BusinessMirror March 21, 2022

‘Close borders, cut Omicron exposure risk’

By Cai U. Ordinario @caiordinario

C

LOSING the country’s borders is one of the most immediate courses of action the government must take to prevent the latest Covid-19 variant, Omicron, from reaching Philippine shores, according to local economists.

T he new var iant is a threat, e s p e c i a l l y w it h t he hol id ay s coming up and more foreigners being a llowed to travel to the Philippines, De La Sa lle Universit y economist Mar ia Ella Oplas told BusinessMirror.

The holidays usually bring in Overseas Filipino Workers (OFWs) who are eager to spend Christmas

with their loved ones, while foreigners living in temperate regions usually want to relax in tropical countries like the Philippines. This year’s influx of OFWs is expected to be heavier since many of them were unable to come home for the holidays in December 2020.

“My recommendation is to protect the borders. Do not allow people with a history of travel to countries with positive cases to enter,” Oplas said.

“We should be more restrictive. [We have to be] more protective in terms of our measures.”

Oplas said that while this will be a setback to some industries, this is a fair measure considering that this could help prevent placing the country in another strict lockdown,

which, she said, the economy can no longer afford.

“It is better that we do protective preventive measures than get exposed again. We have a lot to lose,” Oplas said. “We should do it now so that we can open just before Christmas. If it gets contained, we can open it again.”

Ateneo Center for Economic Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes said closing the country’s borders would be effective but should still adhere to the standards set by the World Health Organization (WHO).

What is needed, Peña-Reyes told this newspaper, is for travel restrictions to be put in place swiftly and

for government to be proactive in imposing them.

Previous instances when the country had the opportunity to impose travel restrictions did not prevent the spread of Covid-19. That was mainly because the decision was not made immediately, he said.

“Kung papatay patay [If we’re slow] and we get caught flat-footed, [that’s risky] We were too reactive instead of proactive before.

We should learn from that,” PeñaReyes said. “It’s a delicate balancing act. We need to push testing and tracing to be properly informed of our decisions. Blanket/shotgun approaches could have dire consequences on the economy.”

See “Omicron,” A2

NATL GOVT BORROWINGS NG SUBSIDIES TO GOCC FOR 10 MOS P2.75T DOWN 19% DIP TO TO P184.77B w w

n

n Monday, March 21, 164 Monday, November 29, 2022 2021 Vol. Vol.17 17 No. No.52

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

By

By Bernadette Bernadette D. D. Nicolas Nicolas

S T

Omicron Key ratesrisk spurs revival likely kept of quarantine unchanged rules in PHL at MB meet

@BNicolasBM @BNicolasBM

UBSIDIES HE national given away by government’s the national gross government to of borrowings as state-run firms end-October shrank in 2021 amid the by almost 6 percent Covid-19 pandemic year-on-year to shrank to P184.77 P2.75 trillion. billion, the lowest level since 2018.

Latest data from the Bureau of the Treasury showed that the government’s gross borrowings during the For theperiod first fell time 2015, 10-month by since 5.99 percent subsidies disbursed to governmentfrom P2.92 trillion a year ago. owned Withand only-controlled two monthscorporaleft for tions (GOCCs) contracted the this year, the latest figure isfrom already previous year’s level. equivalent to 89.6 percent of its The national government’s subP3.07-trillion borrowing program. sidy lastdown, year posted double-digit Broken gross adomestic bordrop of 19 percent fromtoaOctober recordrowings from January high P229.02 billion in 2020, based settled at P2.23 trillion, down by on the latest data released by the 5.08 percent from P2.35 trillion Bureau in 2020.of the Treasury. This was theThe lowest since billion in bulk of P136.65 the amount was 2018. sourced from Fixed Rate Treasury Despite thetrillion), drop in total GOCC Bonds (P1.19 followed by subsidies lastfrom year, the short-termreleased borrowings BangPhilippine Health Insurance Corko Sentral ng Pilipinas or BSP (P540 poration (PhilHealth) still cornered billion), Retail Treasury Bonds/Prethe of the amount as the Retail counmyobulk Bonds (P463.3 billion), try faced the second year of the Onshore Dollar Bonds (P80.84 Cobilvid-19 getting P80.98 lion). Inpandemic, the same period, there was billion or 43.8 percent of of Treasury the total also a net redemption amount disbursed.

This was also Bills amounting to P43.94 billion. higher almost 30 percentmeans from Net by debt redemption P62.4 billion in 2020. there were more debts repaid comTrailing PhilHealth are thedurNapared to the amount borrowed tional Irrigation Administration ing the period.

(NIA) and the gross National Housing Meanwhile, foreign borAuthority (NHA) with P38.3 bilrowings in the same period also lion and P25.7 billion last year in contracted by 9.7 percent to P518.7 subsidies, respectively. billion from last year’s P574.4 billion.

Since 2014, PhilHealth hasglobal been This was raised through the top(P146.17 recipientbillion), of government bonds program subsidies.

For thisbillion), year, PhilHealth loans (P139.98 euro-deis set to receive a subsidy ofbillion), P79.99 nominated bonds (P121.97 billion under the P5.024-trillion a project loan (P86.41 billion), and 2022 national budget. yen-denominated samurai bonds “NG subsidies,” A2 (P24.19See billion).

By Samuel P. Medenilla @sam_medenilla

IT

PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass.

The country will celebrate the 158th birth anniversary of Filipino revolutionary DOMINGO hero Gatpersonnel Andres Bonifacio Tuesday, November MMDA keep theon famed dolomite beach30. of ROY Manila Bay clean from garbage continually being washed ashore. The Department of Environment and Natural Resources said having a swimmable dolomite beach remains its target before the end of President Duterte’s term. DENR Undersecretary Jonas Leones said they will continue to rehabilitate Manila Bay to reach the water quality standard of 100 most probable number (mpn) per 100 milliliters (ml), which is considered safe for swimming. NONIE REYES

OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND PHL IS 2ND HAPPIEST COUNTRY IN SOUTHEAST ASIA

By Jasper Emmanuel Y. Arcalas @jearcalas

By Cai U. Ordinario

M T

@caiordinario ORE than 3 million coconut farmers and HE workers Philippines now the are is now regissecond happiest country tered with the government’s regSoutheast accordistry, in which servesAsia, as the basis ing to the 2022 World Happiness for the number of people to be Report released by covered (WHR) by the utilization of the the Sustainable Development SoluP75-billion coconut levy fund. tions NetworkCoconut (SDSN).Authority Philippine The country ranked 60th out of (PCA) Deputy Administrator Roel 146 economies in the world with a M. Rosales said about 3.11 million score of 5.904 in the 10th edition coconut farmers and farm workof WHR. Philippines ersthe have beenThe registered withhas the

government since it started up-

See “Borrowings,” A2

PESO EXCHANGE RATES n US 52.1670 PESO EXCHANGE RATES n US 50.4600

dating its registry following the enactment of the Coconut Farmimproved its ranking 1 notch ers and Industry TrustbyFund law. from 61 in the 2021 report.

Rosales explained that about The happiest country in South500,000 coconut farmers and east Asia included in the workers were added to thereport PCA’s is Singapore, ranked 27th world2018 list that had about 2.5 million wide, while the happiest country coconut farmers and farm workers. in the is next Finland.

Theworld PCA’s stepData is toused conto evaluate a country’s perforduct an exclusion-inclusion promance culled from Galcedure were by making the the updated lup Worldregistry Poll data. farmers’ public, provid“The World Happiness Report ing everyone the opportunity to 2022 reveals a bright light in dark check the veracity of the list, Rotimes.

The pandemic brought not sales added. only“The pain also listand willsuffering be postedbut in public spaces where people can easily see

them. This allows everyone to see who are listed in the registry and if an increase in social and farmer doesn’t see hissupport name then he benevolence.

As we battle the ills shall coordinate with the PCA imof disease and war, it is essential mediately,” he explained at a recent to remember the universal desire dialogue with coconut farmers. for happiness and the capacity of “On the other hand, if people individuals to rally to each other’s would see names on the list and support in times of great need,” they think they are not coconut the SDSN said in the official farmers or their details are WHR incorwebsite. rect, they can report it to the PCA for immediate action,” he added.

GDP,The freedom PCA official noted that BASED on the report, theinitial country’s the completion of the list score in the 2019 to 2021 period can of coconut farmers registry would be by the counbemainly just inexplained time for the expected rollout of coconut levy-funded

programs as President Duterte is expected to sign the industry try’s GDP performance followed development plan in early 2022.

by Filipinos’ freedom to make Rosales said the PCA willlife not choices.

The dataits also Filistop updating listshowed of coconut pino’s happiness can bethem explained farmers and enjoined to regby social support; healthy life exister in order to reap the benefits pectancy; perceptions of corrupof the decades-long idled coconut tion; and generosity. levy fund. “We will not stop at 3.1 Other We Southeast Asian counmillion. hope that more inditries included in theinreport were viduals will register our coconut Thailand which ranked 61st; Mafarmers registry,” he said. laysia, 70th; Vietnam, 77th; InThe updating of the coconut donesia, 87th; Cambodia, 114th; farmers registry is mandated by and Myanmar, 126th.

Republic Act (RA) 11524 or the See “PHL,” A2 Fund Act. Coconut Industry Trust See “3-M farmers,” A2

By Bianca Cuaresma

@BcuaresmaBM NTER NATIONA L concerns over the possible spread of the HE country’s monetary authormore infectious Omicron Coity is expected to keep rates unvid-19changed variantthis prompted the govweek, amid local ernment to reimpose and international threats mandatory to inflation. facility-based quarantine all The market, however, is closelyfor anticipating thepassengers Bangko Sentral ng Pilipinas’ arriving in the country.

(BSP) forward guidance onspokesperthe trajecActing Presidential tory its monetary policy announced for this year. son of Karlo B. Nograles Bankthe chief economist on Security Sunday that Inter-Agency Robert Dan Roces said BSP governor Task Force for the Benjamin Diokno will Management likely stick to of Emerging Infectious Diseases his mantra of keeping interest rates (IATF) suspended the implemenlow for as long as possible to support the recovery the local economy. tation of itsofResolution No. 150“We think effectively the BSP will remain on A (s.2021), imposing hold thisprotocols March 24,for butall should give stricter inbound stronger guidance on policy and the travelers. likelihood of an earlier-than-2H22 To note, Resolution 150(second half IATF of 2022) policy action A hadthat allowed fullyfor vaccinated given the window monetary non-visa travelers Greenwith List policy action may befrom narrowing the current circumstances,” Roceswithsaid. areas to enter the country thefor BSPfacility-based seems intent to outRoces the said need keep policy rates loose thesecure meanquarantine as long asin they time to allow the economy to recover negative Reversepandemic.

Transcriptionfrom the Covid-19 He also Polymerase Chain Reactionof(RTnoted that in previous episodes high PCR) testthewithin 72 opted hourstoprior inflation BSP had stay ‘behind curve’ if the pressures are to theirthe departure. mostly cost-push as they are today.

“Except for countries classified “However, cost-push levers now as ‘Red,’ the testing and quarantine are much different than in the recent protocols for all inbound internapast due to a global commodities contional travelers in all ports of entry tagion,” Roces said. shall comply with the is testing and “Clearly the key risk the possiquarantine protocols for ‘Yellow’ bility that world commodity prices stay elevated for a prolonged list countries,” Nograles said,period citing as Russia-Ukraine thea function provisionofoftheIATF Resolution conflict, No. 151-A.pressuring inflationary tendencies, and thus a pre-emptive He noted Hong Kong, which has hike may prove to be more and more confirmedheaadded. case of the Omicron prudent,” variant, will also fall under the said YelEarlier this month, Diokno low list they arecountries. “carefully monitoring” the pass-through of international prices The suspension of the rules for to domestic inflation to calibrate “Green List” countries will beapin propriate actions going forward. effect from November 28, 2021 to See15, “Key rates,” A2 December 2021.

Continued on A2

n JAPAN 0.4398 n UK 68.5996 n HK 6.6733 n CHINA 8.2185 n SINGAPORE 38.5423 n AUSTRALIA 38.4732 n EU 57.8636 n SAUDI ARABIA 13.9045 Source: BSP (March 18, 2022) n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021)

News

BusinessMirror

A2 Monday, March 21, 2022

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PHL workers’ wages among lowest in terms of PPP–WB

F

By Cai U. Ordinario

@caiordinario

ILIPINO workers received one of the lowest gross monthly minimum wages in terms of purchasing power parity (PPP), according to a report released by the World Bank.

Based on the World Bank report, Filipino workers received a gross monthly minimum wage of only $27 in PPP terms, significantly lower than those received by workers in other Southeast Asian countries.

Using the 2018 PPP, statutory gross monthly minimum

wages in Malaysia reached $588; Thailand, $537; and Indonesia, $284. These are 21.78 times, 19.89 times; and 10.52 times more than the estimates for the Philippines.

“We anticipate that over the coming months and years, PPPs and ICP (International Comparison Program) data will

be increasingly applied to analyses and studies supporting the SDGs (Sustainable Development Goals) as well as in complementary and official indicators,” World Bank economists and statisticians led

by Nada Hamadeh, World Bank head Economist and Program Manager.

“Price and expenditure data are already being collected and compiled for our next set of ICP results for reference year 2021, which are scheduled for release by end 2023. These results will

at $19.617 billion or 16.4 percent of global GDP. This was followed by Japan at $5.173 billion or 4.3 percent of global GDP; Indonesia, $2.894 billion or 2.4 percent; and Korea, $2.106 billion or 1.8 percent.

Using 2011-based PPP, the World Bank also estimated that the mean consumption or income per capita of the poorest 40 percent of population was $2.81 while the mean consumption or income per capita of the population was at $7.5 between 2011 and 2018.

The World Bank experts said the importance of PPPs and ICP results were highlighted in the recent 53rd session of the United Nations Statistical Commission (UNSC) in analyzing the global economy.

They also noted countries’ progress in incorporating the ICP data collection and compilation into the day-to-day work of NSOs. The ICP’s important contribution to monitoring progress towards the SDGs was also recognized.

shed light on the effects of the Covid-19 pandemic across the global economy, including its impact on progress towards meeting the SDGs,” they added.

The World Bank said PPPs measure the total amount of goods and services that a single unit of a country’s currency can buy in another country. It aims to equalize the purchasing power of currencies.

The report said the mean monthly earnings of Filipinos using 2018-based PPP terms was estimated at $677. This is the lowest among Asean countries on the list.

The data showed Malaysia’s mean monthly earnings using 2018-based PPP terms reached $1,815; Thailand, $1,140; and Vietnam, $732.

Using 2017 PPP terms, the World Bank said the country’s GDP was estimated at $815 billion and accounted for 0.7 percent of global GDP in that year. In East Asia and the Pacific, China’s GDP in 2017 PPP terms was the largest

NG subsidies...

Continued from A1

in 2020.

Taking the biggest subsidy for December is NHA with P8.1 billion, for a 38-percent share of the total. It was followed by NIA with P4.1 billion and PhilHealth with P4 billion.

T he nat iona l gover nment provides subsidies to state-run firms to fund operations not covered by the corporate revenues or to finance specific programs or projects.

Corruption allegations rocked the state health insurer in 2020 when its resigned anti-fraud legal officer Thorrsson Montes Keith claimed that P15 billion was pocketed by some corrupt officials in the agency through alleged anomalous transactions, a matter which has since been denied by PhilHealth.

For December alone, GOCC subsidies settled at P21.36 billion, crashing by 48 percent from P41.16 billion in the same month

PHL...

Continued from A1

Venezuela, and Afghanistan.

“A decade ago, governments around the world expressed the desire to put happiness at the heart of the global development agenda, and they adopted a UN General Assembly resolution for that purpose. The World Happiness Report grew out of that worldwide determination to find the path to greater global wellbeing. Now, at a time of pandemic and war, we need such an effort more than ever,” Jeffrey D. Sachs, University Professor and Director of the Center for Sustainable Development at Columbia University.

“And the lesson of the World Happiness Report over the years is that social support, generosity to one another, and honesty in government are crucial for wellbeing. World leaders should take heed. Politics should be directed as the great sages long ago insisted: to the well-being of the people, not the power of the rulers,” he added.

SDSN said the WHR reached more than 9 million people in 2021. The network said the information it has provided and continued to provide can help countries to craft policies aimed at achieving happier societies.

Since it was first published, the World Happiness Report has been based on two key ideas: that happiness or life evaluation can be measured through opinion surveys, and that key determinants of well-being and thereby explain the patterns of life evaluation across countries.

“The most remarkable change seen during Covid-19 has been the global upsurge in benevolence in 2021. This benevolence has provided notable support for the life evaluations of givers, receivers, and observers, who have been gratified to see their community’s readiness to reach out to help each other in times of need,” the report stated.

“In every global region, there have been large increases in the proportion of people who give money to charity, help strangers, and do voluntary work in every global region,” it added.

Based on the report, the 10 happiest countries apart from Finland included Denmark, Iceland, Switzerland, Netherlands, Luxembourg, Sweden, Norway, Israel, and New Zealand.

Since the World Happiness Report was launched 10 years ago, there has been a growing interest in measuring well-being and life satisfaction. This has been to a significant extent enabled by the data available in the Gallup World Poll since 2005-2006.

Every year the World Happiness Report compiles data from the previous three years of surveys to increase the sample size and allow for more accuracy.

The availability of 15 years of data covering more than 150 countr ies prov ides a unique stock-taking opportunity. The three biggest gains were in Serbia, Bulgaria, and Romania. The biggest losses were in Lebanon,

Key rates...

Continued from A1

The governor said their sensitivity analysis has shown potentially elevated inflation rates for the year, with new forecasts on the table: If average world price of oil is $95 per barrel, local inflation would hit 4 percent; if it is $120 per barrel, it will be 4.4 percent.

However, if the global price of oil hits $140 per barrel, local inflation will hit 4.7 percent. The government’s target range of inflation is at 2 to 4 percent.

ING Bank economist Nicholas Mapa also said Diokno may soon shift his tone from very accommodative, heading to tightening especially due to inflation and as central banks all over the world are also starting to normalize their respective monetary policy rates.

“During the 2021 episode, the economy was mired in a recession,

prompting the central bank to lend a helping hand. Despite inflation breaching the target, consumers and market players remained confident that inflation would eventually dissipate,” Mapa said.

“This year, with the conflict raging, the turn in global commodity prices not imminent, central banks pushing along with aggressive tightening, we can very well expect inflation expectations to unravel quickly in the coming months,” he added.

“Surging pump prices, wage and fare hike petitions blaring, and purchasing power fading, the door to corral runaway inflation expectations is closing fast.”

The BSP is expected to hold its monetary policy meeting on March 24. This is their second monetary policy meeting for the year.

The Nation BusinessMirror

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Editor: Vittorio V. Vitug • Monday, March 21, 2022 A3

Comelec set to review rules for withdrawal, substitution

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By Samuel P. Medenilla

@sam_medenilla

HE Commission on Elections (Comelec) is set to finally review its rules for withdrawal and substitution of candidates after the 2022 polls.

Pacquiao: Use excise tax windfall to give more substantial subsidies

By Butch Fernandez

@butchfBM

I

F the government insists it cannot suspend excise tax on petroleum products because of the revenue loss, then it should at least use part of the windfall from excise on oil to give people more substantial subsidies, Sen. Manny Pacquiao said last Saturday night.

Fielding questions at the first of Comelec-sponsored debates among presidential candidates, Pacquiao joined at least four other aspirants in supporting a proposal—shut down on Thursday by President Duterte—to temporarily halt excise taxes on oil, given the steady climb in world prices.

Duterte rejected the calls but approved a proposal by the Department of Finance to grant some P33.1 billion in new “ayuda” to the bottom 50 percent of the poor families, or some P200 a month, which critics deem too little.

The government has also touted the P2.5 billion in fuel subsidy to the transportation sector and P500 million to farmers and fishermen.

The first Comelec debate saw nine of 10 presidential candidates—former senator Bongbong Marcos skipped it—fielding questions on pandemic response and the economy.

BBB, Covid funds

TO the question of whether he considered the “Build, Build, Build” program successful, Pacquiao said it would be “unfair to the president, the government” to call it a failure. He said, partly in Filipino, that “it should be pursued. That’s part of strategies for economic growth and development.”

Second, he added, “we should continue building houses nationwide.”

“If I become president, I will implement that nationwide,” referring to his pet personal project of buying land in the south and building communities, providing house and lot for qualified poor families.

For “Build, Build, Build,” he said, “we should add roads in Mindanao, Visayas,” where, many things need to be developed in order to, among others, cut the roots of most conflicts.

Speaking mostly in Filipino, Pacquiao said, “I lived in the mountains, I mingled with Muslim brothers. They feel left behind, neglected.”

Asked if he thinks the Philippines is ready for another Covid surge, he said Filipinos need to simply keep faith with health protocols like the “strict wearing of masks.” Filipinos, he added, must “learn to live with Covid. Above all, boost contact tracing.

Meantime, maybe close our borders.” But, he stressed, people must be allowed to continue their trade; they just have to follow IATF guidelines.

“Above all,” he said, “budgets for pandemic response must be used for what they were intended for.”

Youth, WFH

ASKED what can be done to help the youth hone their learning competencies and boost job chances after the disruptions of the pandemic, Pacquiao said the problem is really, not so much the quality of graduates by “can they find jobs?” adding “and how do we provide jobs for them?”

He thinks the mandate of TESDA should be expanded so it can train more young people on skills they can use to land jobs.

Pacquiao also does not favor a shotgun approach to a four-day work week, proposed by economic managers to cut fuel consumption and help workers save on commuting.

“Hybrid, it should be hybrid,” Pacquiao said, noting that not all jobs lend themselves well to having work hours extended from eight to 10 hours for the compressed work days.

AFP: 3 NPA rebels killed in Misamis Oriental clash

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HREE suspected members of the New People’s Army were killed during a clash between rebels and government troops in Misamis Oriental over the weekend, a belated report reaching Camp Aguinaldo said.

The report said that elements of the Army’s 58th Infantry Battalion were on combat operation when they clashed with at least 10 rebels at around 7:05 a.m. at Barangay Plaridel, Claveria, Misamis Oriental. The report said those slain were members of the Guerilla Front Huawei, Sub Regional Command (SRC)1 of the NPA’s North Central Mindanao Regional Committee (NCMRC).

The slain were identified as Agay Taquin alias Kerby, Andrew Odiongan alias Dave and Joan Pajardo alias Amirgo. Another rebel was also captured, the report said.

The military tagged Taquin as the vice commander of Platoon Falcon, Odiongan as a political instructor and Pajardo a team leader of Squad 1, all under the SRC 1.

During the firefight, the soldiers also recovered an M-16 rifle, a KG9, a Carbine rifle, rebel documents and personal belongings, according to the military. Rene Acosta

Comelec Commissioner George M. Garcia said the result of the study will serve as their input to lawmakers, who are now considering crafting a law to reform the said policy.

“We can study if it is being abused and determine the position of Comelec to be submitted to Congress,” Garcia said in a press conference

last week.

Last December, Sen. Leila M. de Lima filed a bill seeking to impose more stringent conditions before a candidate could avail of the withdrawal or substitution process.

Garcia said they are ready to implement whatever law Congress will pass on the said matter.

“We can only do what they want us to implement. We can only contribute to the law they will make,” Garcia said.

Election watchdogs criticized t he sa id pol ic y, wh ic h, t hey claimed, is being abused by some candidates to keep their candidacy hidden from the public as long as possible to avoid immedi-

ate scrutiny.

The Comelec earlier said it is against the abolition of the withdrawal and substitution process for candidates.

Instead, the Comelec urges lawmakers to just introduce additional conditions for candidates to qualify for a withdrawal or substitution.

A4 Monday, March 21, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Canada’s Yukon labor market opened for Filipino workers

By Samuel P. Medenilla @sam_medenilla

T

HE Canadian territory of Yukon will be opening its doors to more Filipino workers under its newly signed bilateral labor agreement with the Department of Labor and Employment (DOLE).

The Memorandum of Understanding (MOU) was finally signed last Friday and aims to provide more employment opportunities and protection for overseas Filipino workers (OFW) in Yukon.

Labor and Employment Secre-

tary Silvestre H. Bello III said the accord will give access to OFWs to make use of the Yukon Nominee Program (YNP), which is used by employers looking to fill critical vacancies unoccupied by Canadians or permanent residents.

Filipino workers would be able to make use of YNP once the necessary implementing guidelines for it are issued by the concerned Joint Working Committee.

“The bilateral agreement will open up the limitless employment potential of the province on account of its small population,” Labor

Spokesman Rolly M. Francia said.

Likewise, the accord also bans employers, “agents,” including immigration consultants from collecting recruitment services and selection fees from the deployed OFWs in Yukon.

DOLE has been negotiating for said MOU since 2019 before it was finally signed by Bello and Minister Ranj Pillai of Yukon’s Department of Economic Development last week.

“It has been almost three years since we’ve met and signed the Philippines-Yukon Joint Communiqué

in Whitehorse, Yukon. The Joint Communiqué paved the way for the execution of a Memorandum of Understanding between the Philippines and Yukon on the Employment and Protection of Filipinos under the [YNP],” Bello explained.

The labor official earlier said the MOU will provide employment opportunities to OFWs in Yukon, which is still in need of more skilled workers.

Currently, there are an estimated 5,000 Filipinos, most are already permanent residents or Canadian citizens, living in Yukon.

Lacson backs work-from-home, especially for BPOs, amid high fuel, transport costs

By Butch Fernandez @butchfBM

S

EN. Panfilo M. Lacson endorsed over the weekend the continuation of flexible work-from-home (WFH) arrangements amid soaring fuel and transport costs eating up workers take-home pay.

Backing pleas aired by affected workers, Lacson cited steadily climbing world oil prices driven by the Ukraine crisis.

Appearing at the Commission on Elections’ First Presidential Debate last Saturday evening, Lacson batted for workers in the Information Technology-

Business Process Outsourcing (IT-BPO), endorsing their plea to extend the work-from-home (WFH) setup for employees in call centers up to December.

The standard bearer of Partido Reporma said that while the government needs to reopen the economy by, among others, making workers go out of their homes, it must take into account the plight of ordinary workers coping with higher commuting costs due to high fuel prices, as well as the need to conserve fuel for all.

Earlier, the Fiscal Incentives Review Board, chaired by Finance Secretary Carlos G.

Dominguez III, had twice rejected the plea of the IT-BPO sector and Philippine Economic Zone Authority (Peza) to extend the 10 percent WFH arrangement earlier granted to them during the pandemic.

That scheme ends on March 31 unless the FIRB changes its mind.

Senator Lacson, however, pressed his plea on behalf of the affected BPO workers, saying: “Ang hiling ng BPO sector na palawigin ang WFH from April to September, sinususugan ko po yan dahil maraming nagsara na mga opisina nila at gusto nilang magpatuloy ang WFH. At meron tayong Telecommuting Act.” [I support the BPO sector’s call to extend WFH setup from April to September, because their offices had closed during the pandemic and they want to continue the WFH setup. Besides, we already have the Telecommuting Act].

Recalling the Department of Finance had earlier said the Fiscal Incentives Review Board (FIRB) upheld its Resolution 19-21, allowing the WFH arrangement of registered IT-BPM enterprises but only until March 31, Lacson likewise cited the costs of fuel and transportation.

During the Saturday evening’s presidential debate, Lacson likewise asserted the four-day workweek, which he supports, “should be a

temporary arrangement.”

The senator clarified his support is “premised on the worker being compensated for five days’ work since the total hours he/she worked is the same whether he/she worked four days or five days.”

BBB’s legacy

MEANWHILE, Lacson replied, when candidates were asked if the Duterte administration’s Build ,Build, Build legacy was successful, that people should “be the judge” considering that “out of 118 projects, only 12 were accomplished.”

Nonetheless, he asked aloud, “should we pursue it?” and replied: “Yes. But let’s make it better, boost it and make it bolder. And the contracts that have been perfected especially those in the pipeline,” should be pursued based on the “inviolability of contracts.” He said “we cannot turn our backs on them, especially if they involve foreign investments.”

Still, he noted that as the national debt, foreign and domestic, has already hit P12.03 trillion, “maybe it’s time to shift from BBB (Build, Build, Build) toward PPP (Public-Private Partnership) where the government doesn’t spend and the private initiative ensures a good project comes to fruition.

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NBI arrests woman on cyber-estafa case

By Joel R. San Juan @jrsanjuan1573

T

HE National Bureau of Investigation (NBI) announced last Sunday the arrest of a woman in La Union province who is facing charges of cyber-estafa filed by several individuals.

NBI Officer in Charge (OIC) Director Eric B. Distor identified the suspect as Shyna May Vergara.

Vergara was arrested during an entrapment operation conducted by operatives of NBI-Ilocos Regional Office (NBI-IRO).

The operation to capture Vergara was hatched based on the complaint filed by one of her victims who claimed that the suspect enticed her to invest P5,000 for a payout of P9,000 every 22 days, with a 1-time payout for each investment.

On February 24, 2022, the complainant met with Vergara and handed 5,000 as her investment.

The next day, the victim learned from her sister that the suspect is a fraud and she was a victim of a fraudulent scheme being perpetrated

by Vergara.

Upon learning that several victims had already filed a complaint

before the NBI and other law enforcement agencies, the complainant sought the assistance of NBI-IRO. Thus, an entrapment operation was planned to arrest the suspect behind the said illicit activities.

As per the instruction of NBI-IRO, the complainant agreed to meet with the subject in a fast food chain in Agoo, La Union.

On March 14, operatives of NBIIRO proceeded to the target meeting place and strategically positioned themselves in the area.

An hour later, Vergara arrived and sat down with the complainant to discuss her investment.

Upon handing over the marked money to Vergara by the complainant, operatives of NBI-IRO immediately approached the subject and announced her arrest. The operatives were able to recover from the subject the marked money.

The suspect was immediately brought to NBI-IRO office for standard booking procedures.

Vergara was presented before the Prosecutor’s Office of Agoo, La Union for violation of Article 315 of the RPC in relation to Sec. 6 of Republic Act 10175 or the Cybercrime Prevention Act of 2012.

Mati City taps bulk water provider to tap river water

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

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AVAO CITY—Mati City, the capital of Davao Oriental, is tapping the services of the lone bidder of the city’s bulk water system project to tap the still pristine surface water of the Mayo River.

The city information office (CIO) said the P296.5-million bulk water supply project in Mati City would start this April.

“The project is expected to help solve the perennial problem of inadequate water supply in the city,” the CIO added.

The CIO further said the project is owned by the Provincial Government of Davao Oriental and the Mactan Rock Industries Inc. would undertake the construction of the project. The company is the lone bidder for the project.

The bulk water project would

use surface water during the wet season and ground water during dry seasons. The facility would provide clean potable water to water retailers in the city like the Mati Water District, Ruwasa and Balibago Waterworks.

The bulk water supply system would be constructed along Mayo River, some 17 kilometers west of downtown Mati City. The river drains into Mayo Bay, which has been listed, along with two other bays of Mati City, in the Most Beautiful Bays in the world.

The project would provide potable water to the 11 barangays of Mayo, Don Salvador Lopez, Don Enrique Lopez, Don Martin Marundan, Dahican, Bobon, Tamisan, Lawigan, Matiao, Central and Sainz.

Governor Nelson L. Dayanghirang said the project “is a solution to the long-standing problem among residents in Mati City, the capital of the province.”

Robredo eyes more support for MSMEs, education funds

By Rene Acosta

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@reneacostaBM

ICE President Leni Robredo favors the grant of a stimulus package to micro, small and medium enterprises (MSMEs) so they can weather the impact of the Covid-19 pandemic, and will continue the current administration’s infrastructure program, albeit tweaking the source of its funding.

Robredo said that if elected in May as the country’s next president, she will allot P100 billion in stimulus funds to MSMEs in order to help them reopen or recover from the impact of the pandemic, which she said has already caused the loss of at least 400, 000 jobs in the sector alone.

Identifying the MSMEs as the first priority in the effort to revive the economy, the vice president said the stimulus money should be given in the forms of conditional cash transfer and low interest loans to the sector, whose 99.5 percent of its players have been affected by the pandemic.

Robredo joined eight other presidential candidates—only former Senator Ferdinand “Bongbong” Marcos Jr. was absent —at the presidential debate dubbed “The Turning Point” by the Commission on Elections on Saturday night, beamed live on television and social media platforms.

Robredo said she would continue the

“Build, Build, Build” program of the Duterte administration, but it will no longer be financed by way of official development assistance (ODA). Instead, it will be implemented through the public-private partnership (PPP) in order to avoid further piling up the national debt.

“But perhaps for PPP to succeed, we need to ensure that we improve our governance so we can attract more investors,” she said, partly in Filipino, adding that the development efforts should focus on rural development, transportation, water resources management and climate resiliency.

Covid surge

DURING the debate, the vice president said it is not far-fetched that the country could have another surge of the Covid-19 like in Hong Kong, and as such, it should learn from its lessons for two years and even from China’s administrative region.

“First, we should focus on and ramp up our vaccination. If we look at the data, only 58 percent have completed their first and second shots, and only 16 percent have finished their booster. Our initial target is 77 million Filipinos who must be vaccinated; we need 13 million more to attain that target,” she said, partly in Filipino.

“So,” she added, “my first act will be to ensure we meet our targets and even exceed them.”

Editor: Angel R. Calso

The World BusinessMirror

Monday, March 21, 2022

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China reports first Covid-19 deaths in more than a year

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EIJING—China’s health authorities reported two Covid-19 deaths on Saturday, the first since January 2021, as the country battles its worst outbreak in two years driven by a surge in the highly transmissible Omicron variant.

The deaths, both in northeastern China’s Jilin province, bring the country’s coronavirus death toll to 4,638.

Both fatalities occurred in elderly patients and were the result of their underlying conditions, Jiao Yahui, an official with the National Health Commission, told a news briefing on Saturday. One of them had not been vaccinated for Covid-19, she said.

Three-fourths of the new 2,157 community transmissions reported Saturday came from Jilin. The province has imposed a travel ban, with

people needing permission from police to travel across borders.

Nationwide, China has reported more than 29,000 cases since the beginning of March, including those without symptoms.

While China has explored easing its pandemic response, it has pressed on with its tried-and-true policy of lockdowns and mass testing of millions of people as part of a successful, if burdensome, “zero-Covid” strategy since the initial outbreak in Wuhan in 2019.

The country has seen relatively

few infections from the virus so far because clusters are tamped down as quickly as they’re discovered. The strategy has received popular support and prevented the large numbers of deaths seen in other countries, many of which have started to forgo any kind of social distancing measures.

Faced with the worst surge since late 2019, officials have vowed to double down on the zero-tolerance strategy to contain multiple outbreaks across China. However, leader Xi Jinping acknowledged for the first time

East Timor vote highlights nation’s political impasse

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ILI, East Timor—Vote counting was underway in East Timor’s presidential elections Saturday with two former fighters for independence— one current and one former president—considered to be the front-runners, each accusing the other of causing a yearslong political paralysis.

Ahead of the election day, former President Jose Ramos-Horta, a Nobel Peace Prize laureate, had a lead over incumbent Francisco “Lu Olo” Guterres in an opinion survey. Four women were among 13 other candidates, the highest number of women taking part in the fifth election since East Timor won independence from Indonesia 20 years ago.

Official results were not expected until Thursday.

“I am confident that I will win the election again,” Guterres told reporters after casting his vote in Dili, the capital. “I call on people to accept whatever the result and I am ready to work with whoever wins this election.”

Guterres, 67, is from the Revolutionary Front for an Independent East Timor party, known by its local acronym Fretilin. Ramos-Horta, 72, is backed by the rival National Congress of the Reconstruction of East Timor, known as CNRT, a party led by former Prime Minister Xanana Gusmao, also an ex-resistance leader

who remains inf luential.

More than 835,000 of the country’s 1.3 million people were registered to vote. The winner will take the oath of office May 20, the 20th anniversary of East Timor’s independence from Indonesia, which had invaded the former Portuguese colony in 1975.

If none of the candidates secures more than 50% of the votes in the first round, a runoff between the two top vote-getters is scheduled for April 19.

Tensions between Fretilin and CNRT, the two largest parties, led to the resignation of Prime Minister Taur Matan Ruak in February 2020 after the government repeatedly failed to pass a budget.

Ruak agreed to stay on until a new government is formed and to oversee the battle against the coronavirus pandemic with a $250 million war chest. His government has operated without an annual budget and has relied on monthly injections from its sovereign fund sav-

ings, called the Petroleum Fund.

Guterres refused to swear in nine people nominated by CNRT as Cabinet ministers in 2018. CNRT has accused Guterres and Fretilin of acting unconstitutionally and illegally seizing the post of speaker of parliament.

Fretilin said that Horta is unfit for president, accusing him of causing a crisis as prime minister in 2006, when dozens were killed as political rivalries turned into open conflict on the streets of Dili.

A clash between Fretilin and CNRT supporters also broke out in 2018, leaving more than a dozen injured and cars torched.

Ramos-Horta, speaking to media while casting his vote, said the benefits of his party’s development plans would be spread more widely and vowed to work closely with Gusmao to implement them.

“We have voted based on our own

wish for a new president who is able to maintain stability, to develop our economy and to change the current situation,” Ramos-Horta said.

East Timor’s transition to a democracy has been rocky, with leaders battling massive poverty, unemployment and corruption. The nation continues to recover from the bloody break for independence two decades ago, with an economy reliant on dwindling offshore oil revenues and bitter factional politics.

Joaquim Fonseca, a political analyst at RENETIL, a youth organization established during Indonesia’s occupation of East Timor, said that no single party would be able to form a government on its own but that coalitions were necessary.

“This remains a challenge for both of the candidates,” said Fonseca, who is also East Timor’s former ambassador to the UK “At this point, there is no absolute certainty that either of

the burden of the measures on Thursday, saying that China should seek “maximum effect” with “minimum cost” in controlling the virus.

Hong Kong, which is facing its worst surge of the pandemic, recorded 16,583 new cases on Saturday. The city’s total coronavirus infections exceeded 1 million on Friday, and its number of deaths has already surpassed mainland China’s.

Mainland China’s Covid-19 data is counted separately from Hong Kong, a special administrative region. AP the candidates will bring the desired changes.”

The UN estimates that nearly half of East Timor’s population lives below the extreme poverty line of $1.90 a day and half of children under the age of 5 suffer physical and mental stunting as a result of malnutrition.

“I do hope the winning president will look after the clean water, the roads to villages and health facilities,” said Lucio Cardozo, a Dili resident.

Oil revenues, which finance more than 90% of government spending, are rapidly dwindling and the country’s nearly $19 billion sovereign wealth fund could be empty within a decade as the government’s annual withdrawals exceed its investment returns, according to La’o Hamutuk, an East Timorese research institute.

“The finite amount in our Petroleum Fund will be quickly exhausted if we don’t use it wisely to support building strong human resources and sustainable productive sectors,” La’o Hamutuk said last November in recommendations to the government about its proposed 2022 budget. AP

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The World BusinessMirror

Monday, March 21, 2022

Russian troops push deeper into Mariupol as locals plead for help

By Cara Anna

The Associated Press

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VIV, Ukraine—Russian forces pushed deeper into Ukraine’s besieged and battered port city of Mariupol on Saturday, where heavy fighting shut down a major steel plant and local authorities pleaded for more Western help.

The fall of Mariupol, the scene of some of the war’s worst suffering, would mark a major battlefield advance for the Russians, who are largely bogged down outside major cities more than three weeks into the biggest land invasion in Europe since World War II. “Children, elderly people are dying. The city is destroyed and it is wiped off the face of the earth,” Mariupol police officer Michail Vershnin said from a rubble-strewn street in a video addressed to Western leaders that was authenticated by The Associated Press.

Details also began to emerge Saturday about a rocket attack that killed as many as 40 marines in the southern city of Mykolaiv the previous day, according to a Ukrainian military official who spoke to The New York Times.

Russian forces have already cut Mariupol off from the Sea of Azov, and its fall would link Crimea, which Russia annexed in 2014, to

eastern territories controlled by Moscow-backed separatists. It would mark a rare advance in the face of fierce Ukrainian resistance that has dashed Russia’s hopes for a quick victory and galvanized the West.

Ukrainian and Russian forces battled over the Azovstal steel plant in Mariupol, Vadym Denysenko, adviser to Ukraine’s interior minister, said.

“One of the largest metallurgical plants in Europe is actually being destroyed,” Denysenko said in televised remarks.

The Mariupol city council claimed hours later that Russian soldiers had forcibly relocated several thousand city residents, mostly women and children, to Russia. It didn’t say where, and AP could not immediately confirm the claim.

Oleksiy Arestovych, an adviser to Ukrainian President Volodymyr Zelenskyy, said the nearest forces that could assist Mariupol were already struggling against “the overwhelming force of the enemy” and that “there is currently no military solution to Mariupol.”

Zelenskyy said early Sunday that the siege of Mariupol would go down in history for what he said were war crimes committed by Russian troops.

“To do this to a peaceful city, what the occupiers did, is a terror that will be remembered for centuries to come,” he said in a video address to the nation.

In Mykolaiv, rescuers searched the rubble of the marine barracks that was destroyed in an apparent missile attack Friday. The region’s governor said the marines were asleep when the attack

happened.

It wasn’t clear how many marines were inside at the time, and rescuers were still searching the rubble for survivors the following day. But a senior Ukrainian military official, who spoke to The New York Times on condition of anonymity to reveal sensitive information, estimated that as many as 40 marines were killed, which would make it one of the deadliest known attacks on Ukrainian forces during the war.

Estimates of Russian deaths vary widely, but even conservative figures are in the low thousands. Russia had 64 deaths in five days of fighting during its 2008 war with Georgia. It lost about 15,000 in Afghanistan over 10 years, and more than 11,000 in years of fighting in Chechnya.

The Russian military said Saturday that it used its latest hypersonic missile for the first time in combat. Maj. Gen. Igor Konashenkov said Kinzhal missiles destroyed an underground warehouse storing Ukrainian missiles and aviation ammunition in the western region of Ivano-Frankivsk.

Russia has said the Kinzhal, carried

by MiG-31 fighter jets, has a range of up to 2,000 kilometers (about 1,250 miles) and flies at 10 times the speed of sound.

Pentagon press secretary John Kirby said the US couldn’t confirm the use of a hypersonic missile.

UN bodies have confirmed more than 847 civilian deaths since the war began, though they concede the actual toll is likely much higher. The UN says

more than 3.3 million people have fled Ukraine as refugees.

The northwestern Kyiv suburbs of Bucha, Hostomel, Irpin and Moshchun were under fire Saturday, the Kyiv regional administration reported, and Slavutich, 165 kilometers (103 miles) north of the capital, was “completely isolated.”

Evacuations from Mariupol and other besieged cities proceeded along eight of 10 humanitarian corridors, Deputy Prime Minister Iryna Vereshchuk said, and a total of 6,623 people left.

Waiting to board a bus at a triage center near the Moldova-Ukraine border, a woman named Irina said she decided to leave home in Mykolaiv this week after a loud explosion shook the walls, waking her young daughter.

“Can you imagine the fear I had, not for me but for my child?” said Irina, who didn’t provide her last name. “So we made decision to arrive here, but I don’t know where we are going, where we’ll stay.”

Vereshchuk said planned humanitarian aid for the southern city of Kherson, which Russia seized early in the war, could not be delivered because the trucks were stopped along the way

by Russian troops.

Ukraine and Russia have held several rounds of negotiations aimed at ending the conflict but remain divided over several issues, with Moscow pressing for its neighbor’s demilitarization and Kyiv demanding security guarantees.

Russian President Vladimir Putin spoke by phone Saturday for a second time this week with Luxembourg Prime Minister Xavier Bettel. The Kremlin said Putin “outlined fundamental assessments of the course of the talks between Russian and Ukrainian representatives,” while Bettel informed him about “contacts with the leadership of Ukraine and other countries.”

British Foreign Secretary Liz Truss accused Putin of using the talks as a “smokescreen” while his forces regroup. “We don’t see any serious withdrawal of Russian troops or any serious proposals on the table,” she told the Times of London.

US Defense Secretary Lloyd Austin, during a Saturday visit to NATO ally Bulgaria, said the Russian invasion had “stalled on a number of fronts” but the US had not yet seen signs that Putin was deploying additional forces.

Around Ukraine, hospitals, schools and buildings where people sought safety have been attacked.

At least 130 people survived the Wednesday bombing of a Mariupol theater that was being used a shelter, but another 1,300 were believed to be still inside, Ludmyla Denisova, the Ukrainian Parliament’s human rights commissioner, said Friday.

“We pray that they will all be alive, but so far there is no information about them,” Denisova told Ukrainian television.

A satellite image from Maxar Technologies released Saturday confirmed earlier reports that much of the theater was destroyed. It also showed the word “CHILDREN” written in Russian in large white letters outside the building.

Southern Ukraine’s Zaporizhzhia region announced a 38-hour curfew after two missile strikes killed nine people Friday.

Russian forces have fired on eight cities and villages in the eastern Donetsk region in the past 24 hours, including Mariupol, Ukraine’s national police said Saturday. Dozens of civilians were killed or wounded, and at least 37 residential buildings and facilities were damaged including a school, a museum and a shopping center.

In the western city of Lviv, Ukraine’s cultural capital, which was hit by Russian missiles on Friday, military veterans were training dozens of civilians on how to handle firearms and grenades.

“It’s hard, because I have really weak hands, but I can manage it,” said one trainee, 22-year-old Katarina Ishchenko.

Associated Press writer Yuras Karmanau in Lviv, Ukraine, and other AP journalists around the world contributed to this report.

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Russian military slog in Ukraine a ‘dreadful mess’ for mad Putin

By Ellen Knickmeyer The Associated Press

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A SH I NGT ON —T he signs are abundant of how Ukraine frustrated Vladimir Putin’s hopes for a swift victory and how Russia’s military proved far from ready for the fight.

A tr uc k car r y ing Russian troops crashes, its doors blown open by a rocket-propelled grenade. Foreign-supplied drones target Russian command posts.

Orthodox priests in trailing vestments parade Ukraine’s blue and yellow flag in defiance of their Russian captors in the occupied city of Berdyansk.

Russia has lost hundreds of tanks, many left charred or abandoned along the roads, and its death toll is on a pace to outstrip that of the country’s previous military campaigns in recent years.

Yet more than three weeks into the war, with Putin’s initial aim of an easy change in government in Kyiv long gone, Russia’s military still has a strong hand. With their greater might and stockpile of city-flattening munitions, Russian forces can fight on for whatever the Russian president may plan next, whether leveraging a negotiated settlement or brute destruction, military analysts say.

Despite all the determination of Ukraine’s people, all the losses among Russia’s forces and all the errors of Kremlin leaders, there is no sign that the war will soon be over. Even if Putin fails to take control of his neighbor, he can keep up the punishing attacks on its cities and people. Ukraine’s president said Russia is trying to starve Ukraine’s cities into submission and that Putin is deliberately creating “a humanitarian catastrophe.”

“His instinct will be always to double down because he’s got himself into a dreadful mess, a huge strategic blunder,” said Michael Clarke, former head of the British-based Royal United Services Institute, a defense think tank.

“And I don’t think it’s in his character to try to retrieve that, except by carrying on, going forward,” he said.

Putin’s forces are waging Russia’s largest, most complex combined military campaign since taking Berlin in 1945. His initial objective, which he announced in a television address on Feb. 24 as the invasion began, was to “demilitarize” Ukraine and save its people from “neo-Nazis”—a false description of Ukraine’s government, which is led by a Jewish president.

Fatefully, Putin underestimated the national pride and battlefield skills that Ukrainians have built up over the past eight years of battling Russian-backed separatists in the country’s east.

At the start, Russians thought “they would install, you know, some pro-Russian government and call it a day and declare victory,” said Dmitry Gorenburg, a researcher on Russia’s security at the Virginia-based CNA think tank. “That was sort of Plan A, and as near as we can tell, they didn’t really have a Plan B.” Russia’s first apparent plan — attack key Ukrainian military targets, and make a quick run to Kyiv, the capital—failed immediately. It was foiled by Ukraine’s defenses along with the countless mistakes and organizational failures by a Russian force that had been told it was only mobilized for military drills.

Clarke, the British researcher, related accounts of Russian troops selling communication equipment and fuel out of military vehicles to locals during the weeks they waited on Ukraine’s borders.

With no friendly population to welcome them, Russian forces reverted to tactics from their past offensives in Syria and Chechnya—dropping bombs and lobbing missiles into cities and towns, sending millions of men, women and children fleeing.

Putin’s forces are in position

to capture the besieged port city of Mariupol. Overall, Russians appear to be fighting with three objectives now: to surround Kyiv, to encircle spread-out Ukrainian fighters in the east and to break through to the major port city of Odessa in the west, said Michael Kofman, an expert on the Russian military and program director at CNA. Kofman cautions that much of the information on the war is coming from Ukrainians or from their American or other allies. That makes the partial picture skewed and a full picture impossible.

A senior US defense official on Friday said the Russians have launched more than 1,080 missiles since the start of the war and that they retain about 90% of the combat power they had arrayed around Ukraine at the beginning of the invasion.

The US assesses that the airspace over Ukraine remains contested, the official said, speaking on condition of anonymity to discuss the military assessments. The Ukrainian air force is continuing to fly aircraft and employ air and missile defenses.

“Just look at the map, and you just look at how little progress the Russians have been able to make,” Pentagon spokesman John Kirby said recently.

The math of military conquests and occupation may be against Putin in Ukraine.

Estimates of Russian deaths vary widely. Yet even conservative figures are in the low thousands.

That’s a much faster pace than in previous Russian offensives, threatening support for the war among ordinary Russians. Russia had 64 deaths in five days of fighting during its 2008 war with Georgia. It lost about 15,000 in Afghanistan over 10 years, and more than 11,000 over years of fighting in Chechnya.

Russia’s number of dead and wounded in Ukraine is nearing the 10% benchmark of diminished combat effectiveness, Gorenburg said. The reported battlefield deaths of four Russian generals—out of an estimated 20 in the fight—signal impaired command, he said.

Researchers track ing only those Russian equipment losses that were photographed or recorded on video say Russia has lost more than 1,500 tanks, trucks, mounted equipment and other heavy gear. Two out of three of those were captured or abandoned, signaling the failings of the Russian troops that let them go.

Meanwhile, Russia needs to limit its use of smart, long-range missiles in case they’re needed in any larger war with NATO, military analysts say. On Saturday, the Russian military said it has used its latest hypersonic missile for the first time in combat, claiming that the Kinzhal, with a range of up to 2,000 kilometers (about 1,250 miles), destroyed an underground warehouse storing Ukrainian missiles and aviation ammunition.

When it comes to the grinding job of capturing and holding cities, conventional military metrics suggest Russia needs a 5-to-1 advantage in urban fighting, analysts say. Meanwhile, the formula for ruling a restive territory in the face of armed opposition is 20 fighters for every 1,000 people — or 800,000 Russian troops for Ukraine’s more than 40 million people, Clarke notes. That’s almost as many as Russia’s entire active-duty military of 900,000.

On the ground, that means controlling any substantial chunk of Ukrainian territory long term would take more resources than Russia could foreseeably commit.

Other Russian options remain possible, including a negotiated settlement. Moscow is demanding that Ukraine formally embrace neutrality, thus swearing off any alliance with NATO, and recognize the independence of the separatist regions in the east and Russian sovereignty over Crimea, which Russia annexed in 2014.

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Monday, March 21, 2022

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Thousands of refugees get IDs for new lives in Poland

By Monika Scislowska The Associated Press

Britain’s Prime Minister Boris Johnson speaks at the Conservative Party Spring Forum in Blackpool, England on Saturday March 19, 2022. Peter Byrne/PA via AP

Boris Johnson says Russian win would bring ‘age of intimidation’

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ONDON—British Prime Minister Boris Johnson said Saturday that Russia’s invasion of Ukraine was a “turning point for the world,” arguing that a victory for Russian President Vladimir Putin’s forces would herald “a new age of intimidation.”

But the British leader was accused by opponents of making a crass comparison by likening Ukraine’s fight against invasion to the U.K.’s exit from the European Union.

Speaking to a Conservative Party conference in Blackpool, northwest England, Johnson claimed Putin was “terrified” that the example of a free Ukraine would spark a pro-democracy revolution in Russia.

“That is why he is trying so brutally to snuff out the flame of freedom in Ukraine and that’s why it is so vital that he fails,” Johnson said.

“A victorious Putin will not stop in Ukraine. And the end of freedom in Ukraine will mean the extinction of any hope of freedom in Georgia and then Moldova, it will mean the beginning of a new age of intimidation across Eastern Europe from the Baltic to the Black Sea,” Johnson said.

Johnson praised U krainians’ defense of their countr y, and added that it was a lso “the instinct” of people in the UK “to choose freedom.”

A s an example, he said Br itish voters opted in a 2016 referendum to leave the EU “ because they wanted to be free to do things different ly and for this countr y to be able to r un itself.”

Johnson helped lead the campaign for the UK to leave the bloc it joined in 1973. Britain’s depar ture, eventua l ly completed in 2020, remains highly divisive.

Ed Davey, leader of the opposition Liberal Democrats, called Johnson “a national embarrassment.”

“To compare a referendum to women and children fleeing Putin’s bombs is an insult to every Ukrainian,” he said.

Gavin Barwell, who served as chief of staff to former Conservative Prime Minister Theresa May, said “voting in a free and fair referendum isn’t in any way comparable with risking your life to defend your country against invasion.”

Bar well also pointed out that Ukraine has asked to join the EU. AP

US lawmakers visit Poland, urge help for Ukraine army

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ARSAW, Poland—A bipartisan delegation of US lawmakers visiting Poland said Saturday that the most urgent need in Ukraine’s fight against a Russian invasion is to equip and support the country in every way that will help it defend its independence.

The seven-member delegation led by Rep. Stephen Lynch, a Democrat from Massachusetts, has visited reception centers for refugees from Ukraine in eastern Poland. They noted Poland’s openness in accepting refugees from Ukraine, including in private homes. More than 2 million people fleeing war have come to Poland since Feb. 24, when Russia’s troops invaded Ukraine.

“We are here to reassure and support the people of Ukraine.

We are here to thank the people of Poland for the unbelievable generosity they have shown to the refugees,” said Lynch, who is chairman of the subcommittee on National Security in the Committee on Oversight and Reform.

During an online meeting with the media Saturday, the American lawmakers stressed the need to urgently assist U kraine’s militar y in their fight against Russian forces.

They said there is no room for peace talks as long as there is a “hot war.”

“The most urgent action that we can take is to make sure that the Ukrainian fighters — those valiant patriots who are fight-

ing for their freedom—have every bit of equipment, every bit of supply, every bit of support that we can possibly deliver to them,” Lynch said.

Answering a question about a potential peace mission in Ukraine, he said “there will be time for discussion, hopefully there will be time for diplomacy, but right now I think that the Ukrainian military is stepping up in a very heroic fashion against a much larger enemy.”

US President Joe Biden will attend an extraordinary NATO summit in Brussels on Thursday that is focused on the war in Ukraine and European security.

As long as Russian President Vladimir Putin continues the aggression, “there is only one way to respond to that and that’s military force,” Lynch said.

Rep. Mark Green, a Republican from Tennessee who is on the House Armed Services Committee, had a message for Putin.

“You’ve united NATO, you’ve united the EU and you’ve united the United States Congress. We stand against your tyranny, your are a war criminal,” Green said.

“Withdraw your troops from Ukraine!”

Other members of the delegation included Democratic Reps.

Lori Trahan of Massachusetts and Chellie Pingree of Maine and Republican Reps. Jake LaTurner from Kansas, Pat Fallon from Texas and Nancy Mace from South Carolina. AP

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ARSAW, Poland— Hoping to restore some normalcy after fleeing the war in Ukraine, thousands of refugees waited in long lines Saturday in the Polish capital of Warsaw to get identification cards that will allow them to get on with their lives—at least for now.

Refugees started queuing by Warsaw’s National Stadium overnight to get the coveted PESEL identity cards that will allow them to work, live, go to school and get medical care or social benefits for the next 18 months. Still, by midmorning, many were told to come back another day, the demand was too high even though Polish authorities had simplified the process.

“We are looking for a job now,” said 30-year-old Kateryna Lohvyn, who was standing in the line with her mother, adding it took a bit of time to recover from the shock of the Russian invasion.

“We don’t yet know (what to do),” she added. “But we are thankful to the Poles. They fantastically welcome us.”

Maryna Liashuk said the warm welcome from Poland has made her feel at home already. If the situation worsens, Liashuk said she would like to stay permanently in Poland with her family.

“If the war ends and if there is someplace to return to, we will do that. And if not, then we simply will

Hundreds of refugees from Ukraine wait in line to apply for Polish ID numbers that will entitle them to work, free health care and education, at a special application point at the National Stadium in Warsaw, Poland on Saturday, March 19, 2022. The application points are not able to handle all those interested and ask many of them to return. AP Photo/Czarek Sokolowski

remain here,” said Liashuk.

Poland has so far taken in more than 2 mil lion ref ugees from Ukraine—the bulk of more than 3.3 million people that the UN says have fled since Russia invaded Ukraine on Feb. 24. Hundreds of thousands more have also streamed into Hungary, Slovakia, Moldova and Romania.

Most of the refugees fleeing Ukraine have been women and children, because men aged 18 to 60 are forbidden from leaving the country and have stayed to fight.

Polish authorities said more than 123,000 refugees have been given the ID numbers—including more than 1,000 each day in Warsaw— since the program was launched Wednesday.

Svetlana, a Ukrainian woman from Ivano-Frankivsk who has lived and worked in Poland for over 10 years, has had relatives come now to Poland. She said receiving the Polish ID numbers will make a huge difference for everyone from Ukraine.

“This is really so important to us that we can officially look for work,

send children to school and be active here,” Svetlana said. “It really changes the way we feel here.”

Refugees can receive one-time benefit of 300 zlotys ($70) per person and a monthly benefit for each child under 18 of 500 zlotys ($117).

Those who find jobs will have to pay taxes just like Polish workers.

Pavlo Masechko, a 17-year-old from Novovolynsk in the Volyn region of western Ukraine, has been trying to rebuild his life in the southeastern Polish city of Rzeszow. Before the war, Masechko had plans to come to Poland to study when he finished high school, but he says being forced out of his country by war is something completely different.

“This is so stressful to leave your country in this moment like this,” said Masechko, who has joined a local school in Poland since arriving.

Now, Masechko’s Ukrainian teacher is seeking to organize classes online that were suspended when Russia attacked.

“When the situation started, it was very difficult for me to focus

on other things. But time passed and now the situation is more stable and stable in my head also,” he said. “I have started to focus again on other things in my life.”

Many of the refugees from Ukraine have since moved on to other countries in Europe, mostly to stay with friends and family.

Some, however, have chosen to go back home even as the end of the conflict is nowhere in sight.

Among them was 41-year-old Viktoria, who was waiting Saturday with her teenage daughter Alisa to board a train back to Zhitomyr in central Ukraine.

“For the last five days it has been quiet,” said Viktoria. “Our local authorities are good. They prepared everything for us there so we can go back to work, have normal life and children can have online education.”

Alisa said she is not afraid to return and wants to reunite with the rest of the family who are still in Ukraine.

“My relatives are there,” she said. AP

Much of Africa noticeably quiet amid widespread condemnation of Russia

By Rodney Muhumuza & Mogomotsi Magome The Associated Press

K

AMPALA, Uganda—Ugandan President Yoweri Museveni recently remarked that Russia’s war on Ukraine should be seen in the context of Moscow being the “center of gravity” for Eastern Europe.

His son, Lt. Gen. Muhoozi Kainerugaba, was more forceful, declaring that most Africans “support Russia’s stand in Ukraine” and “Putin is absolutely right!”

Amid a worldwide chorus of condemnation, much of Africa has either pushed back or remained noticeably quiet. Twenty-five of Africa’s 54 nations abstained or didn’t record a vote in the U.N. General Assembly resolution earlier this month condemning Russia.

The reason? Many nations on the continent of 1.3 billion people have long-standing ties and support from Moscow, dating back to the Cold War when the Soviet Union supported anti-colonial struggles.

Those relations have tightened in recent years: As US interest in Africa appeared to wane under President Donald Trump’s administration, Russia—along with China—expanded its influence, enlarging its economic footprint to include everything from agricultural programs to energy plants. In 2019, dignitaries from 43 African nations attended a summit with Russia, which also has become

the dominant exporter of weapons into sub-Saharan Africa, according to the Stockholm International Peace Research Institute.

The developments have not gone unnoticed. Last month, European Union leaders held a long-delayed summit in Brussels to discuss ways to counteract Russia’s and China’s influence in Africa, while Western military and civilian leaders are eyeing Russia’s advancing presence on both the African continent and in the Middle East as long-term threats to security in the West. China also is among the few countries showing support for Moscow.

There have been exceptions to the current of sympathy running through Africa, with Kenya and Ghana criticizing Russia’s actions.

But, elsewhere on the continent, countries not only are abstaining from criticism, they appear to be celebrating their alliances w ith Russia.

As the war in Ukraine escalated, leaders of South Africa’s ruling African National Congress party attended an event at the Russian Embassy in Cape Town to mark the 30-year anniversary of the country’s diplomatic ties with the Russian Federation.

The ANC has ties to the Kremlin extending back to the Soviet Union’s diplomatic and military support of the struggle against apartheid, which Western powers did not provide.

Some South Africans point out that Russia was not among the coloniz-

ers of Africa.

South Africa’s friendship with Russia is “rooted through bonds of brotherhood,” said lawmaker Floyd Shivambu, a leader of the country’s leftist opposition party, the Economic Freedom Fighters. Shivambu said Russia’s actions in Ukraine are necessary to prevent NATO’s expansion.

South African President Cyril Ramaphosa said his country abstained from the U.N. censure resolution because it failed to call for “meaningful engagement” with Russia.

“We have seen how, over time, countries have been invaded, wars have been launched over many years, and that has left devastation,” Ramaphosa told lawmakers Thursday, criticizing NATO’s expansion into Eastern Europe. “And some leaders of certain countries have been killed. On our own continent (Libya’s) Muammar Gadhafi was killed.”

He said he believes Russia feels “a national existential threat” from NATO. Also abstaining from the UN vote was neighboring Zimbabwe, which had previously escaped sanctions of its own at the UN—for alleged human rights abuses and election corruption—thanks to vetoes by Russia and China.

Zimbabwean President Emmerson Mnangagwa has praised Russia and China as “dependable pillars,” citing the guns they provided and the training they gave fighters in the 1970s war against white minority rule in

Rhodesia.

Russia has major investments in Zimbabwe, including a multibilliondollar joint mining venture in the Great Dyke area, which holds one of the world’s largest deposits of platinum. Russia also is involved in gold and diamond mining operations in Zimbabwe.

In Uganda, where Russian officers regularly assist in the maintenance of military equipment, authorities recently announced the signing of a contract with a Russian firm to install tracking devices in vehicles to combat violent crime.

The East African country’s U.N. representative said Uganda abstained from the U.N. resolution on Russia to protect its neutrality as the next chair of the Non-Aligned Movement, a Cold War-era group of 120 member states that includes almost every African nation.

But President Museveni went further, actually meeting with the Russian ambassador as the war raged in Ukraine. The Ugandan leader, who has held power since 1986, has criticized the West’s “aggression against Africa.”

Museveni’s government in recent months has tangled with the US and other countries that have expressed concern over last year’s disputed election and growing allegations of rights abuses. Museveni also has accused the West of interfering in domestic affairs, including through pressure to recognize LGBTQ rights.

A8

Monday, March 21, 2022

The World BusinessMirror

Japan to invest $42B in India to strengthen economic ties

www.businessmirror.com.ph

Pope releases Vatican reform, gives weight to fighting abuse

N

EW DELHI—Japan’s Prime Minister Fumio Kishida on Saturday said his country will invest $42 billion in India over the next five years in a deal that is expected to boost bilateral trade.

Kishida met his counterpart, Narendra Modi, in New Delhi during his maiden visit to India since assuming office. The two leaders held talks ranging from economy to security cooperation.

In a televised press statement, Kishida said the investment plan will bring huge benefits for several industries, from the development of urban infrastructure to green energy.

Kishida also said the two sides reaffirmed Japan and India’s commitment to strengthen security ties across the Indo-Pacific region and held discussions over the ongoing crisis in Ukraine.

“We discussed the situation in Ukraine. (The) Russian attack is a serious matter as it has shaken international norms,” he said.

India says ties with Japan are key

to stability in the region. The two nations, along with the United States and Australia, are members of the Indo-Pacific alliance known as “the Quad” that is countering China’s rising influence in Asia.

India is the only Quad member that has not condemned Russia’s invasion of Ukraine. It has refrained from taking sides and abstained from voting against Russia at the U.N. or criticizing President Vladimir Putin.

Japan, meanwhile, has imposed financial sanctions to isolate Russia, including export controls on hightech products.

The Japanese investments in India touched $32 billion between 2000 and 2019, mainly in the automobile, electrical equipment, telecommunications, chemical, insurance and pharmaceutical sectors. Japan has

Pope Francis arrives to attend his weekly general audience in the Paul VI Hall at the Vatican on Jan. 26, 2022. The Vatican has on Saturday, March 19, released the document laying out Pope Francis’ long-awaited reform of the Holy See bureaucracy. The 54-page text, entitled “Praedicate Evanglium,” or “Proclaiming the Gospel,” replaces the founding constitution “Pastor Bonus” penned by St. John Paul II in 1988. AP Photo/Alessandra Tarantino

By Nicole Winfield The Associated Press

Indian Prime Minister Narendra Modi walks with his Japanese counterpart Fumio Kishida in New Delhi on Saturday, March 19, 2022. Kishida is meeting with Modi to strengthen their partnership in the IndoPacific and beyond in view of China’s growing footprint in the region, an Indian official said Thursday.

AP Photo/Manish Swarup

also been supporting infrastructure development in India, including a high-speed rail project.

The bilateral trade between India and Japan for 201920-20 crossed $11.87 billion, according to government data. India’s exports to Japan amounted to $3.94 billion while In-

dia’s imports from Japan stood at $7.93 billion.

In September, the Quad leaders announced Japan would work with India on a $100 million investment in Covid-19 vaccines and treatment drugs.

Kishida will end his India visit on Sunday. AP

Saudi Arabia says Houthis target its energy facilities

D

U B A I , Un ite d A r ab Em i r ates—Yemen’s Houthi rebels unleashed a barrage of drone and missile strikes on Saudi Arabia early Sunday that targeted a liquefied natural gas plant, water desalination plant, oil facility and power station, Saudi state-run media reported.

The attacks did not cause casualties, the Saudi-led military coalition fighting in Yemen said, but damaged civilian vehicles and homes in the area. The salvo marked the latest escalation in Houthi cross-border attacks on Saudi Arabia as peace talks remain stalled and the conf lict that has laid waste to much of Yemen since 2015 rages on.

The attacks also came as Saudi Arabia’s state-backed oil giant Aramco announced that its profits rose 124% in 2021 to $110 billion, a big jump amid renewed anxieties about global supply shortages, soaring oil prices and a recovery in fuel demand from the coronavirus pandemic.

Aramco, also known as the Saudi

Arabian Oil Co., released its earnings report on the heels of weeks of intense volatility in energy markets triggered by Russia’s invasion of Ukraine. Punitive sanctions on Russia, among the world’s largest exporters of crude and petroleum products, have unleashed turmoil in an already-tight energy market.

Saudi Arabia and the United Arab Emirates have so far resisted Western appeals to increase oil production to offset the loss of Russian oil as gasoline prices skyrocket.

The international oil benchmark Brent crude hovered over $107 on Sunday after nearly touching a peak of $140 earlier this month.

Yehia Sarie, a spokesman for Yemen’s Iran-bac ked Hout hi rebels said the group had launched “a wide and large military operation into the depth of Saudi Arabia.”

T he m i l it a r y coa l it ion sa id it thwarted an attack on a liquefied gas plant at a petrochemicals complex in the Red Sea port of Yanbu run by Aramco. It wasn’t immediately clear if

the attack had inf licted any damage on the plant.

Other aerial strikes targeted a power station in the country’s southwest, a desalination facility in Al-Shaqeeq on the Red Sea coast, an Aramco terminal in the southern border town of Jizan and a gas station in the southern city of Khamis Mushait, the coalition said.

The extent of damage was unclear.

The official Saudi Press Agency posted various photos of firetrucks dousing leaping f lames with water hoses, as well as wrecked cars and craters in the ground allegedly left by the series of drone and ballistic missile strikes.

The barrage comes after the Saudibased Gulf Cooperation Council invited Yemen’s warring sides for talks in Riyadh aimed at ending the war— an offer dismissed out of hand by the Houthis, who demanded that negotiations take place in a “neutral” country.

Peace talks have floundered since the Houthis have tried to capture oilrich Marib, one of the last remaining

strongholds of the Saudi-backed Yemeni government in the country’s north.

Yemen’s brutal war erupted in 2015, after the Iran-backed Shiite Houthis seized the country’s capital, Sanaa, and much of the north. Saudi Arabia, fearing an Iranian presence on its border, and other Arab states launched a devastating air campaign to oust the Houthis and restore the internationally recognized government.

The conf lict in Yemen has settled into a bloody stalemate, with Saudi Arabia and its allies struggling to turn the tide. Saudi-led coalition airstrikes have decimated infrastructure and struck civilian targets in Yemen like hospitals and wedding parties, drawing widespread international criticism.

Repeated Houthi attacks meanwhile have targeted the kingdom’s key oil refineries and export terminals.

Although rarely causing substantial damage, the strikes have rattled world energy markets and raised the risk of disruptions to Saudi output. AP

Neda...

Water.

He said there is a need to capacitate and strengthen the capacities of these water service providers as well like the LGU-run and LWUA-run water service providers. “ Water demand management needs communication strategy,” he added, adding that the Neda has already communicated its recommendation for the formulation of research and development agenda for water which calls for partnerships with the academe and water supply and sanitation partners and experts.

Neda has a work plan developed to continuously monitor and update the progress towards the achievement of PWSSMP goals and targets.

For his part, Sevillo David, Executive Director of the NWRB as far as groundwater is concerned, cited a Japan International Cooperation Agency (JICA) study where experts identified at least 9 water constraint areas: the cities of Baguio and Angeles, in Luzon including Metro Manila; Iloilo, Bacolod and Cebu in the Visayas; and Davao City, Zamboanga City and Cagayan de Oro City in Mindanao.

“Some of the issues that have been identified [such as] the lowering of groundwater level and effect of saltwater intrusion [are] evident

due to over extraction of groundwater,” he said.

According to David, there’s significant deficit in water supply in these areas during the summer season. “Some of the cities in NCR and Metro Cebu exceeded the safe yield or recharge rate with several conde of depression,” he said.

David said the NWRB had embarked on a project on Groundwater Studies in these constraint areas— eventually extended elsewhere because of availability and sustainability of these groundwater resources.

“Critical in the groundwater management studies is the conduct of comprehensive water resources assessment—essentially, river basin,” he said.

Bet ween 2013 a nd 2019, 11 Ground Management Plans have been completed. These are for the Iloilo and surrounding areas, Cagayan de Oro City, Angeles City,’ Baguio City, Metro Manila and Cavite, Bacolod City, Zamboanga City, Metro Cebu, Tagbilaran City and Batangas City.

Meanwhile, to analyze the interaction with groundwater resources, five comprehensive water assessments of river basins were completed: Agno river basin, Panay river basin, Davao river basin, the Jalaur River Basin, and the Bicol River Basin.

The NWRB executive director said the government is working on groundwater management plans for Masbate city, Laguna and Bulacan and similar River basin study for Cagayan River Basin and Tagoloan River Basin.

“We have realized, it appears that we have abundant water resources, but...freshwater is being threatened in terms of availability because of degraded water quality, including saltwater intrusion in some areas particularly coastal areas; pollution that has been affecting our surface water has been a very big factor on the availability of water,” he said.

“Another issue is the over-extraction or unregulated extraction of groundwater,” he added.

“Some of these are also extracting and the NWRB is doing or actively pursuing these groundwater users,” David said.

On top of that, David said groundwater is now becoming vulnerable to contamination from pollution being disposed of households, and industries including agricultural areas.

He said unregulated extraction of groundwater is becoming an issue due to the slow recharge of aquifers, especially because of climate change wherein water is the most impacted as far as natural resources are concerned.

Continued from A12

Citing a report from Water.Org, he said a total of 4 million people in the Philippines still practice open defecation, while an additional 3 million are limited to using unprotected pit latrines or buckets.

“Fragmentation in the management and regulation of MWSS services impedes the implementation of long-term solutions and hinders the attainment of universal access targets,” he said.

Planta cited a need for institutional coherence to successfully implement the Philippine Water Supply and Sanitation Master Plan, which serves as the National Action Plan to achieve the SDG.’ This means establishing water supply and sanitation sector institutions and the creation of an apex water body through legislation. Another solution is the creation of a unified Water Regulatory Commission, as currently, there are many regulatory bodies.

Planta said there are 25,000 water service providers in the Philippines and the high-end water service providers are Maynilad and Manila

R

OME—Pope Francis released his long-awaited reform program of the Holy See bureaucracy on Saturday that envisages greater decision-making roles for the laity and gives new institutional weight to efforts to fight clerical sex abuse.

The 54-page text, titled “Praedicate Evanglium,” or “Proclaiming the Gospel,” replaces the founding constitution “Pastor Bonus” that was penned by St. John Paul II in 1988.

Francis was elected pope in 2013 in large part on his promise to reform the bulky and inefficient Vatican bureaucracy, which acts as the organ of central governance for the 1.3-billion strong Catholic Church. He named a Cabinet of cardinal advisers who have met periodically since his election to help him draft the changes.

Much of the reform work has been rolled out piecemeal over the years, with offices consolidated and financial reforms issued.

But the publication of the new document, for now only in Italian, finalizes the process and puts it into effect in June.

The document was released Saturday, the ninth anniversary of Francis’ installation as pope and the feast of St. Joseph, an important figure to Francis’ ministry.

The new reform emphasizes the missionary and charitable focus of the church as well as the need for the Vatican to be at service both to the pope and local dioceses. It envisages greater roles for laity, making explicitly clear that lay people—not just priests, bishops or cardinals—can head a major Vatican office, and that all staff should reflect the geographic universality of the church.

In one of the major changes, it brings the pope’s advisory commission on preventing sexual abuse into the Vatican’s powerful doctrine office, which oversees the canonical investigations of abuse cases.

Previously, the Pontifical Commission for the Protection of Minors existed as an ad hoc commission that reported to the pope but had no real institutional weight or power. It often found itself at odds with the more powerful Congregation for the Doctrine of the Faith, which reviews all cases of abuse.

Now the advisory commission is part of the newly named Dicastery for the Doctrine of the Faith, where presumably its members who include abuse survivors can exert influence on the decisions taken by the prelates who weigh whether predator priests are sanctioned and how.

Cardinal Sean O’Malley, who heads the pontifical commission, welcomed the change and said it was evidence of Francis’ effort to promote a stronger culture of safeguarding within the Vatican and wider church.

“For the first time, Pope Francis has made safeguarding and the protection of minors a fundamental part of the structure of the church’s central government: the Roman Curia,” O’Malley said in a statement. “Maintaining its status as a separate body within the dicastery that enjoys direct access to the Holy Father and with its own leadership and staffing, the renewed and re-affirmed Pontifical Commission will play an increasingly incisive role in ensuring the church is a safe place for children and vulnerable persons.”

Other changes involve making the pope’s personal envoy for charity and alms into the head of a dicastery in its own right, making clear the importance that this service-oriented job has for Francis. The position is currently headed by Polish Cardinal Konrad Krajewski, who recently headed a humanitarian mission to Ukraine on behalf of the pope.

In addition, two Vatican offices for evangelization are merging into one Dicastery for Evangelization. Previously the Vatican had an entire parallel bureaucracy dedicated to supporting the church in the developing world where Catholics are a minority, with another office dedicated to reviving the faith in countries where Catholicism is already heavily present. The new office combines them and is headed by the pope, assisted by two deputy prefects.

Overall, the reform document calls for a “healthy decentralization” to give more decision-making authority to local bishops rather than have Rome continue to be the central clearing-house for governance decisions. But the text also makes clear that such authority cannot touch on matters of “doctrine, discipline and communion,” a warning that individual bishops conferences cannot stray from core tenets of church teaching.

It seeks to break down the siloed nature of the bureaucracy, in which each congregation operated on its own fiefdom, by seeking to encourage greater communication and collaboration among offices.

In a break with the past, it calls for the heads of Vatican offices to meet regularly as a group with the pope rather than just individually. In essence, it calls for the Vatican bureaucracy to function more like a Cabinet that meets regularly with the head of state.

It makes clear that each “dicastery” as the departments are known, are considered equal to one another. Previously the Vatican secretariat of state had an outsized role of influence and importance, followed closely by the Congregation for the Doctrine of the Faith. Now, all dicasteries are equal.

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, March 21, 2022 A9

Rice imports rise by a fifth in first two months

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE country’s rice imports in the first two months of the year jumped by a fifth to 560,266.99 metric tons (MT) from last year’s 462,573.95 MT, according to the latest government data.

Bu re au of Pl a nt I ndu st r y (BPI) data released to the public showed that 280,405.712 MT of rice entered the country in January and 279,861.278 MT arrived last February.

During the two-month period, eligible rice imports and traders used a total of 762 sanitary and phytosanitary import clearances (SPS-ICs).

BPI data also indicated that 46,576 MT of rice were imported in the first three days of March, raising the total volume imported since the start of the year to 606,842.99 MT.

Over 90 eligible rice importers and traders purchased the staple from abroad during the period.

Vietnam remained as the country’s top supplier of imported rice as it accounted for 74 percent of the total volume from January 1 to March 3 or about 448,627.3 MT. It was followed by Thailand and Pakistan with 61,504.875 MT and 37,170 MT, respectively.

Manila-based Bestow Industries Inc. was the top rice importer during the period, accounting for 71,195 MT, followed by Pioneer Agritrade Resources Inc. which imported 29,660 MT. The government, through the Tariff Commission (TC), has started its formal investigation into the merits of extending the lower tariff rate on rice imports, which benefits grain exporters outside of the Asean region.

Last year, President Duterte issued

Executive Order 135 which lowered the tariff on rice imports to 35 percent until the end of May. The National Economic and Development Authority has proposed the extension of the validity of the lower tariff rate until the end of the year.

The BusinessMirror broke the story that the country’s rice imports last year expanded by 32 percent to 2.771 million MT, the second-largest import volume recorded by the Philippines.

BPI data showed that total rice imports last year rose by 672,000 MT from the 2.099 MMT recorded in 2020.

Vietnam remained as the country’s top supplier of rice as it accounted for 85 percent of the total import volume or about 2.36 MMT. The country’s rice imports from Vietnam last year rose by 29 percent

BUSINESMIRROR FILE PHOTO

PhilMaize: Local corn still cheaper than imports from US, Brazil

T

HE Philippine Maize Federation Inc. (PhilMaize) on Sunday said there’s no need to reduce tariffs on corn as local corn is still cheaper than imports from the United States and Brazil.

PhilMaize claimed that the price of local corn nationwide averaged at P21 per kilogram (kg), which is P3 lower than the average price of P24.50 per kg for imported corn from the US and Brazil.

“It is rather disturbing why we want to favor other nations’ corn when our own is much cheaper and could help our local corn farmers in the country,” PhilMaize said in its position paper on the proposed tariff reduction on imported corn.

The National Economic and Development Authority (Neda) had proposed to lower corn tariffs to 5 percent for in-quota imports and 15 percent for outquota volume until the end of the

year. On top of this, Neda also recommended the expansion of the corn minimum access volume (MAV) to 4 million metric tons (MMT) from the current MAV of 216,940 MT. The Tariff Commission conducted a public hearing last week regarding the proposed tariff reduction on corn imports.

Disputing statements from unidentified “self-interest groups,” PhilMaize said there is no empirical study showing the “direct correlation” between corn prices and prices of meat products in the market.

“Data from the economic studies have shown that there is no empirical direct correlation on corn prices against increases or decreases of meat and poultry prices in the market contrary to claims of the self-interest groups that made the corn industry more vulnerable in the advent of ASF [African swine fever] and now implicated in the RussiaUkraine war.”

PhilMaize said the 4-MMT MAV, which is about 73.53 percent of the country’s annual corn production, would “expressly kill” the local corn industry. The group noted that the country’s annual corn imports average 380,000 MT. “This volume (4 MMT) will effectively discourage farmer’s intention to plant, disrupt farmer’s incomes and deprive our farmers of their fundamental rights to livelihood and ultimately abandon corn farming.”

PhilMaize said the 4-MMT MAV, once approved, would lead to the displacement of Filipino corn farmers, who could incur income losses of at least P5.4 billion.

“If for example the price of corn dropped by P1.00 per kilo it would translate to P5.4 billion loss of revenue or at P10.8 billion if the corn price dropped to P2.00 per kilo.”

PhilMaize reiterated its appeal to the government to support local corn production by providing the necessary funds and implementing the required interventions.

“There is a need for Neda, DA [Department of Agriculture] together with the DBM [Department of Budget and Management] to collaborate and put forward financial and development resources for the corn sector in order for us to face squarely whatever challenges we may face, especially in times of crisis.”

Jasper Emmanuel Y. Arcalas

‘Ka’ Leody vows to repeal rice tariff law, boost food production

By Rizal Raoul Reyes @brownindio

P

ARTIDO Lakas ng Masa’s Leodegario “Ka Leody” de Guzman vowed to strengthen the agriculture sector to address the country’s food security challenges if he is elected as president.

“It is quite important to address the malnutrition problem, especially among the Filipino children,” de Guzman said in Filipino during the first leg of the Commission on Elections’ Presidential Debate 2022 held last Saturday.

“I will also repeal the rice tariffication law and craft a new roadmap for the agriculture sector.”

De Guzman said the revival of the manufacturing sector is “urgent” as it can help the country produce its own requirements and allow the

Philippines to end its dependence on imported products.

He said the country must ensure “strong state participation,” with the government allocating more resources to serve the majority of the Filipinos.

De Guzman also said the government must play an active role in education, transportation and other public services, noting that the current economic system is “only benefiting the capitalists.”

As far as the government’s handling of the pandemic is concerned, de Guzman said it is the responsibility of the government to look after the health needs of Filipinos.

He said the country needs a “proactive approach” in handling future pandemics. “There should be a sufficient budget for health.”

De Guzman said a comprehensive

program should be put in place to address the food and nutrition needs of Filipinos.

He said the Department of Health must increase its personnel from the barangay to the national level to be able to reach more Filipinos.

“We also need to establish a research and development center so the country can develop locally-produced vaccines and at the same time lessen the dependence on foreign brands,” de Guzman said.

“We need to put competent and honest people in the Department of Health to avoid graft and corruption.”

A labor leader since 1984, de Guzman is the chairman of the Bukluran ng Manggagawang Pilipino. He wants to put in place a billionaires tax, ban contractualization, and abolish employment agencies.

from 1.828 MMT in 2020, based on BPI data.

Davao-based Nan Stu Agri Traders was the top rice importer last year, accounting for 169,774.95

MT, followed by Manila-based Bestow Indu st r ies Inc. w it h 129,339.28 MT. A total of 154 entities imported rice from Cambodia, China, In-

dia, Italy, Japan, Korea, Myanmar, Pakistan, Singapore, Spain, Taiwan, Thailand and Vietnam last year. The figure was lower than the 193 entities recorded in 2020.

A10 Monday, March 21, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Enemies and allies

W

hen saber-rattling turns to “saber-stabbing” as has happened in the Ukraine, one important thing occurs. As in all conflicts, even in the schoolyard, we “pick teams.”

President George W. Bush said on September 20, 2001: “Every nation, in every region, now has a decision to make.

Either you are with us, or you are with the terrorists.”

Osama bin Laden said three weeks later: “I say these events have split the whole world into two camps: the camp of the faithful and the camp of infidels.”

Jesus of Nazareth in Matthew 12:30 is translated in one version as, “This is war, and there is no neutral ground. If you’re not on my side, you’re the enemy.” Some serious language from the “Prince of Peace.”

There is nothing wrong with separating allies from enemies. Sun Tzu in the Art of War wrote, “It is a dangerous thing to attack a country which has many powerful allies.” The idea is to avoid war if you can convince the other side to surrender before the battle begins.

But when the dogs of war have been released, it is important to create the “us or them” mentality in everyone who help or hinder your cause.

However, not all “friends” are created equal. Neither are “enemies.”

It would be easier if there were clear lines between the good guys and the bad guys, but for all the rhetoric, that is not the case. In a moral sense, there might be. But in a realistic world those lines are moved by what is in our own self-interest.

Both Catholicism and Islam were spread by the slash of the sword and “convert or die” is not a new concept.

At the United Nations, the Philippines denounced what it considers as the “invasion of Ukraine,” voting to support a United Nations General Assembly resolution that “condemned Russia’s actions against its neighboring country.” That is the proper moral stance.

Russia now has an “enemies” list that stretches from the European Union to Taiwan and will settle its debt obligations in now near-worthless rubles. The Philippines is not on that list.

It is good to remember though that when the US first placed economic sanctions on Iran in reaction to its nuclear enrichment program, the US asked help from the Philippines. US State Department representatives were dispatched around the globe seeking assurances that nations would not buy Iranian oil. Although at that time our oil purchases from Iran were about 2 to 4 percent of our total requirements, we were asked to stop doing business with Iran.

How can we say “no” to Uncle Sam especially when we were told it was in our “best interests”? That phrase is only a few steps from “an offer we can’t refuse.” China being an “unequal” friend of the US ignored the friendly reminder of “best interests.”

President Duterte reiterated that the Philippines is maintaining its “neutrality” on the ongoing hostilities that have affected the global economy. Vice-presidential candidate Walden Bello said, “Let’s condemn the invasion, but let’s not get dragged into taking the US’s side in this conflict.”

March 10, 2022: “Ukraine has called for the Philippines’ business community to stop business dealings with Russia.” Total bi-lateral trade both ways is $1 billion, so stopping trade with Russia will not have a significant impact either way. But would it be improper to ask what is in it for us?

Ukraine-China bi-lateral trade was $15 billion, with China the largest importer of Ukrainian barley and about 30 percent of China’s corn imports last year. Any chance that Ukraine would stop its business dealings with China until the People’s Republic gets out of our Exclusive Economic Zone?

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Strategies to make people stay Atty. Jose Ferdinand M. Rojas II

RISING SUN

O

ne of the things some workers like about working from home is that they are able to concentrate more on their tasks, avoiding distractions caused by officemates and other things that usually affect productivity in the office.

Of course, there are those who like working in the office better because, for them, the home has more distractions. However, for this column, I would like to look at the tools that may help those workers who are resisting going back to the office because they are more productive at home. Worse, their resistance is so high that some of them are even contemplating resignation just to avoid the

daily commute and other everyday challenges related to working in a physical office.

Based on a study done recently

by Rennselaer Polytechnic Institute, when office employees’ concentration suffers because of distractions, it would help to expose them to nature sounds to help them regain focus.

Examples would be the sound of a rushing stream, a rainy night, or a forest full of birds.

Reframing the way we look at time management is another way to help the office-based employee. It’s time to break the notion of people that time management is solely about boosting productivity. We need to start looking at it as a tool to make workers happy, engaged, energized, and motivated.

Wharton Management professor Michael Parke said that there are days when we all should work with a contingency plan, as opposed to a regular daily work plan. The former takes into consideration the possible distractions that may appear and affect our work. This way, we can prepare for them, in case they do happen.

There are organizations that conduct one-on-one stay interviews, as opposed to exit interviews, to find out what the problems are before an employee actually leaves the company. Questions like “What would make you leave?” can bring to light potential problems. Managers can strategize on a solution before the issue explodes.

Finally, revisit the four-day workweek suggestion by the National Economic and Development Authority, which is also being supported by the Department of Labor and Employment. But don’t look at that alone, consider offering your workers other flexibility tools like e-mail moratorium on the off-hours, the “right to disconnect,” or reserving people’s most productive hours for focused brain work instead of attending lengthy meetings or seminars.

At a time when some workers would rather resign than go back to the office, employers and managers need a better strategy to motivate their good people enough that they will choose to stay rather than consider other options. Several studies suggest that the key is to find more ways to make them happy at work, rather than focusing on ways to make them productive. Indeed, a happy worker is often a more productive worker.

Remote work: The changing labor market Dr. Rene E. Ofreneo

LABOREM EXERCENS

A

n interesting policy debate on the work-from-home (WFH) arrangement is consuming the DTI, DOF and PEZA. The WFH was adopted by a number of the call center-BPO sector firms in response to the Covid-19 pandemic. It enabled these ecozone firms to avail themselves of PEZA fiscal incentives and maintain, even expand, business operations despite the government restrictions on workers’ mobility. PEZA and the IT and BPO Association want the “hybrid” WFH system retained. Per an earlier agreement with the DOF-led Fiscal Incentives Review Board (FIRB), CC/ BPO firms are allowed to keep as much as 90 percent of their work force at WFH system until the end of March 2022.

On the other hand, the DTI and DOF, anxious to see a revival of the economy in sites hosting the CC/ BPO firms, want an end to the hybrid WFH arrangement. The once swanky CC/BPO sites have become ghost towns. The DTI expects the spending by swarms of CC/BPO employees, who are generally paid above the minimum wage, to breathe life to the businesses of the building lessors and the micro-small enterprises that mushroomed in these CC/BPO sites.

There is great resistance to the DTI-DOF position. Not only among the CC/BPO firms but also among the IT/ICT employees themselves. For all the suffering it wrought, Covid had a positive and liberating impact on IT/ICT employees who are tired of the exhausting and time-consuming urban commuting and the drudgery of doing 8-hour night/day work in enclosed cubicles within high-rise air-conditioned buildings. At least, they are able to gain extra hours for

family and enjoy a certain degree of autonomy and flexibility. In short, there is a better work-life balance.

The reality is that the WFH system is sweeping other non-CC/BPO service industries. Filipinos, together with the Indians, are leaders in the online freelancing business in Asia and in the world. There are thousands of Filipino teachers providing online English tutorials to Japanese, Korean, Chinese and other nationals.

And a growing number of Philippine retailing and other service industries such as Shopee have been instituting hybrid WFH arrangements.

Of course, it is not all roses for WFH workers. First, the country has a terribly inefficient and undeveloped Internet infrastructure. Access to high-speed Internet connection is crucial in WFH arrangement.

Not surprisingly, a major focus of the “great renegotiation” among the WFH employees and their employer principals is on how to develop the

WFH facility at home. Employees generally ask for a high-speed computer plus allowances to cover the cost of Internet connection and electricity consumption at home.

Secondly, observance of labor standards are somewhat hazy or blurred. Under a less-publicized Telecommuting Act of 2018 (RA 11165), WFH employees are supposed to be entitled to the rights granted by the Labor Code to other workers. For example, a WFH employee should be accorded the same treatment given to an onsite employee such as having equal or equivalent work load, access to training, employee appraisal and so on.

Similarly, a WFH should be given fair or equal treatment when it comes to pay or compensation, benefits and rest days. A WFH employee should also enjoy equal access to safety and health services.

Moreover, a WFH employee cannot be dismissed without an explicit “just” or “authorized” cause. Just cause refers to a serious infraction or violation of company rules. Authorized cause includes the following conditions: installation of laborsaving device, redundancy, retrenchment to prevent losses and closure or cessation of operation of business.

But is DOLE able to enforce the above provisions of the Telecommuting Act and the Labor Code? Not much is written about this.

However, a number of trade union leaders are wary of the proliferation of WFH arrangements and the inability of government, especially of DOLE, to monitor the work situation of those doing online work. First, the shift to telecommuting arrangement is supposed to be a byproduct of an agreement between the employer and the employee,

meaning there is consultation-dialogue and there’s mutual consent in the adoption of this work system.

And yet, there are no official monitoring reports on WFH work situation and if the envisioned employeremployee negotiation/dialogue is indeed happening.

Trade unions also complain that the WFH mode can be a means for the intensification of the work being done by an employee without the firm giving any corresponding income/compensation for such intensification. Are there metrics or standards to measure what is the ideal output per employee in a WFH system? What is fair and just work online? DOLE and ILO need to institute science-based studies on this topic.

To conclude, WFH and contractual distancing are new developments in the world of work. The global pandemic and economic crisis, together with the digitalization revolution, are pushing industries to go digital and arrange work in a hybrid fashion, with some reporting to a physical office and many to work from home. Is this the wave of the future? If so, it is better for DTI and DOF to go beyond their narrow call to go back to the pre-pandemic work-from-cubicles in high-rise buildings. They need to do a more serious development visioning of the way forward in an increasingly digital world.

And yes, DOLE, employers and the trade unions also need to sit down and discuss what are the terms of work engagement in this digital world.

Dr. Rene E. Ofreneo is a Professor Emeritus of the University of the Philippines.

For comments, please write to reneofreneo@ gmail.com.

Opinion BusinessMirror

www.businessmirror.com.ph

ax financing T a bankrupt state

The 10 spies Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Second part

I

T is worrisome that a country such as the Philippines has accumulated substantial debts amounting to P12.3 trillion as of end of January 2022; continues to be burdened by much-needed expenditures for services and debt servicing, all amounting to P5.809 trillion for 2022; and is unable to generate the commensurate finances and earnings to shoulder these obligation, as expected revenues for this year are only at P3.289 trillion. The perfect ingredients leading to a perfect storm of a bankrupt state.

This fiscal and debt amortization deficit will primarily be financed by borrowings and tax collections. The government relies primarily on this source for financing its expenditures and obligations. For 2022, tax collections are estimated at P3.129 trillion.

I present my thoughts on tax financing. Culling from my experiences as a former Commissioner of the Internal Revenue and tax practitioner for over 40 years, I state that there are low-hanging fruits that can be picked up to soar the tax collection efforts of the BIR and the Bureau of Customs.

It is evident that there is the need to immediately effect quick measures to shore up tax collections. I do not recommend the passing of new tax measures by Congress as a solution.

Our citizens are already drowning in so many expenditures and increasing their taxes at this time is not humane and politically correct.

There are suggestions of imposing a tax on the super-wealthy. The mindset for these thoughts is that the super-wealthy can well afford to pay more taxes compared to the greater majority of us ordinary taxpayers.

There are ongoing discussions here and in other countries of imposing additional impositions on the wealth or earnings of the super-rich. In the USA, President Biden is pushing for the additional tax on the income of the billionaire taxpayers. The United Kingdom, parliament is discussing legislating a windfall tax on corporations that made super-profits during the pandemic. In the Philippines, House Bill 10253 made the rounds of the halls of Congress proposing that individuals with taxable assets that exceed P1 billion should pay a 1 percent tax, while a tax of 2 percent is imposed on taxable assets over P2 billion, and 3 percent for over P3 billion. To date, not one of these tax measures of the countries mentioned has been passed into law. Definitely these propositions can generate zil-

lions of additional taxes, but at the same time, this may result in capital or wealth flight out of the country, a disincentive for new business investments, and the birth of new tax avoidance schemes from the tax advisers of the super-wealthy. In the case of the Philippines, a more deliberate study of this proposal should be made, to include the mechanics and the resulting impact of this. If this measure is to be seriously considered, I suggest that this tax measure is to be exercised only for a limited period of time and not be adopted in perpetuity. A “super-wealthy tax for the immediate recovery of a bankrupt state” for the next three years may be more appealing to the “more wealthy” taxpayers and may avoid the negative repercussions of this tax measure.

Even when I was the BIR Commissioner more than 10 years ago, I have always invoked that enhancing the efficiency of tax administration and collection should be favored over whimsical legislation of new tax laws. There are ample areas in tax administration processes, systems, and procedures that can be improved to bring in higher levels of taxpayer compliance and collection of taxes. There are existing technologies that can be adapted quickly to bring in enhancements in the tax processes. I will discuss these in next weeks’ column.

(To be continued) Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979.

This column accepts articles for potential publication from the business and academic community.

Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

Czech embassy slams Russian envoy for ‘manipulating information and the truth’

T

he propagation of fake news and disinformation has been a recurring problem globally. With the advancement of technology, many powerful forces have also taken advantage of the accessibility of information to forward agendas based on lies and deceit.

In turn, many have been led to believe fabricated realities that negatively affect and divide even the most peaceful communities.

Overnight, a major Philippine news outlet published an opinion article by the Russian Ambassador to the Philippines Marat Pavlov, justifying the Russian government’s actions against the people of Ukraine and warning the Filipino people of information provided by “Western media outlets.”

The Embassy of the Czech Republic in Manila strongly condemns this act of manipulating information and the truth by the Russian ambassador. By manipulating information, the Russian ambassador seeks to erase the objective truth of the effects of Russian invasion, in turn, destabilize and divide public opinion to have support in forwarding its own interest in the occupation of Ukraine. The Czech Republic strongly upholds its stand

that the war launched by Russia can never be justified, especially with the hundreds of civilian casualties and billions of infrastructure damages it has cost Ukraine.

Moreover, the Embassy of the Czech Republic stands firmly with the decision of the United Nations International Court of Justice with its provisional order on Russia to end its attack on Ukraine and instantly cease the military operations launched three weeks ago.

While the Russian government is expected to constantly push its “West vs Russia’’ narrative and use its machinery to propagate misinformation, the objective truth of this act of war is that the civilian populations of Ukraine, and even Russia, with the harsh economic sanctions, are already suffering from the effects of its attack. The ongoing war has also affected the Philippines and other economies such as the continuous increase in gas prices.

This only shows that there is a need for all nations to be involved regardless of their geographical position.

The Embassy of the Czech Republic in Manila strongly urges Philippine media companies to be vigilant against false information and closely monitor the ongoing situation in Ukraine.

U

tterly fascinating how “chismis”—the art of Filipino gossip —has evolved over the years. Not too long ago, when neither a telephone nor a computer was visible in any household, young and old alike would gather around for a usual “chit-chat.” No time was designated as appropriate as long as mischievous Filipinos kept recklessly thinking with their careless mouths. Fast forward to the digital age, nosy parkers elevated this art of gossip using digital platforms to exponentially spread what they actually consider as tell tales yet disguised as news.

Case in point was how the campaign team of then presidential aspirant Rodrigo Duterte in 2016 dominated the information stadium.

Months before the presidential elections, Duterte’s team unearthed the power of Facebook that eventually led to victory. With some training from Facebook employees about setting up a campaign space and manipulating content to attract followers, hundreds of Duterte volunteers systematically distributed campaign messages across networks that included both real and fake Facebook accounts. Such propaganda machine became so vast that it used all kinds of tricks of the trade to entice “likes, comments, and shares” of a seemingly harmless post. When the Duterte campaign team was shown a live Facebook video of then US President Barack Obama anticipating his State of the Union speech in 2016, the team realized such unscripted video clip reaped more views than Obama’s actual address to Congress. Pursuant to this useful tactic, 2016 Duterte video clips had little or no script or rehearsals, exposing his vulnerable self to gain more attention. Such candidness led to many followers, which evolved into supporters and voters, myself included.

Sadly, Facebook could not stop the meteoric rise of even these inauthentic pages and fake accounts. Two months prior to the May 2016 polls, one of the Duterte campaign’s Facebook pages ran a supposed endorsement by Pope Francis that said— “Even the Pope Admires Duterte” beneath the Pope’s photograph. The Catholic Bishops’ Conference of the Philippines has since denied the said statement and begged the public to stop spreading this fake news. Unfortunately, such plea did not deter the Duterte Die-Hard Supporters (DDS) from pursuing the digitally enhanced “chismis-spreading,” long after their candidate won the elections. This propaganda-heavy pot boiled, cooked, steamed and roasted anybody and everybody against President Duterte. It even went to

the extent of vilifying a senator and human rights defender to the hilt that paved the way to an unjustified imprisonment for five years and counting. The recipe for destruction was simple—distribute content of trumped-up charges on all media platforms to damage the reputation of Senator Leila de Lima.

Weaponized by political machineries, this year’s national election is a repetition of 2016 with as much viciousness, if not more! The camp of presidential aspirant Bongbong Marcos has learned from the Duterte magic and has heavily invested in time and resources in all media channels, at the onset! Hence, his lead in the surveys is the direct impact of early propaganda warfare! Fortunately, this time around, some account administrators have monitored and shut down fake accounts. For instance, social media platform Twitter suspended over 300 accounts in Marcos’ network for violating the company’s manipulation and spam policy—by using “inauthentic or automated accounts” or engaging in “inauthentic behavior.” Facebook is slowly catching up as it has monitored multiple accounts (trolls and bots included) that are rewriting Marcos history.

What is worse, however, is that I see legitimate FB users from among my friends in the military and in the legal profession have helped in fanning the flames of misinformation.

In the international arena, President Putin of Russia has amplified the same propaganda as it has apparently trampled on the rights of free media. Unlike our country where democracy is seemingly in excess, Russia under Putin has effectively clipped free media during its war against Ukraine. Putin has given orders to all media outlets to release state-sanctioned content only. Information against the Russian Federation narrative, which claims that the military invasion of sovereign Ukraine is a mere “special military operation,” remains prohibited for dissemination and a

Monday, March 21, 2022 A11

basis for prosecution. The Atlantic, a reputable media channel, disclosed that the means to this end could be candidly brutal or tame, but potent nonetheless. Information control includes shoving inquisitive journalists by an army or passing laws and setting legal traps to “constrict the space available for independent media.” For Putin, owning the media is like an owner exercising its right to control his “tenants.” Especially on political views, President Putin has brandished the baton or the whip for everyone to obey.

In 2014, a Russian TV station (TV Dozhd) polled viewers anent the Soviet Union allowing the Nazis to capture Leningrad to save the lives of an incalculable number of Russians dying during the Siege.

This must have pierced the wounds of many citizens, including Putin, whose families starved and died in Leningrad. Not long after the poll, the TV station was cut off the air and the state suspended all of the broadcasts of TV Dozhd. Before its suspension, TV Dozhd was the only remaining television channel in Russia that delivered reports untainted by government influence. As it had been vocal about presenting sensitive issues such as corruption as well as the war in Ukraine, it was crippled by the Putin administration, similar to how ABS-CBN was practically shut down by the Duterte administration, through its cohorts in Congress. Both media outlets, TV Dozhd and ABS-CBN, have utilized the web as their refuge, at least for the time being.

The danger in this propaganda machinery is that more and more people are drawn and deceived into believing fabricated information.

An unconscious click of a finger could either save or destroy a person’s reputation. Hardly anyone has the time and energy to verify the veracity of information, save for professional fact checkers. The manipulation of information by reckless groups and individuals has slowly pushed the truth into irrelevance. With wrong information, one will have a different interpretation, and subsequently a different reaction! Information can poison one’s perspective, from being constructive to destructive! As one preacher said, the perspectives we have in our hearts dictate how we lead our lives as exemplified in the Biblical story of the 10 spies. Sent to scout the Promised Land, they returned with a bad report, fake news in those times, as they said: “There we saw the giants...and we were like grasshoppers in our own sight, and so we were in their sight.” (Numbers 13: 33) Whether those reports that the giants viewed the spies as grasshoppers was done by intent or negligence, the truth was that the

entire time, the giants were “terrified” of the Israelites having heard of their powerful God (Joshua 2: 9-11).

These spies not only misinterpreted what they saw but relayed the unverified opinion of themselves before the giants presented as fact. In the process, as the biblical account goes, God’s Chosen People spent unnecessary years before entering the Promised Land.

Truth matters most. In this Biblical spy story, however, the truth didn’t matter much as the spies’ PERSPECTIVE evidently defined their reality. In today’s political spy story, while we rely on social media and other sources of information as mirrors to remind us of what is real and true, we should remain cautious in allowing their power to influence our perspective. Most sensibly, what we read and believe in the news may well define how we feel about ourselves, how we respond to daily circumstances, how we rise above life’s challenges and eventually, how we thrive in life. Thus, should we permit all deceitful messages about our next set of leaders to influence our minds and our hearts, then we could carry the burden of a lengthy six-year period of chaos and regret.

If we continue looking into a warped mirror, one that delivers only fake news along the lines of falsehood, our reactions shall be based on only this disinformation. Fortunately, our Heavenly Father wants us to look into a consistent and unchanging mirror of His Word—that will help us gain the right perspective and walk a life worth living. God’s Word is filled with truths that define who we really are (righteous because of Jesus Christ, 2 Corinthians 5:21), among others. The more we behold these truth-bearing images from God’s mirror, and not from the warped mirror of earthly media, the more we allow these truths to lead a healthy and productive life!

Let’s avoid people who are in the mold of the 10 spies who delivered fake news to the Israelites. People like the 10 spies can deny us God’s enormous blessing, just like how the 10 spies delayed their arrival to the Promised Land. As these same spies, clothed in different attire, linger in today’s society, we should exercise discernment to stay away from such people. Tama na ang chismis!

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

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

Food security panics governments as war in Ukraine blocks supplies

By Irina Anghel and Megan Durisin Bloomberg Opinion

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ations around the world are waking up to the threat of a global food crisis and taking steps to secure their own supplies.

War between Russia and Ukraine, two of the grains powerhouses, has sparked panic about shortages, soaring prices and a potential squeeze on Russian fertilizer. That’s triggered export restrictions from Asia to the Americas, while the European Union signaled it will pivot its “whole approach” to agriculture policy to ensure food security.

The invasion of Ukraine, known as Europe’s breadbasket, jolted commodities markets, and countries responded by hoarding grains and cooking oil, or encouraging bigger harvests. The Group of Seven nations and the United Nations’ Food and Agriculture Organization are urging leaders to keep trade flows open, warning that protectionism can push prices higher and lead to

empty shelves in countries dependent on imports.

“Any stability that you get in the country that’s putting up the export ban is an instability exported to the rest of the world,” said Joseph Glauber, a senior research fellow at the International Food Policy Research Institute in Washington. “It has a cascading effect.”

EU officials will meet Monday to discuss making ways for making food supplies more secure. The proposals include allowing fallow land to be used for protein crops and offering support to the pig-meat industry.

Some countries are moving ahead on their own. Bulgaria, a major exporter, allocated government funds to increase its national grains reserve, with aims to purchase about

1.5 million tons.

In France, a feed producers association wants the government to stockpile the 800,000 tons of grains it needs every month, fearing the global appetite for cereals could deplete domestic supplies.

Outside the bloc, smaller shippers Moldova and Serbia restricted sales of such crops as wheat or sugar.

“It’s the copycat effect: ‘If you do it, then I’m going to do it, too,’” said Arif Husain, chief economist at the World Food Program.

“That’s something that you don’t need when you have a shock to the market anyway.”

The UN group—the largest humanitarian organization—is trying to reach at least 140 million people this year but only has half of the $20 billion it needs, he said.

Indonesia, the biggest producer of crude palm oil, is raising export duties to $675 a ton, based on current prices, from $375. The higher taxes will make it more profitable for companies to supply the domestic market, Trade Minister Muhammad

Lutfi said.

Argentina, the No. 1 shipper of soybean meal and oil, is blocking traders from registering cargoes for export, a move that usually indicates a coming tax increase. The country also is subsidizing its wheat-processing industry and threatening to rein in beef exports. It ranks high in global sales in both.

Even Egypt is banning exports of key staples such as flour, lentils and wheat for three months. The mostpopulous Arab nation is the biggest wheat importer, relying on the grain for pasta and a bread-subsidy program that feeds tens of millions of people.

Protectionism is spilling into the fresh produce aisle, as well. Morocco is cutting back its Europe-bound tomato exports to ensure upcoming Ramadan feasts because of the Ukraine war and a historic drought that’s crimping local harvests.

“The timing couldn’t be worse,” Jean-Michel Grand, executive director at Action Against Hunger UK, said of the restrictions.

A12 Monday, March 21, 2022

MARIKINENYOS ‘WON’T ALLOW’ BBM TO BE ‘CHEATED AGAIN’

Govt ramping up direct sale of food amid spikes in prices

T

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE government will intensify its program of directly selling food commodities to Filipino consumers to mitigate the expected price spikes arising from the economic challenges caused by the Ukraine-Russia war, Trade Secretary Ramon M. Lopez said on Sunday.

PRESIDENTIAL Candidate Bongbong Marcos waves the Philippine flag, joined by former MMDA Chairman and Marikina 1st District Rep. Bayani Fernando and UniTeam senatorial candidates at the Grand rally at River Bank in Marikina City at the weekend. ROY DOMINGO

T

ENS of thousands of Marikenyos on Saturday vowed to protect the votes which will be cast for survey frontrunner Ferdinand “Bongbong” Marcos Jr. in the May 9 elections.

“Hindi kami papayag na dayain ka! [We won’t allow you to be cheated again],” the crowd shouted in unison, interrupting the speech of the Partido Federal standard bearer during a grand rally held at the Marikina City Amphitheater on Saturday evening.

The audience was alluding to the allegations of massive cheating in 2016 when Marcos, then running for vice president eventually lost despite leading by huge margins against his rival

Leni Robredo. His camp cited apparent computer manipulations and machinations for his narrow loss, but lost the poll protest that he waged for years.

The vow “Hindi kami papayag na dayain ka [We won’t allow you to be cheated]!” roared repeatedly at the 20-hectare Riverbanks Center, Marikina City, as BBM-Sara UniTeam supporters shouted in chorus.

Some supporters said they were at the venue of the BBM-Sara UniTeam rally as early as 5 a.m.

Despite heavy rains, the UniTeam supporters stayed and waited for the arrival of Marcos, his running mate Inday Sara Duterte and their senatorial slate.

Shouts of “BBM! May nanalo

na! Marcos pa rin! Panalo ka na!” reverberated as they arrived.

Marcos said Marikina has clearly embraced the UniTeam’s desire for unity, as seen by the ecstatic cheers of the crowd.

He paused for a while in the middle of his speech as Marikeños shouted, “hindi kami papayag na dayain ka” in unison.

Marcos was obviously delighted and appreciative of their great desire to help and protect him.

“We won’t allow it [cheating].

Come May I will bring you tons of coffee, no one will go to sleep; when we sleep our fortunes fall,” he said, mostly in Filipino.

“No sleep, no sleep, no sleep!” the ralliers repeatedly chanted.

Lopez told reporters promoting modes of directly selling to supermarkets is meant to minimize the influence of middlemen on the prices of food products.

The Department of Trade and Industry (DTI) implements Presyong Risonableng Dapat Program (PRDP) that sells “cheaper” rice and frozen meat products in participating supermarkets and retailers as well as the Diskwento Caravans that seek to provide the consuming public with direct access to “reasonably-priced” quality food products.

“Promote modes of directly selling to supermarkets—minimize middlemen. Our program [is] to sell cheaper rice in participating supermarkets and retailers,” Lopez said on Sunday.

“Do more diskwento caravans mode where manufacturers di-

rectly sell to consumers; pilot test permanent Diskwento caravans in LGUs [local government units],” Lopez added.

The trade chief said there will be no price increases on rice, pork and chicken products if the government can remove the middlemen in the value chain. Lopez said they aim to prevent any price spikes across basic necessities and prime commodities.

“When we cut middlemen, we were able to sell status quo in rice and pork products,” Lopez said.

Lopez added that the DTI is now reviewing price adjustment requests submitted by some food manufacturers. Lopez did not name the specific industries or products, but pointed out that requests were made due to the impact of higher fuel prices.

He added that the price increase filed by food manufacturers was not more than 3.5 percent.

Last week, DTI Assistant Secretary Ann Claire Cabochan said fuel accounts for less than a tenth—on average—of the distribution costs of basic necessities and prime commodities in the country.

C a b o c h a n’s p r e s e n t a t i o n showed that canned sardines had the highest fuel share in terms of their distribution cost, ranging from 3 percent to 12 percent.

The share of fuel in the distribution cost of processed milk was at 5 percent; and in coffee, from 2 percent to 5 percent.

Fuel’s share in the distribution costs of canned meat ranged from 5 percent to 9 percent and for candles, 4 percent to 10 percent; for soap, 3 percent to 5 percent.

Cabochan told lawmakers that the DTI has been aggressive with its price monitoringduties,beinganimplementing agency of the Price Act. The DTI monitors 216 basic necessities and prime commodities regularly to ensure “reasonable prices” nationwide at all times. The price monitoring is done in key cities and municipalities on a weekly basis while monitoring in other areas is conducted on a monthly basis.

Neda exec: We need more TUCP filing investments to improve wage-hike water supply, sanitation petitions in 6 regions

By Jonathan L. Mayuga @jonlmayuga

M

ORE investments are needed to boost the country’s water supply and sanitation situation and eventually achieve the country’s Sustainable Development Goals (SDG) No. 6 targets, an official of the National Economic and Development Authority (Neda) said.

SDG No. 6 is about clean water and sanitation for all. Specifically, the goal is to “ensure availability and sustainable management of water and sanitation all.”

According to the United Nations, 129 countries are “not on track” to have a sustainably managed water and sanitation system.

Neda Undersecretary Roderick M. Planta said while the Philippines is blessed with abundant water, not all administrative regions are created equal and availability remains an issue. Speaking at a webinar organized by the Philippines Graphic and BusinessMirror entitled, “GroundWater: Making the invisible visible,” ahead of the celebration of World Water Day (March 22), Planta said, “depending on where you are, water stress is real.”

He warned that water stress in some areas is expected particularly due to population growth and urbanization.

According to Planta, the Philippines needs at least P1 trillion to achieve the Sustainable Development Goal No. 6 target, or P100 billion a year to achieve water supply and sanitation by 2030.

“The biggest sources of investments for water supply and sanitation are commercial and development loans,” he said. The previous allocation from the national government stood at less than 1 percent of the indicative investment requirements for the sector.

Meanwhile, he said national government investments for Water Supply and Sanitation average .15 percent of the total General Appropriations Act (GAA). The budget that

goes to WSS, he said, is just about .70 percent of the total infra budget, and about .03 percent of the total Gross Development Product.

In 2022, alone, he said the National Expenditures Plan showed total dedicated funds for WSS are P4.072 billion in 2021; while total dedicated funds for WSS is P6.274 billion.

This includes budgets of LWA, DILG (salintubig), Department of Health (DOH), DPWH, and NWRB. Planta, who presented the Philippine Water Supply and Sanitation Masterplan, said water supply and sanitation is part of the 17 interlinked global goals, and for the water resources sector, Sustainable Development Goal No. 6 or Clean Water Sanitation is at the center of the entire SDGs. “Basically, most of the country’s water resources come from the surface water,” he said. The challenge and the plan, he said, is to provide safe water and sanitation for all.

Abundant water resource

THE Philippines, he said, has abundant water resources—159,900 million cubic meters per year (MCM/year): comprising 125,790 million cubic meters per year of surface water, or about 86.2 percent of the total, while groundwater is about 20,2000 MCM/year or 13.8 percent.

According to Planta, growth comes with more demand for the use of water and this means some areas will experience water stress.

Currently, about 9 in every 10 families had a basic level of drinking water in the country and the BARMM has the highest percentage of families with access to unimproved service level.

Meanwhile, about 4 out of 5 families had a basic sanitation service level in the country, and yet, 20 percent of families in BARMM still practice open defecation.

Planta said 88 percent of families had access to water sources classified as safe, while 50 percent of families in the BARMM still get water from unsafe sources.

See “Neda,” A8

T

HE country’s largest labor group is set to file wage petitions in Central Visayas and five other regions this month to push for a significant pay hike for minimum wage earners nationwide.

TUCP Vice President Luis C. Corral announced they will file the first of the petitions on Monday at the Regional Tripartite Wages and Productivity Board-Region 7 (RTWPB-Region 7).

“We are just waiting for the result of the meeting this afternoon and tomorrow morning of TUCP with our representatives in the labor sector to finalize its amount,” Corral said during a virtual forum last Sunday.

“But it will be more than P200,” he added. The prevailing minimum wage in Region 7 ranges from P351 to P404. The labor leader said they will also file wage petitions in Regions 11 on Thursday and in Regions 3, 4A, 9, and 10 next week.

TUCP filed a P470 wage hike petition at the RTWPB-NCR last week, citing the already eroded value of the minimum wage in the region, which has remained stagnant since 2018. It noted this was the same case in other regions.

The reduction in the “real” value of minimum wage nationwide was exacerbated by the oil price spike caused by the Ukraine and Russia conflict, according to Corral.

He explained they resorted to the mass filing of wage petitions before the regional wage boards since the proposed legislated wage hike pending in Congress is now unlikely to be passed before the 2022 elections.

Corral said they hope the RTWPBs can complete as soon as possible their review of the pending and soon-to-be-filed wage petitions.

Labor Secretary Silvestre H. Bello III earlier said he expects the RTWPBs will be able to complete their review by next month.

Samuel P. Medenilla

Companies

Editor: Jennifer A. Ng

Monday, March 21, 2022

B1

Lucio Tan’s LT Group posts income of ₧20.25B in 2021

By VG Cabuag

L

@villygc

T Group Inc. (LTG), the holding firm of most businesses of tycoon Lucio Tan, said its net income last year reached P20.25 billion, some 4 percent lower than the P21.02 billion it reported in 2020.

The tobacco business accounted for P17.43 billion or 86 percent of LTG’s total attributable income; Tanduay Distillers Inc. added P1.24 billion, or 6 percent; Eton Properties Philippines Inc. contributed P548 million, or 3 percent; while Asia Brewery Inc. accounted for P475 million or 2 percent.

LTG’s 30.9-percent stake in Victorias Milling Co. Inc. added P258 million or 1 percent, while Philippine National Bank (PNB) had a net contribution of P308 million or 2 percent of the total after eliminat-

ing the gain of P33.44 billion from the transfer of real estate assets.

Publicly-listed PNB’s net income under the pooling method was P34.02 billion for 2021, but this included the P33.44-billion gain that the bank booked from transferring real estate assets into PNB Holdings Corp., wherein 51 percent was declared as a property dividend.

The tobacco business, under PMFTC Inc., had a net income of P17.5 billion in 2021, some 4 percent higher than the previous year’s figure.

“The industry’s volume was estimated at 55.4 billion sticks in 2021, 10.8 percent lower than the previous year’s 62.1 billion sticks, primarily due to the impact of the Covid-19 pandemic and the various quarantine protocols on the purchasing power of consumers,” the company said.

Tanduay’s income, meanwhile, grew 11 percent to P1.24 billion last year from the previous P1.12 billion.

Liquor volume was slightly lower, but bioethanol sales were higher.

As of the end of 2021, Tanduay’s nationwide market share for distilled spirits was at 26.6 percent, compared to 22.5 percent in 2020. In the Visayas and Mindanao regions where most of company’s sales are generated, market share was at 66.9 percent and 74.3 percent, respectively, as of end-December 2021. These were higher compared to 62.2 percent and 78.9 percent, respectively, at the end of 2020.

Eton, meanwhile, had a net income of P550 million in 2021, 31 percent lower than the previous

P802 million, due to the decline in residential unit sales and lower leasing income.

Projects in the pipeline include Eton City Square 1, the 4.3-hectare neighborhood retail and commercial center in Sta. Rosa, Laguna which will add 7,000 square meters of net leasable area to Eton’s commercial leasing portfolio in phase 1. Another project is phase 2 of WestEnd Square in Makati which will have 23,000 square meters of net leasable area.

Eton currently has a leasing portfolio of around 181,000 square meters of office space and over 45,000 square meters of retail space.

Asia Brewery’s net income for year fell 20 percent to P475 million from the previous year’s P591 million.

The volume of Cobra Energy Drink was higher, but the volumes of Absolute and Summit bottled water and Vitamilk soymilk declined, as the company’s sales at convenience stores were adversely affected by the various forms of lockdowns imposed since March 2020.

Toyota dealer taps RE from CREC

By Lenie Lectura @llectura

T

he retail electricity supplier (RES) unit of Citicore Renewable Energy Corp.

(CREC) was tapped to supply power to a franchisee of Toyota Motors in Cebu.

Citicore Energy Solutions Inc. (CESI) will source power from its solar plants to provide electricity to its latest customer for two years.

“The pace at which renewable energy [RE] becomes so relevant among industry leaders and big en-

ergy consumers provides an excellent growth opportunity for the entire Citicore organization. Being one of the highly-integrated RE players in the country, we are in a unique position to take advantage of this surge, which we believe we are making significant inroads into,” said Citicore Energy REIT Corp. (CREIT) President and CEO Oliver Tan. CREIT, the first renewable energy-themed real estate investment trust to list in the stock exchange, accelerates its customer diversification as it adds the automotive industry among its growing pool of

renewable energy end-users.

CREC’s growing local and international customer base includes partners from the industrial sector, such as Shell Energy; export processing zones, Authority of the Freeport Area of Bataan; commercial establishment; and logistics companies.

Tan said the company’s entry into the automotive industry is another testament to CREC’s capability to deliver a reliable supply of energy to any area and business.

“We are very confident that this renewable energy shift will sup-

port CREC’s long-term sustainable growth as well as CREIT’s shareholder value creation.”

Tan said Citicore is open to exploring possible opportunities with other RE players that offer synergies with its planned pipeline to increase its capacity to 1.5 gigawatts by 2025.

CREC, it said, continuously welcomes more partners across several industries and nationalities to accelerate the country’s green energy supply through various renewable technologies, such as solar farms and run-of-river hydro projects.

Vivant unit NextPay unveils payment service invests in wastewater N facility

By Lorenz S. Marasigan @lorenzmarasigan

A

subsidiary of Vivant Corp. has invested in a world-class facility that treats both septage and sewage water to help address the contamination of the Puerto Princesa Bay. The facility—The Puerto Princesa innovative economical Septage and Sewage Treatment Plant (PPieSSTP)—treats 2 million liters sewage waste and 70 liters of septage waste a day.

Located at the Baywalk in Barangay Tagumpay, PPieSSTP is being run and maintained by the Puerto Princesa Water Reclamation and Learning Center, Inc. (PPWRLC), under a public-private partnership with the City Government of Puerto Princesa and Faith Lived Out Visions 2 Ventures Holdings Inc. (FLOV2VS), in cooperation with the Puerto Princesa Water City Water District.

FLOV2VS is a joint venture of JCA 1221 Holdings Inc. and Vivant Hydrocore Holdings Inc. “We invested into the facility as part of our commitment to improve everyday living in our communities. By ensuring that the water that is eventually discharged into Puerto Princesa Bay is compliant with the environmental standards, we are not only helping Puerto Princesa achieve its goal for a cleaner and healthier environment, but we are also sustaining the livelihood of fisherfolk and other sectors,” said Atty. Jess Anthony Garcia, Vivant Hydrocore Holdings Inc. President and CEO. Lenie Lectura

extPay, a financial technology (fintech) startup backed by Filipino conglomerates and foreign venture capitalists, has expanded its digital payment solutions with the launch of Email Money.

Email Money is the first of its kind payment service in the Philippines that allows users to transfer funds to any bank or ewallet using only the recipient’s email, removing the need to collect and manage their recipients’ bank accounts.

“We are giving our customers more options to transfer funds through Email Money. By introducing the country’s first payment service that enables users to transfer money to any bank or eWallet via email, we are empowering NextPay customers to streamline their financial needs and allow them to focus on growing their business,” NextPay Chief Executive Officer and Co-Founder Don Pansacola said.

The new service also adds another layer of privacy, reduces human error, and provides greater convenience and f lexibility to both sender and receiver.

NextPay users can user the service by choosing Email Money under the recipient’s receiving option, which will prompt the sender to input the receiver’s email and phone number.

Insurance Commission endorses Eternal Plans’ capital increase

T

he Insurance Commission recently endorsed to the Securities and Exchange Commission the application for an increase in authorized capital stock of Eternal Plans Inc. (EPI), from P250 million to P500 million.

The endorsement came after Insurance Commissioner Dennis B. Funa approved the recommendation of Atty. John A. Apatan, ex-officio conservator, to increase the pre-need company’s authorized capital stock in preparation for the implementation of the rehabilitation program, if found in order.

“This is an important step towards EPI’s recovery, and one of the elements of the proposed rehabilitation plan,” Atty. Apatan said.

EPI President and Chief Oper-

ating Officer Elmer M. Lorica said that raising capital during this tough economic time is a challenge. “Rest assured we will infuse the required capital and remain cooperative with the Insurance Commission for the peace of mind of our planholders.

This has always been our commitment,” he said.

Lorica believes that with the supervision of the Insurance Commission, under the leadership of Atty.

Dennis B. Funa, Eternal Plans will come out a stronger company. Likewise, he also conveyed his recognition for the appointed conservator’s objectivity and broadmindedness.

Now on its 41st year, Lorica said Eternal Plans “is moving forward, and remains committed to serve its planholders”.

STOCK-MARKET OUTLOOK Last week

Share prices fell again last week due to market jitters over rising fuel prices, but the main index remained at the 7,000-point level.

The benchmark Philippine Stock Exchange index (PSEi) dropped 104.56 points to close at 7,007.63 points.

The biggest drop was seen at the start of the week, as the PSEi lost almost 300 points and closed at 6,816.95 points. The index, however, recovered most of its losses the following day as bargain hunting ensued during the next three days, before dropping again by 1.5 percent on Friday.

Average trading volume for the week was high at P11.76 billion as foreign investors, which made up 59 percent of the total trades, were net sellers at P5.04 billion.

All other sub-indices again ended in the red. The broader All Shares index fell 47.32 points to close at 3,718.04, the Financials index declined 9.65 to 1,635.18, the Industrial index shed 144.85 to 9,452.28, the Holding Firms index dropped 96.87 to 6,712.93, the Property index retreated 13.80 to 3,362.28, the Services index was down 64.52 to 1,848.74 and the Mining and Oil index lost 265.66 to 12,597.91.

For the week, losers led gainers 151 to 75 and 23 shares were unchanged.

Top gainers were Manulife Financial Corp., Primex Corp., AyalaLand Logistics Holdings Corp., Prime Media Holdings Inc., Acesite (Phils.) Hotel Corp., Republic Glass Holdings Corp. and Araneta Properties Inc. Top losers, meanwhile, were Roxas and Co. Inc., Xurpas Inc., Macay Holdings Inc., Forum Pacific Inc., Asiabest Group International Inc., Vivant Corp and Oriental Peninsula Resources Group Inc.

This week

Once the transfer has been completed, the recipient will receive an email to notify them of the transaction. They may then choose the bank or e-wallet they would like to receive their funds.

Both the sender and receiver will receive notifications when the funds have been successfully received.

“We constantly pursue new innovations that are relevant to our target market – the micro, small and medium enterprises.

Email Money is a solution fit for businesses that need to process refunds or for those who want to settle their obligations early to finalize their book,” NextPay Chief Experience Officer and CoFounder Aldrich Tan said.

Launched in 2020, NextPay is a fintech backed by various organizations, including Silicon Valley-

based startup accelerator Y Combinator, Singapore-based venture capitalist Golden Gate Ventures, and Gentree Fund, a private investment vehicle of the Sy Family of the SM Group conglomerate.

A f ter g a i n i ng t r ac t ion i n 2021—surpassing P1 billion in total transaction volume and expanding its customer base by 20x—NextPay plans to introduce more services tailored for growing businesses this year, including the following: cryptocurrency services, bills payment, lending and corporate cards.

“We will continue to make strides in achieving our goal of putting the power of big banks to growing businesses by constantly pursuing innovation,” NextPay Head of Growth and Co-Founder Artie Lopez said.

Share prices may remain volatile this week, still caused by the ongoing war in Ukraine against Russia, which has already been saddled with various sanctions imposed by European nations and the United States.

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said it will still be a turbulent week of trading as investors remain worried about the rising inflation rate. “While the anticipated rollback in local fuel prices may offer the market short-term relief, the lack of significant progress on the Russia-Ukraine negotiations may still weigh on investors’ sentiment,” Tantiangco said.

There will be a big roll-back in oil prices this week as world oil prices drop.

He said, however, that the lack of significant progress on talks between Ukraine and Russia poses upside risks to global oil prices, which will affect the country’s inflation rate and even trade deficit.

“The market is also expected to watch out for the Bangko Sentral ng Pilipinas’ [BSP] Monetary Board meeting (this) week. More than the policy rates which are expected to remain unchanged, investors are seen to watch out for the BSP’s inflation outlook for the local economy,” he said.

The local market may continue to test its 7,000 to 7,100-point support range and its 200-day exponential moving average this week, he said.

Stock picks

Broker Regina Capital and Development Corp. advised to buy on breakout on the stock of Universal Robina Corp. (URC) after the bulls have managed to extend their control over the stock for three days last week.

“A sustainable-looking rally on URC is likely attainable if its P112.10 resistance gets pierced. If not, URC might try to find a consolidation base around P107.50,” it said.

URC shares closed Friday at P112 apiece.

Meanwhile, the broker advised to buy during pullbacks on the stock of Bank of the Philippine Islands (BPI), as its technical readings showed that the bearishness across the indicators is already drying out, increasing the odds of having another session of closing in the green. “Overall, it seems like the bulls can put up a good fight to push BPI slightly above or, at least, retest the stock’s resistance at P100. If this materializes, the next resistance awaits at P102,” it said.

BPI shares closed last week at P97.80 apiece. VG Cabuag

B2

Companies BusinessMirror

Monday, March 21, 2022

SMC’s Ang to businessmen: Ramp up green investments

S

By Jonathan L. Mayuga

@jonlmayuga

an Miguel Corp. (SMC) President and Chief Operating Officer Ramon S. Ang is calling on Filipino businessmen to invest in environmental projects.

Speaking during the inauguration and opening of the Million Trees Nursery and Eco Learning Center at the La Mesa Road in Quezon City, Ang said “businesses should not always be about profit.”

He challenged business moguls including those behind Maynilad Water Services Inc. and Manila Water Corp., the two major private water concessionaires of the Metropolitan Waterworks and Sewerage System (MWSS), to invest more in environmental projects without thinking of what they are to gain from such endeavors.

“I am challenging you to tell your bosses, Enrique Razon and [Manuel V.] Pangilinan, to invest in the environment. If you can’t tell them that, I will tell them,” Ang said, drawing

cheers from nearly 100 guests who took part in the event which was attended by MWSS, Maynilad, and Manila Water officials along with other supporters of the Million Trees Foundation Inc. (MTFI).

Both Maynilad and Manila Water are active supporters and donors of the Annual Million Trees Challenge (AMTC) launched in 2017 by then MWSS Chairman and Administrator Reynaldo Velasco.

SMC’s subsidiary, Luzon Clean Water Development Corporation (LCWDC), is the third MWSS concessionaire.

The company extended a cash donation of P5 million for the establishment of the tree nursery and eco learning center of the MTFI in the 5-hectare government property that

was leased by the MWSS through a memorandum of agreement.

MTFI seeks to sustain the gains of the AMTC project implemented by the MWSS now headed by Administrator Leonor C. Cleofas who graced the event.

Velasco said the project aims to protect and conserve important watersheds through massive treeplanting activities, recognizing the important role of the private sector in providing clean, drinking water to Filipinos. The facility’s inauguration and opening on Friday were dedicated to former President Fidel V. Ramos on the occasion of his 94th birthday in recognition of the publicprivate partnership initiative of the government that paved the way for the privatization of water service in the country.

AMTC was able to surpass its target by 200,000 thousand trees, planting a total of 5.2 million trees in the last five years.

As part of its commitment, MTFI now headed by President and Executive Director Melandrew T. Velasco aims to sustain the gains of the project by planting 10 million trees until 2030.

Interviewed at the sidelines of the event, Ang said SMC will continue to

support the government via initiatives that promote environmental protection and conservation.

He said SMC has many environmental projects that supported the Duterte administration. Ang mentioned the investments of SMC in dredging the country’s rivers, such as the Tullahan River.

“SMC has many projects like the Tullahan River dredging project. The Tullahan River project is to dredge 1 million tons (of silt garbage); Ngayon 800,000 na. It will be completed in the next few months. (For) Pasig River, 3 million tons. Name a person or company, even the government who funded such (project)? No one,” he said.

Ang, who clarified he has no interest in running for public office, said SMC is also not getting anything in return in implementing the river dredging projects, which has so far been credited for addressing the perennial flooding woes in Metro Manila.

“Not even tax perks,” he added.

SMC is also a partner of the Department of Environment and Natural Resources in other environmental projects, such as the rehabilitation of Boracay wetlands and dredging of rivers in Bulacan.

Ex-DESGA is new commissioner of SEC L aw yer McJill Bryant T. Fernandez has been named as the new commissioner of the Securities and Exchange Commission (SEC).

Fernandez will replace Ephyro Luis B. Amatong, whose term ended last year.

“We are excited to work with Commissioner Fernandez, whose extensive experience in government ser vice will surely help push forward the Commission in its mandate of enabling the corporate sector, deepening the capital market and protecting the investing public,” SEC Chairman

Emilio B. Aquino said.

Fernandez previously served as the Deputy Executive Secretary for General Administration (DESGA) under the Office of the President. As DESGA, he assisted the Executive Secretary in articulating the policy directives of the President through Executive Orders and other ordinances, processing of applications for the establishment of special economic zones, evaluation of Special Authorities for executive agreements, foreign loans and grants, and in addressing policy, legal and administrative concerns of various agencies in the Executive department, as well as of governmentowned and -controlled corporations (GOCCs).

Fernandez served at the governing boards of different GOCCs, including the Laguna Lake Development Authority, Development Academy of the Philippines and the Philippine Center for Economic Development. VG Cabuag

mutual funds

March 18, 2022

NAV

One Year Three Year

Five Year

per share Return*

Y-T-D

Return

Stock Funds ALFM Growth Fund, Inc. -a

229.34

8.85%

-4.28%

-2.02%

-1.61%

ATRAM Alpha Opportunity Fund, Inc. -a

1.4836

20.67%

-2.32%

1.21%

-10.85%

9.69%

-8.05%

-4.78%

-2.08%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1703

Climbs Share Capital Equity Investment Fund Corp. -a 0.7487 1.35%

-7% n.a.

-1.03%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6957 5.75%

-6.71% n.a.

-9.75%

11.61%

-1.8%

-0.04%

-0.89%

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

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

5.1364

0.7655

14.72%

-3.95%

-3.55%

MBG Equity Investment Fund, Inc. -a

88.19

-8.55%

-11.34% n.a.

-6.61%

PAMI Equity Index Fund, Inc. -a

46.87

8.44%

-2.95%

-0.61%

-2.61%

Philam Strategic Growth Fund, Inc. -a

492.34

8.64%

-2.92%

-0.86%

-1.67%

Philequity Dividend Yield Fund, Inc. -a

1.3364

22.1%

0.98%

1.7%

-1.47%

Philequity Fund, Inc. -a

35.9816

11.16%

-2.02%

0.5%

-1.68%

Philequity MSCI Philippine Index Fund, Inc. -a

0.9348

11.26%

-2.89% n.a.

-0.7%

Philequity PSE Index Fund Inc. -a

4.8567

9.77%

-2.17%

0.09%

-2.1%

Philippine Stock Index Fund Corp. -a

807.5

9.11%

-2.29%

0%

-2.53%

Soldivo Strategic Growth Fund, Inc. -a

0.7332

9.47%

-6.97%

-2.93%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.6781

9.73%

-4.86%

-1.28%

-2.58%

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

0.9197

8.67%

-2.62%

-0.26%

United Fund, Inc. -a

8.89%

-2.55%

0.9%

-1.73%

3.3777

-2.27%

-2.58% -2.63%

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

1.16

Philippine Stock Index Fund Corp. -a

13.69% n.a. n.a.

-0.23%

986.4 n.a. n.a. n.a. n.a.

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

108.8628

9.62%

-2.04%

0.46%

-2.34%

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

$1.0335

-19.17%

1.02%

2.32%

-8.26%

-4.71%

9.3%

8.35%

-11.27%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6384

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

1.6349

0.15%

-1.37%

-1%

ATRAM Philippine Balanced Fund, Inc. -a

2.2284

3.06%

-0.9%

-0.46%

-2.33%

7.02%

0.78%

1.43%

-0.68%

First Metro Save and Learn Balanced Fund Inc. -a 2.6727

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2061 NCM Mutual Fund of the Phils., Inc. -a

-3.37%

9.74% n.a. n.a.

1.9869

4.61%

PAMI Horizon Fund, Inc. -a

3.6968

3.68%

0.65%

0.5%

-1.81%

Philam Fund, Inc. -a

16.5814

3.6%

0.38%

0.48%

-1.57%

4.87%

Solidaritas Fund, Inc. -a

2.1002

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5746 Sun Life Prosperity Dynamic Fund, Inc. -a

0.9383

1.5%

1.61%

-1.39%

-1.48%

-0.49%

0.33%

-1%

5.3%

-2.14%

-0.16%

-1.99%

12.16%

-1.09%

0.32%

-1.67%

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

0.9573

0.83%

-0.86% n.a.

Sun Life Prosperity Achiever Fund 2038, Inc. -a

0.9164

5.36%

-2.22% n.a.

-3.28% -2.98%

Sun Life Prosperity Achiever Fund 2048, Inc. -a

0.906

5.95%

-2.53% n.a.

-2.99%

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

$0.0353

PAMI Asia Balanced Fund, Inc. -b

-6.64%

-0.42%

-13.11%

0.45%

1.4%

-7.23%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.3464 -5.55%

$0.9899

6.13%

0.06% 5.94%

-6.96% -9.49%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.1028 -6.22%

2.17%

2.49%

-7.99%

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

373.84

1.09%

ATRAM Corporate Bond Fund, Inc. -a

1.8859

-1.01%

0.3%

0.12%

0.06%

3.24

0.73%

2.61%

3.66%

-0.12%

2.2237

-0.53%

1.06%

1.21%

-1.23% -0.31%

Cocolife Fixed Income Fund, Inc. -a Ekklesia Mutual Fund Inc. -a

2.57%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4184 -0.07%

2.45%

-0.12%

2.6%

1.79%

Philam Bond Fund, Inc. -a

4.3201

-2.55%

2.95%

1.26%

-1.72%

Philam Managed Income Fund, Inc. -a

1.3136

-0.05%

3.35%

2.73%

-0.42%

Philequity Peso Bond Fund, Inc. -a

3.9201

Soldivo Bond Fund, Inc. -a

-0.64%

2.95%

2.41%

1.0169

0.06%

3.72%

1.89%

-1.1%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1578

-0.04%

3.55%

3.05%

-0.93%

Sun Life Prosperity GS Fund, Inc. -a

-0.71%

2.77%

2.35%

-1.18%

1.7102

-1.15%

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

$484.93

0.76%

2.35%

2.2%

-0.95%

ALFM Euro Bond Fund, Inc. -a

Є215.96

-1.56%

0.08%

0.61%

-1.84%

ATRAM Total Return Dollar Bond Fund, Inc. -b

$1.1157

-5.82%

-1.24%

0.1%

-7.33%

-0.13% n.a.

-4.23%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0249 -3.49% PAMI Global Bond Fund, Inc -b

$0.9563

-8.92%

-3.2%

-2.01%

-6.5%

Philam Dollar Bond Fund, Inc. -a

$2.3349

-4.83%

1.61%

1.36%

-6.82%

$0.0611287

-2.07%

1.93%

1.47%

-1.87%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.9625 -4.51%

0.31%

0.29%

-7.31%

Philequity Dollar Income Fund Inc. -a

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

131.52

1.29%

2.51%

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

1.0602

1.03%

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

1.52%

2.4%

1.3198

2.54%

0.25%

1.81% n.a.

2.51%

0.24%

0.32%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0619

0.67%

1.31% n.a.

0.12%

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

45.4581 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.2958

7.3% n.a. n.a.

-6.3%

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

$0.9017

-8.92% n.a. n.a.

-7.04

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

c - Listed in the PSE.

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

1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.).

2 - Adjusted due to stock dividend issuance last November 25, 2021.

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

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

March 18, 2022

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

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

388,125 557,278,583 405,887,637.50 998,240 1,036,325 209,493,289 84,650 1,420,480 17,920 60,670,064 3,009,964.50 19,700 15,400 22,925 10,350 21,900 3,660 377,340

-57,931,647 17,768,993 13,300 -360,110 -65,753,641 -98,506 -17,920 -21,068,125 67,908 -3,800 6,096

INDUSTRIAL AC ENERGY 8.19 8.2 8.5 8.5 8.2 8.2 79,780,200 660,409,009 1 1.04 1 1.04 1 1 375,000 375,180 ALSONS CONS 34.7 34.9 34.15 34.9 33.85 34.9 2,656,900 92,022,000 ABOITIZ POWER BASIC ENERGY 0.445 0.45 0.45 0.455 0.44 0.45 5,320,000 2,362,100 FIRST GEN 25.9 26 26.8 26.9 26 26 4,992,100 129,874,265 69.5 69.95 69.95 70 69.5 69.95 3,740 261,345 FIRST PHIL HLDG 358.2 360 377 378 358.2 358.2 1,424,150 512,061,144 MERALCO 20.05 20.1 19.6 20.05 19.2 20.05 1,098,400 21,726,136 MANILA WATER PETRON 3.4 3.42 3.37 3.45 3.36 3.4 781,000 2,666,490 PETROENERGY 4.61 4.88 4.9 4.9 4.7 4.7 3,000 14,300 10.44 10.68 10.42 10.68 10.42 10.68 7,100 75,274 PHX PETROLEUM 11.6 11.74 11.8 11.86 11.6 11.6 1,525,300 17,862,604 SYNERGY GRID 17.7 17.82 17.98 17.98 17.7 17.7 626,100 11,205,400 PILIPINAS SHELL SPC POWER 14.34 14.36 14.38 14.4 14.36 14.36 66,200 952,794 1.81 1.82 1.8 1.85 1.79 1.82 92,209,000 168,253,450 SOLAR PH 5.42 5.5 5.33 5.65 5.31 5.5 1,070,500 5,907,412 AGRINURTURE 2.52 2.53 2.56 2.56 2.53 2.53 221,000 560,270 AXELUM CENTURY FOOD 20.3 20.4 21.5 21.75 20.05 20.4 1,901,000 38,683,765 DEL MONTE 14.2 14.3 14.42 14.42 14.02 14.3 23,800 342,904 7.07 7.2 7.05 7.22 7.05 7.07 3,453,500 24,489,610 DNL INDUS 13.9 14.08 14.38 14.38 13.74 13.92 1,915,800 26,872,154 EMPERADOR 63.95 64 65.95 66.3 64 64 1,289,460 84,029,024.50 SMC FOODANDBEV FIGARO COFFEE 0.58 0.6 0.6 0.61 0.58 0.58 10,816,000 6,440,350 FRUITAS HLDG 1.11 1.12 1.13 1.13 1.11 1.12 761,000 846,780 111 114.6 108 116 108 114.6 121,340 13,900,804 GINEBRA 216 217 225 225.6 216 216 1,666,890 363,053,038 JOLLIBEE 1.2 1.21 1.18 1.21 1.18 1.21 894,000 1,073,800 KEEPERS HLDG MAXS GROUP 6.04 6.16 6.16 6.16 6.03 6.04 23,500 144,187 0.138 0.148 0.149 0.149 0.148 0.148 70,000 10,420 MG HLDG 14.34 14.36 15.2 15.34 14.22 14.34 69,261,000 995,296,902 MONDE NISSIN 7.97 8 7.97 8 7.97 8 65,900 527,167 SHAKEYS PIZZA 0.59 0.6 0.59 0.62 0.58 0.6 1,738,000 1,019,560 ROXAS AND CO RFM CORP 4.31 4.56 4.58 4.58 4.58 4.58 4,000 18,320 0.1 0.105 0.1 0.1 0.1 0.1 1,120,000 112,000 SWIFT FOODS 112 112.7 112.2 113 111.4 112 3,268,720 366,632,644 UNIV ROBINA 0.62 0.63 0.64 0.64 0.62 0.63 183,000 115,960 VITARICH 2.4 2.43 2.46 2.46 2.43 2.43 12,000 29,330 VICTORIAS CEMEX HLDG 0.92 0.93 0.93 0.95 0.93 0.93 45,053,000 41,907,860 EAGLE CEMENT 13 13.02 13.02 13.02 13.02 13.02 22,100 287,742 5.45 5.5 5.42 5.5 5.42 5.5 20,300 111,642 EEI CORP 5.45 5.5 5.6 5.6 5.45 5.5 27,700 152,555 HOLCIM 5.03 5.1 5 5.1 4.98 5.03 255,200 1,277,115 MEGAWIDE PHINMA 19.1 19.2 19 19.2 19 19.2 2,200 41,840 TKC METALS 0.79 0.84 0.79 0.8 0.79 0.8 35,000 27,970 1.08 1.09 1.05 1.12 1.01 1.09 4,242,000 4,611,430 VULCAN INDL 1.82 1.84 1.84 1.84 1.84 1.84 7,000 12,880 CROWN ASIA 1.16 1.26 1.2 1.2 1.2 1.2 10,000 12,000 EUROMED LMG CORP 3.8 3.95 3.8 3.8 3.8 3.8 2,000 7,600 4.25 4.37 4.34 4.37 4.34 4.37 3,000 13,060 MABUHAY VINYL 5.45 5.67 5.56 5.67 5.56 5.67 26,600 148,721 PRYCE CORP 19.56 19.7 19.8 19.8 19.7 19.7 4,000 79,034 CONCEPCION GREENERGY 1.75 1.78 1.74 1.8 1.73 1.78 4,734,000 8,355,420 INTEGRATED MICR 8.3 8.38 8.4 8.4 8.3 8.3 48,300 403,144 IONICS 0.69 0.74 0.69 0.7 0.69 0.7 12,000 8,380 6.1 6.21 6.01 6.22 6.01 6.22 20,000 120,610 PANASONIC 1.04 1.05 1.04 1.05 1.03 1.03 88,000 91,600 SFA SEMICON CIRTEK HLDG 3.17 3.2 3.25 3.25 3.15 3.17 447,000 1,424,700

41,452,819 4,060 16,671,920 227,350 -11,907,620 188,120.50 -240,676,034 11,517,859 379,790 -8,441,466 -2,860,576 -800,410 1,762,209 -384,560 -11,730,195 -2,700,969 -3,503,772 3,515,975 -403,680 10,556,656 -187,007,122 81,600 -101,056,460 -120,000 -80,144,314 5,580 19,530 -3,327,760 690,180 -15,200 -33,000 -79,034 3,066,660 83,001 -128,630

HOLDING & FRIMS ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL JG SUMMIT LOPEZ HLDG LT GROUP METRO PAC INV PRIME MEDIA SM INVESTMENTS SAN MIGUEL CORP SEAFRONT RES TOP FRONTIER WELLEX INDUS

43.15 127.8 97.8 27 8.43 52.8 9.11 19.18 55.4 107 89.9 1.78 3.78 6.55 0.8 920 0.61 203.4

0.89 4.01 788 56.75 12.2 8.86 0.89 0.66 0.65 4.99 8.9 6.74 0.209 515 57.6 2.94 9.28 3.73 1.44 902 108.1 2.41 117.5 0.29

44.75 128 99 27.1 8.46 53 9.49 19.2 56 107.6 89.95 1.9 3.99 7.65 0.82 1,100 0.71 209.8

0.9 5.19 790 56.95 12.26 8.87 0.9 0.67 0.69 5.08 8.95 7 0.28 516.5 57.7 2.98 9.3 3.77 1.45 902.5 108.3 2.79 119.9 0.3

43.15 133 99.75 26.55 8.52 53.85 9.2 19.42 56 111 89.9 1.97 3.61 6.55 0.79 1,080 0.61 200.8

0.87 4.01 811 58.45 12.6 8.86 0.88 0.58 0.59 5.02 8.66 7 0.203 533 59 2.94 9.47 3.78 1.4 894 109.9 2.79 117 0.29

43.15 133 99.8 27.1 8.63 54.5 9.2 19.54 56 111 90.95 1.97 4 6.55 0.8 1,110 0.61 215

0.92 4.02 823.5 59 12.62 8.86 0.9 0.66 0.71 5.1 9 7 0.203 533.5 59 2.95 9.47 3.82 1.45 934 109.9 2.79 119.9 0.29

43.1 127.8 97.8 26.55 8.42 52.55 9.1 19.18 56 107 89.9 1.97 3.61 6.55 0.79 1,080 0.61 200.4

0.87 4 788 56.75 12.2 8.86 0.88 0.56 0.59 4.98 8.65 7 0.203 515 56.2 2.94 9.11 3.69 1.39 885 105.4 2.79 117 0.29

43.15 127.8 97.8 27.1 8.46 52.8 9.1 19.18 56 107 89.95 1.97 4 6.55 0.8 1,110 0.61 203.4

0.9 4.01 788 56.75 12.2 8.86 0.9 0.66 0.69 5 8.9 7 0.203 515 57.6 2.94 9.3 3.77 1.44 902.5 108.1 2.79 119.9 0.29

9,000 4,336,120 4,140,630 37,300 122,000 3,952,580 9,300 73,000 320 563,920 33,270 10,000 4,000 3,500 13,000 20 6,000 1,830

25,919,000 22,000 704,290 2,108,680 9,135,700 800 125,000 34,345,000 3,876,000 466,200 9,594,100 1,000 20,000 179,470 5,772,610 12,000 6,138,600 55,862,000 540,000 12,456,970 217,310 34,000 700,150 10,000

23,279,980 88,260 556,411,235 120,189,900 111,955,526 7,088 111,230 21,877,340 2,554,720 2,334,305 85,474,050 7,000 4,060 93,275,340 332,613,394.50 35,370 56,873,653 210,088,710 767,330 11,247,115,660 23,433,261 94,860 82,267,695 2,900

PROPERTY

ARTHALAND CORP 0.56 0.59 0.56 0.6 0.56 0.6 385,000 230,960 5.34 5.7 5.7 5.7 5.7 5.7 200 1,140 ANCHOR LAND 35.4 35.45 36.5 36.5 35.45 35.45 18,784,000 669,444,465 AYALA LAND AYALA LAND LOG 4.89 4.9 4.6 4.97 4.6 4.9 4,608,000 22,412,490 ARANETA PROP 1.02 1.11 1.14 1.14 1.14 1.14 8,000 9,120 45.8 46.25 46 47.2 45.75 46.25 23,341,600 1,079,573,855 AREIT RT 0.84 0.85 0.85 0.85 0.84 0.84 354,000 298,640 A BROWN 0.089 0.093 0.087 0.093 0.087 0.093 11,530,000 1,003,210 CROWN EQUITIES CEB LANDMASTERS 2.93 2.95 2.95 2.95 2.88 2.95 577,000 1,695,200 CENTURY PROP 0.38 0.39 0.39 0.39 0.38 0.39 240,000 93,500 2.67 2.68 2.71 2.73 2.66 2.68 7,528,000 20,228,810 CITICORE RT 9.12 9.15 9.18 9.28 9.15 9.15 339,600 3,121,023 DOUBLEDRAGON 1.59 1.6 1.59 1.62 1.59 1.6 3,185,000 5,097,410 DDMP RT DM WENCESLAO 6.88 6.9 6.9 6.9 6.9 6.9 22,600 155,940 0.236 0.24 0.239 0.24 0.239 0.239 230,000 55,050 EMPIRE EAST 0.26 0.265 0.27 0.275 0.26 0.265 9,160,000 2,450,400 EVER GOTESCO 7.13 7.15 7.15 7.16 7.13 7.13 1,220,900 8,722,959 FILINVEST RT FILINVEST LAND 1.07 1.08 1.07 1.09 1.06 1.08 8,670,000 9,351,880 GLOBAL ESTATE 0.86 0.9 0.85 0.92 0.85 0.9 405,000 364,460 13.54 13.88 13.88 13.92 13.58 13.88 101,400 1,405,580 8990 HLDG 630 665 665 665 665 665 10 6,650 GOLDEN MV 0.93 0.94 0.94 0.94 0.94 0.94 77,000 72,380 PHIL INFRADEV CITY AND LAND 0.81 0.83 0.82 0.83 0.82 0.83 110,000 91,200 3.1 3.15 3.11 3.15 3.09 3.15 6,390,000 20,040,840 MEGAWORLD MRC ALLIED 0.255 0.26 0.255 0.26 0.255 0.26 2,300,000 592,650 18.62 19 19.3 19.3 18.62 18.62 8,590,900 161,318,602 MREIT RT 0.4 0.415 0.4 0.4 0.4 0.4 590,000 236,000 PHIL ESTATES PRIMEX CORP 2.53 2.55 2.54 2.58 2.44 2.53 1,582,000 3,920,210 RL COMM RT 7.16 7.18 7.21 7.39 7.1 7.18 142,546,500 1,024,037,389 ROBINSONS LAND 19.56 19.6 19.6 19.6 19.04 19.6 2,616,400 50,969,458 0.214 0.232 0.215 0.215 0.214 0.214 60,000 12,890 PHIL REALTY 1.35 1.49 1.45 1.45 1.45 1.45 1,000 1,450 ROCKWELL SHANG PROP 2.54 2.6 2.55 2.6 2.55 2.6 4,000 10,250 2.56 2.8 2.77 2.8 2.77 2.8 20,000 55,560 STA LUCIA LAND 38.65 38.75 38 39.4 38 38.65 30,992,000 1,201,294,085 SM PRIME HLDG 0.57 0.62 0.57 0.57 0.57 0.57 50,000 28,500 SOC RESOURCES 3.24 3.39 3.24 3.4 3.24 3.24 13,000 42,280 VISTAMALLS SUNTRUST HOME 0.99 1.01 1 1 0.99 0.99 80,000 79,380 2.71 2.72 2.8 2.87 2.71 2.72 46,505,000 126,827,320 VISTA LAND

SERVICES ABS CBN 12.94 12.96 12.6 12.98 12.6 12.94 289,900 3,724,126 15.44 15.46 15.46 15.48 15.36 15.46 755,900 11,658,538 GMA NETWORK 2,254 2,276 2,342 2,438 2,254 2,254 160,625 368,801,190 GLOBE TELECOM PLDT 1,686 1,700 1,730 1,737 1,651 1,686 778,585 1,315,318,725 APOLLO GLOBAL 0.046 0.047 0.044 0.047 0.043 0.046 554,000,000 25,335,200 25.2 25.3 26.6 27.05 25.2 25.2 33,081,400 851,878,890 CONVERGE 2.32 2.45 2.29 2.47 2.27 2.35 663,000 1,576,280 DFNN INC 5 5.02 5.44 5.53 5 5 15,545,300 82,173,779 DITO CME HLDG IMPERIAL 1.07 1.34 1.25 1.25 1.25 1.25 7,000 8,750 1.18 1.2 1.17 1.2 1.15 1.2 328,000 386,470 NOW CORP 0.33 0.335 0.325 0.335 0.325 0.335 4,180,000 1,380,500 TRANSPACIFIC BR 7.17 7.44 7.44 7.44 7.44 7.44 700 5,208 2GO GROUP 13.6 14.1 14.1 14.1 14.1 14.1 100 1,410 ASIAN TERMINALS CHELSEA 1.5 1.55 1.57 1.57 1.55 1.55 15,000 23,350 43.5 44.15 44.8 44.8 43.5 43.5 74,200 3,261,905 CEBU AIR 224.8 225 220 227.8 219.6 224.8 4,361,640 977,889,848 INTL CONTAINER 22.15 23.85 22.15 22.15 22.15 22.15 100 2,215 LBC EXPRESS MACROASIA 5.38 5.4 5.5 5.54 5.3 5.4 531,500 2,878,944 HARBOR STAR 0.7 0.73 0.72 0.73 0.7 0.73 46,000 33,140 1.49 1.56 1.56 1.56 1.56 1.56 1,000 1,560 DISCOVERY WORLD 7 7.2 6.99 7 6.99 7 18,400 128,763 IPEOPLE 0.345 0.35 0.35 0.36 0.35 0.35 280,000 99,400 STI HLDG BELLE CORP 1.28 1.3 1.3 1.31 1.3 1.3 813,000 1,059,900 BLOOMBERRY 6.77 6.8 6.95 6.95 6.7 6.8 3,946,700 26,778,669 LEISURE AND RES 1.24 1.27 1.28 1.28 1.25 1.25 100,000 126,500 1.03 1.07 1.09 1.11 1.05 1.05 2,136,000 2,290,490 PH RESORTS GRP 0.44 0.445 0.445 0.445 0.435 0.44 2,780,000 1,225,450 PREMIUM LEISURE PHIL RACING 5.1 6.73 5.1 5.1 5.1 5.1 19,000 96,900 2.15 2.17 2.2 2.2 2.15 2.17 160,000 347,480 PHILWEB 0.45 0.455 0.45 0.455 0.44 0.455 8,850,000 4,001,800 ALLDAY 7.56 8.1 8.15 8.17 7.56 7.56 228,800 1,786,682 ALLHOME 1.4 1.42 1.42 1.42 1.41 1.42 35,000 49,480 METRO RETAIL PUREGOLD 32.15 32.2 33.4 34 32.2 32.2 1,704,700 55,720,875 ROBINSONS RTL 54.25 54.4 55.2 55.7 54.4 54.4 666,250 36,544,094 65 65.9 66 66 65.9 65.9 39,000 2,573,465 PHIL SEVEN CORP 1.01 1.04 1.04 1.04 1.01 1.01 2,353,000 2,411,440 SSI GROUP 26 26.65 26.35 26.55 26 26 3,485,200 91,668,135 WILCON DEPOT APC GROUP 0.23 0.24 0.24 0.24 0.24 0.24 140,000 33,600 0.9 0.92 0.9 0.93 0.9 0.9 893,000 810,860 MEDILINES 0.57 0.58 0.56 0.59 0.56 0.58 5,837,000 3,349,800 PRMIERE HORIZON

MINING & OIL ATOK 5.66 5.7 5.67 5.67 5.66 5.66 18,400 104,159 1.63 1.64 1.58 1.64 1.58 1.64 1,667,000 2,697,690 APEX MINING ATLAS MINING 6.58 6.6 6.68 6.68 6.5 6.6 684,300 4,508,638 BENGUET A 6.11 6.3 6.03 6.3 6.01 6.3 83,900 516,540 6.05 6.3 5.4 6.3 5.4 6.3 63,300 384,689 BENGUET B 0.26 0.265 0.24 0.26 0.24 0.26 620,000 154,400 COAL ASIA HLDG 2.75 2.8 2.68 2.8 2.68 2.8 21,000 58,680 CENTURY PEAK DIZON MINES 4.51 5 5.14 5.14 5 5 1,300 6,640 FERRONICKEL 2.86 2.87 2.7 2.87 2.63 2.87 9,058,000 25,081,150 0.188 0.2 0.187 0.2 0.187 0.2 370,000 71,160 GEOGRACE 0.162 0.164 0.163 0.165 0.161 0.165 13,430,000 2,171,610 LEPANTO A 0.16 0.171 0.171 0.171 0.16 0.16 250,000 40,990 LEPANTO B MANILA MINING A 0.01 0.011 0.01 0.011 0.01 0.011 9,600,000 96,300 0.01 0.011 0.01 0.01 0.01 0.01 20,100,000 201,000 MANILA MINING B 1.78 1.79 1.65 1.81 1.58 1.79 3,795,000 6,534,110 MARCVENTURES 0.97 1.01 1.02 1.02 0.97 1 77,000 76,870 NIHAO NICKEL ASIA 7.78 7.86 7.35 7.86 7.25 7.86 14,486,600 109,820,914 ORNTL PENINSULA 1.05 1.06 1.05 1.07 1 1.06 1,775,000 1,850,790 5.56 5.57 5.5 5.67 5.42 5.57 2,093,500 11,612,891 PX MINING 31 31.25 29.5 31.25 29.3 31.25 8,327,300 256,777,455 SEMIRARA MINING 0.0064 0.0067 0.0064 0.0064 0.0064 0.0064 3,000,000 19,200 UNITED PARAGON ACE ENEXOR 23 23.5 22.95 24 22.05 23.5 551,900 12,773,530 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 3,400,000 40,500 0.012 0.013 0.012 0.012 0.012 0.012 400,000 4,800 ORNTL PETROL B 0.0091 0.0093 0.0092 0.0093 0.0092 0.0093 3,000,000 27,700 PHILODRILL 5.68 5.7 5.51 5.68 5.51 5.68 186,400 1,050,161 PXP ENERGY

PREFFERED HOUSE PREF B 99.4 101 100.5 101 100.5 101 140 14,115 505 510 510 510 510 510 30 15,300 AC PREF B1 501 507 505 505 500 500 3,000 1,505,150 AC PREF B2R CEB PREF 43.6 44.45 43.6 43.6 43.6 43.6 300 13,080 101 103 102 103 102 103 1,220 124,490 CPG PREF A 105 109.9 110 110 110 110 1,020 112,200 EEI PREF B 104 105 104.5 104.5 104.5 104.5 960 100,320 FGEN PREF G 1,010 1,027 1,010 1,010 1,010 1,010 2,730 2,757,300 GTCAP PREF A JFC PREF B 1,000 1,005 1,000 1,000 1,000 1,000 2,000 2,000,000 100.2 101 101 101 101 101 170 17,170 MWIDE PREF 2B 968 980 972 980 970 980 640 621,500 PNX PREF 4 1,050 1,075 1,050 1,050 1,050 1,050 15 15,750 PCOR PREF 3A 1,080 1,120 1,080 1,080 1,080 1,080 20 21,600 PCOR PREF 3B SMC PREF 2F 76.05 79 76.05 76.05 76.05 76.05 13,000 988,650 76.75 76.8 76.5 76.75 76.5 76.75 14,900 1,143,200 SMC PREF 2H 76.25 76.3 76.25 76.25 76.25 76.25 4,010 305,762.50 SMC PREF 2J 52.25 54.95 54.95 54.95 54.95 54.95 710 39,014.50 TECH PREF B2D

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.1 12.2 12.08 12.1 11.62 12.1 160,500 1,937,240 14.38 14.58 14.18 14.58 14.18 14.38 67,800 975,656 GMA HLDG PDR

WARRANTS TECH WARRANT 0.61 0.64 0.64 0.65 0.6 0.64 461,000 292,810

6,134,790 4,000 -125,081,405 -63,460,417 -4,869,768 639,742 24,028,288 7,000 -19,944,770 8,344,173 9,509,695 -82,463,980 -2,383,284,435 4,715,667 -203,027,285 14,738,830 368,712,165 859,750 -449,450 790,812 -552,670 -2,617,751 3,812,650 609,642 -51,700 5,266,940 -37,244,544 -25,500 7,232,553 -27,869,408 144,435,715 -15,989,910 -126,085,290 -39,317,720 -138,000 31,618,840 94,000 -17,472,862 -15,600 -404,520 137,130,536 170,195 9,100 -8,407,056 31,800 3,600 787,550 -535,760 -21,725,020 -8,434,736 -2,217,260 -135,400 -4,953,555 131,050 360,810 663,214 56,000 1,000 4,970,860 3,220 -59,620 22,689,432 115,824 150,105,535 -261,480 34,222

SMALL & MEDIUM ENTERPRISES HAUS TALK ITALPINAS MERRYMART XURPAS

0.95 0.92 1.84 0.315

0.96 0.93 1.89 0.335

EXHANGE TRADE FUNDS

FIRST METRO ETF

107

108.9

0.95 0.94 1.93 0.35

0.96 0.94 1.94 0.35

0.95 0.92 1.81 0.31

0.96 0.93 1.84 0.31

978,000 136,000 2,631,000 860,000

934,150 126,840 4,913,430 280,350

-58,100 156,190 9,600 171,060 -

109.5 109.5 107 107 15,310 1,651,592 437,010

www.businessmirror.com.ph

Banking&Finance

Loans released by GSIS higher in 2021 at ₧151B

By Bernadette D. Nicolas @BNicolasBM

L

OANS released by state pension fund Government Service Insurance System (GSIS) rose to P151 billion in 2021, benefiting more than a million members and pensioners.

This is 4-percent higher than the P145 billion in loans that the agency disbursed in 2020.

Bulk of the total loans released by GSIS last year was under the “Ginhawa for All,” or GFAL, multipurpose loans at P106 billion.

The GFAL helps active members, particularly those who have reached their borrowing limit and are unable to pay their loans, the GSIS said. It consolidates the existing loans of members, except housing and policy loans, and waives surcharges on in-default accounts.

Through the GFAL, members may apply for up to 14 times their basic monthly salary but not to exceed P3 million. It has a low interest rate of 7 percent or 8 percent depending on members’ premium payments.

The agency also announced that it will roll out this month an enhanced version of its multipurpose lending program. Under this program, the agency will increase the credit limit to P5 million; extend the maximum payment term to 10 years and relax borrowers’ eligibility conditions.

“Through our various GFAL loan programs, GSIS has extended financial assistance at a time when our members and pensioners were in dire need of help,” GSIS President and General Manager Rolando Ledesma Macasaet was quoted in a statement as saying.

“Mula sa feedback at inputs ng aming mga miyembro at pensiyonado, patuloy naming pinag-aaralan at pinagbubuti ang aming mga polisiya at programa para mas matugunan ang kanilang pangangailangan at bigyan sila ng maginhawang serbisyo.”

[From the feedback and inputs of our members and retirees, we continue to analyze and improve our policies and programs to better meet their needs and provide them with convenient service.]

Apart from the GFAL, the pension fund released P27 billion to 62,974 people who availed the GSIS financial assistance loan through which members

were able to borrow up to P500,000, consolidate their loans from their agencies’ accredited lending institutions, and transfer the remaining balance to GSIS. For those whose total loan is below P500,000, they had the option to also apply for the “top-up loan” to defray for their other needs.

Moreover, over P7 billion were released to more than 230,205 borrowers under the GFAL computer loan (CL) program.

The GFAL CL is a loan window that grants a P30,000-assistance to GSIS members for the purchase of a computer unit for their work-from-home arrangement or their children’s online classes.

GSIS intends to extend the implementation of this program this year.

Likewise, GSIS granted P6 billion to 269,440 regular and optional loan borrowers, P1 billion to 38,980 GFAL emergency loan borrowers and P89 million to 2,035 members through an educational loan program.

For pensioners, P3.03 billion and P96 million have been released in an enhanced pension loan and pensioners’ emergency loan, respectively.

Meanwhile, GSIS made loan transactions safer and more convenient for its members and pensioners by making them accessible through online channels and the newly-launched enhanced GSIS’s mobile app. Loan proceeds are directly credited to the borrower’s GSIS eCard or Unified Multipurpose Identification (UMID) card.

It also implemented Online Annual Pensioners Information Revalidation (APIR) and partnered with Bayad to make it easier for members to conduct the transactions.

“Our members may settle their underpaid or unpaid loans through 2,836 active [payment] outlets throughout the country and online,” Macasaet said.

The GSIS further said in Filipino that the agency would, “very soon,” add other payment solution providers to increase the pension fund’s alternative payment and online collection channels.

Macasaet also once again reminded members and pensioners to update their cellphone numbers and email addresses with GSIS so that they can receive the information sent about their applications by text or email.

BusinessMirror

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By Bianca Cuaresma

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Transparency’s dual role

VISIBILITY and traceability are the two main components of transparency. Visibility illustrates when a company has a comprehensive view of all parties that play a role in its supply chain, from farms and other suppliers of raw materials used in its products, through to the companies responsible for processing, manufacturing, distribution, and logistics. Traceability details when a company is able to trace all the materials and components used in a product from their origins, through each step of processing and manufacturing, to the final good sold to a purchaser.

Supply chain transparency should not be associated with having to disclose all information to everyone. Ultimately, it remains up to each company to decide what data should be disclosed to whom.

Understanding the origins and heritage of luxury goods has long been part of their appeal, but consumers want certainty on

@BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) remained confident that the country’s outstanding external debt ratio remained “at prudent levels” at the end of last year.

In a report over the weekend, the BSP said the Philippines’ outstanding external debt ratio to the country’s gross domestic product (GDP) recorded at 27 percent at endDecember 2021.

External debt, which refers to all types of borrowings by Philippine residents from non-residents, stood at $106.4 billion as of end-2021, up by $499 million from the $105.9 billion recorded a quarter earlier.

In end-September last year, the country’s outstanding external debt ratio to GDP stood at 27.3 percent.

The country’s outstanding external debt expressed as a percentage of GDP is a solvency indicator. A low debt-to-GDP ratio indicates the country’s sustained strong position to service foreign borrowings in the medium to long-term (MLT).

The BSP said a rise in the actual debt stock during the fourth quarter

was due largely to net availments of $3.4 billion, as private banks borrowed offshore to invest in high quality liquid assets, fund their foreign exchange trading activities and augment their capital, while interest rates are low.

This was partly tempered by the transfer of Philippine debt papers issued offshore from non-residents to residents of $2.4 billion and the negative foreign exchange revaluation of $488 million.

In terms of debt profile, the maturity of the country’s external debt remained predominantly mediumterm to long-term in nature, with share to total at 85.8 percent. Medium-term to long-term loans are those with original maturities longer than one year.

On the other hand, short-term accounts, or those with original maturities of up to one year, comprised the 14.2 percent balance of debt stock

and consisted of bank liabilities, trade credits and others.

The weighted average maturity for all MLT accounts remained at 17.2 years, with public sector borrowings having a longer average tenor of 20.8 years compared to 7.2 years for the private sector.

“This means that foreign exchange requirements for debt payments are still well spread out and, thus, manageable,” the BSP said.

In terms of currency mix, the country’s debt stock remained largely denominated in US dollar (55.4 percent) and Japanese yen (9.8 percent).

US dollar-denominated multicurrency loans from the World Bank and Asian Development Bank represented 19.6 percent of the total. The 15.2-percent balance pertained to 14 other currencies, including the euro, Philippine peso and Special Drawing Rights.

New SEC office dedicated to monitor lending firms

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HE Securities and Exchange Commission (SEC) is set to put up an office within the agency that will center on regulating financing or lending companies as it intensifies it crackdown against illegal lenders.

SEC Chairman-CEO Emilio B. Aquino said they will focus their campaign on abusive lending companies after they received consumer complaints on firms’ collection practices that involved threatening or insulting borrowers.

“We are also creating a Financing and Lending Companies Division within the SEC to focus exclusively on the regulation and monitoring of these entities,” Aquino said in a report to the Department of Finance.

The DOF has ordered the SEC to escalate its crackdown against illegal and abusive lending companies, as “these are proliferating” with several of them charging very high-interest rates, a statement from the finance department said.

To date, the SEC revoked the registration of 2,081 firms and secured the conviction of 76 individuals in eight cases for violations of the Lending Company Regulation Act (LCRA) as part of its sustained crackdown against illegal and abusive lenders.

Cease and desist orders were also issued against 73 online lending apps (OLAs) and cancelled the licenses of 36 financing or lending companies for various violations of the LCRA and other applicable rules

and regulations.

The SEC’s online team also conducts regular sweeping operations, monitors all complaints and goes through the different social media platforms to check on possible abusive or illegal lending practices, Aquino said.

For this year, the SEC began its crackdown against illegal lenders with its successful operation against the Cashtrees Lending Corp. Aquino said the regulator and the Philippine National Police were able to secure a warrant to search, seize and examine Cashtrees’s computer data in its offices in Pasay City.

Digital forensic examination done on Cashtrees revealed that a majority of the OLAs handled by the company

such as Goodpocket, Easymoney, 365 Cash and Rushloan were unregistered with the SEC. “Forty-six employees, including the manager of Cashtrees Lending, were arrested for violating the Cybercrime Prevention Act and the Lending Company Regulation Act or the LCRA enforced by the SEC. We are expecting more operations [against illegal lenders] to come,” Aquino said.

“To date, we revoked over 2,000 Certificates of Registration of lending companies that failed to secure their requisite Certificate of Authority, pursuant to [the] LCRA,” he added. “Our next step is to sustain this crackdown on unregistered and abusive collection practices of OLAs.” Bernadette D. Nicolas

Port Authority to remit 60% of ₧6.79B income

How ESG plays a role in luxury consumption als, limited editions, and smaller productions. Online options will add to this growth by offering greater access, ease, and convenience for sustainable luxury solutions.

Of course, there are risks involved too. Counterfeit products, brand degradation, and poor experiences from first-time sellers or novel sales platforms could occur.

Brands can mitigate such risks by building, buying, or partnering with a third-party provider to develop those capabilities and own more of the lifecycle of their goods.

B3

BSP confident external debt ratio in ’21 ‘at prudent levels’

Perspectives UXURY companies are taking a more comprehensive approach to sustainability.

They see that ESG strategy and business strategy are now one and the same. Firms including Burberry, Hugo Boss, Guess and others have created environmental targets that include reducing Greenhouse Gas (GhG) emissions and paving a decarbonization pathway for the fashion industry using Science-Based Targets Initiative (SBTi) methodologies. Fashion icons, in particular, have long been associated with environmental activism such as Stella McCarthy pioneering new materials to avoid using materials like leather.

To decrease carbon emissions in their operations, luxury brands are looking at innovative solutions in their supply chains, traveling less and increasing digital capabilities, such as using virtual showrooms. Many are collaborating with others to promote fair trade, responsible business practices, and charitable causes. Meanwhile, others are championing social change, ensuring fair wages, and prioritizing diversity, equity, and inclusion initiatives.

The circular economy opens new doors of sustainable opportunity. For example, “close the loop” business models drive resale and rental of luxury goods, extending the life of luxury products, reducing waste, and decreasing environmental footprints through recycling.

Close the loop business models are a perfect fit for luxury because of timeless style, durable materi-

Editor: Dennis D. Estopace • Monday, March 21, 2022

the ethical sourcing and authenticity of these products. Both are top concerns. In fact, in a recent survey, 81 percent of consumers believe ethical sourcing and production of products matter and 20 percent admit they only started caring about these issues in the last two years.

Blockchain technology can help, which is why several luxury brands are investing in this technology. For example, LVMH, Prada, and Cartier partnered to develop Aura Blockchain Consortium to provide consumers with a higher level of transparency, which gives consumers a secure way to learn more about the products they buy.

With blockchain, consumers of luxury products will be able to confirm the origins and authenticity of their items. The technology secures the transaction, building trust and strengthening the brand-consumer relationship by validating the heritage, prestige, and storytelling behind the brand.

It is the consumer’s direct connection back to the original source, helping to rule out the possibility of a counterfeit item.

The excerpt was taken from the KPMG Thought Leadership publication “The luxury brand paradox.” © 2022 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Ltd., a private English company limited by guarantee. All rights reserved.

For more information on KPMG in the Philippines, you may send a message via social media or visit www.home.kpmg/ph.

By Lorenz S. Marasigan @lorenzmarasigan

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HE Philippine Ports Authority (PPA) is set to remit P4.08 billion to government coffers today, Monday, its chief announced on Sunday.

In a statement, PPA General Manager Jay Daniel R. Santiago said the amount represents 60 percent of its P6.79 billion net income in 2021. The contribution is likewise 8.5 percent higher than what was remitted the year prior.

“PPA is in good standing right now due to the institutional changes implemented by the current administration to fulfill the mandate of the agency to improve and build ports to prop-

erly connect the archipelago and spur economic growth among the islands,” Santiago said.

Including taxes, this brings the total contribution of PPA to the national government to P43.98 billion since President Duterte came into power in 2016.

“We also increased the percentage of the dividend remittance from 57 percent in 2020 to 60 percent in 2021 to help the government in its Covid-19 response as well as offer enough flexibility in the delivery of services as the country starts to recover from the pandemic,” Santiago added.

Santiago noted that before the current administration steps down on June 30, the agency and the Department of Trans-

portation will inaugurate “at least 13 more completed port projects,” including the Currimao Port in Ilocos Norte, the Bulan Port in Sorsogon and the Ports of Baybay and Palompon in Leyte, among others.

“The projects that were completed also prepared the country to take in the shipping and logistical demands both from local and international players in the short- to mid- term as the world transition to the normal,” Santiago said.

He noted that the remaining days of this administration will be “focused on further streamlining systems and procedures to achieve seamless interconnectivity not only of the ports but also its processes, resulting in efficiency across all aspects of PPA operations.”

Isko vows to go after ₧203-B Marcos estate tax

By Roderick Abad @rodrik_28 Contributor

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ANILA Mayor Francisco “Isko” Moreno Domagoso renewed his promise to run after the billions of pesos of tax debt of the Marcoses if he wins the 2022 national elections. He said he will use this as “ayuda” or financial assistance to poor Filipinos, especially farmers and drivers reeling from the price hikes of fertilizer and oil, respectively, due to Russia’s invasion of Ukraine.

While the Aksyon Demokratiko standard-bearer did not directly name survey frontrunner Ferdinand “Bongbong” Marcos Jr., he said he will make sure the family pays what they owe to the national government if he wins the May 9 polls.

Marcos, who has topped all major surveys by a wide margin but has declined several debates and key interviews, was the only presidential candidate who skipped the first leg of the Commission on Elections’ Pilipinas Debate 2022 Saturday night (March 19) at the Sofitel Philippine Plaza Manila.

Last week, when asked in a media forum about the BIR confirmation to Domagoso that it had written a demand letter to the heirs, former senator Marcos declined to go into detail beyond saying their lawyers are handling it, but lamented that much of the computation of the tax due on the alleged wealth was based on “fake news.”

Last March 7, Domagoso’s camp asked the Bureau of Internal Revenue (BIR) if the family of the late President Ferdinand Marcos has settled their tax obligation to the state. The BIR confirmed on March 14 that it already sent a written demand to the Marcos heirs last December 2, 2021.

“Umasa kayo mga kababayan ’yung isang pamilyang may utang na P203 billion na estate tax, sisiguraduhin natin sisingilin ko ’yon [You can expect my compatriots, the one family that owes P203 billion estate tax, I will make sure to collect on it],” Domagoso said at the Comelec debates.

“Kung masisingil ko ’yung P203 billion na estate tax sa isang pamilya at iaatras ko ang buwis ng krudo at kuryente at 50 percent we are going to lose

P65 billion. Now, meron pa ko P203 billion minus P65 [billion], marami pa kong daang-daang bilyon pa ang pwede nating maibigay sa tao. It’s a matter of management and fiscal management lamang at certainty of law [If I can collect on the P203-billion estate tax of one family and I withdraw the tax on fuel and electricity by 50 percent, we are going to lose P65 billion. Now, I still have P203 billion minus P65 billion, there will still be hundreds of billion that we can give to people.

It’s a matter of management and fiscal management only and certainty of law],” the Manila mayor explained.

The tack was seconded by other presidential aspirants at the debate: Vice President Leni Robredo, Senators Panfilo Lacson and Manny Pacquiao, and Leodegario “Ka Leody” De Guzman.

Lacson, who has mastery of the national budget through the General Appropriations Act, noted that the P203 billion is even bigger than the projected income from the Tax Reform for Acceleration and Inclusion (TRAIN) Laws 1 and 2 passed under the Duterte administration.

Explainer BusinessMirror

B4 Monday, March 21, 2022

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Could Ukrainian ‘neutrality’ help end Russia war?

THE Russian flag is removed outside the Council of Europe building, Wednesday, March 16, 2022, in Strasbourg. The Council of Europe expelled Russia from the continent’s foremost human-rights body in an unprecedented move over its invasion and war in Ukraine. The 47-nation organization’s committee of ministers said in a statement that “the Russian Federation ceases to be a member of the Council of Europe as from today, after 26 years of membership.” AP/Jean-Francois Badias

By Jamey Keaten

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The Associated Press

ENEVA—In talks between Russia and Ukraine toward a possible cease-fire after three weeks of intense fighting, negotiators are exploring prospects of possible “neutrality” for Ukraine, a former Soviet republic that has been moving closer to NATO in hopes of membership—infuriating Moscow.

The discussions this week have brought a glimmer of hope of a possible way out of the bloody crisis in Ukraine—and followed an acknowledgment from Ukrainian President Volodymyr Zelenskyy in the most explicit terms yet that Ukraine is unlikely to realize its goal of joining the Atlantic alliance.

An official in Zelenskyy’s office said the talks have centered on whether Russian troops would remain in separatist regions in eastern Ukraine after the war and where borders would be. Ukraine also wants at least one Western nuclear power involved in the talks, and a legally binding document on security guarantees.

In exchange, Ukraine was ready to discuss a neutral military status, the official told The Associated Press on condition of anonymity to discuss the sensitive matter.

Russian Foreign Minister Sergey Lavrov and Vladimir Medinsky, the chief Russian negotiator, first mentioned publicly on Wednesday that the issue of a “neutral” status for Ukraine was on the table, sparking a guessing-game about what that might mean.

But even should a deal be struck, there’s no assurance it would hold: Russia, many critics say, has gravely violated international law and its own commitments by invading Ukraine in the first place. In the view of Russian President Vladimir Putin, the West has breached what he considered its obligation not to expand NATO into Eastern Europe.

What is neutrality today?

It’s about not picking sides, keeping out

of binding alliances, and trying to stay out of conflict—but even supposedly “neutral” nations have their limits. European countries often mentioned when the concept of neutrality comes up are Switzerland— which like Austria has codified neutrality into its constitution—as well as Sweden, Finland, Ireland and, once upon a time, Belgium, which is today the home of NATO. Switzerland has generally resonated as the leading emblem of neutrality. The Swiss have shunned alliances, refused to join the European Union, acted as an intermediary between opposing countries, and only joined the United Nations 20 years ago—even though it has hosted the UN's European headquarters for decades.

But the Swiss lined up with European Union sanctions against Russia after the invasion of Ukraine. Other countries too have strayed from neutrality in the strictest sense: Swedish forces are taking part in NATO’s winter-weather exercises in neighboring Norway; Finland has long resisted joining NATO, but Moscow's actions in Ukraine have been changing the dynamic.

Some countries—particularly those close to Russia in Central and Eastern Europe—have gravitated close to NATO and become members, and eschewed neutrality out of concern it would convey weakness and vulnerability, and that Moscow could seize on that.

What alternatives are on the table for Ukraine and Russia?

Historian Leos Muller held up Austria— which has kept its distance from NATO—as a conceivable model for Ukraine.

IN this image from a video provided by the Ukrainian Presidential Press Office and posted on Facebook, Ukrainian President Volodymyr Zelenskyy speaks from Kyiv, March 16, 2022. Ukrainian Presidential Press Office via AP

THIS satellite image provided by Maxar Technologies shows burning buildings in a residential area in northeast Chernihiv, Ukraine, March 16, 2022. Maxar Technologies via AP

After World War II, Austria—which before the war had been united with Nazi Germany—was occupied by forces from four Allied powers: Britain, France, the United States and the Soviet Union. In 1955, those four powers decided to pull out their occupying forces and let Austria be independent, but only after Moscow insisted that Austria’s parliament first write into its constitution a guarantee of neutrality.

“I think that’s the solution that they are thinking about at the moment, because it worked for Austria,” said Muller, a history professor at Stockholm University and author of the book, Neutrality in World History.

Still, Muller doubted whether a diplomatic exit ramp can be found just yet, after so much blood has spilled on both sides in the conflict.

Would ‘neutrality’ offer an exit route to the crisis?

Enshrining the “neutrality” of Ukraine into any deal could help diminish the military threat that Russia perceives from it—especially as a possible NATO member.

Ukraine insists it has no hostile intent toward Russia, but has been sidling up to the alliance to ensure its security.

For years, Russian authorities, from Putin on down, have bristled about NATO’s

gradual creep eastward after the Cold War, when the Soviet-led Warsaw Pact alliance disappeared. Estonia, Latvia and Lithuania are the former Soviet republics now in NATO. A brief war in 2008 between Russia and Georgia, which led to the de facto excision of two Georgian territories from its national map, put Georgia’s own ambitions to join NATO into a deep freeze.

As Ukraine gravitated closer to the West, in 2014, Russia annexed the Black Sea peninsula of Crimea and pro-Russian separatists seized control of parts of eastern Ukraine in 2014—boosting Kyiv’s desire to join NATO, even if it was admittedly a long way off. After a continued cozyingup between NATO and Ukraine, including with weapons and advisers, Russia reached a boiling point last year.

How did other countries come to accept neutrality?

The European countries that are most associated with neutrality got to that in different ways. Sometimes it was made easier by geography—such as in the case of Sweden and other Nordic states that were above the fray of wars south of the Baltic Sea. Sometimes, it was imposed.

Muller noted Finland. During the Cold War, Finland—which had sided with Nazi Germany during World War II and has a

1,340-kilometer border with Russia—was strong-armed by the Soviet Union into not opposing its foreign policy rules.

“They always had to take in consideration what Soviet reactions would be,” Muller said.

Switzerland, at the end of the wars of conquest by French emperor Napoleon in the early 19th century, had its neutrality guaranteed by the great powers of the day in Europe at the Vienna Congress in 1815—who recalled many armies were “tromping across” Swiss territory during those wars that followed the French Revolution, Muller said.

Over subsequent generations, Swiss neutrality became ingrained and has now become “part of the national identity,” he added.

Just how far back does the idea of neutrality go?

While the concept traces its origins back millennia, such as when some Greek citystates sought to avoid getting entangled in the Peloponnesian War in the 5th century BC, neutrality in the modern sense in Europe dates to the 18th century, after the Treaty of Westphalia—which ended the Thirty Years War and exemplified the emergence of international law, said Muller.

Some countries began choosing neutrality out of self-interest, but also as a moral choice, he said.

When it’s not clear how to choose “who is the good guy, and who is the bad guy,” said Muller, “then, it’s morally OK to be in between.”

www.businessmirror.com.ph

Style

BusinessMirror

Editor: Gerard S. Ramos

• Monday, March 21, 2022

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#PrayForUkraine

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E are all connected. What’s happening in Ukraine impacts all of us. Almost a month after Vladimir Putin invaded, the country is remarkably standing up to her bully. Much of the world is on Ukraine’s side, even the ordinary Russians themselves. As we condemn the Kremlin offensive, let us not blame the Russians but the people in power.

The first Ukrainian that captivated me was Tatiana Gutsu, the gravity-defying gymnast who represented the Unified Team at the Barcelona 1992 Olympics.

Since then, I’ve been fascinated by the people of this ancient and former Soviet republic. My favorite humans of Ukrainian descent include model-actresses Mila Kunis, Olga Kurylenko and Milla Jovovich, Miss Universe 2002 Justine Pasek; Oscar winner Jack Palance (born Volodymyr Palahniuk), Leonard Nimoy (the iconic Spock in Star Trek), rising heartthrob Oleg Zagorodnii (Firebird); supermodels Coco Rocha and Daria Werbowy; football star Andriy Shevchenko (Ballon d’Or 2004); Olympic champions such as figure skater Oksana Bauil, rhythmic gymnast Oleksandra Tymoshenko, gymnasts Olesya Dudnik and Lilia Podkopayeva, and the most decorated Olympian until Michael Phelps— gymnast Larysa Latynina.

Taissa Farmiga, who plays a Consuelo Vanderbilt type of role in The Gilded Age, has stood with her parents’ country. Her sister, Vera, quoted fellow actor-Ukraine President Volodymyr Zelensky: “Life will win over death, light will win over darkness.”

The Oscar-nominated actress added: “In the face of a brutal Russian invasion, Zelensky’s acts of courage have inspired his people and galvanized democracies around the world.” n MILLA’S LAMENT: In her Instagram, supermodelturned-action queen Milla Jovocich (Milica Bogdanovna Jovovich, born in Kyiv), who can kick the butts of any invading Russians, expressed the sentiment of any freedom-loving individual: “I am heartbroken and dumbstruck trying to process the events of this week in my birthplace of Ukraine.

My country and people being bombed. Friends and family in hiding. My blood and my roots come from both Russia and Ukraine. I am torn in two as I watch the horror unfolding, the country being destroyed, families being displaced, their whole life lying in charred fragments around them. I remember the war in my father’s homeland of the former Yugoslavia and the stories my family tells of the trauma and terror they experienced. War. Always war. Leaders who cannot bring peace. The never-ending juggernaut of imperialism. And always, the people pay in bloodshed and tears.” n PAGEANTS’ PURPOSE: Whenever I could, I would always seek out beauty queens from Ukraine when they’re in the country. The ones I’ve encountered are Miss Universe Ukraine 2016 Alena Spodynyuk, Miss Universe Ukraine 2014 (and Miss Universe 2nd Runner-Up) Diana Garkusha; Miss Earth Ukraine 2013 Anastasia Sukh, and Miss Earth Ukraine 2017 Diana Mironenko. Garkusha, Olesya Stefanko (Miss Universe 1st Runner-Up) and many others have been vocal in condemning the invasion of their country. n FASHION RELIEF: On their web sites and Instagram accounts, global brands announced their urgent response to the Ukrainian crisis. Most either closed their shops or suspended retail and e-commerce operations in Russia. According to The Cut, Adidas suspended its partnership with the Russian Football

‘Euphoria’s’ makeup looks are more than just about sparkle and glitter

HELP UKRAINE Mila Kunis (Elle UK), Balenciaga Autumn/Winter 2022 (Demna Daily), Milla Jovovich (Pinterest); Ukrainian, Filipino and

Russian models in solidarity (Jackie Aquino); Oleg Zagorodnii (@zagoridniioleg), Leonard Nimoy as Spock, Tatiana Gutsu (@retro_gymnastics).

Union. Armani Group is donating €500,000 to the UNHCR. The Body Shop North America donated $50,000 to the UNHCR. Chanel donated about $2.18 million to relief funds. The Estée Lauder Companies Charitable Foundation has donated $1 million.

Gucci donated $500,000 to the UNHCR. L’Oréal is donating over €5 million to UN agencies. Louis Vuitton donated about $1.09 million to UNICEF. Shiseido donated €1 million to the United Nations Refugee Agency. Skims is donating to World Central Kitchen. Unilever is donating essential products from its brands worth €5 million. Valentino is donating €500,000 to the UNHCR. Sisters Gigi and Bella Hadid, and Kaia Gerber have pledged to donate a portion or all of their money earned walking this season’s fashion weeks to support Ukrainian organizations. At New York Fashion Week, Kyiv designer Svitlana Bevza projected the Ukrainian flag to close her show. In Paris, the Fédération de la Haute Couture et de la Mode urged fashionistas to “experience the shows of the coming days with solemnity, and in reflection of these dark hours.”

The most poignant and overt display of solidarity was by Balenciaga creative director Demna Gvasalia, who grew up in Soviet-occupied Georgia, dedicating the show “to fearlessness, to resistance and to the victory of love and peace.”

Hereabouts, fashion director Jackie C. Aquino posted a powerful picture he took with models

that did an online show with the girl in the center a Ukrainian.

“This is our own little way of showing support.

It was spearheaded by Ukrainian model Arthur Tselishchev, who made the masks in the blue and yellow colors of the Ukrainian flag,” he said. “He has been working here for years. Three days after coming back here, Russia invaded. It’s good to note that Russian models are also in picture.” n MILA’S MISSION: One of the first high-profile celebrities of Ukrainian descent who raised funds for the war efforts is Mila Kunis (Milena Markovna Kunis, born in Chernivtsi) with her husband, actor Ashton Kutcher. As posted on her Instagram (@mila_kunis_official), she sought help through www. gofundme.com/f/stand-with-ukraine, and they raised $30 million in two weeks.

“Our work is not done, which is why we are raising the goal to $40 million. We will do everything we can to ensure that the outpouring of love that came as a part of this campaign finds maximum impact with those in need. Funds have already and will continue to be delivered to Flexport.org and Airbnb.org, so they can act now,” Mila posted. “As funding continues to come in, we will treat every dollar as if it were being donated from our pocket, with respect and honor for the work that went into earning it, the intent of love through which it was given, and the desire for it to be maximized for positive outcomes for others.” n

Boyet Fajardo shows in Fashion Forte on March 24

By Leony Garcia TWO years of the pandemic and with his shop about to close due to income losses last year, fashion designer Boyet Fajardo is now up and excited for the March 24 fashion show at the Ruby Ballroom of Crowne Plaza Hotel.

“I sold at least two of my vintage watch collections and a property in order to start all over again,” he confessed.

For the record, the designer for plus-size women is known to have over a hundred watch collections dating centuries back which are still operational. Aside from that, he has also invested in some properties from his earnings years back.

“So I am back. All my staff is back. Initially, I had to let go of some of them and I had to rehire them after a month in March last year. And now I’m joining fellow designers in the upcoming show, titled Fashion Forte, which seems to be the first face-to-face fashion event of the year,” he said in an interview with select media representatives in Quezon City.

Fajardo is never new to life’s challenges. For one, he was born with a disability and he really worked hard to overcome

it and became one of the country’s top fashion designers.

He lost his eyesight in 2014 and he regained it “through a miracle from God,” as he calls it. He also got embroiled in a controversy resulting in a legal case, which of course he regretted, and later came to him as a lesson in humility and forgiveness.

“With all these, I believe God still has a mission for me.

My advocacy for the PWDs is still ongoing but I don’t want to discuss it. I have never used it to further my business anyway,” he said. He is thankful that his brand is still all over the Philippines with reputable malls selling them.

“Before the pandemic, I had over 100 branches. Now, I only have 80 branches but I am opening shops one after another in the Visayas and Mindanao areas,” he disclosed.

Joining Fajardo in his newfound zest for the fashion industry hard hit by the pandemic are his seasoned models Alvin Fortuna and Katherine Von Moya, with whom he had worked years beginning their teens. Joining them is beauty titlist and supermodel Joy Castillo-Pasidis, who had modeling stints in Europe before the pandemic.

IF you’re a parent with teenage kids, watching the HBO series Euphoria would probably shock and scare you. But beyond the sex, drugs, alcohol and dysfunctional families, Euphoria takes a realistic look at high-school students and what goes on in their lives and minds. It is, to me, more realistic than stories where a girl, who is deemed unpopular in high school, catches the eye of the handsome quarterback who has a gorgeous girlfriend. The part where the quarterback leaves the girlfriend for the girl (again, in my opinion) sets up other girls to have expectations that don’t equate to real life.

Also, while I think Euphoria is very realistic, not everyone in high school is like that. The HBO series talks about a group of people and their families. The show is not representative of every kid in high school.

Anyway, among the things people noticed in Euphoria were the makeup looks. Beyond the glittery eyeshadows and the winged eyeliner were the transformations that represented how the kids were feeling with each look. Makeup is, after all, an expression of artistry and emotions.

For instance, Rue, who was played by Zendaya, barely wore makeup. But her character, that of a drug addict and non-binary lesbian, wore sparkles and star stickers on her eyelids for the winter formal in Season 1.

Maddy (Alexa Demie) and Jules (Hunter Schafer) were the eye-catchers when it came to makeup looks. Maddy’s signature look was the winged eyeliner. At the carnival in Season 1, Maddy wore eyeliner overlaid with jewels and this is considered her most outstanding makeup look. I loved it when Maddy just wore blue eyeshadow without any liner in one scene because somehow, she seemed very young and child-like even.

If Maddy seemed to have more calculated makeup looks, Jules was the cool girl who would use makeup in whatever way she seemed suitable. Her hair, makeup and outfit seemed to always reflect her mood. I loved the gold eyeliner she was wearing when she asked Rue to take her sexy photos. But my favorite was the look where Jules drew clouds around her eyes. When Jules dressed up as Claire Danes’ character Juliet Capulet, she really looked like Claire in the 1996 film Romeo+Juliet.

Cassie, played by Sydney Sweeney, had many great makeup looks in Season 2. I forgot what episode it was but my favorite was the one where she had tiny braids on the front of her hair and she had flushed cheeks and pinkish eyeshadow. She looked like a movie star.

Cassie’s younger sister Lexi is played by Maude Apatow.

Perhaps the most frequently asked question about the makeup in Euphoria has been: What was Lexi’s lipstick? No one knows exactly what it is. Some say it’s MAC’s Ruby Woo while others say it’s Glossier Ultralip in Fete.

Because I love lipstick, my favorite makeup looks are those of Kat, who’s played by Barbie Ferreira. Her character always wears bold eyeshadow and strong lip colors. And to me, Kat is the most gorgeous of all the characters.

It’s not a surprise that no one in the cast wears full foundation. I read an article on Allure magazine where Doniella Davy, the show’s makeup designer, talks about how she wants the cast members’ skin to shine through so what they mostly use are concealers (Glossier Stretch Concealer and RMS Beauty “Un” Cover-Up).

For skin prep, Davy relies on Indeed Labs Nanoblur Instant Skin Finisher (this is like a primer that blurs pores and improves the look of skin). This product is sold-out everywhere. Among the foundations used are MAC Studio Face and Body Foundation, a sheer foundation that gives a skin-like finish, and Chantecaille Future Skin.

In the article, Davy said she and her team mixed these foundations with moisturizers and illuminators. It’s safe to assume powder wasn’t used. Oh, in that same article, Davy disclosed that they used Vaseline Petroleum Jelly to achieve the sheen on Rue’s face. How nice it must to be young and have such good skin.

LEXI, portrayed by Maude Apatow, always wears red lipstick in Euphoria.

HBO

B6 Monday, March 21, 2022

NGCP receives four ISO re-certifications

Gateway Platinum Cinema offers next-level movie theater experience

W

ATCHING a movie in a cinema is an experience that’s hard to replicate. With booming surround sounds, larger than life scenes, and the joy of leaning back to witness a filmmaker's vision coming to life, watching movies is as close as we can get to being at the heart of the action.

Araneta City is leveling up your moviewatching experience and making it more luxe? The City of Firsts is now offering a private, upscale cinematic experience at the Gateway Platinum Cinema.

Enjoy the latest films shown using a laser projector to ensure clearer and brighter images, accentuated by Dolby Atmos Cinema Sound that creates a 3D audio experience, all while relaxing and laying back on authentic La-Z-Boy chairs.

It’s truly the perfect bonding experience for the people you value most!

Customers who avail of the block screening offer at the Gateway Platinum Cinema can enjoy a 30-minute complimentary access to a lounge where they can bring in food and drinks that they purchased from any establishment, dine, enjoy their beverages, and even share a conversation with friends and family. The lounge comes complete with a bar where diners can take their meals, and comfortable chairs and sofas where movie-goers can have some time to relax and unwind before the movie starts.

reduce its environmental impact. Safety Management identifies and manages all safety and risk factors, as well as focuses on the safety culture within an organization.

Business Continuity Management measures the organization’s capability to implement strategies and contingency measures to prevent loss and disruptions to its operations, especially during natural and man-made disasters.

“NGCP is proud to have received this re-certification. This is proof that NGCP’s operations are world class and have passed muster on the international arena. Our adherence to strict standards and processes define how we do business. The public can rely on us to run the transmission business with the highest level of operational standards,” NGCP said.

NGCP is a Filipino-led, privately owned company in charge of operating, maintaining, and developing the country’s electricity transmission grid, led by majority shareholders Vice Chairman of the Board Henry Sy, Jr. and Co-Vice Chairman Robert Coyiuto, Jr.

Women power in medicine, showbiz, media link up to break the bias in gender heart health care With prices starting at just P400 per head, Gateway Platinum Cinema offers movie aficionados the ultimate movie-watching experience and for an additional P100, you can enjoy a deluxe cinema experience while also enjoying a bag of popcorn.

Book the Gateway Platinum Cinema for a private screening. Fill out the form: https://bit.ly/GatewayPlatinumCinema, provide your name, contact details, choice of film, and your preferred screening date and you’re all set!

Private screening customers are also entitled to 10% off on selected Pizza Hut products.

“The Gateway Platinum Cinema promises to be a truly elevated experience for movie buffs who’d like to spend some quality time with the family or the barkada. Not only can you enjoy the latest blockbusters in complete privacy or in the company of family and friends, we’re also offering you different amenities that truly takes your movie-watching experience to the next level,” Irene Jose, COO of Uniprom said.

Exciting movies ahead

ONE of the most awaited films of the year is now showing, as Matt Reeve’s take on the Dark Knight finally hits cinemas. Starring Robert Pattinson, see a younger Batman takes the streets of Gotham to protect

its people from the abuse of power and corruption that has long riddled the City.

Marvel’s latest offering Morbius is hitting the screens on March 30 and stars Jared Leto as the titular character. Leto plays a biochemist who tries to treat his rare blood disease only to find out that his experiment has caused him to develop a form of vampirism that gives him superpowers.

Meanwhile, Fantastic Beasts: The Secrets of Dumbledore is coming to Philippine cinemas on April 16. The movie sees the return of magizoologist Newt Scamander, played by Eddie Redmayne, as he works to thwart the plans of evil wizard Gellert Grindelwald, portrayed by Mads Mikkelsen. The movie is expected to uncover the mysterious past of Albus Dumbledore and will surely attract fans of the Wizarding World.

Gateway Platinum Cinema employs the strictest standards when it comes to disinfecting and sanitizing the theater. UV light sterilizers are situated throughout the venue and the air system is also UV treated.

Frequent disinfection is also conducted especially in high-contact areas.

Gateway Cineplex has been awarded the Safety Seal by the local government of Quezon City, thus ensuring you that your health and safety always comes first at the City of Firsts.

To know more, visit https://www. gatewaycineplex10.com/.

Keep your loved ones happy, healthy, and safe with Homebright disinfectants

H

OME is, indeed, where the heart is as it is literally where we and all our loved ones reside. And to keep home happy and safe, we must keep those we love healthy as well.

With Homebright disinfectant sprays, you can be assured of full protection at the most affordable cost. Compared to other brands, Homebright is competitively priced.

It is also one of only two US EPA approved disinfection sprays in the Philippines that claim to kill 99.9 percent of all viruses including those that lead to COVID-19, thereby ensuring that all Filipinos can provide the best protection for their families.

Offering greater convenience in this time of pandemic, Homebright provides a wide range of protection for every room and surface of your home with disinfectants, sanitizers, space deodorizers, and air fresheners. And for just Php 179 for its disinfectant sprays, you don’t have to sacrifice

P

OWER transmission service provider and grid operator adds another notch on its belt as it receives Integrated Management System (IMS) recertification for ISO 9001:2015 (Quality Management Systems), ISO 14000:2015 (Environmental Management Systems), ISO 45001:2018 (Occupational Health and Safety Management Systems), and ISO 22301:2019 (Business Continuity Management Systems).

IMS combines all processes of an organization into a unified system. NGCP’s IMS certifications are a confirmation of the company’s strict observance of international criteria covering management and speed of processes, cost effectiveness, and streamlined services. The company has been certified for IMS processes since 2012.

NGCP is currently re-certified for four aspects. Quality Management focuses on the organization’s activities to meet stakeholder requirements and ability to continuously improve its effectivity and efficiency. Environmental Management gauges the organization’s efforts to

G

ENDER bias exists in heart health care.

No less than the Philippine Heart Association acknowledges this fact.

In the recent observance of International Women’s Day (IWD), the Philippine Heart Association Council on Women’s Cardiovascular Disease (PHA CWCH) joined women groups all over the world as they held an online Usapang Puso sa Puso (UPP) titled Break the Bias: Babae, kakaiba ka nga ba? broadcasted via Zoom and PHA Facebook page live.

Global reports showed that CVD is the leading cause of death among women, accounting for 35 percent deaths per year worldwide. According to the European Society of Cardiology, CVD accounts for two out of five deaths in women. CVD is the number one killer of Filipino women.

Work and social strain seem to pack a double punch, increasing women’s risk of developing coronary heart disease by 21 percent, according to the American Heart Association. Amid these glaring statistics, CVD among women remains understudied, under recognized underdiagnosed and undertreated, with women underrepresented in clinical trials.

PHA-Philippine College of Cardiology President Dr. Gilbert Vilela called for urgent action to improve the care of the growing number of women afflicted with and dying from heart and circulatory disease.

Vilela said that sex specific risk factors such as premature menopause, gestational diabetes, hypertensive disorders of pregnancy, pre-term delivery, systemic inflammatory, and auto immune disorder are found only in women, which are on top of established hypertension, dyslipidemia and diabetes.”

Stressors like the negative aspects of social interactions or relationships, also increased women’s risk of developing heart disease.

The PHA president added that “there are

some unrecognized risk factors for women.

They are psychosocial like abuse, and intimate partner violence, socio-economic deprivation, poor health literary, and environmental risk factors. We start with this UPP. I am sure this is going to create a lot noise in behalf of the women of our lives.”

The forum served as the perfect platform to celebrate women; to support the IWD campaign and to reiterate the PHA CWCH’s own campaign to break the bias that makes women’s heart health of less priority than men. It was hosted by Dr. Delta Canela and Dr. Joanna Manalo, both active members of the PHA CWCH. Joining them were celebrity doctor Vicki Belo and character actress Shamaine Buencamino who shared their experiences in breaking the gender bias in their respective fields. They also gave pieces of advice to fellow women how to empower themselves by giving priority on their health and well-being.

Dr. Manalo summed it up this way: “It shows how strong the woman is, kayang gawin ang trabaho ng mga lalaki. And also, how self-less she is, how she puts the health of her family before her. Sabi nga nila, the woman is the embodiment of the supreme energy, diba nga wonder woman, but the she also, personifies selfless love, patience and resilience, but most of all, she is the key to the family’s health.”

OCP strengthens alternative family care programs

O

quality and efficacy for affordability.

“With the current pandemic, the concern for health, safety, and savings is on every Filipinos’ mind. Homebright offers peace of mind and security by delivering protection and impressive efficacy at an affordable price,” says Paolo Castano of Consumer Insights Inc., the exclusive importer of Homebright Disinfectants. Homebright Disinfectant Sprays are available in stores nationwide, and come in five amazing scents: Fresh Lavender, Hawaiian, Country, Citrus, and Linen. So regardless of your tastes, you can easily find a scent that suits your

home. “With any of these variants, you and your loved ones are truly protected.

A healthy home is happy home, too!” says Paolo.

Homebright is available at SM Supermarkets, HardwareOne, Metro Supermarket, Mercury Drug, All Day Supermarket, NCCC Supermarket, Makati Supermarket, Fisher Mall, Landers, Cash and Carry, Unimart, Ever Supermarket, JC Plaza and FamilyMart plus many stores nationwide.

Follow Homebright on its official social media channels : @HomebrightPH on Facebook Instagram.

PERATION Compassion Philippines (OCP),anon-governmentorganization that helps orphan children and typhoon-stricken communities in the country, was licensed as a child-placing agency on December 9, 2021.

“A child placing-agency refers to a private nonprofit or charitable or government agency duly licensed and accredited agency by the DSWD to provide comprehensive child welfare services including receiving and processing of petitions for adoption and foster care, evaluating the prospective adoptive parents or foster parents, preparing the child case study report and home study report”, as cited in Sec. 4 Definition of Terms of RA 11642.

Acquiring a child-placing agency license enhances OCP’s i-Foster program, which seeks to raise awareness to the plight of orphan children. This is accomplished by providing alternative family care to the abandoned, neglected, orphans, and children in need of special protection through foster care.

Alternative family care consists of care and placement services provided for children in especially difficult circumstances whose parents are unable to

provide for their basic needs temporarily or permanently. It can be rooted from problems such as illness, extreme poverty, and lack of parenting preparation.

With the license, OCP can now directly assist interested parents in the requirements and procedures required by law for fostering and adopting children.

Presently, the i-Foster program is being implemented in the National Capital Region, Region 4-A, and Region 5. As a testament to the program’s warm reception, OCP has licensed at least 20 foster families through its i-Foster program.

“We are looking forward to strengthening our i-Foster program and conducting more advocacy forums to encourage fostering and adoption of children in need. Similarly, we will be providing technical assistance to PAPs (Prospective Adoptive Parents) to facilitate placement of children eligible for foster care or adoption,” OCP President Butch Albert said.

For more information, email operationcompassion.phil@gmail.com or call (02) 7717-1882. Interested individuals may also contact Minet Maggay-Gonzales, RSW, Adoption Social Worker, through 0965 487 1438.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, March 21, 2022

B7

The coronavirus chronicles: What pandemic business trends will prevail?

W E all talk about how Covid has changed our lives. And as we look forward to exiting the pandemic, we also realize that this massive global shake-up has come with practices that seem here to stay.

In an Inc.com article, These are the Pandemic Business Trends that are Here to Stay, Shama Hyder says that “in many ways, Covid has transformed businesses from the inside out, either accelerating changes that were already occurring or shining a light on changes that were long overdue.”

And she’s not talking simply about virtual meetings and shopping online. Here she outlines trends that seem to be with us today and beyond.

By Millie F. Dizon

n Customer loyalty is no longer reliable

It is said that nearly 50 percent of customers tried new brands in 2020. And that’s not surprising—lockdowns prevented many of us from visiting our favorite stores, and new homegrown businesses were born giving customers more options. And it seems that trend hasn’t slowed down.

“The intense disruption of the initial lockdowns forced many customers to try new brands,” says Hyder, “even if they weren’t specifically looking to do so.”

And now that the spell of customer loyalty has been broken, “companies that want to retain their customers need to put a laser focus on customer experience.”

With this, “personalized content, support features like video chat and AI-supported text chat, and easy, transparent self-purchase portals are some of the features customers are looking for.” Now that’s a real challenge.

n Digital transformation

is more than a buzzword

Going digital has been a priority of companies for many years. The pandemic, however, has made many companies digital by default by remote working, using digital tools to communicate, and selling products and services digitally.

With this digital transformation, “companies understand that their entire organizations can be streamlined through the adoption of digital methods, from communication, transactions to deeper business functions.”

Companies are also realizing “that the way they manage data—how they structure processes and set up automation—can all be made more efficient and accurate through digital products and services.”

She cites one such company, Altimetrick,

BFilm: Move on by forgetting?

Award-winning film tells why it is not that easy

MANILA, PHILIPPINES—Spain passed in 1977 an amnesty law that has come to be known as “the pact of forgetting”. It prohibits the prosecution of any crime against humanity committed during the 40-year dictatorship of General Francisco Franco for the sake of the country’s healing. But for much of the population, there is no peace in silence.

From March 25 to 27, Dokyu Power Documentary Film Festival will screen for free a film about the struggle of the victims and their families and their groundbreaking international lawsuit to fight “the pact of forgetting.”

Entitled “The Silence of Others,” the film is a cautionary tale about fascism and the dangers of forgetting the past. It is executive produced by Pedro Almodóvar and directed by Almudena Carracedo and Robert Bahar.

“We programmed this awardwinning film to shed light on this ongoing legal battle and at the same time, explain why victims need justice, even decades after the crimes were committed. We also want to add to the discussion on the importance of talking about history before it leads to conflicting collective memory,” explained Kara Magsanoc Alikpala, president of the Filipino Documentary Society (FilDocs), one of the groups behind Dokyu Power.

Filmed over six-years, “The Silence of Others” tells the story of people like José María Galante, who lives meters away from the man who tortured him. Unknown to much of the world, in Spain today, torture victims live just blocks from their notorious police torturers who walk free everyday.

It also features the stories of families desperate to recover the bodies of their loved ones from thousands of mass graves across Spain. They are blocked by their own government from doing so.

Ascensión Mendieta Ibarra, is one of them. She seeks to recover the bones of her father who died in 1939.

WWW.FREEPIK.COM

PR Matters

a business solutions provider that works collaboratively with businesses to develop data solutions that can change a company from the ground up by serving as a single source of truth (SSOT). The SSOT provides businesses with the ability to better track successes and struggles along sales, marketing, and operations, enabling them to be proactive in correcting problems and amplifying successes.

During the past two years, she is happy that “we’ve gotten past simply adding digital tools and strategies and shifted into fully digital business models.” Hyder sees the future to include “more holistic and fully integrated digital solutions that go beyond a single function.”

n Businesses are reconsidering the value

of buying and sourcing locally

Going local makes more sense considering the supply chain problems we have been experiencing. Stores have been facing delayed deliveries of goods in tech, fashion, beauty, medical supplies, and more. But this goes beyond our shores. Relatives in the US have complained that toy stores had very little stocks last Christmas—limiting

In addition to murders, forced disappearances and torture, babies belonging to opponents’ families were kidnapped to be given to political supporters. Tens of thousands of parents continue to search for their children who were likely stolen at birth.

“The Silence of Others” has won more the 40 international prizes, including the 2019 Goya for Best Feature Documentary (Spain’s Academy Award), two Emmy Awards (Emmy for Best Documentary and Outstanding Politics and Government Documentary), Peabody Award, and Panorama Audience Award and Peace Film Prize at the Berlinale (Berlin International Film Festival). It was also shortlisted for Best Feature Documentary for the 2019 Academy Awards.

Screening is for free via MOOV

by Cinema Centenario. It may be accessed at cinemacentenario.com/ dokyu-power The film festival Dokyu Power is organized together with Dakila and its Active Vista Center. It is supported by Cinema Centenario, Purin Film Fund and Rappler’s Move.Ph. The organizers aim for the

gifts for kids.

“There’s nothing like a broken global supply chain to make you appreciate the value of local business,” says Hyder. In the US, the Chamber of Commerce says that 75 percent of consumers were planning to shop more locally in 2022, for everything from food, to gifts, to business supplies.

She also notes that local business characteristics consumers love—“small, with niche or specialized products and a localized supply chain of its own—boomed during the pandemic and show no signs of slowing growth.” One of these is Etsy, which grew massively in 2020, and continues to grow.

n Influencer marketing,

especially for B2B took off

Hyder obser ves that with more time on our hands during the pandemic, we spent more time in social media. With that, and the fact that many in the entertainment industr y were looking for new avenues for business, “ it’s no surprise that inf luencer marketing grew by leaps and bounds.”

“Influencers, and that brands that worked

film festival to inspire Filipinos to claim their voices and vote in the Philippine national elections in May 2022 by presenting stories that show parallels of history and of people’s struggles towards empowerment. It is inspired by various people’s movements and our country’s own People Power. The festival started last February 25, during the anniversary of People Power and will end on April 9, during the country’s celebration of the Day of Valor.

A Q&A with the film directors will also be presented by the organizers on March 25, from 8 PM to 8:30 PM, on the festival’s Facebook page. The event will provide audiences a closer look at the film and will discuss the film’s parallels to the current state of the country.

Brand & Business: MVP Group tops up support for Bohol Province after Odette

MANILA, PHILIPPINES—More assistance has been extended to the Local Government of Bohol following Supertyphoon Odette days before Christmas last year.

This initiative was led by PLDT and Smart’s social out-

with them, had a larger audience than ever before ready to watch their reels, buy their products and tap that heart on any post they found compelling” she says.

In the US, the industry grew from $1.7 billion in 2016 to $9.7 billion in 2020, a growth rate of 470 percent.

The pandemic has permanently altered the way business operates, and with this, Hyder is certain we will continue to see these changes played out in the years to come. “The challenge,” she says, “is to embrace these changes, making our companies, stronger, better, and more agile.”

PR Matters is a roundtable column by members of the local chapter of the United Kingdombased International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chair.

We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

reach arm PLDT-Smart Foundation (PSF), in close partnership with Alagang Kapatid Foundation, Inc. and the MVP Group Tulong Kapatid.

“I would like to thank MVP and the MVP group of companies that are working with him and his great team. All the great companies are coming together to help us out. What is critical right now is to help our people to rebuild their homes and to be able to stand again. We’re going to welcome this partnership as a model for what the government and the private sector can do together for our people,” said Bohol Governor Arthur Yap. Odette has severely impacted Bohol most especially its coastal barangays in the Municipality of Talibon. These areas are now declared “NO BUILD ZONE” and residents are forced to vacate their homes. The Provincial Government of Bohol has received 100 shelter kits containing building materials which will be allocated to residents whose homes sustained extensive damages post-Odette.

“Our Chairman, Manny V. Pangilinan, has been very con-

cerned with the situation in Bohol and other areas hit by Typhoon Odette. The magnitude of damage is staggering, but we would like to help as much as possible. We are looking at how to help the people recover their livelihood and find secure areas for shelter,” said PSF President Esther Santos.

T he t u r nover of suppor t graced by Bohol Governor Arthur Yap was led by PLDT-Smart Foundation President Esther Santos, and was joined by Alagang Kapatid Executive Director Menchie Silvestre, Smart Communications Inc. Group Corporate Communications VisMin Manager Mar ylou Gocotano, and Bohol’s Chocolate Princess Dalareich Polot.

Families who are currently staying in the evacuation centers in Talibon were also given relief packs with essential goods. Water filters have also been turned over to Talibon Municipa l Hea lth Center to make available potable water in affected areas such as island barangays. The water filters will be stationed at the designated barangay health centers.

Sports

Tabuena back in PGT hunt; ladies gear up for fierce chase

BusinessMirror

B8

| Monday, MARCH 21, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

M

LOMOTOS, NAVY REIGN SUPREME

RONALD LOMOTOS is the first rider from Zambales to win a major domestic race.

By Josef Ramos

B

AGUIO City—Ronald Lomotos rode a ceremonial final stage on Sunday morning en route to the 11th LBC Ronda Pilipinas individual title that as importantly as helping underscore Philippine Navy-Standard Insurance’s domination, the 27-year-old from San Felipe town gave Zambales its nook in Philippine cycling history.

The 10th and final stage—a one hour plus three laps criterium—was uneventful except for the top three finishers but was enormously satisfying for the Navymen who scooped all but one of the awards made available in the race that signaled the return of multi-stage cycling amid the Covid-19 pandemic.

“I’m very happy to represent my hometown, San Felipe in Zambales, in this race and now, I can’t ask anything for more,” said Lomotos, the first-ever rider from Zambales to win a major domestic cycling race.

“I still can’t believe that I’m the overall champion,” added Lomotos, who banked the champion’s purse of P1 million.

Lomotos emerged as the fifth Navyman to win the Ronda since 2011 after Santy Barnachea in 2015, Jan Paul Morales in 2016-17, Ronald Oranza in

2018 and George Oconer in 2020.

This time around, PNSI ran away with four other titles—Oranza as King of the Mountain, Jeremy Lizardo as the top under-23 and rookie cyclist and the Navymen as team champions once more. Go For Gold’s Dominic Perez was the Ronda’s best sprinter.

“Teamwork,” quipped PNSI Coach Ronald Gorantes, who said the Navymen are dedicating their multiple victories to their team principal, Standard Insurance Group Chairman Ernesto “Judes” Echauz. “The riders just refused to yield, it’s the result of them being a team and training whole year round.”

Talk about teamwork and Lomotos had his teammates protecting his lead all the way in the stage that was a spectacle in the eyes of cycling fans but was terrible for locals and tourists who endured a major traffic jam as the criterium covered a 3.1-km circuit that sliced through Session Road.

Lomotos was with team captain Oranza, El Joshua Carino and Lizardo—who finished 2-3-4 in the general classification—when he crossed the Burnham Park finish only 35 seconds after Excellent Noodles’ Ryan Tugawin aggressively took stage honors, followed by another Navyman Oconer and Go For Gold’s Ronilan Quita.

Tugawin edged Oconer in a photo finish after

Patrombon turns back Olivarez, wins first title in tennis’s return

J

ESON PATROMBON repulsed a game Jed Olivarez with a clutch break in the decider to capture the Palawan PawnshopPalawan Express Pera Padala (PPSPEPP) Olivarez Cup crown via a 6-7 (4), 6-2, 6-4 decision at the Olivarez Sports Center in Sucat over the weekend.

Patrombon, 28, wore down Olivarez in a gripping third set battle of nerves, snapping their hold-hold game by foiling the latter at serve in the 10th after blowing two match points and then forcing a deuce and winning the last two points to clinch the three-hour and 10-minute victory worth P30,000.

The Iligan City ace capped his big weekend by teaming up with Vicente Anasta to thwart Olivarez and Joewyn Pascua, 7-5, 6-4, for the doubles crown of the event organized by the PPS-PEPP that marked the return of the country’s longest running circuit from the pandemic disruption.

Patrombon, who marked his finals run with a string of straight-set victories, including an abbreviated win over No. 3 and many-time fellow Davis Cup teammate Johnny Arcilla, dropped a set for the first time as the 23-yearold Olivarez pulled through in a tense tiebreaker after trading breaks in the seventh and 10th games of the

opening set.

But the top-seeded Patrombon recovered strong in the second frame, breaking Olivarez in the fourth and eighth games to essay the 51-minute win and send the match to a deciding set that saw the second ranked Olivarez struggle in the second game before hacking out a scrambling win to draw level.

They held serve in emphatic fashions in the next seven games with Patrombon taking command in the 10th and Olivarez, who downed Anasta in three in the semis, countering to keep in step before wresting control after forcing two deuces.

But Patrombon proved steadier, saving a point to force another deuce then racking up back-to-back points to pound out the victory in the week-long event backed by Dunlop, Rep. Eric Olivarez and Olivarez Sports Center.

Junior action returns next month following the lowering of alert levels in the country with Iloilo hosting the Mayor Jerry Treñas tournament from April 1 to 5 at the Iloilo City Tennis Courts LaPaz Plaza, which also features the Open doubles and Legends doubles 40s, 50s and 60s categories.

Jordan 4th comeback WHEN I see Jordan Sta. Ana, I think of a talented and exciting scoring swingman. But when I also see him, I think of him as Philippine college basketball’s equivalent of former National Basketball Association player Paul Shirley.

Shirley gained notoriety for playing for 13 different professional basketball teams all over the world... in a span of seven years. He chronicled this strange odyssey in a candid and insightful best-selling book titled, Can I Keep My Jersey?

CIGNAL HD’s Rachel Anne Daquis leaps high to score against F2 Logistics’ Kim Dy.

riding for one hour, 17 minutes and 15 seconds, while Quita was only a wheel behind at third place.

Interestingly, Morales, the leader in the first three stages, just seemed to have difficulty shedding his roots with the PNSI squad as he finished with Lomotos’s group in the stage. Morales now rides for Excellent Noodles.

Lomotos amassed 35 hours, 31 minutes and 38 seconds in the Ronda that started down south in Sorsogon 10 days ago, covering a total 1,353.90 kms. He trailed Oranza by some nine minutes but grabbed the leader’s red jersey with a 21-second lead over Oranza after the decisive Stage 9 from Santiago, Isabela, to this summer destination.

Lomotos’s victory echoed some similarities with Bernardo Llentada’s 1991 Marlboro Tour triumph. Behind by 47 seconds to climbing legend Carlo Guieb after the dreaded Baguio City stages, Llentada showed up with an aerodynamic bike with disk wheels in the 16th and final individual time trial stage along Roxas Boulevard and reversed the Tour’s outcome to win the title by a minute and 47 seconds.

Interestingly, Llentada was bound to enlist with the Philippine Navy then. Now, he coaches the PNSI women’s cycling team.

So what would Lomotos do with his P1 million?

“It’s for the team, not mine

RAFA BEATS RISING STAR

Rafael Nadal faces down the future and emerges victorious, outlasting fellow Spanish Carlos Alcaraz, 6-4, 4-6, 6-3, on Saturday night to reach the BNP Paribas Open final and improve to 20-0 this year.

The 21-time major champion Nadal throws his head back, smiles and raises both arms in triumph after escaping an aggressive 18-year-old Alcaraz, who never appears rattled playing his vaunted countryman, who has the crowd, a 17-year advantage in age and loads of experience in his favor. AP

alone, because everyone sacrificed in this race,” he said.

Every Navyman—at least six of them after Junrey Navarra and Steve Hora withdrew because of health problems—contributed immensely to PNSI successfully retaining the team classification title with their 36-minute winning margin over Excellent Noodles and more than one and a half hours advantage over third-placer Go For Gold.

A total of 57 riders from the 104 starters survived the Ronda.

HD Spikers go 2-and-0 in PVL Open

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IGNAL HD responded to the challenge and pulled off another shock 25-14, 25-21, 19-25, 25-18 triumph over F2 Logistics to zero in on the top Group A spot in the Premier Volleyball League Open Conference at the Paco Arena in Manila on Sunday.

The HD Spikers oddly dominated the first two sets but blew the chance to essay a sweep of one of the most feared teams in the league on a late third set meltdown.

But they put their act together in the next, breaking off a tight duel midway through then building enough cushion to complete the one-hour and 42-minute victory for a 2-0 won-lost record.

The win came on the heels of Cignal’s similar four-set reversal over defending champion Chery Tiggo last Wednesday, the sweep of HD Spikers’ first two games eclipsing their dismal one-win performance in the league’s inaugural

Plana, pal clinch Southwoods title

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UNJUN PLANA and Gab Macalaguim formalized their claim on the overall gross title while Richard Santos and Michael Miguel edged the Manolo AgojoJoven Guevarra pair in a tiebreak to snare the overall net crown in the Southwoods Invitational at the Legends and Masters courses in Carmona, Cavite, over the weekend.

With no team able to mount a final day challenge, Plana and

Jordan, named after the Chicago Bulls’ all-time great by his father, has moved zip codes five times since being recruited out of Colegio de San Benildo in high school.

After impressing in the Metro Manila Basketball League, National University recruited him to join their Bullpups team. That squad made the finals but lost to Ateneo who were led by the Nieto brothers.

In college, he first donned the colors of the University of the East (UE) under Derrick Pumaren where he formed an exciting backcourt corps tandem with Paul Manalang and Fran Yu. That didn’t last and he moved down the road from Recto to España where he formed a fearsome duo with Marvin Lee. His scoring exploits and penchant for big shots especially late in the game gave Growling Tiger fans something to cheer for and looking forward to in the next seasons.

Even former University of Santo Tomas (UST) star Japs Cuan raved about Sta. Ana calling him a younger version of his former teammate Jojo Duncil.

After one sterling season at UST, he de-camped. The reasons differ depending on who you speak with.

He next surfaced playing for Letran in the D-League with Fran Yu who also had left UE.

Macalaguim cruised to a seven-point romp with a 161 total built around 84 points in best ball format at the Masters and 77 points in aggregate play at the Legends.

Justine Tambunting and Terrence Macatangay settled for second with a 154 (86-68), while Edsel Opulencia and Abraham Avena carded a 153 (82-71) for third in the club’s first member-guest tournament after a two-year break due to pandemic.

pro season in Ilocos Norte last year.

“I’m so proud of this team, but we really prepared hard for this. We executed well and so happy the others performed well,” said Cignal Coach Shaq delos Santos, whose wards also bucked the sidelining of top hitter Ces Molina, who sustained an ankle injury early in the fourth after landing on Kim Dy’s foot.

But the HD Spikers used that setback as a rallying point as they took six of the next 10 points to pad a shaky two-point lead to a 15-10 cushion. And unlike in the third set where they squandered a 13-8 lead to enable the Cargo Movers to extend the match, the HD Spikers held sway behind Jerrili Malabanan, Roselyn Doria, Ria Meneses, Rachel Anne Daquis, Angeli Araneta and the gutsy plays of setter Gel Cayuna and libero Angelique Dionela.

IGUEL TABUENA tries to pick up from where he left off as he leads a compact field chasing top honors in the rich International Container Terminal Services Inc. (ICTSI) Luisita Championship which gets under way on Tuesday at the fabled Tarlac layout.

The twotime Philippine Open champion topped the last Philippine Golf Tour (PGT) leg at Eagle Ridge last year before the circuit went on a year-long hiatus due to pandemic and other concerns.

Tabuena shifted his campaign abroad, winning his first US title in the Idaho Open last September but struggled in the Asian Tour restart where he tied for 36th in the Laguna Phuket Championship in Thailand last December.

He hasn’t seen action this year, skipping a couple of Asian Tour events and marrying his longtime girlfriend in the US last February.

But he stayed in shape during the break, building up on strength and length which he hopes to flaunt in this week’s P2 million, 72-hole championship marking the start of the new season of the PGT as well as that of the Ladies PGT, which also kicks off its 54-hole tournament tomorrow.

Tabuena will be facing a slew of rivals who are all coming into the event with lots of enthusiasm and hungry for recognition, including multi-titled Tony Lascuña and former Philippine Open titlist Clyde Mondilla and legend Frankie Miñoza.

Others in the fold are Anthony Fernando, Gerald Rosales, also a former Phl Open champion, Manila-based Dutch Guido Van der Valk, Reymon Jaraula, many-time PGT champion Jay Bayron; former Masters titlist Jerson Balasabas, Joenard Rates, Marvin Dumandan, Mhark Fernando, Michael Bibat, Mars Pucay, Rufino Bayron and Rupert Zaragosa.

The top draws in the Ladies PGT, meanwhile, brace for a battle royale with Princess Superal expecting a shootout with reigning Order of Merit winner Harmie Constantino, leg winners Sunshine Baraquiel, Chanelle Avaricio, Daniella Uy and multi-titled Chihiro Ikeda.

“We’re very grateful for the return of the circuit and this is a good opportunity for us to toughen up and prepare for our future international sorties,” said Superal, who won three of the first five LPGT events under the bubble setup organized by Pilipinas Golf Tournaments Inc., maintaining she remained in top shape despite skipping the last five legs of the 2021 season.

MIGUEL TABUENA’S competing for the first time this year in Tarlac.

The Santos-Miguel tandem, meanwhile, combined for a 180 (9684), the same output put in by Agojo and Guevarra but the former bagged the net title with a lower team handicap.

Sharing the podium in the four-day event which drew a full-packed field of 400 players were Thirdy Escaño and Bong Tirol (Division I), Ian Tambunting and Raymond Lacdao (Division 2), Ian Arceo and Mike Ong (Division 3), Vince Siy and Francis Tanjangco (Division 4) while Agojo and Guevarra took the Division 5 plum.

Two years after the pandemic hit the world, Sta. Ana is now 24-year-old and with the Arellano University Chiefs.

The Chiefs have this journeyman story. Aside from Sta. Ana, they have two other UST refugees in Gelo Sablan and Justin Arana. They also have former Emilio Aguinaldo College star Maui Cruz who mysteriously dropped in the pecking order and soon left.

All four have similar stories to tell. Recruited by other schools, they transferred or stayed put, then things didn’t work out. And now, they have one more chance to show their wares.

Arana and Sablan have given a good account of themselves the last time there was college ball. Now, the onus is on Jordan (and Maui) to show what they’ve got. Or, what they have still got.

“Of course I’m glad I’m back,” shared Sta. Ana who admitted to some regret to his constant movement that can sometimes lead to a bad reputation.

“Maybe, this is my fate. What’s important though is I am learning my lessons,” he said. “At 24, I’ve already been through a lot—success and disappointments. Hopefully, I approach things more maturely now.”

This season with the Arellano Chiefs, Jordan is offering his efforts to his late mother who passed away

last year due to a non-Covid-19 illness.

“Mama pushed me to do my best but I feel bad she won’t be able to watch this NCAA [National Collegiate Athletic Association]. I’ll do my best to fulfill her wishes—that I’m here fighting hoping to be in the PBA [Philippine Basketball Association].”

For now, he is focused on the Chiefs’ campaign this NCAA Season 97.

“This chance with Arellano… it’s like my last chance,” he thought to himself. He clearly doesn’t want to fall into that category of “could have beens” and “wasted chances.”

In his young life, he’s seen that happen to many a teammate. He knows there is still time to do something special.

However, like in everything that has happened since he left San Benildo, Jordan Sta. Ana has attacked everything thrown his way with a lot of optimism.

“I will do my best,” he promised. He has worked on his shooting and has slimmed down while building body strength. No doubt to help him when he makes those numerous kamikaze drives to the basket.

After all, he was named after the GOAT who made two comebacks. Except for Sta. Ana, he is on his fourth. It is possible that this too may be the proverbial charm.