BusinessMirror March 18, 2024

GROWTH of remittances from Filipinos abroad slowed to 2.7 percent in January 2024, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).

T he data was in contrast to the 3.8-percent growth posted in December 2023 and 3.5 percent in January 2023.

B SP said total cash remittances reached $2.836 billion in January 2024, higher than the $2.762 billion posted in January 2023, but lower than the $3.28 billion posted in December 2023.

“ The situation is the world is getting back to normal and migrants abroad have regained their bearings. There may be blips like that slower

m-o-m growth but on the overall the world seems to be re-normalizing the hiring of foreign workers now that economies try to get back on track,” Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano told BusinessMirror over the weekend.

O piniano said the month-onmonth growth will not be able to paint a full picture of the welfare of Filipinos overseas. However, it was worth monitoring economic developments in Overseas Filipino Worker (OFW) host countries.

“ We keep watch on the recessions in some host countries. As always though, the struggles of few countries get complemented by the

stability of other countries. So if remittances may have been fewer in some, other countries will cover for that,” Opiniano said. R izal Commercial Banking Corporation (RCBC) Chief Economist Micheal L. Ricafort said he expects OFW remittances to continue posting single-digit growth given high inflation that is also being experienced by workers abroad.

A ccording to Ricafort, what is working for OFWs worldwide is the continuation of consumption spending in other parts of the world as the situation normalizes in these countries. Covid restrictions are no longer a policy priority for many countries, allowing the “normaliza-

tion” to continue, he added.

Risk of economic slowdown or even recession in the US, as well as in other countries that host large number of OFWs, is partly due to aggressive Fed rate hikes since March 2022 in an effort to bring down/better manage elevated inflation back to the Fed’s target of 2 percent,” Ricafort explained.

This would still be a drag for OFW remittances especially if there would be job losses for some OFWs, though offset by the economic reopening in China, which is the world’s second biggest economy, since December 2022,” he added.

PHL EXTERNAL DEBT UP 12.7% TO $125B IN 2023

By Cai U. Ordinario @caiordinario

DEBT service fueled by higher interest rates pushed up the country’s external debt in 2023, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP).

recorded principal and interest payments brought about by rising interest rates in 2023,” BSP said.

Year-on-year, BSP said, the increase was driven by net availments of $9.2 billion, the bulk of these being net borrowings by the national government at $7.9 billion.

T here was also a change in the scope of the external debt to include non-residents’ holdings of Philippine debt securities issued onshore, reported in the first quarter of 2023 at $4.4 billion and prior years’ adjustments of $1.2 billion.

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

MAJOR hotel owners in the country believe the approval of a legislated wage hike will disrupt the momentum in the recovery of the tourism industry.

I n a letter to House Speaker Martin Romualdez dated March 14, 2024, Philippine Hotel Owners Association (PHOA) President Arthur M. Lopez said that while the stakeholders’ group recognizes the need to improve the welfare of workers, the tourism industry continues to be “fragile” and is still recovering from the Covid-19 pandemic.

“ Tourism numbers and revenue figures are struggling to recover,” said Lopez in a news statement sent over the weekend. “The industry is

still grappling with low tourist arrivals, decreased room occupancy rates, and subdued revenue generation compared to prepandemic levels. What is needed is a strategic and sustainable approach to economic recovery,” he added.

I nternational arrivals last year reached 5.45 million, breaching the Department of Tourism’s 4.8-million target for the year. However, this was still 34 percent less than the 8.26 million historic high arrivals in 2019. Foreign visitors also spent an estimated US$8.69 billion (P482.73 billion) in the country last year, which was 6.6 percent less than the $9.3 billion (P516.62 billion) they spent in 2019. (See, “International tourists spent $8.69 billion in PHL in 2023–DOT,” in the BusinessMirror , January 3, 2024.)

DMW: 63 Pinoys flown out soon from violence-hit Haiti

By Samuel P. Medenilla @sam_medenilla

THE Department of Migrant Workers (DMW) said at least 63 Filipinos from Haiti will be repatriated soon due to the deteriorating security situation in the Caribbean Island nation.

T he voluntary repatriation phase will take effect after the Department of Foreign Affairs (DFA) hoisted an

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The House of Representatives is currently discussing proposals calling for a P150 to P350 increase in the daily minimum wage; the Senate recently approved on third reading Senate Bill 2534, providing a P100-minimum wage hike. The current minimum wage in Metro Manila is P610 per day. L abor groups generally welcomed the moves in Congress to support legislated wage increases, although economists, even in the Lower House, warned that this would speed up inflation, or the rise in the prices of consumer goods and services, as

Alert Level 3 in Haiti.  I n a statement on Sunday, DMW Officer-in-Charge Hans J. Cacdac

well as result in the closure of smalland medium-scale operations.

M arikina Rep. Stella Quimbo said, “When we increase the minimum wage...companies will just pass on the increase to prices of goods, and we can expect that will result in an inflationary problem.”

For his part, Albay Rep. Joey Salceda said, “We already have a workable arrangement with the regional wage boards...[The wage increase, however] will hit the SMEs. They won’t be able to afford it.” M eanwhile, Lopez urged policymakers to consider the “unique challenges” faced by the tourism and hotel sector in the current economic climate, but failed to specify what these were. He added that regional

said they are now considering chartering a flight to bring home the Filipinos in Haiti.  He said there are 115 Filipinos in Haiti.

A uthorities are carefully planning the repatriation efforts in Haiti since no flights are coming out of the country, while the land travel to its capital Port-au-Prince is also discouraged due to violent gang activities.

To date, he said, “there is no report of any Filipino affected or injured by the ongoing security crisis.”

C acdac said concerned govern -

wage and productivity boards should be entrusted to decide on any proposed wage increases. There is a need for more comprehensive initiatives encompassing education, training, and business environment improvements to foster long-term growth and job creation,” said Lopez.

P HOA has 60 member-companies that operate 206 hotels in the country. The group recently signed off on the new implementing rules and regulations of the Service Charge Law, issued by the Department of Labor and Employment. (See, “Service charge must not be used as ‘reward’ to keep good hotel staff—DOLE,” in the BusinessMirror , March 5, 2024.).

Russia-Nato...

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ment agencies are now coordinating with Ambassador to US Jose Manuel “Babe” Romualdez and Honorary Consul General Fitzgerald Oliver James Brandt and Filipino community leader Bernadette Villagracia for the repatriation efforts in Haiti.  Tensions in Haiti escalated following the resignation of Haitian Prime Minister Ariel Henry upon the demand of  gangs led by Jimmy “Barbecue” Cherizier, a former police officer.

C herizier rejected international demands for the creation of an electoral road map to restore peace in Haiti.

Remittance...

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Meanwhile, BSP said the growth in cash remittances from the United States (US), Saudi Arabia, the United Arab Emirates (UAE) and Singapore contributed mainly to the increase in remittances in January 2024.

In terms of the countries where these remittances originated, the US had the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia.

However, BSP cautioned that the common practice of remittance centers abroad is to course remittances through correspondent banks, most of which are located in the United States—which may skew the source of remittances in favor of the US.

Remittances coursed through money couriers cannot be disaggregated by actual country source and are lodged under the country where the main offices are located, which, in many cases, is in the US,” BSP noted.

Therefore, the US would appear to be the main source of OF [overseas Filipinos] remittances because banks attribute the origin of funds to the most immediate source. The countries are listed in order of their share of cash remittances, i.e., from highest to lowest,” it added.

Further, data showed personal remittances from OFs registered $3.15 billion in January 2024, higher by 2.7 percent than the $3.07 billion recorded in the same month last year.

T he increase in personal remittances in January 2024 was driven by increased remittances from land-based workers with work contracts of one year or more, and seaand land-based workers with work contracts of less than one year. Cai U. Ordinario

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But she pointed out that the ECC was never required of them to secure the permits. The municipal government of Sagbayan, where the resort is located, granted the resort’s business permit in January this year. The resort was finally closed after the municipal government revoked the permit, on the heels of a public outrage over the resort’s location, and the DENR saying it had issued a Notice of Violation to the resort for lack of an ECC. (See, “Controversial resort within Chocolate Hills now closed,” in the B usiness M irror March 15, 2024.)

Binay said Senator Cynthia Villar, chair of the environment and natural resources panel, has already committed to conduct an investigation into the issue and will conduct a hearing. An ocular of the controversial resort is planned during the Holy Week break. The Senate goes on break on March 21 . “[The resort] is really an eyesore. Ang sakit sa bangs ng hitsura, kaya sa akin, tingin ko dapat sya tanggalin. Pero siguro maganda pag nag-ocular inspection kami, tignan din natin, pero at the moment para sa akin, dapat siyang buwagin,” stressed Binay. Ma. Stella F. Arnaldo

T his is a significant decrease from the survey in the last part of October, i.e. 60 percent. Hamas attacked southern Israel on October 10, prompting Israel to unleash a full-blown military air and ground assault on Gaza Strip.   Worries over China-Taiwan tensions have declined as well. Russia-Nato worries have edged up this month, however,” the Oxford Economics reported.

Global outlook more positive, but… COMPARED to sentiments in January, the outlook of global businesses in the near-term have become more positive.

O xford Economics clients were asked, “Looking ahead to the next two years, have you become more positive or more negative about global prospects over the past month?

A round 44 percent of the respondents said they are “slightly more positive” now. This is a significant improvement compared to the January 2024 survey, with only 24 percent believing in the turnaround of the global economy.

A s geopolitical concerns somewhat eased, fewer businesses are seeing these threats as affecting global growth in the near term (32 percent, from 49 percent in January).

T he respondents were asked, “Looking ahead to the next two years, how do you view the risks to our baseline forecast for world GDP growth?”

From 49 percent, the percentage of business of people surveyed who

PHL...

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B SP said the rise in the debt level was due largely to net availments of $4.9 billion by both private and public sector borrowers.

P rivate sector borrowings for the quarter were mainly driven by the $3 billion availment by a nonbank firm under a syndicated loan from offshore banks.

Proceeds from said borrowings were used to finance its capital expenditures and maturing obligations,” BSP said.

I n terms of the public sector, BSP said the government tapped official creditors and the Islamic finance market.

L ast year, the national government issued its first issuance of 5.5year Sukuk bonds worth $1 billion.

T he proceeds of the maiden issue were used to finance general financing requirements, infrastructure projects, and social welfare programs.

Meanwhile, public sector external debt increased to $77.8 billion or by $4.1 billion; or 5.6 percent in the fourth quarter of 2023 from the previous quarter’s $73.7-billion level.

Its share to total slightly increased to 62.1 percent from 62 percent a quarter ago. The growth in public sector borrowings was driven mainly by the $2.1-billion net availments by the national government.

T his was followed by the net acquisition of public sector debt securities by non-residents from residents (at $930 million) and positive FX revaluation at $898 million.

B SP said about $71 billion or 91.2 percent of public sector obligations were NG borrowings, while the remaining $6.8 billion or 8.8 percent pertained to borrowings of government-owned and controlled corporations, government financial institutions and the BSP.

P rivate sector debt increased by 5.4 percent or $2.4 billion to $47.6 billion as of end-December 2023 from the $45.1 billion level in the previous quarter.

T he bulk of the recorded availments came from the increase in the reported short-term liabilities of local banks at $1.1 billion, as well as borrowings by private sector non-bank entities to meet funding requirements, at $1 billion.

The rise in the private sector debt stock was partly tempered by

see risks slightly to the downside was down to 32 percent.

More respondents see risks as balanced than at any time since this question was first asked in 2017,” the Oxford Economics report said. A s for growth expectations, business people still expect the mean GDP growth of global economy in 2024 to be around the range 2.3 percent. The baseline forecast of Oxford this year is 2.4 percent. Businesses also have low expectations that the monetary policies will ease this year.

“On average, respondents anticipate around 50 bps of rate cuts in the US, eurozone and UK—even less than expected at the beginning of the year,” it added.

T he US Federal Reserve is expected to hold another meeting on March 19-20, UK’s Bank of England on March 21, while the European Central Bank will meet on April 11. No businesses surveyed expect that the Feds will ease its policy rates. “Instead, a majority of respondents anticipate that policy easing at the major central banks will start in the second or third quarter,” it said.

A small percentage—around 25 percent—are expecting a secondquarter easing by the Bank of England; 40 percent think this will be done in the third quarter.

Meanwhile, around 40 percent of respondents are expecting easing of monetary policies in the eurozone by the second quarter. Fewer respondents believe this will be done by ECB on the third and fourth quarter this year.

the sale of Philippine debt securities by non-residents to residents of $114 million; and prior periods’ adjustments of $101 million,” BSP said.

Meanwhile, loans were secured mainly from multilateral and bilateral sources, amounting to $48.3 billion or 38.5 percent of the total outstanding debt.

T he country’s multilateral debts amounted to $33.1 billion while bilateral loans reached $15.2 billion.

T hese were followed by borrowings in the form of bonds/notes at $40.9 billion or 32.7 percent of the total, as well as obligations to foreign banks and other financial institutions amounting to $28.7 billion or 22.9 percent; and the rest were owed to other creditors such as suppliers and exporters, $7.5 billion or 6 percent of the total.

“ Major creditor countries were: Japan [$15.6 billion], China [$4.7 billion], and the United Kingdom [$4.2 billion],” BSP said.

At the end of 2023, BSP said 86.4 percent or $108.3 billion are composed of medium- and long-term (MLT) loans or those who have maturities of more than 1 year.

B SP said the weighted average maturity for all MLT accounts declined to 16.7 years from 17.2 years, with public sector borrowings having longer average tenor of 19.6 years versus 7.7 years for the private sector.

O f the MLT accounts, 54.9 percent or $59.4 billion have fixed interest rates, 43.4 percent or $47 billion carry variable rates, and 1.7 percent or $1.8 billion are noninterest bearing.

T he data showed short-term liabilities or those with original maturities of up to one year accounted for 13.6 percent or $17.1 billion of the outstanding debt stock, and comprised mainly of bank liabilities, trade credits, and other liabilities.

B SP said in terms of currency mix, the country’s debt stock remained largely denominated in US dollars at $94.5 billion or 75.3 percent of total, and Japanese yen at $11.3 billion or 9 percent of total.

T he rest or $19.6 billion or 15.6 percent of the total pertained to 18 other currencies. This included the Philippine peso at 6.9 percent of the total; the Euro, 4.7 percent; and Special Drawing Rights, 3.1 percent.

• Editor: Vittorio V. Vitug

Charter’s political provisions not on House’s table–Solon

By Samuel P. Medenilla @sam_medenilla

THE House of Representatives is targeting to wrap its deliberations on its proposed economic Charter amendments before its Holy Week break this week.

“Under the original timeline set by our good Speaker Ferdinand Martin G. Romualdez, we hope to have final approval before our scheduled adjournment on Wednesday, barring any last-minute delay,” Senior Deputy Speaker and Pampanga third District Rep. Aurelio D. Gonzales Jr. was quoted in a statement his office issued last Sunday.

Gonzales reiterated Congress has no intention to make any changes in the political provisions of the Constitution.

“We have proven the doubters wrong: No term extension proposal for any elective official,” the lawmaker said.

The Lower House and the Senate will be on their Holy Week Break from March 23 to April 28. The House of Representatives already passed the Resolution of Both Houses 7 (RBH7) for the proposed charter change on second reading last Wednesday.

According to a news report, the Senate wants to reset the date of the

final approval of the RBH7 to May instead. The RBH7 aims to amend certain economic provisions of the 1987 Constitution.

Among the provisions lawmakers want to amend are on the grant of legislative franchises to and ownership (60-40) of public utilities in Article Xll as well as administration and control of basic educational facilities in Article XlV and ownership of advertising firms (70-30) in Article XVl.

Congress also wants the insertion of the phrase, “unless otherwise provided by law,” which will empower its to change present economic restrictions.

Camarines Sur Rep. Luis Raymund F. Villafuerte said the charter change will help address the 2-year plunge in foreign direct investment (FDI) inflows.

“This to me is the most striking evidence that the outdated protectionist provisions of our Constitution make up the single biggest deal breaker for foreign investors,” the lawmaker said.

The Bangko Sentral ng Pilipinas (BSP) reported FDI net inflow dropped to $8.86 billion last year from $9.49 billion. The BSP attributed the decline to “subdued global economic growth and geopolitical risks.”

Ebdane urges fishers to organize as govt dredging cuts incomes

SAN FELIPE, Zambales—After hearing complaints of dwindling catch in municipal waters along Zambales coast, Governor Hermogenes E. Ebdane Jr. urged marginal fishermen here to form cooperatives and avail of funds from the provincial government for sustainable fishing methods and increased livelihood.

“Don’t go back to marginal fishing— that would get you nowhere,” Ebdane told fishermen here during an impromptu community dialogue last Friday afternoon. “[Instead], you organize yourselves and form cooperatives, so that we can help you develop better ways of fishing and making a living,” he added.

The governor said the provincial government would extend help to organized fishermen by as much as P10 million per group for boats and equipment needed in payao fishing, which makes use of fish aggregating devices installed way off the coastline.

“We should adapt to the realities of the times,” Ebdane said. “As far as fishing in Zambales is concerned, payao is the way to go, and a growing number of local fishermen are proving that this is so,” he added.

The official met with fishermen belonging to the Laoag Integrated Fisherfolks Association (LIFA) at Barangay Maloma here to discuss concerns about a dredging project that some locals claimed has “scared away” fishes from traditional fishing grounds here.

Ebdane said the project is part of the government’s river rehabilitation program that aims to decongest major waterways heavily silted with debris from the Mount Pinatubo eruption in 1991.

As much as 10 billion cubic meters of sand was ejected by the volcano and dredging operations since last year have only cleared away from 50 million to 60 million cubic meters off the Zambales side, the governor said.

BARMM puts up data center

By Manuel T. Cayon @awimailbox

DAVAO CITY—The Bangsamoro government established its data center inside the Bangsamoro government center in Cotabato City, opening up the next step to centralized data management system.

The Information and Communications Office (ICO) said the data center aims to build and establish a reliable and secure data center to house all Information Systems, Websites, Information Communication Technology (ICT) management systems, applications, and data among the ministries, agencies, and offices.

The ICO is the lead initiator of the project.

ICO Chief Information Technology

Officer Yusoph Abdullah said the data center would be the cornerstone of the Office of the Chief Minister “ensuring the secure, reliable, and efficient management of vital information.”

Abdullah said the centralized data management system information in the Bangsamoro government is expected following the groundbreaking ceremony for the OCM Data Center last week.

“We eagerly anticipate the transformative impact it will have for OCM and the boundless possibilities it will unlock for generations to come,” he added.

Although the management of the data center by the OCM may raise suspicion as to its integrity and independence, the ICO said the project would enable the latter “to

efficiently manage and secure the OCM’s ICT, improve confidentiality, and reduce operating expenses for internet and landline services, among other subscriptions.”

The ICO also assured that the data center was aligned with the national government’s plan to achieve inclusive growth for all Filipinos “by strengthening intergovernmental connections, increasing transparency in governance, and ensuring bureaucratic efficiency through egovernance.”

Assistant Senior Minister Abdullah Cusain said the data center was among the embodiment of the commitment of the autonomous government to digitalization and a plan for the establishment of internet satellites.

“I truly hope that this project

will be completed on time or even ahead of schedule because the BARMM [Bangsamoro Autonomous Region in Muslim Mindanao] is dedicated to serving the needs of the community and promoting innovation in government services,” Cusain said.

The data center is expected to be completed within six months. Once operational, it will support a wide range of OCM’s functions, including data analytics and improved data management practices, the BARMM information office said.

The ICO said the data center would also pave the way to build the necessary digital infrastructure to enhance data privacy and security, as well as to establish an e-governance framework across the region.

Bong Go emphasizes importance of maternal health, prenatal care

IN a show of support for maternal health and prenatal care, Senator Christopher “Bong” Go, Chairman of the Senate Committee on Health and Demography, emphasized the importance of ensuring that pregnant women in the country receive the care and support they need for a healthy pregnancy and delivery.

In observance of Women’s Month, Go has earlier lauded the celebration of 20th National Buntis Day at Robinsons Place in Tagum City, Davao del Norte last Sunday, March 10.

“Bilang inyong chairman ng Senate Committee on Health, adbokasiya ko po na mapanatili ang maayos na kalusugan ng bawat mamamayang Pilipino, kabilang po diyan ang mga buntis nating mga kababaihan. Ako po ay handang tumulong at magserbisyo sa inyo, sa abot po ng aking

makakaya,” stressed Go.

This annual event, spearheaded by the Philippine Obstetrical and Gynecological Society (POGS)Southern Mindanao Chapter, aims to promote awareness and access to comprehensive prenatal and postnatal care for expecting mothers nationwide.

Lubos kong pinasasalamatan ang POGS-Southern Mindanao Chapter sa pag-oorganisa ng programang makakatulong sa kalusugan ng mga buntis,” he said in a video message during the event.

The event featured a series of educational workshops, health screenings, and counseling sessions designed to empower pregnant women with the knowledge and resources necessary for a safe and healthy pregnancy.

“Maraming salamat din po sa mga dumalo at nakiisa sa programang ito.

Nawa’y lagi niyo pong unahin ang inyong kalusugan at inyong kapakanan. Saludo po ako sa inyong pagsusumikap at sa inyong pagserbisyo sa inyong kapwa Pilipino,” he remarked.

Further solidifying his commitment to this cause, Senator Go referenced the significant progress made with enacting Republic Act No. 11148, also known as the “Kalusugan at Nutrisyon ng Mag-Nanay Act,” during the Duterte administration. This legislation prioritizes the health and nutrition of mothers and their children, particularly during the crucial first 1,000 days, showcasing the government’s dedication to addressing these health challenges head-on.

“I am proud to say that we have taken a big step towards ensuring that the government gives priority to the first 1,000 days of life with the passage of Republic Act 11148

PHL seen to remain resilient in 2024 with 5%-6% GDP growth–McKinsey

By Roderick Abad @rodrik_28

During the dialogue, LIFA officials urged Ebdane to “revisit” Department Administrative Order 13 of the Department of Environment and Natural Resources and look into provisions for environmental protection.

DAO 13 rationalized dredging activities in the heavily silted river channels of Bucao in Botolan, Maloma in San Felipe, and Santo Tomas traversing the towns of San Marcelino, San Narciso and San Felipe.

Last Thursday, Ebdane ordered dredging operations suspended as shoreline erosion was reported at Sitio Laoag.

“I have stopped dredging operations because of these concerns, and we will continue to dialogue with concerned residents to determine what’s best for the community,” he said.

Ebdane also called “patently false and malicious” a report by the Zambales Environmental Network that 300 houses in Botolan town have been washed out because of dredging.

“This never happened in my time [as governor]. The only time that something catastrophic as that occurred was in 2008 when floodwaters washed out houses in Botolan during a strong typhoon,” he said. “Nothing even close to this happened in Botolan under my watch.”

The governor also told fishermen that dwindling fish catch could be directly attributed to Pinatubo debris that has carpeted the sea floor over the years and smothered plant life and plankton that serve as food for fishes. Fishery officials have also noted that overfishing, as well as illegal means of fishing, has decreased fish production in municipal waters.

“Dredging is not the problem here,” Ebdane told the residents. “To the contrary, it is precisely being done to control flooding, protect our communities, restore the pristine state of waterways and sustain the livelihood of the people,” Ebdane added.

AMID external factors that could create an impact on the country’s economy, the Philippines is expected to sustain its growth in 2024, provided that the potential of critical sectors are unlocked and anticipated macroeconomic situations are adapted.

This is highlighted in the latest report published by McKinsey & Co., titled “The Philippines economy in 2024: Stronger for longer?,” which also details the necessary steps in realizing and sustaining the bullish outlook in the long run.

After ranking third in 2022, the Philippines was the fastest-growing economy in Southeast Asia in 2023 with a 5.6-percent annualized gross domestic product (GDP) growth—slightly below the government’s 6.0 percent to 7.0 percent target.

The continued improved performance could be attributed to resumption in commercial activities, heightened public infrastructure spending, and increase in digital financial services.

Growth was apparent industry-wide, with top-performers being transportation and storage expanding at 13 percent; construction, 9 percent; and financial services, 9 percent.

“We assess there to be there are three potential scenarios for the country’s growth, within 5-6 percent of GDP,” Jon Canto, managing partner at McKinsey Philippines, said of the current national economic forecast for 2024.

First is the projected 4 percent GDP growth given that there are challenging conditions like decreasing trade and rising inflation that could keep policy rates high and lessen private consumption, thus leading to a slower long-term growth.

The second is a 5.2-percent hike had inflation moderates and global situations turn out to be hugely favorable because

of a stable investment environment and regional trade demand.

And third is around 6.1 percent increase if inflation decelerates and public policies accommodate aspects like easing key policy rates and offering incentive programs to bolster productivity.

The McKinsey & Company’s article navigated on the 2024 insights for seven key sectors and themes, factors that could impact each of them in the coming year, and the keys for continued expansion.

Financial services

FOR this year, this industry is seen to grow at around 5 percent, a bit lower than the roughly 7 percent surge in 2023.

Financial inclusion, digital adoption, unsecured lending growth, and high interest rates are major trends to look out for in this sector.

Pivotal to opening growth opportunities here are supportive frameworks and environment to meet rising demand from the financially underserved.

Energy and power

THE prospect for the energy sector is upbeat, as it is projected to grow by 7 percent this year on the back of the nation’s focus on gas, renewable energy (RE), and transmission infrastructure.

Upgrading power grids for them to become more flexible and capable to keep up with the intermittent electricity supply can be crucial as the sector pivots toward RE.Making natural gas as a transition fuel could give impetus to exploration and production investments.

Lastly, the increasing momentum of green energy auctions could make the development of renewables at scale possible.

Healthcare

IT may slow down to 2.8 percent in 2024, but recovery of pharmaceuticals manufacturing is expected with 5.2 percent growth

by yearend.

While demand for healthcare will be strong, its quality may be affected. This could be due to the lack of health workers seen to increase in the next five years, higher than expected benefit usage, and rising healthcare costs.

Pharmaceutical firms are feeling different effects of people becoming more health conscious. Businesses operating in this field may benefit from universal healthcare policies, but they need to explore a complex landscape of pent-up demand and health ecosystem reforms.

Consumer and retail

A STEADY growth forecast is in store for retail and wholesale trade, as well as consumer goods this year at 4 percent and 5 percent, respectively.

Inflationary pressure, however, keeps on topping the concerns of Filipinos, such that majority of them have changed their shopping behaviors and preferences. They have become more adept of buying in online platforms.

Businesses ought to look into investments that intensify resilience across the supply chain, while researching and developing new products that cater to emerging consumer preferences.

Manufacturing

THIS sector is a major contributor to the country’s economy, accounting for approximately 6 percent of GDP in 2023, and is expected to sustain such growth level by the end of 2024.

Some changes that could be observed for the manufacturing industry this year might affect it henceforth. Knowledge and technology transfer, not to mention the development of STEM capabilities, could draw investments into the sector and strengthen the country’s relevance as a manufacturing hub.

To secure growth, the support of both

or the Kalusugan at Nutrisyon ng Mag-Nanay Act during the Duterte administration,” he shared.

Moreover, Go is the principal sponsor and one of the authors of RA 11959, or the Regional Specialty Centers Act. The law mandates the establishment of Regional Specialty Centers within existing DOH regional hospitals.

There are specialty centers inside Southern Philippines Medical Center in Davao City, which include cardiovascular care, lung care, neonatal care, trauma care, toxicology, cancer care, eye care, and dermatology care. It will also soon provide a renal care and transplant center, brain and spine care, orthopedic center, physical rehabilitation medicine, mental health, burn care, infectious disease and tropical medicine, and geriatric care.

the public and private sectors could boost investments in research and development and upskill the labor market. Also, strategies to attract investment may be essential to the further development of supply chain infrastructure and manufacturing bases.

IT-BPO

THE sun continues to shine on the Information technology-business process outsourcing (IT-BPO) industry as it is on track to achieve its long-term goals, with predicted $38 billion revenues in 2024. Emerging innovations in service delivery and work models are seen driving its further expansion.

Establishing a right talent hub helps bridge employee gaps and better match local employees to employers’ needs. Exploring the development of facilities and digital infrastructure is what businesses should do so as to allow industry expansion outside the metropolis, especially in future “digital cities” across the nation. Since businesses are now utilizing automation and generative AI, this sector must embrace new technologies to unlock productivity. and offer high-value services.

Sustainability

BECAUSE of its geographic location, the Philippines is regarded as the fourth most vulnerable country to climate change worldwide.

It is estimated that an economic loss of $3.2 billion on the average could happen yearly because of natural disasters in the next 50 years, translating to up to 7 percent to 8 percent of the country’s nominal GDP. To address these concerns and stimulate “green” growth, the Philippines must act on these five potential opportunities: RE, solar photovoltaic (PV) manufacturing, battery production, electric mobility, and naturebased solutions.

“By focusing on initiatives that could unlock growth in these seven critical sectors and themes, while adapting to the macro-economic scenario that plays out, the Philippines could realize its potential in 2024 and take steps towards achieving longer-term sustainable and inclusive growth,” Canto stressed.

Story & photo By Henry Empeño

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TBy Joel San Juan @jrsanjuan1573

HE Department of Justice (DOJ) has given the Bureau of Corrections (BuCor) the go-signal to regain possession of undeveloped parcels of land previously ceded to local government units (LGus) and the Department of Agriculture (DAR).

In a 5-page legal opinion signed by Justice Secretary Jesus Crispin C. Remulla, the justice department ruled the BuCor has the right to revoke the transfer of the subject parcels of land on the ground of nonfulfillment of the conditions stipulated in the Deeds of Transfer (DoT).

“After a careful review of the relevant laws and documents, we advise that the non-fulfillment by DAR of the conditions stipulated in the Deeds of Transfer gives the BuCor the right to revoke the transfer,” the DOJ legal opinion stated.

The DOJ issued the legal opinion upon the request of BuCor Director General Gregorio Pio P. Catapang. Catapang sought DOJ’s guidance on the proper action to take on the recovery of the said undeveloped parcels of land located in Sablayan Prison and Penal Farm (SPPF) in Occidental Mindoro and Iwahig Prison and Penal Farm (IPPF) in Puerto Princesa City, Palawan.

Based on the records, portions of the SPPF were transferred to the DAR pursuant to the Deeds of Transfer dated September 1990, covering a total of 7,323.2 hectares and Deeds of Transfer dated October 10, 1991, covering an additional area of 5,000 hectares.

The said parcels of land were transferred to DAR in 1990 for distribution to farmer-beneficiaries pursuant to Executive Order (EO) 40. The latter mandates, among others, that all lands foreclosed by government financial institutions, all lands acquired by the Presidential Commission on Good Government (PCGG), and all other lands owned by the government devoted to or suitable for agriculture, “shall be acquired and distributed immediately upon the effectivity of the said Act with implementation to be completed within a period of not more than four years therefrom.”

On the other hand, portions of IPPF were transferred to the local government of Puerto Princesa City, which initially declared 1,072 hectares of Santa Lucia Sub-Colony of the IPPF as an industrial-commercial site by virtue of Presidential Proclamation 350 issued in 1994.

Two years after, the said parcel of land was declared an environmental estate pursuant to

Presidential Proclamation (PP) 718. Furthermore, PP 718 (series of 2004) reserved some areas in the IPPF as civil reservation for resettlement and agriculture site purposes only.

Catapang, however, expressed BuCor’s desire to reclaim ownership of the said lands after learning that some portions were abandoned or remained undeveloped for more than five years since their transfer to DAR and LGUs.

The BuCor chief anchored its claim for recovery on Rule VI, Section 6.a.1 and Rule XXI, Section 26 of the Revised Implementing Rules and Regulations of Republic Act (RA) 10575 or the BuCor Act of 2013.

In issuing the legal opinion, the DOJ noted that based on DAR’s records, only about 3,600 out of the total 12,323.20 hectares transfer to the agency from the SPPF were distributed to the beneficiaries and that 2,000 hectares remained undeveloped in IPPF.

The DOJ noted that one of the conditions laid down in the DoT pertaining to the distribution of said parcel of lands was the immediate distribution to beneficiaries.

“In this case the non-fulfillment of the condition may give rise to the revocation of transfer and all the rights already acquired by the

transferee. Just like in donation, when the donee fails to comply with any of the conditions imposed by the donor, the donation shall be revoked at the instance of the donor,” the DOJ said.

But, the DOJ clarified that even as the BuCor can revoke the Deeds of Transfer and recover the ownership of the subject lands, “this does not diminish” the power of the DAR to acquire the identified lands suitable for agriculture for eventual distribution to qualified beneficiaries.

“Thus, assuming the ownership of said lands could be recovered, the lands should be actually, directly and exclusively used by BuCor for the purpose for which they have been acquired according to development and modernization plan. Otherwise, DAR can acquire these lands pursuant or EO 75.

Section 1 of EO 75 states that “the DAR shall acquire all lands devoted to or suitable for agriculture, which are owned by the departments, bureaus, offices and instrumentalities of the government, and which are no longer actually, directly, and exclusively used or necessary for the purpose for which they have been reserved or acquired, for the purpose of eventual distribution to qualified beneficiaries.”

home is one of top priorities of both landbased OFWs and seafarers based abroad.”

NEW Clark City, Pampanga—Despite facing several challenges, the Philippine housing industry remains a bright prospect for the property sector and an important player in the economy, according to the top official of the Subdivision and Housing Developers Association of the Philippines (SHDA).

SHDA Chairman Leonardo B. Dayao Jr. said last Friday that the biggest housing organization in the country is bullish primarily because government and private financial institutions have expressed interest in the state’s “Pambansang Pabahay Para sa Pilipino Housing,” or “4PH,” program.

“There is greater interest of government and private financial institutions in housing activities and direct and indirect support of the government through tax incentives from the Board of Investments for those who go into the production of housing, which was a

welcome development for all the developers,” Dayao said during the Philippine Furniture Furnishings Market (PFFM) event here.

He added that strong private sector participation is a big boost to the government’s housing program as the sector has the expertise, capabilities and professionalism to help the administration of President Ferdinand R. Marcos Jr. to build a million housing units annually from 2022 until 2028.

Dayao said the availability of P110 billion for 2022 from the Home Development Mutual Fund (HDMF) has enabled home-end buyers and members of the fund to acquire housing units.

He said the demand for quality housing has grown considerably after the pandemic. To date, the housing backlog is placed at 6.5 million units.

“This backlog will be addressed by

both the government and private sector,” Dayao said.

He stressed that the housing industry has a major role as it has a 3.4-percent to 4-percent multiplier on the economy, and has been historically used to pump prime economic activities in the past and, most especially, during the Covid pandemic.

Moreover, Dayao pointed out that the housing industry also cuts across all other segments and has side effects on children and women.

“We found out and concluded that there are more than 80 industries that are attached to the housing sector such as cement, steel being mostly construction, but apart from those, it also has a multiplier effect on other industries such as sales are indicating in other industries,” he added.

Dayao said the overseas Filipino workers (OFWs) remains “a strong market for the housing industry as acquiring their own

Other growth drivers are the government employees, the general increasing population and the rapid urbanization.

“The phenomenon of the land and seabased OFWs will continue to contribute to the market and demand for affordable housing. We see a major or substantial contribution of the OFW market in terms of purchasing units. And we see demand for affordable condominiums and living spaces in cities and highly urbanized areas will continue,” Dayao said.

Nevertheless, Dayao said the government also needs to address several challenges in the housing sector such as access to land for housing and settlements; sustainable and available funds for housing activities; tedious permitting and licensing processes for housing development and construction; and automation, computerization and digitization in permitting and licensing for housing projects. Rizal Raoul S. Reyes

complex, Americana seaside clubhouse, American country club and the New Dragon Restaurant.

TBy Andrea San Juan @andreasanjuan

HE Philippine Economic Zone Authority (PEZA) and the Food and Drug Administration (FDA) have agreed to study the provision of a green lane for PEZA locators in a bid to improve the country’s drug and medical device manufacturing ecosystem ahead of developing pharmaceutical economic zones.

“The group also agreed to study the provision of a green lane for locators and update the PEZA-FDA memorandum of agreement [MOA], initially established in 2014, to improve licensing and registration for prospective and existing Registered Business Enterprises [RBEs],” the PEZA said in a statement over the weekend.

This update, the investment promotion agency noted, is intended to “institutionalize” the reduction in the turnaround time through preassessment activities that may be transferred to the PEZA.

PEZA Director General Tereso

DOJ: BuCor can repossess land ceded to DAR, LGUs SHDA

According to Subic Sun Convention Resort and Casino Inc. chairman and president Pablo Edgardo T. Puyat, the firm expects to start construction in 2025 for two hotel buildings, the Ibis Styles Subic and Mercure Subic, following the commencement of a $300-million investment commitment. These will be the first internationally branded hotel in Subic, he said. Puyat said Ibis Styles Subic will open in 2026 and will feature 175 rooms and amenities such as a swimming pool, meeting space, and a gym, while Mercure Subic, also set to open in 2026, will offer 250 rooms. The hotels will be located near each other.

“Both Ibis Styles Subic and Mercure Subic are in the company’s economy and midscale segments, respectively,” Puyat explained. “Ibis Styles will be an economy hotel brand focused on in-style stays, while the Mercure will be a French midscale hotel brand, with both brands owned by [the] Accor International Group.”

Ibis Styles and Mercure will be just part of the initial phase of the project, Puyat added. He said that a world-class integrated leisure and convention center will be constructed in progressive phases in a six-hectare property that will feature an integrated resort casino complex and five-star resort hotels.

Aside from the convention center/ exhibition hall, the complex will also have duty-free shops, dormitels, carpark, hotel and recreation center, Americana

Accordingly, Accor is a multinational hospitality company headquartered in Issy-les-Moulineaux, France, and owns, manages and franchises hotels, resorts and vacation properties. It is the largest hospitality firm in Europe, and the sixth largest worldwide.

The group operates 5,584 locations in over 110 countries, with total capacity of about 821,518 rooms as of end 2023. Its brands encompass many segments of hospitality: luxury (Raffles, Fairmont, Sofitel), premium (MGallery, Pullman, Swissôtel); midscale (Novotel, Mercure, Adagio); and, economy (ibis, hotelF1).

Accor also owns companies specialized in digital hospitality and event organization, such as onefinestay, D-Edge, ResDiary, John Paul, Potel & Chabot and Wojo. Henry Empeño

PEZA, FDA to create green lane for medical locators

as they work toward increasing the country’s local drug supply, among others.

“By refining our policies and collaborating with PEZA, we aim to gain a better understanding of the concerns of locators. These initiatives are expected to elevate the local drug supply and reduce costs to competitive generic levels, akin to those in India,” Zacate said.

‘Taking action’

AT a forum held last March 16, officials of the PEZA, the FDA and the OSAPIEA revealed they have begun “taking action” toward improving the country’s drug and medical device manufacturing ecosystems through proposed pharmaceutical economic zones.

The investment promotion agency explained that the pharmaceutical economic zone is a “two-pronged” approach for the Philippines to have local production of drugs and make medicines readily available and affordable to Filipinos.

O. Panga said the new agreement between the PEZA and the FDA will provide a green lane for PEZA RBEs into pharmaceutical and medicaldevice manufacturing, including those into food and cosmetics.

Panga said that under the new agreement, the two parties will also “craft guidelines for the registration of ‘pharma’ parks to: provide a one-stop shop for FDA facilitation of permits and/or clearances; review policies [i.e., easing of requirements] to attract more pharma companies to locate in the Philippines; and, encourage local production of essential medicines to lower the cost of drugs and medical devices and/or equipment for the benefit of the Filipinos.”

‘Simplify’ operations

PANGA told the BusinessMirror

last Sunday they initiated the setting up of green lane for PEZA RBEs with the FDA is pursuant to Executive Order (EO) 18. He explained that the President’s directive to the FDA is to provide a one-stop shop service for pharmarelated projects.

Hence, the need to revive our MOA with the FDA in the light of locators’ requests for intervention with the FDA on some policy and investment facilitation measures to strengthen our support for manufacturers of drugs and medical devices and/or equipment, Panga added.

According to FDA Director General Samuel A. Zacate, his agency is committed to working with the Office of the Special Assistant to the President for Investment and Economic Affairs ( OSAPIEA ) and the PEZA to “simplify” business operations in the country,

“This will target both manufacturing of pharmaceuticals and medical devices, and other related activities including research and development, clinical testing and trials among others,” according to the PEZA.

Apart from studying to create a green lane for locators, the PEZA revealed the said groups collaborating for this initiative also discussed other “actionable steps” to enhance the ease of doing business for both domestic and export-oriented drug and medical device manufacturers such as addressing “certain” nontariff barriers, particularly in permitting and licensing.

Looking at international models, the PEZA, the FDA and the OSAPIEA also explored the structure of these Asean countries’ structure of pharmaceutical economic zones. The PEZA said they evaluated how similar models could be implemented or adapted in the Philippines.

‘Strategic industry’

ACCORDING to the PEZA, the pharmaceutical industry is identified as a “strategic industry” in the Philippines.

“Under the [Corporate Recovery and Tax Incentives for Enterprises Act] Create Law, health, medical, and pharmaceutical-related activities fall under Tier II, meaning they will be able to enjoy 5-7 years of income tax holiday and 10 years Special Corporate Income Tax [for export enterprises] or five years Enhanced Deduction [for domestic market-oriented enterprises],” the PEZA noted.

Panga underscored the importance of this collaboration, saying this will send a good signal to the global pharmaceutical industry.

The PEZA official expressed gratitude to the OSAPIEA and the FDA “for the support that they are extending to our existing and would-be RBEs, especially those who are engaged in medical devices manufacturing and looking to set up their drug manufacturing—whether it be for human or animal—here in the Philippines.”

“With this dynamic partnership, the steering group is confident that the country will see the establishment of its first true pharmaceutical economic zone during this administration and signal to global pharmaceutical industry players that we are open to doing business with them, on top of our already-competitive fiscal incentives,” Panga added.

The World

Stalled cease-fire talks with Israel and Hamas seen resuming in Qatar

By Samy Magdy The Associated Press

CAIRO—Stalled talks aimed at securing a cease-fire in the IsraelHamas war are expected to resume in earnest in Qatar as soon as Sunday, according to Egyptian officials.

The talks would mark the first time both i s raeli officials and Hamas leaders join the indirect negotiations since the start of the Muslim holy month of r a madan. i nternational mediators had hoped to secure a six-week truce before r a madan started earlier this week, but Hamas refused any deal that wouldn’t lead to a permanent cease-fire in Gaza, a demand i s rael rejected.

But both sides have made moves in recent days aimed at getting the talks, which never fully broke off, back on track.

Hamas gave mediators a new proposal for a three-stage plan that would end the fighting, according to two e g yptian officials, one who is involved in the talks and a second who was briefed on them.

The officials spoke on condition of anonymity because they weren't authorized to reveal the contents of the sensitive discussions.

The first stage would be a sixweek cease-fire that would see the release of 35 hostages—women, those who are ill and older people—held by militants in Gaza in e xchange for 350 Palestinian prisoners held by i s rael.

Hamas would also release at least five female soldiers in exchange for 50 prisoners, including some serving long sentences on t error charges, for each soldier. i s raeli forces would withdraw from two main roads in Gaza, let displaced Palestinians return to northern Gaza, which has been devastated by the fighting, and allow the free flow of aid to the area, the officials said. n e arly one in three children under 2 years old in the isolated

north have acute malnutrition, the U n children’s agency said Friday. i n t he second phase, the two sides would declare a permanent cease-fire and Hamas would free the remaining i s raeli soldiers held hostage in exchange for more prisoners, the officials said.

i n t he third phase, Hamas would hand over the bodies it’s holding in exchange for i s rael lifting the blockade of Gaza and allowing reconstruction to start, the officials said.

Talks were expected to resume Sunday afternoon, though they could get pushed to Monday, the e g yptian officials said.

i s raeli Prime Minister Benjamin ne tanyahu called the proposal “unrealistic” but agreed to send i s raeli negotiators to Qatar. His government has rejected calls for a permanent cease-fire, insisting it must first fulfill its stated goal of “annihilating Hamas.” Thousands of people demonstrated Saturday night in Tel av iv to show their impatience with n e tanyahu’s government and demand a deal to free hostages. Some e xpressed support for US Senate Majority Leader Chuck Schumer's sharp criticism of netanyahu's handling of the war and his call for a ne w election.

i think that we are in a situation where they are completely right, that we have a war that is continuing well beyond what is necessary,” p rotester Yehuda Halper said.

n e tanyahu's office said Friday he approved military plans to attack r a fah, the southernmost town in Gaza where about 1.4 million displaced Palestinians—more than half the enclave’s population—are

sheltering. i s rael wants to target Hamas battalions stationed there.

Many fled to r a fah when i s rael attacked Gaza following the October 7 Hamas attack on southern i s rael that killed 1,200 people and left another 250 hostage.

The United States and other countries have warned that a military operation in r a fah could be disastrous.

n e tanyahu’s office didn’t give details or a timetable for the r a fah operation, but said that it would involve the evacuation of the civilian population. The military h as said it planned to direct civilians to “humanitarian islands” in c entral Gaza.

“Many people are too fragile, hungry and sick to be moved a gain,” World Health Organization Director-General Tedros a d hanom Ghebreyesus said on social media, adding that there are no fully functional, safe health centers they can r each elsewhere in Gaza. “ i n t he name of humanity, we appeal to i s rael not to proceed.”

The Gaza Health Ministry said at least 31,553 Palestinians have been killed in the war. The ministry doesn’t differentiate between civilians and combatants in its count, but says women and children make up two-thirds of the dead.

a n i s raeli strike early Saturday flattened a house in the urban nu seirat refugee camp in central

Putin poised to rule Russia for 6 more years after an election with no other real choices

USS

rThe three-day election that began Friday has taken place in a tightly controlled environment where no public criticism of Putin or his war in Ukraine is allowed. Putin’s fiercest political foe, a l exei n av alny, died in an a rctic prison last month, and other critics are either in jail or in exile.

The 71-year-old r u ssian leader faces three token rivals from k remlinfriendly parties who have refrained from any criticism of his 24-year rule or his full-scale invasion of Ukraine two years ago. Putin has boasted of r ussian battlefield successes in the run-up to the vote, but a massive Ukrainian drone attack across r u ssia early Sunday sent a reminder of challenges faced by Moscow.

The r u ssian Defense Ministry reported downing 35 Ukrainian drones overnight, including four near the r u ssian capital. Moscow Mayor Sergei Sobyanin said there were no casualties or damage.

r u ssia’s wartime economy has proven resilient, expanding despite bruising Western sanctions. The r u s -

sian defense industry has served as a key growth engine, working around the clock to churn out missiles, tanks and ammunition.

r u ssia’s scattered opposition has urged those unhappy with Putin or the war to express their protest by coming to the polls at noon on Sunday. The strategy was endorsed by nav alny not long before his death. Voting is taking place at polling stations across the vast country’s 11

time zones, in illegally annexed regions of Ukraine, and online. Despite tight controls, at least a half-dozen cases of vandalism at polling stations were reported Friday and Saturday.

a 50-year-old university professor was imprisoned Saturday for 15 days after she tried to throw green liquid into a ballot box in the Urals city of e k aterinburg, local news site Ura.ru reported. i n Podolsk, a town close to Moscow, a woman was fined 30,000

Gaza, killing at least 19 people, including nine children, according to records at the al- a q sa Martyrs hospital. a n a s sociated Press journalist there saw the bodies.

i s rael’s offensive has driven most of Gaza’s 2.3 million people from their homes. a quarter of Gaza’s population is starving, according to the U n a s p art of efforts to deliver desperately needed aid, a ship inaugurated a sea route from Cyprus on F riday and offloaded 200 tons of humanitarian supplies sent by the aid group World Central k itchen destined for people in northern Gaza.

The group said it was preparing another vessel in Cyprus with hundreds of tons of aid. a l so on Saturday, Germany joined a group of countries, including the US and Jordan, in c onducting airdrops of aid over Gaza. The US also has announced separate plans to construct a pier to get aid in.

Displaced Palestinians living in tents along the Mediterranean coast remained hungry and bleak.

“The situation is so bad that no one can imagine it, and the ship, even if it helps, will be a drop in the ocean,” said Zahr Saqr in Muwasi. “We run like dogs behind air d rops.” Bassem Mroue in Beirut, Shlomo Mor in Tel Aviv, and Jack Jeffery in Jerusalem contributed to this report.

rubles ($342) and charged with "discrediting the r u ssian army” after spoiling her ballot with an unspecified message, according to OVD- i n fo, a police monitoring group.

a h ead of the election, Putin cast his war in Ukraine, now in its third year, as a life-or-death battle against the West seeking to break up r u ssia.

Putin has boasted about recent gains in Ukraine, where r u ssian troops have made slow advances relying on their edge in firepower. Ukraine has fought back by intensifying cross-border shelling and raids, and by launching drone strikes deep inside r u ssia.

a i r raid sirens sounded multiple times Saturday in the r u ssian border city of Belgorod, where two people were killed by Ukrainian shelling, regional Gov. Vyacheslav Gladkov said. r u ssia’s Defense Ministry said it had thwarted attempts to enter the country by “Ukrainian sabotage and reconnaissance groups,” following claims by Ukraine-based r u ssian opponents of the k r emlin last week that they had made an armed incursion into the Belgorod and k u rsk regions.

Western leaders have derided the election as a travesty of democracy.

Beyond the lack of options for voters, the possibilities for independent monitoring are very limited.

n o s ignificant international observers were present. Only registered, k r emlin-approved candidates, or state-backed advisory bodies, can assign observers to polling stations, decreasing the likelihood of independent watchdogs. AP

Editor: Angel R. Calso

Ukraine launches far-ranging drone attacks on final day of Russia’s presidential election

By The Associated Press

Ukraine launched a new massive wave of drone attacks S unday as r u ssians cast ballots on the final day of a presidential v ote set to extend President Vladimir Putin’s rule for another six years.

The r u ssian Defense Ministry reported downing 35 Ukrainian drones o vernight, including four in the Moscow region.

M oscow Mayor Sergei Sobyanin said there were no casualties or damage.

a c cording to the Defense Ministry, another two drones were shot o ver the k a luga region just south of the r u ssian capital and the Yaroslavl region northeast of Moscow.

The attacks on the Yaroslavl region, which is located about 800 kilometers (500 miles) from the Ukrainian border, were some of the farthest l aunched by Ukraine so far.

More Ukrainian drones were downed over the Belgorod, k u rsk and r o stov regions that border Ukraine and the southern k r asnodar region, the Defense Ministry said.

Belgorod Gov. Vyacheslav Gladkov said the Ukrainian shelling killed a 16-year-old girl Sunday and injured her father.

a drone fell on a refinery in the k r asnodar region, sparking a blaze that was extinguished a few hours later, according to regional authorities. a worker at the refinery died of a he art attack, officials said.

r e fineries and oil terminals have been key targets of Ukrainian drone attacks.

The attacks followed a series of other Ukrainian drone raids and other attacks over the past few days that Putin described as an attempt by Ukraine to frighten residents and derail r u ssia’s presidential election.

“Those enemy strikes haven’t been and won’t be left unpunished,” he vowed during Friday’s meeting of his Security Council. “ i m sure that our people, the people of r u ssia, will respond to that with even greater cohesion.”

a s t he war dragged into a third year, r u ssian forces have made some slow and incremental gains along the front line, relying on their edge in firepower, while Ukraine has fought back with more drone attacks deep inside r u ssia and cross-border raids.

On Saturday, two people were killed and three others were wounded in the Ukrainian shelling of the r u ssian border city of Belgorod, which h as faced regular attacks.

The r u ssian military also claimed it thwarted another attempted crossborder incursion by Ukrainian “sabotage and reconnaissance groups” on S aturday.

The r u ssian Volunteer Corps— which includes r u ssians fighting alongside Ukrainian forces—released a video on social media Saturday alleging to have captured 25 r u ssian soldiers. The claim couldn't be independently verified. Cross-border attacks in the area have taken place sporadically since the war began and have been the subject of claims and counterclaims, as well as disinformation and propaganda.

Suspected attack by Houthi rebels targeted a ship in the Gulf of Aden

By Jon Gambrell The Associated Press

DUB a i , Un ited a r ab e m irates— a suspected attack by Yemen's Houthi rebels saw an explosive detonate near a ship early Sunday in the Gulf of a d en, potentially marking their latest assault on shipping through the crucial waterway leading to the r e d Sea.

The British military’s United k i ngdom Maritime Trade Operations center said the vessel’s crew saw the blast as it passed off the coast of a d en, the port city in southern Yemen home to the country’s exiled government.

n o d amage to the vessel has been reported and the crew are reported safe,” U k M TO said.

The Houthis have launched repeated drone and missile attacks in the same area, disrupting energy and cargo shipments through the Gulf of a d en. The rebels did not immediately claim responsibility for the attack, though it typically takes the Houthis several hours before acknowledging their assaults.

Separately, the US military’s Central Command said it carried out a series of strikes targeting the Houthis. it s aid it destroyed five drone boats

and one drone before takeoff from Houthi-controlled territory in Yemen on Saturday. it w as an unusually high number of drone boats to be destroyed.

Separately, the US military shot down one Houthi drone over the r e d Sea, while another was “presumed to have crashed.”

“There were no reports of damage or injuries from ships in the vicinity,” Central Command said.

The Houthis have attacked ships since n o vember, saying they want to force i s rael to end its offensive in the Gaza Strip against Hamas.

The ships targeted by the Houthis, however, largely have had little or no connection to i s rael, the US or other nations involved in the war. The rebels have also fired missiles toward i s rael, though they have largely fallen short or been intercepted.

The assaults on shipping have raised the profile of the Houthis, who are members of i s lam’s minority Shiite Zaydi sect, which ruled Yemen for 1,000 years until 1962.

a report Thursday claimed the Houthis now have a hypersonic missile, potentially increasing that cachet and putting more pressure on i s rael after a cease-fire deal failed to take hold in Gaza before the Muslim holy month of r a madan.

The World

Schumer’s rebuke of Netanyahu shows the long, fragile line the US and allies walk on interference

By Aamer Madhani The Associated Press

WASHINGTON—Republicans and Israeli officials were quick to express outrage after Senate Majority Leader Chuck Schumer sharply criticized Prime Minister Benjamin Netanyahu's handling of the war in Gaza and called for Israel to hold new elections. They accused the Democratic leader of breaking the unwritten rule against interfering in a close ally’s electoral politics.

Senate Republican Leader Mitch McConnell reacted to Schumer by saying it was “hypocritical for Americans who hyperventilate about interference in our own democracy to call for the removal of a democratically elected leader.”

House Speaker Mike Johnson said Schumer’s call for new elections was “in -

appropriate.” Even Benny Gantz, a political rival of Netanyahu and member of Israel’s war cabinet, said Schumer‘s remarks were “counterproductive.” Schumer’s stinging rebuke of Netanyahu — the senator said the Israeli leader had “lost his way” and was an obstacle to peace—was certainly provocative but it was hardly normbreaking. US leaders, as well as American allies, are more frequently butting into electoral politics beyond the water’s edge. Look no further than the close and historically complicated relationship that American presidents and congressional leaders have negotiated with Israel leaders over the last 75 years.

“It is an urban legend that we don’t intervene in Israeli politics and they don’t try to intervene in ours,” said Aaron David Miller, a senior fellow at the Carnegie Endowment for

International Peace, who worked as a Middle East negotiator in Republican and Democratic administrations. “We do intercede and they do intercede in ours.”

In 2019, with just weeks to go before Netanyahu faced a difficult election, President Donald Trump abruptly declared the US was recognizing Israel’s sovereignty over the disputed Golan Heights, giving Netanyahu a political boost just when he badly needed it.

In 2015, Republican House Speaker John Boehner invited Netanyahu to deliver an address to Congress during sensitive negotiations about Iran’s nuclear program and shortly before a national election in Israel.

Boehner did not coordinate the invitation with President Barack Obama's administration. Obama declined to invite Netanyahu to the White House during the visit, with White House officials saying that holding such a

visit so close to Israel’s election would be inappropriate.

The standard Obama set for a White House visit wasn't one Bill Clinton subscribed to years earlier. In April 1996, Clinton invited Israeli Prime Minister Shimon Peres to the White House to sign a $100 million counterterrorism accord shortly before an Israeli election. Years later, Clinton acknowledged in an interview that he was trying to give Peres a boost with voters.

It didn’t work; Peres lost to Netanyahu.

In practice, keeping out of allies' elections has been more of a professed American value than enshrined protocol. US leaders have frequently demonstrated a “varsity versus junior varsity” approach to how overtly they noodle in the internal politics of friends, says Edward Frantz, a University of Indianapolis historian. The bigger the ally's economy, the

less likely American leaders are to meddle openly in its elections.

“American politicians want to have it both ways,” Frantz said. “There are moments when American leaders want to and need to speak out and have their say. But there is reason to stay close to the lines on elections. You don’t want foreign governments to interfere in our own internal politics, either.”

The lines have only become blurrier in recent years, and are being tested by how world leaders are approaching November's Biden-Trump rematch.

This past week, during a White House visit on the 25th anniversary of Poland's accession into NATO, Polish Prime Minister Donald Tusk didn’t obscure his desire to see Biden win another term.

“I want you to know that your campaign four years ago was really inspirational for me and for so many Poles,” said Tusk, with conservative Polish President Andrzej Duda by his side. “And we were encouraged...after your victory. Thank you for your determination. It was something really important for—not only for the United States.“

Tusk later singled out Johnson, the Republican House speaker, to blame for Wash -

ington’s deadlock on a spending bill with $60 billion in aid for Ukraine, which is running low on ammunition and arms in its war with Russia.

“This is not some political skirmish that has significance only here, on the American political stage,” said Tusk. He told reporters that inaction by Johnson could “cost thousands of human lives in Ukraine.”

Last week, Biden slammed Trump for hosting Hungarian Prime Minister Viktor Orbán, who has described a possible comeback by Trump as the “only serious chance” for an end to the war in Ukraine. Hungary, like the US, is a member of NATO. Orbán has become an icon to some conservative populists for championing “illiberal democracy,” replete with restrictions on immigration and LGBTQ+ rights. Biden during a recent campaign event noted that Trump was meeting Orbán, and said the Hungarian leader is “looking for dictatorship.” Hungary summoned the US ambassador to Budapest, David Pressman, to register displeasure with the president’s comments. White House national security adviser Jake Sullivan said the president stood by his comments.

Haiti’s looming famine: Prolonged hunger intensifies as gangs suffocate the country

By Evens Sanon & Dánica Coto The Associated Press

PORT-AU-PRINCE, Haiti—A crowd of about 100 people tried to shove through a metal gate in Haiti’s capital as a guard with a baton pushed them back, threatening to hit them. Undeterred, children and adults alike, some of them carrying babies, kept elbowing each other trying to enter.

“Let us in! We’re hungry!” they shouted on a recent afternoon.

They were trying to get into a makeshift shelter in an abandoned school. Inside, workers dipped ladles into buckets filled with soup that they poured into Styrofoam containers stuffed with rice to distribute to Haitians who have lost homes to gang violence.

About 1.4 million Haitians are on the verge of famine, and more than 4 million require food aid, sometimes eating only once a day or nothing at all, aid groups say.

“Haiti is facing a protracted mass hunger,” Jean-Martin Bauer, Haiti director for the United Nations’ World Food Program, told The Associated Press. He noted that Croix-des-Bouquets, in the eastern part of Haiti’s capital, “has malnutrition rates comparable with any war zone in the world.”

Officials are trying to rush food, water and medical supplies to makeshift shelters and other places as gang violence suffocates lives across Port-au-Prince and beyond, with many trapped in their homes.

Only a few aid organizations have been able to restart since February 29, when gangs began attacking key institutions, burning police stations, shutting down the main international airport with gunfire and storming two prisons, releasing more than 4,000 inmates.

The violence forced Prime Minister Ariel Henry to announce early Tuesday that he would resign once a transitional council is created, but gangs demanding his ouster have continued their attacks in several communities.

Bauer and other officials said that the gangs are blocking distribution routes

and paralyzing the main port, and that WFP’s warehouse is running out of grains, beans and vegetable oil as it continues to deliver meals.

“We have supplies for weeks. I’m saying weeks, not months,” Bauer said. “That has me terrified.” Inside the makeshift shelter at the school, things were a bit more orderly, with scores of people standing in line for food. More than 3,700 shelter residents compete for a place to sleep and share a hole in the ground for a toilet.

Marie Lourdes Geneus, a 45-year-old street vendor and mother of seven children, said that gangs chased her family out of three different homes before they ended up at the shelter.

“If you look around, there are a lot of desperate people who look like me, who had a life and lost it,” she said. “It’s a horrible life I’m living. I made a lot of effort in life and look where I end up, trying to survive.”

She said she occasionally ventures out to sell beans to buy extra food for her children—who sometimes eat only once a day—but ends up being chased by armed men, spilling her goods on the g round as she runs.

Erigeunes Jeffrand, 54, said that he used to make a living selling up to four wheelbarrow-loads of sugar cane a day, but that gangs recently chased him and his four children out of their neighborhood.

“My home was completely destroyed and robbed,” he said. “They took everything I have. And now, they're not even letting me work.”

He sent his two youngest children to live with relatives in Haiti’s more quiet

countryside, while the two eldest live with him at the shelter.

“Can you believe I had a home?” he said. “I was making ends meet. But now, I’m just depending on what people provide me to eat. This is not a life.”

More than 200 gangs are believed to operate in Haiti, with nearly two-dozen concentrated in Port-au-Prince and surrounding areas. They now control 80 percent of the capital and are vying for more territory.

Scores of people have died in the most recent attacks, and more than 15,000 have been left homeless.

The situation has prevented aid groups like Food for the Hungry from operating at a time when their help is needed the most.

“We’re stuck, with no cash and no capacity to move out what we have in our warehouse,” said Boby Sander, the organization’s Haiti director. “It’s catastrophic.”

Food for the Hungry operates a cashbased program that helps about 25,000 families a year by sending them money, but he said that the ongoing looting and attacks on banks have crippled the system.

“Since February 29, we have not been able to do anything at all,” he said.

On a recent morning, the fragrance of cooking rice drew a group of adults and teenage boys to a sidewalk near a building where aid workers prepared meals to distribute to shelters elsewhere in the city.

“Can you help me get a plate of food?

We haven’t had anything to eat today yet,” they asked people going in and out of the building. But their pleas went unanswered. The food was destined for the shelter at the school.

“We know it’s not a lot,” said Jean Emmanuel Joseph, who oversees food distribution for the Center for Peasant Organization and Community Action. “It’s too bad we don’t have the possibility to give them more.”

At the shelter, some adults and children tried to get back in line for a second serving.

“You already had a plate,” they were told. “Let others get one.” Shelter resident Jethro Antoine, 55, said the food is meant only for residents, but there’s little that can be done about outsiders who squeeze in.

“If you go and complain about it, you’re going to become the enemy, you might even be killed for that,” he said.

The US Agency for International Development said that around 5.5 million people in Haiti—nearly half the population—need humanitarian aid, and pledged $25 million in addition to the $33 million announced earlier this week.

The WFP's Bauer said the humanitarian appeal for Haiti this year is less than 3 percent funded, with the UN agency needing $95 million in the next six months.

“Conflict and hunger in Haiti are moving hand-in-hand,” he said. “I’m frightened about where we're going.” Dánica Coto reported from San Juan, Puerto Rico.

After pandemic, young Chinese again want to study abroad, just not so much in the US

WBy Didi Tang The Associated Press

ASHINGTON—In the Chinese city of Shanghai, two young women seeking an education abroad have both decided against going to the United States, a destination of choice for decades that may be losing its shine.

For Helen Dong, a 22-year-old senior studying advertising, it was the cost. “It doesn’t work for me when you have to spend 2 million (yuan) ($278,000) but find no job upon returning,” she said. Dong is headed to Hong Kong this fall instead.

Costs were not a concern for Yvonne Wong, 24, now studying comparative literature and cultures in a master’s program at the University of Bristol in Britain. For her, the issue was safety.

“Families in Shanghai usually don't want to send their daughters to a place where guns are not banned—that was the primary reason,” Wong said. “Between the US and the UK, the UK is safer, and that’s the biggest consideration for my parents.”

With an interest in studying abroad rebounding after the pandemic, there are signs that the decades-long run that has sent an estimated 3 million Chinese students to the US, including many of the country’s brightest, could be trending down, as geopolitical shifts redefine US-China relations.

Cutting people-to-people exchanges could have a lasting impact on relations between the two countries.

“International education is a bridge,” said Fanta Aw, executive director of the NAFSA Association of International Educators, based in

Washington. “A long-term bridge, because the students who come today are the engineers of the future. They are the politicians of the future, they are the business entrepreneurs of the future.”

“Not seeing that pipeline as strong means that we in the US have to pay attention, because China-US relations are very important.”

Aw said the decrease is more notable in US undergraduate programs, which she attributed to a declining population in China from low birthrates, bitter US-China relations, more regional choices for Chinese families and the high costs of a US education.

But graduate programs have not been spared. Zheng Yi, an associate professor of mechanical and industrial engineering at Northeastern University in Boston, has seen the number of Chinese applicants to one of the school’s engineering programs shrink to single digits, compared with 20 to 30 students before the pandemic.

He said the waning interest could be partly due to China’s growing patriotism that nudges students to attend Chinese institutes instead.

Andrew Chen, chief executive officer of Pittsburgh-based WholeRen Education, which has advised Chinese students in the US for the past 14 years, said the downward trend is here to stay.

“This is not a periodic wave,” he said.

“This is a new era.” The Chinese government has sidelined English education, hyped gun violence in the US, and portrayed the US as a declining power. As a result, Chen said, Chinese families are hesitant to send their children to the US.

Beijing has criticized the US for its unfriendly policy toward some Chinese students,

citing an executive order by former President Donald Trump to keep out Chinese students who have attended schools with strong links to the Chinese military.

The Chinese foreign ministry also has protested that a number of Chinese students have been unfairly interrogated and sent home upon arrival at US airports in recent months.

Spokeswoman Mao Ning recently describing the US actions as “selective, discriminatory and politically motivated.”

State Department spokesman Matthew Miller said fewer than “one tenth of 1 percent” of Chinese students have been detained or denied admission. Another State Department official said Chinese students selected for US-funded exchange programs have been harassed by Chinese state agents. Half of the students have been forced to withdraw, and those who participated in the programs have been faced with harassment after returning to China, the official said, speaking to reporters on condition of anonymity.

The US-China Education Trust acknowledged the predicament facing Chinese students. “Students from China have been criticized in the US as potential spies, and in China as too influenced by the West,” the organization said in a report following a survey of Chinese students in the US between 1991 and 2021.

Still, many young Chinese, especially those whose parents were foreign-educated, are eager to study abroad. The China-based education service provider New Oriental said the students hope degrees from reputable foreign universities will improve their career prospects in a tough job market at home, where the unemployment rate for those 16 to 24 stood

India’s Bengaluru is running out of water, and a long, scorching summer still looms

By Sibi Arasu | The Associated Press

BENGALURU, India—Bhavani Mani Muthuvel and her family of nine have around five 20-liter (5-gallon) buckets worth of water for the week for cooking, cleaning and household chores.

“From taking showers to using toilets and washing clothes, we are taking turns to do everything,” she said. It's the only water they can afford.

A resident of Ambedkar Nagar, a low-income settlement in the shadows of the lavish headquarters of multiple global software companies in Bengaluru’s Whitefield neighborhood, Muthuvel is normally reliant on piped water, sourced from groundwater. But it’s drying up. She said it’s the worst water crisis she has experienced in her 40 years in the neighborhood.

Bengaluru in southern India is witnessing an unusually hot February and March, and in the last few years, it has received little rainfall in part due to human-caused climate change. Water levels are running desperately low, particularly in poorer areas, resulting in sky-high costs for water and a quickly dwindling supply.

City and state government authorities are trying to get the situation under control with emergency measures such as nationalizing water tankers and putting a cap on water costs. But water experts and many residents fear the worst is still to come in April and May when the summer sun is at its strongest.

The crisis was a long time coming, said Shashank Palur, a Bengaluru-based hydrologist with the think tank Water, Environment, Land and Livelihood Labs.

“Bengaluru is one of the fastest growing cities in the world and the infrastructure for fresh water supply is not able to keep up with a growing population,” he said.

Groundwater, relied on by over a third of the city’s 13 million residents, is fast running out. City authorities say 6,900 of the 13,900 borewells drilled in the city have run dry despite some being drilled to depths of 1,500 feet. Those reliant on groundwater, like Muthuvel, now have to depend on water tankers that pump from nearby villages.

Palur said El Nino, a natural phenomenon that affects weather patterns worldwide, along with the city receiving less rainfall in recent years mean “recharge of groundwater levels did not happen as expected.” A new piped water supply from the Cauvery River about 100 kilometers (60 miles) from the city has also not been completed, adding to the crisis, he said.

Another concern is that paved surfaces cover nearly 90 percent of the city, preventing rainwater from seeping down and being stored in the ground, said T.V. Ramachandra, research scientist at the Centre for Ecological Sciences at Bengalurubased Indian Institute of Science. The city lost nearly 70 percent of its green cover in the last 50 years, he said.

at nearly 15 percent in December.

But their preferences have shifted from the US to the UK, according to EIC Education, a Chinese consultancy specializing in international education. The students like the shorter study programs and the quality and affordability of a British education, as well as the feeling of safety.

Wong, the Shanghai student now studying in the UK, said China’s handling of the pandemic pushed more young people to go abroad. “After three years of tight controls during the pandemic, most people have realized the outside world is different, and they are more willing to leave,” she said.

The State Department issued 86,080 F-1 student visas to Chinese students in the budget year ending in September, up nearly 40 percent from the year earlier. Still, the number remains below the pre-pandemic level of 105,775. Under communist leadership, China only opened its doors to the US in the late 1970s when the two countries established formal ties. Beijing, desperate to revive its economy through Western technology, wanted to send 5,000 students to American universities; President Jimmy Carter replied that he would take 100,000.

The number of Chinese students in the US picked up after Beijing in 1981 allowed Chinese students to “self-fund” their overseas studies, rather than relying on government money. Generous scholarships from US schools allowed tens of thousands of Chinese students to study here, but it wasn’t until 2009 when the number of Chinese students exceeded 100,000, driven by growth in family wealth.

Ramachandra compared the city’s water shortage to the “day zero” water crisis in Cape Town, South Africa, 2018, when that city came dangerously close to turning off most taps because of a drought.

The Indian government estimated in 2018 that over 40 percent of Bengaluru residents won’t have access to drinking water by the end of the decade. Only those that receive piped water from rivers outside Bengaluru are still getting regular supply.

“Right now, everyone is drilling borewells in buffer zones of lakes. That is not the solution,” Ramachandra said.

He said the city should instead focus on replenishing the over 200 lakes spread across the city, stop new construction on lake areas, encourage rainwater harvesting and increase green cover across the city.

“Only if we do this will we solve the city’s water problem,” he said.

Palur added that identifying other sources and using them smartly, for example by reusing treated wastewater in the city “so that the demand for fresh water reduces,” could also help.

Until then, some residents are taking serious measures. S. Prasad, who lives with his wife and two children in a housing society made up of 230 apartments, said they have begun water rationing.

“Since last week we’ve closed the water supply to houses for eight hours every day, starting at 10 a.m. Residents have to either store water in containers or do everything they need to in the allotted time. We are also planning on installing water meters soon,” he said.

Prasad said their housing society, like many others in Bengaluru, is willing to pay high costs for water, but even then it’s hard to find suppliers.

“This water shortage is not only impacting our work but also our daily life,” Prasad said. “If it becomes even more dire, we'll have no choice but to leave Bengaluru temporarily.”

Editor:

Jennifer A. Ng

Gap Drone wants to assemble UAVs in PHL

MELBOURNE-BASED drone logistics startup Gap Drone is planning to put up an assembly plant for its cutting-edge longrange uncrewed aerial system (UAS) in the Philippines, where it can be used for delivering produce.

Eduardo Burgos Jr., Gap Drone Philippine Director, said this plan was relayed to him by Benet Hare, COO and co-founder of the Australian firm.

“Gap Drone sees the Philippines as a strategic location to assemble Gap Drone’s UAS and can serve as an important entry point to

other countries in Asia and in the West. More importantly, Gap Drone is fully aware the availability of highly competent English speaking workforce for both non-skilled and skilled in the Philippines,” Hare said. Hare is also the founder of Proagco, which provides multifunctional UAVs for agricultural

digital solutions Burgos, former Press Attaché of the Philippine Embassy to Australia and a former journalist, said Gap Drone plans to establish the assembly plant under a joint venture agreement.

Gap Drone is currently preparing to build its UAS for regional freight delivery. It has announced several “high-caliber” partnerships across the Australian industry.

Key partners include Swinburne University’s Aerostructures Innovation Research (AIR) Hub, NOVA Systems, and the Federal Government Co-Operative Research Centre program. Gap Drone has also recently secured equity-free funding from a major Australian partner.

Additionally, the company has garnered the support of the former chairman of Australia’s aviation

regulator CASA, Tony Mathews, who has also joined the company as Corporate Advisor, to ensure Gap Drone’s product and the regulatory framework it will operate in are fit for purpose.

Within 15 months, Gap Drone will build its first market-leading UAS prototype model, and begin initial operations flying cargo, produce, parcels, and medical supplies to Australia’s most remote communities.

The manufacturing process will be supported by the expert engineers of AIR Hub, whose engineers have previously contributed to some of the country’s largest military and civilian aviation projects, including the Loyal Wingman MQ28, and Airspeeder.

“We are thrilled to announce our new partnerships with Swinburne University’s AIR Hub, NOVA

Systems, and Federal Government

CRC iMove, which will together propel forward our mission to revolutionize freight logistics by 2025,” said Gap Drone CEO and co-founder Liesl Haris.

“As an Australian-owned company, we are looking to embrace the bountiful expertise, resources, and opportunities that Australia has to offer in the aviation, engineering, and logistics arenas, and put Australian drone technologies on the global map.”

Haris said AIR Hub has given the company access to some of Australia’s “best and brightest” in aeronautical engineering.

“We are excited to roll out and launch our first prototype, using only the most advanced drone technologies and capabilities, in 2025.”

While Gap Drone’s product is

Communities must help govt manage marine ecosystems–Villar

TBy Butch Fernandez @butchfBM

HE Bureau of Fisheries and Aquatic Resources ( BFAR ) needs the support of local communities and the expertise of people in other government agencies, regional organizations and nongovernment organizations in managing marine ecosystems that support fisheries, according to Senator Cynthia Villar.

Addressing the Department of Agriculture-Bar 3rd Fisheries Management Area Summit held in Cebu City last March 14, Villar said fisheries management is “crucial to ensure that fishing activities are conducted in a way that minimizes detrimental impact on fish stocks and ecosystems.”

Recognizing the threat of overfishing to all nations if left

unabated, the senator expressed concern that “it will make deserts out of our oceans in 2050.”

Villar also warned “it will mean a collapse of the fishing sector as a source of livelihood.”

In supporting the fishery sector, the lawmaker pushed for the passage of Republic Act (RA) 10654 which amended RA 8550 (Philippine Fisheries Code of 1998) on February 27, 2015.

The amended law also sanctions illegal, unreported and unregulated fishing (IUUF) but imposed higher penalties.

Villar said, “the amended law states that it is now unlawful to fish or take, catch, gather, sell, purchase, possess, transport, export, forward or ship out aquatic species listed by the Convention on the International Trade in Endangered Species of Wild Flora and Fauna.”

“The law also puts the Philippine fishing legislation at par with other countries, especially the conservation of threatened aquatic species, straddling and highly migratory species, and

other marine resources.”

Moreover, it ensures that the management of fishery and aquatic resources is anchored on ecosystem based approach in fishing.

Citing figures from BFAR , Villar

‘FAO agri project supports rice, corn farmers in BARMM’

THE Food and Agriculture Organization of the United Nations (FAO) organized a workshop which took stock of the implementation of a project for rice and corn farmers in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

The “Project for Sustaining Rice and Corn Production in BARMM through the Provision and Efficient Use of Fertilizers Amidst the Global Impacts of Ukraine War,” is approaching completion on March 21. It is supported by the Japanese government.

“We should continue to give our utmost devotion to our work in order to help uplift the socioeconomic life of our farmers in the Bangsamoro,” said Dr. Daud Laga -

si, director general for agriculture services of the Ministry of Agriculture, Fisheries, and Agrarian Reform (MAFAR) as he welcomed participants of the after-action review (AAR) and sustainability workshop held last March 12 in SM Lanang, Davao City.

The gathering served as a collaborative platform for key partners and stakeholders to share insights, extract valuable lessons, and develop recommendations for related projects to be initiated.

“The government of Japan, through various schemes, has extended assistance to BARMM across various sectors including agriculture,” said Jumpei Tachikawa, First Secretary and Agriculture Attaché of the Embassy of Japan

in the Philippines. “As your reliable partner, you can rest assured that we will continue to do our best to support the Philippines’ steadfast efforts in realizing the promise of food security and sustainable agriculture in BARMM.”

Sarah Lacson, Assistant FAO Representative for Administration, highlighted the project’s broader implications: “This project signifies more than mere initiative; it embodies our dedication to safeguarding the resilient livelihoods of our farmers and ensuring food security for future generations in BARMM.”

The Philippines may not directly depend on Russian and Ukrainian fertilizers, but the

global shortage that is a direct consequence of the ongoing war in Ukraine has led to escalating prices, posing a significant threat to the country’s agriculture sector.

The project, a collaboration between FAO and MAFAR, supports small-holder farmers in BARMM, focusing on sustaining and enhancing rice and corn production through efficient fertilizer use and capacity building. It aims to boost agricultural productivity and enhance the resilience of farming communities in the region through provision of chemical fertilizers, and training on soil testing and efficient fertilizer utilization.

FAO said the project has exceeded targets, providing quality

Congo rebels block trade routes, threatening supply of key metal

THE world’s supply of tantalum, an essential component in most computers and mobile phones, is under threat as armed rebels in eastern Democratic Republic of Congo have encircled a key trading hub.

Since last month, the M23, a rebel group that Congo says is backed by neighboring Rwanda, has blocked trade routes to the city of Goma and is helping to smuggle tantalum from some of the country’s richest deposits, according to Congolese government and military officials and United Nations experts.

“They’re taking it to Rwanda,”likely through Virunga National Park, Lt. Col. Guillaume Ndjike Kaiko, a regional spokesperson for Congo’s military, said in an interview in Goma, the lakeside capital of North Kivu province that borders Rwanda. Rwanda’s government denies the accusations.

Tantalum is on a list of mineral resources

that have raised international red flags for helping to fund years of conflict in Congo. For over a decade, industry groups that include companies like Intel Corp. and Apple Inc. have made efforts to ensure their mineral supply chains are conflict-free.

However, the renewed M23 offensive, focused on North Kivu, has left more than a million people in squalid camps and is tainting the region’s mineral output. Last week, the Responsible Minerals Initiative, which helps more than 400 of the world’s biggest corporations avoid purchasing metals that fuel or fund violence, warned its members about sourcing metal from the region in letters seen by Bloomberg.

The United States and European Union have laws discouraging companies from purchasing minerals linked to the conflict. Virginia-based RMI did not respond to an

email requesting comment.

“The falsehood that Rwanda is somehow involved in enabling smuggling provides cover to the DRC government who have abjectly failed to implement any meaningful ethical standards in their own mineral supply chain, to the benefit of many foreign powers,” government spokesperson Yolande Makolo said in a text message.

Congo and Rwanda were the world’s top two sources of tantalum in 2023, according to US Geological Survey estimates.

Congolese government data show North Kivu accounted for about half the country’s supply to the world in 2022. The province’s exports dropped 59 percent last year as the M23 advanced and an ownership dispute erupted over the country’s largest mine, Rubaya, according to a provincial mining report seen by Bloomberg.

Decades of conflict

THE current fighting in North Kivu has its roots in the mid-90s when the aftermath of the genocide in Rwanda spread across the border.

Rwanda and the M23 say Congo’s government still protects militias with links to that violence, which killed an estimated 800,000 Rwandan Tutsis and moderate Hutus. The M23 is mainly led by Tutsis from Congo.

More than 100 armed groups are now active in the region, clashing over land, economic and political access and ethnic grievances.

Most mining at Rubaya and nearby tantalum sites is done by hand and is currently overseen by a loose coalition of armed groups known as Wazalendo, allied with Congo’s army, according to a United Nations experts’ report. However, the output now ends up in areas controlled by the rebels they’re fighting, Congolese officials say.

being designed with Australian technological ingenuity at the helm, it is also being developed with regional and rural Australian communities in mind, according to company officials.

“Our drone delivery network will increase regular access to post, produce, and resources for remote Australian communities and First Nations communities, and we will do this while producing up to 85 percent less carbon emissions than traditional road and air delivery transport options,” Haris said.

“We see this as a truly symbiotic relationship and we are proud of the strong backing and high-level partnerships at such an early stage which speak to the strength of our model. Together, we are defining the future of safe autonomous drone operation capabilities in Australia.”

DAR

said the Philippines is one of the top 10 fish and seafood producers in the world for several years, accounting for 4.42 million tons of fish production in 2019.

Out of the its fish production of 4.42 million metric tons (MMT), around 10.5 percent goes to export while 89.5 percent goes to local consumption and other usage.

Local fisheries production in 2023 slipped by 1.8 percent to 4.26 MMT from 4.34 MMT in 2022 as catch by both commercial and municipal fishers declined, according to the Philippine Statistics Authority. Domestic aquaculture, which was the lone subsector that grew during the period, expanded its output by 1.5 percent on an annual basis to 2.38 MMT. It contributed the biggest share of 56 percent to the total fisheries production in 2023.

inorganic fertilizer to 1,343 rice farmers and 6,791 corn farmers in the provinces of Maguindanao del Sur and Lanao del Sur. Eightyseven samples were collected from rice and corn farms.

In addition, they provided training to 96 municipal agricultural technicians on soil testing, nutrient management, and Geographic Information System.

Partner academies provided insights, among them were: Sultan Kudarat State University, University of Southern Mindanao-Kabacan, Mindanao State University-Main Campus, and Mindanao State University-Maguindanao.

MAFAR regional officials, municipal officers, and representatives from Special Geographic Areas (SGA), as well as FAO Philippine Country Office officials supported the AAR.

The M23 had limited involvement in the mineral trade when it launched its most recent rebellion in late 2021. That seems to have changed since the beginning of the year as the group encircled Goma—North Kivu’s main trading hub. Official tantalum shipments from the province almost entirely stopped after M23 moved south and took control of the town of Shasha last month, cutting off the last main transport route to Goma from the Rubaya area, according to Ndjike and provincial mining statistics.

For Congo, the costs of the spiraling violence are massive. As locals flee their towns and villages for safety in displacement camps, aid groups say responding to the crisis will cost billions of dollars.

“The objective here is minerals, it’s to get the minerals that are found in our zone of responsibility,” Ndjike said of the current wave of fighting. “And it has an impact that’s not only economic but also humanitarian.” Bloomberg News

turns over paved roads to Rizal local govts

THE Department of Agrarian Reform (DAR) turned over two farm-to-market roads (FMRs) worth P32 million to local officials of Pililla and Jalajala in the province of Rizal.

DAR Undersecretary Rowena Nina Taduran together with DAR Regional Director Macdonald Galit led the turnover of the FMRs in Barangay Halayhayin in Pililla and Barangay Bagumbong in Jalajala.

The projects were implemented under the Sustainable and Resilient Agrarian Reform Communities (SuRe ARC) funded by the Agrarian Reform Fund.

“Our services do not end in giving farmers their land to till. We will also provide various support services to capacitate them and ensure their success in farming,” Taduran said.

The project, implemented in coordination with the Department of Public Works and Highways and the local government, seeks to alleviate poverty in the marginalized target areas and improve the quality of life of its beneficiaries through sustainable agricultural development.

“Road concreting projects in rural areas benefit our smallscale farmers as these can directly link agricultural lands to major market centers. An improved road also allows safer and faster access of rural communities to schools, hospitals, and industries for employment,” Taduran said.

According to Galit, the paved roads will benefit 995 pineapple growers in Pililla and 2,681 rice farmers in Jalajala.

“These roads would also help not only the farmers but also the people in the community. They now have concrete roads, that would make transportation easier for everyone,” said Galit.

Faustino Casabal Jr., a rice farmer from Jalajala, said in the past, the road got flooded easily and motor vehicles could not pass through it.

“Now that it is concreted, traveling is faster and easier. Also, the frequency of commuter trips has increased, and we can now bring our products with minimal travel expense,” Casabal said. Jonathan L. Mayuga

PHOTO FROM WWW.DA.GOV.PH

editorial

Captain’s Peak Resort closure sparks debate on responsible tourism

The recent closure of Captain’s Peak Garden and Resort in Bohol, nestled amidst the iconic Chocolate hills, has sparked a significant debate about the importance of environmental protection and responsible tourism. The resort’s closure, due to the revocation of its business permit by the Sagbayan municipal government, highlights the need for stricter regulations and enforcement to safeguard our natural treasures. (Read the BusinessMirror story: “Controversial resort within Chocolate Hills now closed,” March 15, 2024).

Captain’s Peak Resort, owned by a former seaman, faced scrutiny after a video of a vlogger’s visit went viral. The Department of Tourism (DOT) revealed that the resort was not accredited by the agency, a requirement for local government units to issue permits to primary tourism enterprises. This lack of accreditation raises concerns about the resort’s compliance with safety and sustainability standards.

The case of Captain’s Peak Resort is a clear indication that the regulatory mechanisms in place for granting business permits and monitoring tourism establishments need improvement. It is disheartening to know that a resort was allowed to operate for several years without the necessary accreditations and required documentation. This oversight not only jeopardizes the reputation of the tourism industry but also puts our natural heritage at risk.

The decision of Senator Cynthia Villar, chair of the Committee on Environment and Natural Resources, to investigate the controversy surrounding the resort deserves appreciation. It is crucial to hold accountable the relevant authorities responsible for the issuance of permits and the enforcement of regulations. A comprehensive inquiry is necessary to identify the loopholes in the system and ensure that such negligence does not occur in the future.

Furthermore, the involvement of the Department of Environment and Natural Resources (DENR) in this matter highlights the need for stronger coordination between different government agencies. DENR’s statement that Captain’s Peak Resort was operating without an environmental clearance certificate (ECC) demonstrates a lack of oversight and enforcement. The resort’s construction at the foot of the Chocolate Hills, a National Cultural Monument and a UNESCO World Heritage Site, raises serious questions about the protection of our natural resources.

This should serve as a wake-up call for the government, tourism industry stakeholders, and the public at large. It underscores the need for a more stringent and comprehensive system to regulate the establishment and operation of tourism enterprises. The preservation of our natural wonders and cultural heritage should be a top priority, and any form of encroachment or violation must be promptly addressed and rectified.

It is encouraging to see Senator Nancy Binay’s call for an explanation from the DENR, Protected Area Management Board (PAMB), Bohol Environmental Management Office (BEMO), Provincial Environment and Natural Resources Office (PENRO), and local government units. These agencies must also shed light on the operations of other resorts in Chocolate Hills. By ensuring transparency and accountability throughout this process, the government can reinstate public trust and confidence in its commitment to environmental protection.

The closure of Captain’s Peak Resort should serve as a catalyst for change. It should spur the government to review and strengthen existing regulations, improve coordination among relevant agencies, and enhance monitoring and enforcement mechanisms. Additionally, it should remind all stakeholders, including tourists and tourism operators, of their responsibility to promote sustainable tourism practices that respect and preserve our country’s natural and cultural assets.

The Philippines is blessed with an abundance of natural wonders and cultural treasures that attract visitors from around the world. It is our collective duty to ensure their preservation for future generations. Let the closure of Captain’s Peak Resort be a turning point in our approach to tourism, one that prioritizes environmental sustainability and responsible development.

The mental toll of summer’s scorching temperatures

WAtty. Jose Ferdinand M. Rojas II

RISING SUN

e all know that extreme heat during summer can affect our physical health, but relatively new research has shown that hot days can negatively affect our mental health, too. From increased stress and irritability (think road rage, hate speech, and traffic altercations), summer’s mental toll has become apparent. Data have revealed that emergency room visits for mental health issues across age groups rise along with the temperature. The heat can even impact our sleep, mood, and susceptibility to anxiety and depression.

Extreme heat has been linked to violence. Many people are “hotheaded” in the summer months, leading to increased cases of domestic violence and other forms of conflict. Incidents of self-harm also increase during the hot season, according

to research—0.7 percent increase in the US and 2.1 percent increase in Mexico. The same research has noted an increase in “depressive language and suicidal ideation” linked to temperature increase. Experts have compared these figures to suicide in-

cidence due to economic recessions and unemployment.

Of course, it would be pretty hard to focus on tasks if you’re losing sleep because of the heat. It affects your mood, your performance in school, and your productivity at work. Additionally, people with mental health illnesses are not able to tolerate heat as well as others, not to mention the fact that their medications may not work as well because of physiological heat stress.

In the same way that we safeguard our bodies from the sweltering heat of summer, we must also protect our mental well-being. Experts advise us all to be less impulsive and to recognize that everyone’s struggling. It’s also essential to be kind to oneself and accept that emotions may run high or productivity may suffer, for example. So instead of pushing ourselves too much, opt to relax and show ourselves compassion. Meditation and mindfulness, as well as breathing techniques, are just some

of the ways by which we can regulate our emotions and behavior.

In preparing for extreme summer heat and responding to its effects, community leaders and healthcare professionals need to ensure that mental health is part of the plan. That includes checking on the vulnerable members of our communities. Patients must be educated on how they can protect themselves—by staying well hydrated, wearing the right clothing, and staying in a suitable shelter. Climate-focused group therapy discussions will help, too, according to some experts. They are also calling on authorities to be more active in raising awareness of the increased risks to individuals with mental health issues. There is a need to educate not only the patients but also their caretakers and the caseworkers. There has to be a solid plan on how everyone can stay cool during extra hot days. The public must take the usual precautions and more, considering the aforementioned.

PEZA’s new head drives economic growth and attracts foreign investments in PHL

The Philippine economic Zone Authority (PeZA) is serving as a catalyst for the entry of more investments into the country with its new Director General Tereso Panga linking up with other government agencies to entice foreign investors into the country.

Plucked from within the organization by President Ferdinand Marcos Jr., Panga, who rose from the ranks in a 24-year stint at the agency, is crafting new ways of inviting foreign investors. One big Japanese firm, for instance, is about to set up shop here to produce medical devices for the domestic market.

Panga, whose last posting was Division Chief of Policy Planning, revealed that the Japanese firm’s forthcoming investment arose from the agency’s link-up with SumitomoMitsui of Japan. That investment by the unnamed Japanese firm reveals two out-of-the box thinking that will result in the investments.

First, the PEZA mandate to have only export-oriented enterprises was tweaked to allow investors that would cater to the local market, and second, PEZA’s new head introduced into the agency the saying “if the mountain will not come to Muhamad.”

In the same way, the foreign trips of BBM show a global mindset that will net more investments for the

country, a key ingredient to economic growth that will mean reducing poverty incidence. He told the forum that PEZA has approved P2.845-billion investments for the month of March, almost half of which resulted from the foreign trips of President Ferdinand R. Marcos Jr. This amount is 21.8 percent higher than in the same period last year at P2.343 billion, he noted, as he emphasized that it reflects the agency’s bullishness to attract more investments this year.

“If you will sum up our first quarter performance, January to March —P14.951 billion in investments, which is 19.25-percent higher than P12.537 billion achieved in the same period last year,” he said. Panga highlighted that the foreign trips of President Marcos attracted more investments, with the latest from Germany and the Czech Republic. He said that based on PEZA’s running figures, it could easily be at 43 percent of its P175.7 billion, or roughly P75 billion.

At present, PEZA oversees a total of 422 operational economic zones, encompassing various sectors such as manufacturing, agro-industrial, tourism, and IT-BPM. These economic zones have successfully attracted over 4,300 export-oriented locator companies, establishing them as their home.

He noted that in 2023, the Philippines achieved a high investment rate resulting in a 25 percent growth, or P175.7 billion, increasing from P140.7 billion base figure in 2022.

Panga said that all of PEZA’s current indicators are up for exports and employment, manifesting the Philippines’ upward trajectory for 2024, which is something that is expected for the year and onwards because of its excellent gross domestic product (GDP) performance since 2022.

“The Philippines happens to have the highest GDP growth rate in Asean since 2022—for three years in a row now. That makes the Philippines one of the best performing economies in the region,” he said.

Last year, the Philippines posted a GDP growth rate of 5.6 percent, higher than China, 5.2 percent, Vietnam, 5 percent, Malaysia, 3.8 percent. That growth rate arose from an uptick in the fourth quarter as consumption rose from the remittances that families received from overseas Filipino workers.

PEZA is now selecting sites for what Panga termed as Pharma-Dev

Ecozones, which will host local and foreign companies into medical and drug manufacturing, including research and development and clinical testing. “There’s Laguna, Bulacan, Tarlac, and Cebu which could be sites for these zones,” he revealed. This collaborative effort with the Food and Drug Administration ensures that products to be manufactured within these eco-zones meet rigorous quality and regulatory standards. This will likewise address the development and manufacture of common generic drugs that will boost local supply and bring down the prices of medicines, according to Panga. The Pharma-Dev Eco-zones can boost local supply as well as provide opportunities for Filipino Small, Medium Enterprises (SMEs) to engage in the manufacturing and tolling of drugs, food supplements, and other medical products. Integration into these eco-zones and global value chains will further support the capacity and competitiveness of Filipino businesses, he said. At present, PEZA oversees a total of 422 operational economic zones, encompassing various sectors such as manufacturing, agro-industrial, tourism, and IT-BPM. These economic zones have successfully attracted over 4,300 export-oriented locator companies, establishing them as their home.

With PEZA locators contributing to 50 percent of the nation’s total exports, the efficient management of the agency by Panga is anticipated to attract additional investors, leading to a surge in GDP growth.

Disruptors: The accountancy profession needs you

By Mark de Lat & Paul Thompson

(In this issue of BusinessMirror , columnist Joel Tan-Torres graciously opens up his space to Mark de Lat and Paul Thompson)

The accountancy profession is staring into the eye of a storm. Fast and fundamental changes in the political, social, and economic environment present a perfect storm. A storm that will demand the disruptors amongst us to weather it and navigate to calm waters. This article is a call to those disruptors: to come forward and offer your candid counsel. We need to disrupt ourselves if we are to avoid being disrupted by others. We must avoid simply “moving the deck chairs around on the deck of the Titanic.”

Stewardship 2.0

W Ik IPEDIA describes stewardship as “the job of supervising or taking care of something, such as an organization or property.” Corporate reporting is an instrument or means of stewardship. And the accountant is, or can be, the steward. Stewardship is undergoing dramatic change. A long overdue makeover. There are significant developments both globally and in Europe. Last year the International Sustainability Standards Board (ISSB) issued its augural global sustainability disclosure standards, the International Auditing and Assurance Standards Board plans to finalize its proposed international standard on sustainability assurance later this year, and the International Ethics Standards Board for Accountants has just issued a consultation on new ethical benchmarks for sustainability reporting and assurance.

The European Union’s Corporate Sustainability Reporting Directive is one of the key enablers in the EU’s sustainable transition. The CSRD stands to revolutionize corporate reporting, placing sustainability reporting (ESG) alongside financial reporting, in so doing dramatically changing, for the better, stewardship. Stewardship 2.0. In addition, the European Financial Reporting Advisory Group is also consulting on sustainability reporting standards for listed SME entities and voluntary standards for non-listed SMEs. This rapidly evolving environment will therefore impact businesses of all sizes and sectors.

Sustainability: Challenge, responsibility, opportunity

S U STAI n A BILIT y reporting and assurance presents an enormous challenge and responsibility for the accountancy profession—and an equally large opportunity. It offers the potential for the accountancy profession to emerge from the backoffice shadows—where according to accounting historian Jacob Soll, they retreated to in recent times—and be at the front desk of government policy and economic and social stewardship. In effect, accountants can be the key enablers of sustainable transition and as such the stewards of a sustainable economy and society. IFAC, and many others, believe that the emergence of sustainability reporting and assurance is a crucial inflection point for the accountancy profession: “We believe the accountancy profession is best positioned to lead sustainability reporting and assurance…Professional accountancy organizations need to be key partners in fostering skills and capacity to meet the evolving demands of sustainable business practices.”

Small and medium-sized accountancy practices SM ALL and medium-sized accoun-

tancy practices stand to play a pivotal role in this transition of the profession. SMPs are often mavericks, the true entrepreneurs of the accountancy sector, who are unable or unwilling to conform and work in larger organizations. Some academics, such as Carlos Ramirez, have found they can be hard if not impossible to govern, especially by their PAOs. And yet if they are to capitalize on the opportunity SMPs will need the support of their PAOs among others: “SMPs, however, will likely need to be made aware of, encouraged to adapt, and be provided practical support to make this adaptation if they are to realize this potential”

Stewards of sustainable transition

HOW can we secure this position as stewards of sustainable transition? Well, we believe the profession needs to do what is painfully lacking in its DnA . To think of revolution not evolution, to embrace rather than avoid risk, and to gamble to gain. We are told zero-based budgeting is best and yet we tend to simply tinker with the status quo. We think the accountancy profession needs to give a platform, a voice, to what we call ‘the disruptors’. We believe disruptors can help the profession navigate the perfect storm and position us as stewards of a sustainable society.

Disruptors: We need you

W HO are disruptors? We could have used various alternative labels. Positive ones like “early adaptors” and “tempered radicals.” Less positive ones like ‘insurgents’ and ‘mosquitoes.’ In essence, we are looking for those who challenge convention, who are not given to a “put up and shut up” mentality, that offer a fresh and fearless view. An unedited view. An honest view. you know who you are. you likely are not heard nor listened to by your peers. But we will listen.

We want to interview you, especially those of you who are SMPs who have a passion for sustainability. Because we believe only SMPs that live and breathe sustainability, the true believers, can ever be partners for sustainable SMEs. In other words, to be authentic and persuasive, to be believable, SMPs have to “walk the talk” themselves. As a Dutch proverb states: “The baker has to eat his own bread.”

This article was previously published on the International Federation of Accountants site (https:// www.ifac.org/knowledge-gateway/developingaccountancy-profession/discussion/disruptorsaccountancy-profession-needs-you?)

Paul Thompson is the Technical Director of the European Federation of Accountants and Auditors and Mark de Lat is an ESG Opinion leader and strategist.

Be a steward to be a better agent

ISiegfred Bueno Mison, Esq.

THE PATRIOT

N civil law, a person called the “agent” binds himself to render some service or to do something in representation or on behalf of another, called the “principal.” A formal agency contract requires the consent of the agent as well as the authority of the principal. By this definition, any elected public official becomes the “agent” of the electorate who voted him/her into power.

The people as “principal” gave their authority, whereas the public servant accepts the responsibility of an “agent” acting on behalf of the people. And one of the basic guiding instructions of the principal is found in the Constitution, as stated in the Preamble—secure to ourselves and our posterity the blessings of independence and democracy under the rule of law and a regime of truth, justice, freedom, love, equality, and peace…” (1987 Constitution). In this context, our President is the people’s agent to the outside world. Whenever he or she does or says something, persons aside from the “principal” presume that such are done on behalf, and should be for the benefit, of the Filipino people.

So, as the President of the Republic from 2016 to 2022, Rodrigo Duterte’s previous interactions with all other countries, including and especially China, are clothed with authority from the people and with the presumption that they were done for our benefit. Similarly, President Ferdinand Marcos Jr.’s recent interactions with all other countries— recently with Australia, Germany, and United States—should be given

the same treatment. Both presidents were simply acting as “agents” on behalf of the Filipino people. In civil law, an agent has the general obligations of loyalty, obedience, and diligence to his principal. Again, if we were to liken the Chief Executive as the agent of the Filipino people, all these obligations can only be fulfilled when there is love—love for the principal, most especially. Those in Congress are bound by the same obligations. And should there be a Constitutional Commission to amend or revise the charter, they too have these general obligations of loyalty, obedience, and diligence to their principal—the Filipino people.

Obviously, Duterte made China a dear friend during his term, whereas PBBM is doing the opposite. In the process, China and the US are practically using our former agent against our current agent to fight their wars, quite ostensibly as far as possible. The Duterte jabs against charter change are totally against PBBM’s support to it. Duterte’s support of Pastor Apollo Quiboloy, a wanted fugitive in the United States and an uncooperative subject in the legislative hearings, can be seen as a statement against

the principal, the Filipino people, who Duterte used to serve as their “agent.” I am unsure whether such recent actuations of our previous agent are premised on love for the principal. Regardless of his personal views, any former chief executive should encourage everyone, his close friends in particular, to follow the law instead of breaking it. Most believers think that should they fail to follow the law of God, then there will be retribution on Judgment Day. Both Pastor Quiboloy and former President Duterte, who admitted going to church more often than usual, ought to agree. In the same vein, Filipinos know that should they fail to follow the laws made by Congress and enforced by the Executive branch, there will be punishment. Both the Bible and the Constitution desire obedience, just as a principal expects obedience from his agent.

In the spiritual realm, prior to his crucifixion, Jesus Christ left his “agent,” the Holy Spirit, to dwell among us. (Romans 8:9) The Holy Spirit’s indwelling is the fruit of being a believer. In this context, believers can be considered as agents of the One Almighty God since they believe that Jesus dwells permanently within them, “be with you forever” (John 14:16). In simple terms, the Spirit is the agent of Jesus Christ and, since the Spirit dwells in us, all believers are the agents of Jesus Christ in the process. And as agents, we are all bound by the general obligations of an agent—loyalty, obedience, and diligence to our principal, who is our Almighty God. All these attributes ensconced in the relationship of spiritual agency are held together by a fulcrum called Love.

Rev. Dr. Melinda Contreras-Byrd writes that we are God’s agents of grace and hope in the world. If we are followers of His Son, Jesus Christ, then we have been accorded the

Want to be ‘certified crypto expert’? You need 11 hours and $229

TBy Olga Kharif

O pass the chartered financial analyst exams and put the “CFA” letters on your resumè, at least 900 hours of study are recommended. Hitting the books for 300 to 400 hours is advised for the certified public accountant exam, which is usually taken by prospective CPAs who have completed an undergraduate degree in the subject.

However, to become a “Certified Cryptocurrency Expert,” or CCE, all you need is $229 and time for 11 hours of online coursework offered by Blockchain Council. If that’s too much of a time commitment, you can receive a “Cryptocurrency and Blockchain Certificate” elsewhere by taking just four hours of coursework, passing a 20-question test and shelling out $795.

The lack of a widely recognized professional accreditation in the cryptocurrency industry has left a vacuum that a variety of organizations are trying to fill, and Bitcoin’s rally to records this year is stoking interest in them. ye t as with many topics involving crypto, there are questions about what exactly—if anything—is worth the investment.

Contributing to the proliferation of online crypto-certification pro-

grams is the fact that many universities are behind the curve when it comes to offering sufficient coursework in the subject, according to Duke University finance professor Campbell Harvey.

“Many have seen this gap and are offering ‘certifications,’” Harvey, who studies digital-asset markets, said in an email. “However, students need to be aware that some of these certifications are just money grabbing gimmicks. Buyer beware.”

Emails to the Blockchain Council seeking comment were not returned, and repeated calls to the phone number on its website went unanswered. ACAMS, which offers the $795 Cryptocurrency and Blockchain Certificate, didn’t return emails seeking comment.

In at least one case, a cryptoeducation program has been linked directly to an alleged scam. The US Securities and Exchange Commission last month announced a settlement with Brian Sewell, founder of an online trading course called the American Bitcoin Academy, which the regulator said scammed 15 students out of more than $1 million by persuading them to invest in a fake hedge fund. Sewell didn’t return requests seeking comment.

As the price of Bitcoin surged back to record levels this year, there was

The lack of a widely recognized professional accreditation in the cryptocurrency industry has left a vacuum that a variety of organizations are trying to fill, and Bitcoin’s rally to records this year is stoking interest in them. Yet as with many topics involving crypto, there are questions about what exactly—if anything—is worth the investment.

an accompanying jump in interest in crypto from retail and institutional investors alike—and with it a corresponding surge in Web searches for “crypto certification,” according to Google Trends. Asked about the various certifications available, a representative of the crypto association Coin Center responded that they weren’t familiar with any of them and that “might tell you all you need to know.”

Some major employers in the industry don’t pay much attention to the certifications as well.

“We look for notable experience and achievements in the crypto space over certifications,” said a spokesperson for Coinbase Global Inc., the biggest US crypto exchange. “We also value crypto passion and curiosity and have developed internal educa-

Japan’s $4 trillion offshore funds will ignore first BOJ hike

By Masaki Kondo, Yumi Teso & Hideyuki Sano

JA limited rise in the BOJ’s policy rate may keep yield gaps between the Asian nation and other major economies too wide for Japanese investors to cross. That’s likely to soothe concerns that a historic shift in policy will have a profound impact worldwide due to their massive $4.43 trillion holdings of foreign securities.  “We’re seeing large retail outflows into foreign bonds and equities and

I don’t think the end of the BOJ’s sub-zero rate policy will change this trend,” said Hideo Shimomura, a senior portfolio manager at Fivestar Asset Management Co.  Japanese money headed to the US and the Cayman Islands over the past decade or so, seeking higher returns.

Even amid mounting speculation about a BOJ policy change, Japanese investors bought ¥3.5 trillion of foreign bonds in the first two months of this year after scooping up ¥18.9 tril-

lion in 2023, the most in three years. Individuals’ purchases of overseas equities also rose in recent months. BOJ board members will discuss whether they can abolish the world’s last negative-interest-rate policy at a two-day meeting ending March 19. Overnight-indexed swaps on Friday signaled a 67 percent chance of such a move. By the end of the year, 73 percent of the poll participants expect the BOJ to raise the short-term interest rate to somewhere between

honor of being called into a special kind of spiritual stewardship. She continues by stating that Stewards (like agents) are “people who have been deemed to be those who can be trusted to be wise, honest and responsible.” As stewards or agents, we are enjoined by God’s Word through 1 Peter 4:10, “Like good stewards of the manifold grace of God, serve one another with whatever gift each of you has received.” Again, our obligation is to “serve one another,” a ministry or spiritual agency/stewardship that includes “feeding (God’s) sheep,” reflecting all that our Savior exemplified for us while he was on earth, and not undermining the image and character of God. As agents or stewards, we are accountable to God for the use of our agency, as we must make an accounting of our thoughts, words and actions (Matthew 12:36; Romans 2:5–8; 14:12; Revelation 20:12).

Becoming a better agent entails more than an acquiescence or mastery of one’s obligations to his principal. It commands a consciousness that through the death and resurrection of Jesus Christ, we have been given the gift of salvation borne out of love, hence we have been called into the ministry of spiritual agency and stewardship. It is this kind of selfless love by our Heavenly Creator that propels us to diligently carry out our tasks as His better agents of grace and hope.

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

For questions and comments, please e-mail me at sbmison@gmail.com.

tion to further develop folks.”

Still, some employers are finding value in certain certificates. Bitwise Asset Management has had more than 20 employees take the Digital Assets Council of Financial Professionals certification since 2021, as “a great way to ensure that they start with a strong foundation of crypto knowledge,” said Matthew Hougan, chief investment officer at Bitwise, which was one of the companies to launch a new spot Bitcoin ETF.

Inquiries about the Digital Assets Council of Financial Professionals’ certification courses have increased as much as 30% since the beginning of the year, as the first batch of ETFs investing directly in Bitcoin were approved in the US, said Founder Ric Edelman, who started Edelman Financial Engines.

“now that these ETFs are here, and there’s so much consumer demand for them, we are seeing a significant uptick in inquiries,” Edelman said.

Thousands have taken the course so far, Edelman said. He said DACFP differentiates itself from other certification courses by not only talking about blockchain and crypto but also about understanding the financial planning, taxation and estate planning aspects of crypto. Bloomberg

0.01 percent and 0.5 percent, from minus 0.1 percent currently. Even if the central bank raises the policy rate to 0.5 percent by the end of 2024, it would still be about 400 basis points lower than the US equivalent, overnight-indexed swaps show, boding ill for the Japanese currency. The yen has slumped about 10 percent in the past year against the dollar, the most among the 16 major currencies tracked by Bloomberg, as central banks outside Japan tight-

ened policy aggressively to rein in hot inflation. BOJ officials, meanwhile, are waiting for signs that inflation is set to stick at or above 2 percent, backed by higher wages. Of the Pulse respondents, 69 percent said the yen may end this year between 120 and 140 per dollar. The yen traded at around 149 on Friday. Currency strategists expect a rally in the yen to be limited to just a few percent. With assistance from Michael Mackenzie / Bloomberg

I think when he was just applying to construct the resort, right from the start, the concerned government agency should have informed him that it’s prohibited [to put up structures in a protected area].”

Recognizing that two other re -

sorts have been built within Chocolate Hills, the lawmaker noted that in natural parks abroad such as the Yosemite in California,“they were able to plan designated areas for hiking, camping, the construction of structures to be able to admire nature. Maybe we should study if there is a comprehensive land use plan or masterplan for Chocolate Hills because it encompasses other towns.” She noted that in the town of Carmen, a viewing deck had been built to allow tourists to see Chocolate Hills, which is the Philippines’s first Unesco Global Geopark.

Like Marikina watershed SHE cited a similar example in the Marikina watershed, where some areas had already been titled before its declaration as a protected landscape in November 2011. “Despite his land title, the owner first made sure with the DENR [Department of Environment and Natural Resources] that their intended structure for the property will have fulfilled the conditions of the environmental clearance certificate [ECC].”

According to Captain’s Peak resort manager, Julieta Sablas, they had secured all the necessary permits to open and operate the resort, except for the ECC.

See “Govt,” A2

NG to do ₧6.97-T projects under TRIP program–Neda

By Cai U. Ordinario @caiordinario

THE national government is set to undertake P6.97 trillion worth of infrastructure projects under its Three-year Rolling Investment Program (TRIP), according to the National Economic and Development Authority (Neda).

Documents obtained by BusinessMirror show the TRIP, which was recently approved by the Neda Board Interagency Committee on Infrastructure (Infracom), is set to finance 2,762 projects and programs (PAPs) between 2025 and 2027.

For 2025, the amount to be spent is P2.57 trillion, the largest in the program, followed by 2026 at P2.36 trillion and 2027 at P2.04 trillion.

“ The TRIP was approved by the Neda Board Committee on Infrastructure [Infracom] during its March 12, 2024 Special Meeting for subsequent submission to DBM

as input for the FY 2025 Budget Preparation,” Neda said in a brief sent to BusinessMirror Trip’s Tier 1 projects, which include 393 ongoing projects, accounts for the bulk of the amount at P5.57 trillion. This is broken down to P2.05 trillion in 2025; P1.88 trillion in 2026; and P1.65 trillion in 2027.

F or Tier 2, which includes 2,369 new or expanded projects, amounts to P1.39 trillion. This is broken down into P518.42 million in 2025; P479.73 million in 2026; and P391.91 million in 2027.

T he Neda also said transporta -

tion remained the infrastructure sector with the highest investment between 2025 and 2027. The total allocation of the sector amounts to P3.87 billion or 55.55 percent.

Given this, in terms of agency, the Department of Public Works and Highways (DPWH) accounts for 30.79 percent of the amount allocated for transportation in the next three years.

T his is followed by the Department of Transportation (DOTr) at 20.81 percent of the total and other transport agencies at 3.95 percent.

These include transport-related projects of DA [i.e., farm to market roads], Ceza, Subic Bay Metropolitan Authority [SBMA], Zamboanga City Special Economic Zone Authority [ZCSEZA], among others,” Neda said.

Apart from transportation, Neda said TRIP covers projects for the water infrastructure sector, accounting for P1.31 trillion or 18.78 percent of the total in the next three years.

T his is followed by social infrastructure at P1.28 trillion or 18.37 percent of the total; other social infrastructure projects, 4.2 percent; information communications technology, 2.09 percent; and

power, 1.02 percent.

Meanwhile, Neda said the investment requirements between 2025 and 2027 of most PAPs or P4.82 trillion—or 69.25 percent of the total—must be financed through local funds.

T his is followed by Official Development Assistance (ODA) amounting to P1.3 trillion or 18.61 percent of the total and Public Private Partnerships, P839.33 billion or 12.05 percent of the total.

Neda said financing from other sources will also be sought for 0.09 percent of the total.

T he oversight agency said the TRIP is a key feature of the budgetary reform used to synchronize and tighten the link between planning and budgeting of all infrastructure PAPs of the government.

It will also be used to build the pipeline of strategic and other infrastructure projects needed to sustain inclusive economic growth.

Neda issued the Call for the submission of priority PAPs in the Public Investment Program (PIP) and TRIP as input to the FY 2025 budget preparation through a October 13, 2023 Memorandum signed by the Socioeconomic Planning Secretary.

SC asked: Probe ex-Biliran Rep. Chong for remarks against FL in prayer-rally

AMANILA-BASED lawyer has written the Supreme Court, seeking an investigation of  former Biliran Rep. Glenn Chong, for remarks he supposedly made at a prayer rally, that he would “slap” First Lady Liza Araneta-Marcos. “ Such reprehensible remarks not only demoralize the dignity of Atty. Liza Araneta-Marcos as first lady of our country but also reflect a disturbing attitude toward women in general. As citizens of the Philippines, we must uphold the principles of equality, respect and dignity  for all individuals, regardless of their gender or position,” said Atty. Daniel Y. Laogan in his letter to Chief Justice Alexander Gesmundo.

H e said the matter deserves

a thorough investigation by the “appropriate authorities to warrant accountability and uphold the integrity of our legal profession.” He claimed Chong’s “al -

leged remarks are not only unethical but also violate the Code of Professional Responsibility and Accountability.” I n his letter, Laogan also attached a copy of an article last March 14, 2024 in politico.com, quoting House Deputy Majority Leader Janette Garin as noting the irony that Chong’s alleged remarks were made during the celebration of Women’s Month. Chong had appeared at a prayer rally for embattled pastor Apollo Quiboloy in Manila, which later became a platform for anti-Marcos remarks by some speakers.

Garin was quoted saying that even assuming Chong was joking, his remarks do not  speak well of a former member of Congress and a lawyer. There are better ways to express one’s “anger,” said Garin.

SEAS THE DAY As the debutante shines in her predebut photoshoot on March 15, 2024, the newly revitalized Manila Dolomite Beach provides a stunning backdrop. Meanwhile, visitors bask in the mesmerizing Manila Bay sunset until 6 p.m., attracting a diverse crowd of local tourists, vloggers, escapists and artists. BERNARD TESTA

Court junks Newsnet bid to stop

ABy Lorenz S. Marasigan @lorenzmarasigan

locA l court has allowed the National Telecommunications commission (NTc) to reallocate the frequencies held by News and Entertainment Network corp. (Newsnet), an affiliate of listed telco Now corp.

plaintiff [ne wsnet] was unable to establish a definite and enforceable right that would entitle it to a writ of preliminary injunction,” the decision, penned by Presiding Judge Maricris Pahate-Felix, read. t h e legal dispute revolves

around n t C ’s decision to reallocate n e wsnet’s frequency for the terrestrial component of International Mobile te lecommunications (IM t ), following the expiration of n e wsnet’s legislative franchise.

t h e regulatory body denied n e wsnet’s request to renew its provisional authority (Pa ) to operate and maintain a C at V system within the 25.35 to 26.35 gigahertz (GHz) frequency range, citing an expired legislative franchise.

ne wsnet claimed it has the right to continue operating its C at V system using its previously assigned frequency range even if its secondary 25-year legislative franchise under r e public a c t ( r a ) 8197 expired in 2022.

However, the Makati court decided that the Pa and other permits

FBy VG Cabuag @villygc

OO t W e ar brand Hoka simultaneously opened two new stores in Metro Manila, as the company hopes to tap the growing number of runners and fitness enthusiasts in the country.

nino Priambodo, Southeast a sia brand marketing general manager of M a P active, said the company is also targeting the general public.

During the opening events, many of the buyers included seniors, as Hoka shoes are known for its sta-

Eternal Plans Incorporated ( ePI) marked its 43rd a n niversary and a n nual aw ards on March 7, 2024, with distinguished guest, Deputy Insurance Commissioner a t ty. r a ndy G. Serrano, at the Citystate to wer Hotel in er mita, Manila.

a t ty. Serrano delivered his inspiring and insightful remarks, welcomed by the executive officers of e t ernal Plans, including Chairman of the Board t a nthony C. Cabangon, Vice Chairman and C e O D. a n toinette C. CabangonJacinto, President e l mer M. l or ica, Director Benjamin V. r a mos, and a l C Group Chairman D. e d gard a Cabangon. a l so gracing the event was his colleague from the Insurance Commission, a t ty. John a a p atan, e x -officio Conservator Division ManagerConservatorship, r e ceivership, and l i quidation Division. a t ty. Serrano’s speech began by acknowledging the theme of the event, “Unwavering Commitment and Passion,” as timely, given the challenges the world faces. He then delved into the theme’s significance, contextualizing it within the challenges faced by eternal Plans over the years. “ to night’s celebration and awarding ceremony amplifies the resilience of ePI in the face of global crisis and huge challenges through the years,” he remarked, highlighting the company’s steadfast dedication to its mission. He praised ePI’s resilience over the years, noting the company’s history of obtaining licenses for its memorial, pension, and educational plans, which have marked

bility. M a P active is the distributor of brands, such as Hoka, and the operator of Foot l ocker stores in the Philippines.

Priambodo said the company will market Hoka in the country more as a premium brand in an alreadycrowded space for fitness brands.

He said there are no plans yet on when stores will open in the Visayas and Mindanao, but it has other partner stores, such as Foot l ocker, that offer Hoka shoes to consumers in areas outside of Metro Manila.

“Hoka is committed to bring joyful performance to the world

and to everyone in the Philippines. With the opening of our two new stores in One ay ala and GH Mall, we now have four stores in Philippines in two years which is a proof of the exponential demand for the brand and very exciting times ahead for Hoka in this market,” Prasanna Bhaskar, general manager of a s ia Pacific Pacific, Deckers Brand, said.

Hoka shoes are renowned for its enhanced cushioning and engineered midsole, providing a ride designed to be smooth, soft and efficient. It is continually explor-

the company’s commitment to protecting the Filipino people in times of need.

Drawing on a Japanese proverb of the bamboo and the oak tree, at ty. Serrano stated, “‘ t he bamboo that bends is stronger than the oak that resists.’ a n oak is a hardwood tree. We all know that it is a tree that can live for up to a thousand years and grow to 40 meters in height. a n oak tree symbolizes strength... On the other hand, the bamboo is advanced… It symbolizes simplicity and continuous growth. It survives in the harshest conditions, still standing and staying green year-round. When a storm comes, bamboo bends with the wind. a nd when the storm stops, it resumes to its upright position. a bamboo also represents flexibility and adaptability because it can sway

back and forth in the wind without breaking.”

“For me, eternal Plans Incorporated is like a bamboo. Under the present leadership of ePI, it has blended with the current trend in the insurance market and the wind of insurance innovation. It is aware of the movements in the market at all times and swiftly responded and found solutions to the problems,” he added. By likening eternal Plans to bamboo, a t ty. Serrano highlighted the company’s agility and ability to weather storms, both literally and figuratively. a t ty. Serrano also commended e P I’s presentation of its accomplishments, stating, “Kanina nakita ko po ang presentation n’yo. Hindi ako nagtaka doon kasi nasa submission po ninyo ‘yan sa Insurance Commission.

were contingent upon ne wsnet’s legislative franchise.

t he court noted that ne wsnet had not pursued an administrative franchise under e x ecutive Order 205 during the lifespan of its legislative franchise, but instead aimed to extend its Pa until the renewal of its franchise through legislative means.

a dditionally, the rtC ruled that ne wsnet failed to establish a “clear and unmistakable right” that would warrant injunctive relief, especially considering the expiration of its legislative franchise.

“a t this stage, plaintiff is not the holder of an existing franchise, whether legislative or administrative, that would allow it to exercise the privilege of providing C at V s ervices to the public within the Philippines,” the court said.

ABy Lenie Lectura @llectura

Cen Corp. and the Manila electric Co. (Meralco) have agreed on the amount that needs to be recovered in relation to the losses incurred by ayala Corp.’s energy arm due to a surge in global coal prices back in 2022.

according to their officials, aCen and Meralco already filed for price adjustment involving two of their power supply agreements (PS a s) before the energy regulatory Commission (erC). t his was confirmed by erC Chairperson Monalisa Dimalanta who said in a text message that the joint application was “filed and docketed last March 5.”

She said a copy of the joint application could not be made public because both parties filed for a “request for confidential treatment.”

ing new ways to make movement “more enjoyable, purposeful and empowering.” to celebrate the new stores, Hoka organized a competition featuring athletes, coaches, celebrities and Hoka run Club.

“It is only right that we celebrate the new stores with a joyful experience featuring Hoka fans. t he experience is broadcasted live in Hoka Philippines social media, so everyone can see what Hoka experience is like,” Bel l aureola, country marketing manager for M a P active Philippines, said.

Pero lalong na-confirm na hindi pala papel lang talaga yon. Kasi nakita natin ‘yon.” His words underscored the tangible impact of e P I’s efforts, transcending mere paperwork to reflect the company’s sincere commitment to comply with the Commission’s requirements and regulations.

t he Deputy IC Commissioner also emphasized the commitment of the Insurance Commission to protect the rights of consumers, while also extending a hand to help and strengthen the pre-need industry.

He expressed his gratitude to the employees and sales team of eternal Plans, saying, “ tu loy tuloy ang trend ng pag-angat ng eternal Plans sa pre-need industry.”

Vice Chairman and C eO D. a ntoinette C. Cabangon-Jacinto expressed gratitude to a t ty. Serrano and to the Insurance Commission for their continued support of eternal Plans.

a l C Group Chairman D. e dg ard a Cabangon also thanked the employees and sales force for their commitment and loyalty to the company, “Maraming salamat sa pagmamahal ninyo sa ating kumpanya.”

t he event also recognized the company’s top agents and bestperforming employees. a mong the awardees were top a rea Manager na rcisa B. a zul, top Sales Counselor e s taniel C.

aC e n , according to its president er ic Francia, is “supportive” of Meralco’s computation. aCen earlier wanted to recover P2.5 billion in losses but Meralco said aCen was only entitled to recover P706 million.

“Meralco advised us that this is how they treated other contracts. So, based on an equal treatment

principle, we are supportive. We broke it down to sources of supply for transparency,” said Francia in an interview.

Meralco regulatory a f fairs head Jose ronald Valles confirmed that aCen had agreed with the utility firm’s numbers.

t he PSa s involved are 110 megawatts (MW) of mid-merit capacity and 200MW of baseload capacity of the South lu zon t hermal energy Corp. (SlteC) power plant.

In its “change in circumstance” (CIC) notice sent to Meralco last February 1, aC en s total claims for the baseload PS a stood at P2,228,860,420.08 broken down as follows: P618,382,044.41 for the South lu zon t hermal energy Corp. (S lte C ) plant; P561,268,588.48 for the third-party generator and P1,049,209,787.19 for Wholesale electricity Spot Market (W eSM).

For the mid-merit PSa , aCen wanted to recover P329,652,635.66. t h e amount represents P87,755,066.37 for the SlteC plant, P84,270,027.78 for the third-party generator and P157,627,541.51 for W eSM.

Continued on B2

For the week, losers outnumbered gainers 126 to 100, and 27 shares were unchanged.

Top gainers were roxas and Co. Inc., GeOGraCe resources Philippines Inc., Belle Corp., Swift Foods Inc., The Philodrill Corp., Medco holdings Inc., easycall Communications Philippines Inc. and Premium Leisure Corp.

Top losers, meanwhile, were Jackstones Inc., National reinsurance Corp. of the Philippines, Seafront resources Corp., atok-Big Wedge Co. Inc., F and J Prince holdings Corp. a shares, LBC express holdings Inc., Coal asia holdings Inc. and SFa Semicon Philippines Corp.

this week

Share prices may move sideways this week as a strong rally could be difficult amid tempered hopes of a rate cut by the United States Federal reserve after the US producer price index rose above expectations.

“Investors are also expected to watch out for the Federal Open Market Committee meeting for more clues on the Fed’s policy outlook. aside from this, investors are also expected to watch out for the remainder of the 2023 corporate results,” Tantiangco said. Broker 2Tradeasia said while consensus has long been firm on a non-move on rates on the US Fed’s meeting, comments about the timing of easing should fuel short-term speculation, at least from a macro standpoint. a May cut is also getting uncertain albeit still fairly possible, which further confirms our earlier notes that investor sentiment is gradually coming back to earth, and that year-end 2023 aspirations did skew ambitious- now more pragmatic in light of apparently sticky inflation,” it said.

“The PSei cracked under selling pressure, falling back to 6,800 and further stressing how critical of a level 7,000 is. Strong events are needed to provide an

DEpUT y Insurance Commissioner Atty. Randy G. Serrano (fifth from the left) graces Eternal plans’ 43rd anniversary and annual awards as the Guest of Honor and Keynote Speaker, along with his colleague from the IC, Atty. John A.

Banking&Finance

Editor: Dennis D. Estopace

Marcos signs law slapping 9% tariff on imported salt

By Samuel P. Medenilla @sam_medenilla

TO help boost the competitiveness of the local salt industry, President Ferdinand R. Marcos Jr. signed Republic Act (RA) 11985 or the Philippine Salt Development Act, which slaps a 9-percent tariff on imported salt.

Prior to the new law, the tariff on imported commodities was only at 1 percent.

The new ad valorem rate will be applied on all imported salt, including table salt, denatured salt, pure sodium chloride, whether or not aqueous solution of containing added anti-caking or free-flowing agent, as well as sea water.

After 90 days from the implementation of RA 11985, the collected salt tariff will be credited to the Salt Industry Development and Competitiveness Enhancement Fund (Sidcef) to be created in the special accounts of the National Treasury.

The law mandates fund will be managed by the Agriculture Secretary and the Bureau of Fisheries and Aquatic Resources (BFAR) Director and its beneficiaries will include salt cooperatives/associations of subsistence and small farmers and fisherfolks.

The fund will exist for ten years and will be used to: provide the

machinery and equipment for salt production; establish a salt farm warehouse; provide extension services; and, develop modern salt production and processing technology in line with the Philippine Salt Industry Development Roadmap.

The law also mandates the creation of the Philippine Salt Industry Development Council, headed by the Department of Agriculture, to ensure the unified implementation of the Salt Roadmap. The latter aims to “accelerate the modernization and industrialization” of the Philippine salt Industry.

In the fifth year of the implementation of the RA 11985, the Congressional Oversight Committee on Agriculture and Fisheries Modernization, which will determine if the Sidcef will be continued, amended or terminated.

Despite the country being a saltproducer, it imports 93 percent of its salt supply due to poor quality control from local manufacturers.

Citing industry estimates, the Department of Labor and Employment earlier said the “revival” of the local salt industry will generate 100,000 jobs.

Aside from RA 11985, Marcos also signed RA 11984 (No Permit, No Exam Prohibition Act) and RA 11983 (New Philippine Passport Act) on March 11, 2024.

Perspectives

Subsidies to state-run firms plunged to ₧163.535 billion

By Reine Juvierre Alberto

FOUR years of a Covid-scarred economy, the national government’s subsidies to state-run firms plunged to P163.535 billion in 2023.

Data from the Bureau of the Treasury (BTr) showed that subsidies extended to government-owned and -controlled corporations (GOCCs) contracted from the previous year’s levels.

Subsidies of the national government last year recorded a double-digit drop of 18.39 percent or P36.875 billion from P200.410 billion in 2022, according to data from the Treasury. This was the lowest since the P192.767 billion subsidies in 2021.

Broken down, the bulk of the subsidies amounting to P88.209 billion, or 53.94 percent, went to GOCCs; down by 27.96 percent or P34.249 billion from the previous year’s P122.458 billion.

Empowering Ethical Innovation: Navigating Disruptive Technology

A RTIFICIAL Intelligence (AI) has become a cornerstone of innovation, permeating diverse facets of society, businesses, and daily life. One of the most groundbreaking advancements in AI technology is Generative AI, which includes transformative tools like Bard and ChatGPT. As Generative AI gains prominence, global CEOs are increasingly recognizing its boundless potential and are accelerating their investments and explorations into this cutting-edge technology.

According to the recent KPMG CEO Outlook 2023, a staggering 70 percent of global CEOs have identified Generative AI as their top investment priority, viewing it as a pivotal competitive edge for the future. The survey reveals that 52 percent of these CEOs expect to witness a substantial return on their investment within the next three to five years. Notably, increased profitability emerged as the primary benefit of implementing Generative AI within organizations, cited by 22 percent of the CEOs.

Despite their eagerness to invest, CEOs are acutely aware of the risks associated with emerging technologies. The survey shows that 55 percent of organizations have experienced delays in progress toward automation due to concerns about how AI systems make decisions. Ethical challenges loom large, with 57 percent of CEOs identifying this area as their top concern in implementing Generative AI, closely followed by worries about a lack of regulation.

Moreover, the rise of AI technologies has heightened cybersecurity risks. Although AI can assist in detecting cyber-attacks, a striking 82 percent of CEOs are apprehensive about the new dangers it might introduce by providing novel attack strategies for adversaries. Alarmingly, 27 percent of CEOs admit they are not prepared for a potential cyberattack, signifying a concerning gap in cybersecurity readiness.

KPMG in the Philippines Technology Consulting Head Jallain Marcel Manrique shares that “as the Philippines is rapidly transforming into a technology-driven economy, embracing AI technologies like Gen-

erative AI can foster innovation, improve productivity and contribute to economic growth. However, like the global community, the Philippines must also grapple with ethical concerns related to AI implementation. Ethical AI practices are crucial to maintaining trust among the public.”

In this landscape of disruptive technology, CEOs must take a proactive stance to address the challenges and harness the opportunities presented by Generative AI. Here are key takeaways from the CEOs’ perspective on Generative AI:

1. Investment Priorities: 70 percent. Generative AI is their top investment priority, indicating a strategic shift towards advanced AI technologies.

2. Ethical Concerns: 57 percent. Ethical challenges are the primary concern, highlighting the need for responsible AI frameworks and practices.

3. Cybersecurity Risks: 82 percent. AI may provide new attack strategies for adversaries, necessitating a heightened focus on cybersecurity measures.

Navigating the future

IN light of these insights, global CEOs must navigate the future by:

n Prioritizing ethical implementation. Embrace Generative AI in a manner that is ethical and aligns with your business values. Ensure that ethical considerations are at the core of your AI strategy, emphasizing transparency and fairness in decision-making processes.

n Continuous learning. Stay updated on evolving cyber-attack strategies to safeguard your organization. Invest in training programs for employees, enabling them to recognize and mitigate potential cyber threats effectively.

n Lead with confidence. CEOs must lead from the front, fostering a culture of responsible AI usage within their organizations. Provide clear guidelines and governance frameworks, empowering employees to make ethical and informed decisions regarding AI technologies.

n Advocate for regulation. Collaborate with regulatory bodies

to establish clear guidelines for Generative AI usage. Engage in dialogues that shape regulations, ensuring they strike a balance between innovation and ethical standards.

“In a nation where innovation meets tradition, the responsible adoption of Generative AI can spearhead a new wave of progress. By embracing ethical innovation, Filipino businesses can not only foster sustainable growth and innovation but also contribute significantly to the global discourse on responsible AI usage, ensuring a future where technology and ethics harmonize seamlessly,” Manrique added.

Generative AI stands as a beacon of innovation, promising transformative possibilities across industries. However, the responsible adoption of this disruptive technology is paramount. CEOs play a pivotal role in steering their organizations towards an ethical and secure AI future, thereby ensuring sustainable growth and innovation while safeguarding the interests of employees, clients, and society at large.

How KPMG can help IN navigating the complex landscape of Generative AI and disruptive technology, KPMG stands as a trusted partner, equipped with expertise, insights, and a commitment to ethical innovation. KPMG can assist businesses in harnessing the potential of Generative AI while addressing ethical concerns and mitigating cybersecurity risks. Their tailored solutions, industry-specific strategies, and collaborative approach empower organizations to embrace innovation confidently.

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

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

Subsidies worth P74.697 billion or 45.68 percent went to non-financial government institutions, which also declined by 3.63 percent or P2.817 billion from 2022’s P77.514 billion.

The remaining 0.38 percent or P629 million of the subsidies were disbursed to the National Home Mortgage Finance Corp., the only agency under the government financial institution given budgetary support.

The Philippine Health Insurance Corp. (PhilHealth) obtained the bulk of the amount, getting P50.746 billion or 31.03 percent of the total amount of subsidies disbursed in 2023. However, subsidies to PhilHealth in 2023 further decreased by 36.60 percent or P29.302 billion

from P80.048 billion in 2022.

PhilHealth has always been the top recipient of government subsidies with a consistent increase in budgetary support since 2015 but it declined in 2022 by P931 million from 2021’s P80.979 billion. After PhilHealth, subsidies last year were to the non-financial institutions National Irrigation Administration (NIA) and the National Housing Authority (NHA) with P40.738 billion and P18.273 billion, respectively. Both state-run firms NIA and NHA’s budgets increased last year, up by 0.18 percent or P76 million and 6.70 percent or P1.148 billion, respectively.

Among the other recipients of large amounts of subsidies last year were the National Food Authority with P10.182 billion, Power Sector Assets and Liabilities Management Corp. (Psalm) with P8 billion, Philippine Crop Insurance Corp. amounting to P4.634 billion, and Bases and Conversion Development Authority (BCDA) with P4.411 billion, among others.

Meanwhile, the smallest subsidies went to the Philippine Ports

Authority amounting to P36 mil-

lion, the Zamboanga City Special Economic Zone with P41 million, and the Aurora Pacific Economic Zone and Freeport Authority with P48 million.

For the month of December 2023, GOCC subsidies stood at P10.485 billion, plunging at 67.30 percent or P21.585 billion from P32.070 billion in the same month in 2022.

Taking the biggest subsidy for December is Psalm with P3 billion, for a 28.61-percent share of the total. It was followed by NIA with P2.304 billion and the BCDA with P1.501 billion.

The national government provides subsidies to state-run firms to fund operations not covered by corporate revenues or to finance specific programs or projects.

The national government’s total expenditures last year expanded to P5.336 trillion, P176.6 billion higher than the P5.159 trillion recorded in 2022. Meanwhile, revenues collected rose to P3.8 trillion last year, up by 7.86 percent or P278.6 billion recorded in 2022.

The budget deficit last year fell by 6.32 percent to P1.61 trillion.

Private funds eyed for Pasig River rehab

By Cai U. Ordinario @caiordinario

THE national government will seek private donations to finance the completion of the Pasig River rehabilitation project, according to the Department of Human Settlements and Urban Development (DHSUD). The DHSUD said the rehabilitation project of the Pasig River will be completed in three years to five years. The project, the agency said, is a priority for the President and the First Lady as this will also help preserve Intramuros.

It will also help address traffic issues in the cities along the river by creating a seamless connection between road and water transport. “Commuters can also transition from surface roads to water transport through bridgewalks which will be constructed at major points that will serve as pick-up and drop-off points for the water ferries,” DHSUD Secretary Jose Rizalino L. Acuzar

explained.

The revitalization project was the result of Executive Order 35, issued by President Ferdinand R. Marcos Jr. in July last year constituting the Inter-Agency Council for the Pasig River Urban Development (IACPRUD). The IAC-PRUD was tasked to “transform Pasig River back into historically pristine condition conducive to transport, recreation and tourism.”

The first phase was completed and opened to the public within six months of EO 35.

The President and the First Lady aims to maximize the full potential of Pasig River and bring it to the level of other major waterways in the world like the Thames River in London, the Chao Phraya in Bangkok and the Seine River in Paris.

The DHSUD and the IAC-PRUD aim to keep the cultural heritage of the Walled City untouched throughout construction around the area as part of the Pasig River rehabilita-

tion project. The DHSUD is closely coordinating with the National Commission for Cultural and the Arts to ensure the preservation and protection of the renowned Walled City.

In February, construction work on the multi-phased transformation of Pasig River into a center for tourism and economic activity has extended to the Intramuros area.

This was just weeks after the successful inauguration of the showcase area behind Manila Central Post Office, led by the first couple in January.

Intramuros is home to worldrenowned landmarks such as Fort Santiago, the San Agustin Church and the Manila Cathedral and popular among tourists, both local and international, for its Spanish colonial era structures, cobblestoned streets and horse-drawn carriages.

Acuzar envisions the completion of the Pasig River rehabilitation project to add value to tourism in the nation’s capital.

Govt cash utilization rate better at 88%

THE utilization rate of cash allocation of the national government as of end-February inched up to 88 percent from last month’s 70 percent, according to the Department of Budget and Management (DBM).

Latest data from the DBM showed a total of P533.797 billion out of P609.962 billion worth of Notice of Cash Allocation (NCAs) were released by the national government from January to February this year.

The NCAs released improved to 88 percent from 86 percent recorded in the same month last year, higher than the P451.087 billion used out of P527.456 billion in end-February 2023.

Broken down, 66.90 percent of NCA releases were allocated to line departments at P408.074 billion. The remaining 33.10 percent was the Special Allocated Funds given to agencies, such as staterun firms and local governments amounting to P201.888 billion.

Line departments posted an 81 percent utilization rate, using P332.245 billion out of the P408.074 billion NCA releases as of end-February this year. The spending rate was higher than the 86 percent recorded in the same

period last year, data from the DBM showed.

No line department posted a hundred percent utilization rate yet but the Commission on Audit has posted a 99 percent utilization rate followed by the DBM with 95 percent and the Department of Agrarian Reform with 93 percent.

The Department of Education (DepEd) obtained the bulk of the NCA releases worth P96.671 billion. Almost 90 percent of the NCAs were utilized by the DepEd amounting to P86.419 billion.

The Department of Public Works and Highways (DPWH) placed second with the highest NCA releases with P64.523 billion utilized or 79 percent, with a remaining P17.449 billion to be utilized.

The Department of Interior and Local Government (DILG) and the Department of Health (DOH) also utilized NCAs worth P38.969 billion and P19.870 billion, with utilization rates at 84 percent and 70 percent, respectively.

Moreover, the Department of Migrant Workers (DMW) posted the lowest utilization rate among line departments with 44 percent.

The DMW’s NCA is worth P2.413 billion with only P1.059 billion

utilized as of end-February.

The Department of Labor and Employment (DOLE) also posted a lower utilization rate of only 52 percent of its P5.863 billion NCA releases while the Office of the Vice President (OVP) came in third with a 50 percent spending rate of its P242 million NCA releases.

Meanwhile, Special Purpose Funds amounting to P201.888 billion were 100 percent utilized as well as the Allotment to Local Government Units (ALGUs) worth P180.642 billion.

For Budgetary Support to GOCCs, a total of P21.088 -billion worth of NCAs were used out of P21.245 billion, with a utilization rate of 99 percent.

NCAs are disbursement authorities that cover the cash requirements of the operations, programs and projects of government agencies issued by the DBM. A higher NCA utilization rate shows the capacity of line agencies to timely disburse their allocated funds and implement their programs and projects, according to the DBM.

The DBM’s data showed that unused NCAs totaled P76.165 billion as of end-February this year.

How should Israel bring to justice the perpetrators behind the worst attack in its history?

By Tia Goldenberg The Associated Press

Hamas’ unprecedented raid on southern Israel has prompted a legal predicament: How does a country scarred by the deadliest attack in its history bring the perpetrators to justice?

Israel is holding hundreds of Palestinians from Gaza accused of taking part in t he October 7 attack that sparked its war with Hamas. It is grappling with how to prosecute suspects and offer closure to Israelis, including victims’ families.

N one of the available legal options seem to fit.

Mass criminal trials could overwhelm Israel’s already sluggish courts. An ad hoc war c rimes tribunal established under Israel's far-right government could lack credibility. Freeing the suspects as part of a deal to release hostages held in Gaza would trouble m any traumatized Israelis.

“They slaughtered, raped, looted and were caught red-handed,” said Yuval Kaplinsky, a former senior official in the Israeli Justice Ministry. “There is no silver bullet here for how to try them.”

Rights groups say the longer Israel takes to decide the right legal path, the longer suspected perpetrators languish in poor conditions and with no known contact with the outside world. At least 27 Palestinians from Gaza have died in Israeli custody since the war began, according to Israeli figures.

HOW DOES ISRAEL HANDLE

PALESTINIAN SUSPECTS?

Israel has long contended with legal issues surrounding Palestinian suspects— a nd has long been criticized for its approach. It regularly uses a measure called administrative detention to hold Palestinians w ithout charge or trial.

Palestinian suspects from the West Bank are tried in Israeli military courts that have been a longtime fixture of its open-ended occupation of the territory. Palestinians and human rights groups say the system almost always renders guilty verdicts. Israel says it provides due process and imprisons those who threaten its security.

Shawan Jabarin, who heads the Palestinian rights group Al-Haq, said any trial held b y Israel would not be credible.

“This is the system that Israelis have: Inhuman. Unfair. No due process,” he said.

In the October 7 attack, thousands of Palestinians crossed the border from Gaza into Israel, breaking down the country’s defenses and rampaging through sleepy communities. They killed entire families, hunted down revelers at an outdoor music festival and committed sexual violence.

Hamas took roughly 250 hostages, including women, children and older adults, a nd is believed to still be holding 100 of them.

Israel’s subsequent invasion has killed more than 31,000 Palestinians and led to widespread hunger.

WHAT ABOUT THE CRIMINAL COURTS?

Israel’s criminal courts are distinct from the military courts and are widely seen as independent of political influence.

But Barak Medina, a law professor at Jerusalem’s Hebrew University, said trying the hundreds of suspects there would o verwhelm the backlogged system and could take years.

Israel’s public defenders’ office has said it will not provide a state-funded attorney for the suspects, seeing Israeli lawyers also scarred by Hamas’ attack as unsuitable and unwilling to do so.

According to Israel’s public broadcaster Kan, the office has suggested foreign lawyers be enlisted, like in Israel’s 1961 criminal trial of Adolf Eichmann, one of Nazi Ger -

many’s main organizers of the Holocaust.

Some experts have pointed to that trial as a possible precedent because it was high profile, dealt with a traumatic event and challenged Israel’s existing legal framework. In publicly airing the Nazis’ heinous c rimes, the trial offered some catharsis for Holocaust survivors.

Eichmann, who was captured by Mossad agents in Argentina, was represented by a German lawyer and was found guilty of crimes against humanity, crimes against the Jewish people and war crimes. He was executed in 1962, the only time Israel has carried out a death sentence.

A similarly public trial for Hamas’ crimes might offer Israelis some sense of justice. But Eichmann's trial focused on just one defendant.

Kaplinsky, the former Justice Ministry official, said the narratives presented at criminal trials could also work against Israel by providing fodder for its opponents.

For example, if prosecutors fail to include rape charges in any indictment because the evidence they have doesn't meet the legal

threshold, that could fuel arguments about whether sexual violence occurred at all. Defense attorneys might use friendly fire shootings to whip up suspicions about the death toll from the attack.

WHAT ABOUT A TRIBUNAL?

Kaplinsky presented a plan to an Israeli parliamentary committee that suggests creating a tribunal that takes the events of October 7 as established fact. The tribunal would not call witnesses but would be based on documents from Israel’s security forces as well as the suspects’ interrogations. Suspects would fund their own defense. It was not clear if his plan was being considered.

Dahlia Scheindlin, a political analyst who wrote a book about Israel’s democracy, said any tribunal created under Israel's current far-right government would be politically tainted.

“It will look like the laws are tailored according to the political whim of the current g overnment,” she said.

Medina, the law professor, said it ap -

peared the state was holding off on making a ny decisions on how to try the suspects because it was expecting them to be released a s part of a deal to free hostages. The Israeli Justice Ministry declined to comment.

WHAT IS HAPPENING TO SUSPECTS NOW?

For now, many of the suspects are said to be considered “unlawful combatants,” meaning Israel can extend their detention indefinitely, delay their access to a lawyer and keep legal proceedings classified. Rights groups say that lack of transparency can enable abuse.

Israel’s predicament is similar to the one the US faced after the 9/11 attacks as it sought to capture al-Qaida leader Osama bin Laden. The US sent hundreds of suspects to Guantanamo Bay in Cuba. The detention center became the focus of international outrage because of the torture of prisoners and the US insistence that it could hold me n indefinitely without charge.

Avi Kalo, who heads the international law program at the International Institute

for Counter-Terrorism at Israel’s Reichman University and is a former legal advisor to the Israeli military’s intelligence corps, said this situation is different because the October 7 detainees are being held in Israeli territory and are subject to Israeli law. That includes judicial oversight on their cases, though rights groups say that oversight is flawed.

Tal Steiner, executive director of the Public Committee Against Torture in Israel, said that accounts from freed prisoners i ndicate detainees are receiving little food and experiencing inhumane treatment that could amount to torture.

The Israel Prison Service, which holds some of the suspects, said prisoners are granted their basic rights.

Steiner said the committee hasn’t taken a position on the best way to bring the attackers to justice.

“ It’s a complicated legal question,” she said. “But the alternative of holding them in lengthy detention, incommunicado, in such harsh conditions is also not a normal legal option.”

A WOMAN and her children walk past a wall with photographs of hostages who were kidnapped during the October 7 Hamas cross-border attack in Israel in Jerusalem, Israel, February 26, 2024. AP/Leo Corre A

ISRAELI soldiers stand by a truck packed with bound and blindfolded Palestinian detainees, in Gaza, December 8, 2023. AP/Moti Mi L r od, H AA retz

Style

Editor: Gerard S. Ramos • Monday, March 18, 2024 www.businessmirror.com.ph

AT 44, Sheralene Shirata is a woman of many roles. She is a single mother to her son Ruzzel. She is a photographer, philanthropist, model, beauty queen, national director of Noble Queen of the Universe Philippines, and a fashion magnate.

THERE is no doubt that Watsons takes sustainability seriously. At the retailer’s stores in The Block in SM North Edsa and SM Megamall, there are Refilling Stations for its popular Naturals by Watsons line. Its “Sustainable Choices” program gives customers environmentally conscious options when buying personal care products. This selection features reduced plastic components, refill packs, and ethically sourced ingredients, available in Clean Beauty and Better Packaging.

In 2022 and 2023, Watsons took part in coastal cleanups as part of International Coastal Cleanup Day. We asked Watsons Watsons’ senior AVP for marketing, PR and sustainability Sharon Decapia and senior marketing manager for sustainability Lexie Coloma the plans regarding this initiative for 2024 and their reply was interesting. They said there are plans to do the coastal clean-up not only in Metro Manila but simultaneously in the provinces as well.

In 2023, Watsons conducted five “Alagang Pangkalusugan” medical missions, providing free medical consultations, blood tests, bone screenings, hearing checks, skin and hair analyses, ECGs, and X-rays, benefiting over 4,000 individuals.

AS Watson’s Next Gen Sustainability Committee and Watsons Philippines also jointly took part in a medical mission in Clark, Pampanga in October. Sixty patients received life-changing surgeries carried out by medical professionals from Operation Smile. Watsons Philippines’ goal is to perform 3,300 corrective surgeries on children with cleft conditions in the country alone by 2030.

Another Watsons sustainability initiative was the “Reuse with Watsons: A Sustainability Art Exhibit,” which amplifed sustainable practices and the significance of the 3Rs— reduce, reuse and recycle. The artworks featured in the exhibit integrated plastic bottles, wrappers, papers, carton boxes, tissues, blister packs, metals, makeup sponges, foams and other upcycled materials.

Here’s more good news for the environment from Watsons.

“By 2025, all your favorite Watsons tissues and wet wipes will be made from 100 percent recycled materials. Watsons will continue to provide safe and sustainable options for its own brands to consumers,” said Decapia.

Another initiative in the pipeline is Watsons’ first inaugural green store in Laguna. Aside from offering ecofriendly products, the store will operate primarily on solar energy to minimize emissions. Watsons’ green store in the Philippines, once opened, will implement strict standards on sustainability.

“Another thing that we’re scaling up are our solar panels. We have 34 doors now with solar, powered by solar. And we want to roll that out to 100 more this year, extending solar power as well in our warehouses,” said Decapia.

Watsons now has over 1,107 stores nationwide and is looking to open a hundred more in 2024. With the company’s rapid expansion, it is only logical for it to step up its sustainability initiatives.

BEAUTYCON 2024 OPENS ON MARCH 20

ON March 20 to 23, Watsons, SM Beauty, and LOOK At Me will open BeautyCon 2024: Journey Into Beauty—the biggest beauty event of the year—at the SMX Convention Center Halls 1 and 2 with over 100 participating beauty and personal care brands.

Entrance to the event is free for all Watsons Club, SMAC, and LOOK At Me members. Attendees can expect to do a lot of shopping as all participating brands will be offering special discounts, offers and freebies exclusive to the four days of the event.

Participating Filipino beauty brands include Issy Cosmetics, GRWM Cosmetics, Colourette Cosmetics, Absidy Beauty, BLK Cosmetics, Happy Skin Cosmetics, and Vice Cosmetics. Asian favorites include Hada Labo, Laneige, Beauty of Joseon, Dr. Jart+, Tsubaki, Round Lab, and Rom&nd and more.

Luxury brands like Calvin Klein, Carolina Herrera, Viktor & Rolf, and Armani, as well as global favorites such as Shiseido, Laura Mercier, Huda Beauty, Kiehl’s, and Lancôme, will be at BeautyCon 2024. Other international brands include Neutrogena, Celeteque, Dove, Biorderma, Nivea, Ponds, and Olay, as well as Kora Organics, First Aid Beauty, Supergoop, and many more.

If you’re into beauty tools and accessories, Kiss NY, Real Techniques, JML, W Elite, Euroo, and Wet Brush among many others will also be at BeautyCon 2024. Watsons’ own brands such as Naturals by Watsons, Watsons Baby, Dermaction Plus by Watsons, and Collagen by Watsons will also be there. For hair care and styling, there will be Kerastase, Manic Panic, and Liese. Men’s body care and grooming staples Gilette, Old Spice and Rexona Men will also make their appearance.

Celebrities and top-tier KOLs and beauty icons are also making surprise appearances at the four-day event. I think Heart Evangelista will be present on March 23 at 5:30 pm for a talk. Other celebrities who will be there are Francine Diaz, Janine Gutierrez, AC Bonifacio, and Marco Gumabao.

Equipped with enterprising attributes, Sheralene is steadily carving a name for herself in the competitive world of fashion, beauty and pageantry. Here, she shares her inspiring journey:

n Fashion spark: “Since my early childhood, I have always been a ‘fashionista’ praised for my strong style for mixing and matching clothes and colors to create new looks. This has followed me ever since until the moment I decided to explore modeling.”

n Girlboss: “The Len of today is not different from before, still curious about new trends, styles and creations. As a result of my continuous interest in fashion, I met many designers and participated in many fashion shows. This has opened me to a new field of possibilities, that of creating fashion for others—my Sheralene Collections.

“But this wouldn’t have become a reality without the warm and persistent support of my friends such as designers John Guarnes, Bench Bello, Emily Sy and Marjorie Renner who continuously pushed me to share my love for fashion with others.

“I am the CEO of Lens Image Factory Studio in Angeles City, Pampanga. In our photography studio, we celebrate the extraordinary in every frame. I am also CEO of EZDocs Insurance & Services, also in Angeles City.

“Lastly, with a business partner, we are about to open in May 2024 the Beauty Essentials by Sir George Salon in Bonifacio Global City, Taguig. We envision a premier salon experience that is synonymous with elegance, style and harmony.”

n Pageant experience. “In my childhood, I always dreamed of becoming a model. Many years later, I first became a beauty queen instead. My close friends John Guarnes and Bench Bello convinced to join a pageant. It wasn’t just any pageant, but rather one with a purpose. They introduced me to actress/beauty queen Patricia Javier, who was at the time the international director of Noble Queen of the Universe. This was how I decided to join the Noble Queen of the Universe Philippines Pageant in 2022.

“Among my many queen sisters besides Patricia Javier [Noble Queen of the Universe 2019] is former actress Cristina Gonzales [Noble Queen of the Universe 2022]. The Noble Queen of the Universe 2024 Philippines is planned for July 2024 while

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the international edition’s crowning ceremony is expected to be held in December 2024.

“As a Noble Queen of the Universe Earth, my duties and responsibilities are protecting the environment against climate change and participating in activities organized by DENR.

“The Noble Queen of the Universe is not a traditional pageant: It is an advocacy pageant where your charitable acts are the leading criteria for the title. What is special about us? We welcome all women—married, divorced, widowed or single moms.”

n Philanthropic pursuits: “I am involved with the Philippines Eagles. I serve meals to needy communities with my Eagles big brothers and big sisters. At the Antipolo Kabataang May Magagawa, I help provide school supplies and hygiene kits.

“In my hometown of Paete, Laguna, I also distributed basic goods. For my philanthropy and other accomplishments, I was given an award by the city mayor. Therefore, it was important for me to share my blessings in return.

“With the Noble of the Universe, I participated in charitable activities at the Correctional Institute for Women in Mandaluyong and Santa Rosa. We conducted tree planting, delivery of hygiene kits and school supplies, and painting sessions.”

n Fashion empress: “On March 24, 2024, we are scheduled to debut in the heart of Parañaque City (28 Doña Soledad Avenue, Parañaque, 1711 Metro Manila) the Fashion Emporio. It will serve as a beacon of sartorial excellence, shining a spotlight on the diverse

talents of industry luminaries.

“From high fashion to avant-garde couture, each designer brings a unique perspective and aesthetic for fashion aficionados worldwide: Emily Sy will present a collection that epitomizes modern luxury and refined glamour.

“Ritchie Teves will showcase his signature fusion of womenswear and high fashion, pushing the boundaries of conventional design with bold experimentation and urban-inspired motifs.

“John Guarnes, celebrated for his impeccable craftsmanship and attention to detail, will unveil a collection that seamlessly marries tradition with innovation, paying homage to heritage while embracing the spirit of contemporary fashion.

“Marjorie Renner will offer sexy, experimental and sophisticated creations with her conceptual storytelling. Bench Bello, revered for his dynamic approach to menswear and gender-fluid fashion, will challenge conventions and redefine masculinity with a collection that celebrates diversity and individuality.

“Riza Asa will infuse the showroom with her signature blend of whimsy and sophistication, offering a playful yet sophisticated take on modern fashion, especially with her kid’s collection.

“In this context, I will showcase my beauty queeninspired fashion collections that will surely delight beauty queens and beauty-queen aspirants.”

n Life Goals: “Life is a journey. There will be more projects to come, more opportunities to grab, more blessings to share. For now, I will focus on making all the above a compelling and successful reality.” n

THE groundbreaking Filipiniana lifestyle hub Kultura celebrates every Filipina this Women’s Month in honor of their invaluable contributions. Highlighting a diverse group of advocates championing various social and environmental causes, each #CelebrateEveryFilipina woman embodies dedication, resilience and courage, as she redefines empowerment and inspires pride in our identity.

Kultura’s prestigious list includes environmentalist and Mind Nation cofounder Cat Triviño, Social Welfare undersecretary and Hope For Lupus founder Emmeline Aglipay-Villar, representative and lawyer Margarita (Migs) Nograles, rheumatologist Dr. Geraldine Zamora, vegan cookbook author Jeeca Uy, children’s book author and event host Pauline Amelinckx, fashion model and influencer Shaha Meta, and theater artist Gab Pangilinan.

Beyond their accomplishments and advocacies, they are also women of style – fashion independents who are proud of our cultural heritage and creatively mix traditional and modern pieces from Kultura. Cat Triviño advocates for sustainability alongside mental health awareness and accessibility. She is committed to creating a more ecoconscious, inclusive world that reflects the multifaceted

nature of the Filipina. Lawyer Emmeline Aglipay-Villar advocates against human trafficking, while also serving as founder of Hope for Lupus, which raises awareness of this uncommon disease. A lover of local weaves and traditional artistry, she opts for a denim jacket hand-embroidered by the T’boli tribe and elevates it with a silk tulle skirt. Rep. and Lawyer Migs Nograles empowers others in and out of the office through her platform “Paano Ba Attorney?” which educates the public by providing free legal advice. Due to her busy schedule, Migs prefers versatile pieces like a floral embroidered terno blazer which she can easily dress down with denim; or dress up with an elegant skirt or slacks. Rheumatologist and medical professor Dr. Geraldine Zamora promotes health equity by serving medical ward patients and raising funds for their procedures. Swapping her usual doctor’s coat for Filipiniana, Geraldine wears a Yakan weave opera coat with terno sleeves, complemented by coral jewelry. Her formal Filipiniana ensemble features a gold mestiza top, yellow laser-cut skirt, and baroque pearls. Vegan cookbook author Jeeca Uy inspires us to make healthier food choices, advocating for buying local produce whenever possible. Just as she actively promotes

Widely known as an events host, Pauline Amelinckx has also published a children’s coloring book focused on marine conservation. Her dedication to inspiring youth communities highlights her commitment to shaping a new generation of Filipinas. As the reigning Miss Supranational Philippines, she wears Filipiniana clothes with ease and elegance,

SHE’S THE ONE Sheralene Shirata wears creations from her own Sheralane Collections

ASIA’S GOLDEN ICONS AWARDS AND EVENTS INC. DONATES MEDICAL EQUIPMENT TO PGH

IN a remarkable act of generosity, Asia’s Golden Icons Awards and Events Inc. (AGIA Inc.) made a significant donation of medical equipment to the Philippine General Hospital (PGH) on March 12, 2024. This donation aims to enhance the quality of healthcare services provided to patients and further support the mission of PGH in delivering excellent patient care.

AGIA Inc. has established itself as a leading organizer of prestigious events that celebrate excellence across various fields. With a remarkable portfolio that includes Asia’s Influential Leader Awards, Asia’s Golden Icon Awards, Asia’s Modern Hero, and Asia’s Pinnacle Awards.

It paved the way for the successful Asia’s Influential Leader Awards night held on February 16, 2024, at Okada Manila. Among the prominent awardees were the following: Sen. Grace Poe, Technical Education and Skills Development Authority Director General Su -

harto Mangudadatu, Information and Communications Technology Secretary Ivan Uy, Commission on Elections Chairman George Erwin Garcia, Bureau of Internal Revenue Commissioner Romeo Lumagui Jr., Clark Development Corporation President Atty. Agnes Devanadera, Philippine Airlines COO Captain Stanley Ng, VG Alex Castro, Kapamilya Star Coco Martin, Kapuso Star Alden Richards and Ronnie Liang.

According to Dr. Rhonnel Ybanez, Founder and Chairman of AGIA Inc., the organization has two main objectives: to honor outstanding individuals and institutions, and and to raise funds for Corporate Social Responsibility (CSR) initiatives which will create a lasting and meaningful impact on society.

“We are glad that we have completed the objectives of AGIA Inc. Being here at PGH is a fulfillment of our aspirations as we continuously

recognize outstanding individuals and institutions and help children in need. Today marks the beginning of a cherished partnership between AGIA Inc. and PGH. My heart is filled with joy, knowing that our support will extend beyond this day, continuously uplifting PGH in the succeeding events. Together, we will make a lasting impact and bring hope to those in need. You can expect that AGIA Inc. will continuously support PGH for the succeeding events,” he said.

AGIA Inc.’s recent donations to the PGH are significant in improving healthcare services and patient care. These generous contributions include essential medical equipment, nebulizers, oxygen tank sets, hygiene kits, oximeters, vitamins, ROHS thermometer, microtoise, bible, coloring books and among others. By providing these resources, AGIA Inc. helps enhance the medical facilities at PGH and ensures that patients receive the best possible care.

AGIA Inc. also recognized and appreciated the generous efforts of several individuals and organizations who have collaborated and partnered with them in making these donations possible. Among them are Edgard Cabangon, Edwin Moran, Cynthia Poligono, One Top Medical Resources, In Life, Gluo Pharmacy, Alejandro Mañalac and the sponsors of Asia’s Influential Leader Awards 2024.

The Asia’s Golden Icons Awards ceremony is held annually, with the upcoming event scheduled to take place on May 31, 20204, at Okada Manila.

To learn more about the Asia’s Golden Icons Awards Inc. and to stay updated on their events and initiatives, you can visit their official website at www.asiasgoldeniconsawards.com or you may call 09671552078.

for treating skin laxity resulting from aging and collagen loss in patients’ skin, helping restore a youthful appearance,” Patient testimonials further affirm Sculptra’s efficacy and transformative effects. Shen Cala-or, a satisfied patient, shares her experience: «After trying Sculptra, the volume in my face has noticeably returned, and everyone comments on how youthful I look. It has truly changed my life, and I couldn›t be happier with the results.»

Sinc e its introduction to the Philippine market in March of last year, Sculptra has experienced rapid growth, now being offered in more than 130 clinics nationwide. This expansion is a testament to its effectiveness and the growing demand for quality dermatological treatments.

Globally Sculptra has been a staple in dermatology practices for over 25 years, with thousands of clinics worldwide incorporating it into their daily treatments.

During the Sculptra’s anniversary event at Shangri-La at The Fort, BGC, Christine YapLegaspi, Galderma Aesthetics› Marketing and CET Manager, outlines ambitious plans for Sculptra›s future, «Our goal is to make Sculptra available in different clinics nationwide. We are committed to giving all Filipinos access to the leading collagen bio-stimulating treatment in the market. We believe everyone deserves to achieve the best version of their skin, and with Sculptra, we›re making that vision a reality.»

As Sculptra celebrates a year of beauty and innovation in the Philippines, Galderma Aesthetics looks forward to continuing to offer a product that not only meets but exceeds the expectations of our clients, ensuring that every Filipino can enjoy the benefits of a naturally youthful appearance.

NEW GM, CEO Honorable Roberto “Bob” Zozobrado officially assumed the position of General Manager and Chief Executive Officer of the Philippine Retirement Authority, effective February 15, 2024. He is also named a member of the PRA Board of Trustees. Zozobrado brings with him decades of marketing and tourism expertise. His extensive experience and strategic vision will be instrumental in achieving PRA’s goals of promoting the Philippines as a premier retirement destination, enticing retirees worldwide. With a career marked by a deep understanding of the tourism landscape, Zozobrado is well-equipped to elevate the Philippine tourismretirement industry. Under his leadership, the PRA is poised to become a symbol of Filipino excellence on the global stage. Prior to joining the Authority, Zozobrado held key positions in renowned organizations and companies within the aviation, tourism, and hospitality industries, where he spearheaded successful tourism campaigns. He also served as President of the Tourism Congress of the Philippines (TCP), which is tasked with fostering a strong and institutionalized collaboration between the government, specifically the Department of Tourism, and the commercial sector.

BingoPlus Night 2024 marks BingoPlus’ 2nd year of success

BINGOPLUS , your comprehensive entertainment and amusement platform and the first online Bingo app in the country, hosted BingoPlus Night 2024 last March 1, 2024 in celebration of another year of success and growth.

In commemoration of reaching a significant milestone, BingoPlus pulled all the stops to put together an anniversary event that everyone could enjoy in the halls of the Grand Hyatt’s ballroom. The brand focused on its success in continuously serving joy and entertainment to its audience, going with the theme “Share the Love, Share the Luck.”

Attendees were treated to good food and exciting performances from iconic artists. Notably, BingoPlus invited brand endorsers Maine Mendoza and Piolo Pascual, popular entertainer Vice Ganda, and national heartthrob Alden Richards. Other celebrities in attendance included Robi Domingo, who acted as host, SB19’s Stell and Felip, Arthur Nery, Marco Gallo, Heaven Peralejo, Sarah Lahbati, Jona, Mark Bautista, Regine Tolentino, G22, VXON, Alamat, and PPop Generation.

“It feels great to be part of something so significant to BingoPlus. I can appreciate the kind of excitement that comes from being able to celebrate with different people who are connected by the same thing,” said Piolo Pascual in an interview with BingoPlus. Other than ensuring everyone had a good time, BingoPlus also prepared prizes to give away to people that joined the activities. For its Sure Bingonaryo round, five winners received P10 million each while one grand winner was handed the keys to a car worth P2 million.

BingoPlus’ guest list was not limited to artists, VIPs, and business partners. Among the crowd were the beneficiaries of the scholarship program from the BingoPlus Foundation. The foundation scholars joined the stage as Jona and Mark Bautista sang their rendition of Rise Up by Andra Day.

“At BingoPlus, it’s not just about sharing love and luck with our customers and players. Through the BingoPlus Foundation, we extend it to our host communities,” said Andy Tsui, president of DigiPlus Interactive Corp., during the executive interview of BingoPlus Night.

According to Tsui, BingoPlus aims to give “Share the Love, Share the Luck” a more significant

Network for Enterprising Women Presents 15th Annual Women Entrepreneurs Conference

TThis year’s conference featured three

O n the other hand, Sam Carvajal, CEO of Sam Carvajal Marketing, spoke about “Advocating AI in Business Processes” while Rey Lugtu, Founder & CEO of Hungry Workhorse, spoke about “AI: Practical Applications and Prospects in Business” Delve into the practical applications of AI and understand its prospects in shaping the

future of business. This conference was a unique opportunity for women entrepreneurs to learn from industry leaders and discover how AI can future-proof their businesses. The event promised to transform the way entrepreneurs perceive and implement AI, from manual processes to magical advancements that can revolutionize their enterprises.

meaning by creating programs that have a positive and lasting impact.

“For this year, we are allocating over P100 million to create programs for our host communities,” Jasper Vicencio, president of AB Leisure Exponent, Inc., added during the same interview session. “We hope that these programs will not only help our communities at present but create a positive and more sustainable impact on their lives.”

The BingoPlus Foundation operates based on four pillars: technology education, accessible healthcare, community safety and resiliency, and responsible digitalization. These core values center on improving the quality of life of Filipinos, touching upon different facets.

BingoPlus views reaching its 2nd anniversary is an indication of their ability to bring valuable services to the Filipinos. Its leaders, who toasted to the brand’s success at the beginning of BingoPlus Night 2024, vowed to maintain momentum in making entertainment and leisure more accessible to the people. To that end, Vicencio shared, “Our second year is founded on the lessons we learned from our first year, when we were navigating through the business and the effects of the pandemic. BingoPlus was able to grow from all its experiences and become an even more outstanding platform for fun and leisure.”

As the brand enters its third year, BingoPlus will continue to look for ways to improve and grow. It plans to launch a new game app: BingoPlus Poker this year, in-line with its efforts to bring more quality entertainment to Filipinos. The new product features an all-in-one card game where players can enjoy playing, battle against real highly skilled opponents, and earn big rewards with a little bit of luck.

BingoPlus and ArenaPlus proudly stand as flagship brands under Digiplus Interactive Corp, solidifying its position as a leading gaming and leisure provider in the country. For more updates, visit www.bingoplus.com and www.arenaplus.net or download the apps now via the App Store and Google Play.

BingoPlus extends its gratitude to the BingoPlus Night 2024 sponsors: ArenaPlus,

In addition to the enlightening sessions with the speakers, the 15th Annual Women Entrepreneurs Conference also featured engaging panel discussions, interactive workshops, and ample networking opportunities.

NEW is committed to creating an inclusive space for collaboration and knowledge exchange, ensuring that attendees leave not only with a wealth of insights from the speakers but also with a strengthened network of supportive peers.

IN the photo are, from left, Dianne Querrer, News Anchor; Undersecretary Vidal Villanueva; TESDA Deputy Director; Cristina Romualdez; Dr. Ronnel Ybanez, Founder and Chairman of AGIA Inc.; Dr. Marissa B. Lukban, Chair President of Pediatrics and President, CHILD Foundation Inc.; Dr. Princess, Chief Doctor Resident and Angelita Diestro, President of One Top Resources.

The strength of a woman

MARCH is officially National Women’s Month. During this time, women are celebrated more than they usually are. Government offices have mandatory purple-colored banners hanging on their facades. Social and traditional media are awash with women empowermentthemed materials.

Being a woman myself, I certainly appreciate the importance given to women on International Women’s Day and for the whole month of March. I like seeing materials highlighting the great things that women throughout history have done to make our lives and society better. I like seeing women from all walks of life, of all ages and backgrounds being celebrated.

But the strength and importance of women do not just come from the great things that they have done and can do. For me, the strength of a woman is exhibited in the everyday things that they do and overcome; in the choices they make for themselves and the people they love and care for; in the things that they stand up for, no matter the odds.

I would like to honor my fellow women today by sharing some of the things that I have learned from the women in my life, both personal and professional.

u n conditional love—from my mother

FOR the majority of us women, our mother is our first and most influential role model. Quite possibly, how we are now was shaped by what we saw from our mother while we were growing up. My mother is the textbook example of a devoted daughter, sister, wife, and mother.

As the eldest child, she was the model daughter: she helped my lola with chores, took care of

n Phili PPin es wins its first Glass Grand Prix with Mullen lowe t r eyna’s ‘r i G ht to Care’ C a rd

SINGAPORE—Another historic win for the Philippines at this year’s Spikes Asia Awards is thanks to MullenLowe TREYNA’s powerful “Right to Care” campaign, in partnership with the Quezon City Government.

The project won the country’s first Glass: The Award for Change for empowering LGBTQ+ couples to make medical decisions for their partners, a right that is still very much inaccessible to most Filipinos.

The Spikes Asia Glass category is an industry badge on “culture-

shifting” creativity, as the Spikes Asia website proudly claims it to be. It’s an award specifically designed to recognize work that address issues of gender inequality or prejudice through advertising, explicitly stating that: “The work can be for any product or service and designed for any medium, but will in some way represent a shift towards more positive, progressive and gender-aware communication.”

Currently, the Philippines does not legally recognize same-sex unions in any form. This presents a problem in the healthcare front as hospitals and medical facilities only accept legal spouses or next of kin in decision-making, ultimately excluding same-sex couples. Now, thanks to the “Right to Care” card which is operational through a Special Power of Attorney (SPA), cardholders will be given the right to agree, refuse, or withdraw consent

her siblings, shared with household expenses when she started working. She sacrificed her career so she can take care of our family. When we were going through financial difficulties—and that lasted years and years—she juggled keeping my dad sane, making sure that the household ran despite meager resources, and taking care of my brother with special needs.

In my mid-20s, when I was at my stupidest, she never judged me for my wrong decisions, but persevered in helping me come to my senses on my own, without berating me or kicking me out of the house. When I finally overcame that dark stage of my life, she never brought up those missteps, not in passing and not even during heated arguments.

She is funny and gracious and super nice. She is the best lola to my daughter, and such a generous mom to my husband. Never have I seen such love and sacrifice, with no strings attached. But don’t take her for weak. I doubt I can go through half the things she did and come out on the other side still sane. She is one of the strongest, most resilient, and most loving people I have ever met.

of any type of medical care for their partners including treatment, procedures, tests, and prescriptions— a significant move in the fight for gender equality.

The agency worked with the most populated city in the country, Quezon City, to roll out this project. With the support of the local government, the program is now implemented in hospitals and medical facilities within the city.

This powerful initiative has won the recognition of Spikes Asia’s Glass jury, winning a Grand Prix— the highest honor for any category—in such an important category such as The Award For Change. The campaign also received a Bronze for under the PR category for Launch/ Re-launch, on top of being shortlisted under Healthcare—Brand-led Education & Awareness.

adobo Magazine is an official media partner of Spikes Asia 2024.

Multi-tasking and succeeding—from my mother-in-law I HAVE heard so many stories about “momsters-in-law” that I was almost scared to get married. Now that I have been married for almost seven years, I find myself unable to relate to those stories. My mother-in-law has always been so good to me. She treats me like her own flesh and blood. Outside of her treatment of me, what I admire most about her is her ability to juggle multiple roles and still come out successful at each one. She is a sought-after speaker and trainer in her field of expertise. She is a respected medical doctor and one of the best in her specialization. In our home, she is a wonderful wife and mother, and a doting grandma to her one and only granddaughter. As if those were not enough, she is currently pursuing a masters degree.

While wearing all of those hats, and being a success in each of those roles, she still manages to take care of herself. Believe me when I say that you will never be able to guess her age when you see her.

n ‘ u n branded Menu’ M a kes history with Grand Prix for inau G ural Ga M in G sPik es

SINGAPORE—Leo Burnett

Manila and McDonald’s Philippines‘ winning streak continues to go on with flying colors as it claims the first-ever Grand Prix for Spikes Asia’s inaugural Gaming category. Awarded on March 14, “Unbranded Menu” raises the Philippine flag with pride for its historic win, adding to the long list of awards the campaign has gotten since launch. After enjoying an alreadysuccessful awards season last year, it seems that the campaign is far from slowing down, earning Spikes Asia metals in the following categories:

Grand Prix: Gaming Brand Integration for Games

Grace under pressure—from a fellow P r practitioner

PUBLIC relations is a tough job. As PR practitioners, we have to look okay on the outside even while we’re frazzled, seething, or both on the inside. We need to map out strategies, and ensure that they are executed well. We need to always be at least three steps ahead—and that can be very stressful.

One of the PR practitioners I look up to has been in the business for more than four decades. In the years that I have known her, I have never heard anyone say a bad thing about her. During events and in any get-together, she is always well put-together. She is always poised and cool, even under intense pressure. Despite her busy schedule, she always has time for her family and friends. Recharging her tank like that must help her maintain that grace under pressure that I so admire.

The strength of a woman manifests differently for each of us. Even how we interpret “strength” may vary. While great strides have been made in terms of closing the gender gap, there is still a lot of room for improve -

Silver: Gaming —Influencer & Co-creation Bronze: Gaming —Community Management/Social Engagement

Additionally, the campaign also earned a shortlist spot for Gaming—Use of Gaming/ Streaming Platforms, while another McDonald’s Philippines and Leo Burnett Manila project, “Ride the Arches,” also landed two finalist spots under the Brand Experience & Activation category.

At this point, “Unbranded Menu” has effectively made itself a campaign for the books as one of, if not the, biggest advertising work in gaming out of the Philippines thus far. Especially with the category and platform still in its very early stages in the Philippine landscape.

ment. As women, supporting each other and being happy for a fellow woman’s success—if attained fairly and without stepping on others in the processcan help close that gap. Let us remember what we learned from the women in our lives, and pay it forward by being the best versions of ourselves that we can possibly be. May we be role models that the next generation of women can emulate. Happy National Women’s Month!

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier organization for PR professionals around the world. Abigail L. Ho-Torres is AVP and Head of Customer Experience of Maynilad Water Services Inc. She spent more than a decade as a business journalists before making the leap to the corporate world.

We are devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.

The campaign is an ingenious way of using “unbranded” items in video games, and claiming it as McDonald’s. This esentially utilizes a library of alreadyexisting assets in-game to advertise the brand. Taking it one step further, the food chain’s social media team also worked diligently to engage customers who are posting screenshots with the #ThisIsMcDonalds tag, and sending them free meals— bridging the digital and physical worlds together.

The client-agency partnership also won a Bronze for “Ride the Arches” in the Brand Experience & Activation category under Travel, Leisure, Retail, Restaurants & Fast Food Chains.

adobo Magazine is an official media partner of Spikes Asia 2024.

Sports BusinessMirror

B8 Monday, March 18, 2024

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

Duque, Padilla dominate Southwoods

Rolly Tolores and Faustito Caballero Jr., meanwhile, led the category winners in the event which attracted a record 325-team cast Tolores and Caballero dominated Division I with a 162 (72-90) for a seven-point romp over Dodie Puno and Monet Garcia, who scored a 155 (73-82), while Joseph Tambunting and Derek Ramsay edged two other teams in the tiebreak for third with a 153 (65-88).

The Chan-Ong tandem likewise claimed the Division II title, besting dela Cruz and Gorada (169), while Will Steedman and Anton Barandiaran combined for a 167 (71-96) for third.

The Jose Bengzon-Ricardo Nimo pair posted 75 and 92, and matched Hector Villanueva and Fernand Tizon’s 73 and 94 outputs then secured the Division III trophy with a lower team index (25.8-34.5) after both ended up with 167s.

Francis Tanjangco and Paolo Tanjangco placed third with a 165 (73-92).

Rodel Resuello and Splendido Taal general manager Bobby Chico ruled Division IV, also via tiebreak (31.532.5), scoring 72 and 96 for a 168, and nipping Gene Ynion and Armando Silva, who scored 74 and 94.

J un Ymbong and Ariel Javelosa took third place with a 167 (73-94), edging Marcelino Yu and Florentino Villarma, Jr. (71-96-167) in a tiebreak (29.7-42.3).

Atencio and Ong nailed the Division V crown with their 175, eight points clear of Marc Tio and Paul Martires (71-96-167), who nipped Paolo Medina and Johansen de Joyo (81-86-167) for second, also via

T. Ramos

TOlympic-bound Esteban hopes more Filipino fencers reach Paris Games

By Aldrin Quinto

THE Philippine Golf Tour is off to an auspicious start, with the big guns hitting their early targets.

Top money earner last season, Jhonnel Ababa wasted little time asserting himself by taking victory in the ICTSI Apo Golf Classic in Davao after a fourth-place finish in the TCC Invitational.

PGT

MAXINE ESTEBAN is bound for the Paris Olympics where she will wear the colors of Ivory Coast. She said she hopes another Filipina will make it to the Paris Games and fly the Philippine flag.

This is for Cote d’Ivoire, the country that embraced me, believed in me, and supported me all the way, and this is for the Philippines, the country my heart will always beat proud,”

Esteban posted on her Facebook page after clinching the lone African singles spot in women’s foil, making her the first homegrown Filipino female fencer to clinch an Olympic berth.

Esteban competed in the final Olympic qualifier in Washington D.C. And although she lost in the secondround match, she collected enough

points from previous Olympic qualifier competitions to directly qualify for Paris.

“I am p raying that the Philippines will be able to qualify more fencers in April,” Esteban said, referring to a wild card tournament next month that will be participated in by Asian countries that failed to directly qualify for the Olympics.

Esteban switched allegiance last year and joined the Ivory Coast squad.

This journey is truly a testimony of God’s faithfulness. Today, I am in awe of His love for me and I am grateful He has carried me through.”

The eight-time Philippine national champion and World Cup multi-medalist said that journey will continue in Paris, where she gets to compete against the world’s best fencers.

“There will be more days of hard

work ahead, all to make sure that I won’t be satisfied with just making an appearance at the Paris Olympics but use that grand stage as a chance to compete and test myself again.”

Esteban will continue to work with Andrea Magro, the famed Italian fencing coach who has mentored several Olympic gold medalists.  “I ’d like to thank my parents and my entire family for their support and for those who helped to make sure the door would be always open for me to  continue chasing my dreams, like POC president Abraham Tolentino, who chose to extend a helping hand when I needed it the most,” Esteban said.

She is scheduled for a vacation in the Philippines in May before her final training camp for Paris.

big guns reload for Palos Verdes

The master is close behind.

A fter ruling the season prologue at The Country Club in Laguna, Tony Lascuña came up with another fine showing at Apo Golf Club, ending up in joint third.

They have carried the momentum from last season. Top two in last year’s Order of Merit, Lascuña and Ababa are the winners of this year’s first two events.

L ascuña, four-time winner of the Order of Merit, feels he is on track for a return to the top.

This season, pakiramdam ko babalik ako sa tuktok ,” said Lascuña, winner of three-straight money titles from 2012 and topping the Order again in 2016.

Yung rank, second Order of Merit ko last year thankful na ako nun. Kagagaling ko lang sa Covid nun, buti naka recover agad ako.”

A lthough more big-hitting youngsters are joining the fray, the smooth-swinging Lascuña is confident he still has what it takes to claim the yearend plum.

A b usy man at 53—husband, father, pro tour star, and golf coach, “Unyot” says he simply has to keep his priorities straight.

Wala namang nabago sa kin, masipag pa rin ako mag practice pasalamat ako palagi na very supportive asawa kong si Che, siya bahala sa mag anak namin basta ako focus lang sa practice ko Hindi rin madali pag ipinag-sabay ang turo at practice. Pag nagtururo palagi nawawala focus sa practice.”

Big boost for Arevalo

IT’S back to action in less than a week with the Palos Verdes Championship next.

A mong those raring to return is Kristoffer Arevalo, who seeks to build on a fine showing at Apo—highlighted by a sizzling 68 but marred by a closing 81. It was an unlucky 13th-place finish, but one that the national stroke play champion and Philippine golf team star sees as a victory of sorts. I was enjoying the moment of every shot…Golf wants me to learn how to play with it. It’s my first time to be in that situation,” said the 23-year-old Arevalo.

It’s a big jump for me ’cause I wasn’t even getting in that situation last year, not even close. Maybe my hard work paid off a bit, but there’s still a lot to prove, a lot to master. Probably I got nervous, but I enjoyed it mostly.”

A revalo noted that the PGA Tour is still his main goal, and the little things learned on the domestic tour will be crucial.

I want bigger things but I gotta start with the small things that need to be done first before the big things happen. So it’s still a win for me, whatever happened on the last day was a win for me, because I got to experience that and I’ll be smarter the next time.”

Sweet win for Sarah in Davao THERE were, in fact, two Ababas who earned titles at Apo Golf last week. A t hird one had a hand in clinching a crown. Sarah Ababa claimed the Ladies PGT title ahead of her cousin by topping the 54-hole event.

It was a sweet victory in her home province for Sarah, who had dad Edgardo as her caddie.

Malaking tulong

Splash Bros combine for 57 as Warriors beat Lakers, spoil LeBron’s 40-point night

By Joe Reedy The Associated Press

LOS ANGELES—Stephen Curry scored 31 points in his return to Golden State’s lineup, Klay Thompson added 26 off the bench and the Warriors beat the Los Angeles Lakers, 128-121, on Saturday night in a pivotal Western Conference matchup.

LeBron James had 40 points, nine assists and eight rebounds for the Lakers, who had to play without Anthony Davis for the final three quarters after he suffered an eye injury. The Warriors inched ahead of the Lakers by a percentage point into ninth place in the West after winning a game that dragged to the finish because of a pair of replay reviews—one that overturned an apparent 3-pointer by James—then a malfunctioning clock.

Davis got poked in the left eye by Golden State’s Trayce Jackson-Davis while driving to the basket for a layup with 2:47 remaining in the first quarter. Davis kept playing for the next few minutes, but his eye was swollen shut as

he went to the locker room.

T he Lakers described the injury as an eye contusion.

Golden State took advantage of Davis’ injury as it dominated inside and regularly drove into the paint. The Warriors outrebounded the Lakers by six and had a 62-54 advantage in points in the paint.

Jonathan Kuminga added 23 points for the Warriors and Draymond Green had six points, 12 rebounds and 13 assists after he missed the last game due to back soreness.

D ’Angelo Russell added 23 points and 13 assists for the Lakers, who have dropped their last two.

Curry, who turned 36 on Thursday, missed three games due to a sprained right ankle. He missed his first three shots before getting a rebound of his own miss and putting in a layup with 7:41 remaining in the first half. The two-time MVP was 12 of 24 from the field along with six rebounds and five assists in 31 minutes.

He had six points during a 10-2 third-quarter run that gave the Warriors a 91-79 lead. Neither team had more than a seven-point lead until that point.

had 21 points in the first half as the Warriors held a 67-66 lead at halftime. It was the second time this season Thompson has scored at least 20 in the first half.

field in Wednesday night’s loss at Sacramento, was 15 of 23 against the Warriors. He hit his first six shots, including three 3-pointers.

with 7:41 remaining in the fourth quarter gave the Warriors a 113-101 advantage, before the Lakers started to slowly work their way back.

yung tatay ko kasi relaxed ako ,” said Sarah, who ended a nine-year title drought.

Race to Paris Olympics

BIANCA PAGDANGANAN remains on track for a return trip to the Olympics. The 26-year-old Filipina sits 46th in the recent Olympic golf rankings after a

James appeared to hit a 3-pointer with 2:07 remaining to get the Lakers within four, but during a stoppage in play 17 seconds later, the replay center determined James’ foot was out of bounds and took the basket away.

A fter the replay reversal and a challenge on another out of bounds play, the shot clock then malfunctioned with 1:35 remaining.

T he reversal ended any

106-75 victory against Converge.

PBA Commissioner Willie Marcial was thrilled to bring the PBA to the

joint 29th-place finish in the Honda LPGA Thailand and 41st in the HSBC Women’s World Championship in Singapore.

The Olympic golf tournaments feature 60-player fields, with a limit of four players per country in the men’s and women’s competitions.

P agdanganan placed 43rd with rounds of 69-71-71-74 at Kasumigaseki Country Club in the Tokyo Games in 2021 and will look to do better at Le Golf National, which hosted the 2018 Ryder Cup. The men battle it out first on the course in Saint-Quentin-en-Yvelines with the opening round set on August 1. Women’s play starts on August 7. No Philippine player is on the current 60-player field for men. R io Olympian Miguel Tabuena, world-ranked 363rd, is on the reallocation reserve list.

WBC president returns to Manila for Pacquiao Elorde Awards Night

WORLD Boxing Council president Mauricio Sulaiman will be the guest speaker for the first Pacquiao Elorde Awards Night on Sunday night at Okada Manila. Sul aiman, 54, is scheduled to arrive in Manila on Wednesday afternoon and is expected to watch the fight between Paris Olympics-bound Eumir Felix Marcial on Saturday night against Thai Thoedsak Sinam at the Ninoy Aquino Stadium.

“It’s an honor that WBC President Mauricio Sulaiman will be joining us to be the guest speaker of the Pacquiao Elorde Awards Night this coming Sunday,” Manny Pacquiao said in a statement.

T he awards night is also organized by Johnny Elorde, one of the children of the late Gabriel “Flash” Elorde, and wife Liza Elorde, who is also responsible for holding the Gabriel “Flash” Elorde Awards Banquet of Champions since 2000.

T he last time Sulaiman attended the Elorde awards was in 2016.

momentum for the Lakers. The Warriors put the game away when Curry stole the ball from James and passed it to Kuminga for a breakaway dunk to make it 126-117.

UP NEXT

Warriors: Host the New York Knicks on Monday. Lakers: Host the Atlanta Hawks on Monday.

“It’s a grand return to history, as the Philippines was one of the founding countries of the WBC and then at the late 1960s until the early 1970s, Filipinos were then its president and secretary-general too,” said MP Promotions President Sean Gibbon.

“He [Sulaiman] will surely enjoy his stay here in Manila with Manny Pacquiao. They are expected to watch the fight of Eumir,” Gibbons added. Josef T. Ramos

TONY

MAXINE

gears up for battle. AUGUSTO BIZZI/FIE

STEPHEN CURRY is back with bang.