BusinessMirror March 20, 2024

n Wednesday, March 20, 2024 Vol. 19 No. 157

By Andrea E. San Juan @andreasanjuan

THE Philippines and the

bloc European Union (EU) are relaunching their negotiations for a free trade agreement (FTA), which is projected to increase trade between the two parties by as much as €6 billion.

At a virtual briefing of the European Commission (EC) on Monday night, EC Executive Vice President (EVP) Valdis Dombrovskis and Philippine Trade and Industry Secretary Alfredo E. Pascual formally announced the resumption of FTA negotiations between the EU and the Philippines.

In his remarks, Dombrovskis said, “The conditions are right to take our trade relations to the next level,” adding, “Trade between the EU and the Philippines is already

By Reine Juvierre Alberto

THE Philippines is poised to become a $2-trillion economy in the next decade as long as reforms will be continued, according to the top official of the World Economic Forum (WEF) on Tuesday.

WEF President Borge Brende said that with the country’s status as the “fastest-growing economy in the region” together with Vietnam, a lot has shown business interest in the Philippines, particularly globally.

“We are very bullish on the Philippine economy provided that reforms do continue. I think that this could be, in the coming decade, a $2 trillion economy,” Brende said at a press briefing held in Malacañan Palace.

This could be achieved, Brende said, if there are foreign investments in education and infrastructure, to draw on the “great

By Samuel P. Medenilla @sam_medenilla

THE Marcos administration is “on track” in the passage of more than half of its 57 items of priority legislation by midyear to help it achieve its security and sustainable socioeconomic targets.

During the 4th LegislativeExecutive Development Advisory Council (Ledac) meeting in Malacañang on Tuesday, President Ferdinand R. Marcos Jr.was informed that 14 of the priority bills were already enacted.

The 14 signed priority measures were the Subscriber Identity Module (SIM) Card Registration Act, Postponement of Barangay/Sangguniang Kabataan elections, Strengthening Professionalism in the Armed Forces of the Philippines (AFP), New Agrarian Emancipation Act, Maharlika Investment Fund, Trabaho Para sa Bayan Act, PublicPrivate Partnership Code of the Philippines, Regional Specialty Centers, Automatic Income Classification of Local Government

See “Ledac,” A2

By John Eiron R. Francisco

PANTABANGAN, Nueva

Ecija—The critical water levels at the multipurpose Pantabangan Dam may force a shutdown if the reservoir drops by 3 meters from its current headwater level, revealed the dam’s operation officer.

First Gen Operation and Permit to Work Officer Ronald Salvador said that the dam’s normal operating level is at 219 meters, with 221 meters being the spilling level. However, as of Tuesday, March 19, the recorded elevation has dwindled significantly to 179.97 meters, a decrease compared to its

previous level of 180.28 meters, as projected by the National Irrigation Authority (NIA). First Gen manages Pantabangan, Casecnan and Masiway dams.

Salvador said that if the dam’s level dips to 177 meters as soon as next week, there is a risk of vortex formation or internal air entrainment, potentially leading to structural damage. Recently, authorities observed a vortex forming in the dam that indicates the severity of the situation.

Meanwhile, current data showed that the active power output for two units stands at

See “Dam,” A2

Senate ratifies bicameral panel report on RPVARA

By Butch Fernandez @butchfBM

THE Senate on Tuesday ratified a bicameral report on disagreeing provisions of Senate Bill 2386 and House Bill 6558 on the Real Property Valuation and Assessment Reform Act (RPVARA).

Senator Sherwin Gatchalian made the report to the Senate plenary, as he thanked colleagues who helped him shepherd the bill, which he earlier described as providing a respite for taxpayers of real property tax. The measure sets a two-year amnesty on interests and penalties for taxpayers with unpaid real property tax, Gatchalian said. The Senate approved on third and final reading the proposed RPVARA a week ago.

Ledac. . .

Continued from A1

Units (LGU), Internet Transactions Act, Ease of Paying Taxes Act, Tatak Pinoy (Proudly Filipino) Act, Philippine Salt Industry Development Act and New Philippine Passport Act.

“With seven more bills slated for passage in June, we’re advancing towards a stronger Bagong Pilipinas [New Philippines],” Marcos said in a social media post.

Senate President Juan Miguel F. Zubiri, however, has committed that his chamber will push for the completion of 16 more bills by June.

Of the 23 measures, 15 are expected to be passed before the Senate’s sine die adjournment and the remaining eight will be passed during the first half of the year.

The 15 bills now being prioritized by the Senate are the Amendments to AntiAgricultural Smuggling Act/Anti-Agricultural Economic Sabotage Act, Self-Reliant Defense Posture Act, Philippine Maritime Zones Act,

“Waiving the payment of interests, penalties, and surcharges on unpaid or delinquent real property taxes through the amnesty component of RPVARA would encourage tax compliance later on and significantly enhance the government’s revenue-collection efforts,” said Gatchalian, who chairs the Senate Committee on Ways and Means. RPVARA is a priority legislation of the Marcos administration.

According to Gatchalian, the proposed legislation, once enacted into law, would hasten the automation of services provided by local government units (LGUs), which in turn would enhance the efficiency of tax collection and improve the delivery of services. This includes the creation of a Real Property Information System which will

Real Property Valuation and Assessment Reform Act, Philippine Ecosystem and Natural Capital Accounting System (Pencas), and the Negros Island Region Act.

Also on the list are the Anti-Financial Accounts Scamming Act, Value Added Tax on Digital Services, Amendments to the Government Procurement Reform Act, Blue Economy Act, Waste-to-Energy Bill, Mandatory Reserve Officers’ Training Corps (ROTC) and National Service Training Program (NSTP), Unified System of Separation, Retirement, and Pension of Military and Uniformed Personnel, E-Government Act/E-Governance Act, and Academic Recovery and Accessible Learning (ARAL) Program Act. “So that is our commitment to the House of Representatives [HOR] together with the President. But we’re on track to pass all of these by June,” Zubiri said after the 4th Ledac meeting. For his part, Speaker Ferdinand Martin G. Romualdez said the House has already passed its counterpart bills not only for the 15 measures mentioned by Zubiri, but also four more

maintain an up-to-date electronic database of the sale, exchange, lease, mortgage, donation, transfer, and all other real property transactions and declaration in the country.

“Through RPVARA, the country will have uniform valuation standards for real property assets, promoting transparency and enhancing confidence among investors,” Gatchalian said

According to him, establishing a standard valuation will foster equity as it will facilitate property rights enforcement, resulting in wealth generation by converting and mobilizing lands and other real property units into economically productive use.

The country’s real estate and land enable wealth generation at only 30.7 percent, lower than the average of major economies in

other items of priority legislation: the Enabling Law for the Natural Gas Industry, Open Access in Data Transmission Act, Department of Water Resources and Services, as well as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

“We have done our homework and all the 19 measures re-prioritized for target by June 2024 have been approved on the third and final reading by the House of Representatives,” Romualdez said in a statement.

Currently, he said only three of the 57 Ledac priority measures have yet to be completed by the HOR.

“This clearly shows that this present House of the People is a proactive chamber that caters and listens to the needs of the people passing needed legislation attuned to the Philippine Development Plan and the 8-point Socio-Economic Agenda under the Medium-Term Fiscal Framework [MTFF] of His Excellency PBBM,” Romualdez said.

The other priority bills on Ledac’s prior -

Negotiations. . .

Continued from A1

Southeast Asia (35 percent), thus, the need to establish a uniform valuation standard for real estate in order to attract investments that would make use of real estate assets, Gatchalian explained.

The senator cited data from the Philippine Statistics Authority (PSA), showing the gross value-added contribution of real estate and ownership of dwelling in 2023 stood at an impressive P1.37 trillion pesos, equivalent to 5.6 percent of the country’s gross domestic product (GDP).

Gatchalian emphasized that real property tax (RPT) includes other taxes such as Special Education Fund, Idle Land Tax, and other special levy taxes. These taxes can be imposed by a local government unit (LGU) pursuant to the Local Government Code.

ity list focus on agriculture, environment, defense and digitalization, among other areas. The streamlined list of priority bills targeted for passage by June 2024 include Anti-Agricultural Economic Sabotage Act; Self-Reliant Defense Posture Revitalization Act; Philippine Maritime Zones Act and ARAL, or Academic Recovery and Accessible Learning (ARAL) Program Act.

The list includes the Real Property Valuation and Assessment Reform Act (RPVara); Philippine Ecosystem and Natural Capital Accounting System (Pencas); Negros Island Region; Anti-Financial Accounts Scamming Act (Afasa); and VAT on Digital Services.

The Ledac also included in the list of priority bills the Amendments to the Government Procurement Reform Act; Blue Economy Act; Waste-to-Energy Bill; Mandatory Reserve Officers’ Training Corps (ROTC); and Unified System of Separation, Retirement and Pension of Military and Uniformed Personnel.

The list also includes the E-Government Act / E-Governance Act; Department of Water Resources; Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill; Enterprise-Based Education and Training (EBET) Program Act; Open Access in Data Transmission Act; and the Amendments to the Universal Health Care Act.

Dam. . .

Continued from A1

approximately 21 megawatts (MW) and 19 MW for unit 1 and unit 2, respectively. Cumulatively, this amounts to around 40 MW of active power generated by the Pantabangan Hydroelectric Energy Power Plant (PHEPP).

However, this output represents only 30 percent of the total installed capacity, which typically yields 120 MW under normal conditions.

However, Salvador expressed optimism about maintaining the current water level and emphasized the need for meticulous operational adjustments if the governmentowned irrigation development takes decisive measures to reduce their daily water demands of 99 cubic meters per second (CMS) to just 60 CMS.

The hydroelectric power plant’s operation officer revealed that the potential decrease in daily water demands comes at a crucial time—harvest season. During this period, farmers in the province and irrigationdependent areas no longer require as much water for irrigation.

Salvador further explained that it is typical for the water level in the dam to be low during this time of the year due to the summer season. The decrease in water levels has been observed since January this year.

The Pantabangan Dam is situated downstream of the Casecnan Dam, forming a complex water management system where the discharge from Casecnan flows solely into Pantabangan. However, despite this interdependence, they are unable to fully replenish the dam due to its limited discharge.

When asked about the potential resumption of operations at the Pantabangan Dam in case of shutdown, Salvador expressed difficulty in providing a precise timeline, as the timing is heavily reliant on weather conditions.

strong and has been growing at an impressive pace over the past decade.”

However, the EC official said, “But we can do more to realize the full potential of our trade relationship.”

Dombrovskis noted the “strong” ties between the EU and the Philippines, which he said gave rise to a “more compelling” economic case for an FTA.

For one, the EC official said the Philippines has the potential to be a major market for EU industry, with a gross domestic product (GDP) of €370 billion and a population of over 115 million people.

“Trade in goods was worth over €18.4 billion in 2022, while trade in services was worth €4.7 billion in 2021,” he also noted.

Dombrovskis also pointed out that the EU is the Philippines’s fourth largest trade partner. Further, the FTA between the two parties, he noted, is projected to increase trade by up to €6 billion.

As to the sectors that the 27-member bloc is setting sights on in the Philippines, Dombrovskis recognized that “The Philippines is also an important producer of a number of critical raw materials, such as nickel, copper, and chromite, all of which are vital for the green transition.”

“A deal with the Philippines will help us to strengthen our supply chains of these critical materials at a time when global supply chains are under increasing pressure,” the EC official said.

However, he stressed that this agreement is beyond “making it easier to ship boxes of goods back-and-forth,” as this trade agenda will also back green and digital transitions -- areas, he noted, “where the Philippines has consistently voiced strong ambitions to be at the forefront.”

For his part, the Philippines’s Trade chief said the Philippines stands as a “crucial ally” of the European Union amid the economic growth in the global landscape’s shift to the Southeast Asian region.

“As the center of economic growth shifts to the vibrant Southeast Asian region, the Philippines stands as a crucial ally of the European Union, and we’re ready to engage in meaningful economic reforms to make this happen,” Pascual said. An FTA with the European Union, he added, will expand market access in goods, services, and investments “significantly.”

“It aims to enhance commercial interactions between our business sectors, create valuable opportunities for our service providers, especially professionals and establish reciprocal rules and standards,” the Philippines’s Trade chief also noted. The EU and the Philippines first negotiated for the trade deal in 2015. The last round took place in 2017.

WEF. . .

Continued from A1

competence” of Filipinos, considerably the youth. The Philippines’s economic value is currently estimated at $380 billion.

Brende also noted the paradigm shift to the knowledge-based economy and the opportunities that come with it.

“Productivity can be increased by 30 percent in the coming decade so if you want to see continued economic growth, you also have to be part of the intelligence economy,” he said.

‘Increased investment appetite’

PARTICIPANTS at the WEF have shown interest in investing in the Philippines for its “stable and sound fiscal policy” and “stable monetary policy,” according to Brende.

Dombrovskis emphasized that no further rounds were scheduled after, due to the EU’s concerns over policies of the former administration in the Philippines.

“We then paused talks, as we are always firm in our conviction that our trade relations cannot be negotiated in a vacuum. Our trade relations must be based on respect for common values and fundamental conventions. So, we warmly welcome the positive change of direction that your government has induced since it took office in 2022,” the EC official said.

European, German chambers MEANWHILE , the European Chamber of Commerce of the Philippines (ECCP) and the German-Philippine Chamber of Commerce and Industry Inc. (GPCCI) welcomed the resumption of the negotiations for a free trade agreement between the Philippines and the European Union.

In a statement issued shortly after the briefing on Monday night, the ECCP said the resumption of talks “presents a crucial opportunity to enhance economic growth, deepen partnerships, promote sustainability, prosperity and progress.”

“With the Philippines among the fastest-growing economies in the region and boasting a young and dynamic population, the potential for mutually beneficial collaboration between the EU and the Philippines is vast,” the European chamber noted. As a bilateral foreign chamber that promotes European interests in the Philippines, the ECCP underscored that for the Philippines, the FTA offers a “wide range” of benefits including increased market access for highly protected sectors such as agriculture and garments.

“Critical raw materials, digital trade, and energy sectors are also among those expected to benefit from the FTA,” the chamber noted.

For its part, the German chamber recognized the EU-PH FTA as it “presents a significant opportunity” to further enhance the interests of German businesses. GPCCI also noted that Germany stands as the Philippines’s leading trading partner and top source of investments in 2023, bringing in P393.28 billion to the Philippines, based on data from the Board of Investments (BOI).

In a statement on Tuesday, GPCCI President Stefan Schmitz said, “We are encouraged by the recent developments surrounding the resumption of the EU-PH Free Trade Agreement (FTA), particularly highlighted by President Marcos’s remarkably successful visit to Germany last week—a visit that included a business forum we had the honor of co-organizing.”

Vietnam, Malaysia, Thailand, and India an advantage and the Philippines also has the potential to become one as well, Brende said, adding that certain areas of policies have to be scrutinized.

The renewable energy sector, Brende noted, has strong potential and competitiveness as prices have fallen to one-tenths compared to 10 years ago.

Renewable energy makes a country more energy-independent because renewables will be produced in the Philippines so there is no need for importation, which makes the country stronger, Brende explained.

“I think it’s also doable without subsidies. It should be, but of course, it also means that you have to invest a lot,” Brende added.

“The feedback from the participants, so far, has also been that the appetite for investing in the Philippines is increasing,” he stated.

Brende said the country is looking at opportunities for increased investments, specifically in the manufacturing and renewable energy sectors.

The diversification of the supply chains has given

Special Assistant to the President for Investment and Economic Affairs Frederick D. Go said the main thrust for ensuring more investments in the renewable energy sector is the major shift in policy to allow 100-percent foreign ownership of RE projects.

Go also cited the Energy Virtual One Stop Shop (Evoss), a web-based filing and monitoring system for energy-related applications and a repository of information and permits issued for energy projects.

The Philippine government is eyeing to increase the renewable energy share in the country’s energy mix to 35 percent by 2030 and 50 percent by 2040.

Editor: Vittorio V. Vitug

White House announces Biden, PBBM, Kishida trilateral summit next month

By Malou Talosig-Bartolome &Samuel Medenilla @sam_medenilla

THE White House is arranging a trilateral summit with US President Joseph Biden Jr.,  President Ferdinand R. Marcos Jr. and Japanese Prime Minister Fumio

Kishida on April 11, amid China’s rise and increasing presence in the Indo-Pacific region.

This will be the first time that the Philippines, the US and Japan heads of governments will hold a trilateral meeting.

Last year, US, Japan and South Korea also had a trilateral summit at Camp David.

On the same day, Biden and Marcos will also have a separate bilateral meeting.

New horizon of cooperation

US Secretary of State Antony Blinken said the event will also be an opportunity for the Philippine and American government to expand their areas of cooperation.

“I think a new horizon of cooperation is also incredibly promising, but it is also building on the very strong foundation of our countries,”

Blinken told Marcos during their meeting in Malacañang Tuesday.

Among the issues to be discussed in the meeting are maritime cooperation, infrastructure development, economic resiliency, trade and investments, clean energy and the climate, as well as cyber security and the digital economy.

The trilateral meeting comes as the three countries expressed concern over the growing aggression of China in the South China Sea.

The day before the trilateral summit, the Japanese prime minister will have an official visit in the US, with a state dinner hosted by Biden.

The bilateral meeting between Kishida and Marcos is still being arranged, the Japanese Cabinet Minister said.

Trilateral defense partnership

THE Biden-Kishida-Marcos summit aims to “advance a trilateral partnership” towards their “shared vision for a free and open Indo-Pacific.”

The three countries also share a “deep historical ties of friendship, robust and economic relations and a proud and resolute commitment to shared democratic values.”

“The leaders will also reaffirm the

ironclad alliances between the United States and the Philippines, and the United States and Japan,” the White House said in a statement.

The US has defense treaties with both the Philippines and Japan, which basically provides a security blanket for countries to help the other in case of attack by foreign aggressor. Tokyo and Manila are facing a belligerent China, whose Navy and Coast Guard have recently clashed with Philippine and Japanese maritime forces in the East China Sea and South China Sea.

Blinken, who was in Manila Tuesday, said his deputy, Kurt Campbell will be meeting his Philippine and Japanese counterparts to finalize the arrangements for the trilateral summit.

Philippine Foreign Affairs Secretary Enrique Manalo also said leaders are also planning to “capitalize on the complementaries,” which exist in the bilateral cooperation between the Philippines, Japan and the US, including maritime security.

Trilateral economic partnership

OTHER areas of complementaries among the three countries are on the economic front, which are in -

frastructure and critical minerals, Manalo said.

The White House said the summit will also include in the agenda the promotion of “inclusive economic growth and emerging technologies, advance clean energy supply chains and climate cooperation.”

Marcos-Biden meeting

THE White House has also squeezed into Biden’s calendar a meeting with President Marcos on April 11.

This will be the fourth time that the two Presidents will meet in the first two years of the Marcos administration. The first US-Philippine leaders’ face-to-face meeting was during the sidelines of the United Nations General Assembly in New York in 2022, the second was during Marcos’ official visit to Washington DC in  May 2023, and the fourth was during the AsiaPacific Economic Cooperation (APEC) Summit in San Francisco.

The White House said the two leaders will “review the historic momentum in US-Philippines relations and discuss efforts to expand cooperation on economic security, clean energy, people-to-people ties, and human rights and democracy.”

“The President will reaffirm the ironclad alliance between the United States and the Philippines and emphasize US commitment to upholding international law and promoting a free and open Indo-Pacific,” it added.

PHL, US commits to fixing capability gaps in EDCA sites

THE Philippines and the United States (US) committed to address capability gaps in the Enhanced Cooperation Defense Agreement (EDCA).

This as Department of National Defense (DND) Assistant Secretary for Logistics, Ac -

quisition, and Self-Reliant Defense Posture Joselito B. Ramos met with US Assistant Secretary of Defense for Acquisition and Sustainment Christopher J. Lowman, to discuss the logistics capabilities in EDCA sites last March 15.

“Asec. (Assistant Secretary) Ramos also shared with his US counterparts the challenges faced by the Defense Department, including logistics, transportation, resupply, overhaul, and maintenance concerning the projects at EDCA sites,” the DND said in a statement

Monday night. It also said both nations expressed commitment to address the capability gaps of the EDCA sites.

“(Both sides) emphasized that sustaining regional cooperation between like-minded

Senate ratifies two bicameral reports on maritime zones, PNP reform bills

THE Senate late Monday ratified the bicameral conference committee reports on two awaited reform bills.

The first on the disagreeing provisions of Senate Bill No. 2492 and House Bill No. 7819 on the Philippine Maritime Zones Act.

The other was the Bicameral Conference Committee Report on the disagreeing provisions of Senate Bill No. 2449 and House Bill No. 8327, seeking to provide organizational reforms to the Philippine National Police.

Senator Francis N. Tolentino, chief sponsor of the maritime zones measure, pointed out during Monday’s plenary session that the proposed Philippine Maritime Zones Act would stand as a testament of the nation’s adherence to the principles of international law. “This law represents more than just a legal framework. It is a symbol of our resolve to protect our marine environment and secure the livelihood of our coastal communities,” the senator stressed.

As for  the Bicameral Conference Committee Report on the disagreeing provisions of Senate Bill No. 2449 and House Bill No. 8327, Sen. Ronald “Bato” Dela Rosa, who presented

countries will further enhance interoperability,” the DND stressed.

The five initial EDCA sites are the Cesar

Basa Air Base in Floridablanca, Pampanga; Fort Magsaysay Military Reservation in Nueva Ecija; Lumbia Airport in Cagayan De Oro; Antonio Bautista Air Base in Puerto Princesa, Palawan; and Benito Ebuen Air Base in Cebu.

While the four additional are the Naval

the bicameral report, reported that members of the committee agreed to use the Senate version as the working draft.

Moreover, he reported that as part of the mandate of the Philippine National Police Academy (PNPA), a provision was included so the PNPA would recruit cadets representing all provinces in the country.

The senator added that “another highlight in the bicameral report was the provision that all National Administrative Support Unit Women and Children Protection Group would be headed by a female director with the rank of Police Brigadier General and the assignment of technical officers to positions related to their technical expertise outside of the office or unit where they were accepted.

“We believe we have crafted a measure that more faithfully reflects the needs of the PNP,” said Dela Rosa, a former PNP Chief in the Duterte administration, adding, “Not only that, it also equips our beloved agency with the legislative imprimatur that they require in order to be more effective, more efficient, in carrying out their mandate to serve and protect.” Butch Fernandez

Base Camilo Osias in Sta. Ana, Cagayan; Lallo Airport in Lal-lo Cagayan; Camp Melchor Dela Cruz in Gamu, Isabela; and Balabac Island in Palawan.

These locations strengthen the interoperability of the US and Philippine militaries, enabling the forces to respond more seamlessly together to address a range of shared challenges in the Indo-Pacific Region.

Rex Anthony Naval

Economy

‘Salt law to spur jobs, investment generation, revive dying industry’

By Andrea San Juan @andreasanjuan

THE enactment into law of the Philippine Salt Industry Development Act is expected to generate new investments and new technologies to the country’s salt industry on top of reviving the “dying” industry, the Philippine Chamber of Commerce and Industry (PCCI) said Tuesday.

The

With

For her part, PCCI President Enunina V. Mango said she hopes that the new law will address the gaps in the implementation of the ASIN law or

SC

AAn Act for Salt Iodization Nationwide and create opportunities for people, especially in rural areas.

The PCCI head emphasized that the Philippines is an archipelagic country with over 7,000 islands and yet, it imports more than 90 percent of its salt requirement.

“It’s a sad reality that we need to collectively address through the effective implementation of the law,” Mangio said.

Moving forward, she noted, “We should aim for our country to become salt self-sufficient and minimize de -

pendence in imports.”

In 2022, PCCI, together with the Philippine Exporters Confederation, Inc. (Philexport) and Employers Confederation of the Philippines (ECOP), penned a letter to Congress expressing support for the passage of the Philippine Salt Industry Development Act.

“This made us wonder why after 27 years of implementation, we continue to suffer the consequences of iodine deficiency among certain segments of the population, aside from the serious adverse effects of the ASIN Law on local sea salt production and export,” the letter of the groups noted.

Citing the statement of the business groups, PCCI noted the salt industry has the potential to generate 100,000 green jobs, especially in the countryside and save foreign exchange from importing 550,000 metric tons of salt every year, which constitutes around 93 percent of the salt requirement of the country.

In terms of export, the Philippines can take part in the share of the world export of salt, which exceeded $2.59 billion in 2021, the PCCI noted.

Further, the business group said in Asia alone, the total salt trade is estimated at 20,000,000 metric tons (MT) valued at $1.2 billion, mainly

urged to reconsider ruling vs PUJ modernization program

GROUP of jeepney operators and drivers pleaded to the Supreme Court (SC) to reconsider its decision denying its petition seeking to nullify the Department of Transportation’s (DOTr) Public Utility Vehicle Modernization Program (PUVMP).

In its motion for reconsideration (MR) filed before the SC Tuesday, Bayyo Association, Inc., which is composed of 430 jeepney drivers, insisted that it has legal standing to question the constitutionality of PUVMP.

It can be recalled that the Court, in its recently released decision, dismissed Bayyo’s petition for lack of legal standing and violation of the principle of hierarchy of courts.

The Court found that Bayyo failed to submit any proof to support its claim that it is a legitimate association of public utility jeepney (PUJ) operators and drivers. While Bayyo attached a Certificate of Registration issued by the Securities and Exchange Commission (SEC), the Court noted that it merely

proves its registration as an association, but does not establish that its members are indeed PUJ operators and drivers.

Due to the absence of Bayyo’s Articles of Incorporation and by laws or any other competent proof, the Court said it couldn’t ascertain its legal standing as an association of PUJ operators and drivers. Bayyo also failed to establish who its members are and that it has been duly authorized by said members to institute the petition.

The SC said it also violated the principle of hierarchy of courts, which requires that a petition must first be brought before the lowest court with jurisdiction and then appealed until it reaches the SC. This concurrent jurisdiction does not give the party discretion on where to file a petition, as non-compliance with this requirement is a ground for dismissal, the Court said.

The also Court stressed that it is allowed to resolve only questions of law even though the petitioners invoked transcendental

supplied by Australia and China.

The PCCI also emphasized that the Philippines has a “logistics advantage” as it is closer to its Asean neighbors compared to Australia.

For his part, William S. Co, PCCI Agriculture and Fishery Committee director, said there is no reason the  country cannot produce enough supply of sea salt as “we are surrounded by waters.”

Co also noted that the government should ensure the effective implementation of the law.

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

Prior to the new law, the tariff on imported salt 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 seawater. (Full story here: https://businessmirror.com.ph/2024/03/18/ marcos-signs-law-slapping-9-tariff-on-imported-salt/)

to file the petition straight to the SC, insisting that the issues they raised are considered of transcendental importance.

importance of the action.

In seeking the reconsideration of the said SC decision, the group insisted that its members are legitimate operators and drivers who stand to suffer due to the PUVMP.

The group noted that its amended by laws is still being processed by the SEC and assured that it would submit the same and other necessary documents within 10 days.

“Petitioners invoke the application of a more liberal approach to legal standing, acknowledging the profound implications of the PUVMP on their livelihood, economic stability, and ability to continue their operations under new regulatory requirements,” the group’s MR said.

“We will be faced with daunting prospect of significant debt from mandatory vehicle upgrades. With loans potentially reaching up to P2 million, members of the Bayyo Association are at risk of financial peril,” Bayyo president and petitioner Anselm Perweg said.

Meanwhile, Bayyo defended its decision

“Direct resort to this Court is justified since what is at issue is the constitutionality of a Department Order which affects people’s Constitutional rights to due process and equal protection, particularly the right to pursue a lawful calling and profession and the right to earn a living among other important issues prejudicial to the well-being of thousands of drivers and operators of traditional jeepneys and their families,” the petitioner pointed out.

It also noted that there are similar petitions questioning the constitutionality of PUVMP which are now pending before the SC.

In its petition, Bayyo questioned the validity of DOTr’s Department Order (DO) No. 2017-011, which provides for the implementation of the PUVMP.

The petitioners argued that DO No. 2017011 is an invalid delegation of legislative power. It also assailed paragraph 5.2 of DO No. 2017-011 for being unconstitutional as it violates due process and equal protection clauses of the Constitution. Joel R. San Juan

Editor: Vittorio V. Vitug

Salceda says

Bulacan

ecozone bill may soon be up for PBBM’s okay

ALBAY 2nd district Rep. Jose “Joey” Sarte Salceda expressed confidence Tuesday that bill creating the Bulacan Ecozone will soon be passed into law, saying the House is eyeing to adopt the Senate version of the said legislation.

He said a bicameral discussion on the said measure is no longer necessary since the Senate already made a “good version.”

“The Senate version is completely fine with me. I recommended to chairman Valmayor and the House leadership that we concur with the Senate version,” Salceda said.

“The sooner we could send this to the President for his signature, the better,” he added.

Salceda said he is hopeful the current version of the legislation creating the Bulacan Special Economic Zone and Freeport (BuZ) will finally be passed into law since it already addressed the concerns raised by President Ferdinand R. Marcos, Jr.

The Senate passed on third and final reading Senate Bill 2572 establishing the BuZ last Monday.

“Of course, it’s all up to PBBM, but

this time around, I don’t think there will be a veto,” Salceda said.

In 2022, Marcos vetoed the bill, which would establish the ecozone, then called the Bulacan Airport City Special Economic Zone and Freeport (BACSEZF) due to its “defective” provisions.

Among the issues raised by the President on the said legislation was the exemption of the ecozone from the jurisdiction of the Commission on Audit; its lack of procedures for the expropriation of lands awarded to agrarian reform beneficiaries as well as a master plan for the specific metes and bounds of the economic zone; and for giving “blanket powers to the BACSEZF authority for managing its technical airport operations.”

“At the instruction of the leadership, we cured the issues of President Marcos’ earlier veto of the original proposal,” Salceda said.

The BuZ will be largest ecozone in the country, surrounding Bulacan Airport. It is expected to generate 1.2 million jobs and bring in at least P37.84 billion worth of investments.

Samuel P. Medenilla

Go backs improved infra devt and healthcare in Bicol Region

SENATOR Christopher “Bong” Go, in a recent radio broadcast interview, shared updates on his various projects and legislative efforts aimed at improving the lives of Filipinos, especially those in the Bicol Region. Go, known as Mr. Malasakit for his compassionate service, began the interview by highlighting his continuous dedication to serving Filipinos nationwide.

Acknowledging the achievements of the “Build, Build, Build” Program under former president Rodrigo Duterte, Go mentioned several projects in the Bicol Region and emphasized the importance of continuing infrastructure development.

“Unang-una po, noong panahon ni dating pangulong Duterte, pinursige talaga ‘yan na matapos ‘yang Bicol International Airport…” said Go.

On the comprehensive impact of infrastructure development in the region, Go shared, “ako po ay proud na naging part ng administrasyon ni Pangulong

Duterte noon, maraming natapos ang DPWH (Department of Public Works and Highways); 1,670 kilometers of road, 295 bridges, 706 flood mitigation structures, and 8,437 classrooms sa Region V.” Aside from the Bicol International Airport, Go mentioned specific projects during the previous administration highlighting the breadth of infrastructure development in Bicol Region. Among these are the Imelda Boulevard in Catanduanes; San Fernando-San Jacinto-Monreal Road in Masbate; Esperanza-Placer Road leading to Pasiagon beach in Masbate; Camarines Sur Expressway Project; Pasacao-Balatan Tourism Coastal Highway in Camarines Sur; Legazpi City Coastal Road; Albay-Sorsogon Connector; Cagraray Island Circumferential Road in Albay; Sorsogon City Coastal Bypass Road; and the Matnog-Sta. Magdalena-Bulusan Road. As Vice Chair of the Senate Committee on Finance, Go also supported various local infrastructure initiatives across the Bicol region.

50 percent done: National Library halfway through digitalization goal

TO cope with today’s digital era, the National Library of the Philippines (NLP) reported that it’s halfway through its digitalization thrust that, in turn, has encouraged more people to go back to the country’s official repository of information on cultural heritage and other literary resources.

According to NLP Director Cesar Gilbert Q. Adriano, they have digitized roughly around “50 percent” of their big collection of rare old books and other learning materials published up to the 1950’s.

He has no inkling, though, as to when they can fully digitize their vast collection of reading and learning tools.

“If given the budget and everything, we can give what’s our definite timeline for that. What is important to us right now is our rare collection is digitized. That’s our target because new books can be bought now,” he told the B usiness M irror at the recent launch in Quezon City of the inaugural Philippine celebration of the International Children’s Book Day (ICBD).

For him, digitization is a part of the regular function and a never-ending drive of the National Library.

“So just imagine it’s 135 years old already. We started that digitization in the 1990s, of course, initially with those very old books that are very sensitive, so they can have less exposure to the peoples’ touch. They are now available in digital formats in our website,” said the top official.

Some original copies of famous literary and historical pieces the institution has so far turned into digital versions are Jose Rizal’s manuscripts of the Noli Me Tangere and El

Filibusterismo, as well as Severino Reyes’s Ang Mga Kwento Ni Lola Basyang, he cited. With their continued digitalization, Adriano bared that the number of people visiting the National Library located at the Rizal Park in Manila has so far increased at an average of “300 to 400 a day” compared to previous years.

Based on their data, the director cited that most of the library-goers are in groups, like students. The challenge, however, is that majority of them go there to study with their own books or reference materials.

“But if they need additional resources, [they are] available in the National Library,” he said of their inventory of printed and digital books. “The beauty of going to the National Library is you will get verified information with the assistance of our librarians. Unlike in the internet, whatever you click, you don’t know if it’s true or fake. So that’s still the advantage of going to the library.”

Slated on April 2, the first ICBD celebration in the country will be hosted by the International Board on Books for Young People-Philippines, with the aim of raising awareness about the importance of children’s books and their impact on the development of young readers.

The line up of activities include interactive storytelling and read-aloud sessions, book sharing, distribution of books and posters, and awarding of the first-ever Severino Reyes Medal to the most outstanding picture book, storybook, and young adult book published in the country over the past decade.

Roderick L. Abad

Senate orders Quiboloy’s arrest as DOJ files sexual abuse and human trafficking charges

By Joel R. San Juan @jrsanjuan1573 & Butch Fernandez @butchfBM

THE Department of Justice

(DOJ) announced Tuesday that criminal charges were formally filed before the trial courts in Davao and Pasig Cities involving sexual abuse, child exploitation and qualified human trafficking against Kingdom of Jesus Christ (KJC) leader Pastor Apollo Quiboloy and several others.

The Senate, meanwhile, in an order signed by Senate President Juan Miguel Zubiri, ordered Quiboloy’s arrest after repeatedly

refusing to attend a Senate hearing on his alleged sex abuses

The order also directed the Senate sergeant-at-arms to arrest and detain him “until such time that he will appear and testify in the Committee, or otherwise purges himself of that contempt.”

DOJ spokesman Jose Dominic Clavano IV said the prosecution recommended a bail of P180,000 for charges under Section 5(b) of Republic Act 7610 or the Special Protection of Children Against Abuse, Exploitation and Discrimination Act and  P80,000 for maltreatment under Section 10(a) of the same law.

On the other hand, no bail was recommended for the charge of

qualified human trafficking under Section 4 (a) of Republic Act No. 9208, as amended, filed before the Regional Trial Court of Pasig City.  Clavano, however, did not say whether the DOJ has sought the issuance of a preliminary hold departure order from the courts against Quiboloy and the other respondents, which would prevent them from leaving the country.

Aside from Quiboloy, the DOJ also named Jackielyn Roy, Cresente Canada, Paulene Canada, Ingrid Canada and Sylvia Cemañes as respondents in the child exploitation and qualified human trafficking cases.

“The Department of Justice is dedicated to the enforcement of

AFP chief Brawner visits wake of fallen troops in Maguindanao Del Sur ambush

ARMED Forces of the Philippines (AFP) chief Gen. Romeo Brawner Jr. on Monday visited the wake of the four troopers killed in the ambush committed by members of the Dawlah Islamiya-Hassan Group in Maguindanao Del Sur last March 17. The wake was held at the headquarters of the 6th Infantry Division in Datu Odin Sinsuat.

The four soldiers were gunned down by the terrorists shortly after completing their marketing chores.

“The CSAFP (Chief of Staff, AFP) also extended his condolences to the families of the four military personnel—identified the fallen troops as Private Marvin Dumaguing,

Private Jessie James Corpuz, Private First Class Carl Araña, and Corporal Creszaldy Espartero—who were ambushed by the Dawlah IslamiyahHassan Group in Datu Hoffer,” AFP public affairs office chief Col. Xerxes Trinidad said Tuesday. Earlier, Brawner said that he would run after the perpetrators “to finally put a stop to their violent acts that disrupt peace and stability in the region.”

“The AFP extends its condolences to the families and loved ones left behind by four of our brave soldiers killed in an attack perpetrated by the terrorist Dawla Islamiyah— Hassan Group,” he added.

‘Un-Islamic act ‘

THE Bangsamoro government condemned as “un-Islamic” the ambush of government soldiers Sunday in Datu Hofer town of Maguindanao del Sur.

“They are anything but Muslims and we denounce anyone who condone such senseless violence, especially during this holy month,” the statement read. It was signed by Bangsamoro government Chief Minister, Ahod B. Ebrahim, who is concurrent chairman of the Moro Islamic Liberation Front.

“What is more particularly disheartening is that the perpetrators had the audacity to commit this heinous crime during the Holy Month

our laws and the protection of our children from exploitation and abuse,” Justice Secretary Jesus Crispin Remulla said in a statement.

“This case underscores our commitment to hold accountable those who would harm our society’s most vulnerable. Let this serve as a reminder that no individual, regardless of their position, is above the law,” he added.

The DOJ said there is only one complainant in the said cases— then a 17-year-old former member of Quiboloy’s religious sect.

The Committee on Women, Children, Family Relations and Gender Equality, chaired by Deputy Minority Leader Risa Hontiveros, had earlier sought Quiboloy’s arrest for his “no show”

of Ramadhan, a time when we as Muslims should be reflecting on the values of generosity, compassion, and forgiveness,” Ebrahim said.

He described the ambush as a cowardly act of violence that “not only threaten our daily lives but also undermine the hard-won peace and stability in our region.”

“The actions of these peace spoilers seek nothing but to sow discord and create mistrust among our people. Such actions do not represent the dreams and aspirations of our people for an empowered, cohesive, and progressive Bangsamoro,” he added.

He said the Bangsamoro government already coordinated with the Armed Forces to extend its financial assistance to the victims and their families.

“In this difficult time, we stand with them in solidarity as we work closely with the authorities concerned in seeking justice,” he said. Rex Anthony Naval and Manuel T. Cayon

DA grants meat export accreditation to Brazil, Germany, 2 other countries

By Andrea E. San Juan @andreasanjuan

THE Department of Agriculture (DA) said Tuesday it has granted a three-year meat exporters’ accreditation to Brazil and Germany and some companies in Hungary and Poland following clearances issued by DA Inspection Missions, which visited these countries late last year.

This, after the DA Inspection Missions found 36 meat establishments in Germany; 48 in Brazil; three in Hungary and 12 in Poland to be compliant with the animal health code of the World Organization of Animal Health as well as quarantine and meat inspection standards of the Philippines.  In a statement Tuesday, the DA said,“Exporter

accreditation is necessary to ensure cattle, swine and poultry meat sourced from abroad are free of pathogens and other diseases that could pose a risk to Filipinos and the multi-billion-peso domestic livestock and poultry industry.”

The accreditation granted to Brazil, Hungary, Germany and Poland would expire in February 2027.

According to the Agriculture department, the 36 German firms are allowed to ship to the Philippines beef, pork and poultry meat, particularly chicken and turkey. The 48 meat establishments from Brazil could export beef, pork and chicken, duck and turkey meat.

For Poland, the DA noted that it accredited 12 meat companies, of which, six are for pork

and six for beef—to export hog and cattle meat to the Philippines.

Further, the agency said it granted a threeyear accreditation to three firms from Hungary to export pork and poultry meat, including chicken, duck and geese, to the country.

The three accredited Hungarian meat establishments are MCS Voghid ZRT Pecsi Hutahoza, a shipper of frozen swine carcasses, hams, shoulders and other cuts, and edible offal; Kometa 99 ZRT, an exporter of frozen swine carcasses, hams, shoulders and other cuts, edible offal and pig fat; and Jeg-Sziget Hutahaz KFT., an exporter of pork, chicken, duck and geese.

In the orders he signed prior to leaving for Germany earlier this week, DA Secretary Francisco P. Tiu Laurel, Jr. said these foreign

meat exporters must fully comply with existing regulations and conditions provided in the orders and their annexes.

Data released by the Bureau of Animal Industry (BAI) showed that the country’s meat imports posted a double-digit decline in the January to November 2023 period.

Based on the data, meat imports reached 1.115 billion kilograms or 111.55 million metric tons (MMT) before the Holiday season started in 2023. This was lower than the 1.252 billion kilos or 1.25 MMT shipments that arrived in the same period of 2022. In terms of origin,

Neda seeks private sector support to finance realization of SDG goals

By Cai U. Ordinario @caiordinario

THE National Economic and Development Authority (Neda) appealed to the private sector to augment funds used to finance the achievement of the Sustainable Development Goals (SDG) in less than a decade.

Neda Undersecretary for Policy and Planning Rosemarie G. Edillon told reporters Tuesday that through its convergence budgeting efforts, the government estimated it would have P16 billion from the excise taxes to finance projects and programs.

However, Edillon said many of the projects and programs related to the achievement of the SDGs will require more financing and flexibility in funding.

“Well, government is doing something. Kaya nga may program convergence budgeting kami . But for many of these [projects], you really have to go the extra mile. That’s where private sector has the flexibility,” Edillon said on the sidelines of the launch of the country’s SDG investor’s map Tuesday.

Edillon said the flexibility of the private sector could be useful in bringing SDG projects and programs to remote areas of the country, such as geographically isolated and disadvantaged areas (GIDA).

The Neda official said government funds can only be used to benefit large chunks of the population. This now limits the use of public funds for areas where there are low populations, typical in GIDAs.

Apart from geographical challenges, Edillon said the private sector could also be used to finance the achievement of goals pertaining to high context issues.

The private sector has greater flexibility in addressing nuances in responding to the challenge of attaining certain SDGs, particularly in goals where the country’s performance is regressing.

“I know that many of you [private sector] have already identified your programs that are SDG related, but for those who still have additional resources, this is where we need those resources,” Edillon said. “Just focus on the regressing indicators.”

There are 16 indicators spread across 10 of the 17 SDGs where the country’s performance was regressing, such as those on nutrition; addressing teen pregnancy; violence against women; youth not in education, employment or training; and civil registration of children.

For SDG 2 on zero hunger, indicators where the country was regressing were on meeting the 100 percent recommended energy intake and reducing the prevalence of malnutrition.

For SDG 5 on gender equality, violence experienced by women and girls as well as the marriage of girls before the age of 15 years old and 18 years old.

Edillon said for SDG 6 on clean water and sanitation, the country was regressing in the implementation of programs and projects identified in the integrated river basin master plans.

For SDG 8 on decent work and economic growth, she said the country was regressing

in increasing real GDP per capita growth and reducing the unemployment rate and youth not in education, employment or training (NEET).

Based on the latest data from the Philippine Statistics Authority (PSA), the youth who are considered NEET, reached 2.789 million in January 2024. This is composed of 1.09 million males and 1.699 females.

Meanwhile, for SDG 9 on industry, innovation and infrastructure, the country is regressing in increasing the expenditure for research and development as a proportion of GDP.

Edillon also said in SDG 10 on reducing inequalities, the country was regressing in terms of reducing the share of the population living below 50 percent of the median income.

For SDG 11 on sustainable cities and communities and SDG 13, the country is regressing in reducing the number of deaths and missing persons cause by disasters per 100,000 population.

The country was also regressing in the SDG 11 indicator on increasing the number of highly urbanized cities and urban areas with ambient air quality guidelines.

In SDG 16 on peace, justice, and strong institutions, Edillon said the country is regressing in increasing the number of children registered with a civil authority. She said child registration has been stagnant for a number of years.

“The problem is it has been stagnant. So it has not increased by much. This means that it gets even more difficult to really reach those who are not yet registered. So again, we will need the help of civil society, private sector,” Edillon said.

despite several summonses by the panel. Earlier, she also issued a “show-cause” order to give the embattled pastor time to explain his absence.

The Zubiri-signed order noted that instead of heeding appeals to appear before the senators, Quiboloy has sent his lawyer.

The arrest order said by refusing to testify, Quiboloy was “delaying, impeding and obstructing” the Hontiveros panel’s inquiry into allegations of human trafficking, rape sexual abuse and violence, and child abuse against Quiboloy.

Reacting to the arrest order, former senator Leila de Lima issued this statement: “I commend SP Migz Zubiri for signing the warrant of arrest against

alleged sexual offender Apollo Quiboloy. This is a significant day for the fight against the impunity of powerful but depraved demagogues.” This is a fulfillment of the Senate’s mandate to conduct a fair investigation on vital issues, she added.

Quiboloy’s arrest order caps a weeks-long tug of war among senators, after four of them, led by Sen. Robin Padilla, signed a manifesto to overturn the original citation of contempt by  Hontiveros. A fifth signatory, Sen. JV Ejercito, took back his assent. Padilla said in a privilege speech that Quiboloy may be the victim of a demolition job because of his role in supporting the fight against local communists.

BuCor DG’s backup car fired upon at Skyway, no one hurt

THE Department of Justice (DOJ) expressed alarm Tuesday over a reported attempt to ambush the occupants of  the backup vehicle of Bureau of Corrections Director General Gregorio Pio P. Catapang Jr. while on its way to pick up another corrections official in Quezon City.

Based on the initial report released by the Bureau of Corrections (BuCor), the bulletproof Toyota Hilux car was fired upon by still unknown assailants at around 6:30 a.m. along the Skyway, while en route to pick up Deputy Director General for Administration Atty. Al Perreras.

The vehicle, which driven by BuCor security escort Cornelio Colalong  and corrections officer Leonardo Cabaniero, was lent by Catapang to Perreras.

“We are fully behind the Bureau of Corrections during this time. Acts of violence will not deter us; they only emphasize the need

majority or 81 percent of the country’s meat imports in the January to November 2023 period came from five countries, namely, Brazil, the United States, Spain, Canada and Australia.

Data showed shipments from the five countries reached a total of 904.808 million kilos; Brazil led the pack with shipments reaching 396.382 million kilos.

This was followed by the United States with 203.489 million kilos; Spain, 135.703

for our reforms. We are more committed than ever to ensure the safety of public servants and to pursue justice for such cowardly acts,” the DOJ said in a statement.

Reports indicate that an unidentified gray Toyota Vios aggressively overtook the  Innova backup car, driven  by BuCor security escorts   Edwin Berroya and  Michael Magsanoc, and fired upon the Hilux.

The bullet hit the rear windshield and shattered the bulletproof glass of the Hilux.

The BuCor noted that the bullet’s trajectory aimed towards the front passenger side, which is usually  occupied by Perreras. Cabaniero,  who was at the  rear seat, escaped unharmed.

The assailants immediately fled the scene via the Nagtahan exit of the Skyway.

Catapang revealed that  prior to the incident both he and have been the subjects of death threats following the initiation of several reforms within the BuCor. Joel R. San Juan

million kilos; Canada, 115.255 million kilos; and Australia, 53.979 million kilos. Shipments from Brazil and the US were mostly chicken and pork. For Brazil, the bulk was composed of mechanically deboned meat (MDM) for chicken and pork cuts; while for the US, the bulk comprised Chicken Leg Quarters and pork offals. (Full story here: https://businessmirror. com.ph/2024/01/08/phl-meat-imports-dipdouble-digits-to-111-mmt-in-11-mos/)

Famine is said to be imminent in northern Gaza as Israel raids the main hospital again

By Wafaa Shurafa, Samy Magdy & Tia Goldenberg

The Associated Press

RAFAH, Gaza Strip—Famine is imminent in northern Gaza, where 70 percent of people are experiencing catastrophic hunger, according to a report Monday that warned escalation of the war could push half of Gaza’s total population to the brink of starvation.

The report, by the international community’s authority on determining the severity of hunger crises, came as Israel faces mounting pressure from even its closest allies to streamline the entry of aid into the Gaza Strip and to open more land crossings. Aid groups complain that deliveries by air and sea by the United States and other countries are too slow and too small.

The European Union’s top diplomat said the impending famine was “entirely manmade” as “starvation is used as a weapon of war.”

Israeli forces, meanwhile, launched another raid on the Gaza Strip’s largest hospital early Monday, saying Hamas militants had regrouped there and fired on them from inside the Shifa Hospital compound.

Clashes continued all day in and around the hospital, where Palestinian officials say tens of thousands of people have been sheltering.

The Israeli military said troops killed 20 people it identified as Hamas militants, and one of its own soldiers was killed, though the identification of the dead as militants could not be confirmed. Among those killed was a senior commander in Gaza’s Hamas-led

police forces that Israel said was hiding in the hospital. Gaza officials said the commander was coordinating protection of aid convoys.

The army last raided Shifa Hospital in November after claiming that Hamas maintained an elaborate command center within and beneath the facility. The military revealed a tunnel leading to some underground rooms, as well as weapons it said were found inside the hospital. But the evidence fell short of the earlier claims, and critics accused the army of recklessly endangering the lives of civilians.

Rafah offensive could push half of Gaza to starvation

THE latest findings on hunger in Gaza came from the Integrated Food Security Phase Classification, or IPC, an initiative first set up in 2004 during the famine in Somalia that now includes more than a dozen UN agencies, aid groups, governments and other bodies to determine the severity of food insecurity.

It says virtually everyone in Gaza is struggling to get enough food, and that around 677,000 people—nearly a third of the population of 2.3 million—are experiencing the highest level of catastrophic hunger. That means they face extreme lack of food and critical levels of acute malnutrition. The figure includes around 210,000 people in the north.

Outright famine is projected to occur in the north anytime between now and May, it said. An area is considered to be in famine when 20 percent of households have an extreme lack of food, 30 percent of children suffer from acute malnutrition and at least two adults or four children per every 10,000 people die daily.

South Korea will suspend licenses of 2 senior doctors in 1st punishment for doctors’ walkouts

By Hyung-Jin Kim The Associated Press

SEOUL, South Korea—South Korean authorities will suspend the licenses of two senior doctors for allegedly inciting the weekslong walkouts by thousands of medical interns and residents that have disrupted hospital operations, one of the doctors said Monday.

The impending suspensions are the punishments against physicians after more than 90 percent of the country’s 13,000 doctors-in-training walked off the job last month to protest the government’s plan to sharply increase medical school admissions.

Officials say the recruitment plan is aimed at adding more doctors to prepare for South Korea’s rapidly aging population in a country whose doctor-to-population ratio is one of the lowest in the developed world. But doctors say schools can’t handle an abrupt, steep increase in students, and

that it would ultimately undermine the country’s medical services.

In early March, the government began taking steps to suspend the licenses of striking junior doctors after they refused its orders to return to work by the end of February. Police are separately investigating five senior members of the Korean Medical Association, which represents doctors in South Korea, for allegedly inciting and abetting the strikes.

Park Myung-Ha, one of the five members, said he received a government-sent letter saying that his license will be suspended for three months from April 15. Park, who works for the KMA’s emergency committee, said committee leader Kim Taek-woo was also given a three-month suspension.

The Health Ministry said it wouldn’t confirm any reported administrative steps imposed on individual doctors.

“My fellow doctors and I are really angered and appalled by the government’s measure,” Park told The Associated Press.

The report said the first condition has been fulfilled, and it is “highly likely” the second has as well. The death rate is expected to accelerate and reach famine levels soon, it said.

The report warned that if Israel broadens its offensive to the packed southern city of Rafah, as Prime Minister Benjamin Netanyahu has vowed to do, the fighting could drive over 1 million people— half of Gaza’s population—into catastrophic hunger and potentially cause famine in the south.

“This is the largest number of people facing imminent famine in the world today, and it has only taken five months to occur,” said Matthew Hollingworth, the acting World Food Program country director for the Palestinian territories.

Jamie McGoldrick, the UN humanitarian coordinator for the Palestinian territories, called for “all roads” to be opened for aid, including into northern and central Gaza. The WFP report said aid from airdrops is “negligible” com -

Park accused the government of attempting to break up the KMA emergency committee and sending a warning message to striking junior doctors. He said he and others are discussing legal steps to respond to the license suspensions.

About 12,000 junior doctors have been off the job for a month, but none has received a license suspension. Observers have said it would take a few months to suspend all their licenses and that the government would likely end up suspending only strike leaders.

The striking junior doctors account for less than 10 percent of South Korea’s 140,000 doctors. But in some major hospitals, they represent about 30 percent-40 percent of the doctors, assisting senior doctors during surgeries and dealing with inpatients while training.

Their strikes have caused hundreds of canceled or postponed surgeries and other treatments, but officials say the country’s handling of emergency and critical patients largely remains stable.

Senior doctors at major university hospitals recently decided to submit resignations next week in support of the junior doctors. Still, most of them will likely continue to report to work. If they walk off the job, that would burden South Korea’s medical services severely.

In a briefing earlier Monday, Vice Health Minister Park Min-soo urged senior doctors to cancel their plans and persuade the striking junior doctors to return to work.

“Under any circumstances, you must not use the lives of the people for negotiations,” Park said.

In early February, the government said it would increase the country’s medical school enrollment quota by 2,000 starting next year, from the current cap of 3,058 that has been unchanged since 2006.

Officials say more doctors are required to address a long-standing shortage of physicians in rural areas and in essential yet low-paying specialties.

pared to what is brought on trucks.

Northern Gaza, including Gaza City, was the first target of the invasion, and entire neighborhoods have been obliterated. It is now the epicenter of Gaza’s humanitarian catastrophe, with many residents reduced to eating animal feed. At least 27 people, mostly children, have died from malnutrition and dehydration in the north, according to the Health Ministry.

A spokesman for the Israeli military body that deals with Palestinian issues, Shimon Freeman, said Israel “places no limit on the amount of aid that can enter the Gaza Strip” and encourages countries to send aid. Israel has accused UN bodies of failing to distribute aid in a timely manner. Aid groups say distribution is impossible in much of Gaza because of hostilities, the difficulty of coordinating with the military and the breakdown of law and order.

Alex de Waal, the executive director of the World Peace Foundation at Tufts University and an expert on global famines, said

Israel has had “ample warning” that if it continued to destroy key infrastructure, displace large numbers of people and obstruct aid operations, the results would be catastrophic.

“In failing to change course, it is culpable for these deaths,” he said.

EU foreign policy chief Josep Borrell said it was up to Israel to facilitate more aid.

“Israel has to do it. It is not a question of logistics. It is not because the United Nations has not provided enough support,” he said. “Trucks are stopped. People are dying, while the land crossings are artificially closed.”

‘We’re trapped inside’

THE raid on Shifa Hospital began before dawn, when Israeli forces backed by tanks and artillery surrounded the complex and troops stormed into a number of buildings.

“We’re trapped inside,” said Abdel-Hady Sayed, who has been sheltering in the facility for months.

“They fire at anything moving.”

In the evening, he said tanks were still in the hospital yard, and he could see three bodies outside the gates. “We can’t retrieve the dead,” he said.

Gaza’s Health Ministry said around 30,000 people are sheltering at the hospital, including patients, medical staff and people who have fled their homes seeking safety. The war has displaced around 80 percent of Gaza’s population.

Rear Adm. Daniel Hagari, the chief Israeli military spokesperson, said senior Hamas militants had regrouped in the hospital and were directing attacks from inside. Among those killed in the raid was Faiq Mabhouh, a senior officer

in the Gaza police, which is under Gaza’s Hamas-led government but distinct from the militant group’s armed fighting wing. The Israeli military said he was armed and hiding in Shifa, and that weapons were found in an adjacent room.

The Gaza government said Mabhouh was in charge of protecting aid distribution in the north and coordinating between aid groups and local tribes. Aid groups say Israeli strikes on police are one reason public order has collapsed, leading to desperate Palestinians overwhelming aid trucks on the road.

Hagari said the patients and medical staff could remain in the medical complex and that safe passage was available for civilians who wanted to leave.

Israel accuses Hamas of using hospitals and other civilian facilities to shield its fighters, and the Israeli military has raided several hospitals since the start of the war.

The Gaza Health Ministry said Monday that at least 31,726 Palestinians have been killed in Israel’s offensive. The ministry doesn’t differentiate between civilians and combatants in its count, but it says women and children make up two-thirds of the dead. Palestinian militants killed some 1,200 people in Hamas’ Oct. 7 attack into southern Israel that triggered the war, and took another 250 people hostage. Hamas is still believed to be holding about 100 captives, as well as the remains of 30 others, after most of the rest were freed during a ceasefire last year.

Magdy reported from Cairo and Goldenberg from Tel Aviv, Israel. Associated Press writer Lorne Cook in Brussels contributed to this report.

Sex trade to slavery: UN agency says criminals reap $236B a year in profits from forced labor

AP/MICHAEL SOHN

both more people being exploited and more cash generated from each victim, ILO said.

GENEVA—Illegal profits from forced labor worldwide have risen to the “obscene” amount of $236 billion per year, the UN labor agency reported Tuesday, with sexual exploitation to blame for three-fourths of the take from a business that deprives migrants of money they can send home, swipes jobs from legal workers, and allows the criminals behind it to dodge taxes.

The International Labor Organization said the tally for 2021, the most recent year covered in the painstaking international study, marked an increase of 37 percent, or $64 billion, compared with its last estimate published a decade ago. That’s a result of

“$236 billion. This is the obscene level of annual profit generated from forced labor in the world today,” the first line of the report’s introduction said. That figure represents earnings “effectively stolen from the pockets of workers” by those who coerce them to work, as well as money taken from remittances of migrants and lost tax revenue for governments.

Forced labor can encourage corruption, strengthen criminal networks and incentivize further exploitation, ILO said.

Its director-general, Gilbert Houngbo, wants international cooperation to fight the racket.

“People in forced labor are subject to multiple forms of coercion, the deliberate

and systematic withholding of wages being amongst the most common,” he said.

“Forced labor perpetuates cycles of poverty and exploitation and strikes at the heart of human dignity.”

“We now know that the situation has only got worse,” Houngbo added.

ILO defines forced labor as work that’s imposed against the will of the employee and exacted under penalty—or the threat of one. It can happen at any phase of employment: during recruitment, in living conditions associated with work or by forcing people to stay in a job when they want to leave it.

On any given day in 2021, an estimated 27.6 million people were in forced labor—a 10 percent rise from five years earlier, ILO said. The Asia-Pacific region was home to more than half of those, while Africa, the Americas, and Europe-Central Asia each represented about 13 percent to 14 percent.

Some 85 percent of the people affected were working in “privately imposed forced labor,” which can include slavery, serfdom, bonded labor, and activities like forms of begging where cash taken in goes to the benefit of someone else, ILO said. The rest were in forced labor imposed by government authorities—a practice not covered in the study. While just over one-fourth of the victims worldwide were subject to sexual exploitation, it accounted for nearly $173 billion in profits, or nearly three-quarters of the global total—a sign of the higher margins generated from selling sex.

Some 6.3 million people faced situations of forced commercial sexual exploitation on any given day three years ago—and nearly four in five of those victims were girls or women, ILO said. Children accounted for more than a quarter of the total cases.

GILBERT HOUNGBO, Director General of the International Labor Organization (ILO), addresses the media during a press conference in Berlin, Germany on Nov. 29, 2022. Illegal profits from forced labor worldwide have risen to the “obscene” amount of $236 billion per year, the UN labor agency reported Tuesday, March 19, 2024, with sexual exploitation to blame for threefourths of the take from a business that deprives migrants of money they can send home, swipes jobs from legal workers, and allows the criminals behind it to dodge taxes.

DOCTORS stage a rally against the government’s medical policy in Seoul, South Korea on March 3, 2024. South Korean authorities have suspended the licenses of two senior doctors for allegedly inciting the weekslong walkouts by medical interns and residents that disrupted hospital operations across the

Philippines misses business opportunity as chocolate takes center stage

TasTeaTlas, an online food guide, released its list of top 100 deserts in the world on March 15. a cursory examination of the list shows that chocolate is a common ingredient of several of the world’s favorite desserts. sweden’s kladdkaka, France’s soufflé au chocolat, Italy’s gianduiotto (pralines), and the United states’ brownies are some of the chocolate-containing desserts that made it to the Tasteatlast list.

Chocolate is regarded as a comfort food by millions of consumers around the world. That is why demand for it remains strong despite the increase in the price of cacao in recent years. In fact, Bloomberg reported last week that cocoa futures even jumped to $7,000 a ton, which could lead to pricier candy bars and other desserts that make use of chocolate. (See, “Cocoa tops $7,000 a ton as chocolate makers hike prices, shrink packages,” in the BusinessMirror , March 13, 2024).

Cocoa prices, according to the Bloomberg report, have jumped by 68 percent for the year. This was caused by adverse weather conditions and structural concerns like aging and diseased trees in top growers Ivory Coast and Ghana. The two African countries produce a combined 1.2 million metric tons of cocoa a year.

The output and exports of the two African countries shows that the Philippines, where cacao can also be grown, will continue to pass up the opportunity to increase its export receipts from the crop. Based on data from the Philippine Statistics Authority (PSA), the country produced 10,759.12 metric tons (MT) of cacao last year, or just a fraction of the output of the two African countries.

Data from the PSA showed that cacao produced last year was harvested from 32,945.08 hectares. Harvest area in 2023 barely expanded based on figures from the agency. There was also minimal increase in the productivity of these cacao areas and output did not even reach 1 metric ton (MT) per hectare.

Under the previous roadmap that came out nearly two decades ago, the Philippines had aspired to expand cacao output to 100,000 MT. Prior to 2010, the country could only produce 5,000 MT. Despite efforts to raise production and take advantage of a favorable international market for the crop, the 100,000-MT target remained elusive.

US-based conglomerate Mars Inc., maker of the M&M’s and Snickers, told this newspaper in 2008 that the Philippines has the potential to earn $150 million in cocoa exports annually if it could expand its production area for cacao. Aside from the export market, the Philippine Cocoa Foundation noted that the domestic market also has a huge requirement for the crop. The 2016-2022 cacao roadmap prepared by the Department of Agriculture pegged the grinding requirement of local chocolate manufacturers at 40,000 MT annually.

It is imperative for the government to move beyond mere rhetoric and dedicate its efforts towards the growth and advancement of the local cacao industry. Despite the spike in the prices of the primary raw material for making chocolate, demand for the comfort food remains strong. The Philippines should seize the opportunity to harness its untapped potential in cacao cultivation and support manufacturers in producing an abundance of products that will meet the global demand for chocolate.

Since 2005 ✝

Ambassador Antonio L. Cabangon Chua Founder

Positive news and encouraging data

TTHE BUILDER

he Philippines is on a roll judging from several positive news on the economic front last week.

The string of good news will certainly be a prelude to what’s in store for the Philippine economy in the coming months and beyond. The positive developments will equate to new economic opportunities, more jobs, and increased construction activities through business expansions, enhanced trade relations and busier tourism activities.

Let me start with our warming relations with the United States— the world’s biggest economy. US Secretary of Commerce Gina Raimondo announced during her official visit to Manila that American companies are poised to invest over $1 billion (P56 billion) in Philippine priority sectors.

The recent official visit of President Ferdinand Marcos Jr. to the US obviously helped a lot in convincing American investors to place their bet on the Philippines. The US chief trade official herself made the important announcement. “We estimate that these announcements will create

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training and career opportunities for about 30 million Filipinos,” said Ms. Raimondo.

“The areas where we are focused align perfectly with President Marcos’ vision, about his interest in higher paying jobs in telecommunications, digitalization, helping small and medium-sized companies to digitize. That’s a strong theme of investments that these companies hope to make,” she added. Our digitization is now assured. Tech providers Microsoft and Google, which sent representatives to the US trade mission led by Ms. Raimondo

By Ethan Bronner

BIden and Benjamin netanyahu sought to turn down the heat in their unusually public feud over Israel’s war in Gaza Monday, but there was little sign the domestic political pressures that have pushed them apart are easing.

After weeks of growing vitriol between the two leaders over Israel’s punishing ground invasion of the Gaza Strip, the American president won a valuable concession in a telephone call with the Israeli prime minister on Monday—their first in more than month.

Netanyahu, widely known by his nickname Bibi, agreed to send a group of advisers to the US to talk about Israel’s planned invasion of Rafah, where more than 1 million people have sought shelter from the fighting.

The visit will buy some crucial time for Biden, who has been the target of withering criticism from the left in the US to do more to halt the bloodshed in Gaza after some 30,000 deaths and amid warnings of imminent famine.

“I continued to affirm that Israel has a right to go after Hamas, a group of terrorists responsible for the worst massacre of the Jewish people since the Holocaust,” Biden said of the call in a post on the social media platform X. He added that he had asked Netanyahu “to send a team

to Washington to discuss ways to target Hamas without a major ground operation in Rafah.”

While celebrating the concession on Monday, officials were already speculating on how long it would last given the pressure both leaders are under from political forces back home.

Netanyahu’s far-right coalition partners want a more aggressive military posture in Gaza and reject a Palestinian state. The constituents Biden worries about—progressives, Muslim-Americans and young Democrats—want a permanent cease-fire and Palestinian sovereignty. It’s an existential threat for the US leader given that they may withhold votes from him in the November election in key states such as Michigan.

“There’s a strange symmetry because both leaders are appealing to political groups they need to survive,” said Eytan Gilboa, a professor who specializes in US-Israel relations at Bar Ilan University outside Tel Aviv. “The problem is that they’re on opposite sides.”

The agreement for a visit by Israeli

These new foreign investments and positive economic numbers that we saw last week make me more upbeat about our economic prospects this year. They will soon translate into jobs, more construction activities, increased income in the countryside and further business expansions. They will eventually improve the lot of Filipinos in the near future.

in the Philippines, committed to upskill over 100,000 Filipinos for offshored digital jobs. This will make us more competitive in several business fields.

Ms. Raimondo reassured the government that US companies were eager to do business in the Philippines not only because of cultural ties or shared democratic values but also because of flourishing economic and commercial bilateral relationships. Her visit, too, gave Philippine tourism a shot in the arm. The US government announced a new airline route that will open up travel and tourism in Cebu. Mactan-Cebu International Airport (MCIA) is set to welcome United Airlines’ daily flights from Tokyo’s Narita International Airport start-

The agreement for a visit by Israeli officials, which came from a phone call from the two leaders, was a rare bright spot in a relationship that’s grown more and more strained in the months since Hamas fighters attacked Israel on October 7, and Israel responded with a punishing air and ground campaign. The two leaders’ governments have taken to openly criticizing each other, and last week a group of senators urged Biden to halt military aid to Israel.

officials, which came from a phone call from the two leaders, was a rare bright spot in a relationship that’s grown more and more strained in the months since Hamas fighters attacked Israel on October 7, and Israel responded with a punishing air and ground campaign. The two leaders’ governments have taken to openly criticizing each other, and last week a group of senators urged Biden to halt military aid to Israel.

Schumer’s speech

THE animosity reached a fever pitch last week when Senate Majority Leader Chuck Schumer, the highestranking Jewish elected official in the US, said in a floor speech that Netan-

ing July 31, 2024. UA’s flights to the southern airport will provide both Filipino and foreign travelers seamless connectivity. The new TokyoCebu flights will provide convenient links to key US destinations served by UA, including San Francisco, Los Angeles, Denver, Newark and Houston.

The UA flights are significant. They will give access to Cebu and unlock routes to tourist destinations, such as Bohol, Siargao, Boracay, Siquijor and other sites in Central and Southern Philippines.

The direct link with the US carrier could not come at a better time ― our air passenger traffic has returned to pre-pandemic levels. Per the report of the Civil Aeronautics Board last week, domestic passenger traffic reached 28.96 million in 2023, up 28 percent from 22.50 million in 2022. International passenger traffic reached 21.21 million last year, up from 9.83 million in 2022. Foreign visitor arrivals are also on the upswing, hitting 1.227 million as of March 5, 2024, up 22.9 percent from 999,390 registered in the same period in 2023. Visitor receipts are also encouraging. Based on the Visitor Sample Survey, January visitor receipts reached $652.26 million, up 4.8 percent from $622.14

See “Villar,” A15

yahu “has lost his way,” becoming beholden to right-wing extremists, and it was time for new elections. Netanyahu shot back quickly, saying it was “inappropriate” to “go to a sister democracy and try to replace the elected leadership there.”

Biden stopped short of endorsing Schumer’s call for a new Israeli election, but he said his fellow Democrat “made a good speech, and I think he expressed serious concern shared not only by him, but by many Americans.”

People familiar with the administration’s strategy say Biden’s team, like Schumer, has adopted what they call a “strategy of distinction” — criticism of Netanyahu while reaffirming support for Israel. Netanyahu has done something similar, casting himself as the only one who can stand up to Biden’s demands for an independent Palestinian state.

‘Weird’ dynamic

YOU have this weird corrosive dynamic where both men see advantage or virtue in picking a fight with the other for their own political fortunes,” said Michael Singh, an analyst with the Washington Institute for Near East Policy. “In a way that masks what I think has been a pretty cooperative relationship between the US and Israel throughout this conflict.”

Although a person familiar with See “Biden,” A15

Mark Villar

China accuses Evergrande of $78 billion fraud, among worst ever

ChIna evergrande Group’s alleged $78 billion revenue overstatement escalates the legal peril of founder hui Ka Yan, who now stands at the center of one of the biggest financial fraud cases in history.

The nation’s top securities regulator said the developer’s onshore unit inflated revenue by recognizing sales in advance in the two years through 2020 that led up to its default. It imposed a 4.18 billion yuan ($581 million) fine against the unit.

Evergrande’s alleged fraud dwarfs that of Luckin Coffee Inc. and Enron Corp., dealing a blow to the reputation of its former auditor and the country’s financial oversight. It fuels concern about how widespread such accounting issues are, just as the new China Securities Regulatory Commission chairman is trying to tighten oversight.

“The CSRC fines may serve as a warning to owners of other defaulted developers that failing to collaborate with authorities over debt restructuring could result in severe consequences,” said Zerlina Zeng, senior credit analyst at Creditsights Inc.

The allegations mark the latest blow for Hui, once among Asia’s richest tycoons, who oversaw a sprawling empire that spanned real estate to electric vehicles. Evergrande was one of China’s biggest developers, taking on massive debt to expand across the country as condo sales boomed. The group received a liquidation order from a Hong Kong court in January, marking the largest collapse in China’s three-year real estate crisis.

The CSRC’s action may pave the way for more serious charges against Hui, who was detained by police last year due to “suspicion of illegal crimes.” No criminal charges against Hui have been made public and his whereabouts aren’t known. The levies are administrative penalties.

The CSRC laid much of the blame on Hui, who it alleges instructed other personnel to “falsely inflate” annual results. The onshore unit Hengda Real Estate Group boosted its 2019 revenue by about 214 billion yuan, and another 350 billion yuan in 2020, the regulator said.

“The alleged fraud is shocking in its scale,” said Brock Silvers, managing director at private equity firm Kaiyuan Capital. “Hui became an expected civil and criminal target as soon as Evergrande was ordered into liquidation.”

As the supervisor in charge, Hui used particularly “egregious” means, the regulator said. Hengda was also accused of fraudulently issuing a combined 20.8 billion yuan in bonds using these figures in marketing.

Hengda’s auditor in 2019 and 2020 was PricewaterhouseCoopers Zhong Tian LLP, a mainland entity affiliated with PwC’s network. PwC resigned as Evergrande’s auditor in January 2023 due to audit disagreements.

The CSRC’s fine against Hengda, while among the largest ever in Chi-

Villar . . .

continued from A14

million in January 2023. Australia, another friendly nation, is likewise bullish on the Philippines. The Bases Conversion and Development Authority (BCDA) secured four agreements with Australian companies in the field of smart city solutions to accelerate the Philippine economy and create more skilled jobs. The deals were part of the $1.53-billion investments signed during the Philippines Business Forum held during the Asean-Australia Special Summit in Melbourne, Australia in early March. The investment agreements, per the BCDA, are expected to attract foreign capital and business expertise to the Philippines, especially in critical sectors like information and communications technology (ICT), energy and infrastructure.

Evergrande’s alleged fraud dwarfs that of Luckin Coffee Inc. and Enron Corp., dealing a blow to the reputation of its former auditor and the country’s financial oversight. It fuels concern about how widespread such accounting issues are, just as the new China Securities Regulatory Commission chairman is trying to tighten oversight.

na, trails that of the 7.1 billion yuan slapped on fintech giant Ant Group Co. for policy violations.

Hui was fined 47 million yuan for the falsified results and other alleged violations, and banned for life from capital markets activities. Other former executives Xia Haijun and Pan Darong were also among people punished with fines and market bans.

The regulatory action comes as China continues to grapple with a property downturn that has eroded economic growth and household wealth, as home sales and prices tumble. A Bloomberg gauge of China developer stocks dropped as much as 1.1 percent in early trading on Tuesday, taking losses to 54 percent in the past year.

‘Good thing’

SOME investors welcomed the CSRC’s move, seeing it as a positive step for financial regulation. “This is a good thing,” said Yu Yingdong, general manager at Shenzhen Cowin Asset Management Ltd. Regulators are expected “to keep the pressure on in the future.”

The inflated figures accounted for half of Hengda’s total revenue in 2019, and 79 percent in 2020, according to the regulator. The developer’s profits were exaggerated by 63 percent and 87 percent respectively in those two years, the regulator said. Hui was responsible for delays in publishing Hengda’s earnings reports and failures to disclose the lawsuits it faced, as well as unfulfilled debt payments, the CSRC added.

Once Asia’s second-richest man, worth $42 billion at his peak in 2017, Hui has seen his wealth plummet to about $1 billion after the developer defaulted in 2021. Evergrande’s stock has tumbled and was eventually suspended from trading.

Meanwhile, another Hong Kong mansion tied to Hui has been put up for sale. The luxury property, 10E on Black’s Link in the prestigious Peak area, is seeking bidders before a tender ends on April 22, Savills Plc said in an e-mailed statement.  With assistance from Mengchen Lu and Yasufumi Saito /Bloomberg

Last but not the least, Philippine exports are becoming more robust. Outbound shipments rose 9.1 percent year-on-year in January 2024, per the latest report of the Philippine Statistics Authority (PSA). Merchandise exports amounted to $5.94 billion in January, up from $5.44 billion in the same month of 2023.

The figures showed a strong recovery from the 0.5-percent decline in December 2023 and the 10.6-percent contraction in January 2023.

These new foreign investments and positive economic numbers that we saw last week make me more upbeat about our economic prospects this year. They will soon translate into jobs, more construction activities, increased income in the countryside and further business expansions. They will eventually improve the lot of Filipinos in the near future.

For feedback e-mail to senatormarkvillar@gmail. com or visit our web site: https://markvillar.com.ph

IMF is lending near record $150 billion to counter debt and wars

By Eric Martin

The International Monetary Fund is lending near a record amount to almost 100 countries, evidence of its growing role as a backstop against the financial and political dangers of the post-pandemic world.

Primarily because of surging borrowing costs and conflicts, the IMF has had to put out more economic fires, including major blazes in Ukraine, Egypt and elsewhere in Africa as well as in Argentina and Pakistan.

IMF credit outstanding, a key measure of money disbursed by the Washington-based fund, climbed to about $151 billion at the end of February, according to Bloomberg calculations of IMF data. (The IMF reports the figure as 113 billion units of its foreign exchange reserve asset, called Special Drawing Rights.)

That’s likely to rise further after the fund finalizes up-sizing its support for Egypt to $8 billion, likely this month, pushing the total toward a recent record in August.

Although the pandemic is drifting into the past “countries are still going through pressure and strain,” said Masood Ahmed, president of the Center for Global Development think tank and a former head of the IMF’s Middle East department. “The

world has become more geopolitically fraught. There are more tensions and conflicts.”

More than 50 of those borrowers have active loan or guarantee programs—about a quarter of the fund’s members. While that’s down from 90 during the depths of Covid-19—and largely with smaller zero-interest emergency loans—it’s the most ever under the fund’s normal borrowing programs.

Kristalina Georgieva, the fund’s managing director since 2019, has warned that the widening income gap between rich and poor countries is a major factor fueling instability. The other is conflict.

“We see trust diminishing among nations too, with geopolitical tensions on the rise,” she said in a speech last week. “A fragmented world would be poorer and less secure,” she said, referring to the effects of Russia’s invasion of Ukraine, the Israel-Hamas war and “many more that often don’t make the headlines.”

Georgieva has touted the fund’s

Kristalina Georgieva, the fund’s managing director since 2019, has warned that the widening income gap between rich and poor countries is a major factor fueling instability. The other is conflict.

$1 trillion in liquidity support, including funds available but not used. By comparison, the amount currently outstanding is relatively small— less than 0.2 percent of the global $100 trillion-plus economy — but a testament to the IMF’s central role of policing and managing the global financial system designed by the US in the wake of World War II.

Given those origins, it’s not surprising that many of the fund’s borrowers—including some of its biggest, Argentina, Egypt and Ukraine—overlap with Washington’s top geopolitical priorities.

“The US has seen the fund as a vital tool for promoting its own national security, economic welfare and interests in financial stability around the world,” said Mark Sobel, a former US Treasury Department official who spent almost two decades focused on international policy, especially the IMF. “Western and certainly US officials view the IMF as a first responder.”

Shoring up Ukraine against Rus-

sia provides a prominent example, with the fund voting to revamp its rules to allow lending to a country at war, a decision only made possible by the backing of the US, which has a veto-proof 16.5 percent voting share.

The two other biggest borrowers—accounting for a combined $58 billion, nearly half the total outstanding credit—are Argentina and Egypt, long-time clients of the fund.

The IMF declined to elaborate on its priorities or on loan details.

Argentina’s recently elected president, Javier Milei, is currently pushing through major economic reforms sought by the IMF, such as shoring up foreign exchange and raising revenue. IMF lending to Egypt, at the same time, is growing, but only a fraction of the more than $50 billion pledged globally to shore up the country’s teetering economy, a strategic linchpin at the intersection of Africa and the Middle East, and bordering the Gaza Strip and Israel.

“Egypt is not by accident getting all those programs even though they haven’t reformed the role of the military in the economy,” said Martin Muhleisen, a former director at the IMF’s key strategy, policy and review department. “There are clearly geopolitical considerations at work.” Bloomberg

Sunak struggles for control in face of dire polls and Tory anger

By Alex Wickham

WITh each new week, Rishi Sunak’s grip on the UK political narrative appears to be diminishing.

On Monday, Sunak called entrepreneurs and reporters to a speech billed by the UK prime minister’s office as a “major” announcement on the economy, after a weekend of torrid stories about his party plotting against him. The seven-minute address, however, offered little in the way of new policy to reclaim the headlines and dispel the argument he has no prospect of turning things around.

Behind the scenes, his underpressure staff were trying to calm a fresh dispute with Tory MPs over whether he might call an election in the summer. That followed a briefing by a “senior ally of the prime minister” to the Times newspaper warning that Sunak would call a snap UK vote rather than let Tory Members of Parliament try to oust him.

Far from restoring order, the intervention exacerbated an already febrile mood. One Conservative MP privately called the idea of an early election mad, while another said any attempt to call a vote when the party was so far behind in the polls would be blocked by lawmakers who would then remove Sunak as leader.

By mid-afternoon, a person familiar with Sunak’s thinking quashed the idea. In a matter of hours, then, Sunak’s allies had gone from issuing a tough warning to dramatically backing down in the face of internal Tory pressure.

Sunak is facing the biggest challenge to his authority since he took the job in late 2022, with even some Cabinet ministers privately talking about whether he’s able to lead the party into the election. It was only on Thursday that Sunak publicly ruled out an early vote on May 2, in an effort to cool speculation that was helping to fuel the antagonism toward him. It has brought no respite.

He has failed to put a dent in the Labour Party’s commanding lead in the polls, which put the Tories facing

Biden . . .

continued from A14

the matter said Biden’s team has discussed the possibility of restricting military aid to Israel in some manner, Biden told MSNBC that the US would never “cut off all weapons” to Israel.

Still, there are precedents. In 1975, President Gerald Ford ordered a “reassessment” of US policy toward Israel, slowing the sale of F-15 fighters and freezing other arms deliveries when it refused a fuller

a landslide defeat in an election that must be held by the end of January 2025. The defection of a former party deputy to the right-wing populist Reform UK party, and a racism row embroiling a top Tory donor, have further fueled the maneuvering against him.

“All Conservatives are united,” Sunak said on Monday. In remarks that will be seen as his pitch to stay in the job, the prime minister said the economy had “turned a corner” and that he had “a lot of confidence for the future.”

Sunak has said he intends to hold an election in the “second half” of this year. His preference is to have another tax-cutting budget in September and go to the country in the autumn, though all options except May 2 are being considered, Bloomberg reported on Saturday.

“The polls have barely shifted lately—if anything they are getting worse for the government—so triggering an early summer election would be a huge gamble,” said Will Jennings, politics professor at the University of Southampton. “Waiting until later in the year might allow the PM time to persuade voters that some things are getting better at least—if they do.”

The prime minister’s attempt to project conviction didn’t convince many Tory MPs, especially on the right of the party.

A key reason Sunak has been seen as unassailable is that the Conservative Party is too divided to agree on

withdrawal from parts of Egypt after the 1973 war.

In 1981, President Ronald Reagan delayed delivery of F-16 warplanes after Israel bombed the Beirut headquarters of the Palestine Liberation Organization. And in 2014, President Barack Obama’s administration delayed delivery of Hellfire missiles during a round of fighting in Gaza. Biden could follow suit, delaying the supply of weapons from F-35s to heavy bombs. Yet such a move would pose its own political problems at home, especially with Jewish voters

a successor and that so many MPs think changing leader again before the election would annoy voters.

But in recent days, Tory rebels have been trying to break down those obstacles. Some right-wing lawmakers and advisers who have been agitating against Sunak have suggested they could back a replacement from the more centrist wing of the party, such as Commons leader Penny Mordaunt or Security Minister Tom Tugendhat, to draw more support for their cause.

People familiar with the efforts said the idea would be for one of them to take over for a few months to lead the election campaign. Rebels have circulated polling showing Mordaunt and Tugendhat, who is said to be the favored candidate among so-called One Nation centrists, are more popular than Sunak.

“Now isn’t the time to change leader,” Tugendhat told Bloomberg. “The prime minister needs a united team to deliver for the British people, and to defeat a Labour Party with no serious answers to the challenges we face.”

Mordaunt declined to comment, but has privately told colleagues she wasn’t interested in becoming prime minister before the election, according to a person familiar with her thinking. One ally of Mordaunt said the Tory right is pushing names moderate MPs can get behind to get wider support for a leadership change, before switching their support to either Business Secretary Kemi Badenoch or former Home Office minister Robert Jenrick.

A Sunak supporter criticized Mordaunt for allowing herself to be viewed as a potential caretaker leader. Most Tory MPs did not see her as a credible prime minister because her lack of experience in top jobs and failures in past leadership contests, the person said.

Badenoch sought to distance herself from the plotting, telling broad-

and other supporters of Israel. And there are signs that the two sides continue to cooperate even as their leaders squabble. There has been tentative, and halting, progress toward a cease-fire and hostage deal. An accord with Hamas, designated a terrorist organization by the US and European Union, would shift global discourse away from tensions. Instead, there would be relief on both sides produced by the release of hostages and prisoners and the prospect of many more truckloads of humanitarian

casters on Monday of her “frustration” with “tittle tattle” about the Tory leadership. Those remarks raised eyebrows among Sunak loyalists, who have noted her recent spate of social media interventions seen as undermining the leader. Allies of Sunak said headlines would improve for the government once inflation falls and interest rates are cut, with both expected to happen later this year. They also expect Rwanda deportation flights to begin in May, allowing Sunak to show progress on his flagship immigration policy.

Some are even expecting the Tory candidate for London mayor, Susan Hall, could spring a surprise in the election on May 2, shifting the narrative about what is otherwise expected to be a dire set of local results for Sunak.

But pollster Robert Hayward, who is also a Conservative peer in the House of Lords, said it was unlikely. “If it is close, it would be astonishing and it would be a major victory for the Tory Party,” he said.

Even with all the Westminster plotting and political headwinds around Sunak, most Tory MPs still believe that the prime minister will limp onto the election, albeit with a depressed and disheartened party. That’s partly because few see a way to prevent a Labour victory, while the growing number of Tories choosing to step down also reduces the clamor for another dramatic change.

Some have likened the Tory task to the quixotic charge of the light brigade in the Crimean War. Former Defense Secretary Ben Wallace’s echoed similar sentiments in an interview with Times Radio.

“There comes a moment in time in the electoral cycle where you effectively put on your best suit, you stand up and you march toward the sound of the guns and you get on with it,” Wallace said. With assistance from Isabella Ward /Bloomberg

aid entering Gaza. The shooting and bombing would stop for at least six weeks, and efforts by the US to bring together Israel and Saudi Arabia on a long-term accord would accelerate. “What’s really surprising is not that this is happening but that it took so long to happen between Biden and Bibi,” Singh said of the tensions between the two leaders.  “We’re five or six months into this, and President Biden has been quite supportive of Israel far longer than anyone would have thought.” With assistance from Jordan Fabian, Jennifer Jacobs and Josh Wingrove / Bloomberg

PHL JOINS G7’S INFRA AND INVESTMENT PARTNERS

By Malou Talosig-Bartolome @maloutalosig

THE Philippines was named one of the beneficiaries of Group of Seven’s flagship infrastructure initiative for low- and middle-income countries.

Foreign Affairs Secretary Enrique Manalo announced the country’s inclusion in the“Partnership for Global Infrastructure and Investments” (PGII) during the visit of US State Secretary Antony Blinken in Manila Tuesday.

Blinken’s visit to Manila is the second during the administration of President Ferdinand R. Marcos Jr.

Since then, relations between Manila and Washington D.C. have been on “hyperdrive” not only in defense and security but also on the economic front, Manalo and Blinken said in a joint press conference.

PHL as PGII partner

THE Philippines’s top envoy said he welcomes the US decision to include the Philippines among its partner countries of PGII.

Since 2022, leaders and the private sector of seven of the world’s largest developed economies have been mobilizing hundreds of billions of dollars in financing high quality infrastructure projects.

The PGII has been touted as an alternative to the Belt and Road Initiative of China, infusing multitrillion-dollar investments in infrastructure projects to Asia and Africa.

Aside from US, the other G7 members are France, United Kingdom, Germany, Japan, Italy and Canada.

Manalo said among the projects that the US has committed to finance is the Clark-Subic-Batangas PGII Corridor, which aims to transform Luzon as a major transshipment and logistics hub.

“This aligns with our call for a bigger American footprint and infrastructure projects in the Philippines. It will also support the ecosystem necessary to bolster productivity in the country and our further integration into regional supply chains,” Manalo said during the press conference with Blinken.

G7 aims to mobilize around US$600 billion worth of projects under PGII over the next five years.

Last year, the US identified infrastructure projects in Brazil, Indonesia, Ecuador, Romania, Democratic Republic of Congo, Zambia and other African countries.

The US hopes these high-quality infrastructure developments will “also advance share national security interests” among like-minded states.

US: China’s ‘provocative’ acts violate PHL’s rights

SECRETARY of State Antony Blinken criticized China’s “provocative actions” in the South China Sea on a visit to Manila, as he reaffirmed the US security commitment to the Philippines.

Blinken said Tuesday the US and other nations have rallied to support the Philippines after Chinese vessels have blocked, closely shadowed and used water cannons on Philippine vessels in the disputed waterway. He also said the world has seen China’s actions in the South China Sea as a violation of international law.

“We have a shared concern about the PRC’s actions that threaten our common vision for a free and open Indo-Pacific, including in the South China Sea,” Blinken said in Manila, alongside the Philippines’ Foreign Affairs

Secretary Enrique Manalo, using the formal name for the People’s Republic of China.

Chinese Foreign Ministry spokesman Lin Jian told reporters during a regular press briefing in Beijing that “the US is not a party to the South China Sea issue and has no right to intervene in the maritime issues between China and the Philippines.”

Earlier this month, the Philippines and China both protested after their ships collided in the South China Sea, worsening tensions between the two nations.  The collision between the

coast guard ships took place during a Philippine military resupply operation that also saw two Chinese coast guard vessels deploy water cannons against a Philippines-chartered supply boat, Manila’s task force on the disputed sea said in a statement. Four crew members of the Philippine supply boat were injured.

China’s coast guard said in a statement that it took “control measures in accordance with the law against Philippine ships that illegally intruded into the waters” near Ren’ai Reef, also known as Second Thomas Shoal.

On this visit, Blinken was expected to underscore Washington’s “ironclad commitment” to its alliance with the Philippines, as clashes between Chinese and Filipino forces in the disputed South China Sea turn more hostile, the US State Department said.

Next month, President Joe Biden will host Marcos and Japanese Prime Minister Fumio Kishida in a White House summit amid growing concerns over increasingly aggressive Chinese actions in the South China Sea and North Korea’s nuclear program.

Aside from China and the Philippines, Vietnam, Malaysia, Taiwan and Brunei also have overlapping claims in the resource-rich and busy waterway, a key global trade route.

Beijing claims almost the entire South China Sea. In the last decade, China has turned barren reefs into seven islands that now serve as missile-protected island bases, including three with runways, that have bolstered its capability to fortify its territorial claims and patrols.

In response, Washington has been strengthening an arc of military alliances and security relationships in the Indo-Pacific, including with the Philippines, Vietnam and other countries at odds with China in the disputed sea.

After China effectively seized another disputed atoll, the Scarborough Shoal off the northwestern Philippines, in 2012, Manila brought its disputes with Beijing to international arbitration and largely won. China, however, rejected the 2016 ruling of the UNbacked tribunal that invalidated its expansive claims on historical grounds and continues to defy the decision.  Bloomberg, AP

By VG Cabuag @villygc

ConstruCtion firm D.M. Wenceslao and Associates inc. (DMW) on tuesday said its net income jumped by more than threefold to P7.3 billion last year from P2.1 billion in 2022 due to a one-time gain, stable residential growth and robust leasing operations.

ity,” Delfin a ngelo C. Wenceslao, the company’s C e O, said.

“Our flagship mixed-use project Parqal, which opened in s eptember, benefits from rapidly rising foot traffic and strong take-up

ABy Lenie Lectura @llectura

LT e R ne RG y Holdings Corp. will begin construction of its a labat and Tanay wind power projects after it received a Certificate of Confirmation of Commerciality (CoCoC) from the Department of e nergy (DO e ).

The CoCoC confirms the declaration of commerciality and transition to development stage from pre-development of the said projects.

“The CoCoC serves as the DO e ’s n otice to Proceed to any renewable energy developer to start the development stage after a thorough review of the technical, financial and legal documen -

from quality locators.”

Leasing revenues consisting of rentals from land, building, and other revenues including common use service area and parking fees jumped 19 percent to P2.6 billion, constituting 63 percent of total revenues.

The growth was propelled by the strong take up across the portfolio and the successful launch of Parqal in september 2023. situated in the heart of a seana City, Parqal has over 70,000 square meters of gross leasable area across five hectares of land stretching from Diokno avenue to macapagal Boulevard. Dm W’s total commercial building space increased by 45 percent to 235,846 square meters as of end-2023.

The company announced last

tation of the project. The CoCoC issued by the DO e is a significant certificate affirming that our a labat and Tanay Wind Power Projects are commercially viable,” said Gerry m agbanua, president of a lternergy and a labat Wind Power Corp. ( aWPC), the project company for the a labat Wind Power Project. a lternergy will be building up to 174 m W of new wind capacities in the next 20 months, said Knud Hedeager, president of a lternergy Wind Holdings Corp.,

Lis T e D gaming firm DigiPlus i nteractive Corp. said its income jumped by almost sixfold to P4.1 billion last year from the previous year’s P688.85 million.

The company said its performance in 2023 was driven by the sustained growth of its digital retail segment, boosted by the introduction of new platforms and cost-efficiencies as the business continues to gain scale.

Revenues soared threefold to P27.3 billion in 2023 from the previous year’s P8.9 billion on higher user traffic in its flagship bingo platform BingoPlus and sportsbook a renaPlus and new digital offerings.

For the fourth quarter alone, DigiPlus said its income jumped fivefold to P2 billion, due to the full quarter impact of the introduction of new digital offerings.

i n s eptember, DigiPlus launched Color Game, a livestreaming specialty game that mirrors the traditional Filipino carnival game.

Revenues grew 331 percent to P11.3 billion, the company said.

DigiPlus said it continues to invest in new technologies and product development as it aims to establish a digital entertainment ecosystem, unlocking innovative product formats for Filipinos that

the sub-holding company for a lternergy’s wind projects, and a lternergy Tanay Wind Corp., the project company for the Tanay wind power project. s ince the win under the Green e nergy a uction 2 Program last July 2023, we have been under an accelerated development phase in the last eight months. a lternergy is excited to bring to reality new wind projects, our biggest to date,” m agbanua said as he noted that a lternergy has recently completed and signed the key com -

m arch 7 that several brands are poised to join the Parqal family including Crocs and m C Home Depot.

“additionally, sports enthusiasts will soon have even more reason to rejoice with the upcoming launch of indoor sports centers such as Global City Boxing, Golf avenue, and metro Golf Zone, promising state-of-theart facilities catering to both beginners and seasoned athletes.”

The company also said residential revenues improved by 8 percent to P1.4 billion, buoyed by consistent construction progress and incremental units qualifying for revenue recognition.

Dm W maintained a solid financial position, with a net cash of P1.8 billion, the company said.

mercial contracts, particularly the wind turbine supply and the balance of plant (BOP) engineering, procurement and construction ( e PC) contracts. i n February, a lternergy awarded the wind turbine supply agreement to e nvision e nergy, a global leader in green technology. Last m onday, a lternergy announced the signing of the BOP e PC agreement with China e nergy e ngineering Group Guangdong e lectric Power Design i nstitute Co. Ltd. and G e D i Construction Development Corp., a Philippine subsidiary of G e D i “With the commercial contracts in place, a lternergy is moving as scheduled to issue the n otice to Proceed to construction by a pril,” Hedeager said.

can be accessed anytime and anywhere.

To cater to broader demographics and lifestyle preferences, DigiPlus launched new products such as Color Game, BingoPlus Poker and TongitsPlus, a newly launched social game that offers the card game without wagering real money.

“We are pleased to see the sustained growth momentum across our digital offerings as we aim to usher a new era of entertainment in the space. We continue to be optimistic about the prospects for the company as we invest in new

STa RBuCK s Corp. announced changes to its regional executive structure as part of its aggressive expansion efforts.

m ichael Conway, previously the international president and head of the company’s consumer-packaged goods segment, becomes chief executive officer for north a merica—a newly created role, starbucks said in a statement monday. Brady Brewer, formerly chief marketing officer, will be C eO of starbucks international. He’ll steer the company’s business outside of north a merica, excluding China.

Conway and Brewer will have end-to-end responsibility for their respective areas, with their own operations, marketing and digital teams. i nstead of filling the role of chief marketing officer, starbucks plans to appoint a global brand creative leader.

s tarbucks is looking to boost

growth by offering new beverages and luring more customers into its loyalty program and onto its app. it’s also renovating locations and building new ones, including cafes that are specially designed to meet demand for to-go orders and cold beverages.

The coffee chain wants to have 55,000 locations by 2030, up from nearly 39,000 today, with 75 percent of these planned outside of the u nited s tates. The leadership changes are part of the strategy, s tarbucks C e O Laxman n arasimhan said m onday.

Belinda Wong and molly Liu will remain co-C e Os for China, s tarbucks said. s ara Trilling, president of n orth a merica, will keep her role and report to Conway. s he will continue to focus on improving the experience of in-store workers and building new locations in the region. Bloomberg News

Rtechnologies and product development to deliver innovative, fun, affordable and accessible digital offerings that are traditionally well-loved by Filipinos,” DigiPlus president a ndy Tsui said.

The company’s board has approved the declaration of cash dividend to all stockholders amounting to P0.18 per common share.

The cash dividends will be payable on or before a pril 18 to stockholders on record as of a pril 4.

The cash dividend was declared out of unaudited unrestricted retained earnings of the company as at December 31, it said. VG

Quezon, which will cover 2,025 hectares of land. The projects are all situated within the vicinity of R e DC’s 3 operating hydropower plants in the area. i t also operates a large switching station that is directly connected to the grid operated by the n ational Grid Corporation of the Philippines. a jetty port, currently being built by one of the country’s leading conglomerates, is nearby R e DC’s property. The company plans to have its wind turbines

shipped via sea and start its construction of wind farms in Quezon later this year.

“R e DC is committed to providing accessible, affordable, and sustainable energy to the underserved Filipino communities, and these new Wind e nergy s ervice Contracts will allow us to succeed in continuing achieving this goal,” said R e DC President e ric Peter y. Roxas.

“Developing our wind-energy capabilities will complement our core capabilities in operating runof-the-river hydropower plants, enabling R e DC to continue enjoying its ongoing multi-year growth in revenue and net income.”

The company is the first pure play hydropower company to be listed in the Philippine s tock e xchange.

i ts initial public offering garnered strong support from institutional investors, securing Japan-listed Tokai Holdings Corp. as an anchor investor, enabling the deal arranger to partially exercise the overallotment option. The proceeds were used to fund the equity portion of its new projects, as well as the acquisition of renewable energy projects.

Lenie Lectura

Photo from the facebook Page of DigiPlus

A customer inside a starbucks coffee shop in New York, united states, on monday, January 29, 2024. bloomberg News

Globe unit to grow biz in markets with OFWs

GLOBE Fintech Innovations Inc. (GFII), operator of the electronic wallet GCash, announced plans to grow its business in 16 countries outside the Philippines before expanding.

According to GFII General Manager Paul Albano, the firm is holding off its expansion as these markets already account for “more than 80 percent of remittances” of overseas Filipinos. Albano added that 13 million Filipinos living abroad are now able to use the platform for cashless transactions, including cross-border payments and remittances. “Hopefully, we get all into using GCash Overseas,” he said in an interview late Monday.

These markets, Albano said, include: Australia, Canada, Germany, Hong Kong, Italy, Japan, Qatar, Singapore, South Korea, Spain, Taiwan, United Kingdom and the United States. He said the firm plans to expand operations to the Kingdom of Saudi Arabia, Kuwait and Singapore.

The expansion, nonetheless, moved forward with GFII’s partnership with Ikon Solutions Asia Inc., a licensed recruitment agency.

“We’ve enabled access to finance through a service that’s enjoyed currently by 94 million Filipinos, and our international expansion allows us to serve millions more. We’re confident that our innovation and strategic partnerships will allow us to provide seamless financial services to Filipinos anywhere in the world,” Albano said. “This is only the first step as we grow our presence internationally.”

Lorenz S. Marasigan

Banking&Finance

NG raises ₧30B in bonds on yields dip

By Reine Juvierre Alberto

THE national government successfully borrowed its intended amount of P30 billion from the tender of long-term Treasury bonds (T-bonds) as auction yield continued to ease slightly.

The Bureau of the Treasury (BTr) last Tuesday made a full award of the reissued 20-year T-bonds in an auction that reached an average rate of 6.189 percent.

The average auction yield is slightly lower compared to the 6.209 percent in the previous auction for the debt paper with the same tenor on February 27.

The investors’ average asking rate for the government security, which has a remaining term of 19 years and 11 months, is also lower than 6.32 percent for 20-year PHP BVAL as of March 18.

Tuesday’s tender was oversubscribed 2.0 times the P30 billion offer, attracting P60.9 billion in total tenders. The reissued bond series 20-26 yields ranged from a low of 6.170 percent to a high of 6.250 percent.

This is now the fourth straight week that the Treasury made a full award of T-bonds tender.

“With its decision, the committee raised the full program of P30.0 billion, bringing the total outstanding volume for the series to P60.0 bil-

SEC Davao warns vs another loan scam

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

DAVAO CITY—The money fleecing activities of scammers just keep on coming. This time, the Davao Extension Office of the Securities and Exchange Commission (SEC) is warning the public of another scam, the advance fee loan scam.

It said the number of complaints against this scheme continued to increase.

“This fraudulent scheme, perpetrated by individuals or groups impersonating as representatives of legitimate financing or lending companies, are now resorting to a more elaborate scheme,” the SEC

Davao office said.

It added that the scheme employed years ago was to collect an advance fee before purportedly releasing the loan amount. “These days, victims are led to believe that they have been approved for a loan and are provided with false evidence of a bank deposit purportedly representing the loan amount.”

“Victims are then informed that the deposit was sent to a wrong account number and are pressured into transferring an amount of money to rectify the supposed error so as to release the funds to their accounts,” said lawyer Katrina Ponco-Estares, director of the SEC Davao Extension Office.

The SEC has issued previous ad-

visories on advance fee scams on November 29, 2022, October 18, 2023, and most recently on January 26 this year.

“The SEC Davao Extension Office is calling on the public to exercise vigilance in dealing with financial transactions. Legitimate lending corporations do not require customers initial payments or fees to cover erroneous transactions. We urge the victims to promptly report these scams to the appropriate authorities, including the Philippine National Police and the National Bureau of Investigation,” Estares said. She said perpetrators of advance fee loan scams “are in violation of Article 315 Swindling (estafa) of the Revised Penal Code of the Philippines.”

Stronger anti-scam mechanisms in Afasa bill sought

DRAWING inspiration from Singapore’s stringent anti-scam protocols, Senator Alan Peter S. Cayetano is pushing for more enhanced anti-scam mechanisms in the proposed Anti-Financial Account Scamming Act (Afasa), a bill sponsored by Senator Mark A. Villar.

This initiative follows the Senate’s examination of the Afasa bill, which aims to combat the surge in crimes involving banks, e-wallets, and other financial institutions.

The Afasa bill will allow the Bangko Sentral ng Pilipinas (BSP) to examine financial accounts involved in prohibited acts, heralding a substantial change that will ease the Bank Secrecy Law. It also empowers

responsible institutions to temporarily hold funds subject to suspicious transactions.

Cayetano, who is currently serving as the Senate Chair for the Science and Technology Committee, raised the alarm on “digital highway robbery” last year to emphasize the vulnerability of accessing data on the internet.

“

Ang digital highway ang ating problema. Maraming may akala na noong pinasa natin ang SIM card registration, mababawasan na nang husto ang mga nanloloko. Pero as you have seen, the digital way of extorting money, scams, and schemes is only one way,” he said. Cayetano has consistently advocated for anti-corruption measures within the government.

In 2016, alongside his then running-mate former President Rodrigo Duterte, the senator advocated for the lifting of the Bank Secrecy Law to deter public officials from embezzling government funds.

“Bolder solutions are needed to end this disorder,” Cayetano said in an interview.

Dedicated to addressing corruption and financial crimes in the country, Cayetano visited the Anti-Scam Centre of the Singapore Police Force on March 6, 2024.

The Anti-Scam Command (ASCom) of Singapore, which became operational on March 22, 2022, seeks to improve collaboration among different units dedicated to combating scams

within the Singapore Police Force (SPF).

It consolidates efforts in scam investigation, incident response, intervention, enforcement, and analytical capabilities, all coordinated under one entity.

Cayetano described the visit as an opportunity to gain insights into the Centre’s frameworks and operations, with the goal of strengthening anti-scam mechanisms in the Philippines. “ Napakadelikado ng hacking for many reasons. It can destroy established institutions and systems that keep the country running. If we don’t solve [scamming and hacking], magkakaroon ng mas sinister [na mangyayari] at patuloy ang breaches in our cybersecurity” he said.

lion,” the Treasury said in a statement after the auction.

According to Michael L. Ricafort, chief economist at the Rizal Commercial Banking Corp. (RCBC), the 20year T-bond average auction yield led to mostly slightly lower government securities yields week-on-week. The dip was despite higher US Treasury yields week-on-week.

Ricafort noted that the inch down by yields came after the large maturities of Retail Treasury Bonds (RTBs)—worth about P700 billion—from March 9 to March 12, 2024, increased peso liquidity/ funds/supply in the financial system and some of which would be reinvested in government securities (GS) in the market.

THE Land Bank of the Philippines (LandBank) announced that its digital transaction value last year rose to P8.8 trillion on the back of growing customer preference for digital solutions.

In a statement the state-run lender issued last Tuesday, LandBank said its digital transaction value in 2023 is 42 percent higher than the P6.2 trillion it posted in 2022, facilitated by its digital banking channels.

LandBank attributed the 42 percent increase to the 48 percent jump in total transaction volume of 92.9 million in 2023 compared to the 62.6 million digital transactions recorded in the previous year.

LandBank President and CEO Lynette V. Ortiz said that the lender continues to leverage technology to improve service delivery as well as drive financial inclusion across the country.

“In step with growing customer demand, we are set to expand our innovative offerings to further contribute to the nation’s digital transformation journey,” Ortiz added.

The bank’s digital banking channels include the following: mobile banking app (MBA); iAccess; weAccess; Link.BizPortal; i-Easy Padala; electronic tax payment system (eTPS); electronic modified disbursement system (eMDS); and, the bulk crediting system (BCS).

The i-Easy Padala, a real-time web-based remittance system for overseas Filipinos, facilitated 3.3 million transactions amounting to P4.33 trillion in value. This covered almost half of the total recorded value for the year, the LandBank noted.

For the month of March, the national government plans to borrow as much as P120 billion from the tender of T-bonds. The programmed amount is P30 billion lower than the P150 billion targeted amount last month. It is also targeting to raise P180 billion in March from the combined sale of T-bonds and Treasury bills (T-bills).

The Treasury will tender a total of P51.050 billion worth of T-bills and P1.802 trillion worth of T-bonds this year.

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

According to LandBank, its MBA recorded 55.2 million digital transactions, up by 44 percent, amounting to P316.8 billion.

Its Link.BizPortal facilitated 7.65 million transactions, which rose by 33 percent with a total value of P11.5 billion. Due to government agencies partnering with the bank, LandBank said it also saw a 53 percent rise in collaborations, bringing the total number of Link.Biz merchants to 1,193 as of December last year.

LandBank added that its alternative payment channel eTPS facilitated P134 billion in value while its online retail banking channel iAccess recorded P18.36 billion.

Furthermore, for institutional clients, the eMDS internet facility for national government partners recorded P2.95 trillion in value, which rose to 38 percent year-on-year, after generating 3.2 million transactions in 2023, according to the bank. Electronic bulk disbursement facility BCS transactions significantly increased to 7.1 million, or 296 percent, posting a value of P67.86 billion in 2023, the state-run lender added.

The weAccess, the bank’s corporate Internet banking platform, went up by 53 percent reaching 14.4 million in transactions in 2023. The platform also recorded a 57-percent increase in value amounting to P952.1 billion.

Earlier, LandBank announced that its net income in 2023 reached P40.3 billion, surpassing its full-year target by P5 billion, on the back of strong revenues from loans and investments alongside prudent cost management. Reine Juvierre Alberto

Yen slides past 150/$ as yield gap with US still wide Bitcoin retreats as ETF posts big daily outflow

THE yen weakened past 150 per dollar after the Bank of Japan ended the world’s last negative policy rate while keeping financial conditions easy for now. Bonds and shares both gained.

The Japanese currency fell more than 1 percent to as low as 150.70 per dollar, nearing the weakest level for the year. While BOJ Governor Kazuo Ueda noted in his press conference that risks of prices rising too much could result in a further rate hike, he said it’s important to keep conditions accommodative to support the economy. Government bonds advanced on the BOJ’s slightly dovish tone, sending the 10-year yield down 3 basis points. The benchmark Topix equity gauge closed 1.1 percent higher while the Nikkei 225 Stock Average climbed 0.7 percent to break above 40,000 for the first time in about two weeks.

Ahead of the decision some 90 percent of central bank watchers had seen the risk of authorities ending their negative rate settings at the meeting. The likelihood had been bolstered after the largest union group announced

first-round results to annual wage negotiations that exceeded expectations.

“The decision today itself may be considered quite dovish, dragging the yen lower,” said Koji Fukaya, a fellow at Market Risk Advisory Co. in Tokyo, who said the ending of negative rates and yield-curve control was already priced in. “Keeping an accommodative stance does not mean they will not raise rates from here and

therefore, investors would need time to assess the policy outlook.”

The yen had weakened slightly over the course of the week leading up to the BOJ decision as the dollar appreciated on the outlook for slowing rate cuts from the Federal Reserve.

Expectations for the yen to outperform its peers this year had all but evaporated recently, with strategists earlier this month forecasting the currency to end 2024

within a few percent of where it started.

Meanwhile, benchmark 10year Japanese government bond yields had been edging higher while the nation’s stocks have rallied this year, with the Nikkei 225 reclaiming the high it set back in 1989.

High rates and a strong currency in the US have kept Japan’s 10-year yields and the yen under pressure—the 10-year US Treasury yield is around 4.3 percent.

The dynamic looks set to continue despite the BOJ’s hike given ongoing strength in the US economy and resilient consumer spending there. In addition, Japan’s central bank will continue to buy bonds and pledges to respond to any rapid rise in yields.

The “new era” of positive interest rates is “a confirmation of the recovery in Japanese economy,” said Charu Chanana, market strategist for Saxo Capital Markets Pte. “Higher returns on savings and investments in Japan can fuel spending power for consumers, and builds a case for Japanese equities to extend their momentum.” Bloomberg News

BITCOIN extended a retreat as investors digested a record daily outflow from the world’s biggest exchange-traded fund for the token as well as scaled-back expectations for Federal Reserve interestrate cuts.

The largest digital asset dropped as much as 7.1% on Tuesday and traded around $62,500 as of 11:14 a.m. in London. Other major tokens such as Ether, Solana and memecrowd favorite Dogecoin were also nursing losses.

The $25-billion Grayscale Bitcoin Trust, or GBTC, posted a $643 million outflow on Monday, the most since it converted into an ETF on Jan. 11, data compiled by Bloomberg show. Earlier, strong demand for nine new spot-Bitcoin ETFs that went live at the same time had more than made up for a spate of GBTC exits.

But those flows into products from titans such as Fidelity Investments and BlackRock Inc. are also cooling, and the batch of 10 ETFs as whole saw a net outflow of $154 million on March 18.

QCP Capital, a crypto trading

firm based in Singapore, wrote in a note on Tuesday that it would be “closely tracking the aggregate ETF flow numbers today,” adding that a “net negative would be a distinctly bearish signal.”

Since they began trading, the ETFs overall have attracted a net $12 billion. The investor interest propelled Bitcoin to an all-time peak of $73,798 last week. The crypto bellwether has since wobbled as the initial pulse of demand for the products fizzles amid warnings about bubble-like traits in some assets.

Risks from monetary policy are among the wild cards. Persistent inflationary pressures are curbing expectations for looser Fed settings, while Japan just drew the curtain on the most aggressive monetary stimulus program in modern history, scrapping the world’s last negative interest rate.

Altcoins have seen the biggest hit from the risk-off mood. An index of smaller digital tokens has tumbled about 25% from a peak earlier this month, wiping out more than half of this year’s gain. Bloomberg News

B4

Get the needed support

ASUPPORT group is formed because of similarities in life experiences, and is done to facilitate sharing of coping mechanisms for work-related issues and to enable its members to effectively do their work. While the intent is to help, support groups can also become a hindrance to work especially if rather than trying to help others grow, members are enabled in their helplessness.

There are different ways you can start a support group in your organization. Some start by training volunteers to handle different support groups, while others happen spontaneously because of the same interests and hobbies. Pivotal to the success of support groups is the leader who had the same struggles as the members but knows more how to handle those issues. You cannot have a support group leader on work-related stress when the leader has issues managing his team or his workload. More than the common interests, the leader of the support group helps equip members on how to handle their own issues.

Just a caution, though, that it might be harder to start a support group within the same team because more often than not, the source of frustrations at work are from the same people in their team. It would be harder to talk about issues and develop a workable solution to them.

On the other hand, if one of your team members is part of a support group that you lead, you will

have a more difficult time in calling their attention when they submit substandard work or miss their deadlines. As much as possible, find a support group outside your circle so that you can maximize the benefits of having one.

One of the benefits of having a support group is having a place where you can feel safe to talk about your struggles. But it is also where each member strives to find ways to help you cope with your frustrations, or find a more permanent solution to your problems. At the very minimum, support groups help you destress by having a sounding board for your problems.

Aside from support groups as safe spaces, they are also venues where you can enjoy the company of others. You do not join a support group just because you have a problem. More often, you can contribute your best practices in dealing with a particular issue at work. Members can talk about how they handled a particular concern and leave it for you to evaluate if their experience can help you in your current issues.

There are also cases when the support group is a medical one, as in the case of cancer patients or those undergoing the same therapy. For chronic illnesses, prolonged medication and long-term side effects, a support group can help you be on track and get practical advice on what you can and cannot do. Other people’s experiences can also help you try alternative activities or practices in addition to what your doctor has prescribed. Of course, this comes with a caution to exercise due diligence in ensuring that what you do does not negatively affect your health.

Having a support group also helps you become more confident in doing your work because you have people who believe in you, and who will have your back when anything turns south. Having people who have your back gives you the needed boost to do more, and helps you manage the way you work with the others in your own team.

But support groups are not always a good idea.

If your support group is within the same team, it becomes harder to talk about your struggles with people in the same group because they also experience the same issues. What is worse is when you talk about the other team members who do not belong to your support group. When support groups ostracize other people within the same team, it is not a support group but a faction. Meetings will end as grievance sessions and will only feed the flames of discontent and frustration. Members also have the tendency to groupthink where everyone just follows what the leaders say.

It becomes more problematic when a manager, or someone who holds some form of authority over the team, joins a support group within their team. Even if the manager means well, other team members will see it as favoritism especially when members of the support group have a lighter workload than those who are not part of the support group. As a people manager, one of the supervisor’s responsibilities is to motivate, encourage and coach their team. But if it involves only certain members of their team, they are effectively telling other team members to look for another group. To create the dream team, a good leader needs to create a safe space for everyone in their team.

Support groups also pose the danger of losing confidentiality especially when there are talkative members within the group. Support group members need to understand that to maintain the sense of security, what is discussed in the meetings should stay there. Otherwise, it becomes a breeding ground for gossip and resentment.

Support groups have the potential to enhance interactions within the organization, but it also has the tendency to make people feel out of place especially when the leader is not equipped to manage the common disadvantages of managing a support group. But when used properly, support groups can improve team dynamics and provide a venue where employees can help themselves become better and do more than what they thought possible. ■

SEAN ANDRE GERVACIO wearing the Hugo #BRAVE Watch

HUGO Watches introduces newest collections at SM Makati pop-up store

RENOWNED for its commitment to innovation and style, HUGO Watches hosted an exclusive roadshow at SM Makati, presenting two groundbreaking collections, #LIT FOR HIM and #BRAVE. The pop-up store, featuring these avant-garde timepieces, will remain open until March 31, 2024.

The HUGO Watches #LIT FOR HIM Collection epitomizes a sleek, gender-neutral design with bold branding, offering a fun and colorful everyday timepiece. Crafted from nylon-infused resin, the lightweight 42mm TR90 case showcases a modern, fluid silhouette.

The soft silicone strap, gloss-printed with a large, contrast-color logo, adds a distinctive touch. The matt dial, adorned with a molded minute track and

embossed hour markers on the bezel, presents a clean and bold aesthetic. Water-resistant up to 5 BAR, the watch features a three-hand movement and is available in four monochrome hues.

Complementing this collection is the #LIT FOR HER, tailored for those with smaller wrists, maintaining the same silhouette in a 36mm diameter and offering additional color combinations.

Meanwhile, the HUGO Watches #BRAVE Collection appeals to the Gen Z demographic with its unique design. The oversized 46mm case boasts an asymmetrical silhouette, featuring a logo-stamped extension concealing a push-in crown. The knurltextured silicone or denim-wrapped bezel, along with circular-brushed sub-eyes and a link bracelet,

enhances the daring design.

The #BRAVE comes in various color combinations, including dark gray with a blue dial and denim bezel, light-yellow gold with subtle olive-green details, black with HUGO-red branding, and classic stainless steel with a black dial.

A special Hugo premium item comes with every Hugo Watch purchase at the pop-up store until March 31, 2024. This offers a distinctive chance for watch enthusiasts to discover and wear these innovative timepieces.

More information can be found at the HUGO Watches website, or follow @HUGOWatches on social media or @wrist_pod on both Facebook and Instagram.

‘planting

By Eugenia Last

CELEBRITIES BORN ON THIS

DAY: Ruby Rose, 38; Kathy Ireland, 61; Holly Hunter, 66; Spike Lee, 67.

HAPPY BIRTHDAY: Bask in the light, offer words of wisdom and be grateful for all that comes your way. Your generosity of heart and your handson help bring life to everything you touch. Be open, receptive and willing to implement changes that will bring you to a safe and sound place. If you wish to be happy, take charge. Your numbers are 8, 15, 21, 27, 33, 36, 47.

ARIES (March 21-April 19): Dream and believe. Take the power within and do something to improve your space and the world around you. Be brave, change what you don’t like and head in a direction that soothes the soul and brings you joy. ★★★★★

TAURUS (April 20-May 20): An intuitive approach to how you respond will ward off overreacting. Being able to adjust on the go will encourage others to follow. Understanding the dynamics of a situation will help you make better decisions. ★★

GEMINI (May 21-June 20): Control your emotions; don’t overreact or participate in gossip. Focus on your responsibilities, finishing what you start and honing your skills to ensure you outperform anyone who wants to compete with you. Don’t let anyone limit you. ★★★★

CANCER (June 21-July 22): Doing things your way is OK. Routine is exemplary, but if you follow your instincts, you’ll discover that something you enjoy doing can also earn extra cash. Don’t let outsiders goad you into something that doesn’t support your needs. ★★★

LEO (July 23-Aug. 22): Switch gears, use intelligence and fine-tune what you enjoy doing. Opportunity suggests looking closely at the changes around you and plugging into how you can use your skills to capitalize on what’s important to you. Choose the path that feels like home. ★★★

VIRGO (Aug. 23-Sept. 22): If you feel it in your heart and it fits into your budget, carry on and don’t look back. Trust your instincts and take a journey that impacts how you move forward. A commitment will encourage stability, gratification and strength of character. ★★★

LIBRA (Sept. 23-Oct. 22): Open discussions that lead to knowledge, understanding and what you can do to improve your situation. Being willing to listen, evaluate and make sense of what others want will bring about better decisions. Don’t let emotions cost you. ★★★★

SCORPIO (Oct. 23-Nov. 21): Considering what’s best for you and fortifying your home environment from unwanted change will soothe nerves. A shift in attitude will reflect your emotions and encourage you to let go of what’s holding you back. ★★

SAGITTARIUS (Nov. 22-Dec. 21): Protect yourself from anyone trying to push you in a direction that doesn’t fit your timetable. Choose the path that encourages you to share your feelings and head in a direction that allows you to explore what makes you happy. ★★★★★

CAPRICORN (Dec. 22-Jan. 19): Do the work yourself. Fix up your space to suit your needs. Rearrange and create an environment that promotes success, gratification and opportunity. Look for bargains, keep your overhead low and proceed with a strict budget. ★★★

AQUARIUS (Jan. 20-Feb. 18): Be careful who you trust. Only some people will share your values or support your goals. Ask questions, verify plans and change what’s necessary, and you’ll maintain financial stability, emotional control and the ability to make changes without interference. ★★★

PISCES (Feb. 19-March 20): Evaluate how you handle your relationships, money matters and staying updated. Incorporating the latest trends into your everyday routine will give you an edge in recruiting interest; however, be careful not to let the additions drown you in debt. Test first, find out what’s valuable and eliminate dead weight. ★★★

BIRTHDAY BABY: You are authentic, proactive and quick-witted. You are opportunity-driven and frugal.

www.businessmirror.com.ph

pierce brosnan pleads guilty to walking off trail at Yellowstone hot springs, must pay

MAMMOTH, Wyoming—Actor Pierce Brosnan, who pleaded guilty on Thursday to stepping off a trail in a thermal area during a November visit to Yellowstone National Park, was caught after posting pictures online, court records said.

Brosnan, who called in to the court hearing in Mammoth, Wyoming, was fined $500 and ordered to make a $1,000 donation by April 1 to Yellowstone Forever, a nonprofit organization that supports the park, court records said. Prosecutors had recommended a $5,000 fine and a two-year probationary sentence.

A second petty offense, for violating closures and use limits, was dismissed by US Magistrate Judge Stephanie Hambrick. The actor issued an apology on his Instagram account on Thursday, saying he “made an impulsive mistake” and calling himself an environmentalist with “the utmost respect for and love of our natural world.”

“I deeply regret my transgression and offer my heartfelt apologies to all for trespassing in this sensitive area. Yellowstone and all our National Parks are to be cared for and preserved for all to enjoy,” Brosnan wrote.

He did not see a “no

By Lindsey Bahr The Associated Press

KUNG Fu Panda 4 North American box office in its second weekend in theaters. The Universal and DreamWorks Animation movie earned $30 million in ticket sales, according to studio estimates on Sunday.

The franchise featuring the voice of Jack Black is responsible for over $1.9 billion at the box office since it launched in 2008 and spawned several animated series, shorts, video games and a holiday special.

The fourth installment, playing in 4,067 locations in North America, has already made $107.7 million domestically.

There were several new movies arriving in over 1,000 theaters (or expanding) this weekend, including Lionsgate’s Mark Wahlberg dog movie King, Focus Features’ comedic satire Society of Magical Negroes bodybuilding thriller

But the charts still belonged to the franchises, including Dune: Part Two second in its third weekend, with $29.1 million. That’s down only 37 percent from last weekend. It’s now made $205.3 million domestically. The first film, which was released simultaneously in theaters and on streaming, capped out at around $435 million globally, while Part Two million worldwide.

Arthur the King did the best of the newcomers, landing in third place with $7.5 million from 3,003 locations. The studio went into the weekend expecting something in the $8 million to $10 million range. Its low production cost and international presales should yield profits.

Directed by Simon Cellan Jones and written by Michael Brandt, the movie is based on the true story of an adventure racer who befriends a stray dog on a perilous 435-mile trek in the Dominican Republic. Simu Liu plays one of Wahlberg’s teammates. With an “A” CinemaScore, the studio is hoping positive word of mouth will boost sales in the coming weeks.

Love Lies Bleeding opened in 1,362 locations to $2.5 million. Written and directed by Rose Glass ( Maud), it’s a pulpy 1980s-set Western thriller about an isolated gym manager (Stewart) and a bodybuilder (Katy O’Brian) passing through town. Frozen Empire Godzilla x Kong: The New Empire Ordinary Angels,

THE blessings just keep on coming for actress-singer Julie Anne San Jose, who renewed her exclusive contract with GMA Network on March 12.

The event was attended by no less than GMA Networkchairman Atty. Felipe L. Gozon, president and chief executive officer Gilberto R. Duavit Jr., executive vice president and chief financial officer Felipe S. Yalong; senior vice president for programming, talent management, worldwide, and support group, and president of GMA Films Atty. Annette Gozon-Valdes; senior vice president for Entertainment Group Lilybeth G. Rasonable, and Sparkle GMA Artist Center vice president Joy Marcelo.

Also present were GMA Network senior vice president for Integrated News, Regional TV and Synergy Oliver B. Amoroso; vice president for business development department III Gigi SantiagoLara, vice president for business development department II Janine Piad-Nacar, assistant vice president for business development department II Enri T. Calaycay, and assistant vice president for corporate communications Jojo Aquio.

Julie Anne expressed her gratitude for the trust and support that GMA Network has given her: “[I thank the network very much] for believing in me, my talents, and my capabilities. I also want to thank Sparkle, [and GMA Entertainment Group] for allowing me to grow and to all the people I’ve worked with [in GMA].”

Kaya nga tinawag na Kapuso kasi dito, mapi-feel mo ’yung love ng mga tao na nakasuporta sa ‘yo, at tumutulong sa ‘yo na mag-improve sa craft mo. That’s why I’m forever proud to be a Kapuso,” said Julie Anne.

incredible talents as an artist: “

Limitless Star hosting, kakayahan

Duavit, on the other hand, recalled Julie Anne’s remarkable journey with GMA: “Looking back 18 years, I immediately recall how [Julie Anne] evolved, how she’s changed and somehow blossomed. Her versatility is unique, and her achievements are very commendable and outstanding. At hindi ako nagkakamali,

BPI, AC HEALTH FORGE ALLIANCE TO ENHANCE CANCER PATIENT CARE

T“We are honored to partner with AC Health in their commitment to providing exemplary care to cancer patients. Their dedication to championing universal

medicines, has truly inspired us at BPI,” said TG Limcaoco,

BPI President and CEO.

“At BPI, our mission is to be a trusted financial partner, and this partnership perfectly aligns with that commitment. We believe that by forging strong alliances and fostering collaboration, we can contribute to helping build a better Philippines—one family, one community at a time,” Limcaoco added. Under the partnership, BPI is supporting the hospital with the acquisition of cuttingedge medical technology to enhance patient care, improve diagnostic capabilities, and contribute to the overall advancement of

US-Based Harnyss Introduces Patented Hydrogen Storage Solutions in PHL

AREVOLUTIONARY energy storage solution primarily using hydrogen is set to make its way into the Philippines. Harnyss, a Texasbased energy technology company, is introducing its patented low-pressure hydrogen storage solutions that could significantly complement the utilization of renewable energy in various settings.

Harnyss’ new technology comprises of a hydrogen power system that could use water from the atmosphere or other convenient sources and use that to produce hydrogen, which is then stored (through supercapacitor) until the setup’s fuel cells convert the basic element into electricity.

The proprietary system uses low-pressure hydrogen at just about 250 pounds per square inch—up to 10 times lower than the standard

2,500 pounds per square inch used in traditional storage. This is made possible by binding hydrogen to strategic materials inside the special canisters.

Harnyss also utilizes non-rare earth minerals that make it stand out compared to conventional energy storage products that use more volatile batteries made from lithium-ion. Thus, the system has a much greater and longer battery lifespan (about 20 to 30 years with minimal degradation compared to the common 10-year lifespan of lithium-ion batteries) and is greener and not prone to fire.

Harnyss’ storage units (Oasis and Oasis 2 for long duration and basic energy storage, respectively) not only store hydrogen and energy but also serve as a “microgrid-in-a-box.” Both systems could handle scalable energy storage from 500 KWh to 100+ MWh,

healthcare services.

“The Healthway Cancer Care Hospital aims to revolutionize healthcare accessibility through innovating and working with partners to help drive down costs, prioritizing affordability without compromising quality of care. We recognize the need for financial support from banking partners to lay the foundation for this transformative healthcare endeavour, ensuring its success and sustainability in the absence of immediate patient contributions,” said Healthway Medical Network President and CEO Jimmy Ysmael.

AC Health President and CEO Paolo Borromeo said, “Our partnership with BPI has been instrumental in our journey to establish Healthway Cancer Care Hospital as a beacon of hope and healing of our community. We are immensely grateful to BPI for their support to improving cancer patient care. Together, we are making a tangible difference in the lives of those battling cancer.”

BPI is also enhancing financial transactions through streamlined cash management services, including Payroll, Bills Collection and Bills Pay PH, Check Cutting, ATM, and Cash 360 machine. Moreover, the bank has set up a person-to-merchant (P2M) facility for convenient payments for pharmacy, doctors, and laboratory fees via QR code.

allow 8 AC and DC inputs, and facilitate about 18- to 36-hour energy storage. Oasis, with 4.5 MWh of long duration energy storage per 40’ container is ideal for off-grid electric vehicle (EV) charging stations and grid support, while Oasis 2, with 1.4 MWh of energy storage per 40’ container is recommended for use in airports, hospitals, data centers, and military or government facilities.

Ideally, both Oasis systems could store energy from the grid (commercially available electricity) and/or renewable energy generated from solar or wind panels, which are getting more popular in the country.

Overall, the Harnyss technology is perfect for the Philippines as it is much more practical. The revolutionary hydrogen technology makes it possible to store energy more efficiently and use that when needed. Moreover, its by-product is just water and has much less emission, making it very friendly to the environment.

Harnyss technology’s foray into the country comes as the Philippine government recognizes the potential of hydrogen in helping solve its energy woes. In January 2024, the Department of Energy (DOE) issued Circular No. 2024-01-0001 that sets a national policy and general framework, roadmap, and guidelines for hydrogen in the energy sector.

To further push hydrogen technology, the government is offering tax and other incentives to projects and companies that are producing, importing, or exporting green hydrogen and its derivatives for power generation and other possible applications.

President Ferdinand “Bongbong” Marcos has consistently expressed his support for new energy sources and technology that could help address the country’s current energy problems. He has been reiterating that the Philippines “is open to any kind of power supply that can address energy problems.”

FILRT recognized once again as a top taxpayer in Muntinlupa City

FILINVEST REIT Corp. (FILRT), the real estate investment trust (REIT) arm backed by Filinvest Land, Inc. (FLI) and the country’s first sustainability-themed REIT, has once again been honored as one of Muntinlupa City’s top taxpayers for the third consecutive year.

FILRT was among 10 business establishments lauded by the city, through the leadership of Mayor Ruffy Biazon, for their contribution to the economic advancement of the city, bolstering the local government’s numerous programs such as scholarships, health care, and security infrastructure.

“We are committed to keeping our developments in Muntinlupa anchored on sustainability, and we will continue to invest in projects and initiatives that promote environmental and social responsibility,”

said Maricel Brion-Lirio, FILRT President and CEO. “FILRT and FLI also stand as dedicated partners of the government with our unwavering support for the city’s continued pursuit for progress.”

FILRT owns and operates 16 eco-efficient buildings with over 280,000 square meters of gross leasable area in Northgate Cyberzone, an IT BPO campus-style hub accredited by the Philippine Economic Zone Authority (PEZA) in Filinvest City, Alabang, Muntinlupa City. FILRT’s office property portfolio boasts of a globally competitive tenant mix comprised mostly of blue-chip BPO companies. To further champion sustainability, FILRT strives to continue to create greater value for its tenants, shareholders, and the community at large. For more information on FILRT, visit www.filinvestreit.com.

VALUEPLUS Auto Service, a leading auto service franchisor, celebrated the groundbreaking of its newest franchise, VPX Pasig City, located at Eagle Avenue in Barangay Ugong. The event marked the beginning of the construction for the highly anticipated auto service center, which promises to deliver top-notch auto care and services to vehicle owners in the area.

The groundbreaking ceremony was attended by notable figures, including Normann Chiu, President of ValuePlus Auto Service, Dr. Sarah PadronLumalang and Kenneth Lumalang, the franchisees of VPX Pasig City. The gathering underscored the commitment of all parties to bring unparalleled automotive services to the community.

Chiu expressed his enthusiasm for the project, stating, “Today’s groundbreaking is not just about laying the foundation of a new building; it’s about establishing a new standard of auto service in Pasig City. We are excited to expand our presence and bring VPX’s trusted services closer to our customers.”

Dr. Padron-Lumalang shared her vision for the

Editor: Tet Andolong

AyAlA lAnd Premier comPletes second tower of GArdencourt residences

By Rizal Raoul S. Reyes @brownindio

AyA lA land Premier (AlP), the high-end brand of property colossus Ayala land, continues to raise the bar of refreshing condominium living in the master-planned Arca South estate in Taguig City with the recent structural completion of the Narra tower of Gardencourt Residences.

Gardencourt Residences is the second ALP address in the 74-hectare mixed-use Arca South, fastemerging as the next important urban district following Bonifacio Global City (BGC). The five-tower vertical community showcases a unique centerpiece courtyard concept—a 1,500-sq-m pool complex with sprawling lawns—creating a light-filled and spacious urban oasis for its residents.

Led by Ayala Land Premier Inc. (ALPI) officials and project team representatives, the second tower was recently topped off, signaling its structural comple -

By Roderick L. Abad

MAGNA Prime Chemical Technologies Inc. (Magna Prime) has been blazing a trail in the Philippine construction chemical industry via its cost-effective, inventive, and environmentfriendly products and methodologies—thanks to its visionary founder Derrick Tan whose innovativeness and exemplary ability to build and sustain a dynamic business led to its constant success.

Starting small by merely distributing tire batteries and lubricants in 2001, he has grown Magna Prime as an established and awarded company through its vast array of products including waterproofing, concrete flooring, finishing, tiling, protective coatings, admixtures, innovative paints, sealants and adhesives—all under the three brands, namely, Buildrite Construction Chemicals, Sinclair Paint, and Max Bond Adhesive Solutions.

The first Filipino-owned construction chemical firm in the country boasts of its “Lakbayanihan” culture that is deeply rooted in honoring God first, loving the family and, then working with honor in order to serve others—all for His glory. Its daily operations are infused with a sense of fun and learning that inspire its people and management to face challenges creatively and own their work towards the company’s success and growth.

“Leadership at Magna Prime is considered an act of servitude, grounded in humility and wisdom, driving us to innovate with an entrepreneurial spirit while staying resilient in the face of challenges,” said the president and chief executive officer.

At the height of the Covid-19 pandemic in 2020, the firm debuted its marketing campaign “Magtanong Para Sigurado,” which aided many people in finding and using the right construction chemical products and methodologies. It, likewise, popularized the solution-centric approach to solving construction problems.

In the past years, Magna Prime

tion. “By developing Gardencourt Residences, property investors from the South can now experience the signature Ayala Land Premier lifestyle in Arca South, one that celebrates convergence and community yet still maintains privacy and exclusivity in each home,” said ALPI Chief Operating Officer Paolo Viray.

Gardencourt Residences also boasts a prime parkside location, nestled in the heart of Arca South and advantageously integrated with the sprawling open greenery of the estate’s Arca Main Street. The pedestrian artery provides

access not only to parks, an interactive family zone and a central events area, but also connects an anchor Ayala Mall and office building.

“There is no opportune time than now for discerning home seekers to call Gardencourt Residences home as the developments in Arca South continue to progress,” added Viray. The estate’s commercial district now hosts the MDC Corporate Center, Manta Corporate Plaza and Savya Financial Center, with the Bamberton Center and Alveo Land’s Tryne Enterprise Plaza under way.

Backed by Ayala Land’s stellar record in developing well-planned

contributing to the company’s success and growth.

has grown exponentially on the back of its nearly 500 employees. Through its constant innovation, it has given more opportunities for its members to learn and gain wisdom as it enters a new era.

“Oftentimes, leaders are selfish about their time. We think that our time and ideas are more valuable than others. When you’re in the position of power, you think that you’re always right. Leaders should listen more and talk less. Because we are called to be servant leaders and not authoritarian leaders. We should have the humility to listen in order to learn from them,” Tan noted.

Continued leadership GUIDED by the sustainability principle, Magna Prime recognizes the global context of its industry by constantly enhancing its strategies with a global perspective. This means that not only keeping abreast of international trends and standards but also seeking opportunities for international collaboration and expansion to help improve the industry and the environment.

Along with these initiatives is its alliance with government institutions to launch its own Magna Prime campus. This project seeks to establish a learning hub that not only serves as a center for excellence in construction chemicals

but also contributes to the national agenda of elevating industry standards. The firm is also set to widen its educational modules, learning facilities, and programs to enhance the knowledge and skills of not just of the present contractors and applicators but for anyone and future industry practitioners.

“We aim to provide comprehensive, practical, and cutting-edge education that aligns with the current and future needs of the construction industry. Therefore, we are mindful of the broader impact of our actions, ensuring that we contribute positively to the advancement of the industry, of the country, and of the planet,” he said.

With his dedication to build a flourishing business that is responsible to educate the stakeholders, sense of camaraderie and care for the planet, Tan recently bagged the award of Outstanding Achievement in Entrepreneurship for Large Scale Enterprise at the 42nd Agora Awards held recently at the Shangri-La Fort in Bonifacio Global City in Taguig.

“This award means a lot for Magna Prime. It reassures us that we’re doing the right thing in terms of our marketing efforts and the overall approach of the company towards our customers and employees. It proves that we’re on the right path,” he stressed.

townships, Arca South continues to attract major locators such as the Healthway Cancer Care Hospital, the country’s first cancerdedicated healthcare facility, which also opened last year along with other support establishments such as a flagship Landers Superstore. Set to be completed this year are Arca South’s pedestrian features such as bike lanes, sidewalks and parks. Upcoming developments include the Arca South Terminal for public transportation and a nearly 6-hectare International Football Federation (FIFA)-certified Limonta artificial turf for sporting events and recreational activities.

Atrue magnificent location in the south, Cebu undeniably boasts of several wonders from being perceived as a tourism hotspot and now as one of the most sought after destinations for businesses and investments.

Over the recent years, Cebu has seen an influx of promising business activities from the different industries including the real estate sector as it continues to embrace a vision of a progressive future.

Among those real estate companies who have been drawn by the potential of Cebu was real estate pioneer Sta. Lucia Land Inc. Known for its diverse portfolio and for being active for more than 50 years in the industry, Sta. Lucia Land have since introduced several projects in this location from residential developments to resort communities and more recently condotel properties.

One of its newest flagship projects in Cebu is the elegant 128 Nivel Hills which was officially launched back in November 2022. Located along Veterans Drive in the wonderful municipality of Lahug, this modern mix used development offers investors top notch units designed to be conducive for a thriving and superior lifestyle.

“We first entered the Cebu market in 1990. Our first condominium project, the Sentinel also happens to be the first in the area. Now with the 128 Nivel Hills, we strive to introduce a condotel project that does not only provide the prime essence of comfortable modern living but to elevate the lifestyle and make it more elegant or sophisticated, something that will meet the demands of the recent times,” stated by Sta. Lucia President Mr. e xequiel r obles.

Sprawling across 8,470 square meters, 128 Nivel Hills has three stunning towers featuring a residential tower, a condotel and a branded hotel. Its first tower,

From left: Engr. Edwin magsalansan, Director and Vice President, Sy^2 + Associates Inc.; Arch. Pete Pimentel, Founding Senior Partner, PrSP Architects; Leya moya, Customer relations Group Head, ALPI; Angela Yulo, Project Development Group 1 Premium Line Head, ALPI; Arch. Vena Sabat, Architecture Studio Head, ALPI; Cherryl Uy, Project Development Group 1 Head, ALPI; Paolo Viray, Chief operating o fficer, ALPI; Arch. Anton mendoza, Principal, J. Antonio mendoza Corp.; Chris San Agustin, Senior Partner, PrSP Architects; Arch. Gibson Ganzon, Construction management Group Deputy Head, ALPI; robert Baffrey, Deputy Group Head of Construction operations Group 1, mDC; Alvin odejar, Human resources Head, ALPI

taguig City (artist’s rendering)

Magna Prime focuses on sustainability and social responsibility

Go, Ramos set pace with 67s

LLOYD Go and Sean Ramos came up with sizzling fiveunder 67s to stand a stroke ahead of Ira Alido after one round of the ICTSI Palos Verdes Championship in Davao on Tuesday. Fresh from the Lexus Challenge in Vietnam, the kickoff leg of the Asian Development Tour, Go and Ramos played solid in tough conditions at the rolling Rancho Palos Verdes layout.

“It was windy and super-hot in Vietnam, so I kind of gotten used to it already,” said Go on the conditions, following a missed cut stint in Vietnam.

“I played very good out there, didn’t make any bogeys and made a lot of up-and-downs,” said the Cebuano ace, who highlighted his 3532 round with a chip-in birdie on the par-3 17th that turned what could’ve been a bogey into a momentumshifting moment.

“It could’ve been a bogey but chipped it in, so practically that’s a 2-shot swing,” he added. Ramos overcame an early slip on No. 2 with four birdies in the next six holes. Birdies on Nos. 12 and 14 propelled him to a share of the early lead in the P2 million championship sponsored by ICTSI.

“I think it [ADT stint] helped me because it showed that I still had a lot of things to work on,” said Ramos,

Flag ban in Paris Olympics averted as PHL cleared from WADA watchlist

By Josef T. Ramos

FILIPINO Olympians EJ Obiena and Nesthy Petecio were pleased to learn they will not be forced to take part in the Olympics without the Philippine flag on their uniforms. They now focus on trying to get the competition stadiums in Paris to play Lupang Hinirang.

The Philippine Sports Commission (PSC) on Tuesday said the country has been removed from the World AntiDoping Agency compliance watchlist. This means no more threat of a flag ban in the Paris Games.

“I was confident with our sports leadership that the issue would be resolved. It was important to me not only for our nation’s reputation, but to ensure I walk into the Olympic stadium proudly wearing our flag,” Asia’s top pole vaulter and Paris bound Ernest John “EJ” Obiena said.

Petecio, who has qualified for the Paris Olympics along with fellow female boxer Aira Villegas, also expressed gratitude to Filipino sports officials for finding a swift solution to the issue.

“We are very happy with that. If ever somebody wins a gold from us, we can hear our national anthem. But we never doubted our sports leaders, we knew they can handle and resolve this issue,” Petecio told BusinessMirror WADA Chief Compliance Manager Emiliano Simonelli informed Philippine National Anti-Doping Organization (PHINADO) head Dr. Alejandro Pineda that they were satisfied with the country’s procedures on testing and results management. “I’m pleased to confirm that in light of the latest developments, the Compliance Review Committee has decided to sign off the remaining pending critical corrective actions relating to testing and results management,” Simonelli stated through an email. “As a result, the compliance procedure has now been closed and the case will not be filed before the Court of Arbitration for Sport,” he added.

Last September 23, the PSC was ordered to answer the non-compliance

who tied for 46th in the Lexus Challenge. “I think my swing was feeling better. My driving and iron game were really okay.”

As Go and Ramos aimed to maintain their momentum after matching career-best starts in the 72-hole tournament organized by Pilipinas Golf Tournaments Inc. and supported by Kampfortis Golf, a slew of contenders stood closely behind.

Alido positioned himself strongly with a 68, nailing five birdies against a lone bogey for solo third. He credited his long game for his strong start and his wedges helped allow him to make crucial birdies throughout the round.

“Unlike last week, I used a lot of drivers, which was my strongest point. But the difference is in clubbing and holding a lot of wedges is also a strong part of my game,” said Alido.

Unheralded Emilio Panimdim Jr., who tied for 23rd in PGT qualifying at South Pacific and placed 38th in Apo, came up with an eagle-birdie windup at the front, finishing tied with Alido at four-under.

Meanwhile, Reymond Jaraula recovered from a wobbly start to finish with a flurry of frontside birdies, carding a 69 to seize solo fifth.

Nelson Huerva and Korea’s Mingi Kim shared sixth spot at 70

to the WADA code. A follow-up notice was given to the Philippines on January 23. Non-compliance would have resulted in the world body banning the Philippine flag and national anthem in major international competitions.

Philippine Olympic Committee (POC) President Abraham “Bambol” Tolentino was happy with the latest development.

“Well and good. Nobody wanted to be suspended when we attend the Olympics—the world’s grandest sporting show on earth,” Tolentino told BusinessMirror upon learning the news. “There’s no more threat that we’ll march without a flag and no national anthem to be played.”

He added: “We, our NSAs [national sports associations] can now concentrate on Olympic qualifying— more athletes to qualify for Paris.”

PSC Chairman Richard “Dickie” Bachmann thanked the WADA and the PHINADO and assured that the country will continue its advocacy in building a sporting venue free from any doping activities.

“We would like to thank WADA for all the support to resolve all issues. The PSC in coordination with PHI-NADO will continue to make improvements and propose the proper legislation in compliance with the WADA Code 20.5.1 to avoid future issues,” Bachmann said.

ASJJF International Games, Manila International Open and Angeles Open Championship.

Tolentino wishes Esteban luck in Paris

OLYMPICS-BOUND Maxine Esteban will be representing Ivory Coast’s orange, white and green in Paris but for the Philippine Olympic Committee (POC), she’ll always be a source of pride and honor for her native country.

“We in the POC are very happy that Maxine, our athlete, has qualified for the Paris Olympics,” POC president Abraham “Bambol” Tolentino said on Tuesday. “She may not be representing Team Philippines, but we are so happy for her.”

“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.

Tolentino said seeing Esteban compete for another nation pinches the heart, he believes she’ll always be a Filipino in heart and soul.

“We want Maxine pursue her Olympic dream…and now, she’s there,” Tolentino said.

with Guido van der Valk, who lost in sudden death to Jhonnel Ababa in the Apo Golf Classic.

Jay Bayron, tied for third with Tony Lascuña at Apo, shot a 70 for joint ninth with Russel Bautista, Paul Echavez, Albin Engino, Keanu Jahns and Dino Villanueva.

However, several top performers from the Apo leg struggled to adapt to the challenges posed by the challenges at Palos Verdes, including winner Jhonnel Ababa.

“I had a bad start, made a double bogey on No. 1 and I struggled with my irons throughout,” rued Ababa, who ended up with a 76 for 41st spot, in danger of the cut set at 40-plus ties.

Angelo Que, who is also back from an International Series campaign in Macau, gunned down four birdies but fumbled with two bogeys and a double bogey for a 72 for joint 15th with Q-School topnotcher Aidric Chan, Michael Bibat, Marvin Dumandan, Ivan Monsalve, Art Arbole, Randy Garalde and Francis Morilla.

Lascuña struggled with a 73 for a share of 23rd with Elee Bisera, Fidel Concepcion, Japan’s Koji Inoue, Edmar Salvador, Jr. and Rupert Zaragosa, while rookie Ryan Monsalve, who placed a strong fifth at Apo, slowed down with a 74 for solo 29th.

LK one stroke ahead of Ikeda

LOIS KAYE GO seized a onestroke lead over Chihiro Ikeda with a 72 after 18 holes of the ICTSI Palos Verdes Championship in Davao on Tuesday.

“I’m glad I am in the lead. It’s been a while since I’ve been in this position,” said the many-time national team standout.

Starting at the backside, the Cebuana ace dominated two of the first three par-5s (Nos. 12 and 1) and looked poised to assert her dominance with another birdie from 8 feet on No. 6. But she faltered on the homeward stretch, bogeying Nos. 6 and 7 after missing the greens, followed by a three-putt mishap on the ninth. Looking ahead, Go remains focused on her game plan and aims to protect her shaky lead over the next two days.

“No expectations for the rest of the week. Just sticking to my game plan and see what happens,” she added.

B“So Maxine, do your best to win the gold,” Tolentino added. Esteban, 23 and who has since switched federation last year, grabbed the lone women’s foil singles slot for Africa last Sunday morning in a final Olympic qualifier in Washington DC. Esteban thanked Tolentino for signing her transfer to Ivory Coast’s national Olympic committee.

The Paris Games are set July 26 to August 11 with the Philippines having qualified six athletes so far—Olympics returnees Ernest John “EJ” Obiena (men’s pole vault), Eumir Felix Marcial (boxing), Nesthy Petecio (boxing) and Carlos Yulo (gymnastics) and first-time qualifiers Aleah Finnegan (gymnastics) and Aira Villegas (boxing).

Ikeda also made things happen early on, hitting back-to-back birdies from No. 5. But she failed to get upand-down on the seventh and yielded two strokes on the tough par-3 No. 11 to card a 73.

Florence Bisera and Mikha Fortuna hit late birdies and saved 74s for joint third place, while Apo Golf Classic winner Sarah Ababa carded a 75 for a share of fifth place with Harmie Constantino, Laurea Duque and Marvi Monsalve.

Six-year-old Bartolome clinches two jiujitsu gold medals in Japan Jenner backs county rule keeping trans women from girls’ sports

also judo, freestyle wrestling and gymnastics, but she doesn’t like any striking like boxing.”  The young Bartolome also has three gold medals in judo from the Hajime tournament, Philippine Ultimate Judo Championship and Philippine World Judo Championship.

Brielle’s mother Marie Camille has a puple belt in jiutisu, while elder

“She’s not aware of anything except for jiu-jitsu and always asks for gummy bear candies everytime she wins,” Brielle’s father Kenneth Bryan Bartolome, a jiu-jitsu brown belter, told BusinessMirror

“Brielle really loves this sport and she’s been already doing it for two years when she was four-year-old,” said Bartolome, who runs a jiujitsu center (Deftac Six Blades). “She loves

“Her mom is taking care of our gym, our business, and she’s coaching the kids in our gym sometimes while our son, Brielle’s 10-year-old brother, didn’t compete because he underwent surgery recently,” Bartolome said.

Brielle, a grade one student in San Pedro Poveda College in Ortigas, has won 16 jiu-jitsu titles in the Philippines and abroad in the past two years. Josef T. Ramos

Surreal Scheffler wins again

SORRY, if you failed to watch the nerve-wracking win on Monday (March 18) by Scottie Scheffler, the powerswinging American golfer with a body-balance issue at

You

To

turn.

That quickly put him back in business.

And, as in the almost customary climax of a tight battle,

the

Xander

of

Florida,

Clark had the closest

Ayson and

MINEOLA, N.Y.—Olympic gold medalist Caitlyn Jenner on Monday said she supported a local New York official’s order banning female sports teams with transgender athletes from using county-owned facilities. The ban applies to over 100 athletic facilities in New York City’s Long Island suburbs. Speaking alongside Nassau County Executive Bruce Blakeman at his office in Mineola, Jenner said allowing transgender athletes like herself to compete against other women will “ruin women’s sports” for years to come.

“Let’s stop it now while we can,” said the reality television star, who came out as a transgender woman in 2015.

The LGBT Network, a Long Islandbased advocacy group, called Jenner’s comments a “baffling contradiction” to

her own identity as a transgender woman that is “not only hypocritical but also harmful” to the LGBTQ community.

“It is disheartening to witness someone who has experienced the challenges of being marginalized actively contribute to the oppression of others within the same community,” David Kilmnick, the

kissed the left side of the cup and lipped out of the right side.  Stunned, he froze as he covered his mouth with his hand. Scheffler seemed destined to win as, despite battling neck issues in the second round, he still sailed through with a 69.  He appeared out of it again in Round 3 until he finished red-hot with birdies on his last three holes.

With his victory worth $4.5 million—the biggest in golf—Scheffler became the first Players champion to win back-to-back in 50 years (Davis Love III did it in 2003) while matching the biggest comeback and the lowest closing round by a winner (Justin Leonard’s five-shot comeback came in 1998).

Scheffler deserved to be the world’s No. 1, indeed, his masterpiece final-round 64 capping a cerebral streak that saw him shoot four straight rounds in the 60s for his 20-under total.

He did all that despite a painful neck nagging him all week. No pain, no gain?

group’s president, said in a statement. “Such actions only serve to amplify the voices of intolerance and detract from the collective efforts towards a more inclusive society.”

Blakeman, a Republican elected in 2021, issued an executive order in February requiring any teams, leagues or organizations seeking a permit from the county’s parks and recreation department to “expressly designate” whether they are for male, female or coed athletes.

Any teams designated as “female” would be denied permits if they allow transgender athletes to participate.

The ban doesn’t apply to men’s teams with transgender athletes. It covers all Nassau County-owned facilities, including ballfields, basketball and tennis courts, swimming pools and ice rinks. AP

THAT’S IT   Ayala Greenfield in Calamba, Laguna, is a hidden treasure for golf buffs searching for an honest-togoodness layout.   Nestled in undulating hills and valleys at the foot of the majestic Mariang Makiling, the course gives you a heavenly feeling that makes you wonder whether you are in either in the Austrian Alps or the Swiss glides.  The European setting is so palpable, with the crisp cool morning (it’s summer, mind you) making it a must-wear jacket for you as you sip the club’s combative coffee at the elevated verandah that offers a panoramic view of the lush greenery all over.  Balikbayan Tony Sisante and living rules legend Jake P. Ayson just couldn’t contain themselves heaping praise on the time-tested managerial skills of Buddy Resurreccion, the club’s nononsense general manager, who is so humble enough to say that the golf course is in tip-top shape all year-round “only because the entire staff do their work absolutely at their best at all times, if not all of the time.”  Here’s a glass to your renowned world-class leadership, Buddy!  Salud!

JENNER

LJ GO, with his mother on the bag, is off to a fine start in the PGT after a tough run in the ADT. BERNARD TESTA

SEAN RAMOS recovers from an early miscue.

BERNARD TESTA

BRIELLE CARLISLE BARTOLOME scores twin titles in Japan.

Growth of Sustainable Energy in the Philippines

Great strides in transmission development under NGCP

By Lenie Lectura

THE overall performance of the country’s power grid system has considerably improved compared to when the grid was under government ownership and yet transmission issues have been cited as among the reasons for power outages and lack of investors in the power sector.

It was in 2009 when the National Grid Corporation of the Philippines (NGCP) won a 25-year concession to run the country's sole power transmission operator with other investors. Over the years, it has significantly expanded the country’s transmission network. Despite challenges and lack of support from other energy stakeholders, NGCP continues to deliver on its mandate to improve the transmission network and has managed to lower the cost of transmission services.

“Since NGCP took over transmission operations in 2009, we performed over and above our targets year-on-year,” the country’s grid operator said.

Based on performance indicators, NGCP's overall performance in operating the grid from 2009 to 2022 was significantly better compared to when the grid was run by the government from 2000 to 2008, it claimed.

Citing the results of Frequency of Tripping (FOT), NGCP said it reduced the number of tripping incidents in all three major island grids. FOT measures the number of times high-voltage transmission lines tripped or experienced forced outages for every 100 circuit kilometers (ckm).

In Luzon, for instance, the average FOT has gone down from 6.4732 in 2000 to 2008 to 1.3386 in 2009 to 2022, from 6.6530 to 0.9508 in Visayas, and from 8.0788 to 1.3285 for Mindanao.

NGCP also improved the capability of the grid to mitigate the impact of power interruptions to overall grid operations, which are measured by the System Availability (SA) indicator and System Interruption Severity Index (SISI).

Luzon’s SA is at 99.3160 percent, Visayas at 99.6538 percent, and Mindanao at 99.7206 percent. For the SISI, Luzon only averaged 10.7236 system minutes of interruptions in 2009 to 2022 compared to 13.8978 from 2000 to 2008; in Visayas, 47.3318 system minutes of interruption during NGCP time from an average of 176.3350 system minutes pre-privatization; and 9.124 system minutes from 10.434 in Mindanao.

“These indicators are the most tangible proof of our performance felt by end-users. Our improved numbers are attributed to the continuous upgrading and expansion projects such as wood pole replacement, substation additions, capacitor bank projects, and new transmission lines, effectively reinforcing the stability and reliability of the grid,” NGCP said.

All three grids have significantly reduced, if not completely eliminated, violations on frequency and voltage limits.

The average Voltage Limit Compliance (VLC) improved across all three grids, while Frequency Limit Compliance (FLC) improved in both Luzon and Visayas, generally ensuring stability of the transmission grid, NGCP noted.

Massive investment

PARTLY owned by China’s State

Grid Corp., NGCP has so far invested P300 billion in grid expansion, new substations, transmission lines, upgrade of existing facilities, among others. This translates to continuously improving grid performance, including lower transmission rates, it said. A total of 3,729 ckm of transmission lines, 28 new substations, and an additional 31,190 MegaVolt Ampere (MVA) of transformer capacity has been installed in the past 14 years.

NGCP already completed 94 projects since it took over transmission operations in 2009 despite several challenges which have pushed back completion targets of major projects. Across the globe, right-of-way (ROW) and government permitting are among the primary challenges facing the construction of transmission lines. In other developed countries, it takes anywhere between 10 to 15 years to build transmission lines, but NGCP was able to complete major critical projects in much less time.

For instance, energization of Line 1 of the Cebu-Negros-Panay 230kV Stage 3 (CNP3) interconnection project was hampered by TROs (temporary restraining orders), ROW and permitting delays.

Finally, NGCP energized last March 7, 2024 the first line of the CNP3 interconnection, upgrading the transmission backbone in the area. The CNP3 is comprised of 544 transmission towers spanning 354ckm of overhead lines, 58 ckm of submarine cables, and 10 substations. The submarine cable portion of the line from Cebu to Negros was energized in April 2023, while the portion from Negros to Panay was energized in January 2024.

Another critical project that encountered similar obstacles is the P52-billion Mindanao-Visayas Interconnection Project (MVIP).

The MVIP is a 184ckm highvoltage direct current (HVDC) submarine transmission line, with a transfer capacity of 450 megawatts (MW) expandable to as much as 900MW. The project also includes converter stations in both regions and more than 500ckm of overhead lines to facilitate the flow of electricity.

Last January 26, 2024 marked the full operations of the MVIP, in a simultaneous switch-on ceremony led by President Ferdinand R. Marcos, Jr., and local government executives in Dumanjug, Cebu, and Lala, Lanao del Norte. This landmark project now connects the entire Philippine grid, improving the transmission of power from Luzon, Visayas, to Mindanao, and vice versa. The project was partially energized on April 30, 2023, allowing power to flow from Mindanao to Visayas. Without Covid-19 lockdowns, ROW and permitting delays, the project was completed in only three years.

Meanwhile, the completion of Line 2 of the Hermosa-San Jose (HSJ) 500kV transmission line is hampered by a TRO issued by the Supreme Court which, as of this writing, is still in effect. Line 1 of the HSJ was energized at full capacity on May 27, 2023. Spanning the provinces of Bulacan, Pampanga, and Bataan, the project strengthened transmission services and is now able to accommodate the new bulk power generation from the Bataan area.

Other critical projects completed in Luzon include the Mariveles-Hermosa 500kV Transmission Line, expanding the transmission

capacity in the area to accommodate more than 2,500MW of generation from the Bataan Peninsula; the Luzon Voltage Improvement Projects Stages 1, 3, and 4, which provided additional MVA capacity to boost voltage; the San JoseQuezon 230kV Transmission line 3 project, widening the power corridor serving Metro Manila; and the Pagbilao 500kV Extra High Voltage Substation, which accommodated the connection of around 1,420MW from power plants in Quezon province.

For Visayas, NGCP energized its Cebu-Negros-Panay 230kV Backbone Stage 1, interconnecting Cebu, Negros, and Panay for faster and more efficient power sharing; the Ormoc-Babatngon 138kV Transmission Line, reinforcing power transmission delivery in the Leyte and Samar provinces; the Calong Calong-Toledo-Colon-Cebu 138kV Transmission Line, constructed to create an N-1 system between Negros and Panay grids; and the Bohol 138kV Backbone Line, which solved the overloading condition and provided a more stable and reliable transmission network in Bohol.

In Mindanao, the company completed the Maramag-Bunawan 230kV Transmission Line, the first 230kV transmission line in the region; the Villanueva-Maramag 230kV Transmission Line, linking northern and southern Mindanao; the Aurora-Polanco 138kV Transmission Line, which mitigated voltage fluctuations in Zamboanga del Norte all the way to Misamis Occidental.

NGCP President Anthony Almeda said there are more projects in the pipeline.

“We are not done yet. After the MVIP, several big-ticket projects will see completion in the next months, in the next years, and within the 10-year horizon transmission plan. We are at the precipice of a modernized, world-class transmission system,” he said.

NGCP’s Transmission Development Plan (TDP) details these priority projects to improve transmission backbones and alternative transmission corridors, and to develop resiliency policies for power transmission facilities.

These include the full completion of the HSJ and the CNP3, Nabas-Caticlan-Boracay Transmission Line Project, Cebu-Bohol Interconnection Project, and other new projects approved by the Energy Regulatory Commission (ERC) such as the Batangas-Mindoro Interconnection Project.

Holistic approach

NOT everyone may be aware that the energy sector is an interconnected system comprising of generation, transmission and distribution. Without the cooperation of all three and support from relevant government agencies, vital energy projects could not be implemented on time.

While NGCP has taken great strides in terms of expanding the transmission network, it must be in sync with developments in the generation side.

“We have long advocated that a holistic approach to power planning, particularly proper, mindful, and responsible generation and transmission planning, are key to a stable grid. It’s not just transmission,” NGCP said.

From planning to implementation, with timely action from the regulator, holistic planning within

the power sector, and support from other relevant government agencies, NGCP is confident of its capability to build a smart and resilient power grid.

NGCP cited the support of the DILG which played a very important role in the completion of several critical projects. Since NGCP’s coordination with the DILG, the agency was able to help secure 26 building permits from affected local government units (LGUs) which are traversed by the MVIP. The DILG’s assistance was also crucial in securing 42 building permits, 45 locational clearances, and eight barangay clearances for the completion of the Hermosa-San Jose 500kV Line.

“The usual chokepoints for our projects are the procurement of right-of-way and the issuance of permits from local governments and other government agencies. While we have been diligent in

completing the items needed from us to secure the required clearances, timely permit processing unfortunately remains one of the bigger stumbling blocks to on-time project completion,” said NGCP.

‘Not our fault’

THE NGCP has caught the ire of lawmakers, regulators, and other agencies for delayed transmission projects. NGCP was asked to explain why most of its transmission projects remained unfinished, warning that it may pay penalties for violating Republic Act No. 9136, or the Electric Power Industry Reform Act of 2001. It explained that late regulatory approvals is just one of the main causes of the delays, along with ROW and protracted permitting procedure issues. Further, it argued, however, that it was prioritizing “operationally critical proj-

ects that have a real impact on power system dynamics, which may be managed in many ways while projects are being pursued.”

Take the Panay power outage incident last January. NGCP said it should not be solely faulted and be held liable for not imposing manual load dropping (MLD). It simply followed protocols set by the ERC in responding to shutdowns, NGCP said. “Our actions at the time of the incident were undertaken within protocols and in compliance with established rules,” said NGCP.

More importantly, the recent Panay plant outages are a perfect example of why transmission and generation should go hand-inhand, and why proper resource planning should be put in place by the government. While the CNP3 project was pinpointed as the solution to Panay’s power woes by the Department of Energy (DOE) and other quarters, the repeated failures of the power plants in the island have plunged consumers into darkness three times in a period of 10 months. Sources say that one of these power plants was on emergency shutdown more than 100 days in 2023.

NGCP was also blamed for the lack of transmission lines and as to why renewable energy (RE) developers lost interest in the second Green Energy Auction Program (GEA-2). Continued on C4

Growth of Sustainable Energy in the Philippines

MERALCO COMMITS OVER P100B FOR SUSTAINABILITY PROGRAMS

HE

TBy Lenie Lectura

“With

megawatts (MW) of attributable green energy generation capacity through its RE unit MGen

Renewable Energy Inc. (MGreen).

MGreen Government Relations and Industry Affairs First Vice President Philip Dasalla said the company is ramping up its renewables buildout to accelerate the development of RE projects, particularly solar and wind. “As part of One Meralco’s long-term sustainability agenda and as we heed to the call of the government for the attainment of 35 percent renewable energy target mix by 2030, we will ensure, together with our dedicated partners, to efficiently serve the country’s growing power needs with cleaner energy in cost-competitive manner,” he said. MGreen currently has three operating solar plants in Luzon, with a total gross capacity of 198 MWac. These are the PowerSource First Bulacan Solar Inc.’s (PFBSI) 55 MWac solar plant in San Miguel, Bulacan in partnership with PowerSource Energy Holdings Corporation; the Nuevo Solar Energy Corp.’s (NSEC) 68 MWac solar farm in Currimao, Ilocos Norte with Vena Energy’s Pasuquin Energy Holdings Inc., and the PH Renewables, Inc.’s (PHRI) 75 MWac solar farm in Baras, Rizal with Mitsui & Co.’s MitRenewables Power Corporation. There are two more solar power projects in the pipeline, signifying a strategic move by MGreen to expand its solar power capacity and contribute significantly to the nation’s RE aspirations. These are the 49 MWac solar plant in Cordon, Isabela, and the 18.75 MWac solar plant in Bongabon, Nueva Ecija—both of which are

among the winning bidders in the Department of Energy’s (DOE) second round of Green Energy Auction Program (GEAP).

“Our target is 1,500 MW of RE by 2030, but it can be earlier. It depends on when the other projects will start,” Meralco PowerGen Corp. (MGen) chief operating officer Dominador Camu Jr. earlier said. “But we have a lot more that will meet at least 1,500 MW,” he added.

MGen, the power generation arm of Meralco, has earmarked P18 billion to accelerate its RE buildout. The investment will cover over two gigawatts of gross RE capacity from solar and wind that the company and will also include battery energy storage systems (BESS).

In the near future, MGreen is set to develop 3,500MW solar facilities with an accompanying 4,000 MW hours of BESS. This will be possible following MGreen’s P15.9-billion investment in SP New Energy Corp. (SPNEC), the developer of the planned solar farm and energy storage, which would be the world’s largest single contracted solar project.

RE provider of choice

ASIDE from its RE unit, Meralco also has a solar energy arm, MSpectrum, which offers tailorfit solar energy solutions for industrial, commercial, and residential customers through an in-depth understanding of energy consumption behaviors and strategic partnerships with world-class technology partners.

“We strive to be the renewable energy solution provider of choice in making sure that our customers benefit from efficient, reliable,

and safe solar installations, the latest, and most up-to-date solar technology, and international reach,” MSpectrum Commercial Services Head Rodolfo Lim said.

MSpectrum recently turned over a 32-kilowatt peak (kWp) solar panel system with a battery energy storage to Rima Corporation to power its Taguig Warehouse 1. This will reduce its carbon footprint by 30 tonnes, equivalent to 1,350 mature trees planted.

While the majority of MSpectrum’s existing portfolio is located within the Meralco franchise area, it is targeting to expand its footprint in the Visayas and Mindanao.

“The country’s abundant sunlight and favorable regulatory environment position it as a prime location for solar investments,” it said. “The continued growth in solar capacity, combined with advancements in technology and decreasing costs, will contribute to the industry’s expansion,” MSpectrum said.

Nuclear power for sustainable energy

PART of Meralco’s LTSS is its adoption of next generation clean technologies, including nuclear energy. Meralco will accelerate its shift to green power as it assesses and adopts nextgeneration clean technologies such as MMR (micro-modular reactor ) energy systems.

In November 2023, Meralco and US-based Ultra Safe Nuclear  Corp. (USNC) signed  a cooperative agreement to conduct a four-month pre-friability study on the potential deployment of micro modular reactor energy systems in the

Philippines in support of the country’s push to develop nuclear energy.

“This year, we expect to move forward with our long-term goal of achieving sustainable energy security through our investments in utility scale power generation projects, including exploring the possible adoption of nuclear energy in the country,” Meralco chairman and chief executive officer Manuel V. Pangilinan said.

The company recently launched the Filipino Scholars and Interns on Nuclear Engineering (FISSION) program in a bid to develop the Philippines’ technical and regulatory talent pipeline through education and training in the highly specialized field of nuclear engineering.

The Department of Energy (DOE) has already included nuclear energy as part of the 2023 to 2050 Philippine Energy Plan (PEP). It will also form a nuclear committee to help achieve its target of 2,400 MW of nuclear capacity as early as 2032.

“We will support the target. Hopefully, the DOE can achieve that target,” Aperocho said.

Inclusive progress

PANGILINAN said Meralco’s mission goes beyond delivering innovative products and quality services to Filipino consumers. Meralco’s foundation arm pursues solar electrification initiatives targeting underserved households, rural health centers, water access projects, and livelihood programs.

“Our strategic expansion and social development initiatives have always been

anchored on our firm commitment to create additional and transformative value to our stakeholders, power the country’s economic progress, and contribute further to the advancement of the government’s socio-economic agenda,” Pangilinan said.

Through One Meralco Foundation (OMF), Meralco stayed true to its mission of spreading the light to the farthest areas in the country as it energized 75,000th low-income household and its 300th off-grid public school in the province of Sultan Kudarat for the first time, powering three schools that cater to indigenous people.

Also bringing positive impact in the lives of more marginalized Filipinos as OMF’s water access, livelihood and rural health centers electrification which have been benefitting families, coffee farmers, and more offgrid communities.

By the end of 2023, OMF has expanded its One for Trees environmental program, nurturing 2.3 million  trees in 35 reforestation sites in the country, with 2,359 tree farmers and their families directly benefiting by improving the economic welfare and social well-being of the people who maintain these trees.

“As we pursue our decarbonization strategies, we envision a thriving society with access to education, clean water, quality healthcare, dignified livelihoods, and disaster preparedness—all in alignment with the United Nations’ Sustainable Development Goals (UN SDGs),” said Pangilinan.

Sustainability is now a way of life for power firms

Elabel projects are also funded by the landmark green infrastructure financing structured by Singapore-based Pentragreen Capital, jointly owned by Temasek and HSBC. With its five gigawatt (GW) in five-years capacity roadmap, CREC intends to add approximately 1GW of ready-to-build solar energy capacity each year through 2027. This goal supports the Department of Energy’s (DOE) Philippine Energy Plan which targets to achieve a 35 percent RE share in the power generation mix by 2030 and 50 percent by 2040.

CREC Chairman Edgar Saavedra highlighted the urgency to build more RE capacities in line with the national government’s plan. "Our vision is to power a First-World Philippines, and CREC is committed to helping our government achieve its vision for clean energy," said Saavedra.

Its first plant in Negros Occidental was commissioned in 2016 and has an installed capacity of 25 MWpeak. Recently, it broke

ground on its second solar power plant— Citicore Solar Negros Occidental 2—with an installed capacity of 69MWp, with future plans to expand up to 100 MWp.

CREC’s Citicore Solar Negros Occidental 2 currently covers a land area of 69-hectares and has a future expansion plan to a total gross installed capacity of 100MWp. Commercial operation is expected this year, as part of CREC’s deliverables for the government’s Green Energy Auction Program (GEAP) 2. “With more projects in the pipeline, CREC is committed to working with the DOE and local governments as we transition to more renewable sources of energy for the Visayas and our country,” Saavedra added.

Steward of growth

THE company is not only a leader in harnessing RE, but a responsible steward of growth and development towards a green future. It recently joined established players in the region as winners for its pioneering and currently the only platform in the Philippines which marries solar power generation with agricultural production. Through its Agrosolar initiative, the same land is employed for both solar facilities and agriculture, providing the much-needed support to small-scale farmers while optimizing the use of natural resources. CREC said this marriage ensures multi-sectoral economic growth through industrialization and agriculture development.

“Our commitment extends beyond clean energy as we equally prioritize the continued growth and development of the microeconomy around our operations. We recognize the huge land requirements for solar plant facilities, and rolled-out the Agrosolar Initiative to support and ensure the welfare of our local farmers,” added Tan.

Also, it developed a Green Financing Framework under which it may issue green bonds and loans to fund selected projects that are expected to contribute to the expansion of renewables, improved forest conservation, and facilitate sustainable water and wastewater management.

Still on the clean energy page is Lopezled First Gen Corp., which has earmarked as much as $20 billion to hit its 13,000MW target capacity until 2030. The 2030 target is mainly aligned with the DOE’s forecasted demand. “If the government is saying this is the demand growth, then we’ll have to keep up with that demand growth. It is aligned with that. But more importantly for us, we’ll have to

have an organization and an initiative on all our platforms to be able to address that expected demand of energy in the country by 2030,” said Francis Giles Puno, First Gen president and chief operating officer.

Growing gas capacity

FIRST Gen currently has around 3,500 MW of installed capacity in its portfolio, which account for 19 percent of the country’s gross generation. It plans to grow its gas capacity by 2,000MW from 2,017MW, solar by 1,500MW from 12MW, wind by 5,100MW from 150MW, geothermal by 700MW from 1,182MW; hydro by 300MW from 134MW; and battery energy storage system (BESS) to 40MW by 2030.

First Gen Chairman Federico Lopez had said all of the company’s RE assets are key to achieving a decarbonized energy system.

“For the energy companies under my wing, we are focused on ‘Forging pathways to a decarbonized and regenerative world’,” he said.

In 2016, First Gen ditched coal power plants. “We're quite encouraged with the way we've shift the portfolio,” including the purchase of the 165MW Casecnan Hydroelectric Power Plant (CHEPP),” Lopez said. “Assets like that are very hard to replicate and they're all in tune to where the world is headed with regards to a decarbonized energy system. These are very important assets for us to come and as they come together, the synergies also become stronger and the ability to run it as a complex,” he added.

CHEPP is a run-of-river type of power facility with limited impounding located in Barangay Villarica, Pantabangan, Nueva Ecija.

The CHEPP, according to Puno, is an important asset that would be tied up to its two existing hydro assets—132MW Pantabangan-Masiway and the 120MW Aya pumped-storage hydro—which are all located in Pantabangan, Nueva Ecija.

“Right now, when you look at Casecnan, fundamentally it’s a very important asset for us because we obviously have PantabanganMasiway there. We have the plans for project Aya, which is there. So we really needed to make sure that the reservoir is controlled by First Gen.

Casecnan is upstream and to the extent that we could supplement even more supply coming from the upstream side of Casecnan, then that will help Pantabangan-Masiway and project Aya. It also enables us to build out solar and wind as well because those are also intermittent. If we add it up, we create an RE portfolio,” said Puno.

MERALCO BOOSTS INVESTMENTS TO IMPROVE SERVICE RELIABILITY AND SUPPORT INFRASTRUCTURE DEVELOPMENT

IN a continuous effort to enhance service reliability and support the growing demand within its franchise area, Manuel V. Pangilinan-led Manila Electric Co. (Meralco) is ramping up the provision of cutting-edge solutions and robust support for private infrastructure and government development projects.

Meralco is strengthening its distribution network to better provide electricity service to its growing customer base, which is estimated to reach eight million by year-end.

Its investments are focused on energizing new substations and implementing reliability enhancements, which will reinforce its expansive infrastructure to make it more resilient, robust, and adaptable to the evolving demands of customers.

In 2023, strategic capital expenditure initiatives played a pivotal role in elevating service reliability, marking a significant step towards creating a smarter, more sustainable network. Eight (8) new substations and nine (9) major reliability and power quality improvement projects were completed. Among these were three (3) smart, gas insulated switchgear (GIS) substations strategically located in economic hub Taguig City. Arca South substation was energized in June 2023, while the Fort Bonifacio Global City (FBGC)-2 and McKinley

Hill substations were completed in the last quarter of the year. The Php597-million Arca South GIS substation was inaugurated with an 83 MVA capacity, poised to expand to accommodate three transformer banks totaling 249 MVA. This upgrade will cater to the present and future energy needs of Arca South, Ayala Land, Inc.'s new business and lifestyle district. Additionally, it will enhance voltage regulation, operational flexibility during contingencies, and contribute to reducing system losses in Taguig City.

Key beneficiaries of the Arca South substation include AC Health’s Healthway Cancer Care Hospital, Ayala Malls Arca South, Alveo Veranda, Avida Towers Vireo, Landers Superstore Arca South, Maharlika Village, Puregold FTI Taguig, Sunshine Mall Plaza, Taguig Pateros Hospital, and Technological University of the PhilippinesTaguig.

On the other hand, the Php 414-million FBGC-2 GIS substation caters to Bonifacio Global City

and nearby areas, while the Php 440-million McKinley Hill GIS substation serves McKinley Hill and its surrounding communities.

Both projects entail installing a 115 kV - 34.5 kV GIS and an 83 MVA power transformer. Additionally, FBGC 2-Substation included constructing a new 0.3 km and 115 kV lines, whereas the McKinley Hill Substation involved underground 115 kV lines.

Establishments benefiting from these projects include St. Luke’s Medical Center, Shangri-La The Fort, Arthaland, Uptown Mall, One Residences, Venice Grand Canal Mall, Enderun Colleges Inc., Commerce & Industry Plaza, Science Hub, One Le Grand Tower, 8 Upper McKinley Towers, and One World Square.

In addition to its efforts within Metro Manila, Meralco recently inaugurated the Balagtas Substation along McArthur Highway in Bulacan, marking a significant enhancement to the local distribution system and power quality.

This new substation effectively alleviates the critical loading of existing facilities such as the Sta. Maria and Saog substations, boosting the reliability and flexibility of Meralco’s distribution system. Fur-

thermore, it provides crucial additional capacity to meet the rising energy demands of Balagtas and surrounding areas, including anticipated needs from the proposed new Bulacan airport and railway. The Balagtas Substation also plays a vital role in promptly restoring electricity service during power outages in Balagtas, Sta. Maria, Bocaue, and Marilao in Bulacan.

“As we energize these new substations, we also strengthen our commitment to continue delivering quality electricity service by strategically investing in projects to further improve our distribution system,” Meralco Executive Vice President and Chief Operating Officer (COO) Ronnie L. Aperocho said. Meralco also undertook several other noteworthy projects in the last quarter of 2023 to fortify its distribution network. These initiatives include installing new capacitor banks at the Alagao and Duhat substations in Bulacan, upgrading aging switchgear at the San Pablo substation in Laguna, developing a new 115 kV underground line at the Pagcor-Central Business Park in Pasay City, and replacing a defective power transformer at the Batangas Substation.

Proactive Pole Relocation Initiatives

With numerous railway, road transport, and infrastructure projects underway, Meralco is actively involved in relocating utility poles to support uninterrupted operation of electrical facilities. These efforts extend beyond Metro Manila, benefiting millions of commuters and residents in nearby provinces.

Collaborating closely with the Department of Transportation (DOTr), Meralco navigates the complex process of securing permits, rights-of-way, and clearances to swiftly relocate utility poles. This proactive approach ensures seamless operation of electrical facilities amidst ongoing development projects. In 2023 alone, Meralco relocated a total 759 poles were relocated for the government’s infrastructure projects under the Build Better More infrastructure program. Meralco also completed the relocation of 1,781 poles to accommodate road widening projects in support of the Department of Public Works and Highways and various local government units.

Meralco's proactive stance towards service improvements and infrastructure development underscores its unwavering dedication to meeting the dynamic needs of its stakeholders.

Futureproofing for Sustainable Mobility

In its bid to continue future-proofing its distribution system that supports private and government infrastructure projects, Meralco also allocated Php 280 million to develop a new switching station to ensure reliable power for the Metro Manila Subway. This investment brings forward Meralco's dedication to improving public transportation infrastructure, enhancing the commuting experience for Filipinos. During a recent ceremonial signing, DOTr Secretary Bautista underscored Meralco's indispensable support for the transportation project, “This trailblazing rail project will not be able to proceed without help from Meralco. This collaboration goes deeper than a public-private partnership. It translates to the benefit of subway commuters whom we promised comfortable, affordable, safe, sustainable and accessible train rides,” he said. The Metro Manila Subway, already 40% complete as of January, is set to revolutionize urban mobility, accommodating 370,000 passengers daily and significantly reducing travel time. Linking six stations to existing rail networks, including MRT-3, LRT-1, MRT-7,

LRT-2, FTI Terminal, and NSCR, it promises seamless connectivity across the metro.

Through its network and capabilities, Meralco also intends to be at the forefront of the electric mobility development in the Philippines, targeting to complete at least 25% fleet electrification by 2030 under its Green Mobility Program. The company earlier stated that it has successfully rolled out the electrification of 156 or 7% of the company's vehicles, exceeding the 5% mandatory EV share of corporate and government fleets under the Electric Vehicle Industry Development Act (EVIDA) Law.

Meralco's current fleet of EVs comprises e-cars, e-vans, e-pickups, and e-motorcycles, which serve the daily operational needs of the company's sector offices and business sectors. To support the charging requirements of these EVs, Meralco has also installed 39 EV chargers in its different offices across its franchise area.

The company, through its green mobility unit Movem Electric Inc., also partners with like-minded organizations and institutions to promote a cleaner and more sustainable transportation system. It has so far deployed 247 EVs and installed 139 charging stations for private sector partners and institutional clients.

Recently, the company partnered with a prominent fast-food chain to incorporate eco-friendly practices into its restaurant operations. This collaboration between One Meralco and Golden Arches Development Corporation (GADC), the company behind McDonald's, was aimed at integrating custom solutions for its operations, including solar rooftop installations, solar lamp posts, and electric vehicle (EV) charging stations.

Vision for Progress

As a leading player in the energy sector, Meralco continues to play a pivotal role as a partner to both the government and private enterprises in propelling economic growth and societal advancement.

“Our mission in Meralco goes beyond delivering innovative products and quality services to Filipino consumers. Our strategic expansion and social development initiatives have always been anchored on our firm commitment to create additional and transformative value to our stakeholders, power the country’s economic progress, and contribute further to the advancement of the Government’s socio-economic agenda,” Meralco Chairman and Chief

Executive Officer Manuel V. Pangilinan said in a recent statement.

The new 115 kV-34.5 kV gas-insulated switchgear (GIS) substation will support the existing and future energy requirements of the Arca South development and adjacent communities in Taguig City.

Meralco Chairman and CEO Manuel V. Pangilinan reaffirms Meralco's commitment to creating transformative value for stakeholders and advancing the nation's socio-economic agenda.

Meralco recently commissioned the Fort Bonifacio Global City (FBGC)-2 Gas Insulated Switchgear (GIS) Substation, a state-of-the-art power facility, to improve the power quality and reliability in Bonifacio Global City and nearby areas.

Growth of Sustainable Energy in the Philippines

Great strides in transmission development under NGCP

Continued from C1

According to the DOE, this was one of the major concerns raised by RE developers “because the system impact studies (SIS) are delayed,” referring to the studies conducted by NGCP assessing the capability of transmission lines to absorb new capacities.

The NGCP said that due to the increasing demand for power generation in the country, the number of applications for SIS surged significantly. Historically, however, the majority of the applicants do not push through with their initial plans, with only around 28 percent of completed SIS resulting in the establishment of actual power plants.

“Although 7 out of 10 SIS applicants will not actually pursue their power investments, we are

obliged to fully evaluate each application when they are passed on to us by the DOE. Accordingly, we have taken the necessary steps to expedite the process and improve its efficiency,” Almeda said. To address the SIS backlog, NGCP expanded its SIS team through the hiring of additional manpower. It also adopted a clustering approach, grouping together power plants with a common connection point or study area. This clustering strategy will streamline the process and accelerate the evaluation of multiple projects, enhancing the overall efficiency and reducing the waiting time for potential power plant developers. Moreover, NGCP is in the process of outsourcing some aspects of the SIS process.

Almeda pointed out that in more developed nations like the

United States and the United Kingdom, the completion of the studies typically takes more than three years. “Other countries usually operate on a ‘first-come-first-served’ basis. We do it on a ‘first-readyfirst-served’ basis, in order to be faster and more efficient,” he emphasized.

Regulatory lag

REGULATORY approval by the ERC is also another hurdle hampering the on-time implementation of transmission projects. Under the Energy Virtual One Stop Shop (EVOSS), regulatory approvals must be given within 270 days from application. However, the average time for regulatory approval for transmission projects is at 410 calendar days or 1.12 years.

In fact, some projects have already been advanced by NGCP due

to the operational need for these, having determined that waiting for the long delayed regulatory approval may endanger the stability of the system. By doing so, NGCP effectively set aside for later the issue on recovery approvals from the ERC, in favor of system stability and integrity.

ERC’s review of NGCP’s capital expenditures is being highly contested mainly because the regulator typically sets rates prior to implementation. This was applied until the third regulatory period covering 2011 to 2015. Then there was a lag in the regulatory review for 2016 to 2022 rates, forcing the agency to set rates based on historical data provided by NGCP.

NGCP reiterates that as a highly regulated entity monitored closely by the ERC, it strictly complies

with rules and regulations applicable to the transmission operator since every violation may be penalized by the regulator.

‘We are part of the solution’

NGCP has repeatedly stated that it can deliver its committed projects to improve the grid, as long as the political will, regulatory support, and government assistance are there and a sustainable recovery framework is in place.

“This is a system, and to make it robust, resilient and responsive to the needs of a fast growing economy, the direction and coordination must be clear, equally implemented, and objectively pursued,” NGCP said.

The NGCP is 40-percent owned by State Grid Corporation of China while the remaining 60 percent is held by Filipino investors

including Synergy Grid & Development Phils Inc., led by Henry Sy Jr., who belongs to the country's richest family, and insurance industry tycoon Robert Coyiuto Jr. With the support of established businessmen, NGCP reiterated that it still needs the full support of the DOE, ERC, Congress, and the whole of government, to ensure the stability of transmission services.

"NGCP is doing its best as a transmission service provider to fulfill its mandate and ensure grid stability. We strictly abide by the rules to run the grid smoothly and avoid disturbances. NGCP assures all its stakeholders that our operations are fully compliant with existing rules and regulations, as stated in the Philippine Grid Code. We want to be part of the solution, but NGCP cannot do it alone,” it said.