliers and the grid operator, respectively, while taxes, universal charges, and Feed-In Tariff Allowance (FIT-All) are all remitted to the government.

Meralco’s distribution charge, on the other hand, has not moved since the P0.0360 per kWh reduction for a typical residential customer in August 2022.

The power distributor is still implementing one distribution-related refund, equivalent to P0.8656 per kWh for residential customers, which continues to temper their monthly bills. The final refund is set to be completed by May 2023, impact of which will be felt the succeeding month.

STRONGER INTERNATIONAL ALLIANCE. NHMFC President Renato de Leon Tobias (center) forges stronger partnership with Cagamas Berhad of Malaysia and Mongolian Mortgage Corporation (MIK) through the signing of a Memorandum of Understanding with the two corporations during the International Secondary Mortgage Market Association (ISMMA) meeting in Sentosa, Singapore. Also in the photo are, from left, ISMMA Chairman Oscar Mgaya; Cagamas Berhad of Malaysia President and CEO Datuk Chung Chee Leong; Mongolian Mortgage Corporation (MIK) CEO Gantulga Badamkhatan, and European Mortgage Federation (EMF) and European Covered Bond Council (ECBC) Secretary General Luca Bertalot.

Tet Andolong

NSJBI eyes ₧7B revenues in Victoria de Malate project

By Rizal Raoul S. Reyes

“As of now, a total of P5 billion, or more than 50 percent of the units have been sold. Only P2 billion worth of inventories have remained unsold,” Leo Barrosa, chief operating officer of NSJBI told reporters on the sidelines during the topping off ceremony on March 10 for its flagship project in Manila.

The 45-story Victoria De Malate, a highrise residential condominium development, is situated at the heart of Manila. Located along Angel Linao Street, Victoria de Malate is a master planned to be a self-contained, mixed-use development offering prime residential units and commercial spaces. Moreover, it offers future residents majestic views of the Manila and Makati skylines.

Barrosa said the location of the P3billion project offers several advantages to future residents as Manila is the center of power, an important hub of business, culture, tourism and entertainment,

constantly attracting urbanites, entrepreneurs and tourists from around the globe who are captivated by the Filipino goodwill. Moreover, Victoria de Malate is strategically located in the center of a busy and thriving business and commercial area. It is also accessible to hotels, hospitals, churches, dining and entertainment centers.

He said the turnover to the owners will be done in three phases in 2023. The first stage will involve the first to the 20th (1 to 20) and is scheduled end of June this year while the 21st to the 31st floors are scheduled in September 2023 and the remaining floors (33rd to 45th) floors will be turned over in December also in the same period.

For the night owls, future residents of Victoria de Manila will enjoy its location as Malate hosts the country’s hippest bars and dining establishments. Other places to visit abound led by Rizal Park and Bay -

3 Gokongwei-led firms feted for good corporate governance

By Roderick L. Abad

MAJOR real-estate developer Robinsons Land Corp. (RLC) and three other companies of the Gokongwei Group have been recognized at the Golden Arrow Awards for their outstanding business practices.

Organized by the Institute of Corporate Directors (ICD), the award-giving body recognizes top Philippine publicly-listed companies (PLC) in corporate governance.

RLC and two other privately held firms of the Group, under JG Summit Holdings Inc., namely, Cebu Pacific (CEB) and Universal Robina Corp. (URC), as well as Robinsons Retail Holdings Inc. (RRHI), which includes supermarket, department store, and specialty retail brand operations, received the Golden Arrow accolade.

For RLC Chief Financial, Risk and Compliance Officer Kerwin Max S. Tan, the award serves as a proof of their company’s strong corporate governance policies.

“We shall continue to implement programs to strictly comply with the Philippine Code of Corporate Governance and internationally recommended corporate governance practices as espoused by the ACGS [Asean Corporate Governance Scorecard],” he shared.

Earning a Golden Arrow needs an accomplishment of a grade of at least 80 points from the ACGS.

Notably, the 260 Philippine PLCs covered in the latest assessment of corporate governance practices in the 10 member-states of the Association of Southeast Asian Nations or Asean had a combined average of 73.80 points, up 7.53 points from the 2020 rankings.

Only 85 companies, or 33 percent of those assessed for this year’s edition of the awards, met this threshold.

Gokongwei family-led CEB and URC achieved

an ACGS score between 90 to 99 points.

Through the years, the country’s leading carrier has been continuously improving its systems to make sure that its operations and services are responsive to the needs of its customers and the whole society.

“We are honored to be one of the recipients of the Golden Arrow Award. This will serve as a reminder for Cebu Pacific to remain committed to the best corporate governance practices as we strive to be the airline of choice of every Juan,” said CEB General Counsel Atty. Anne Romadine Tieng, who represented the firm at the awards ceremony held recently at the Sheraton Manila Hotel.

Likewise, URC earned its first Golden Arrow after it got 93 points for its enhanced corporate governance practices over the years.

“This goes to show how the combined efforts of concerned stakeholders become fruitful over the years and will continue to do so,” noted Rhodora T. Lao, corporate controller and chief compliance and risk officer of URC.

Meanwhile, RRHI’s recognition could be attributed to its significant improvement in its total assessment score.

“At Robinsons Retail, we constantly look at opportunities for improvement and innovation,” said Gina Roa-Dipaling, vice president for corporate planning and investor relations and head of sustainability at RRHI.

”This recognition is a testament to the continued work we have done to improve and adhere to best practices in corporate governance to adapt to today’s dynamic business landscape and create shared value for all,” she added.

With such accomplishments, the Gokongwei Group will keep on striving to be at the forefront of promoting transparency, accountability, and ethical business practices—a vital component of its overall sustainability strategy to drive resiliency, responsiveness, relevance and integrity across its businesses.

walk Drive. Nearby are also the must-see spots of Intramuros, the old Walled City, its glories waiting to be explored and heroic tales of yesterday retold.

“Victoria de Malate will be a home where freedom and exclusivity intertwine. A home built on a vision of a great reprieve amidst a bustling city overlooking the

vast shoreline of Manila Bay. A sanctuary to many offerings more than what is expected,” Barrosa said.

Just like the rest of the NSJBI projects, Barrosa said Victoria de Malate will be an inclusive-centric project as it will also have commercial shops such as restaurants, convenience stores and health facilities and a gymnasium.

Barrosa said there have been a lot of changes in the design and themes of their projects. “Since our chairman comes from humble beginnings as he started as a small contractor, housing contractor and vertical contractor.”

“From 1986 to the present, I can’t imagine how big it is and Mr. Acuzar will be happy to tell you how he started. From dirt poor to a billionaire, I think Mr. Acu -

zar’s motivation is his childhood experience where they didn’t own a house and a property,” he added.

Casa de Victoria will just offer 23 sq-m units to the buyers. The future owners will be allowed to combine the units they will acquire. “You just have to combine the adjacent units if you want a bigger unit,” he said.

Price range of the 23-sq-m unit is P3 million to P4 million. Target market for Case de Victoria are the B and the upper C segments. “Sixty to 70 percent of our buyers are primary homeowners while the second biggest group belong to the investment category. Most of the secondary home buyers are province-based overseas Filipino workers who want to backup unit in Metro Manila.”

Choosing the right GDC home for you

When it comes to buying a home, it’s not just about finding a roof over your head; it’s about finding a place to call your own and a place that represents who you are. For some, it’s all about location, while others prioritize space. But what about those who seek a touch of luxury or a sense of community? Finding the perfect property can be a little like dating. You have to know what you’re looking for to make it work. And just like people, every home buyer has a unique personality and preferences. Whether you’re a minimalist who values simplicity or a family-oriented individual who craves a sense of community, there is a perfect home that truly speaks about you.

With an aim to provide a wide range of properties that cater to the diverse needs of residents, Greenfield Development Corporation is dedicated to creating homes that not only meet the specific needs of their clients but also reflect their unique identities. Focusing on quality, design, and sustainability, GDC is committed to providing the perfect match for each and every home buyer.

Let’s take a look at various home buyer personalities and the Greenfield Development Corporation properties that best fit their unique needs and preferences.

The ideal living space for your household

For families, a home is more than just a place to live. It’s where memories are made and where life’s most precious moments are shared. Finding the right home for your family requires understanding your unique needs and preferences, as well as considering factors like safety, community, and convenience. So if you’re the type to look for a spacious home with plenty of room for your family to grow with outdoor spaces for gatherings and entertainment, Zitan of Greenfield District is a perfect choice.

Designed with families in mind, Zitan has made its mark, a home that is not just bricks and mortar but a true reflection of family values. With this exquisite 36-story condominium standing tall in the middle of e DS A and Shaw Boulevard, families can enjoy the best of both worlds, with the bustling city at their doorstep and the comfort of a tight-knit community just a few steps away. The units at Zitan are thoughtfully designed, with open floor plans and ample natural light, creating a warm and inviting atmosphere for families. But Zitan isn’t just about the homes; it’s about the community. With plenty of green spaces and the neighborhood’s pedestrian-friendly design, families can connect with their neighbors with ease and have the opportunity to build lasting relationships. Whether it’s playing in the Greenfield District Park or just enjoying outdoor activities that promote holistic wellness, there’s always something to do at Zitan.

A home that embodies your urban spirit

For those who crave the excitement and energy of city living, finding the right home can be a challenge. But for those who prioritize location and convenience, the search can be well worth it. Urbanites or central location seekers require a property that caters to their fast-paced

lifestyle and provides easy access to the city’s best offerings. Whether it’s shopping, dining, entertainment or business, these individuals need a home that puts them in the heart of the action. They are also tech-savvy and seek sanctuaries with innovative home systems and high-speed internet connectivity.

Indeed, for urbanites, location is vital. This is where Twin o a ks delivers, with its prime location in the heart of Greenfield District. From here, residents can easily access the city’s bustling business district, the perfect choice for those who seek the convenience and excitement of city life. It offers residents a unique blend of modern amenities and easy access to the city’s vibrant cultural scene. Whether you’re commuting to work, running errands, or simply enjoying the sights and sounds of the city, you’ll always be close to where you need to be. The property offers a range of luxurious amenities combined with digital convenience, including an ultrafast Fiber-to-the- h ome (FTT h ) technology and various smartphone-based functionalities. This property has everything you need to stay connected and to be in control of every aspect of your life.

Balancing modern conveniences

And rural tranquility

Are you the type to prioritize convenience and accessibility or space and tranquility? Then you are called a Metro Suburbanite and striking this balance is particularly important for you. This personality type is likely drawn to properties that offer the perfect blend: the peace of suburban living combined with the easy access to modern amenities that the metro area provides. They focus on homes that offer high-speed internet, access to top-quality schools, and a range of shopping and dining options while also valuing outdoor spaces and quiet neighborhoods.

If you identify as a metro urbanite, look no further than Zadia, the Greenspired condominium at Greenfield City in Laguna. The condominium provides a serene and eco-friendly atmosphere, complemented by roomy outdoor spaces and tranquil neighborhoods that enable its residents to retreat from the noisy and hectic metro environment. Zadia is conveniently located close to critical areas that can be easily reached by a short drive. It offers quick access to various medical centers

and schools, including Asian h o spital, Medical Center, St. Scholastica’s College, DLSU Canlubang, and near commercial areas like Paseo o u tlets and Laguna Central. It also encourages an active lifestyle by providing pedestrian-friendly streets. All the needs and desires of residents are within walking distance while being surrounded by nature’s refreshing ambiance.

Living in complete harmony with nature

eC o - C on S CI o US o r environmentalists are into properties that are energy-efficient and environmentally friendly. They prefer properties with green features such as solar panels, energy-efficient appliances, and watersaving fixtures. They also like homes with access to nature and homes constructed with sustainable materials.

GDC, moving beyond traditional luxury and design, recognizes the importance of creating properties that are not just visually stunning but also environmentally responsible and sustainable. Trava of Greenfield City has emerged as the perfect property for ecologically conscious people. From solar panels and rainwater harvesting systems to other sustainable features, every detail has been considered to minimize the properties’ environmental footprint. The properties also feature lush green spaces and landscaped gardens that provide an urban oasis and help promote biodiversity.

So if you’re the environmentally conscious type, Trava of Greenfield City is a go-to choice. You can have peace of mind knowing that you are making a responsible and sustainable investment in your future while also enjoying a high quality of life.

The journey to your ideal home starts with gdc

Choo SI n G t he right home is a personal journey that requires understanding your personality and preferences. With Greenfield Development Corporation, the journey to finding your dream home is made more accessible. GDC takes pride in its ability to match the personalities and preferences of today’s home buyers with their ideal properties. Whether you’re looking for a sustainable home, a luxury space, or a family-oriented community, GDC has the perfect match for you. So, take

first step towards finding your ideal home and explore the possibilities with Greenfield Development Corporation.

New San Jose Builders Inc. (NSJBI), a Quadruple “A” rated construction company founded by Jose Rizalino

“Jerry” Acuzar, expects a total revenue of P7 billion once the remaining units of the Victoria de Malate project will be sold out.

PSC, SBP, govt agencies start work on FIBA ’23 World Cup

K

Sports

P SC chairman Richard Bachmann, SBP president Al Panlilio, Local Organizing Committee COO Ramon “Tats” Suzara met with reprsentatives from 37 national government agencies, local government units, private organizations and stakeholders in the meeting to start ironing out details for the August 25 to 30 World Cup that the Philippines is lead hosting with Japan and Indonesia.

[Since] basketball is the No. 1 sport in the Philippines, this hosting is vital not only in showcasing the best quality of the game to our kababayans and the world, but also in using sports as a universal opportunity to bond, connect and make impossibilities happen,” Bachmann said in his address to the group.

Tuesday’s event was a semblance of similar numerous meetings ahead of the country’s hosting of the 2019 Southeast Asian Games.

A lthough the FIBA World Cup is a one-sport event that’s played every two years, the LOC expects more than 3,000 athletes, officials and guests to converge in Manila with the US team of National Basketball Association superstars as the top draw.

Panliliio thanked the PSC for convening the LOC which was also graced by Senior Deputy Executive Secretary Hubert Guevara, who represented Executive Secretary Lucas Bersamin.

Thank you, Chairman Dickie [Bachmann] for organizing this event,” Panlilio said. “This is not for SBP alone, this is for the Philippines.”

T he FIBA World Cup hosting will be another check in history for the country since this will be the first time in 45 years of the prestigious tournament since its last hosting in 1978.

The country will host 16 of the 32 teams in the World Cup, which will feature a total of 92 games across five venues in the three countries.

Pool games in Manila will be at the Smart Araneta Coliseum and SM MOA Arena while the final phase from September 5 to 10 will be at the 55,000-seat Philippine Arena in Bocaue, Bulacan.

A TOTAL of 37 national government agencies, local government units, private organizations and stakeholders attend the inter-agency coordination meeting.

Correct approach

B8 Wednesday, March 15, 2023 mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

DIAZ-NARANJO

T

Th at’s a long journey. In Grant Hill’s case, taking the long way to Manila is symbolic, because his history with the Philippines started about three decades ago.

H ill—now the managing director for USA Basketball’s men’s national team—went to the basketball-crazed country in the mid-1990s and knows how big the sport is there.

Then a star for the Detroit Pistons, Hill was there to promote a shoe company—30,000 people showed up to see him at a mall, his hotel needed special security and he still has a photograph showing him with one of his dining companions, former President Corazon Aquino.

HE path for USA Basketball this summer on its way to the FIBA World Cup is set: from Las Vegas to Spain to Abu Dhabi to the Philippines.“ The thing that was amazing was that she was an avid basketball fan,” Hill said Monday. “So, she knew about Detroit. She knew the Pistons. I mean, it was absolutely incredible.

I just think the fans and the passion and the love of the game will be on full display this upcoming summer, much like it was—or more than it was—back in the mid-1990s.”

He’s not wrong. While some teams have to play World Cup games in Indonesia and Japan, the Americans won’t leave Manila—and that’s by design.

The host nations for the World Cup got to pick a preferred team to have for the group stage; Japan took Slovenia, Indonesia chose Canada and the Philippines chose the US, no surprise given how the Americans will have 12 NBA stars on their roster and how Filipino-American Erik Spoelstra of the Miami Heat is an

ENATE Majority Leader Joel Villanueva sponsored Senate Resolution No. 494 congratulating and commending Eumir Felix Marcial for his fourth straight professional boxing victory. Marcial beat Argentinian Ricardo Ruben Villalba via second round technical knockout in their eight-round middleweight bout at the Alamodome in San Antonio, Texas, last February 11.speech during Monday’s plenary session that Marcial’s victory “has once again proven to the world the exceptional skills and talent of the Filipino athlete.”

assistant coach under Steve Kerr for USA Basketball.

You know, obviously we want our players to see Manila in the Philippines and be able to be there— not just to play basketball but to learn something about the country, its history, its culture,” Hill said. “We want to be accessible, but we also have a job to do.”

There’s another job to do first, tha t being picking the World Cup roster. And those talks with players and agents are intensifying, with Hill saying he hopes to be able to formally say which 12 players will be going to the Philippines by June or early July.

Training camp is set to start in early August, with an exhibition in Las Vegas, followed by warmup games in Spain on the August 11 to 13 weekend and more games in Abu Dhabi the following weekend. The actual World Cup—which could

fellow boxers, but also to the thousands of athletes and millions of young Filipinos who are working hard to achieve their dreams.”

FOR Grant Hill, a World Cup return to Manila is long time coming.

H

qualify the US for the 2024 Paris Olympics—starts on August 25.

We’ve had some great dialogue throughout this past season, probably going back to the beginning of the season, with some players that we’ve targeted,” Hill said. “Players have been very, very receptive. I think in recent weeks, we’ve started to intensify that and looking to really get some momentum there and some commitments, possibly, here in the stretch run going into the playoffs.”

The US will learn its World Cup draw and game schedule on April 29. AP

By Josef Ramos

IDILYN DIAZ-NARANJO’STeam HD has identified four of five qualifying competitions that would give the country’s first Olympic champion another golden opportunity in Paris next year.

We’re aiming for quality and not quantity,” Diaz-Naranjo’s husband, coach and trainer Julius told BusinessMirror via internet call on Tuesday from Georgia in the US.

EY officials of the Philippine Sports Commission (PSC), Samahang Basketbol ng Pilipinas and relevant government agencies got the ball rolling for the country’s hosting of the International Basketball Federation (FIBA) 2023 World Cup during an inter-agency coordination meeting on Tuesday at the Philippine International Convention Center (PICC) in Pasay City.Hidilyn charts qualifying path to Paris Games GRANT HILL: ...NO PLACE LIKE MANILA

Diaz-Naranjo’s route to Paris starts with the Asian Weightlifting Championships in Jinju, South Korea, from May 3 to 13, followed by the International Weightlifting Federation (IWF) World Championships from September 2 to 17 in Riyadh (Saudi Arabia), IWF Grand Prix in Doha (Qatar) from December 1 to 17 and the IWF World Cup in Thailand in April 2024.  “

We’re searching for a fourth competition because it’s very important to preserve our strength and be wise with every decision we make,” Julius Naranjo said.

The couple are currently training at the Power and Grace Gym in Swanee, Georgia, home to the US and Canadian Olympic weightlifting teams.

They will be back on March 25 and will fly to Japan for another training camp starting April 16 and will fly directly to Jinju for the Asian championships on May 2.

D iaz-Naranjo is eyeing the women’s 59 kgs gold medal in Paris after the 55 kgs class where she won gold in Tokyo was scrapped. She’s bracing for a tough challenge from the “monsters” in the heavier class, prompting her to be more scientific in her preparation.

Villanueva said in his sponsorship

“His impressive performance has brought pride and inspiration to the Filipino people, and thus merits honor and recognition,” he said. “Marcial is an inspiration not only to Filipinos and his

M arcial clinched a bronze medal at the Tokyo 2020 Olympics where Hidilyn Diaz won the country’s first Olympic gold medal and Carlo Paalam and Nesthy Petecio bagging

SENATOR Joel Villanueva recognizes Eumir Felix Marcial’s accomplishment.

boxing silver medals.

T he Senate adopted the resolution and made all senators present as co-authors.

Malixi, Avaricio, Uy showdown on Marapara poses tough challenge in ICTSI Negros

Negros Occidental Classic presented by MORE Power beginning Wednesday at the Marapara course in Bacolod City.

C hanelle Avaricio is hoping to turn her enthusiasm into a winning attack as she tries to match or surpass her three-leg victory last year.

“ I’m super excited to have another opportunity to play the whole year. It’s my first time here at Marapara and it’s very tight, but hopefully, I’ll do well

TALENT-LADEN Ladies Philippine Golf Tour field go all out to top amateur Rianne Malixi’s bid in the International Container Terminal Services Inc. (ICTSI)this week,” said Avaricio, who scored an ace and rallied to finish 16th in the Anvaya Cove International last month.

Avaricio hopes to build more confidence after her modest performance at the recent Thailand Ladies Professional Golf Association tournament in the 54-hole LPGT championship. I need to build on my confidence, mental game and course management,” she said. “I don’t know my chances, to be honest, I haven’t been playing well but I’ll try to stay positive the whole week.”

P

Occidental Classic presented by MORE Power unwraps Wednesday in Bacolod City.

Guido van der Valk, who swept the last two legs of last year’s seven-leg edition of the Philippine Golf Tour then dominated the circuit’s flagship tournament–The Country Club Invitational–last month, sets out as the marked player among the crack cast all primed up for four days of battle of skills and wits at the quaint par-72 layout.

It’s all about combination of good drives because it’s (Marapara) pretty tight and you have to hit good irons because the greens are small,” Van der Valk said. “I’m really looking forward to these two weeks and play on a couple of my favorite courses.”

It’s more on technique and programming for the Chinese, Korean and Japanese weightlifters, who are very strong,” said Diaz-Naranjo, whose team picked the US because of its approach in training. “It’s different in the US where weightlifters there are focusing on scientific approach.” I have to adapt and change everything to win. I cannot rely on what I did in the Tokyo Olympics, I really need to do something new,” she added.

D iaz-Naranjo started her Paris Olympics qualifying campaign in last December’s world championships in Bogota, Colombia, where she swept won three gold medals.

REMIUM will be on accuracy and the challenge of the tricky Marapara greens as the International Container Terminal Services Inc. (ICTSI) NegrosGolf Tournaments Inc.

You need to drive and putt straight here, because these greens are hard to read,” said Clyde Mondilla, who with Van der Valk, will be as much tested as the rest of the starting field in the 72-hole championship which stakes a total prize of P2.25 million.

The men of the tour are coming into this week’s kickoff leg upbeat and at the same time grateful for what promises to be a busy year for them.

I’m super excited after the Razon Memorial Cup, we had one month to prepare for this start,” said Mondilla, who will test debuting pro Gab Manotoc and Nilo Salahog’s mettle at 8 a.m. on No. 1. “I practised and trained every day, so I can say that I like my chances.”

SCOTTIE SCHEFFLER is fast becoming the new face of golf.

Scheffler crafted his runaway triumph at the TPC Sawgrass, in Jacksonville, Florida, that diabolical course designed by the unforgiving Pete Dye.

A h, Sawgrass.  I was there in 2000 together with Jake P. Ayson and the late, lamented Vince Villafuerte for a Golf Rules Summit that immensely expanded our knowledge on

officiating the so-called gentleman’s game.

I n victory, Scheffler, from Texas like Jordan Spieth, grabbed his second win of the season after ruling the WM Phoenix Open last month.

But more importantly, Scheffler’s first Players title sent him back to World No. 1, knocking Spain’s Jon Rahm out of the top spot.

Not only that.  It was also Scheffler’s sixth career Professional Golfers Association (PGA) Tour victory, and all of them have come between February and April the past two seasons.

A nd the way Scheffler, just 26, won the Players spoke volumes about true grit and enviable poise. Scheffler held a mere 2-shot lead with one round left.

B ut in windy conditions and amid grinding pressure, Scheffler closed with a three-under 69 to finish 17 under for the week.

No one offered sustained challenge, Scheffler running away with a five-shot margin to claim the biggest winner’s check of $4.5 million from the largest purse in the PGA Tour regular-season history.

So huge was the total pot that Tyrell Hatton, tied for 26th but who rallied with a seven-under 29 coming home, nabbed solo second worth $2.725 million, a prize almost equal to what Scheffler received as the Masters champion last year.

CHANELLE AVARICIO is hoping to turn her enthusiasm into a winning attack.

There was fireworks at the start.

I loilo will host the next stop next week to cap the two-leg Visayan swing of the circuit put up by ICTSI and organized by Pilipinas

Scheffler’s two-shot lead was cut to one when Min Woo Lee, who was with Scheffler in the final pairing, birdied the first hole.  They were tied for the lead when Scheffler bogeyed 3.

H ideki Matsuyama was also making his move, birdieing six of eight holes to get to 12 under and just one shot off the leaders.

Then turbulence disturbed the leaderboard.

M atsuyama double bogeyed 14 and Lee got wet on 4 to make triple.

Just as suddenly, Scheffler led by 3 over Matsuyama, Lee and Max Homa.  Homa had gone birdie-eagle-birdie on Nos.10-12 and saw himself also tied with Viktor Hovland at 10 under together with Matsuyama and Lee.

But that was the closest they got to Scheffler, except Lee who birdied 7 to be 2 behind Scottie.

But Scheffler caught fire, beginning with a chip-in birdie on 8 that ignited a five-birdie binge, culminating in a threefoot birdie on the par-4 12th for a 6-shot lead over Hatton.

Lee, just two back on 8, was suddenly 10 behind.

Scheffler was up by five when he faced the perfidious island green on 17, where the previous 18 players before Scheffler and Lee got there, had played it in a combined 16 over.  Ouch!  One third of them found the water. Ouch! Seventeen was just 133 yards, but it was Scheffler’s

moment of truth.

Yeah, I’m really glad to be here and, of course excited to start the season and hope to have a very good campaign,” said Van der Valk, who drew young guns Kristoffer Arevalo and Korean PGT Q-School topnotcher Hyun Ho Rho at 7:40 a.m. on No. 1.

He didn’t blink, safely finding the middle of the green nine feet off the hole.  Par.

O n 18, one of the most difficult finishing holes on Tour, Scheffler drove right into thick rough.

A fter punching out, he would reach the green safely. He could four-putt and still win comfortably. But no. He rolled in the 20-footer to save par, joining Tiger Woods and Jack Nicklaus as the only pros to hold Players and Masters titles at the same time.

Scheffler said his new-found confidence was the result of not “overthinking” anymore.

I do not overthink anymore and I see some good results coming in,” Scheffler said.

That’s from someone who blew a six-shot lead in the Tour Championship last August to lose to Rory McIlroy—by one shot.

I always thought I had to play perfect on Sundays and hit nothing but good shots. That’s not how necessarily golf is played,” he said.

I n all sports, that should be the correct approach.

THAT’S IT   With June Mar Fajardo out on a knee injury, San Miguel Beer will need a miracle to successfully hurdle the remaining obstacles in its shaky campaign in the Philippine Basketball Association Governors Cup.

His recent win in the Players Championship on Sunday (Monday PHL time) is another screaming proof to that.

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