BusinessMirror March 22, 2022 by BusinessMirror

Retail trade lib law included in updated FINL

‘Close borders, cut Omicron exposure risk’ By Cai U. Ordinario @caiordinario

T C

By Cai U. Ordinario

HE updated Regular Foreign @caiordinario Investment Negative List (FINL) incorporates proviLOSING the country’s borders sions from the Retail Trade Liberis one of the most immediate alization Act (RTLA), according courses of action the govern- to the National andlatDevelment must take toEconomic prevent the opment Authority (Neda). est Covid-19 variant, Omicron, from Trade, Services, and InreachingNeda’s Philippine shores, accorddustry Staff (TSIS) told Businessing to local economists. Mirror draftisofathe FINL has T he new that var aiant threat, been submitted to the Office e s p e c i a l l y w it h t he hol id ayof s the President for approval. coming up and more foreigners drafttoalready being aThe llowed travelincludes to the the amendments in the RTLA, but not Philippines, De La Sa lle Univerthe amendments contained in the sit y economist Mar ia Ella Oplas Public Service Act (PSA) and Fortold BusinessMirror. eign Investment Act (FIA), which The holidays usually bring in haveFilipino only beenWorkers recently(OFWs) passed into Overseas law. who are eager to spend Christmas

the WorlD »a9

Shanghai DiSneylanD cloSeS amiD biggeSt coviD flareup

“In the current IRR (Implementing Rules and Regulations) the FIA however, it was forstated withoftheir loved ones, while that amendments to List A may eigners living in temperate regions be made by the Neda any time usually want to relax in tropical to reflect changes made This by law countries like the Philippines. regarding the extent of foreign year’s influx of OFWs is expected to equity since participation in any spebe heavier many of them were cific area of economic activity,” unable to come home for the holidays the FIA IRR stated. in December 2020. Neda said it may is betopossible “My recommendation protect to issue the changes in the FINL earthe borders. Do not allow people with lier than the two-year effectivity a history of travel to countries with of the negative if the provision positive cases to list enter,” Oplas said. in the FIA’s IRR is retained. “We should be more restrictive. [We on protective the amendments have toBased be] more in termsunder the RTLA, the government will of our measures.” lower the required paid-up capital Oplas said that while this will be for foreigh retail enterprises a setback to some industries, thisand for other purposes. is a fair measure considering that Section of the placing RTLA or this could help 5prevent theRepublic Act 11595 signed in July country in another strict lockdown,

2021 allows foreign retailers to operate in the country upon registration with Securities and which, she said, thethe economy can no Exchange Commission (SEC) or longer afford. the Department of Trade and In“It is better that we do protective vestmentmeasures (DTI). than get expreventive These firms must: have miniposed again. We have a lot to alose,” mum paid-up capital of P25 Oplas said. “We should do it nowmilso lion; haveopen a minimum investment that we can just before ChristofIfatitleast P10 million per open store; mas. gets contained, we can maintain a paid-up capital of P25 it again.” million at all times unless they Ateneo Center for Economic Rehaveand informed SEC or(ACERD) DTI that search Development they are ceasing operations. FiAssociate Director Ser Percival nally, their countries of origin K. Peña-Reyes said closing thedo not prohibit thewould entry of country’s borders beFilipino effecretailers. tive but should still adhere to the “Failure inHealth the Philstandards setto bymaintain the World ippines the paid-up capital required Organization (WHO). in the preceding paragraph prior What is needed, Peña-Reyes toldto notification of the SEC or the DTI, this newspaper, is for travel restricwhichever is appropriate, shall subtions to be put in place swiftly and

ject the foreign retailer to penalties or restrictions on any future trading activities/businesses in the for government to be proactive in Philippines,” the RTLA stated. imposing them. The Nedainstances is tasked to review Previous when and the revise the country’s RFINL, which country had the opportunity to imcontains on not foreign pose travel restrictions restrictions did preinvestments and the practice of vent the spread of Covid-19. That was professions based on the Constitumainly because the decision was not tion immediately, and Philippine made helaws. said. The RFINL contains “Kung papatay patayinvestment [If we’re areas/activities foreign equislow] and we getwhere caught flat-footty participation is limited by maned, [that’s risky] We were too redate of the Constitution speactive instead of proactiveand before. cific laws. It also consists of investWe should learn from that,” Peñamentsaid. areas/activities where foreign Reyes “It’s a delicate balancing equity participation is limited for act. We need to push testing and reasons of defense, security, risk tracing to be properly informed public healthBlanket/shotgun and morals, and oftoour decisions. protection of smalland mediumapproaches could have dire consesized domestic market enterprises. quences on the economy.” See “Retail,” A2 See “Omicron,” A2

MOODY’S BAA2 NATL GOVTASSIGNS BORROWINGS RATING FORDIP PHL BONDS FOR 10 MOS TO P2.75T w w

n Tuesday, March 29, 22, 2021 2022 Vol. 17 No.52 No. 165 Monday, November

Duterte signs new Public Omicron risk spurs revival Service Act, completing of quarantine liberalization reform bills rules in PHL

By Bernadette D. Nicolas By Bernadette D. Nicolas

T T

@BNicolasBM @BNicolasBM

& Bianca Cuaresma @BcuaresmaBM

HE national HE Philippine government’s government gross is eyeing borrowings astoof raise funds fromshrank the end-October offshore debt market by almostbenchmark6 percent by offering year-on-year sized US dollar-to P2.75 trillion. denominated 5-year

By Samuel P. Medenilla @sam_medenilla

and 10.5-year global bonds and itsthe25-year Latest data from Bureau of the maidenshowed green Treasury thatbonds. the government’s gross borrowings during the 10-month period fell by 5.99 percent Proceeds for the 5-year from P2.92 trillion a year ago. and 10.5-year tenors will be With only two monthsused left for for general budget financing while this year, the latest figure is already the 25-yearto green willofalso equivalent 89.6bonds percent its be used to finance/refinance asP3.07-trillion borrowing program. sets in line with the domestic government’s Broken down, gross bor“sustainable finance rowings from Januaryframework,” to October based on document seen by resettled at aP2.23 trillion, down by porters on Monday. 5.08 percent from P2.35 trillion Officials earlier said the Philipin 2020. pines’s of at least The first-ever bulk of offering the amount was $500 million in green bonds in the sourced from Fixed Rate Treasury offshore debt market will help raise Bonds (P1.19 trillion), followed by funds for the country’s clean short-term borrowings fromenergy Bangprojects and other sustainable iniko Sentral ng Pilipinas or BSP (P540 tiatives to mitigate the ill effects of billion), Retail Treasury Bonds/Prethe worsening climate change. Early myo Bonds (P463.3 billion), Retail this year,Dollar the government inauguOnshore Bonds (P80.84 bilrated the sustainable finance framelion). In the same period, there was workafor bonds toof support its also netgreen redemption Treasury climate-action commitments. Bills amounting to P43.94 billion. The new dollarmeans bond Net debt3-tranche redemption offering is expected to be rated Baa2 there were more debts repaid comby Moody’s Investors Service, BBB+ by pared to the amount borrowed durS&P Global Ratings and BBB by Fitch ing the period. Ratings. The settlement date forborthe Meanwhile, gross foreign debt papers is slated on March 29. rowings in the same period also Joint lead managers joint contracted by 9.7 percent and to P518.7 bookrunners for three-tranche isbillion from last year’s P574.4 billion. sueThis are was Bankraised of China Citigroup, through global Credit (P146.17 Suisse, Deutsche Bank, bonds billion), program Goldman Sachs, Mizuho Securiloans (P139.98 billion), euro-deties, Morgan Stanley, Standard nominated bonds (P121.97 billion), Chartered Bank and UBS. a project loan (P86.41 billion), and In June last year, the governyen-denominated samurai bonds ment borrowed $3 billion (about (P24.19 billion). P145.8 See billion) through its suc“Borrowings,” A2 cessful issuance of dual-tranche dollar-denominated global bonds.

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 hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO

MOODY’S announced on Monday afternoon that it is assigning senior unsecured ratings of Baa2 to the dollar-denominated global bond offerings by the Government of the Philippines, including tranches maturing in 2027, 2032 and 2047.

OREIGNERS are now allowed to own 100 percent equity in most sectors in the country after President Duterte signed the amended Public Service Act (PSA). The new policy will apply to all sectors except for crucial services like transmission and distribution of electricity, water and pipeline sewerage, seaports, petroleum pipeline, and public utility vehicles (PUVs). Duterte lauded the signing of the new legislation, which he said will help the country’s recovery from the economic impact of the pandemic. “I believe that through this law, the easing out of foreign equity restrictions will attract more global investors, modernize several sectors of public service and improve the delivery of essential services,” Duterte said in a speech during the ceremonial signing of the new law last Monday. “It is also expected to generate more jobs for Filipinos, improve basic services for Filipino consumers, and allow for the exchange programs as President Duterte of skills and technology with the counis expected to sign the industry try’s foreign partners,” he added. development plan in early 2022.

OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND By Jasper Emmanuel Y. Arcalas

dating its registry following the them. This allows everyone to see enactment of the Coconut Farmwho are listed in the registry and if ers and Industry Trust Fund law. farmer doesn’t see his name then he ORE than 3 million Rosales explained that about shall coordinate with the PCA imcoconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent workers are now regisworkers were added to the PCA’s dialogue with coconut farmers. tered with the government’s reg2018 list that had about 2.5 million “On the other hand, if people istry, which serves as the basis coconut farmers and farm workers. would see names on the list and for the number of people to be The PCA’s next step is to conthey think they are not coconut covered by the utilization of the duct an exclusion-inclusion profarmers or their details are incorTHIS combo photo shows Chinese structures taken February 8, 1999, top, and March 20, 2022, at the Mischief Reef in the disputed South China P75-billion coconut levy fund. cedure by making the updated rect, they can report it to the PCA Sea. In stark contrast to Chinese President Xi Jinping’s past assurances that Beijing would not transform the artificial islands in contested waters Philippine Coconut Authority farmers’ registry public, providfor immediate action,” he added. into military bases, US Indo-Pacific commander Adm. John C. Aquilino said China has fully militarized at least three of several islands it built in (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that the disputed South China Sea, arming them with anti-ship and anti-aircraft missile systems, laser and jamming equipment and fighter jets in an M. Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial list increasingly aggressive move that threatens all nations operating nearby. AP/AARON FAVILA coconut farmers and farm worksales added. of coconut farmers registry would ers have been registered with the “The list will be posted in public be just in time for the expected government since it started upspaces where people can easily see rollout of coconut levy-funded @jearcalas

BIZ GROUPS BACK CALL FOR RETURN TO WORK PLACE By VG Cabuag

this is a “significant step” towards

government and the private sec-

ROPERTY developers, retailers and restaurant operators and other business groups are backing the government’s call for the return to workplace of their employees, mainly the business process outsourcing firms, saying

In a statement, the multisectoral umbrella business groups said the revival of business activity in general, and key economic centers in particular, are now viewed as a key milestone towards recovery. “This position is shared by

and medium enterprise segment which has retained only a fraction of the 5.38 million jobs nationwide it generated in 2019. All the aforementioned have asked their employees to return to their places of work,” it said.

PESO EXCHANGE RATES n US 50.4600

Investment grade rating

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

Rosales said the PCA will not stop updating its list of coconut farmers and enjoined them to register in order to reap the benefits of the decades-long idled coconut levy fund. “We will not stop at 3.1 million. We hope that more individuals will register in our coconut farmers registry,” he said. The updating of the coconut farmers registry is mandated by Republic Act (RA) 11524 or the Coconut Industry Trust Fund Act. See “3-M farmers,” A2

By Samuel P. Medenilla @sam_medenilla

NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory “I believe that through this law, the easing facility-based quarantine for all out of foreign equity restrictions will attract arriving passengers in the country. more global investors, modernize several Acting Presidential spokespersectors of public service and improve the son Karlo B. Nograles announced delivery of essential services.” on Sunday that the Inter-Agency –President Rodrigo Roa Duterte Task Force for the Management of Emerging Infectious Diseases He said PSA will complement Re(IATF) suspended the implemenpublic Act (RA) No. 11647 amending tation of its Resolution No. 150the Foreign Investment (FIA), A (s.2021), effectively Act imposing which he also signed earlier this stricter protocols for all inbound month in helping generate more travelers. economic activities in the country. To note, IATF Resolution 150RA 11647 created thevaccinated Foreign InA had allowed fully vestment Promotion andGreen and Marnon-visa travelers from List keting Plan (FIPMP) and eased the areas to enter the country withrequirements for foreign investors out the need for facility-based to operate inasthe country. quarantine long as they secure The FIA and amendatory negative ReversePSA Transcriptionlegislation, along with the measure Polymerase Chain Reaction (RTrevising the 21-year old Retail PCR) test within 72 hours Trade prior Liberalization Law, were part of the to their departure. package of liberalization of “Except for countries reforms classified the Duterte administration. as ‘Red,’ the testing and quarantine A2 protocolsSee for“Duterte,” all inbound international travelers in all ports of entry shall comply with the testing and quarantine protocols for ‘Yellow’ list countries,” Nograles said, citing the provision of IATF Resolution No. 151-A. He noted Hong Kong, which has confirmed a case of the Omicron variant, will also fall under the Yellow list countries. The suspension of the rules for “Green List” countries will be in effect from November 28, 2021 to December 15, 2021.

n JAPAN n HK 6.4722 n CHINA 7.9013 ntor, SINGAPORE n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 @villygc0.4374 n UK 67.2329 the post-pandemic normalcy. especially 36.8968 the micro, small

Continued on A2

Source: BSP (November 26, 2021)

See “Biz groups,” A2

See “Moody’s,” A2

PESO EXCHANGE RATES n US 52.3360

n JAPAN 0.4395 n UK 68.9788 n HK 6.6892 n CHINA 8.2270 n SINGAPORE 38.6073 n AUSTRALIA 38.7391 n EU 57.8470 n SAUDI ARABIA 13.9507

Source: BSP (March 21, 2022)

News

BusinessMirror

A2 Tuesday, March 22, 2022

COMP picks ‘external verifiers’ in sustainable mining program

HE Chamber of Mines of the Philippines (COMP) recently released the names of the first batch of accredited Verification Service Providers (VSP) who will critically review the performance of large-scale mining companies under the group. Also called ‘external verifiers,” the members of the VSP are all experienced independent experts in social, environmental as well as mining, and other related sciences, said COMP. The 13 newly accredited VSPs, all trained by the Mining Association of Canada with the support of the Canadian Embassy

in the Philippines, include Joey Nelson Ayson, president of the Philippine Mining & Exploration Association and the UP Geological Society; Joselito Bacani, former president of Intex Resources Phils., Inc. and a former member of the independent audit team that investigated the Rapu-Rapu mines spill incident;

Michael Cabalda, a former social development consultant of Holcim Phils., Inc. and former division chief of the Mining Environment and Safety Division of the Mines and Geosciences Bureau (MGB); Jose Dagala, who held key positions in large-scale metallic mining projects as an expert in the areas of indigenous peoples relations, corporate social responsibility, community organizing, and community development; Roland de Jesus, 12-year regional director of the MGB, and a recipient of the Department of Environment and Natural Resources’ EAGLE Award; Maria Karla Espinosa, a lawyer who is now consultant of the Extractive Industries Transparency Initiative; Katrina Francisco, senior director for Climate Change and Sustainability Services of the SGV and an accredited Corporate Governance facilitator of the Securities and Exchange Commission; Karen Jago-on, professor at the UP School of Urban and Regional Planning and member of a Mining Industry Coordinating Council (MICC) fact-finding team that reviewed the opera-

tions of existing mining operations following the closure and suspension orders issued by the late former Environment Secretary Gina Lopez; Corinthia Naz, also part of the MICC fact-finding review and former consultant of the United Nations Industrial Development Organization; Constancio Paye Jr., a retired 26-year regional director of the MGB and also a DENR EAGLE awardee; Fernando Sajona, an MICC factfinding review team leader and MGB official, and consulted for various structural and engineering geology projects; Ramon Santos, a mining engineer and geologist with 40 years’ experience in the mining industry; and Benjamin Villacorte, a partner with SGV’s Assurance Practice, among them in Climate Change and Sustainability Services where he assists clients in understanding and identifying key sustainability issues. COMP Chairman Michael Toledo said VSP members will conduct critical reviews of the performance ratings of COMP members following the measurement tools prescribed by the Towards Sustainable Mining (TSM) program. Jonathan Mayuga

Duterte orders UCT fund raised from P200 to P500

ESPITE the possible financial problems it might cause the next

administration, President Duterte sought a higher budget allocation for the Department of Finance’s

(DOF) new unconditional cash transfer (UCT) program. During his speech for the

signing of the Public Service Act (PSA) last Monday, Duterte ordered Finance Secretary Carlos G. Dominguez III to raise the monthly amount to be given to UCT beneficiaries from P200 a month to P500. “I told Sonny (Dominguez), well also from the ground, ‘the feedback, for your 200 . . . I also said it’s too small, too small for one month,” Duterte said. “You cannot sustain a family of three, even four, five [with the UCT benefit],” he added. DOF allocated P33.1 billion for the program, which aims to help poor families cope with the impact of rising fuel prices. Acting Presidential spokesperson Martin M. Andanar said UCT will be allocated for the 12 million Pantawid Pamilyang Pilipino Program (4Ps) recipients. It w ill be in addition to the P3,000 to P6,000 financia l aid given to these beneficiar ies. Duterte said Dominguez expressed reservation over the additional budget allocation needed to implement the increase in UCT benefits, since it will cause “problems” in the government finances in six months after it is implemented. “I told him ‘fool, our term will be over by that time . . . use up all the money,” Duterte said. “Let us leave it to the [next] president where he will steal [more funds]. We will give that 500 [UCT]. So I hope that this would go a long way really to help [the poor],” he added. Samuel P. Medenilla

Retail...

Continued from A1

The amendment of the list is headed by the Neda Secretariat, as provided for under Section 8 of RA 7042, or the Foreign Investments Act of 1991, which states that amendments may be made upon the recommendation of the secretary of national defense or the secretary of health, or the secretary of education, endorsed by the Neda, approved by the President, and promulgated by a Presidential Proclamation.

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Biz groups... “We now look forward to heightened business activity which will benefit the entire nation and spur its return to economic wellness. The path to recovery, we aver, begins with the presence in the business and commercial centers of our country’s workers,” it said. Those who signed included companies and groups that have been heavily affected by the pandemic due to low foot traffic in their shopping malls or in their offices that have tenants, such as restaurant owners and other retailers, that mainly rely on the BPO workers as their main customers. Many BPO firms, however, have already sent their workers on a work-from-home scheme, leaving these establishments almost empty or with low foot traffic during the wee hours even when Alert Level 1 was declared. Those who signed the statement included property developers Ayala Land Inc., SM Prime Holdings Inc., Megaworld Corp., groups such as Chamber of Real Estate and Builders’ Association Inc., Joey Concepcion’s Go Negosyo, the retailers and restaurant groups, other Filipino-Chinese and general business groups. “As employees return to the business centers, it is also hoped that confidence nationwide will improve and help restore industries displaced by the pandemic. At least 1.1 million tourism workers were adversely affected by the pandemic,” it said. “Other studies estimate that

Moody’s... The rating mirrors the Government of the Philippines’s issuer rating of Baa2. “According to the terms and conditions available to Moody’s, the bonds to be issued under the government’s existing shelf program filed with the Securities and Exchange Commission in the US will constitute direct, unconditional and unsubordinated obligations of the Government of the Philippines,” the credit watcher said. “ T he bonds w ill rank par i

Duterte...

Continued from A1

passu with all of the issuer’s current and future senior unsecured external debt obligations of the issuer,” it added. “The proceeds from the bonds are intended for general purposes, including budgetary support while the 25-year offering will be directed towards programs and projects aimed at fighting climate change and promoting inclusive growth under the government’s recently announced sustainable finance framework.”

Act), Republic Act No. 11650 (Instituting Policy and Services for Learners with Disabilities in Support of Inclusive Education Act), and Republic Act No. 11648 (Increasing the Age for Determining the Commission of Statutory Rape).

Continued from A12

Covid-19 has greatly impacted air travel such that only 53,000 flights per day carrying 6.2 million passengers were recorded last year from the pre-pandemic high of 106,600 flights with 12.4 million passengers per day. For 2022, IATA projects flights to reach 70,600 flights per day carrying 9.4 million passengers. On the upside, the value of goods carried via air will reach close to $22 billion per day in this year, from just $17.8 billion in 2019.

The next 20 years

the year 2020 alone, our first pandemic year, negatively impacted 423,075 construction workers or 10 percent of the figure employed in 2019; 464,841 accommodation and food service employees or 24 percent of those employed in 2019; 492,067 transportation and storage workers or 14 percent of those employed in 2019.” The groups reasoned out that when typhoon Odette struck the country last December, it showed, based on the experience of many firms, that work-from-home arrangements “are not for all and were meant to be temporary”. They pointed out: “Without the backup systems in the work place needed for uninterrupted operations, many companies in Cebu and along the path of Typhoon Odette reported significant losses due to power and water outages”. The groups asserted that, “Fully occupied business districts and commercial centers indeed represent a welcome and collective milestone for the country.” The Fiscal Incentives Review Board (FIRB) had twice rejected an appeal by IT-BPO firms, supported by the Philippine Economic Zone Authority, tho extend till end-December the WFH setup they were allowed to have during the pandemic, and which ends on March 31. The government earlier warned those BPO firms that enjoy tax perks that it may revoke the benefits given to them if they did not order their workers to return to their respective workplaces.

Continued from A1

Duterte signed PSA in a ceremony on Monday at the Rizal Hall in Malacañang Palace. During the event, the also held a ceremonial signing of the already signed laws namely, Republic Act No. 11647 (Amendments to the Foreign Investment

IATA...

Continued from A1

IATA is largely optimistic about the future as demand for air travel is projected to rise to 7.7 billion passengers in the next 20 years. “Air travel is resilient and growth is inevitable. We are an industry that is essential, even liberating. Aviation is the business of freedom. Aviation liberates us from the constraints of geography, distance, and time. In doing so, it enables us to lead better lives and make the world a better place.

Aviation empowers us to explore, to do business globally and to enrich our lives. Aviation reunites families and loved ones, and creates opportunities for greater understanding among cultures,” said David. Passenger growth will largely come from the Asia-Pacific region accounting for 4.5 percent or 2.5 billion passengers: “[Asia] will continue to be the most dynamic region,” he said. Also contributing to the boost in travel demand are the Middle East at 224 million (3.6 percent of total) and Africa at 149 million (3.3 percent), followed by Latin America at 320 million (2.9 percent), Europe at 642 million (2.1 percent), and North America 525 million (2.1 percent). Founded in 1973, PATA-Philippines has 100 “carefully selected” members from the airlines, travel agencies, hotels, tour operators, resorts, tourism-related government agencies and foundations, and higher education institutions.

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The Nation BusinessMirror

UniTeam vows to champion LGUs’ cause, apt implementation of ‘Mandanas Ruling’

₧12-B Metro Manila water supply project on track, MWSS chief says By Jonathan L. Mayuga @jonlmayuga

M PHOTO BY ROY DOMINGO

RESIDENTIAL frontrunner Ferdinand “Bongbong” Marcos Jr. has given local government units (LGUs) the assurance of a strong voice in a Marcos administration should he win the May 9 national elections. Marcos said he and his running mate Sara Duterte, who is Davao City mayor, will be the champions of LGUs because the UniTeam strongly believes and trusts local leaders. “You can be sure you’ll have a voice in a UniTeam administration, our local governments will have a very strong voice. UniTeam will be the champion of local governments if we get lucky [in the upcoming polls],” he said mostly in Filipino, addressing mayors, vice mayors and councilors of Zambales. Having served as local executives themselves, Marcos said he and Sara Duterte both believe that local leaders are the authority when it comes

to knowing the real situation in their jurisdictions, and hence could be relied on to come up with solutions for problems in their areas. “You will have a strong voice. Because you local chief executives know best the situation on the ground,” he pointed out. “As I’ve always said, we should put on equal footing the relations between local governments and the national government. I always tell congressmen, senators, listen to the local government officials because most of the time they know the best solutions to problems in communities they govern,” Marcos continued. Marcos noted that it was the best way to prevent situations where the national leadership gives orders to the local leaders on how to address problems in their jurisdictions without having a full understanding of the situation first.

Editor: Vittorio V. Vitug • Tuesday, March 22, 2022 A3

ETROPOLITAN Waterworks and Sewerage System (MWSS) Administrator Leonor C. Cleofas said the P12-billion New Centennial Water Supply Project is back on track after securing the consent of indigenous cultural communities (ICC) in Rizal and Quezon. Interviewed at the sidelines of the inauguration and opening of the Million Trees Nursery and Eco Learning Center in Quezon City recently, Cleofas said the signed memorandum of agreement (MOA) between the Indigenous Peoples (IP) will be submitted to the National Commission on Indigenous People (NCIP) ensuring that the project, also called the Kaliwa Dam, will proceed as planned. She said the engineered detailed design is complete and the tunnelboring machine is already positioned on the project site. “We are doing some preparatory works in the Theresa outlet portals because the area is not part of ancestral domain. We have already signed a memorandum of agreement with IPs in Quezon and Rizal. We will submit the MOA to the NCIP Central Office, hopefully, by the first week of April, to be included in the agenda of the Commission en banc,” she said. According to Cleofas, the Kaliwa

Dam, designed to be a dependable source of raw water like Angat Dam is very important to ensure sustainable water supply for Metro Manila and nearby towns and provinces. The Kaliwa Dam project is a new water source to be constructed to meet the increasing demand of the people of Metro Manila, Rizal, and Quezon, estimated at 17.46 million people or 3.49 million households by constructing another dam. The construction of the Kaliwa Dam will also reduce total dependence on the Angat Dam, where about 97 percent of the raw water supply for Metro Manila and parts of Bulacan, Cavite, and Rizal provinces come from. To be implemented by the China Energy Engineering Corporation Limited (CEEC), the five-year project is already delayed because of permitting problems, mainly securing the consent and approval of IPs in Quezon and Rizal provinces. The dam structure is to be constructed in Barangay Pagsangahan, General Nakar, Quezon, and Barangay Magsaysay, Infanta, Quezon (60-meter high with an initial supply of 600 million liters per day).

Protecting watersheds

IN her brief message during the event, Cleofas expressed thanks to the support of the Million Trees Foundation Inc. (MTFI), the proponent of

the Million Trees Nursery and Eco Learning Center, which aims to sustain the gains of the Annual Million Trees Challenge (AMTC) to protect and conserve important watersheds. She said the partnership with MTFI and concerned local government units (LGU) to reforest degraded watersheds are a big boost to the effort of the government to protect the watersheds, adding that without watersheds, there will be no sustainable source of raw water. “We don’t want a ningas cogon. We want a sustainable one,” she said, referring to MWSS’s commitment to protect and conserve the country’s important watersheds. Incidentally, MTFI is dedicated to the conservation and rehabilitation of seven critical watersheds, namely, Angat, Ipo, Kaliwa, La Mesa, Laguna de Bay, Umiray, and the Upper Marikina, including Manila Bay through regular treeplanting and environmental conservation projects. Its key aim is to ensure the AMTC is sustained for its five-year duration and beyond. Launched in 2017 by the MWSS then under the leadership of Chairman and Administrator Reynaldo Velasco, the AMTC was able to plant 5.2 million trees in five years.

Ambitious target

THE MTFI, which was established

to ensure continuity of the AMTC and headed by Executive Director Melandrew Velasco, now targets to plant 10 million more until 2030 with the help of the private sector. In his brief message, MTFI’s Velasco underscored the role played by the private sector in successfully planting 5.2 million trees—exceeding its 5 million target—by 200,000 trees, saying without the generous donation from the private sector, the challenge could not have been overcome. On the other hand, he said, planting 10 million trees more is achievable with private sector help and support. “Judging from what we have achieved so far, I am confident that the target of planting 10 million more trees is achievable,” he said. The MWSS recently signed a memorandum of agreement with the MTFI, along with other development partners, to ensure the sustainability of the massive tree planting activities in the seven important watersheds identified by the MTFI proponents. The MWSS’s private water concessionaires—Maynilad Water Services Inc. Manila Water Corporation, and Luzon Clean Water Development Corporation (LCWDC), a subsidiary of San Miguel Corporation (SMC) are among the biggest supporters of MTFI.

A4 Tuesday, March 22, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

www.businessmirror.com.ph

DBM to release additional P3.1-B subsidy for transport, agri sectors

By Jovee Marie N. Dela Cruz

@joveemarie

HE Department of Budget and Management (DBM) on Monday confirmed that the government will release another P2.5 billion for the transportation sector and another P600 million for the agriculture sector affected by the rising fuel costs. Department of Budget and Management Undersecretary Rolando

Toledo confirmed the decision during the hearing of the House Committee

on Transportation. “We are confirming the statement of [Transportation] Secretary [Arthur] Tugade, it was [also] announced to the talk of the people. [The government] is giving again another P2.5 billion for the transport sector and another P600 million for the agriculture sector,” he said. According to Toledo, the second round of the fuel subsidy is strongly supported by the Economic Development Cluster of the Duterte Cabinet. Toledo said the additiona l funds would come from the Office of the President. Economic managers have earlier recommended to President Duterte to increase the budget al-

lotted to the fuel subsidy program to P5 billion from P2.5 billion previously. They also proposed to raise the budget for fuel vouchers for agricultural producers from P500 million to P1.1 billion. Meanwhile, Undersecretary for Road Transport and Infrastructure Mark Steven Pastor also confirmed that the DOTr has already received the first round of the subsidy for the transportation sector amounting to P2.5 billion. “We confirmed that we already received the P2.5 billion under 2022 GAA [General Appropriations Act],” he said. Under the GAA, the Land Transportation Franchising and Regulatory Board (LTFRB) has a specific

Group lauds government aid to farmers and fishermen By Jasper Emmanuel Y. Arcalas @jearcalas

OOD security advocacy group Tugon Kabuhayan on Monday threw its support behind the Department of Agriculture’s (DA) fuel voucher program to corn farmers and fishermen, stressing that the measure would help them cope with the impact of rising fuel prices. “In the midst of all these, it is not only the transport sector who are affected, but also the farmers and fishermen who transport their goods in the market on a daily basis. More expenses mean less income to bring to their families,” the group said in a news statement. “And we support the initiative of the Department of Agriculture for giving fuel subsidies to corn farmers and fishermen,” it added. The group noted that fuel prices have been constantly increasing since the UkraineRussia war broke out last month, with the prevailing average price of gasoline today reaching as much as P86 per liter from P65

per liter three weeks ago. The group made the statement after the DA issued Memorandum Circular 7 that outlined the guidelines of the P500-million fuel discount program for corn farmers and fisherfolk. PANGISDA President Pablo Rosales also welcomed the government’s intervention, noting that the discount program would be a big help since the majority of fishermen in the country are municipal fishers. “We hope everyone can avail of this P3,000; not just those registered fishermen but also those who live in far-flung areas. They are the ones who need the money the most. P3,000 is a big help for those fishermen who are struggling right now,” Rosales said. “However, we need clarification from the memorandum. Will those who just recently registered or about to register still receive the money? We need it now more than ever because of the high gas prices,” Rosales added. Rosales also joined earlier calls to suspend or abolish the existing tax on fuel. “Remove the reason for rising gas prices.

Get rid of the root of the problem. The government should review again the oil deregulation policies, whether we should amend or abolish it completely,” he said. “We have to look for the right, long-term solution, not just temporary, band-aid ones. It is not just the fishermen who are suffering from the rising gas prices and inflation, but everyone in the country,” he added. The DA started the rollout of the fuel subsidy for corn farmers and fisherfolk last week during the visit of President Duterte in Tacloban, Leyte. The legislated P500-million fuel subsidy will initially benefit 158,730 corn farmers and fisherfolk nationwide, according to the DA. The DA added that corn farmers and fisherfolk will be given a 30-percent fuel discount, or a maximum of P3,000 per individual, upon purchase of gasoline or diesel from a DOE-accredited or designated fuel station. (Related story: https://businessmirror.com.ph/2022/03/08/guidelineson-subsidy-distribution-to-farmers-fishers-issued/)

line item for fuel subsidy for transport sector affected by rising fuel prices amounting to P2.5 billion. Also, the GAA said that the fuel subsidy shall be used to provide financial assistance or fuel voucher to qualified public utility vehicles, taxi, tricycle and full-time ridehailing and delivery services drivers nationwide as identified by the LTFRB, when the average Dubai crude oil price based on the Mean of Platts Singapore for three months reaches or exceed $80 per barrel. For her part, Assistant Secretary Cristina Clasara also confirmed that DBM Officer-in-Charge and Undersecretary Tina Canda has signed on Monday the P7-billion service contracting of public util-

ity vehicles (PUV) program. The LTFRB has also a specific line item for service contracting of PUV program amounting P7 billion under the 2022 GAA. Under the program, PUV drivers and operators will receive performance-based incentives weekly based on the number of trips made per week regardless on the number of passengers. The program aims not only to financially support transport workers, but also to ensure efficient and safe operations of public transportation, and to help health-care workers and Authorized Persons Outside Residence (APORs) amid the pandemic through the “Libreng Sakay” program.

BI reports 10K daily arrivals after lifting of travel curbs By Joel R. San Juan @jrsanjuan1573

HE Bureau of Immigration (BI) reported on Monday that it has recorded more than 10,000 arriving passengers a day since the country reopened its borders last February. BI Commissioner Jaime Morente said the total average daily arrivals are expected to reach 12,000 or more for all international airports nationwide this summer season. He noted that during the first week of the implementation of the loosened travel restrictions, the BI recorded a rise from around 6,000 arrivals to around 8,000 arrivals per day. “These figures, which are a mix of Filipinos and foreign arrivals, rose steadily through the weeks,” he pointed out. Morente shared that two weeks following the approval of the national government to allow the entry of fully vaccinated foreign nationals from visa-free countries, they saw the number of arrivals rise to more than 9,000 per day.

“Now after a month, we’re seeing more than 10,000 arrivals per day,” the BI chief said. “This figure could reach 12,000 or more during the summer season when many foreign nationals flock our tourist destinations to enjoy the tropical weather,” he added. Earlier, the BI said it has recorded a more than 40-percent increase in the number of travelers who arrived in February compared to January of this year. In February, BI said there were a total of 211,899 Filipinos and foreigners who entered the country as compared to 150,740 last January. BI Port Operations Division Chief Atty. Carlos Capulong said that they are ready to service the higher number of travelers arriving in the country. “Our men are on full force, and we have deployed 100 percent of our airport personnel to conduct document inspection for arriving passengers. The e-gates are also fully operational, which would greatly lessen the processing time,” Capulong stated.

Work from home (WFH) is expanding

By Henry J. Schumacher

NEW report from freelance marketplace Upwork found that work-from-home arrangements (WFH) are prompting a significant amount of people to move out of city centers. Nearly half of movers are moving over two hours away, expanding the boundaries of the traditional metropolitan suburb. If companies don’t plan on bringing their work force back to the office, employees could find themselves moving further and further from their office in order to get more bang for their buck…but still stay within relative traveling distance to it just in case they want to come in every once in a while—living up to the useful “Hybrid System” that effectively supports the BPO industry in a variety of countries competing with the BPO industry in the Philippines. Upwork reports that 2.4 percent of American adults (about 4.9 million people) have moved because of remote work. 9.3 percent more said that they plan to. Where are people moving to? Most moves were local, but 13 percent were to places two to four hours away from where they live, and 28 percent were to places more than four hours away.

The conclusion: 41 percent were no longer concerned about needing to make a commute to work. And these are people who do not suffer as much as BPO workers in the Philippines who spend many hours daily to get from home to the BPO office and back home after work. It is difficult to understand Finance Secretary Dominguez and the Fiscal Incentives Review Board (FIRB) decisions to move all BPO workers back to their offices by April 1 and give up WFH, provided tax perks for this super important industry for the Philippines are to be enjoyed beyond that deadline. I loved the headline of the editorial of BusinessMirror on March 14, saying Let nobody kill the golden goose. It made good sense that the IT-BPM industry issued a checklist for the next president, highlighting what the industry does for the Philippines. Let me just name a few: BPO companies and their 1.4 million employees, mostly working from home, managed to deliver services to global customers with the same level of productivity and customer satisfaction as in prepandemic times; The industry experienced another resurgence in 2021 despite the threats of Covid-19 Delta and Omicron variants as it grew by an impressive 7 percent to 8 percent in terms of headcount; The sector is projecting to have generated revenues of $28.8 billion in 2021 and sees another 8-percent growth in 2022. In my view, the next president has no choice but to support this super important industry and its employees by allowing WFH with tax perks. In conclusion, let my just highlight two columns that support these views: Peter Wallace—It’s a hybrid world— March 17; Wallace…like it is@wbf.ph Solita Collas-Monsod—WFH: More pros than cons —March 19; solita_monsod@yahoo.com Feedback is appreciated; contact me at hjschumacher59@gmail.com

News BusinessMirror

www.businessmirror.com.ph

By Samuel P. Medenilla @sam_medenilla

LECTION watchdog National Citizens’ Movement for Free Elections (Namfrel) warned the public against false reports spreading online of an expected massive cheating in the forthcoming May elections. Namfrel Secretary-General Eric Alvia condemned the misinformation, which cited their organization as the supposed source of information on the said cheating. “We deny that allegation that we’ve been talking about it to various groups. Second, We didn’t come out with that prognosis that there will be massive cheating on Election Day,” Alvia said in a phone interview. He noted the people behind the said misinformation are asking the public to hold a “People Power” on

Election Day. “It appears to be propaganda to condition the minds of the people that this [2022 polls] would be a futile exercise of preparations and watching and observation work because the results would be inevitable and some candidates are already set to win,” Alvia said. Namfrel deplored the said propaganda, which Alvia said apparently intends to undermine the outcome of the 2022 elections. It also said it is coordinating with the Commission on Elections (Comelec) to ensure the conduct of the next polls will be credible. “Citizens’ observation of the process are assurances that will help dispel fears of cheating during the vote count and manipulation of results in the coming elections,” Namfrel said in a brief statement issued last Monday.

Sotto bats for local production of vaccines, Covid drugs, PPE By Butch Fernandez @butchfBM

ENATE President Vicente Sotto III has prodded concerned authorities to brace for a feared Covid surge by ramping up local production of vaccines, PPE and anti-Covid drugs. “Now, we must be ready so that whatever virus comes to our shores we can deal with,” Sotto said, suggesting at the Comelec vice presidential debate on Saturday night that the country should “work on producing its own vaccine.” The Senate leader added: “Dapat tayo na ang nag-ma-manufacture ng bakuna, ng PPEs, mga syringes, mga needles, pati cotton para matigil na ’yung [We should be manufacturing our vaccines, PPEs, syrings, needles, even cotton to stop the] importation,” stressing that is what the government must work on. Sotto also suggested granting higher pay not just for frontline health workers but also barangay health workers. “Let’s raise the salaries of doctors and nurses; the hazard pay that we provided for in Bayanihan 1 and Bayanihan 2 is not immediately given.” Sotto rued, “That’s the sad fact that is why we want to have the chance to implement or enforce these laws,” adding he was tired of crafting good laws, having been senator for 24 years, and then seeing them so poorly carried out. The Senate President pointed out, for instance, the case of infectious disease hospitals, saying: “When we establish new hospitals, it takes two to three years to put up. So, at present, in Manila, at the San Lazaro Hospital, I know there is an infectious disease hospital. We must work on converting some district hospitals.... We know some of them can be converted into infectious disease hospitals.” Asked about the small funding for research and development (R&D) in the 2022 budget, Sotto explained that “apparently, it was not deemed a

priority in the National Expenditure Program that the Executive Department submitted to Congress.” He said he “completely” agreed that R&D must be given a bigger budget. “That should really be expanded and bolstered. As a matter of fact, Senator [Panfilo] Lacson had put a budget for biotechnology and for fertilizer, soaring prices of which have pummelled many farmers. He said affordable fertilizers can now be obtained at UP Los Baños, “because of the money we infused for research and development at the UP Los Baños.” Asked if the recent approval by President Duterte of P200 financial aid monthly for indigent families was enough given the soaring prices of basic commodities, the Senate leader replied: “I must admit, there is a problem in fuel prices,” noting that the P1,000 payout for a similar purpose in Quezon City was way bigger than the national government’s P200.

Suspend excise tax

THE Senate leader, likew ise, agreed that the excise tax should be suspended. “That is [the] right [thing to do]. And then, they can consider granting upward adjustments in minimum wage. In his view, the minimum wage in the National Capital Region [NCR] should be pegged at P1,000; and, depending on what regional wage boards decree, probably, P600 to P800 in the provinces.” Sotto, however, expects that employers will likely resist a new wage mandate, prompting him to suggest that this could be offset by granting “tax breaks.” He added, “‘Di baleng gobyerno ang maghirap, huwag lang ang taumbayan [Better that government bear the burden, rather than the people].” He noted that any way, the government is used to borrowing funds for important needs, while ordinary people often fall for usurious “5-6” rates “just to have something to eat, or to add to their small business.”

‘Big-time’ rollback: Oil firms finally cut fuel pump prices By Lenie Lectura

@llectura

IL firms announced a price rollback—the first time since the start of the year— effective Tuesday morning after 11 consecutive weeks of oil price increases. They announced on Monday that gasoline prices will go down by P5.45 per liter, diesel by P11.45 per liter, and kerosene by P8.55 per liter. The price adjustment takes effect at 6 a.m., March 22, for Seaoil, PTT Philippines, Total Philippines, Caltex Philippines, Pilipinas Shell, Petron Corp., and Phoenix Petroleum. For Cleanfuel, the price rollback will be implemented at 8:01 a.m. Eastern Petroleum, meanwhile, will implement a higher price rollback for gasoline, P5.50 per liter, and for diesel, P11.50 per liter. This is the first oil price rollback for the year. Last week, diesel price shot up by P13.15 per liter, gasoline by P7.10 per liter and kerosene by P10.50 per liter. These resulted to the year-todate adjustments to stand at a net increase of P20.35/liter for gasoline, P30.65/liter for diesel and P24.90/ liter for kerosene. Local pump prices are mostly determined by the price of crude oil, peso-dollar exchange rate, among others. The series of oil price increases was mainly brought about by Russia’s invasion of Ukraine. Russia is among the world’s biggest oil producers. Even if Russia is not a supplier of oil and gas to the Philippines, which

BUSINESSMIRROR FILE PHOTO

Namfrel raises alarm on election disinformation drive in socmed

is heavily dependent on imported oil, the global supply disruptions caused oil prices to escalate. The country’s oil firms adjust their prices every Tuesday to reflect movements in the world oil market. Department of Energy (DOE) Undersecretary Gerardo Erquiza said crude oil prices went down for a few days during last week’s trading. This, he said, could be attributed to the re-emergence of Covid in China and the possible meeting between the leaders of Russia and Ukraine. “The pandemic worsened in

China, resulting to lockdowns. The economy slowed down that’s why demand was affected. This helped. Also, last week, the ties between Russia and Ukraine seemed improving,” he said. The DOE, he said, continuous to monitor local oil prices. He could not say if the price rollback this week would continue in the weeks to come. “All we can do is to monitor. I believe what goes up must come down, but the question is when,” said Erquiza. The DOE has assured the public on the sufficiency of the coun-

try’s oil supply amid the RussiaUkraine conflict. “We are not lacking in supply given that we source our crude oil requirements primarily from the Middle East, and finished products from Asia-Pacific. However, the impact of the Ukraine crisis on international oil markets does have a direct effect on our prices. This is why we continue to appeal to everyone to observe energy efficiency and conservation measures during this critical period,” Energy Secretary Alfonso Cusi earlier said.

Dr. Willie Ong warns of another Covid surge By Roderick L. Abad @rodrik_28 Contributor

KSYON Demokratiko vice presidential bet Dr. Willie Ong cautioned on Sunday that another Covid-19 surge might emerge in the next month or two, as he laid out his five courses of action if elected in the 2022 national elections. During the first vice presidential debates of the Commission on Elections (Comelec), the running mate of Manila Mayor Francisco “Isko” Moreno Domagoso made this stern warning on the back of rising cases of coronavirus infections in some Asian countries. South Korea, for instance, has around 600,000 cases per day, according to him. Meanwhile in China, Hong Kong and Vietnam, though he did not specifically cite the respective exact figures, the numbers are also increasing. “There’s a big possibility that such [resurgence] will happen again in the Philippines,” he said in Filipino, while citing that the highest daily Covid case that has been recorded in the country was about 40,000.

Not certain on how grave the situation will be, but Dr. Ong expected that the outbreak could occur either in May or June due to the highly transmissible stealth Omicron BA.2 sublineage. This variant of the Omicron coronavirus strain, he said, would likely cause severe infection, especially in the vulnerable population, which is prone to severe kind of affliction from Covid-19. To counter this, he proposed for the construction of infectious disease hospitals for mild to moderate cases like those existing in Rizal Park in Manila upon the initiative of Mayor Domagoso. The medical professional will also push for the procurement of medicines against Covid-19, intensified pre-testing, and support for the health-care workers. Lastly, he bared his plan to address what is considered the “next epidemic,” mental health, with the establishment of a Center for Disease Control. “Once we accomplish these five [courses of action], we can then open [the economy]. But if we just open, without doing these five, we will go back again to lockdown,” he stressed. If he wins the vice presidential seat, Dr. Ong promised to work with

Robredo supporters converge in Pasig for a weekend rally

N estimated 130, 000 people attended the campaign rally of presidential candidate Maria Leonor “Leni” Robredo on Sunday at the busy Ortigas district in Pasig City, her camp reported on Monday, making it the biggest rally in terms of attendance so far for the vice president since the campaign started. The huge crowd turned the stretch of Emerald Avenue into a “sea of humanity,” a sight that buoyed Robredo, who is aspiring to succeed President Duterte at the end of his term in June this year through the upcoming elections. “Malayo pa kami, ramdam na ramdam ko nang halos yumayanig ang sahig dahil sa inyong energy,” she said. The vice president observed that among those who attended the rally have come from different areas of Metro Manila and adjoining provinces such as Cavite and Quezon. “Alam ko po galing sa iba-ibang parte ng NCR (Na-

Tuesday, March 22, 2022 A5

VICE President Leni Robredo PHOTO FROM VP LENI ROBREDO’S FACEBOOK PAGE

tional Capital Region) and beyond, kasi nakita ko dito, may nakita ko may Cavite, may Quezon. Kanina po sabi sa akin may lumipad pa daw galing Visayas saka Mindanao, may Makati. So, hindi na lang po ito Pasig pero napakaraming sumama sa atin,” she said.

HercampsaidthatsomeofRobredo’ssupporterswent to Emerald Avenue as early as 5 a.m. in order to assure themselves spots for the afternoon campaign rally. In her message, the presidential candidate urged her supporters to help her win the presidency. “Kasamaninyoako,ditosaPasig,ditosaNCR, atsabuong Pilipinas. Kaya po, tara na. Ipanalo na natin ito,” she said. Robredo said that hope is at the heart of the people’s campaign, and each one brings hope to one another. “Malinaw na malinaw po sa akin ngayon: Pag-asa ang puso ng ating People’s Campaign. Pag-asang dala hindi ng kandidatong nakatungtong sa entablado, pero pag-asa ng kapwa Pilipinong nakikilakad kapag hinaharang sa kalsada, nakikipintura ng mural na binura, nakiki-repack ng ayuda para sa mga nasalanta. Dito po sa Pasig, ngayon, tignan niyo ang inyong mga katabi, damhin ang pag-asang hatid ninyo sa isa't isa,” the vice president said. Rene Acosta

the eventual president when it comes to other challenges confronting the country nowadays. Beyond the pandemic response, he wanted to help in ensuring food safety and prolonging the life expectancy of Filipinos—70 years of age on the average. If ever the next administration will continue the war on drugs, however, he will not support the “criminal justice approach,” but rather the “public health approach” especially for the drug users. “We all know that such [drug addiction] is a disease. They have a problem in their pre-frontal cortex,” he said. “That’s why there is a need for

more psychiatrists, more psychologists, and they should be treated for them to go back [to their normal lives].” Commenting on the possibility of a nuclear war given the recent threat of Russian President Vladimir Putin due to his frustration by the lack of progress in his war on Ukraine, Dr. Ong said that he is focused on this matter, considering that the Philippines is not ready in case this could be a realistic option for the aggressor. “We need to buy potassium iodide,” he said of a salt of stable (not radioactive) iodine that can block radioactive iodine from being absorbed by the thyroid gland, thus protecting it from radiation injury.

BusinessMirror

Tuesday, March 22, 2022

ESTABLISHMENT / ADDRESS No.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

24 INCH GAUGE CONSTRUCTION INC. L4 Blk. 4, Near Kay Buboy Bridge, San Dionisio, City Of Parañaque

SONG, RONGRONG Marketing Specialist 1.

Brief Job Description: Responsible for coordinating with other marketing and sales professionals to implement innovative campaigns for branding or product launches.

DING, CHAO Customer Service Representative - Mandarin Speaking 2.

Brief Job Description: Attracts potential customers by answering products and service questions; suggesting information about other products and services. Maintains customer records by updating account information in Mandarin Format. KO, MYUNG HO Customer Service Representative - Mandarin Speaking

Brief Job Description: Attracts potential customers by answering products and service questions; suggesting information about other products and services. Maintains customer records by updating account information in Mandarin Format. NGUYEN TRAN HUONG XUAN Customer Service Representative - Mandarin Speaking

Brief Job Description: Attracts potential customers by answering products and service questions; suggesting information about other products and services. THI DIEM Customer Service Representative - Mandarin Speaking

Brief Job Description: Attracts potential customers by answering products and service questions; suggesting information about other products and services. Maintains customer records by updating account information in Mandarin Format. WANG, NI Customer Service Representative - Mandarin Speaking

Brief Job Description: Attracts potential customers by answering products and service questions; suggesting information about other products and services.

YANG, JINKE Chinese IT Support Specialist

Basic Qualification: Ability to work under pressure and motivation to succeed in a competitive environment; Should have a bachelor’s degree in journalism, marketing, communications or a related field; Good communication and interpersonal skills

11.

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

12.

3D ANALYZER INFORMATION TECHNOLOGIES INC. 7-8/f Double Dragon Plaza, 255 Edsa Cor. Macapagal Blvd., Barangay 76, Pasay City

Basic Qualification: Mandarin Speaking w/ At least Some Secondary Education

ZENG, QINGQUAN Country Manager

13.

Brief Job Description: Responsible for activities assigned by the service delivery manager, coordinate all escalation for potential client issues

15.

Basic Qualification: Mandarin Speaking w/ At least Some Secondary Education

Brief Job Description: Lead the solution design throughout the project lifecycle and be accountable for solution integrity

YUE, NANXIANG Chinese Speaking Data Entry Clerk 16.

Brief Job Description: The Chinese IT Support Specialist shall answer incoming phone calls from clients and troubleshoot customer technical problems with computer software and hardware

SHI, BOXIANG Chinese IT Support Specialist 10.

Brief Job Description: The Chinese IT Support Specialist shall answer incoming phone calls from clients and troubleshoot customer technical problems with computer software and hardware

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

Brief Job Description: Assist/help customers, give customers information about product and services

CAI, RURONG Marketing And Sales Agent Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas

Salary Range: Php 30,000 - Php 59,999 LIN, QIANGBIAN Marketing And Sales Agent 18.

Basic Qualification: Bachelor’s degree with extensive knowledge in products and business process. telecom industry knowledge

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas

Basic Qualification: With atleast 6 months customer service experience / Good in oral communication and written

LIU, QI Marketing And Sales Agent 19.

Basic Qualification: Must be fluent in Chinese Language (Writing and Speaking)

GAO, ZIXIN Mandarin Office Supervisor 23.

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: With atleast 6 months customer service experience/good in oral communication and written

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas

20.

Brief Job Description: Build sustainable relationship of trust through open and interactive communication in mandarin speaking

Brief Job Description: Maintain officer services by organizing office operations and procedures; preparing payroll; controlling correspondence; designing filing systems; reviewing and approving supply requisitions; assigning and monitoring clerical functions.

XU, FAN Mandarin Sales Officer 24.

Brief Job Description: To deal with all sales inquiries from initial contact to full delivery of the service and after sales customer care.

CAI, ZHIZE Chinese Customer Service 25.

Brief Job Description: Assisting clients by providing information on services

TAN, XIAOXIN Chinese Customer Service

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

Basic Qualification: Can contribute information, ideas and research to help develop marketing strategies. Can help to detail, design and implement marketing plans for each product or service being offered.

26.

27.

Basic Qualification: College Graduate. Fluent in Mandarin, Cantonese, and Taiwanese Language. Must work well under pressure and excellent sense of priorities. Atleast 1 year experience related to the position applying for. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate. Fluent in Mandarin, Cantonese,and Taiwanese Language.Must work well under pressure and excellent sense of priorities.Atleast 1 year experience related to the position applying for.

Brief Job Description: Assisting clients by providing information on services

Basic Qualification: Fluent in Oral and Written Mandarin and English Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Oral and Written Mandarin and English Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Fluent in Oral and Written Mandarin and English Salary Range: Php 30,000 - Php 59,999

GATEWAYSOLUTIONS CORP. Unit 2306 Antel Global Corporate Center, Julia Vargas Ave., San Antonio, City Of Pasig

SUN, ZHONGLEI Customer Service Representative

Brief Job Description: A customer service representative supports customers by providing helpful information, answering questions, and responding to complaints, They’re the front line of support for clients and customers and the help ensure that customers are satisfied with products, services, and features.

VO THI THOM Customer Service Representative

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

Brief Job Description: Assisting clients by providing information on services

YANG, YANG Chinese Customer Service

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

Basic Qualification: Knows how to recommend potential products or services to management by collecting information and analyzing customer needs

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

FLYING DRAGON NETWORK PHILIPPINES INC. Malate Bayview Mansion, 1781 M. Adriatico Street. 076, Barangay 699, Malate, City Of Manila

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

29.

TONG, LIJIE Marketing And Sales Agent

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas

QUALIFICATION AND SALARY RANGE

FAR EAST BUSINESS CONSULTANCY INC. Unit Ug11 Upper G/f Cityland 10 Tower Ii, 154 H.v. Dela Costa St., Bel-air, City Of Makati

Basic Qualification: With atleast 6 months customer service experience/good in oral communication and written

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

22.

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

Basic Qualification: With atleast 6 months customer service experience/good in oral communication and written

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas

XIE, YI Marketing And Sales Agent

28.

Salary Range: Php 150,000 - Php 499,999

Basic Qualification: Must be fluent in Chinese Language (Writing and Speaking)

21.

Basic Qualification: Fluent in Mandarin and knows how to speak in English Salary Range: Php 30,000 - Php 59,999

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

TONG, LIYI Marketing And Sales Agent

EASTERN GOLD CORPORATION 503, Nueva St., Barangay 289, Binondo, City Of Manila

Basic Qualification: Open to high school graduates with related work experience; jlpt n2 certified or equivalent

CAPSLOCK INC. 7th & 8th Flr. Y Tower Bldg., Coral Way Drive Cor. Macapagal Ave., Barangay 76, Pasay City LIU, CHAO Chinese IT Support Specialist

Brief Job Description: Assist/help customers, give customers information about product and services

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

AMDOCS PHILIPPINES INC. 23rd, 25th, And 26th Floors Eco Tower, 32nd St. Cor. 9th Ave. Bonifacio Global City, Fort Bonifacio, City Of Taguig

GUPTA, SPARSH Solution Architect

Brief Job Description: Assist/help customers, give customers information about product and services

ZOU, MING Chinese Speaking Customer Service Representative

17.

Brief Job Description: Assist/help customers, give customers information about product and services

CHI TU LINH Chinese Speaking Customer Service Representative

ACCENTURE, INC. 7f, Robinsons Cybergate Tower 1, Pioneer St, City Of Mandaluyong

UMETSU, REI Service Delivery Operations Team Lead

No.

Basic Qualification: Must be fluent in Chinese Language (Writing and Speaking)

DYNAMIC STUDIO TECHNOLOGY INC. 5th To 10th/f Platinum Tower Building, Aseana Ave. Cor. Fuentes Street, Baclaran, City Of Parañaque

Basic Qualification: Mandarin Speaking w/ At least Some Secondary Education

Brief Job Description: Liaising with head office, training new staff, preparing annual reports

NGUYEN ANH DUC Chinese Speaking Program Designer

14.

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

QUALIFICATION AND SALARY RANGE

CRONYX INC. No. 4th-10th Flr. Yinhope Bldg., Dela Rama Cor. Zoili Hilario St., Seascape Village, Ccp Complex Subd. Zone 10, Barangay 76, Pasay City

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

Brief Job Description: The Chinese IT Support Specialist shall answer incoming phone calls from clients and troubleshoot customer technical problems with computer software and hardware

ESTABLISHMENT / ADDRESS

CMC LIGHTING DE ARTE INC. Block 2 Lot 3 Unity Street, Dreamland Subdivision, San Antonio, City Of Parañaque

Basic Qualification: Mandarin Speaking w/ At least Some Secondary Education Salary Range: Php 30,000 - Php 59,999

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

www.businessmirror.com.ph

Basic Qualification: Must be a College graduate; Can prepare product or service reports by collecting and analyzing customer information; Can contribute to team effort by accomplishing related results as needed; Can manage large amounts of incoming calls Salary Range: Php 30,000 - Php 59,999

GLOBALLGA BUSINESS PROCESS OUTSOURCING Ground Level, Level 2-5 Floor, Silver City 4, Ortigas East, Ugong, City Of Pasig

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

GUAN, SHUANGYU Customer Service Representative Mandarin Speaking 30.

Brief Job Description: Build sustainable relationship of trust through open and interactive communication in mandarin speaking.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer needs.

31.

Brief Job Description: Managing and overseeing the daily operations of the Accounting Department

43.

32.

Brief Job Description: Responsible in IOS Service Problems Technical and other Computer Software Issues

44. Basic Qualification: Strong management and leadership skills

33.

Brief Job Description: Recommend Actions by Analyzing and Interpreting data and making Comparative

SONG, JUNLONG Marketing Assistant For Asian Market 34.

Brief Job Description: Compiling and Distributing Financial and Statistical such as Budget Spreadsheets

Basic Qualification: Proficient in English Chinese and Other MultiLingual Language Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Bachelor’s Degree in Finance, Business Administration Accounting Statistics or Economics

MARIA Purchasing Coordinator

35.

Brief Job Description: Assist/help customers, give customers information about product and services

45.

Basic Qualification: Excellent Knowledge of Ms. Office . Mrktng Software and Have Communication People Skills

SHAH, MANISH NAVINCHANDRA Operations Manager 46.

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

SABANKAYA, NUH Supervisor On Turkish Language 36.

Brief Job Description: Implementation and development of all aspects of Turkish Language Program.

47.

LI, QINGSONG Chinese IT Support Specialist 37.

Brief Job Description: The chinese IT support specialist (CITSS) is an integral member of the company infrastructure, application support and the IT division and is responsible for providing quality IT support of enterprise systems throughout the chinese clientele XU, CHUANGXUN Chinese IT Support Specialist

38.

Brief Job Description: The Chinese IT Support Specialist shall answer incoming phone calls from clients and troubleshoot customer technical problems with computer software and hardware YANG, WEI Chinese IT Support Specialist

39.

40.

Brief Job Description: Responsible for providing quality it support of enterprise systems throughout the Chinese clientele. TOO YEOW KONG IT Support Specialist

41.

Brief Job Description: The IT Support Specialist (CITSS) is an integral member of the company infrastructure, Application Support, and of the IT Division and is responsible for providing quality IT support of enterprise systems throughout the Chinese clientele.

Basic Qualification: A chinese and fluent in chinese writing and speaking language

48.

49.

Basic Qualification: Can speak and read Cantonese, mandarin, and Fukien language

50.

51.

42.

Brief Job Description: Comprehending the requirements of customer and communicating efficiently instructing assessing and consulting the active costumers through program alteration to ensure properly

53.

Brief Job Description: Managing incoming calls and customer service inquires HENDRA Chinese Customer Service

54.

Brief Job Description: Managing Incoming Calls and Customer Service Inquiries HERRY YULIANUS JONG Chinese Customer Service

55.

Brief Job Description: Managing Incoming Calls and Customer Service Inquiries HOANG THI TRANG Chinese Customer Service

56.

Brief Job Description: Managing Incoming Calls and Customer Service Inquiries HOANG VAN DIEM Chinese Customer Service

57.

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

Brief Job Description: Managing Incoming Calls and Customer Service Inquiries HA VAN QUY Chinese Customer Service

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

Basic Qualification: Fluent in mandarin and English language both in written and verbal. Must familiar in expert planning and administrative writing and reporting skills

Brief Job Description: Managing incoming calls and customer service inquires HA NGOC SON Chinese Customer Service

JIANGSU DIBANG CONSTRUCTION PHILIPPINES CORPORATION Unit 2106-a West Tower, Psec Exchange Road, Ortigas Center, San Antonio, City Of Pasig

JOHANNES AMSTRONG SIHOMBING Equipment Installation Specialist

Brief Job Description: Managing Incoming Calls and Customer Service Inquiries HA MINH TU Chinese Customer Service

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

Basic Qualification: Can speak and read Cantonese, Mandarin and Fukien language

Brief Job Description: Managing incoming calls and customer service inquires HA KIM PHAN Chinese Customer Service

Basic Qualification: Must be fluent in Chinese Language (Writing and Speaking)

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

Brief Job Description: Managing incoming calls and customer service inquiries GOON GIAN ZHENG Chinese Customer Service

52.

Basic Qualification: A Chinese and Fluent in Chinese Writing and Speaking Language

Brief Job Description: Purchase requisition, validation and compliance checking. purchase order creation, releasing and monitoring

BUI THI MY Chinese Customer Service

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

Basic Qualification: Must familiar in expert planning and administrative writting and reporting skills

No.

60.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Fluent in Mandarin and English language both in written and verbal. Must familiar in expert planning and administrative writing and reporting skills.

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

Basic Qualification: • E2E understanding of Global Markets and Security Operations • Experience in servicing Ultra High Networth clients globally • Working knowledge of emerging intelligent automation tech

61.

62.

63.

64.

65.

66.

67.

68.

Brief Job Description: Managing Incoming Calls and Customer Service Inquiries KHA FIE LIM Chinese Customer Service

58.

Brief Job Description: Managing Incoming Calls and Customer Service Inquiries KYAW HAN Chinese Customer Service

59.

Brief Job Description: Managing Incoming Calls and Customer Service Inquiries

69.

70.

71.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language

72.

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

Brief Job Description: Managing incoming calls and customer service inquiries NGUYEN VAN TU Chinese Customer Service

73.

Brief Job Description: Managing incoming calls and customer service inquiries PHAM DUC THUAN Chinese Customer Service

74.

Brief Job Description: Managing Incoming Calls and Customer Service Inquiries SAN LIN YEE a.k.a. SU LIN MYAT Chinese Customer Service

75.

Brief Job Description: Managing incoming calls and customer service inquiries WILLIAM KIEW Chinese Customer Service

76.

Brief Job Description: Managing Incoming Calls and Customer Service Inquiries WU, DAOJUN Chinese Customer Service

77.

Brief Job Description: Managing incoming calls and customer service inquiries ZIN BO Chinese Customer Service

78.

Brief Job Description: Managing incoming calls and customer service inquiries

QUALIFICATION AND SALARY RANGE Basic Qualification: Able to Speak, Read and Write Chinese Language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, read and Write Chinese Language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, read and Write Chinese Language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language Salary Range: Php 30,000 - Php 59,999

NEW ORIENTAL CLUB88 CORPORATION 3rd, 5th, 6th, 7th, 8th, 9th & 10th/f, Pearl Marina Building Pacific Drive, Don Galo, City Of Parañaque

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language

Brief Job Description: Managing incoming calls and customer service inquiries NGUYEN THI CHINH Chinese Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language

Brief Job Description: Managing incoming calls and customer service inquiries MICHELLE LEE THENG HWA Chinese Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language

Brief Job Description: Managing Incoming Calls and Customer Service Inquiries LY SEO VANG Chinese Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language

Brief Job Description: Managing incoming calls and customer service inquiries LY GIA TOAN Chinese Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language

Brief Job Description: Managing incoming calls and customer service inquiries LUONG VAN TIEN Chinese Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language

Brief Job Description: Managing incoming calls and customer service inquiries LUONG THUY DUONG Chinese Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language

Brief Job Description: Managing incoming calls and customer service inquiries LUONG THI NGOC PHUONG Chinese Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language

Brief Job Description: Managing incoming calls and customer service inquiries LUONG THI DUYEN Chinese Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to Speak, Read and Write Chinese Language

Brief Job Description: Managing incoming calls and customer service inquiries LOEURT, NON Chinese Customer Service

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak, read, and write Chinese language

Brief Job Description: Managing incoming calls and customer service inquiries LE TIEN LONG Chinese Customer Service

Basic Qualification: background in using Aripa and SAP system as a buyer is preferred.

Basic Qualification: Able to speak, read, and write Chinese language

Brief Job Description: Managing Incoming Calls and Customer Service Inquiries LE NGOC PHAP Chinese Customer Service

Salary Range: Php 500,000 and above

Salary Range: Php 60,000 - Php 89,999

Brief Job Description: Managing Incoming Calls and Customer Service Inquiries LE MINH THANH Chinese Customer Service

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION KYAW THU Chinese Customer Service

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower, C4 Rd. Edsa Ext., Barangay 76, Pasay City

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

ITECHNO SPECIALIST INC. 10/f Aseana I Bldg., Bradco Avenue Aseana Business Park, Tambo, City Of Parañaque

Brief Job Description: • Live the Vision & Mission to grow and mature AWM Philippines • Deliver Best in Class service to clients across all regions globally • Lead transformational outcomes for stakeholders globally leveraging IA

ELISABERT Procurement Associate - Bahasa Speaker

INTEGRATIVE CENTER FOR ALTERNATIVE DEVELOPMENT FOUNDATION, INC. 15, Wilson St., Greenhills, City Of San Juan Basic Qualification: Fluency and proficiency in both English and Turkish language.

QUALIFICATION AND SALARY RANGE

MERCK BUSINESS SOLUTIONS ASIA INC. 36th To 39th Floor, The Finance Centre Condominium, 26th Street Corner 9th Avenue, Bonifacio Global City, City Of Taguig

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

Basic Qualification: With at least 6 months customer service experience/good in oral communication and written

Brief Job Description: Inspecting stocks and reporting any faulting items or inconsistencies immediately. Updating and maintaining records of all orders, payments and received stocks.

ESTABLISHMENT / ADDRESS

JPMORGAN CHASE BANK, N.A.- PHILIPPINE GLOBAL SERVICE CENTER 23/f Net Plaza, 31st St. E-square Zone, Fort Bonifacio, City Of Taguig

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

INFOVINE INC. 8th, 9th, 10th/f Aspire Corporate Plaza Bldg., Macapagal Blvd. St., Zone 10, Barangay 76, Pasay City

ZHANG, JUNJIE Chinese Speaking Business Development Associate

Brief Job Description: Inspecting stocks and reporting any faulting items or inconsistencies immediately. Updating and maintaining records of all orders, payments and received stocks.

Salary Range: Php 60,000 - Php 89,999

INFINITECHNOLOGIES VENTURES INC. Room 506 Estuar Building, #41 Timog Ave., South Triangle, Quezon City

KAN MY PHOONG Financial Analyst

Brief Job Description: Supervise the overall day to day performance coordination management and maintenance of the agreed project to assist in obtaining to maximum productivity Fluent in Mandarin and English language both in written and verbal.

LUU THI HUYEN TRANG Purchasing Coordinator

HEIGH IT SOLUTIONS AND SERVICES CORP. Ub Paseo De Roxas Bldg., 111 Paseo De Roxas, San Lorenzo, City Of Makati YU, HUAICONG Senior IOS Developer (Chinese Character Software)

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION RODRIGUEZ, JOSE JUAN Project Construction Supervisor

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

GOOD FUTURE TRAVEL AND TOURS CORP. 5/f Regray Bldg., 705 J.p Rizal St., Valenzuela, City Of Makati WANG, CHANG-KUEI Mandarin Accounting Manager

No.

Tuesday, March 22, 2022

LI, HANBIAO Chinese Customer Service 79.

Brief Job Description: Manage Incoming Calls And Inquiries , Handling Complaints , Provide Solutions , Process Customer Accounts and File Documents

Basic Qualification: College Graduate , Preferably 1 year experience in the similar field, Speaks and write (Native Language) Salary Range: Php 30,000 - Php 59,999

BusinessMirror

Tuesday, March 22, 2022

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION LIU, TAO Chinese Customer Service

80.

81.

82.

Brief Job Description: Manage Incoming Calls And Inquiries , Handling Complaints , Provide Solutions , Process Customer Accounts and File Documents

LU, HONGYANG Chinese Customer Service Brief Job Description: Customer support and data base services

WANG, YAOWEN Chinese Customer Service Brief Job Description: Customer Support and Data Base Services

WANG, YINGLAN Chinese Customer Service 83.

84.

Brief Job Description: Manage Incoming Calls And Inquiries , Handling Complaints , Provide Solutions , Process Customer Accounts and File Documents

YU, JUWEI Chinese Customer Service Brief Job Description: Customer support and data base services

ZHANG, MINGJIE Chinese Customer Service 85.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

ZHANG, PENG Chinese Customer Service 86.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

ZHANG, WO Chinese Customer Service 87.

88.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

ZHANG, YUE Chinese Customer Service Brief Job Description: Customer support and data base services

YAP CHUANG HWA Malaysian Customer Service 89.

Brief Job Description: Manage Incoming Calls And Inquiries , Handling Complaints , Provide Solutions , Process Customer Accounts and File Documents

ARR SAN Myanmari Customer Service 90.

Brief Job Description: Manage Incoming Calls And Inquiries , Handling Complaints , Provide Solutions , Process Customer Accounts and File Documents

YEE YEE SAN Myanmari Customer Service 91.

92.

93.

Brief Job Description: Manage incoming calls and inquiries, handling complaints, provide solutions, process customer accounts and file documents.

CHUNG VAN QUANG Vietnamese Customer Service Brief Job Description: Customer Support and Data Base Services

HUYNH HAI DANH Vietnamese Customer Service Brief Job Description: Customer support and data base services

PHUNG TRI HIEU Vietnamese Customer Service 94.

Brief Job Description: Manage Incoming Calls And Inquiries , Handling Complaints , Provide Solutions , Process Customer Accounts and File Documents

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: College Graduate , Preferably 1 year experience in the similar field, Speaks and write (Native Language)

No.

95.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledge in Computer Applications with Good Oral and Written Communication Skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate , Preferably 1 year experience in the similar field, Speaks and write (Native Language) Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1 year experience in the similar field, speak and write fluently (native language)

96.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate , Preferably 1 year experience in the similar field, Speaks and write (Native Language)

97.

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledge in Computer Applications with Good Oral and Written Communication Skills

98.

Brief Job Description: To serve customers by providing product and service information and resolving product and engaged to provide significant support, though the use Mandarin native language, to senior procurement specialist professionals in China. ZHENG, XIAOLONG Mandarin Finance Manager

99.

Brief Job Description: Monitor the day-to-day financial operations within the company, such as payroll, invoicing and other transactions CUI, XIN Mandarin Sales And Marketing Specialist

100.

Brief Job Description: Monitor the day-to-day sales and marketing within the company, such as market data on a local, regional or national level, through the use of Mandarin native language, to senior professionals in China

101.

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

Basic Qualification: Bachelor degree in Information Technology, Mandarin Speaking

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

NYXSYS PHILIPPINES INC. G/f Paragon Plaza, Edsa Cor. Reliance, Barangka Ilaya, City Of Mandaluyong

TRANSUNION INFORMATION SOLUTIONS INC. Unit Ab 27/f Tower One & Exchange Plaza, Ayala Ave., Bel-air, City Of Makati

DAWARE, YOGESH NARAYAN Chief Commercial Officer, Philippines 108.

109.

Salary Range: Php 60,000 - Php 89,999

110.

Salary Range: Php 60,000 - Php 89,999

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

Basic Qualification: Experience in project management in the oil and gas industry Salary Range: Php 150,000 - Php 499,999

103.

Basic Qualification: minimum of 1- 2 years of experience in human resource or any related functions. strong stakeholder management skills and experience in shared services are preferred. Salary Range: Php 90,000 - Php 149,999

SYNCGLO COMMUNICATION SERVICES INC. R-7 Goldland Millenia Tower, J.m. Escriva Drive, Ortigas Center, San Antonio, City Of Pasig HUANG, QUANSHUANG Helpdesk Support 104.

Brief Job Description: Provide Technical Assistance and Support Related to Computer Systems Hardware and Software

Basic Qualification: Proficient in Speaking, Reading and Writing Mandarin and English Salary Range: Php 30,000 - Php 59,999

TIANYU TECHNOLOGY INC. 14/f Socialdesk Tower, H.v. Dela Costa St., Bel-air, City Of Makati

ZHOU, MINQIANG Chinese IT Support Specialist 105.

Brief Job Description: The Chinese IT Support Specialist is an integral of the company infrastructure, Application Support, and of the IT Division and is responsible for providing quality IT support of enterprise systems throughout the Chinese clientele.

LE THI TAN IT Support Specialist 106.

Brief Job Description: The IT Support Specialist is an integral of the company infrastructure, Application Support, and of the IT Division and is responsible for providing quality IT support of enterprise systems throughout the Chinese clientele.

Basic Qualification: Minimum 7-14 years of work experience in the Banking/financial/ analytics domain; experience in project and operations management Salary Range: Php 500,000 and above

Brief Job Description: Manage the bank’s data science and AI group

Basic Qualification: Bachelor’s degree & Doctorate degree in Business, Statistics, Quantitative Analysis, Mathematics, Computer Science, Machine Learning or other related discipline, At least 15 years’ experience in the field of Data Science & AI, at least 5 years in leading at a strategic level & with exposure in banking or financial field

VERTEX DIGITAL ENTERTAINMENT TECHNOLOGIES, INC. 1439 Adriatico Cor. Sta. Monica St., 072, Barangay 669, Ermita, City Of Manila

LI, XIAOJIE Chinese IT Specialist 111.

Brief Job Description: maintain the operations of electronic gaming devices

LI, ZHAOZHONG Chinese IT Specialist 112.

Brief Job Description: maintain the operations of electronic gaming devices

Basic Qualification: 300 vacancy/college graduate with experience in maintain gaming devices, fluent in mandarin and English speaking Salary Range: Php 30,000 - Php 59,999 Basic Qualification: 300 vacancy/college graduate with experience in maintain gaming devices, fluent in mandarin and English speaking Salary Range: Php 30,000 - Php 59,999

WIKITECH SERVICES INC. Unit 25d 2/f Zeta Ii Bldg., 191 Salcedo St., San Lorenzo, City Of Makati

113.

HERI SUTONO Mandarin Administrative Specialist Brief Job Description: creates and revises systems and procedures LIU, WENJUN Mandarin Marketing Specialist

114.

Brief Job Description: Undertake a market analysis to include details on the market characteristics and competitor characteristics. ZHANG, YANG Mandarin Marketing Specialist

115.

Brief Job Description: Undertake a market analysis to include details on the market characteristics and competitor characteristics.

Basic Qualification: Proficient language skills and skills to match job Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient language skills and skills to match job Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proficient language skills and skills to match job Salary Range: Php 30,000 - Php 59,999

WNS GLOBAL SERVICES PHILIPPINES, INC. 9/f 1880 Bldg., Eastwood City Cyberpark, Bagumbayan, Quezon City SOMAN, VARUN CHARUCHANDRA General Manager - Operations 116.

Brief Job Description: customer & client facing & strive to deliver excellent customer experience drive continuous improvement experiments through your team & harvest ideas

Basic Qualification: blackbelt, experience of 2 years and above Salary Range: Php 30,000 - Php 59,999

YULON FINANCE PHILIPPINES CORPORATION 17/f The Curve, 32nd St. Corner 3rd Avenue Bonifacio Global City, Fort Bonifacio, City Of Taguig

Basic Qualification: Fluent in Mandarin, Cantonese and Fukien language Salary Range: Php 30,000 - Php 59,999

Salary Range: Php 500,000 and above

SHELL SHARED SERVICES (ASIA) B.V. 16/f-25/f Solaris One Bldg., 130 Dela Rosa St., San Lorenzo, City Of Makati

Brief Job Description: Executes complex local hr processes, in line with existing policies and procedures, assuring high quality data management in workday And shell people, as well as documentation, including ongoing support to employees. manages of cases according to established ways of working. tertiary education. native Portuguese speaker.

HARDOON, DAVID ROI Chief Data And Ai Officer

Salary Range: Php 60,000 - Php 89,999

Basic Qualification: Bachelor degree in Marketing Management, Mandarin Speaking

Basic Qualification: Minimum 7-14 years of work experience in the Banking/financial/ analytics domain; experience in project and operations management

UNION BANK OF THE PHILIPPINES Unionbank Plaza Meralco Ave., Ortigas Ctr., San Antonio, City Of Pasig

Basic Qualification: Bachelor degree in Finance, Mandarin Speaking

Brief Job Description: Maintain accurate sales record

CHIQUI, GUILHERME MATEUS HR Advisor (Portuguese Speaker)

Brief Job Description: Responsible for the operational assurance, project management, data management

Basic Qualification: Bachelor degree in Information Technology, Mandarin Speaking

Basic Qualification: Can speak mandarin

Brief Job Description: Provide leadership to the demolition project team and to have end accountability on HSSE, budget and schedule of project delivery

Brief Job Description: Lead strategic and business development meetings with senior executives

MITRA, AMRITA Chief Operating Officer, Operations

PILIPINAS SHELL PETROLEUM CORPORATION 41st Floor, The Finance Center, 26th Street Corner 9th Ave., Bonifacio Global City, Fort Bonifacio, City Of Taguig

102.

Brief Job Description: Oversee all financial aspects of business and drive the company’s financial strategy and planning

Basic Qualification: Broad knowledge to all accounting, financial and business principles. They are strategic thinkers and effective leaders who can make the most profitable decisions. Salary Range: Php 60,000 - Php 89,999

Salary Range: Php 60,000 - Php 89,999

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate , Preferably 1 year experience in the similar field, Speaks and write (Native Language)

107.

Basic Qualification: Fluent in Mandarin both written and oral

JIANG, WEIQIANG Mandarin Operations Specialist

MONDAL, RAHUL Project Manager

QUALIFICATION AND SALARY RANGE

NAM, SANGYOON Director - Finance

PHILIPPINE FULL DEGREE COMMUNICATIONS CORP. 10/f Alphaland Makati Place, 7323 Ayala Ave. Cor. Malugay St., Bel-air, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills

XIONG, WENGANG Mandarin Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1 year experience in the similar field, speak and write fluently (native language)

Brief Job Description: Executive assistant

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

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

PH GLOBAL JET EXPRESS INC. 11th Floor, The Marajo Tower, 26th Street Cor. 4th Avenue Bgc, Fort Bonifacio, City Of Taguig

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College Graduate , Preferably 1 year experience in the similar field, Speaks and write (Native Language)

STEPHENIE STELLA KUEH MIAW SIANG Multilingual Jr Executive Assistant

WANG, JIAFENG Mandarin Customer Service Representative

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer application with good oral and written communication skills

Basic Qualification: Bachelors in business, experience in start-ups and new businesses, business development in the past, courses in emerging technologies (also advertising)

No.

PH GLOBAL JET EXPRESS INC. 11th Floor, The Marajo Tower, 26th Street Cor. 4th Avenue Bgc, Fort Bonifacio, City Of Taguig

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1 year experience in the similar field, speak and write fluently (native language)

Brief Job Description: Innovative, Identifying new business opportunities and pipelines. Using data and analytics and other metrics optimize sales and performance of all business processes. Study competitors, predict and evolve to new market trends.

QUALIFICATION AND SALARY RANGE

ONWARD WORLDWIDE MANAGEMENT & CONSULTANCY SERVICES CORP. 5/f Greensun Bldg., 2285 Chino Roces Ave. Ext., Magallanes, City Of Makati

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: College graduate, preferably 1 year experience in the similar field, speak and write fluently (native language & English)

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION KESAVAN, KRISHNAN Business Development Consultant

www.businessmirror.com.ph

117.

LEE, CHI-FONG Finance Management Division Head Brief Job Description: Oversee the entire Finance operations

Basic Qualification: College Graduate with more than 10 years experience; Fluent in Mandarin and English Salary Range: Php 90,000 - Php 149,999 *Date Generated: Mar 21, 2022

Basic Qualification: Fluent in Mandarin, Cantonese and Fukien language

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication.

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

Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

TOSUNG CONST. PHP INC. Unit No. 701 Flr. No. 7/f Diplomat Condominium Bldg., Roxas Blvd. Cor. Russel St., Zone 10, Barangay 76, Pasay City

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

www.businessmirror.com.ph • Editor: Angel R. Calso

TheWorld BusinessMirror

Tuesday, March 22, 2022

Shanghai Disneyland closes amid biggest Covid flareup

In this satellite photo from Planet Labs PBC, multiple civilian buildings burn amid Russian strikes on the Livoberezhnyi District of Mariupol, Ukraine on March 20. Ukrainian authorities said Sunday that Russia’s military bombed an art school sheltering some 400 people in the port city of Mariupol, where heavy street fighting was underway weeks into a devastating Russian siege. Planet Labs PBC via AP

Ukrainian officials reject Russian demand for surrender in Mariupol By Cara Anna

EIJING—Shanghai Disneyland closed on Monday as China’s most populous city tried to contain its biggest coronavirus flareup in two years, while the southern business center of Shenzhen allowed shops and offices to reopen after a weeklong closure.

The Associated Press

VIV, Ukraine—Ukrainian officials defiantly rejected a Russian demand that their forces in Mariupol lay down arms and raise white flags Monday in exchange for safe passage out of the besieged strategic port city. Russia has been barraging the encircled southern city on the Sea of Azov, hitting an art school sheltering some 400 people only hours before offering to open two corridors out of the city in return for the capitulation of its defenders, according to Ukrainian officials. Fighting for Mariupol has continued to be intense, even as the Russian offensive in other areas has floundered to the point where Western governments and analysts see the broader conflict grinding into a war of attrition. Ukrainian officials rejected the Russian proposal for safe passage out of Mariupol even before Moscow’s 5 a.m. deadline for a response came and went. “There can be no talk of any surrender, laying down of arms,” Ukrainian Deputy Prime Minister Irina Vereshchuk told the news outlet Ukrainian Pravda. “We have already informed the Russian side about this.” Mariupol Mayor Piotr Andryushchenko also rejected the offer shortly after it was made, saying in a Facebook post he didn’t need to wait until the morning deadline to respond and cursing at the Russians, according to the news agency Interfax Ukraine. Russian Col. Gen. Mikhail Mizintsev had offered two corridors — one heading east toward Russia and the other west to other parts of Ukraine. He did not say what Russia planned if the offer was rejected. The Russian Ministry of Defense said authorities in Mariupol could face a military tribunal if they sided with what it described as “bandits,” the Russian state news agency RIA Novosti reported. Earlier attempts to evacuate civilian residents from Mariupol and other Ukrainian cities have failed or only partly succeeded, with bombardments continuing as civilians sought to flee. Tearful evacuees from devastated Mariupol have described how “battles took place over every street.” Ahead of the latest offer, a Russian airstrike hit the school where some 400 civilians had been taking shelter and it was not clear how many casualties there were, Ukraine’s President Volodymyr Zelenskyy said in a video address early Monday. “They are under the rubble, and we don’t know how many of them have survived,” he said. The fall of Mariupol would allow Russian forces in southern and eastern Ukraine to unite. But Western military analysts say that even if the surrounded city is taken, the troops battling a block at a time for control there may be too depleted to help secure Russian breakthroughs on other fronts. Ukrainians “have not greeted Russian soldiers with a bunch of flowers,” Zelenskyy told CNN, but with “weapons in their hands.” Three weeks into the invasion, the two sides now seem to be trying to wear down the other, experts say, with bogged-down Russian forces launching long-range missiles at cities and military bases as Ukrainian forces carry out hit-and-run attacks and seek to sever Russian supply lines. “The block-by-block fighting in Mariupol itself is costing the Russian military time, initiative, and combat power,” the Washington-based Institute for the Study of War said in a briefing. US Defense Secretary Lloyd Austin said Ukrainian resistance means Russian President Vladimir Putin’s “forces on the ground are essentially stalled.” “It’s had the effect of him moving his forces into a woodchipper,” Austin told CBS on Sunday. The strike on the art school was the second time in less than a week that officials reported an attack on a public building where Mariupol residents had taken shelter. On Wednesday, a bomb hit a theater where more than 1,000 people were believed to be sheltering. There was no immediate word on casualties in the school attack, which The Associated Press could not independently verify. Ukrainian officials have not given an update on the search of the theater since Friday, when they said at least 130 people had been rescued and another 1,300 were trapped by rubble. City officials and aid groups say food, water and electricity have run low in Mariupol and fighting has kept out humanitarian convoys. Communications are severed. The city has been under bombardment for over three weeks and has seen some of the worst horrors of the war. City officials said at least 2,300 people have died, with some buried in mass graves. Some who were able to flee Mariupol tearfully hugged relatives as they arrived by train Sunday in Lviv, about 1,100 kilometers (680 miles) to the west. “Battles took place over every street. Every house became a target,” said Olga Nikitina, who was embraced by her brother as she got off the train. “Gunfire blew out the windows. The apartment was below freezing.” In Ukraine’s major cities, hundreds of men, women and children have been killed in Russian attacks. In Kyiv, six people were killed by shelling in the densely populated Podil district not far from the center of the capital Sunday, according to AP journalists at the scene. It devastated a shopping center, leaving a flattened ruin still smoldering Monday morning in the midst of high-rise towers. The force of the explosion shattered every window in the high-rise next door and twisted their metal frames. In the distance, the sound of artillery rang out as firefighters picked their way through the destruction. Kyiv Mayor Vitali Klitschko said Russian shelling hit several houses in Podil. Russian troops have been shelling Kyiv for a fourth week now and are trying to surround the capital, which had nearly 3 million people before the war. The U.N. has confirmed 902 civilian deaths in the war but concedes the actual toll is likely much higher. It says nearly 3.4 million people have fled Ukraine. Estimates of Russian deaths vary, but even conservative figures are in the low thousands. The Ukrainian prosecutor general’s office says at least 115 children have been killed and 148 injured so far. Some Russians also have fled their country amid a widespread crackdown on dissent. Russia has arrested thousands of antiwar protesters, muzzled independent media and cut access to social media sites like Facebook and Twitter. The Associated Press writer Yuras Karmanau in Lviv, Ukraine, and other AP journalists around the world contributed to this report.

Meanwhile, the cities of Changchun and Jilin in the northeast began another round of citywide virus testing following a surge in infections. Jilin tightened antidisease curbs, ordering its 2 million residents to stay home. China’s case numbers in its latest infection wave are low compared with other major countries, but authorities are enforcing a “zero tolerance” strategy that has suspended access to some major cities. T he gover n ment re por ted 2,027 new cases on the Chinese mainland on Sunday, up from the previous day’s 1,737. That included 1,542 infections in Jilin province, where Changchun and Jilin are located. Shanghai, which has a population of 24 million, has avoided a citywide shutdown but appealed to the public to stay home. Bus service into the city has been suspended and visitors are required to show

a negative virus test. Disney Co. said Shanghai Disneyland, Disneytown and Wishing Star Park were closed until further notice. On Monday, Shanghai reported 24 new cases. The city earlier suspended access to two residential areas and carried out mass testing at dozens of others. Shanghai residents posted photos on the Internet showing empty streets and subways during what usually is a crowded Monday morning rush hour. The government of Shenzhen, a finance and technology center that abuts Hong Kong, announced businesses and government offices were allowed to reopen Monday while authorities took steps to try to prevent a resurgence of virus cases. Bus and subway service, which had been suspended, was restarted. Last week, the city of 17.5 million shut down all businesses ex-

A health worker in protective suit takes a throat swab sample from a child at a coronavirus testing site on March 21, in Beijing, China. Disney Co. closed its Shanghai theme park Monday as Chinese authorities tried to control the city’s biggest coronavirus flareup in two years, while the southern business center of Shenzhen allowed shops and offices to reopen after a weeklong closure. AP/Andy Wong

cept those that supply food and other necessities and told the public to stay home following a spike in cases. Shenzhen is home to some of China’s big gest companies including telecom equipment m a k e r Hu aw e i , e l e c t r i c c a r brand BYD Auto and Tencent, operator of the popular WeChat message ser vice. The shutdowns prompted concern trade might be disrupted if ports near Shanghai and Shenzhen that are among the world’s busiest are affected. The Shanghai port moved paperwork functions online but said cargo was moving normally. The smaller port of Lianyungang barred foreign sailors from coming ashore.

Sinovac’s low efficacy in HK is a worrying sign for China

ata indicating the Sinovac Biotech Ltd. Covid-19 vaccine is less effective than an mRNA vaccine at preventing death in elderly people in Hong Kong is a red flag for mainland China, where infections are climbing and a vast swathe of the population is inoculated with the inactivated shot. Almost 3 percent of people aged 80 or older who got two doses of the inactivated CoronaVac shot died after getting infected, compared with 1.5 percent of those who were given the BioNTech SE vaccine, according to a preliminary analysis conducted by the Centre for Health Protection. Getting just one dose of either offered less protection, with 5.8 percent of those given CoronaVac and 3.4 percent of those given the mRNA shot subsequently dying. The data is based on the first 5,435 deaths in the current outbreak and showed that the overall fatality rate was just 0.09 percent for those who had gotten two vaccine doses regardless of age. Hong Kongers can pick between

the two vaccines, and about 80 percent of its oldest residents have received Sinovac. The group as a whole remains severely undervaccinated and accounts for more than 70 percent of total deaths. Sinovac didn’t immediately respond to requests for comment via telephone and WeChat. It’s a concerning trend for mainland China, which hasn’t approved an mRNA shot and where only half of the population aged 80 and older are fully vaccinated. The nation is already grappling to contain its worst outbreak in two years without causing severe disruptions to its economic growth, even as officials turn to typical Covid Zero measures like mass testing and strict lockdowns. The prospect of elderly people lac k ing suf f icient protection through vaccination risks further delaying the reopening of the world’s second largest economy. Over the weekend, the country reported is first Covid deaths in more than a year: a man in his 60s and another in his 80s, one of whom was unvaccinated.

Mainland China is also keen to avoid repeating the missteps of Hong Kong, where daily cases spiraled to more than 50,000 and overwhelmed health-care resources. The city had to treat people outside hospitals, while local media reported body bags were left next to patients’ beds as mortuaries reached capacity. Chinese officials recently pleaded for the country’s elderly to get their Covid shots and cited high fatality rate among the unvaccinated and elderly elsewhere, especially in Hong Kong, as cautionary tales. Officials pledged to reach out to key groups and nursing homes to address the concern they have on the safety and effect of Covid vaccines. Still, the figures show either vaccine was dramatically better than nothing at all. Among those aged 80 and older, 15 percent of those who weren’t immunized died after contracting the virus. The government released t he i n for m at ion a f t e r lo c a l newspaper Ming Pao reported on immunization rates among the city’s fatalities. Bloomberg News

T he gover n ment sa id l a st week it was trying to fine-tune anti-disease controls to reduce their economic cost and impact on society. Tangshan, a steel industry center east of Beijing, the Chinese capital, imposed controls Sunday that allow only emergency vehicles to move around the city after seven cases were found, state media reported. Authorities in Beijing were investigating a duck restaurant where four employees contracted the virus. State media said owners of the Yu Le Xuan restaurant were accused of failing to register the identities of 477 diners as required over five days, making it harder to trace potential contacts. AP

Samoa detects scores of Covid cases within days of outbreak

ELLINGTON, New Zealand— Samoa has reported scores of new Covid-19 cases each day since detecting its first case of community transmission last week. The South Pacific island nation of 200,000 people has been in lockdown since Saturday as it deals with its first outbreak of the pandemic. The outbreak was discovered when a woman who was about to travel tested positive for the virus last Thursday and indicates the virus likely had been spreading undetected for days or even weeks. Samoa reported another 95 new cases in 24 hours to Saturday and another 85 on Sunday. Only 15 of the 196 active cases were imported from overseas, according to the latest government statement available Monday. More than 2,200 tests have been done since Friday, the statement said. Samoa and several neighboring Pacific island nations were among the last places in the world to avoid virus outbreaks. But the more transmissible Omicron variant has changed the equation, and one by one the island nations have been succumbing to Covid-19. AP

U.S. official says Biden fortified Saudi’s Patriot missile supply

ASHINGTON—The US has transferred a significant number of Patriot antimissile interceptors to Saudi Arabia in recent weeks as the Biden administration looks to ease what has been a point of tension in the increasingly complicated US-Saudi relationship. A senior administration official confirmed Sunday night that the interceptors have been sent to Saudi Arabia. The official, who spoke on the condition of anonymity to discuss a decision that has not been formally announced, said the decision was in line with President Joe Biden’s promise that “America will have the backs of our friends in the region.”

White House national security adviser Jake Sullivan on Sunday condemned H o u t h i f o r c e s i n Ye m e n a f t e r t h e y unleashed one of their most intense barrages of drone and missile strikes on Saudi Arabia’s critical energy facilities, sparking a fire at one site and temporarily cutting oil production at another. The Associated Press reported in September that the US had moved its own Patriot defense system from Prince Sultan Air Base outside of Riyadh even as the kingdom faced continued to face air attacks from Yemen’s Houthi rebels. The kingdom has insisted that the interceptors are critical to their defense against Houthi attacks. The Saudis have been locked in a stalemate war with the

Houthis since March 2015. At the time the US Patriot systems were moved out of the kingdom, administration officials said the shift in defense capabilities was made in part due to a desire to face what American officials see as the looming “great powers conflict” with China and Russia. Pentagon officials noted that the US maintained tens of thousands of forces and a robust force posture in the Middle East representing “some of our most advanced air power and maritime capabilities.” The decision to fortify Saudi Arabia’s supply of interceptors was first reported by The Wall Street Journal. The US-Saudi relationship has been strained since Biden took office. The

president has refused to deal directly with Crown Prince Mohammed bin Salman and has removed the Houthis from a list of designated terrorist groups. The Biden administration last year released a declassified intelligence report concluding that the crown prince, son of the aging King Salman and known as MBS, had authorized the team of Saudi security and intelligence officials that killed journalist Jamal Khashoggi in October 2018 at the Saudi consulate in Istanbul. The killing of Khashoggi, a critic of MBS, drew global condemnation. The crown prince insists he was not involved in the operation carried out by Saudi operatives. AP

A10 Tuesday, March 22, 2022 • Editor: Angel R. Calso

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Women’s agenda toward progress

he observance of the National Women’s Month (NWM) this year serves to highlight the Department of Social Welfare and Development’s (DSWD) strengthened campaign for the implementation of the Safe Spaces Act or Republic Act 11313, which was signed into law in April 2019 by President Duterte.

The law covers all forms of gender-based sexual harassment committed in public spaces, educational or training institutions, workplace, as well as online space. The NWM is celebrated every year in March. From 2017 to 2022, DSWD’s recurring theme has been “We Make Change Work for Women,” which highlights the improvements, innovations, and changes undertaken in policy and program development for the empowerment of women. For this year, the sub-theme is “Agenda ng Kababaihan, Tungo sa Kaunlaran,” which stresses the need for continuous inclusion of women’s concerns in agenda-setting, and also the need to come up with programs and services toward gender and development. Toward this end, the DSWD is conducting a series of activities focusing on the contributions of women in nation building. It specifically focuses on the advocacy of safe spaces for women and other vulnerable sectors as a priority agenda for development. The agency sees the importance of implementing the Safe Spaces Act, which aims to protect women and all sectors from any form of sexual harassment and ensures that public spaces remain safe and comfortable. Public spaces include parks, markets, workplaces, schools, and other similar areas. As part of the NWM celebration and in pursuit of its advocacy, the DSWD has lined up webinars on the Safe Spaces Act or the Bawal Bastos Law with the transportation sector to ensure that the public commuter’s space remains safe. And to ensure that the DSWD remains a safe and friendly institution to women, a three-day consultation workshop with its employees will be held to discuss the strict enforcement of the law in the office. Aside from the advocacy on safe spaces, the Department remains committed to its goal of empowering women through its various programs and services. The DSWD pursues efforts at widening its network with other government and non-government agencies towards women empowerment. Under the leadership of its Gender and Development Technical Working Group (GAD-TWG), the DSWD ensures that the GAD-harmonized guidelines are incorporated in the implementation of all programs and services. The Department also implements programs that respond to the development needs of women, like the Assistance to Individuals in Crisis Situation-Women Under Difficult Circumstances; Pantawid Pamilyang Pilipino Program; Recovery and Reintegration Program for Trafficked Persons; Sustainable Livelihood Program; and the Kapit Bisig Laban sa KahirapanComprehensive and Integrated Delivery of Social Services. Other services provided by the agency to women include capacity building activities, psychosocial interventions, and provision of residential care facilities. Although March is recognized as the month for women, the DSWD continues to promote the welfare of women beyond the celebration. It also enriches its GAD efforts so that gender equality is advocated through the programs and services. Finally, the DSWD enjoins the public to champion the rights and welfare of women by joining in the NWM celebration and by participating in all efforts toward their empowerment. Since 2005

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see no other reason why we should not transition to Alert Level 0, where restrictions, if any, are most relaxed. All health metrics support the full reopening of the economy. Removing all Covid19 restrictions, save perhaps for the wearing of face masks, will unleash the full potential of the economy.

The Philippines is in a prime position to fully reopen the economy with what is happening in the rest of Asia. It can take advantage of the economic slack in most of East Asia, where daily Covid-19 cases are still high. South Korea, Japan, Vietnam, Malaysia, Hong Kong and Indonesia are not yet close to containing the infection rate compared to the Philippines. The Philippines, thus, will be wasting a golden opportunity if it does not fully reopen the economy. The Philippine economy is doing well so far despite mobility restrictions and the lingering effects of the pandemic, and lately the RussiaUkraine war. The lower unemployment figures in January indicate an economy that is trying to bounce back from the doldrums. The unemployment rate fell to 6.4 percent from 8.8 percent in January year-on-year, and from 6.6 percent in December last year.

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The government again resorted to granular or household lockdowns in January when the Omicron variant of the virus swept the nation. The alternative to regional or widespread lockdowns kept our factories open, and allowed many Filipinos to commute, work in restaurants and commercial establishments, and travel to the provinces. The employment figures released by the Philippine Statistics Authority attest to this. The number of employed persons rose by 1.77 million from 41.25 million in January 2021 to 43.02 million in January 2022. Put in another context, the January unemployment rate of 6.4-percent translated into 2.93 million unemployed Filipinos, down by 1.04 million from the 3.96 million in January of 2021. We can expect better unemployment figures in February when the Philippines eased the travel and capacity limits on establishments. By

About 70 percent of the country has shifted to Alert Level 1 since March 15. Per the estimate of the National Economic and Development Authority, the looser restrictions under Alert Level 1 have translated into an additional P10.8 billion a week of economic activity for the country, and 195,000 less unemployed over the next quarter compared with Alert Level 2.

containing the Omicron virus and shifting to Alert Level 1 in March, the Philippines is generating more job and economic opportunities. About 70 percent of the country has shifted to Alert Level 1 since March 15. Per the estimate of the National Economic and Development Authority, the looser restrictions under Alert Level 1 have translated into an additional P10.8 billion a week of economic activity for the country, and 195,000 less unemployed over the next quarter compared with Alert Level 2. Now is also the opportune time to resume face-to-face classes even under Alert Level 1. The government has estimated that the return of students to their school premises will increase economic activities by around P12 billion a week because of the resumption of related services in the educational institutions. A number of parents, too, will have more time to do other chores—many were forced to reduce

‘Winning solves everything’

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

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PHL in an ideal position to fully reopen the economy

‘A

new study has “discovered” the world’s most boring person in the world. According to new research from the University of Essex in the UK, the most boring person in the world is a religious data entry worker who likes watching TV and lives in a town. The most boring hobby is sleeping.” While this might be an interesting piece of small talk, once the conversation has turned to the most exciting topic of all in Philippine politics, remember that somebody paid money for that research. Maybe it is all the ‘2’s in the year 2022, but this year is developing as “historic”(?). Some numerologists say that the number “two” is “a supremely feminine force, one that

represents both grace and power. It is cooperative, always aiming to bring peace and balance back to a situation.” How’s that “peace and balance” working out so far for planet earth? “While it (number two) holds great power over any situation, it wields it with such diplomacy and tact that the result is not control and authority, but harmony and teamwork.” Perhaps it is time to go back

Amid the chaos are great financial opportunities. In fact, more chaos means more opportunities. Capitalizing on other’s misfortunates is not acceptable. Just do not tell that to the hundreds if not many thousands of people that started new and now successful businesses during the lockdowns. to the “most boring person” research as 2022 is turning to the “feminine side” like Medusa, the winged human female with poisonous snakes instead of hair. Humans have since time immemorial always looked for any sort of logic during chaos. These two and a half years certainly qualify as chaotic. We are looking, and usually without much success, to find answers and we look in unusual places maybe on purpose. The go-to-guy even when he was

work hours to help their children in online classes at home. The Philippine economy has more room to grow if we only remove the remaining shackles inhibiting its growth. The millions of workers who have lost their jobs due the pandemic have not fully returned. The tourism industry is yet to contribute significantly to the gross domestic product. But judging from last week’s tourism figures, I can expect the sector’s trickle-down effect in the countryside. From virtually nil at the outset of Covid-19 two years ago, the Philippines has logged 102,031 foreign tourists as of March 16 since reopening its borders on February 10. A more relaxed entry protocols for fully vaccinated travelers from visa-free nations have allowed more foreign tourists to travel to the Philippines. With further reopening, our economy is poised for a robust expansion this year. Our economic managers are confident of achieving a growth target of 7 percent to 9 percent in 2022, despite the global pandemic and the war between Russia and Ukraine. I believe we have a strong domestic sector to drive the economic expansion. There is still a big segment of the economy that has yet to contribute to the GDP. An immediate shift to Alert Level 0 that will end most of the health emergency restrictions during the pandemic period will provide the impetus for a more robust growth. For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar. com.ph

alive is Michel de Nostredame or Nostradamus. About 1550 he gave up medicine and turned to the occult, publishing an “almanac.” He made so much money he decided another almanac would be a financial winner and he was right. As with any seer, you must be weird enough to be “mysterious” and vague enough to “always” be accurate. If you watched the Netflix series Vikings, you have to agree that “The Seer” is one of the best characters on the show, particularly since he looks much like the blind mystic Baba Vanga. It is probably not a coincidence that so many prophecies from many sources have something to do with Russia as that place has been in chaos particularly since early in the 20th century. The Bolshevik revolution overthrew a monarchy going back several hundred years that had its roots in several other European countries and dynasties. That is not See “Mangun,” A11

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Regulating NFTs: A tax perspective

The 4-day workweek Manny F. Dooc

TELLTALES

Atty. Jomel N. Manaig

Tax Law for Business

he younger generations of Filipinos have always been techsavvy. From the latest social media crazes to the advancement of cryptocurrencies, we are consistently treated as digitally forward. Enter: Non-Fungible Tokens (NFT). NFTs, according to the Bangko Sentral ng Pilipinas, generally represent a class of virtual asset that differs from traditional cryptocurrencies in that an NFT establishes ownership over a unique asset. This characteristic of uniqueness captures the non-fungibility aspect of NFTs. However, even if a definition was given, the BSP still has no specific rules and regulations for NFTs. This absence of specific rules and regulations extend to other government agencies like the Bureau of Internal Revenue. Although RMC No. 60-2020 mandates the registration of persons conducting business through any forms of electronic media, there is no detailed roadmap on how to tax NFT transactions. But, as certain as the sun rising, we have to keep in mind that tax is our constant companion even in the digital realm. In this article, we will seek to apply basic tax concepts in the sale and purchase of NFTs. It is important to note that an NFT is still considered as a property. For tax purposes, a property may be classified as an ordinary asset or a capital asset. This distinction is important since it will determine the taxation of the NFT. If the NFT of a taxpayer is part of the stock in trade, is included in inventory, is held primarily for sale to customers in the ordinary course of trade or business, or is used in trade or business from which an allowance for depreciation is recognized, then it will be considered as an ordinary asset. The sale of such NFT should result into an ordinary income and be subjected to income tax, after the deduction of ordinary and necessary expenses, at the regular income tax rate applicable to individuals or juridical entities, as the case may be. In addition, the sale would also be subject to VAT or other percentage tax, whichever is applicable, since such sale, barter, or exchange is considered as having been done in the course of trade or business. On the other hand, if the NFT does not fall within those considered as ordinary asset, it shall be considered as a capital asset. In the absence of a specific provision in the Tax Code, as amended, providing for special income tax rates on passive income, the taxpayer shall recognize capital gains or losses from the sale of the NFT. In taxing such capital gains or losses, only those generated from the sale or exchange of capital assets

Mangun. . .

Continued from A10

supposed to happen. Time to call in the seers. The key is that you need to learn to take advantage of the chaos. The Nostradamus quatrains are meaningless. That is, until you say the man was so brilliant to write so “cryptically” or that a person needs to be on a higher intellectual place to understand them. But he did die rich. Amid the chaos are great financial opportunities. In fact, more chaos means more opportunities. Capitalizing on other’s misfortunates is not acceptable. Just do not tell that to the hundreds if not many thousands of people that started new and now successful businesses during the lockdowns. And it is not just people. Japan has been looking for a justifiable excuse

Although RMC No. 60-2020 mandates the registration of persons conducting business through any forms of electronic media, there is no detailed roadmap on how to tax NFT transactions. But, as certain as the sun rising, we have to keep in mind that tax is our constant companion even in the digital realm. shall be considered. The net capital gains, or the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges, shall form part of the taxable income of the taxpayer. Meanwhile, for capital losses, the deductibility shall be allowed but only to the extent of the gains from such sales or exchanges. Since the subject of the sale or exchange is a capital asset, it shall not be subject to a VAT or percentage tax. Despite the application of general tax principles, there are still a lot of questions that must be resolved to effectively tax NFTs. For one, determination of gains from sale of NFT is relatively easy if facilitated through a fiat currency, but how is such determination going to be if the purchase is done using cryptocurrency? It should be noted that a cryptocurrency is still technically a property. Therefore, exchanging an NFT for a cryptocurrency is barter. The tax consequences of a barter transaction are greatly affected by the appreciation or depreciation of the properties involved. Another question that may impact the taxation of NFTs is the effect of licenses or royalties due from the copyright and the rights to intellectual property over the NFT. How will this impact the sale and transfer of the NFT from one owner to another? With the public’s earnest exploration of new digital advancements, including NFTs, government regulators must keep up and stay up to date with these developments. The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@ bdblaw.com.ph or call 8403-2001 local 380.

to re-militarize for decades. “Japan has to be tough on Russia, because otherwise it sets a precedent, and perhaps encourages China to think that they could do the same thing.” Japan, which has territorial disputes with Russia, will need to reassess and further strengthen its security. Relatively pacifist Germany announced it would increase its defense spending to 2 percent of GDP. “Switzerland has decided to impose the same sanctions on Russia as the European Union and don’t ever accuse us of being money launderers again!” I added the last part. Remember the wise sports saying: “It’s not how you play the game. It’s whether you win or lose.” I added that part too. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

N the first presidential debate sponsored by the Comelec last Saturday, one of the issues that had drawn keen interest from the presidential contenders was the proposed 4-day workweek. All aspirants weighed in on the matter and most of them favored the proposal. Presidentiables Leni Robredo, Ping Lacson and Ernesto Abella also supported the observation of their fellow candidate, Ka Leody de Guzman, that the extended hours of work should be paid overtime pursuant to our laws. As Abella had emphasized, the ordinary workers should not be shortchanged if we pursue this experiment. Ka Leody remained true and faithful to his constituents— the ordinary workers. He asserted that whenever a worker is made to work beyond his regular hours, he is entitled to an extra compensation or overtime pay. As the Supreme Court had ruled in PNB v. PEMA and CIR, 115 SCRA 507, an employee who works overtime “puts in more effort, physical and/or mental; he is delayed in going home to his family to enjoy the comforts thereof; he might have no time for relaxation, amusement or sports; he might miss important prearranged engagement; etc. It is thus the additional work, labor or service employed and the adverse effects of his longer stay in his place of work that justify and are the real reasons for the extra compensation that is called overtime pay.” (As cited by Cesario Azucena Jr. in his book The Labor Code, Vol. 1, p. 173). A couple of candidates, although they were for it, expressed a reservation that the compressed workweek should be based on the nature of work the workers are engaged in. For instance, Mayor Isko Moreno stressed that “there are industries that need physical presence to create more productivity, (and) efficiency in production.” Sen. Manny Pacquiao chimed in that “it is not for everyone. The work can be done in 10 hours if the work is light.” This is a sound comment since

we cannot expect a worker who is exposed to the elements the whole day to be efficient at work, not to mention the risks to his health and safety. Others were non-committal like Norberto Gonzales and Faisal Mangondato who suggested that the proposal should be further studied and reviewed. In the past, the Department of Labor and Employment had passed upon the issue of a compressed workweek when a certain company shortened its 6-day workweek from Monday thru Saturday (half day only on Saturday) to 5 days from Monday thru Friday for 9 hours a day, without overtime pay. The DOLE ruled that the right to overtime pay cannot be waived under the Labor Code but it would not object to the compressed workweek provided that the employees voluntarily agree to such a work arrangement. The DOLE also imposes other conditions, to wit: that there will not be any diminution whatsoever in the weekly or monthly take-home pay and fringe benefits of the employees; that the value of the benefits under the proposed work schedule is more than, or at least equal to the one hour overtime pay that is due them during weekdays; the work of the employees does not involve strenuous physical exertion and they are provided with adequate rest periods or coffee breaks in the morning and afternoon; and the effectivity of the proposed working time arrangement shall be of tem-

Tuesday, March 22, 2022 A11

It must be noted that the 4-day workweek was a proposal advanced by no less than the National Economic and Development Authority to address the spiraling cost of fuel. Thus, it is designed to cut the energy expense, which has significantly spiked up following the invasion of Ukraine by Russia. porary duration as determined by DOLE. Furthermore, if the employees are made to work during Saturdays, the one-hour overtime pay shall become due and demandable to discourage a longer workweek. (Cited from C. Azucena’s The Labor Code, pp. 182-183) It must be noted that the 4-day workweek was a proposal advanced by no less than the National Economic and Development Authority to address the spiraling cost of fuel. Thus, it is designed to cut the energy expense, which has significantly spiked up following the invasion of Ukraine by Russia. More than the impact of the high cost of fuel, our 8-hour Labor Law was enacted to protect the health and safety of workers. In most countries, the 5-day workweek has been the norm. The hours of work have been a controversial issue that has received primordial attention. As early at the turn of the 20th century, Pope Leo XII in his encyclical, Rerum Novarum, highlighted that “it is the duty of employers to see that the worker is free for adequate periods to attend to his religious obligations; not to expose anyone to corrupting influences of the enticements of sin, and in no way to alienate him from care for his family… Likewise, more work is not to be imposed than strength can endure, nor that kind of work which is unsuited to worker’s age or sex.” We should not also overlook the fact that shorter hours of work promote employment since it encourages employers who operate around the clock or regularly for more than 8 hours to bring in another shift of workers to continue doing the job. The proposed solution comes with

both a premium and a cost. Among its benefits are: it will generate savings, as it will result in cost-cutting on the part of the employer and the employees. There will be lesser use of office facilities and lower utility expenses resulting in lower operating costs. Workers will commute less to their place of work. There will be fewer cars in the streets, which will reduce pollution. Hence, it will be good for the environment. They will have more time with their family and more opportunity to spend in sports or leisure, which will promote better work-life balance. Arguably, with additional days off and more time for rest and sleep, a refreshed worker will be more energized and productive. On the other hand, the long workdays may result in overwork, which may in the long run take its toll on the physical well-being of the workers. And while the workers will have longer weekends, they will have very little time to spend with their spouse and kids during the four work days. In previous years, the government had deliberately set up long weekends by adjusting flexible holidays to fall on a Friday or a Monday. This promoted local tourism, which helped stimulate our economy. The shorter workweek will drum up people’s support to visit our tourist spots and foster economic growth of the countryside. If the candidates’ and public’s reaction will be a barometer, the 4-workday proposal is a major issue this election. The government will do well if it considers this issue prudently with the best interest of our workers foremost in mind. It’s unfortunate that the front-running candidate, former Senator Bongbong Marcos, skipped the debate. He definitely missed a great opportunity to pitch in on an issue that is critical to millions of our ordinary workers. On the other hand, Marcos’s absence saved him from a discombobulating experience of answering the alleged unpaid estate tax of his family in the amount of P203 billion, which if due and collected could help the meager-salaried workers cope with the inflationary effects of exorbitant fuel costs.

AP exclusive: US admiral says China fully militarized isles VER THE SOUTH CHINA SEA—China has fully militarized at least three of several islands it built in the disputed South China Sea, arming them with anti-ship and anti-aircraft missile systems, laser and jamming equipment, and fighter jets in an increasingly aggressive move that threatens all nations operating nearby, a top US military commander said Sunday.

A UN-backed arbitration tribunal that handled the case invalidated China’s sweeping historical claims in the South China Sea under the UN Convention on the Law of the Sea. Beijing dismissed the ruling as sham and continues to defy it.

US Indo-Pacific commander Adm. John C. Aquilino said the hostile actions were in stark contrast to Chinese President Xi Jinping’s past assurances that Beijing would not transform the artificial islands in contested waters into military bases. The efforts were part of China’s flexing its military muscle, he said. “I think over the past 20 years we’ve witnessed the largest military buildup since World War II by the PRC,” Aquilino told The Associated Press in an interview, using the initials of China’s formal name. “They have advanced all their capabilities and that buildup of weaponization is destabilizing to the region.” There were no immediate comments from Chinese officials. Beijing maintains its military profile is purely defensive, arranged to protect what it says are its sovereign rights. But after years of increased military spending, China now boasts the world’s second-largest defense budget after the US and is rapidly modernizing its force with weapons systems including the J-20 stealth fighter, hypersonic missiles and two aircraft carriers, with a third under construction. Aquilino spoke with the AP onboard a US Navy reconnaissance aircraft that flew near Chineseheld outposts in the South China Sea’s Spratly archipelago, one of the most hotly contested regions

the Chinese-occupied reefs, some appeared to be like small cities on screen monitors, with multi-story buildings, warehouses, hangars, seaports, runways and white round structures Aquilino said were radars. Near Fiery Cross, more than 40 unspecified vessels could be seen apparently anchored. Aquilino said the construction of missile arsenals, aircraft hangars, radar systems and other military facilities on Mischief Reef, Subi Reef and Fiery Cross appeared to have been completed but it remains to be seen if China will pursue the construction of military infrastructure in other areas. “The function of those islands is to expand the offensive capability of the PRC beyond their continental shores,” he said. “They can fly fighters, bombers plus all those offensive capabilities of missile systems.” He said any military and civilian plane flying over the disputed waterway could easily get within range of the Chinese islands’ missile system. “So that’s the threat that exists, that’s why it’s so concerning for the militarization of these islands,” he said. “They threaten all nations who operate in the vicinity and all the international sea and airspace.” China sought to shore up its vast territorial claims over virtually the entire South China Sea by building island bases on coral atolls nearly

By Jim Gomez & Aaron Favila | The Associated Press

in the world. During the patrol, the P-8A Poseidon plane was repeatedly warned by Chinese callers that it illegally entered what they said was China’s territory and ordered the plane to move away. “China has sovereignty over the Spratly Islands, as well as surrounding maritime areas. Stay away immediately to avoid misjudgment,” one of the stern radio messages said in a veiled threat. But the US Navy plane dismissed the multiple warnings and pressed on defiantly with its reconnaissance in brief but tense moments witnessed by two AP journalists invited onboard. “I am a sovereign immune United States naval aircraft conducting lawful military activities beyond the national airspace of any coastal state,” a US pilot radioed back to the Chinese. “Exercising these rights is guaranteed by international law and I am operating with due regard to the rights and duties of all states,” he said. Navy commanding officer Joel Martinez, who led the P-8A Poseidon’s crew, said there has been an incident when a Chinese jet flew close to a US aircraft in a dangerous maneuver in the disputed region. The US flight crew calmly reminded the Chinese to comply with aviation safety regulations, he said. As the P-8A Poseidon flew as low as 15,000 feet (4,500 meters) near

a decade ago. The US responded by sending its warships through the region in what it calls freedom of operation missions. The United States has no claims itself but has deployed Navy ships and aircraft for decades to patrol and promote free navigation in international waterway and airspace. China routinely objects to any action by the US military in the region. The other parties—the Philippines, Vietnam, Malaysia, Taiwan and Brunei—claim all or part of the sea, through which approximately $5 trillion in goods are shipped every year. Despite China’s aggression, the long-simmering territorial conflicts should only be resolved peacefully, Aquilino said, and cited the Philippine government’s successful move to bring its disputes with China to international arbitration in 2013 as a good template. A UN-backed arbitration tribunal that handled the case invalidated China’s sweeping historical claims in the South China Sea under the UN Convention on the Law of the Sea. Beijing dismissed the ruling as sham and continues to defy it. Washington’s main objective in the disputed region is “to prevent war” through deterrence and promote peace and stability, including by engaging American allies and partners in projects with that objective, Aquilino said. “Should deterrence fail, my second mission is to be prepared to fight and win,” said Aquilino, who leads the largest US combatant command with 380,000 military and civilian personnel covering 36 nations and territories. Associated Press writer David Rising in Bangkok contributed to this report.

A12 Tuesday, March 22, 2022

8-M PINOYS HAVE RECEIVED NATIONAL ID AS OF MARCH By Cai U. Ordinario @caiordinario

VER 8 million Filipinos have already received their National IDs as of the first week of March, according to the Philippine Statistics Authority (PSA). The PSA said as of March 4, 2022, a total of 8.176 million cards have been distributed to Filipinos who successfully registered for PhilSys Step 1 and Step 2 as of February 2022. This accounts for 24.2 percent of the target for 2022, which is to deliver 33.8 million Philippine Identification (PhilID) cards. This is a higher target as the PSA earlier said the goal is to deliver only 31.3 million PhilID cards this year. “We, at PSA, together with the Philippine Postal Corporation (Post Office) and the Bangko Sentral ng Pilipinas, are doing our best to accommodate millions of Filipinos who have successfully registered for PhilSys Step 1 and Step 2,” said PSA Assistant Secretary Rosalinda P. Bautista, Deputy National Statistician of the PhilSys Registry Office. T he PSA reminds reg istrants who have received their PhilIDs and the accompanying letter containing their PhilSys Number (PSN) to refrain from

posting it on social media to safeguard their personal information. Meanwhile, those awaiting delivery of their PhilID are encouraged to keep their transaction slip which, along with a valid ID, will be presented to the Philippine Postal Corporation personnel delivering their PhilID card and PSN letter. Moreover, the PSA is set to launch a mobile version of the PhilID as a digital alternative to the physical PhilID card to maximize the use of the PhilSys in digital transactions. As of February 4, Mapa said some 54.956 million Filipinos have already completed Step 1 and 2 of the National ID. Step 1 is the provision of demographic information while Step 2 is the provision of biometric data. In February, some 6.304 million Filipinos received their National ID cards and 7.351 million have opened bank accounts with LandBank. Unbanked Filipinos registering to the National ID can open LandBank accounts during Step 2 when they submit their biometric information which includes fingerprinting and iris scans. As of December 11, 2021, the PSA has registered 50.014 million Filipinos to the demographic and biometric data collection, exceeding its target.

Review of minimum wages affects 10-M workers–NWPC

By Samuel P. Medenilla

@sam_medenilla

VER 10 million workers nationwide are expected to be affected by the ongoing review of minimum wage rates by the regional wage boards, according to the National Wages and Productivity Commission (NWPC). In a virtual press forum on Monday, NWPC Executive Director Ma. Criselda R. Sy said the figure includes not only the 3.6 million minimum wage earners, but even the 6.8 million others who are earning above the minimum wage. She noted that while the wage orders issued by the Regional Tri-

partite Wages and Productivity Board (RTWPB) only covers minimum wage, it could also affect the rate of those who are paid over the said rate through wage distortion. The NWPC defines “wage distortion as a situation, where the application of mandated wage increase results in the elimination or severe

contraction of existing salary differentials among employees groups in an establishment.” This is corrected by increasing the pay of non-minimum wage earners so its value will not be too close to that of the new minimum wage.

Unintended consequences

THE sheer number of workers who will be affected by the new minimum wage, Sy said, is behind the cautious stance of the RTWPBs as they study the possible adjustment of a minimum wage rate per region. A new minimum wage hike which is too high for establishments to comply with can lead to “unintended negative consequences” to the economy which is still reeling from the impact of the pandemic, she noted. Such consequences could include higher unemployment, slowdown in gross domestic product (GDP) growth, as well as higher prices of basic goods and services as well as inflation. “We don’t want to derail the development process or our recovery process so we could create more jobs for our citizens. That is why we are asking everyone to understand that the process [for processing the wage petition] is not an easy task,” Sy said.

Pending petitions

CITING her latest data as of Monday, Sy said 10 wage petitions are pending in the National Capital Region (NCR) and in Regions 3, 4-A, 6, 7, and 8. The number of wage petitions could still increase in the coming days, especially as some labor groups announced they will be filing more petitions. But Sy said even the RTWPBs, which have yet to get a wage petition, have already initiated through a motu proprio capacity a review for the possible increase in the minimum wage rate in their jurisdiction. This, after Labor and Employment Secretary Silvestre H. Bello III instructed the RTWPBs to conduct the review earlier this month in order to help workers, who are affected by the successive hikes in oil prices. “As of this time we still do not know whether there are already regions that have a schedule for public hearing, but as it is right now, most of the boards have been meeting,” Sy said. The public hearing is among the final phases before a RTWPB issues a new wage order. Sy said the wage boards are expected to come out with results of their minimum wage rate review by next month.

More planes, passengers in skies by 2024—IATA By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

LOBAL air travel is on track to recover by 2024 despite the Omicron virus, with overall air passenger numbers projected to reach 4 billion, slightly exceeding prepandemic 2019 levels at 103 percent of total, according to the International Air Transport Association (IATA). Speaking at the recent Pacific Asia Travel Association-Philippines (PATA) Business Assembly, IATA Philippines Country Manager Samuel S. David said, however, that overall recovery (international + domestic air travel) will not be the same for all regions. North America will lead the pack in 2023 “with a huge recovery in their domestic market.” This will be followed by Europe and South America in 2024 (105 percent), and Asia Pacific, the Middle East, Africa and the Caribbean at the tailend in 2025. The slower recovery in Asia Pacific, he noted, was due to Covid-19 policies of China, which is still closed to international travel as it continues to do battle with the dreaded virus. “China may not reopen before the second half of 2022, while the rest of region reopens gradually,” David stressed, as many countries continue to im-

pose tight border regulations. IATA is the global trade association for the world’s airlines, representing some 82 percent of international air traffic. Only the Philippines and Singapore have so far reopened their borders to fully vaccinated travelers, without requiring arriving passengers to quarantine.

Undermining travel confidence

AS per IATA’s survey in September 2021, over 60 percent of its respondents were eager to travel “once the pandemic is contained,” either immediately (22 percent) or within a month or two (39 percent). “We expect these two will continue to expand over time as more health protocols are sunsetted,” said David. What can undermine travel confidence, however, “is the lack of predictability,” he stressed. “Sudden changes to rules and restrictions can disrupt booking patterns as we have seen with Delta and Omicron variants. This is why IATA has been recommending the states to follow some key, good practices for their risk frameworks with rules, and regulations being as transparent, and predictable as possible, [and] to review them regularly and to apply them in a non-discriminatory fashion.”

PATA Philippines president Bob Zozobrado (right) with IATA Country Manager Samuel S. David. PHOTO COURTESY OF PATA

See “IATA,” A2

A CUSTOMER pays for his vegetable purchases at the Las Piñas public market. Vegetable prices have gone up as a result of 11 weeks of successive fuel price hikes, although, for the first time in this quarter, oil companies have announced a price rollback starting Tuesday. NONIE REYES

Over 2-M tweets make Comelec debate trend

VER 2 million tweets made the #PiliPinasDebates2022 the number one Twitter trending topic in the Philippines, according to data released by the social media platform. Twitter said more than 2.2 million Tweets globally related to the debates were monitored between 12 pm of 19 March to 11:59 pm of 20 March. The conversation peaked between 9 and 10 pm on Saturday, 19 March. Twitter was flooded by 138,000 Tweets during the closing remarks of the debate when Vice President Leni Robredo made her statement, “The best man for the job is a woman.” “Filipinos on Twitter actively shared their opinions and reactions, spurring healthy conversations about the debates. Among the top hashtags from the debates were #PiliPinasDebates2022, #KayLeniNaTayo, and #Halalan2022,”

Twitter said in a statement. However, Twitter said, the discussion continued even after the debates as Filipinos and the candidates trooped to Twitter to strengthen their stance on the topics and issues raised during the first Comelec presidential and vicepresidential debates. Some of the most engaged Tweets were Senator Kiko Pangilinan’s tweet saying, “True leaders show up and man up. Kaya po sa darating na Mayo, the best man for the job is a woman.”—@ LeniRobredo. The Tweet were retweeted 3,970 times and quoted 138 times as of 10:28pm of March 19. The Tweet also received 22,300 Likes on the social media platform. As of March 12, the Tweet has been retweeted 4,067 times and received a total of 22,800 Likes. The number of times it was quoted remained the same at 138.

Another Twitter user, @eboymnl, was also among the most engaged Tweets from the debates. The Tweet stated, “’The best man for the job is a woman.’ —@lenirobredo” and contained a clip of the Vice President’s closing statement. The Tweet received a total of 3,526 retweets, 453 quotes, and 15,100 Likes as of 9:33pm on March 19. As of March 12, the Tweet has been retweeted 3,637 times; quoted 461 times; and liked 15,500 times. The Tweet of Twitter user @raffymagno was also deemed among the most engaged Tweets during the Comelec debates. The tweet stated “National Statistics Authority yarn Maam @lenirobredo ?! If you’re working with Leni, YOU SHOULD KNOW YOUR DATA, dahil kapag binira na niya yan, at hindi mo nasagot ng maayos, dedz. Palagi niya kaming nireremind:

yung data will help us design programs better.” The statement was retweeted 3,418 times; quoted 197 times; and received 19,600 Likes. As of press time on Monday, the post has been retweeted 3,435 times; quoted 200 times; and received 19,800 Likes. “The Tweets come from the strong voices of Filipinos or Candidates that show their support during the live debates,” Twitter said. Meanwhile, Twitter encouraged the public to familiarize t hemselves w it h t he Tw itter Rules. If Filipinos see something that violates the Twitter Rules, Twitter encourages that these be reported. Filipinos, Twitter said, can participate in ongoing election-related conversations by using #PilipinasDebates2022 to activate customized emoji that will be available until 27 May. Cai U. Ordinario

Companies

Editor: Jennifer A. Ng

Tuesday, March 22, 2022

Vivant’s 2021 income rises on foreign exchange gains

By Lenie Lectura @llectura & VG Cabuag @villygc

ivant Corp., the publicly listed holding company of Cebu’s Garcia-Escaño family, posted a net income of P1.78 billion last year, up by 23 percent from P1.44 billion recorded in 2020, mainly due to unrealized foreign exchange gains. It reported Monday that core profit last year stood at P1.73 billion, an increase of 25 percent from P1.38 billion posted in 2021. “We’re proud of what we have accomplished amid the challenges brought by the pandemic. As we see businesses adapt to the changed landscape, we expect a demand for

forward-looking, customizable solutions that will help them thrive in the new environment,” Vivant CEO Arlo A.G. Sarmiento said. “We are also grateful to the government for laying out a policy that helps corporations survive the effects of the pandemic.” Vivant’s power generation busi-

ness continued to drive its earnings performance as it accounted for 69 percent of total income from business segments. The business recorded an 11-percent expansion in income contribution to P1.70 billion in 2021 from P1.53 billion. The favorable spot market prices and the fresh contributions of newly acquired generation companies in 2021 led to the enhanced profit performance of the group. The electricity distribution business booked a net income contribution of P745.57 million, up 29 percent from P579.02 million. Although electricity sales for the year only grew marginally, enhancements in the bottomline performance of the business were driven by the reduction in systems loss, lower debt service, tax payments and provisions for doubtful accounts. Its retail electricity group recorded a bottomline contribution of P64.4 million, a significant improve-

ment from the previous year’s P3.93 million. The higher sales resulting from improved customer base and enhanced margins of an associate drove the Retail Electricity Supplier group’s earnings performance for the year. Investments in power generation, electricity distribution and retail electricity comprise Vivant’s power business portfolio. In 2019, the company ventured into the water infrastructure business and has made strategic investments in the water solutions and waste-water treatment segments of the industry. This business segment is still at its nascent stage and has not materially contributed to Vivant’s bottomline last year. Vivant’s total consolidated assets as of end-2021 amounted to P25.02 billion compared to the previous year’s P22.58 billion, while equity attributable to parent stood at close to P17 billion from P15.45 billion.

SMC allows buses to use Skyway By Lorenz S. Marasigan @lorenzmarasigan

an Miguel Corp. (SMC) on Monday said public utility buses and closed van delivery trucks may start using the elevated Skyway System on April 1. The company said Class 2 vehicles—buses and closed vans with valid Autosweep RFID stickers— will be allowed on the entire elevated Skyway after the completion of major works at the South Luzon

Expressway’s elevated extension in Muntinlupa. “With the re-opening of the Skyway to public buses and select transport trucks, we’re hopeful that many of our countrymen from both north and south can benefit from the convenience provided by the entire Skyway system,” SMC President Ramon S. Ang said in a statement. The Skyway System prohibited Class 2 vehicles from using the expressway for two years due to safety

concerns that arose out of the construction activities. “This is an option for commuters as well as public transport services, who would like to have a faster, more direct, or even point-to-point access to their destinations. This will also help to further decongest our public roads, given that we are now back to pre-pandemic levels of traffic,” Ang said. He added that in anticipation of the Skyway’s reopening to public buses, careful and extensive plan-

ning is being done to ensure the preparedness of Skyway plazas, toll booths, patrols, and staff, prior to its implementation. Class 2 vehicles will have dedicated lanes to avoid long queues in toll plazas. They are required to have a speed limit of 60 kph and they should have RFID tags with sufficient balances to be accommodated at the elevated section of the expressway. Modified four-wheeler or sixwheeler vehicles are not allowed on the elevated ramp.

Jollibee opens 150th branch in Vietnam

Photo from www.jollibee.com.vn

omegrown fast food chain operator Jollibee Foods Corp. said it inaugurated its 150th store in Vietnam, one its biggest markets outside of the Philippines. The new branch is located at 254 Dong Da Street Thuan Phuoc Ward, Hai Chau District, in Da Nang City. Da Nang is one of the largest cities and is a major tourism hub in Vietnam also known for its young population. “Vietnam is one of the most important markets for us as it is among the fastest-growing economies in Asia and has a huge young and vibrant population. It is also one of the first international markets we entered in the earlier years of Jollibee,” Ernesto Tanmantiong, Jollibee CEO, said. “Even if the pandemic sparked many challenges, Jollibee Vietnam has managed to sustainably grow and exceed our expectations. The opening of our 150th Jollibee store is a testament to the special place this country holds in Jollibee’s history and heart.” Jollibee has captured the local market in Vietnam over the years, with 100 percent of its customers being Vietnamese, the company said.

Jollibee’s sweet chili chicken recipe has become a hit among the Vietnamese, with its savory, sweet and chili glaze. Another fan favorite is its spaghetti, served with its signature sweet-style sauce and beef sausage topped with cheese. “Since the opening of our first store in the country over 15 years ago, we have persisted in Jollibee’s mission to serve great-tasting food to families across Vietnam. We have been rewarded by the Vietnamese people in turn, making Jollibee among the fastest-growing quick service restaurants in the country,” Lam Hong Nguyen, general manager of Jollibee Vietnam, said. “We continue to be committed to Vietnam and today we are the only QSR (quick service restaurant) brand to have built and operate its own commissary in the country. We are grateful for our customers’ support throughout the years, and we will continue to work towards making Jollibee the most-loved QSR brand for the Vietnamese.” To date, Jollibee has over 1,500 stores in 17 countries. The company’s global expansion forms part of the Jollibee’s aim to become one the top five restaurant companies in the world. VG Cabuag

ESPITE the ongoing pandemic and market uncertainties caused by the war in Ukraine, bankers still believe that it is always a good time to invest even in times of uncertainty. Robert Rol Richard Raymond B. Ramos, head of the Trust and Investments Group of Rizal Commercial Banking Corp. (RCBC), advised to put aside funds for a rainy day. “You never know when you might need these funds. A good example for this would be the establishment of an emergency fund that is invested in money markets or short term securities,” Ramos said during the bank’s Hexagon Club online forum. Antonio Jose K. Garcia, head of Retail Sales and Online Marketing at RCBC Securities, also said that while this is a tough time to be making investments, in the market, there are always opportunities to invest at reasonable valuations. “A lot of it depends on one’s level of risk tolerance. If you can handle volatility, and we are seeing big swings almost on a daily basis, then you can take positions in specific stocks,” Garcia said. “But any stock, whether defensive, dividend, blue chip, will still succumb to price drops if the market continues to drop. So my advice, if you’re buying, buy slowly and cau-

tiously, as the market pulls back.” Garcia advised investors not to make any immediate decision and think things through, especially when the numbers are not too good. “The best thing to do is review your investment/trade and see where it went wrong,” Garcia said. “Did you buy too early? Did you buy too much at one time? Always review and see how you can correct any mistakes you may have made with your investments”. Ramos, meanwhile, said it’s also about looking at the assets one is investing in, adding that if the asset class you are holding depreciates in value, there are always two options. “First, if you see more value in the security and the asset depreciated only because of volatile market conditions, you may hold on for the meantime. But, if the security does not provide further value then you should be willing to sell it immediately and move your funds to a more profitable investment,” Ramos said. He advised to pay off debt first before investing, since the ultimate goal is to achieve financial security. “The only time you should invest first is when the interest earned from your investment will generate more than the interest of your debt.” VG Cabuag

SM bags MORE Power beefs up distribution services RCBC: It is always a M Anvil good time to invest Awards despite uncertainties S D M Investments Corp. (SMIC) on Monday said it bagged wins from the recent 57th Anvil Awards given by the Public Relations Society of the Philippines. SMIC, the holding firm of the Sy family, said it secured the nod of the board of judges and won silver awards for website refresh and its 2020 Integrated Report under the PR Tool categories of website or blog and publication, respectively. “We are pleased to receive these awards recognizing our efforts to provide our stakeholders with up to date and transparent communication in interesting formats,” Timothy Daniels, consultant for SMIC’s investor relations and sustainability, said. The award affirms SM’s continuing efforts to nurture its growing communities, the company said. SM Development Corp. (SMDC), a builder of condominium buildings, also received the silver award for the “The Good Guys Weekend Market,” under the PR Tool category for exhibit and special event, which has empowered communities and neighborhoods to thrive amid the health crisis. “We are so honored to be recognized again by a prestigious award-giving body for our efforts to build and nurture happy, healthy, and thriving communities. Our residents and our partner cities and barangays can rest assured that we have lined up more programs to enable and empower them to grow and flourish here at SMDC,” Jose Mari Banzon, SMDC president, said. VG Cabuag

ore Electric and Power Corporation (MORE Power) said it used its P1.9-billion capital expenditure (capex) to finance various projects that improved electric distribution services in Iloilo City. Bulk of the amount was utilized for modernization and rehabilitation of the distribution system. These include the installation of additional 10MVA (megavolt ampere) mobile substation at Iloilo Business Park; rehabilitation and uprating of substations; construction of a switching station; replacement of old electric meters, delapidated and wooden electric poles; uprating distribution transformers; and installation of conductors. MORE Power President Roel Castro said these are meant to address systems loss, illegal connections, power interruptions, among others. Latest figures showed that MORE Power has installed and replaced 1,715 poles, 559 distribution transformers, and 21,802 total electric meters. There were also 619 electric meters on pole transferred and 330 elevated metering centers, installed 8.36 kilometers (km) neutral conductors, replaced 12.98 km of primary line, and 15.98 km secondary line. Since the start of its operation, MORE Power said it already installed 189 Sets of Silicone Rubber Insulator, 31 Automatic Circuit Reclosers (ARCs), and 15 Load Break Switches (LBS). It also reported that its System Average Interruption Frequency

Photo from the Facebook page of More Power

Index--the average number of interruptions a customer experiences--and the System Average Interruption Duration Index showed a 93-percent average decrease in interruption frequency and 85-percent average decrease in system interruption duration, respectively,

within one year. For the first year of its operation, MORE Power’s rate has gone down to as low as P6.2071/kWh from the average of P13/kwh. System loss at end-December last year stood at 6.98percent from 23.31 percent in May 2020. Lenie Lectura

Companies BusinessMirror

Tuesday, March 22, 2022

PCC tells Grab to fast-track release of refund to users

By Jasper Emmanuel Y. Arcalas @jearcalas & Lorenz S. Marasigan @lorenzmarasigan

he Philippine Competition Commission (PCC) has ordered Grab Holdings Inc. and MyTaxi. PH Inc. (Grab) to fast-track the release the remaining P19.3-million refund to eligible users. The PCC said Monday that as of June 15, 2021, only 24.1 percent of the total refund has been claimed from Grab by eligible passengers or about P6.15 million out of the P25.45-million penalty imposed by the antitrust body. The agency gave the company until April 22 to refund the remaining amounts. The agency said the additional steps required by the ride-hailing app to claim the refund had contributed to the delay in its release. The PCC said the refund must be “immediately” credited via GrabPay wallet of the users “without requiring any act from the users to claim the amount.” “The penalties are in the form of a refund to remind Grab that every pricing or booking violation committed against passengers shall be paid back to passengers. Grab should immediately release the refunds and continue to adhere to

its commitments,” PCC Chairman Arsenio M. Balisacan said in a statement. The PCC penalized Grab for a total of P63.8 million since 2018 for violations of its price and service quality commitments. In late 2019, the PCC required Grab to return a portion of its commissions to Grab’s passengers for violating its price monitoring commitment. The agency has since ordered Grab to issue refunds in the amounts of P5.05 million in November 2019, P14.15 million in December 2019, and P6.25 million in October 2020. “The PCC remains steadfast in monitoring Grab’s commitments to temper the firm’s dominance in the ride-hailing market. These measures are in place to prevent Grab from exercising monopolistic behavior due to its unchallenged market power,” Balisacan said. “Through the years, the commitment measures are meant to be tem-

their portion of the refund through the GrabRewards Catalog within the Grab app. “Following BSP regulations, those who have completed the basic KYC [Know Your Customers] process can directly redeem the amount which was credited on their GrabPay Wallet accounts. Eligible passengers who have not yet completed their basic KYC are required to complete this BSP [Bangko Sentral ng Pilipinas]-mandated process prior to redemption,” Grab said. It added that it simply cannot credit their GrabPay Wallet, as it will not be compliant with the BSP’s regulatory requirements. “Since the first order directing Grab Philippines to disburse the administrative fees to eligible passengers last November 14, 2019, Grab Philippines has been proactively monitoring the redemption. Immediately upon its receipt of the PCC Order, Grab Philippines has outlined to the PCC its suggested measures to address this situation and has been eagerly awaiting the PCC’s response,” the company said. It noted, however, that it has yet to receive the final decision of the PCC on the recommendations for those eligible passengers lacking the mandatory KYC. “But we would like to reassure our kababayans that we will continue to work with the competition commission to ensure that the remaining administrative fee amount is fully-redeemed - and focus our efforts in helping the Philippine economy recover.”

porary in disciplining Grab while waiting for the market to mature with new major players. A more permanent procompetition solution here is to open the market to more Transport Network Companies that can truly rival Grab on the same level.” The competition issue stemmed from Grab’s takeover of Uber in 2018, which was subjected to a PCC decision requiring the merged entity “to a standard as if it had a rival.” Part of Grab’s voluntary commitments was ensuring that it will not “undertake unreasonably different” pricing behaviors prior and after the merge. During the monitoring period, the PCC found that the ride-hailing company committed “extraordinary” pricing deviations, which resulted in the three sets of penalties. “Following its acquisition of Uber, Grab’s commitments were first issued in 2018, subject to a one-year monitoring period. The commitments were updated and monitoring was extended until 2023 due to the remaining competition concerns. PCC underscores that the penalty shall be paid by Grab and shall not be passed on to its drivers or passengers.”

Disbursement process

Responding to the PCC’s order, Grab said it “disbursed the full administrative fee in a manner consistent with the agreed mechanics with the PCC.” Grab said the disbursement process involves passengers redeeming

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

March 21, 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 RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL IREMIT NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

38,895 278,953,573 105,181,033 119,980 1,270,135 195,684,167.50 119,281 1,345,806 73,084 8,230 36,419,335 4,753,564.50 137,450 23,660 5,740 32,380 1,532,626 106,000

-42,108,163 5,081,035.50 -34,580 -268,113 -23,213,153.50 -114,988 6,077.50 552,783 298,055.50 -4,000 -5,740 26,300 106,000

INDUSTRIAL AC ENERGY 7.9 7.92 8.2 8.3 7.88 7.9 21,208,300 169,283,996 ALSONS CONS 1 1.04 1.03 1.04 1.03 1.04 36,000 37,330 ABOITIZ POWER 34.45 34.5 34.9 34.95 34.5 34.5 1,486,400 51,365,810 BASIC ENERGY 0.45 0.46 0.46 0.47 0.45 0.46 5,260,000 2,430,300 FIRST GEN 25 26 26 26.8 25 25 1,712,000 44,448,045 FIRST PHIL HLDG 69.5 69.95 69.95 69.95 69.1 69.95 10,000 694,100 JOLLIVILLE HLDG 4.3 5.48 5 5 5 5 1,600 8,000 359 360.4 359 362.6 359 359 481,490 173,166,798 MERALCO 19.54 19.68 20.15 20.2 19.5 19.54 198,400 3,943,055 MANILA WATER 3.29 3.3 3.4 3.45 3.29 3.29 995,000 3,330,070 PETRON 4.7 4.89 4.62 4.92 4.61 4.7 38,000 182,160 PETROENERGY PHX PETROLEUM 10.34 10.66 10.68 10.68 10.32 10.68 16,700 173,608 11.42 11.46 11.6 11.7 11.4 11.42 1,107,900 12,736,874 SYNERGY GRID PILIPINAS SHELL 17.76 17.9 17.98 17.98 17.7 17.9 458,900 8,209,558 SPC POWER 14.3 14.4 14.36 14.4 14.02 14.3 97,900 1,393,050 SOLAR PH 1.75 1.76 1.84 1.85 1.73 1.76 117,173,000 210,131,990 VIVANT 14.02 16.04 14.02 14.02 14.02 14.02 1,700 23,834 AGRINURTURE 5.49 5.5 5.56 5.64 5.47 5.5 1,416,300 7,871,348 AXELUM 2.53 2.62 2.62 2.62 2.53 2.6 78,000 201,090 CNTRL AZUCARERA 12.1 13.58 12.1 12.1 12.1 12.1 800 9,680 20.55 20.7 20.45 20.95 20.4 20.7 853,100 17,603,205 CENTURY FOOD 14.14 14.3 14.08 14.14 14.08 14.14 21,300 300,840 DEL MONTE DNL INDUS 7.01 7.02 7.07 7.15 7.02 7.02 996,600 7,044,615 13.98 14.12 13.92 14.2 13.9 13.98 2,029,200 28,489,206 EMPERADOR 63.05 64 63.9 64.7 63 64 1,104,980 70,491,270 SMC FOODANDBEV 0.57 0.59 0.61 0.61 0.57 0.59 3,289,000 1,906,060 FIGARO COFFEE ALLIANCE SELECT 0.58 0.6 0.63 0.63 0.63 0.63 1,000 630 FRUITAS HLDG 1.11 1.12 1.11 1.13 1.11 1.12 1,153,000 1,284,930 GINEBRA 111.1 113.5 111 113.5 110.8 113.5 2,990 332,296 JOLLIBEE 211.6 212 218.2 219.2 212 212 822,950 176,985,328 KEEPERS HLDG 1.2 1.21 1.22 1.22 1.19 1.2 1,179,000 1,421,920 LIBERTY FLOUR 21.05 23.95 21 21 21 21 700 14,700 MAXS GROUP 6.05 6.16 6.08 6.08 6.04 6.04 13,000 78,676 0.137 0.148 0.137 0.148 0.137 0.148 30,000 4,220 MG HLDG MONDE NISSIN 13.7 13.88 14.3 14.34 13.68 13.7 20,233,800 280,210,852 7.91 7.95 7.96 8.05 7.95 7.95 38,600 307,114 SHAKEYS PIZZA 0.59 0.6 0.6 0.64 0.59 0.59 1,488,000 918,910 ROXAS AND CO 4.26 4.54 4.54 4.54 4.54 4.54 1,000 4,540 RFM CORP ROXAS HLDG 1.33 1.42 1.36 1.4 1.36 1.4 10,000 13,720 SWIFT FOODS 0.1 0.104 0.1 0.1 0.1 0.1 1,010,000 101,000 UNIV ROBINA 111.6 111.8 113 113.6 111 111.8 949,300 106,085,503 VITARICH 0.62 0.63 0.63 0.63 0.62 0.62 41,000 25,680 CONCRETE A 46.05 48 47.95 48 47.95 48 5,000 239,995 CEMEX HLDG 0.92 0.93 0.93 0.95 0.91 0.92 1,227,000 1,142,780 EAGLE CEMENT 12.82 13.02 13.02 13.02 13.02 13.02 2,400 31,248 5.43 5.5 5.42 5.5 5.42 5.5 4,000 21,880 EEI CORP HOLCIM 5.45 5.6 5.5 5.5 5.45 5.45 29,000 158,408 5.05 5.15 5.05 5.05 4.95 5.05 23,900 120,021 MEGAWIDE PHINMA 19.2 19.3 19.3 19.3 19.2 19.3 10,800 208,290 TKC METALS 0.81 0.86 0.8 0.87 0.8 0.81 80,000 67,150 VULCAN INDL 1.07 1.08 1.11 1.13 1.06 1.08 1,601,000 1,735,580 1.8 1.83 1.8 1.83 1.8 1.8 450,000 810,150 CROWN ASIA PRYCE CORP 5.44 5.67 5.67 5.67 5.66 5.67 31,800 180,208 CONCEPCION 19.7 20.45 20.45 20.5 19.7 19.7 2,000 40,120 GREENERGY 1.83 1.84 1.77 1.84 1.75 1.84 5,566,000 9,935,330 INTEGRATED MICR 8.22 8.25 8.4 8.4 8.22 8.25 25,500 211,646 SFA SEMICON 1.04 1.05 1.05 1.05 1.03 1.04 266,000 274,510 CIRTEK HLDG 3.15 3.22 3.17 3.24 3.1 3.22 158,000 501,020

-38,307,509.00 5,189,290 -30,350 -41,979,415 -59,770 -60,817,156 8,592.00 -116,390 -74,304 -1,139,136 -324,896 261,670 -178,150 -7,860 1,796,835 -4,643,565 -13,065,406 -441,112 113,720.00 -44,400 -164,661 -58,483,760 146,210 -14,700 -3,024 -128,066,008 -235,506 258,000 -30,410,731 -665,850 -13,695 -2,140 50,940 -178,760 107,900 -

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 PACIFICA HLDG PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER WELLEX INDUS

43.2 126.1 97.45 26.6 8.46 52.1 9.1 19.08 55.5 20.35 109.8 88.9 1.8 3.98 0.8 0.62 199.8 2,650

0.93 4.02 777 57.05 12.3 8.5 0.85 0.63 0.63 4.99 9 6.77 0.206 512.5 58 2.93 9.14 3.71 2.57 1.58 0.92 878.5 108.3 115.2 0.285

44.95 127 97.75 26.7 8.47 52.5 9.12 19.18 57.5 20.85 109.9 88.95 1.9 3.99 0.82 0.71 200 2,750

0.94 5 778 57.5 12.38 8.83 0.89 0.64 0.66 5.03 9.01 7 0.275 515 58.45 2.97 9.15 3.72 2.96 1.59 0.98 880 108.5 119.8 0.29

43.4 128.4 98 26.8 8.4 53.55 9.11 19.2 55.55 20.3 107.7 89.9 1.85 4 0.82 0.65 203.6 2,650

0.9 4.02 798 57 12.3 8.85 0.9 0.67 0.7 5 9 6.75 0.207 516 57.3 2.93 9.3 3.77 2.98 1.43 1 902.5 108.1 117 0.29

43.4 131.5 98.8 26.8 8.69 53.55 9.12 19.4 57.5 20.85 109.9 90 1.9 4 0.82 0.65 203.6 2,650

0.94 4.02 800 57.8 12.58 8.85 0.93 0.68 0.71 5.05 9.22 7 0.207 529 59.1 2.94 9.43 3.77 2.98 1.59 1 909.5 108.3 119.8 0.29

43.15 125.3 95.5 26.6 8.4 52.1 9.1 19.06 55 20.3 107.7 88.5 1.79 3.86 0.82 0.61 200 2,650

0.9 4 772.5 56.75 12.28 8.82 0.83 0.62 0.63 4.99 8.82 6.75 0.206 512.5 57.25 2.93 9.15 3.7 2.98 1.41 0.92 871.5 106.1 116 0.285

43.2 126.1 97.75 26.7 8.47 52.1 9.12 19.06 57.5 20.85 109.9 88.95 1.9 3.98 0.82 0.61 200 2,650

0.94 4 777 57.5 12.3 8.83 0.89 0.63 0.63 4.99 9 7 0.206 515 58 2.94 9.15 3.71 2.98 1.59 0.93 880 108.3 119.8 0.285

900 2,173,850 1,078,130 4,500 149,200 3,720,760 13,100 70,200 1,320 400 332,730 53,200 75,000 6,000 7,000 50,000 7,660 40

14,958,000 3,000 223,080 1,355,830 3,818,100 1,900 616,000 12,168,000 638,000 130,400 9,694,300 5,300 60,000 146,540 1,509,610 4,000 2,760,000 16,113,000 1,000 987,000 128,000 1,560,800 81,370 704,750 1,720,000

13,815,870 12,020 174,740,625 77,680,670.50 47,085,382 16,787 531,140 7,952,480 424,230 651,973 87,984,096 37,050 12,410 75,968,280 87,917,742 11,730 25,521,104 59,991,400 2,980 1,506,840 119,070 1,383,519,195 8,782,591 84,411,154 498,200

PROPERTY

mutual funds

March 21, 2022

NAV

One Year Three Year

Five Year

per share Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

225.74

6.24%

-5.04%

-2.41%

-3.15%

ATRAM Alpha Opportunity Fund, Inc. -a

1.4655

18.2%

-3.09%

0.78%

-11.94%

7.44%

-8.7%

-5.11%

-3.5%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7473 0.13%

-7.25% n.a.

-1.22%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6849 3.19%

-7.49% n.a.

-11.16%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1245

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

5.0741

9.55%

-2.5%

-0.32%

-2.1%

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

0.7537

11.87%

-4.74%

-3.87%

MBG Equity Investment Fund, Inc. -a

-9.89%

-11.93% n.a.

-7.25%

87.58

PAMI Equity Index Fund, Inc. -a

46.1229

5.7%

-3.76%

-1.03%

-4.16%

Philam Strategic Growth Fund, Inc. -a

484.62

6.03%

-3.66%

-1.23%

-3.21%

Philequity Dividend Yield Fund, Inc. -a

1.3236

20.12%

0.4%

1.42%

-2.41%

35.5034

8.8%

-2.71%

0.14%

-2.98%

Philequity Fund, Inc. -a Philequity MSCI Philippine Index Fund, Inc. -a

0.9183

8.11%

-3.76% n.a.

-2.45%

Philequity PSE Index Fund Inc. -a

4.7803

7.02%

-2.99%

-0.33%

-3.64%

Philippine Stock Index Fund Corp. -a

794.55

6.34%

-3.13%

-0.42%

-4.1%

Soldivo Strategic Growth Fund, Inc. -a

0.7221

7.23%

-7.75%

-3.27%

-4.05%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.627

7.19%

-5.55%

-1.62%

-3.93%

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

0.905

5.92%

-3.44%

-0.68%

6.35%

-3.37%

0.61%

-3.09%

United Fund, Inc. -a

3.3312

-3.78%

-4.18%

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

1.1586

Philippine Stock Index Fund Corp. -a

970.56 n.a. n.a. n.a. n.a.

12.88% n.a. n.a.

-0.35%

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

107.1338

6.85%

-2.86%

0.04%

-3.9%

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

$1.0264

-19.74%

0.08%

1.92%

-8.89%

-3.41%

9.21%

8.36%

-10.49%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.6528

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

1.6349

0.04%

-1.54%

-1.05%

-3.37%

ATRAM Philippine Balanced Fund, Inc. -a

2.2153

2.08%

-1.34%

-0.6%

-2.9%

5.75%

0.23%

1.25%

-1.5%

First Metro Save and Learn Balanced Fund Inc. -a 2.6506

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2059 NCM Mutual Fund of the Phils., Inc. -a

1.9716

3.36%

9.23% n.a. n.a. 1.1%

1.4%

-2.24%

PAMI Horizon Fund, Inc. -a

3.6602

2.13%

0.15%

0.26%

-2.79%

Philam Fund, Inc. -a

16.4208

2.11%

-0.11%

0.24%

-2.52%

Solidaritas Fund, Inc. -a

2.0799

3.3%

-0.99%

0.09%

-1.96%

3.8%

-2.6%

-0.38%

-2.83%

9.95%

-1.71%

0.06%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5439 Sun Life Prosperity Dynamic Fund, Inc. -a

0.9281

-1.48%

-2.74%

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

0.9504

-0.25%

-1.4% n.a.

-3.98%

Sun Life Prosperity Achiever Fund 2038, Inc. -a

0.9045

Sun Life Prosperity Achiever Fund 2048, Inc. -a

0.8933

3.08%

-2.98% n.a.

-4.24%

3.52%

-3.32% n.a.

-4.35%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03539

-6.72%

-0.39%

0.12%

-6.72%

-10.55%

0.99%

1.61%

-4.68%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.3756 -4.43%

6.09%

5.94%

-8.88%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.1081 -5.41%

2.16%

2.46%

-7.55%

PAMI Asia Balanced Fund, Inc. -b

$1.0172

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

373.84

1.06%

2.55%

2.44%

-0.12%

ATRAM Corporate Bond Fund, Inc. -a

1.8873

-0.94%

0.3%

0.1%

0.14%

Cocolife Fixed Income Fund, Inc. -a

3.2408

0.76%

2.62%

3.66%

-0.1%

Ekklesia Mutual Fund Inc. -a

2.2229

-0.68%

0.99%

1.19%

-1.27% -0.33%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4181 -0.05%

2.47%

1.8%

Philam Bond Fund, Inc. -a

4.3187

-2.63%

2.84%

1.24%

-1.75%

Philam Managed Income Fund, Inc. -a

1.3139

-0.03%

3.33%

2.74%

-0.39%

Philequity Peso Bond Fund, Inc. -a

3.9207

Soldivo Bond Fund, Inc. -a

-0.54%

3.04%

1.0169

0.09%

3.66%

1.91%

-1.1%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1585

-0.02%

3.45%

3.03%

-0.91%

Sun Life Prosperity GS Fund, Inc. -a

-0.62%

2.66%

2.34%

-1.08%

1.7119

2.41%

-1.14%

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

$485.1

0.81%

2.33%

2.2%

ALFM Euro Bond Fund, Inc. -a

Є216.06

-1.49%

0.07%

0.62%

-0.91% -1.8%

ATRAM Total Return Dollar Bond Fund, Inc. -b

$1.1212

-5.38%

-1.13%

0.15%

-6.87%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0249 -3.11%

-0.27% n.a.

-4.23%

PAMI Global Bond Fund, Inc -b

$0.9591

-8.8%

-3.15%

-2%

-6.23%

Philam Dollar Bond Fund, Inc. -a

$2.3538

-4.04%

1.8%

1.45%

-6.06%

$0.0611224

-2.11%

1.89%

1.45%

-1.88%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.9569 -4.49%

0.18%

0.21%

-7.49%

Philequity Dollar Income Fund Inc. -a

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

131.54

1.32%

2.49%

2.54%

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

1.0602

1.03%

1.79% n.a.

0.27%

Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3199

1.52%

2.39%

2.51%

0.24%

0.33%

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

0.66%

1.3% n.a.

0.12%

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

45.9041 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.3151

9.73% n.a. n.a.

-4.9%

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

$0.9072

-8.36% n.a. n.a.

-6.47% % 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."

ARTHALAND CORP 0.58 0.59 0.59 0.59 0.59 0.59 20,000 11,800 AYALA LAND 34.7 34.75 35.55 36.05 34.6 34.7 10,682,700 374,238,555 AYALA LAND LOG 4.85 4.89 4.9 4.94 4.77 4.89 1,448,000 7,048,800 ARANETA PROP 1.01 1.11 1.01 1.11 1.01 1.11 11,000 11,210 AREIT RT 45.7 45.75 46.25 47.2 45.75 45.75 676,800 31,243,380 A BROWN 0.92 0.93 0.84 0.93 0.8 0.93 2,243,000 1,946,260 CITYLAND DEVT 0.69 0.71 0.7 0.7 0.7 0.7 3,000 2,100 0.09 0.094 0.09 0.095 0.09 0.094 17,060,000 1,535,490 CROWN EQUITIES CEB LANDMASTERS 2.91 2.94 2.95 3 2.92 2.92 887,000 2,625,120 0.39 0.4 0.39 0.4 0.39 0.4 3,350,000 1,314,400 CENTURY PROP CITICORE RT 2.69 2.7 2.68 2.7 2.68 2.69 8,389,000 22,588,200 8.86 8.88 9.2 9.2 8.87 8.87 305,800 2,738,723 DOUBLEDRAGON 1.59 1.6 1.6 1.6 1.58 1.59 1,324,000 2,108,780 DDMP RT DM WENCESLAO 6.88 6.9 6.87 6.92 6.87 6.9 44,500 307,085 EMPIRE EAST 0.236 0.24 0.239 0.239 0.236 0.236 200,000 47,770 EVER GOTESCO 0.265 0.27 0.26 0.27 0.26 0.27 1,510,000 401,000 FILINVEST RT 7.13 7.14 7.13 7.19 7.13 7.14 647,400 4,635,634 FILINVEST LAND 1.05 1.06 1.06 1.08 1.04 1.05 846,000 889,570 GLOBAL ESTATE 0.86 0.89 0.9 0.9 0.86 0.86 48,000 42,660 8990 HLDG 13.62 13.8 13.8 13.88 13.56 13.8 113,500 1,551,964 607 665 665 665 665 665 10 6,650 GOLDEN MV PHIL INFRADEV 0.95 0.98 0.94 0.94 0.94 0.94 33,000 31,020 CITY AND LAND 0.8 0.82 0.8 0.82 0.8 0.82 35,000 28,020 3.05 3.12 3.11 3.14 3.05 3.05 7,986,000 24,618,110 MEGAWORLD 0.25 0.255 0.26 0.26 0.25 0.25 1,730,000 434,300 MRC ALLIED MREIT RT 18.52 18.54 19 19 18.54 18.54 1,558,000 29,005,342 PHIL ESTATES 0.4 0.41 0.4 0.4 0.4 0.4 670,000 268,000 PRIMEX CORP 2.74 2.75 2.59 2.78 2.55 2.74 3,860,000 10,330,640 RL COMM RT 7.14 7.15 7.18 7.27 7.13 7.15 2,873,200 20,558,763 ROBINSONS LAND 19.44 19.46 19.6 19.7 19.42 19.46 4,596,000 89,555,898 PHIL REALTY 0.214 0.232 0.212 0.215 0.212 0.214 70,000 14,990 ROCKWELL 1.35 1.45 1.45 1.45 1.34 1.45 12,000 17,020 SHANG PROP 2.54 2.6 2.6 2.6 2.6 2.6 11,000 28,600 2.57 2.79 2.53 2.53 2.53 2.53 7,000 17,710 STA LUCIA LAND SM PRIME HLDG 38.35 38.85 38.6 38.95 38.2 38.85 8,288,000 319,844,835 0.58 0.59 0.57 0.58 0.57 0.58 23,000 13,270 SOC RESOURCES VISTAMALLS 3.11 3.48 3.49 3.49 3.49 3.49 4,000 13,960 SUNTRUST HOME 0.99 1.01 1.01 1.01 1.01 1.01 1,000 1,010 VISTA LAND 2.61 2.65 2.72 2.76 2.6 2.61 4,694,000 12,489,060 SERVICES ABS CBN 12.84 12.9 12.94 13 12.8 12.9 422,500 5,438,214 GMA NETWORK 15.5 15.6 15.46 15.94 15.46 15.5 3,063,400 47,843,090 MANILA BULLETIN 0.405 0.415 0.405 0.42 0.405 0.42 60,000 24,900 MLA BRDCASTING 9.37 9.99 9.37 9.37 9.37 9.37 3,500 32,795 GLOBE TELECOM 2,340 2,344 2,282 2,350 2,282 2,344 45,440 106,156,400 PLDT 1,706 1,730 1,701 1,743 1,700 1,730 155,905 269,582,615 APOLLO GLOBAL 0.043 0.044 0.047 0.047 0.044 0.044 250,000,000 11,263,300 25.8 25.9 25.4 26.1 25.4 25.9 10,702,500 276,778,735 CONVERGE 5.1 5.12 5.18 5.2 5.06 5.1 8,732,600 44,865,976 DITO CME HLDG 1.2 1.22 1.2 1.22 1.17 1.22 6,672,000 8,125,640 NOW CORP 0.33 0.335 0.335 0.335 0.325 0.33 2,150,000 709,900 TRANSPACIFIC BR 7.17 7.3 7.44 7.47 7.16 7.44 4,200 30,282 2GO GROUP ASIAN TERMINALS 13.34 13.96 13.62 13.96 13.42 13.96 74,900 1,008,740 CHELSEA 1.49 1.5 1.48 1.57 1.48 1.48 202,000 305,100 CEBU AIR 42.5 42.7 43.5 44 42.5 42.5 96,600 4,173,725 INTL CONTAINER 220.2 224.6 221.2 228.6 220.2 220.2 2,081,300 468,591,904 MACROASIA 5.15 5.2 5.38 5.44 5.2 5.2 560,500 2,946,713 METROALLIANCE A 1 1.02 1.02 1.02 1.02 1.02 13,000 13,260 HARBOR STAR 0.71 0.74 0.73 0.73 0.7 0.7 16,000 11,380 GRAND PLAZA 10.96 14.2 14.4 14.4 14.4 14.4 3,500 50,400 0.43 0.45 0.45 0.45 0.45 0.45 140,000 63,000 WATERFRONT CENTRO ESCOLAR 6.52 6.83 6.51 6.52 6.51 6.52 1,600 10,422 FAR EASTERN U 530 530.5 530.5 530.5 530.5 530.5 10 5,305 IPEOPLE 7.2 7.24 7.24 7.24 7.24 7.24 300 2,172 STI HLDG 0.34 0.355 0.345 0.355 0.34 0.355 170,000 58,900 BELLE CORP 1.3 1.31 1.3 1.32 1.3 1.31 136,000 177,490 BLOOMBERRY 6.62 6.65 6.8 6.9 6.65 6.65 1,340,800 9,017,841 PACIFIC ONLINE 1.53 1.77 1.52 1.75 1.52 1.75 4,000 6,540 LEISURE AND RES 1.26 1.27 1.26 1.27 1.25 1.27 181,000 227,370 MANILA JOCKEY 1.82 2.14 1.82 1.82 1.82 1.82 12,125,000 22,067,500 PH RESORTS GRP 1 1.02 1.06 1.06 1 1 1,092,000 1,121,080 PREMIUM LEISURE 0.43 0.445 0.445 0.45 0.43 0.43 4,330,000 1,888,600 PHIL RACING 5 6.73 5.1 5.1 5.1 5.1 21,600 110,160 2.12 2.15 2.14 2.2 2.12 2.15 195,000 419,640 PHILWEB ALLDAY 0.445 0.45 0.455 0.455 0.445 0.445 4,800,000 2,152,000 5.59 5.86 5.59 5.59 5.59 5.59 5,300 29,627 BERJAYA ALLHOME 7.59 7.6 7.6 7.8 7.56 7.6 1,511,500 11,581,915 1.41 1.42 1.42 1.42 1.41 1.41 248,000 349,750 METRO RETAIL PUREGOLD 32.2 32.7 32.5 32.95 32.2 32.2 484,500 15,803,520 ROBINSONS RTL 54.6 55 55.65 55.7 54.25 55 367,390 20,229,375 PHIL SEVEN CORP 66 67 67 67 67 67 33,840 2,267,280 SSI GROUP 1.02 1.04 1.04 1.07 1.01 1.04 1,094,000 1,145,930 WILCON DEPOT 26.1 26.4 26.65 26.8 26.1 26.1 641,900 16,854,895 APC GROUP 0.232 0.248 0.24 0.24 0.232 0.232 110,000 26,080 MEDILINES 0.88 0.92 0.93 0.93 0.87 0.91 624,000 550,920 0.56 0.57 0.58 0.58 0.56 0.56 2,878,000 1,629,690 PRMIERE HORIZON

MINING & OIL ATOK 5.66 5.95 5.66 5.96 5.66 5.96 1,600 9,086 APEX MINING 1.59 1.6 1.64 1.65 1.58 1.6 3,913,000 6,288,600 ATLAS MINING 6.58 6.6 6.68 6.68 6.55 6.58 409,500 2,704,588 BENGUET A 6.06 6.28 6.05 6.28 6.05 6.28 1,400 8,539 CENTURY PEAK 2.7 2.78 2.61 2.78 2.61 2.78 27,000 74,720 DIZON MINES 4.86 5.14 5 5.14 4.99 5.14 1,200 6,013 2.75 2.78 2.87 2.87 2.73 2.78 3,788,000 10,548,190 FERRONICKEL 0.187 0.2 0.187 0.187 0.187 0.187 40,000 7,480 GEOGRACE LEPANTO A 0.158 0.16 0.165 0.166 0.16 0.16 15,380,000 2,473,550 LEPANTO B 0.157 0.17 0.158 0.17 0.155 0.17 1,260,000 198,810 0.01 0.011 0.01 0.01 0.01 0.01 3,000,000 30,000 MANILA MINING B MARCVENTURES 1.68 1.69 1.79 1.79 1.65 1.68 1,652,000 2,840,450 NIHAO 0.97 0.99 0.97 0.99 0.97 0.99 7,000 6,810 NICKEL ASIA 7.37 7.38 7.69 7.7 7.33 7.37 8,051,500 60,489,258 ORNTL PENINSULA 1 1.04 1.07 1.07 1 1 572,000 580,200 PX MINING 5.5 5.68 5.56 5.74 5.5 5.5 2,026,700 11,373,717 SEMIRARA MINING 31.55 31.6 31.45 32.3 30.85 31.55 5,924,400 188,136,145 UNITED PARAGON 0.0066 0.0067 0.0067 0.0067 0.0065 0.0066 22,000,000 145,000 ACE ENEXOR 22.05 22.9 23.5 23.7 21.95 22.95 130,700 3,003,365 0.011 0.012 0.011 0.012 0.011 0.012 7,200,000 79,700 ORNTL PETROL A PHILODRILL 0.0093 0.0095 0.0093 0.0093 0.0093 0.0093 12,000,000 111,600 PXP ENERGY 5.8 5.81 5.7 5.89 5.7 5.81 107,400 622,687 PREFFERED HOUSE PREF A 100 100.9 100.4 100.4 100.4 100.4 500 50,200 AC PREF B2R 502 507 502 502 502 502 100 50,200 BRN PREF A 102 105 105 105 105 105 350 36,750 CEB PREF 43.5 43.6 43.6 43.6 43.5 43.5 7,300 318,270 DD PREF 100.5 101.1 100.5 100.5 100.5 100.5 10 1,005 FGEN PREF G 104 105 104 104 104 104 28,000 2,912,000 JFC PREF A 990 1,040 990 990 990 990 10 9,900 100.2 102.7 101 101 101 101 480 48,480 MWIDE PREF 2B PNX PREF 4 970 984 980 984 980 984 60 58,840 PCOR PREF 3A 1,050 1,075 1,050 1,050 1,050 1,050 20 21,000 SMC PREF 2F 76.1 77 76.05 76.1 76.05 76.05 25,000 1,901,500 SMC PREF 2H 76.4 76.5 76.75 76.75 76.4 76.5 72,150 5,523,030 SMC PREF 2J 76.25 76.85 76.25 76.25 76.25 76.25 200 15,250 TECH PREF B2D 53.5 54.95 54.95 54.95 54.95 54.95 100 5,495 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.1 12.2 12.2 12.2 11.86 12.1 139,200 1,690,248 GMA HLDG PDR 14.44 14.82 14.6 14.9 14.4 14.44 88,900 1,302,326 WARRANTS TECH WARRANT 0.62 0.64 0.64 0.64 0.61 0.64 29,000 18,290

2,898,090 -73,895,165 30,150,318 4,314,750 4,425 -9,100 -52,800 -165,111 -9,109,791 -7,162,265 38,939,035.50 -3,662,617 -25,047,580 -51,064,095 -793,896 -50,010 -164,413,680 -323,700 -1,854,305 -54,120 -3,485,050 103,225 -222,400 -8,304 181,800 -1,614,409 -205,250 -9,644 8,000 -14,219,570 -17,134,764 40 -6,785,081 -30,255,900 105,686,390 -5,343,130 -1,734,300 15,162,275 -35,100 -68,157,515 4,751,078 -3,599,000 6,600 24,300 -3,196,740 -23,730,022 -32,710 66,870 -3,178,518 3,020 4,450 -40,500 859,070 -7,332,040 3,452,214 -351,080 -126,540 -8,128,280 -930 -50,730.00 142,510 -64,327 69,500 2,392,720 1,580 -29,460 -1,445,268 5,707,873 38,017,980 22,875 -

SMALL & MEDIUM ENTERPRISES

ALTUS PROP HAUS TALK ITALPINAS KEPWEALTH MERRYMART XURPAS

16.5 0.97 0.91 2.65 1.84 0.325

16.54 0.98 0.93 2.77 1.85 0.33

EXHANGE TRADE FUNDS

FIRST METRO ETF

106.5

107

16.24 0.96 0.91 2.75 1.84 0.31

16.54 0.98 0.93 2.75 1.9 0.34

16.24 0.95 0.9 2.75 1.84 0.31

16.54 0.98 0.93 2.75 1.85 0.325

1,300 817,000 114,000 4,000 997,000 230,000

21,472 787,420 103,510 11,000 1,860,230 73,950

-86,348 -19,344 11,000 115,220 -

107 108.1 106.5 106.5 12,980 1,390,765 425,890

Banking&Finance BusinessMirror

www.businessmirror.com.ph

Editor: Dennis D. Estopace • Tuesday, March 22, 2022

Anti-counterfeit operations lead to arrests

By Bianca Cuaresma

@BcuaresmaBM

OUR suspects were arrested in the recent Bangko Sentral ng Pilipinas (BSP) and the National Bureau of Investigation (NBI) anti-counterfeiting operations in Pampanga and Tarlac.

The Central Bank reported on Monday that a total of 161 counterfeit Philippine currency banknotes and 78 fake foreign banknotes were confiscated. The four suspects were charged with violating Article 168 in relation to Article 166 of the Revised Penal Code, as amended. Counterfeiters of Philippine currency may be subject to imprisonment of up to 20 years and a fine not exceeding P2 million under

Republic Act 10951. The central bank, together with law enforcement agencies, such as the NBI, has been actively conducting joint anti-counterfeiting operations. In a statement, the BSP advises the public to report any information on currency counterfeiting to the nearest police station or law enforcement agency, or contact the BSP Currency Investigation

Bankers Association PHL elects new set of officers

HE Bankers Association of the Philippines (BAP) announced that it had elected its new set of officers earlier this month, with EastWest Banking Corp. President and CEO Antonio C. Moncupa Jr. as the organization’s new head. The association also elected the following executives as officers: Land Bank of the Philippines President and CEO Cecilia C. Borromeo; ING Bank Managing Director/ Country Manager Hans B. Sicat; Security Bank Corp. President and CEO Sanjiv Vohra; and, Bank of the

Philippine Islands (BPI) President and CEO Jose Teodoro K. Limcaoco. Borromeo and Sicat is now BAP’s First Vice President and Second Vice President, respectively. Vohra was elected Secretary and Limcaoco as Treasurer. BAP member-banks also elected representatives from these institutions to join the board of directors: BDO Unibank Inc.; Bank of China; Bank of Commerce; BPI; China Bank Corp.; EastWest; ING Bank; JPMorgan Chase Bank; and, LandBank. Some Board of Directors were also

from Metropolitan Bank and Trust Co., MUFG Bank Ltd., Rizal Commercial Banking Corp., Robinsons Bank Corp., Security Bank Corp. and Standard Chartered Bank. Moncupa said he will continue to work very closely with the Bangko Sentral ng Pilipinas, Securities and Exchange Commission and other regulatory agencies and with Congress to contribute to the banking system’s shared interest for an efficient, strong and well-functioning banking system. The new president also noted that with the lingering pandemic, geo-

political tensions, US rate hikes and tapering, global inflation and a new Philippine president, the banking system will have “some very interesting days ahead.” “Through the years, our agenda in the BAP is to seek better banking efficiency, through modernization that we now call digitalization, better fixed income, foreign exchange and derivatives markets, and safe and trustworthy banking,” Moncupa said. “These are necessary preconditions that improve commerce, create jobs, and increase economic output.” Bianca Cuaresma

PDIC’s disposal initiatives US inflation seen topping for assets yield ₧341.6M 3% thru 2023–NABE poll

HE Philippine Deposit Insurance Corp. (PDIC) reported P341.6 million in total sales from 11 public electronic biddings (e-biddings) and 47 negotiated sales of corporate and closed bank assets in 2021, representing a premium of P9.1 million or 2.7 percent of the aggregate minimum disposal price of P332.5 million. The state deposit insurer said it sold a total of 108 properties located nationwide comprising 55 vacant residential lots, 18 residential lots with improvements, 10 commercial lots with improvements, nine mixed residential/agricultural lots, eight residential subdivision lots, six agricultural lots and two commercial condominiums. Of the total properties, 79 were owned by closed banks and 29 were acquired assets of the PDIC. As the designated liquidator of banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas, the PDIC manages and liquidates the remaining assets of closed banks.

Proceeds from the disposal of assets are added to the pool of funds from which the corporation pays the claims of creditors and uninsured depositors of the closed banks based on the Rules on Concurrence and Preference of Credits under the Civil Code of the Philippines. On the other hand, proceeds from the disposal of corporate assets are added to the Deposit Insurance Fund, the fund source for payment of deposit insurance claims. The PDIC shifted to e-bidding of corporate and closed bank assets in response to the asset disposal challenges under the new normal. The user-friendly e-bidding portal provides property buyers a safe and convenient platform to bid for properties and other assets in the PDIC’s inventory without having to go to its headquarters. Through a one-time registration in the e-bidding portal, interested buyers can access and bid for a variety of real and other properties from the state deposit insurer’s extensive inventory.

S inflation will likely exceed 3 percent through the end of next year, according the majority of economists surveyed by the National Association for Business Economics (Nabe). Some 78 percent of panelists see 3 percent or more annual growth in consumer prices, with 36 percent of forecasters indicating that inflation is “very likely” to stay above that level. Meanwhile, 77 percent of panelists said that monetary policy is too stimulative. The Nabe survey was conducted before the Federal Reserve raised interest rates last week for the first time since 2018, but that decision was widely anticipated. The survey of 234 Nabe members was conducted March 1 to March 8. While inf lation had already been top -of-mind for econo mists prior to Russia’s invasion of Ukraine, which began in late February, the war is poised to add

upside risks to prices and could negatively impact growth, panelists said in the survey. “The Russia-Ukraine crisis is viewed as a negative growth shock for the global economy,” Nabe President David Altig said in a statement. “With 47 percent of respondents indicating global growth will be reduced by more than 0.5 percent. More than three-quarters of panelists expect supply-chain bottlenecks to worsen because of the Russia-Ukraine crisis.” Energy prices have been one of the primary concerns. About a third of Nabe panelists believe that the government should release oil from the Strategic Petroleum Reserve in order to mitigate rising fuel prices. Other suggestions included hastening a deal to bring Iranian oil into the market, lowering or suspending gasoline taxes or subsidizing oil and gas producers. Bloomberg News

Usurping dollar’s power an impossible task–fund giants

ETHRONING the dollar is easier said than done. That’s the conclusion of investors after Washington’s freeze of Russia’s dollar holdings created fresh impetus among central bankers to rethink the security of access to foreign-exchange reserves. The move fueled speculation that countries such as China could redouble efforts to unshackle itself from greenbackdenominated financial systems and look for alternatives. While Goldman Sachs Group Inc. and Credit Suisse Group AG have flagged threats to the dollar’s supremacy, finding a valid replacement is going to be extremely challenging, according to funds from Brandywine Global Investment Management to JPMorgan Asset Management. The size and strength of the world’s largest economy is unparalleled, Treasuries are still one of the safest ways to store money and the dollar remains a pre-eminent beneficiary of haven flows.

Dollar dominance

THERE are simply “no other options at this stage in the game” for currency alternatives to the greenback, said Mark Mobius, a four-decade markets veteran and founder of Mobius Capital Partners. “The dollar is still strong and will probably get stronger if tensions continue to escalate.” History backs up his view.

Despite warnings of the dollar’s demise after the 2008 financial crisis, the currency soared when the Federal Reserve adopted an even more globalized role in helping to rescue the world’s financial system. Nearly 90 percent of trades across the $6.6 trillion-a-day foreign-exchange market still involve the greenback, Bank for International Settlements data show. The US currency also makes up around 60 percent of central bank foreign-exchange reserves in spite of efforts to steadily reduce dollar holdings, according to International Monetary Fund data. Its closest rival, the euro, makes up about 20 percent of stockpiles. “You can buy yen, euro or Aussie to diversify but I don’t think they can truly replace the dollar as a reserve,” said Kerry Craig, strategist at JPMorgan Asset Management in Melbourne. “The US remains a dominant power on the global economic stage.” While the Central Bank of Russia had made inroads in reducing its dollar holdings in favor of alternatives such as gold, recent events show that its efforts may have been in vain, according to Agnes Belaisch, chief European strategist at Baring Investment Services Ltd. in London. “Holding non-dollar reserves means reliance on counterparties to exchange them against a means of

payment,” said Belaisch, whose firm oversees $391 billion. “One cannot pay with gold bullion, like one cannot pay at scale with bitcoins. At the start and the end of the chain are dollars.”

Yuan challenge

THAT’S not stopping attempts to create challengers to the dollar, with China’s efforts to internationalize the yuan gaining greater attention. At a Senate Banking Committee hearing this month, Fed Chair Jerome Powell said the war in Ukraine may accelerate Beijing’s efforts to develop alternatives to dollar-dominated international payments infrastructure. Goldman Sachs sees the yuan overtaking the yen and pound to become the world’s thirdlargest reserve currency by 2030, and Morgan Stanley sees the Chinese currency accounting for up to 10 percent of global forex assets in the coming decade. The US decision to weaponize the greenback is accelerating the shift to alternatives such as the yuan, said Benjamin Jones, director of macro research at Invesco Ltd., which oversees $1.5 trillion. While the Chinese currency may not overtake the dollar, it could become “the other reserve asset that will work side by side through time,” he said. Others are unconvinced. Allowing a currency to trade freely is es-

sential for global status and Beijing’s influence over the yuan is seen as an obstacle. China’s emerging-market status is also proving to be a hindrance, as the world’s second-largest economy trails the West in developed financial infrastructure. The yuan’s share of payments over the Swift global system stands at just 3 percent, compared with 40 percent for the dollar and 37 percent for the euro. Even news that Saudi Arabia was considering pricing some sales of oil to China in yuan has failed to impress investors. “China has the economic power to match the old hegemonic power of the US, however it has yet to build the infrastructure to become a financial powerhouse,” said Anders Faergemann, senior portfolio manager for global fixed income at PineBridge Investments. “The renminbi still feels like an afterthought in financial markets” for now, he said. That’s a sentiment shared by Steven Barrow at Standard Bank in London. “The problem in China’s case is that the very capital controls that help insulate the currency and the financial system from the vagaries of Fed policy and dollar volatility, are the same ones that prevent the renminbi becoming a serious rival to the dollar,” said Barrow, who is head of currency strategy. Bloomberg News

Group (PCIG). Earlier this year, the BSP said it is eyeing tighter laws against currency counterfeiting. BSP Governor Benjamin E. Diokno has said monetary authorities are preparing legislative proposals that aim to raise the penalty of imprisonment for crimes involving currency counterfeiting and to criminalize coin hoarding. According to the governor,

this is part of the BSP’s efforts to strengthen currency operations and maintain the integrity of banknotes and coins in the country. “These proposed measures are expected to further strengthen BSP’s currency operations covering production, distribution, deposittaking from banks, authenticity verification, anti-counterfeiting operations, and retirement,” Diokno has said.

Treasury partially awards T-bills as rates stay high By Bernadette D. Nicolas @BNicolasBM

HE Bureau of the Treasury partially awarded on Monday P13.9 billion out of the P15 billion Treasury Bills (T-bills) on offer. Rates fetched across all tenors were all higher than the secondary benchmark rates. National Treasurer Rosalia V. De Leon said rates continued to move up on the back of expectations of further action from the US Federal Reserve to tame inflation, including the start of its quantitative tightening. However, De Leon said the increase in rates demanded by investors was “tempered by expectations that the BSP [Bangko Sentral ng Pilipinas] will keep rates steady” in its next monetary policy meeting on March 24. BSP Governor Benjamin E. Diokno said last week the country’s monetary authorities “do not necessarily have to move in pace with the monetary adjustments of the US Fed.” The Treasury partially awarded

P4.866 billion out of the P5-billion 91-day T-bills while it raised P4.03 billion of the P5-billion offering for 364-day T-bills. It was able to fully award P5-billion in 182-day T-bills. The 91-day, 182-day, and 364day T-bills fetched average rates of 1.536 percent, 1.607 percent, and 1.792 percent, respectively. These were all higher than the Bloomberg Valuation Service (BVAL) rates of 1.201 percent for the 3-month tenor, 1.417 percent for the 6-month security, and 1.749 percent for the 1-year debt paper. For this month, the Treasury was originally hoping to borrow a total of P250 billion from the local debt market, slightly higher than the P200 billion programmed in February. The government is also set to borrow this year a total of P2.2 trillion, of which around 75 percent is expected to come from domestic sources. As of end-January this year, the government’s outstanding debt has already hit a new record-high of P12.03 trillion as the country needed to borrow more to cover a wider budget deficit.

EastWest’s revenues in 2021 shrink due to low interest income, trading gains

ISTED East West Banking Corp. (EastWest) announced total revenues for 2021 declined by 19 percent to P27 billion, primarily due to lower net interest income (NII) and trading gains. “The pandemic hit profitability rather hard,” EastWest’s Chief Lending Officer Jacqueline S. Fernandez was quoted in a statement as saying. “From our 2017-2020 record of four consecutive years of being in the Top 3 in return on equity (ROE), 2021’s 7.7 percent is now within the range of the industry’s average.” Fernandez added that the lender “adopted a very measured lending stance that resulted to lower loan volumes.” “We believe we are largely done with the high loan-loss provisions and now that the light at the end of this long pandemic tunnel is finally in sight, we are looking forward to making up for lost ground,” she said. The Gotianun-led lender announced posting a P4.5-billion net income for 2021 from the impact of lower loan levels, credit card rate cap and normalized trading gains. East West Bank said it maintained its industry leading net interest margin (NIM) at 6.6 percent. The bank said its current account savings account (Casa) ratio improved to 75 percent from 70 percent the previous year. “This improvement in funding mix led to lower costs that tempered the drop in interest income,” the bank said in its statement. It added it booked a lower NII of P21 billion for the year due to lower volumes of auto loans, mortgage and personal loans compared to pre-pandemic levels. The slow recovery of consumer loans in the industry affected EastWest more because of its unique loan structure where more than 70 percent of its loans are in consumer loans. “The good news is our balance sheet is much more resilient in terms of liquidity and capital adequacy. The challenge is, we need to scale up to leverage

the Bank’s capabilities,” EastWest CEO Antonio C Moncupa was quoted in the same statement as saying. “We are hopeful that the pandemic and the Ukraine situation will clear up and we can resume work on the plan to double the balance sheet within the next five years.” The lender said its capital ratios improved to 15.6 percent and 14.5 percent for Capital Adequacy Ratio (CAR) and Common Equity Tier 1 (CET1) ratio, respectively, with the decline in risk assets and additional capital from earnings. This is well above regulatory minimums. The bank expects to deploy its excess capital as it rebuilds its loan portfolio. EastWest said it targets a CET1 ratio of between 12 percent and 13 percent. Trading gains started to normalize as interest rates remained steady for most of the year. Trading gains amounted to P1.9 billion, lower by 65 percent as interest rates steadied. In 2020, monetary authorities, particularly in the Philippines and the US, where EW primarily invest in fixed-income securities, adopted accommodative policies that pushed interest rates lower resulting to significantly higher trading gains for banks. The impact of low interest rates on trading gains were not as pronounced in 2021. Fees and commissions income, meanwhile, was flat at P3.7 billion as transactions levels continued to be below pre-pandemic levels. Operating expenses on the other hand, grew marginally by 2 percent to P16.5 billion on the back of strategic investments on technology and digital offerings. With the anticipation of the recovery, the bank preserved its workforce resulting to manpower expenses remaining steady from 2020 at P5.7 billion. Provisions for loan losses were lower by 58 percent to P4.1 billion given the high provisioning done in 2020. “We believe that pandemic-induced elevated loan losses are largely accounted for and we expect lower loan loss provisions on the existing portfolio in 2022,” Fernandez said.

Tuesday, March 22, 2022 • Editor: Gerard S. Ramos

Art

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Art Fair Philippines 2022 opens tomorrow in new space, hybrid format FOR this year’s edition, Art Fair Philippines mounts an interactive augmented reality (AR) art trail at Ayala Triangle Gardens. Named after Leeroy New’s Aparisyon (Apparition), this AR Art Trail examines the timeless nature of storytelling through words and imagery, inspired by the Philippines’s thriving speculative fiction.

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Reese Witherspoon, 46; Elvis Stojko, 50; Bob Costas, 70; William Shatner, 91. HAPPY BIRTHDAY: Discipline, budgeting and completion will free your spirit and encourage you to set new goals. Take your time and stop worrying about keeping up or competing with others. Concentrating on what makes you happy eases stress and gives you exciting options. Put personal gain, romance and health first. Your numbers are 7, 10, 22, 28, 33, 41, 45.

ARIES (March 21-April 19): Use common sense, do what you can justify and keep your plans to yourself until you reach a point of no return. Control what you do and what you want. Don’t let outside influences interfere. Put your energy where it counts. HHH

TAURUS (April 20-May 20): Pursue what makes you feel passionate. Don’t let obstacles defeat you. Embrace a challenge with an open mind, and you’ll find a way to exceed your expectations. Align yourself with people who aren’t afraid to do things differently. HHH

AGGED as the country’s premier art fair, Art Fair Philippines is returning tomorrow, March 23, for its first physical exhibition since 2020. The fair will run until April 1. After making a home at The Link Carpark since its maiden run in 2013, and going fully virtual last year, Art Fair Philippines 2022 will feature in-person presentations al fresco at Ayala Triangle Gardens, alongside exhibitions in gallery venues. There will be online shows and other activities as well at www. artfairphilippines.com. “It’s about time that we move forward by encouraging people to attend activities in person,” said Dindin B. Araneta, co-founder of Art Fair Philippines along with Trickie Lopa and Lisa OngpinPeriquet. This year’s fair will present art installations at the Ayala Tower One Fountain Area for the ArtFairPH/Projects section, presented by the Bank of the Philippine Islands, and in collaboration with art consultant Norman Crisologo and exhibition designer Ed Lacson. The featured artists include the late Arô Soriano and noted social realist Nune Alvarado. This section will likewise feature new commissions from both internationally established and rising Filipino visual artists such as Bjorn Calleja, Johanna Helmuth, Ryan Jara, Doktor Karayom, Tyang Karyel, Aze Ong and Wyndelle Remonde. Also given the spotlight in this section are Melvin Guirhem, the 2022 recipient of the Karen H. Montinola Selection, a private grant created in homage to art patron Karen Montinola, and Russian artist Sasha Frolova’s inflatable sculpture. Meanwhile, ArtFairPH/Photo highlights an exhibit, titled Tattoos, Ternos and Couture: A Celebration of Philippine Fashion Photography. The show is curated by noted photographers Neal Oshima, Michael Salientes, Mark Nicdao and Gio Panlilio. The film section of Art Fair Philippines will also be set up at the Ayala Triangle Gardens, featuring works by New York-based new media artist Jeremy Couillard, including his new film There is No Up or Down, Only Attraction. ArtFairPH/Film is co-presented by Globe Platinum, while the OLED screens are sponsored by LG Electronics. The fair will also exhibit works by the chosen artists for #ArtFairPH/Residencies. These are Derek Tumala for Manila Observatory, Hannah Nantes for Linangan Art Residency, Jao San Pedro for Emerging Islands, Alwin Reamillo for Orange Project, and Faye Abantao for Butanding Barrio. Launched last year in partnership with Bleeding Heart Rum Co., makers of Don Papa Rum, ArtFairPH/ Residencies is open to all Filipino artists across all disciplines. The application period for this year will run from tomorrow until April 23. The chosen artists will be announced by May 20, 2022. Art Fair Philippines 2022 is inviting its guests as well to experience an interactive augmented reality (AR) art trail at the Ayala Triangle Gardens using the Daata AR app. Named after artist-designer Leeroy

GEMINI (May 21-June 20): What you achieve counts. Put your efforts into physically accomplishing your goals. Take care of details and iron out differences before you enter into an agreement or choose to agree to a plan that makes you responsible. Read the fine print. HHH

CANCER (June 21-July 22): Branch out and see what you can do with your skills, knowledge and attributes. Explore what’s trending, and you’ll discover something that interests you. Step back from joint ventures and toward endeavors that you can pursue alone. Contracts will be misleading. HHHHH

LEO (July 23-Aug. 22): Expand your interests. Venture out and discover what’s happening in your community or chosen profession. Add to your qualifications or look for a unique way to use your skills. An imaginative approach to how you do things will pay off. HH

VIRGO (Aug. 23-Sept. 22): Pay attention to detail, and finish what you start. Don’t leave yourself open for criticism. Take an interest in what family and friends are doing, and be a part of what matters. A change in routine will require discipline and planning. HH

Clay,” with Jezzel Wee, Marco Rosario, Ella Mendoza, Krista Nogueras, Jon Pettyjohn and Joey de Castro. The fair will continue to present virtual art tours as well. In the pipeline for ArtFairPH/Tours is “Baguio Artists Studio Visits: Part 2,” a continuation of last year’s video documentation of visits to artists’ studios by Nona Garcia, Abbie Lara and Kawayan de Guia. Art Fair Philippines 2022 gathers 46 exhibitors from the Philippines and abroad, set to showcase artworks in their respective physical locales and through online viewing rooms at the fair’s web site. To help visitors plot out routes for viewing the gallery shows, the organizers have put up a Gallery Hop section on the web site. What’s more, “10 days of Art” returns to this year’s run. The initiative is a series of events around the Makati Central Business District that celebrates art beyond the venue of the fair. As in previous years, the public may visit art installations around Makati City. This year’s three major public art exhibits will include an art installation by James Clar, titled I Can’t Tell You What I Don’t Know, Only That I Don’t Know, at the plinth in front of Ayala Museum. Works by Juanito Torres and Norman Dreo, two solo exhibits in conversation under the title Perspectives, will also be on view at the Greenbelt 5 Gallery. For schedule and updates, visit www.10daysofart.com. More information about this year’s program and schedule of activities is available at www. artfairphilippines.com. For updates, follow Art Fair Philippines on Instagram (@artfairph) and Facebook (www.acebook.com/artfairph). n

New’s artwork Aparisyon (Apparition), this AR Art Trail examines the timeless nature of storytelling through words and imagery, inspired by the Philippines’s thriving speculative fiction. This digital-meets-physical show is curated by Daata, and offers an opportunity to discover groundbreaking artists and freshly commissioned artworks by New and author Eliza Victoria. Daata is a digital platform that commissions original digital artworks by established and emerging artists, allowing viewers to stream or download high-quality digital artworks on any device. In keeping with the fair’s thrust to widen the audience for the visual arts, and to continue to expand the appreciation of fair visitors for contemporary art, ArtFairPH/Talks features daily discussions presented in partnership with the Ateneo Art Gallery, Museum Foundation of the Philippines, and the Embassy of Spain. The talks will be accessible at www. artfairphilippines.com. This year’s ArtFairPH/Talks will include a series of virtual discussions with Paco Barragán, an independent curator and arts writer based in Madrid, about art collecting and advice for artists. There will also be a panel discussion about NFTs, which was the main focus of last year’s edition of Art Fair Philippines. Art Fair Philippines 2022 also continues to develop ArtFairPH/Open Studios. For this edition, Art Fair Philippines has collaborated with J Studio and ceramicist Pablo Capati to showcase a three-part series of pottery demos, titled “Conversations on

LIBRA (Sept. 23-Oct. 22): Pay attention to your needs: take a break, pamper yourself, or find a solution that will help encourage better health, organization and money management. Avoid shared expenses, joint ventures and unnecessary change. Make love, romance or a creative endeavor a priority. HHHH

SCORPIO (Oct. 23-Nov. 21): Keep the peace. Back down and pay attention to what you can do to improve your life. Hone your skills, and incorporate a plan that encourages the pursuit of happiness and fulfillment. Don’t let anger or revenge be your demise. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Oversee everything important. Domestic problems will surface if careful money management isn’t in place. Put your heart and soul into taking care of institutional or governmental matters in order to avoid penalties. HHH

CAPRICORN (Dec. 22-Jan. 19): Know what you are up against, and take care of matters swiftly. Use your imagination when it comes to money and how best to handle people who ask for too much. Be willing to do the work yourself to avoid disappointment. HHHH

AQUARIUS (Jan. 20-Feb. 18): Revisit your responsibilities, and find out how to get things done without interference. Stick to your plan, work alone and don’t stop until you are satisfied with the results. Don’t take a backseat to someone using force or making changes you don’t like. HH

PISCES (Feb. 19-March 20): Call on someone who can offer inside information or help you create something that will protect you against loss. Take better care of your physical and emotional well-being. Don’t take a risk or give in to someone putting pressure on you. HHHHH BIRTHDAY BABY: You are determined, original and persuasive. You are challenging and persistent.

‘zap!’ BY DREW SCHMENNER The Universal Crossword/Edited by David Steinberg

ACROSS 1 Stereotypical math whizzes 6 Harvard rival 10 Org. pursuing cartels 13 “Centipede” game company 14 Leave out 15 Crystallize 16 Execs at an electric company? 18 Sad piece in an alumni mag 19 Malia Obama’s middle name 20 Poker starter 21 Like mocking remarks 22 Promoter at an electric company? 26 Climate activist Thunberg 27 Tweet written in all caps, perhaps 28 Palindromic Honda model 29 IOU 31 ___ fail 35 Drive a getaway car for, say 36 Casual talks 37 It may be taken out of your sails 38 Netting 39 Tardy 40 Bulletin board fasteners

41 43 44 49 50 51 54 55

Actor McGregor Urban green spaces Happenings at an electric company? One end of a battery Leave the stage Bitter brew, for short Puerto ___ Storage containers at an electric company? 58 Thor’s brother, in Marvel comics 59 Small part of Hawaii 60 Smart ___ (know-it-all) 61 None in particular 62 ATM charges 63 Things to work on? DOWN 1 County in Wine Country 2 Prestigious English boarding school 3 What controversial topics “touch” 4 Nickname that drops “An” 5 Knight’s title 6 Without gray hairs, say 7 Friendship 8 Classic toy with illuminated pegs

9 10 11 12 15 17 21 23 24 25 26 28 29 30 32 33 34 36 40 42 43 44

Klingons or Ewoks: Abbr. Credit alternative Suppress, like a syllable Modify The Daily Show host from 1999-2015 Singer Bareilles Jem, to Atticus Finch Concurrence with a denial Possible substitute for many things, briefly? Bits in granola Taunt Zoom call device, informally Cabaret singer Fedora or fez Interceptions returned for touchdowns, in football slang Signs, as a contract Sleeves : records :: cases : ___ Group of families Soak up the sun Tiny Townshend of the Who Rhea’s Cheers role

45 46 47 48 52 53 55 56 57

Merger ___ road ice cream Possible fate for a deposed ruler Immoral activities Light kiss Poses a question Skippy alternative Dreadful Cheer in Chile

Solution to today’s puzzle:

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Celebrating women I

T is Women’s Month and we celebrate four exemplary actors who continue to inspire many with the quality of work they give and the kind of women that they have become. Although the threat of the worldwide pandemic isn’t over yet, well-loved actress Carmina Villarroel is glad that the entertainment industry is slowly getting back to almost normal levels. “I am happy that more projects have been given the green light, especially those that have been put to a freeze or a halt because of the pandemic. I am also glad that the producers are not complacent as far as protocols and safety measures are concerned because the threat of the virus is still very much around,” she volunteered. Villarroel has has wrapped up work for Widow’s Web, the newest evening prime-time series of GMA Entertainment. “I was so thrilled when the offer came in, because it is the first suspense thriller series of GMA, so I immediately said yes right after reading the synopsis. My character has so many facets, and that’s the challenge for me because I have to get out of my comfort zone to be able to play my character Barbara well.” She is making up for time spent in locked-in work every time she is back home. “The family has always been close knit and each one has to make a lot of sacrifices when we are away from home because of work. That’s why when I am back home, I make sure to

spend quality time with my husband and our kids and engage in activities that give us joy as a family.” Just recently, Villarroel accepted a podcast project from the Viva One digital division, mainly because she will be with her core group of friends: sisters Gelli and Janice de Belen and Candy Pangilinan. The people behind this new podcast decided to just name the podcast “Wala Pa Kaming Title” since they couldn’t come up with a name that perfectly fits the concept. “It will be light and fun and laughter-filled for sure. Think of just eavesdropping, of chikahan with your amigas. It will be very spontaneous, nothing deep or too serious, kwentuhan lang. And all of us good friends are so madaldal and makwento, ” she explained. JULIA TARGETS COLLEGE TURNING 25 recently, Julia Barretto wishes that she will be able to finally make time to go to college someday soon. “Education is very important. I started working during my teenage years so even high school took a while to finish. After graduating, I thought I was just going to take a gap year before doing college but until now, it I’m still stuck in the gap. My advise to students: Do not take a gap or a leave of absence because it’s going to be a gap forever. Finish school while you can. It is something you can hold on to forever.” Barretto affirmed her goal to go back to school after working on The Seniors, a movie about life in a provincial academic community directed by Mindanao filmmaker Shaira Advincula, created by the tandem of Dan Villegas and Antoinette Jadaone for their Project 8 production outfit and produced by VivaMax. EULA AND THE WOMEN SHE PORTRAYS WHEN top actors accept roles, they make sure that these are worth their time and energy. Take, for instance, Eula Valdez’s rare appearance in this weekend’s GMA drama anthology Magpakailanman where she plays an abused wife whose son murdered

his father. “It has been some time since I appeared on the show and the two taping days were absolutely wonderful.” Valdez is also happy to share that the Cignal Entertainment series AfterLife is now out on Netflix and has been trending since it started streaming. Directed by Cholo Laurel, the series is about a Filipino-Chinese family whose lives take a different turn after the mysterious demise of the patriarch. Aside from Valdez, it also stars Jett Pangan, Rocky Salumbides, Max Eigenmann, Nicole Laurel, Gino Ilustre, Madeleine Nicolas and Bobby Martino. “I like to play characters with a lot of layers in them. Whether they are dark or not, as long as they are not plain and predictable. Women are powerful beings, we have so much inside us, and I am glad that acting is an amazing platform for me to share their many stories and their voices,” Valdez added. NADINE ON HER OWN “I AM past the love team phase!” announced Nadine Lustre with so much finality in a a recent Zoom conference for her new movie Greed for the streaming platform VivaMax. Lustre broke into the big league when her tandem with James Reid clicked. “Being on my own now is a big step, and this big move is so empowering to me both as an actor and as a woman, “ she declared, adding, “Change is inevitable and everything—I mean, everything including love and happiness—is a decision.” The movie Greed is a horror-thriller, and Lustre feels it’s one big step away from the usual romantic movies that she did before. Those four years that Lustre was absent from the limelight gave her more than enough time to ponder and reflect about her life and what will truly make her happy. She shared that her private life gives her so much joy and she has already ironed out conflicts with her mother studio. “I have to be brave and face everything that life throws at me. I am just glad I did and I did not choose the easy way out.” n

Dingdong is back as game master of ‘Family Feud’ COMMITTED to bring only bigtime entertainment and the best family bonding experience to viewers, GMA brings back the world’s favorite game show with the Filipino franchise of Family Feud, which marked its return yesterday, March 21. Under the helm of director Treb Monteras, it airs weeknights at 5:45 pm before 24 Oras on GMA. All set to bring his A-game to this well-loved program is Dingdong Dantes, who is grateful to the network for entrusting him this hosting stint. “Nung ginawa ko siya noong 2009, nakamarka sa akin ’yung experience ko doon. Kumbaga, kahit sabihin natin na hindi ko na siya gawin ngayon, ’yun ’yung isa sa mga pinaka-memorable na trabaho ko dito sa network dahil binigyan nila ako ng chance to host Family Feud,” said Dingdong. Family Feud is one of the longest-running game shows in the world. Making the local version more unique and entertaining are the survey questions that the Pinoy viewers can easily relate to. “We have big shoes to fill dahil sobrang sikat siya all over the world and personally isa rin akong fan ng style ni Steve Harvey. Pero siguro ang kagandahan dito, ’yung mga tanong pa lang kasi ay very Pinoy na. Doon pa lang very relatable na kaya magiging super relaxing para sa lahat ng nanonood,” shared Dingdong. As he brings his charm, confidence and natural hosting talent to Family Feud, Dingdong reveals the fun side of hosting this widely popular game show: “Ang pagkakaiba talaga dito ay ’yung aspeto na kahit na sabihin

DINGDONG DANTES

natin na ako ’yung host o game master, eh naglalaro din kasi ako. Kumbaga, kahit nagpa-facilitate ako ng game, kahit ako mismo nakikisama ako sa laro eh. Dahil sobrang saya kasi niya. Talagang enjoy siya.” The battle is on once more for two families of four as they try to outsmart each other in guessing the most popular answers to survey questions. The winning team will take home P100,000 plus another P100,000 if they win in the jackpot round. Meanwhile, the losing team will receive P50,000. Viewers will also get a chance to win cash prizes while watching and enjoying the show in the comforts of their homes with the “Guess To Win” promo. All Filipinos aged 18 years old and above, and currently residing in the country are allowed to join. Participants must watch Family Feud and wait for any of the three questions that will be flashed on the screen. All entries must be submitted to www.gmanetwork. com/FamilyFeudGuessToWin. The deadline for submission of entries is during the airing of the show only. All entries submitted are qualified for the electronic raffle. There will be five winners of P20,000 each per episode, for a total of 25 winners per week to be drawn. Weekly winners will be posted on the program’s social-media accounts. Viewers abroad can also catch the program via GMA Pinoy TV. More information about the programs and the latest news can be found at www. gmanetwork.com.

Editor: Gerard S. Ramos

• Tuesday, March 22, 2022

AGA MUHLACH CELEBRATES PINOY CHAMPS IN NEW SHOW AT NET 25 By Leony Garcia BIDA Kayo Kay Aga premieres on March 26, 7 pm, on Net 25 TV. No less than the bedimpled actor-turnedTV host Aga Muhlach himself is excited about this new project. “The truth is, I am the one nervous and excited. You know, talking to these exemplary individuals, hearing their stories, it feels good. There is so much negativity now and letting the audience be aware that there are quiet champs doing good in a community or within their family, these are human interest stories that must be made public,” said Net 25’s newest celebrity host. “Sharing a small amount of time with our chosen man of the hour, ’yung buhay nila talaga ang dapat maihighlight, and, yes, not only what they do must get a round of applause or congratulations, but they also must be celebrated,” Muhlach added. Currently, Aga has an ongoing weekly game show, Tara! Game, Agad-Agad!, also on Net 25 every Sunday evening. That’s why he was more than happy and thankful when the network offered him another show “I’m happy that I’m part of Net 25 now, doing shows that I really want to do. I’m grateful the network gave me the chance to do these shows na gusto ko. Gusto kong mag-reach out sa mga tao, sa masa. Gusto ko ’yung may interaction sa tao. Here at Bida, hindi ako ang bida, kayo ang bida sa amin. Itong programang ito para sa inyo ito. Thankful ako sa Net 25 for allowing me to do this show,” he said during the recent Zoom media conference. The show will also feature the men of the house, literally the different roles that fathers do. Get to know the Out-of-Home-Daddies (OOHD) who get to balance daddy duties and adventure in their lives. While they provide for their families, OOHDs still get to enjoy biking, surfing, hiking, etc. Also aimed to be featured are Daddy D-I-Y, or daddies who are reliable when it comes to household errands and repairs. Their skills come in handy when they need to act as a carpenter, plumber, and painter. Daddy Foodie, or dads who love to eat and cook, will also have a share of the spotlight. These are the dads who bless their families by whipping up dishes from the heart. DAD’s Entertainment will feature the different hobbies and interests of present-day dads. A lot of plantitos, pop culture item collectors, and music enthusiasts will be perfect for this. These featured fathers and more are in for a treat as they get to meet Aga Muhlach himself. “Kayo ang hero talaga, saludo ako sa inyo,” Aga said, referring to our modern heroic fathers. Bida Kayo Kay Aga will also be streamed via the Net 25 Facebook page and YouTube channel.

AGA MUHLACH

FROM left: Julia Barretto, Carmina Villarroel, Eula Valdez and Nadine Lustre.

B6 Tuesday, March 22, 2022

Starbucks, Grab ink partnership to enhance customers experience and create positive impact in Southeast Asia

Coca-Cola, TESDA open training center in time for the National Women’s Month

COCA-COLA Phils. and TESDA launched the iSTAR Center for Excellence to reach more micro retailers in Metro Manila and give them the opportunity to grow their businesses with digitally-available learning tools.

N a timely celebration of National Women’s Month and to prepare sari-sari store owners for a highly digitized “new normal,” Coca-Cola Philippines and the Technical Education and Skills Development Authority (TESDA) opened the iSTAR Center for Excellence in Manila on March 15. Sarisari stores serve as the backbone of the Philippine economy, and the training facility is set to further strengthen the business management skills of storeowners by making learning tools more accessible to a wider audience. The iSTAR program builds on the success of the Sari-Sari Store Training and Access to Resources (STAR) Program, the company's long-standing project that aims to train women microentrepreneurs and give them access to financial resources to empower them grow their business. STAR modules are now available online through iSTAR, making it more gender-inclusive and available to anyone enrolled in the program. In 2021 alone, iSTAR was able to reach 9,123 beneficiaries. Found in nearly every alley in the country, sari-sari stores sustained livelihoods and families at the height of the COVID-19 pandemic. As the nationwide lockdown limited the movement of their usual patrons, 42% of sari-sari stores were forced to close in 2020, according to a survey conducted by the Philippine Association of Stores and Carinderia Owners (PASCO). Micro retailers reeled from their economic losses. Fatima Handa, an iSTAR February 2022 graduate and sari-sari storeowner

in Taguig City, says she had to rely on her business for her family’s basic necessities. “We had to get our basic necessities from our sari-sari store because my husband lost his job. As a result, our store’s supplies dwindled,” she said. Fatima shared she saw her sales drastically decrease to P200 a day from making as much as P2,800 daily before the pandemic. But she was able to effectively manage her finances and regain her losses—a vital skill she learned as an iSTAR program beneficiary. With the opening of the iSTAR Center, more microentrepreneurs based in Metro Manila like Fatima will be able to explore TESDA’s online learning modules; enhance their entrepreneurial knowledge such as online selling, inventory control and planning; and gain access to low-interest microloans that will enable them to rebuild their businesses despite the pandemic. “We have been working together for more than a decade now to upskill and reskill women across the country. Together, we also celebrate their successes afterwards,” TESDA Secretary Isidro S. Lapena said. An existing TESDA training center was transformed into a digital learning classroom for beneficiaries who have no access to laptops, mobile devices or internet connectivity. Diversifying trainees with iSTAR. Course offerings may be accessed through the E-TESDA website. “With iSTAR, Coca-Cola Philippines

and TESDA removed the limitations of an offline classroom, and diversified its trainees by opening the program to both male and female micro retailers,” said Tony del Rosario, Coca-Cola Philippines President. “We at Coca-Cola are committed to improving the livelihood of sari-sari storeowners and providing them with more opportunities to grow their business.” Since its launch in 2021, iSTAR has helped empower thousands of micro retailers across the country overcome obstacles in running a business. Coca-Cola and TESDA also partnered with microfinance institutions ASA Philippines, ASKI Group of Companies, First Community Cooperative (FICCO) and Negros Women for Tomorrow Foundation Inc. in recruiting trainees for iSTAR to ensure that they have enough knowledge to set up their own businesses.

TARBUCKS recently announced an integrated partnership with Grab, Southeast Asia’s leading superapp, across six markets, including the Philippines, Thailand, Singapore, Malaysia, Indonesia, and Vietnam. Customers will be able to enjoy more personalized and convenient experiences that deepen their connection to Starbucks through a range of Grab services including GrabPay, GrabRewards, GrabFood, GrabExpress and GrabGifts. “As one of the most digitally connected regions in the world, Southeast Asia continues to inspire us to elevate the Starbucks Experience,” said Erin Silvoy, vice president, product and marketing, Starbucks Asia Pacific. “Our partnership with Grab allows us to provide more options for customers to create a Starbucks Experience that is right for them, while also helping to deliver positive impact in the communities we serve through our FoodShare program.” “Consumers like the convenience of food delivery but they also enjoy meeting up with friends in Starbucks over a cup of coffee. We believe the online ordering and in-store dining experience will become more connected, as brands in Southeast Asia look for ways to bridge these channels. We are excited to be working with Starbucks,” added Saad Ahmed, Managing Director, Commercial at Grab.

Creating positive impact through Starbucks FoodShare program

AS part of Starbucks People Positive aspirations, focused on enhancing the wellbeing of all who connect with Starbucks, the company will launch its FoodShare food donation program this March in the Philippines, starting with 40 stores in the Metro Manila area. Starbucks regional partnership with Grab will enable participating stores to connect with Grab drivers to pick up food donations from stores daily and deliver them to local non-profit organizations such as the Philippine Food Bank Foundation. Starbucks aims to expand the reach of the program to more communities in the Philippines, as well as additional markets throughout Southeast Asia.

Empowering Filipinos with good health and wealth

Coca-Cola's 5by20 and STAR legacy

IN 2010, Coca-Cola set a global commitment to economically empower 5 million women entrepreneurs by 2020, called the 5by20 initiative. For Coca-Cola PH, it exceeded its target by the end of 2020, empowering more than 250,000 Filipino women. Their successes are celebrated in “5by20, Women, and Coca-Cola: A Decade of Women Economic Empowerment in the Philippines,” an upcoming book that tells the story of their journey toward becoming selfreliant entrepreneurs.

Okada Manila’s Sakura Festival celebrates beauty, love, and culture loved ones is also timeless — a feeling Filipinos understand very well. This intersection of values— Japanese hospitality and Filipino warmth—is the foundation of Okada Manila. Now that the world of Filipinos is slowly expanding once again, Okada Manila is meeting everyone halfway by delivering this Japanese custom to the beautiful halls of the Crystal Corridor and the Coral Wing Foyer.

THE Mrs. Universe Philippines 2021 Queens gracing the event of Hygeia.

ARELY three months in operation, Hygeia Beauty and Wellness Corporation did so well enriching the lives of many Filipinos, physically and financially, with their world-class, quality, and effective health products. A direct selling and multi-level marketing company, Hygeia aims to provide a good and healthy future for everyone. To share the good news with more people, Hygeia recently held the soft opening of its Business Center located at the fourth level of Galleria Corporate Center. Hygiea CEO Lou Maulion, who presented her advocacy and partnership with a cancer organization, personally welcomed guests, distributors, and friends to their exciting and colorful event. Shem Pilapil, Sales and Marketing Director, was on hand to assist the media representatives gracing the event. Mrs. Universe Philippines 2021 Queens, garbed in crowns and beautiful gowns, gamely walked the ramp and modeled the

best-selling products of Hygeia. They were Michelle Lucas - Mrs. Pacific Continental Philippines 2021; Heaven Peñaflorida - 2nd Queen; Monique Cantalejo Rivera - 3rd Queen; and Mrs. Universe Asia 2022: Sarah Liroe Javier – Mrs. Universe-Visayas and Mutya Kristina Pacis – MrsUPh. The company’s car qualifiers were also presented during the event. More than the wealth Hygeia brings to Filipino families, “Our mission is to inspire healthier communities by providing health and wellness products for everyday living. We aim to be amongst the top 20 network marketing companies in the Philippines and the world, delivering the best reward system for network marketers, partners, and shareholders,” said the lady CEO. “We also envision to establish a standard and world-class network marketing company whose products and brand will not only be accepted in the Philippines but also in other parts of the world,” she said.

More than Sightseeing

PBA player Ryan Arana enjoys quality time with his daughter, Marvel, underneath the Sakura-inspired decorations.

KADA Manila, a supporter of culture and natural arts, brings its best foot forward with its annual interpretation of the Sakura-viewing culture, this year aptly dubbed “Sakura Festival: Hanami in the City,” a special Japanese-Filipino celebration right at the heart of Manila. And everyone’s invited.

Sakura, or Japanese cherry blossoms, are iconic to its people not only because of their beauty and what the flowers symbolize, but because the moment these blooms appear, families and friends gather to share this experience. Hanami, or the custom of viewing cherry blossoms, remains timeless, because the warmth of

STARTING March 5 to 27, guests can expect to see different live entertainment shows including Japanese cultural dance performances, sand art by the popular Joseph the Sand Artist, and other live music performances. For the schedule, visit okdmnl.ph/HanamiintheCity Aside from the live stages, Okada Manila guests can also redeem rewards with single or accumulated receipts of at least PHP 500. These rewards include the Kimono Experience, a slot to the resort’s Sakura Workshop, or a Sakura Nail Art Session with The Sole Retreat’s very own in-house nail technicians. Checked-in hotel guests and new Reward Circle members also get extra perks when they visit the hotel during the Sakura Festival. For complete details, visit okdmnl.ph/ HanamiintheCity.

PIONEERING THE NEXT WAVE OF SUSTAINABILITY. The Makati Business Club, in partnership with Boston Consulting Group, held its second session of Pioneering the Next Wave of Sustainability featuring BCG's Asia Pacific Lead on Climate & Sustainability and Change Management Dave Sivaprasad and RCBC's President and CEO Eugene Acevedo. Aptly titled Bringing the Organization Together: Change Management for Sustained Impact highlighted the need to integrating environment and sustainability for companies to gain lasting competitive advantage and positive impact in the rapidly changing business landscape today. Experts and change practitioners discussed how companies can organize to incorporate sustainability in their operations, use internal carbon pricing to steer the business, and sustainably manage the change journey ahead. This event, which will have its next session on April 20, is for leaders who aim to drive an impactful sustainability agenda and want guidance on where to begin.

World Features BusinessMirror

www.businessmirror.com.ph • Editor: Angel R. Calso

EU set to reinforce US warning to China against helping Putin

he European Union looks set to reinforce the US warning to China that Beijing would face serious consequences if it tried to cushion the blow of sanctions against Russia or provide Moscow with military support. The EU and the US have been coordinating closely ahead of a virtual EUChina summit on April 1 and will continue to do so in the days ahead, according to people familiar with the matter and diplomatic correspondence seen by Bloomberg. Communication with Beijing is set to be one of the topics that Joe Biden will discuss with EU leaders when they meet in Brussels Thursday and the US president will be looking to agree on a common message. Ambassadors from several major EU countries meeting last week pushed for the bloc to emphasize that the war in Ukraine is potentially a defining moment for the EU-China relationship as well as for Beijing’s image as a global power, according to a document seen by Bloomberg. The bloc wants to encourage China to take a responsible stance by highlighting its role in defending a rulesbased international system. With the Western allies aligned on a powerful package of sanctions on the Russian economy and President Vladimir Putin trying to find room for maneuver, China’s stance on the conflict in Ukraine is coming into sharper focus. Biden spoke with Chinese President Xi Jinping for almost two hours on Friday and emphasized the potential fallout if Beijing were to materially back the Russian leader. The Biden administration has said that Russia asked China for financial and military support and has cautioned Beijing both publicly and privately not to grant those requests. China has repeatedly denied that Moscow asked for help, with Beijing’s envoy to the US saying Sunday that it has not sent “weapons and ammunition to any party.” Russia’s invasion of Ukraine will be the main item on the agenda when Xi and the Chinese premier, Li Keqiang hold talks with EU Commission President Ursula von der Leyen and Charles Michel, who chairs the EU leaders’ council. While the substance of the EU message is set to be similar to Biden’s, most member states want Von der Leyen and Michel to couch it in a way that doesn’t come across as a threat because they don’t want to alienate Beijing, one of the people said. The EU wants to maintain its own approach to dealing with China rather than simply echoing the line from Washington, another European diplomat said. A spokesman for Michel, the European Council President, didn’t immediately respond to a request for comment. China so far has tried to paint its position as neutral on Ukraine, unwilling to upset Moscow even as high-level Chinese officials have defended Ukraine’s sovereignty and territorial integrity. US officials are engaging Xi personally also because, they argue, the situation is approaching a point where the idea of neutrality will no longer be tenable. Some Biden administration officials have in the recent past been frustrated with the EU’s reluctance to call out Beijing. They’re aware that Europe, with its more export-reliant economy, is worried about the potential fallout from publicly criticizing China the way American officials have. Still, the Biden officials said recent intelligence shared with the Europeans should be enough to bring the EU around. Biden will hold a call with European leaders Monday. A spokesman for the National Security Council in Washington said the US expects the EU to convey a similar message to China when Von der Leyen and Michel speak to Xi on April 1 and that the US and EU are united in their efforts to support Ukraine.

Conspiracy theories

Another factor in play is the EU’s concern about China echoing a longstanding Russian conspiracy theory that the US has used Ukrainian biolabs to develop weapons. The United Nations has said there’s no evidence to support the claim and the US has said that Russia may be pushing the narrative as in preparation for a “false flag“ effort to deflect blame if it uses chemical or biological weapons in Ukraine. China has also increasingly embraced the Kremlin’s narrative against Nato, with Xi opposing to the bloc’s “further enlargement” in his Feb. 4 joint statement with Putin. Chinese diplomats routinely describe the US as the “culprit” of the crisis due to the expansion of Nato, with Vice Foreign Minister Le Yucheng accusing Nato in a speech Saturday of trying to “flex muscle” in the Asia-Pacific region. “One could well anticipate the consequences going down this path,” Le said, hours after Xi’s phone call with Biden. “The crisis in Ukraine is a stern warning.” Beijing has sought to prevent its fraught relations with Washington from spreading to Brussels, in part to prevent the two sides from cooperating further to counter global Chinese influence. EU ambassadors were told last week that China is not currently circumventing the bloc’s sanctions and that several Chinese firms had paused operations over worries that they could fall foul of the measures, one of the people said. However, there are some concerns that Chinese companies could step into the void left by Western firms pulling out of Russia. To offer further reassurance, US officials have told their European counterparts that they’d discuss any potential consequences for China with Europe before they took any action were it to come to that. The EU stance which is coming into focus ahead of next month’s talks with Xi is a major shift from the last time the two sides held a leaders’ summit almost two years ago, which led to an EU-China investment accord in December 2020—to the frustration of the Biden team who were still waiting to take office. That agreement remains frozen after Beijing imposed sanctions on members of the European Parliament in response to EU measures against a small number of Chinese officials over human rights abuses in Xinjiang. Since then, the EU has stepped up its actions against Chinese subsidies and launched a case at the World Trade Organization over coercive practices against one of its member states, Lithuania. China started blocking Lithuanian products after the government in Vilnius allowed Taiwan to open a representative office under the country’s name instead of the capital, Taipei. Beijing considered the move a challenge to its sovereignty. Von der Leyen and Michel are expected to voice support for Lithuania when they speak to Xi and several countries asked that it be clear that China would need to remove sanctions before the investment agreement can come into force, according to two of the people. Human rights will be raised too, one of the people said, but the EU will also seek to cooperate with Beijing on issues such as climate change. The EU-China summit is unlikely to deliver a joint statement, the European documents suggest, with each side more likely to put out its own communications after the meeting. Bloomberg News

Tuesday, March 22, 2022

‘No city anymore’: Mariupol survivors take train to safety By Cara Anna And Renata Brito

The Associated Press

VIV, Ukraine—The heat on the train was as thick as the anxiety. Ukrainian survivors of one of the most brutal sieges in modern history were in the final minutes of their ride to relative safety. Some carried only what they had at hand when they seized the chance to escape the port of Mariupol amid relentless Russian bombardment. Some fled so quickly that relatives who were still in the starving, freezing Ukrainian city on the Sea of Azov aren’t aware that they have gone. “There is no city anymore,” Marina Galla said. She wept in the doorway of a crowded train compartment that was pulling into the western Ukrainian city of Lviv. The relief of being free from weeks of threats and deprivation, of seeing bodies in the streets and drinking melted snow because there was no water, was crushed by sadness as she thought of family members left behind. “I don’t know anything about them,” she said. “My mother, grandmother, grandfather and father. They don’t even know that we have left.” Seeing her tears, her 13-yearold son kissed her over and over, offering comfort. Mariupol authorities say nearly 10% of the city’s population of 430,000 have fled over the past week, risking their lives in convoys out. For Galla, the memories are too fresh. For three weeks, she and her son lived in the basement of Mariupol’s

Palace of Culture to hide from the constant Russian shelling, moving underground after the horizon turned black with smoke. “We had no water, no light, no gas, absolutely no communications,” she said. They cooked meals outside with wood in the yard, even while under fire. Even as they finally fled Mariupol, aiming to reach trains heading west to safety, Russian soldiers at checkpoints made a chilling suggestion: It would be better to go to the Russian-occupied city of Melitopol or the Russian-annexed Crimean Peninsula instead. It’s a suggestion that residents found ludicrous after the Russians on Wednesday bombed a Mariupol theater where children and others were sheltering, and after authorities on Sunday said an art school holding hundreds of people in Mariupol had been bombed. For hours on Sunday’s train journey, survivors shared their ex per iences w ith fel low passengers. Even residents of other Ukrainian cities that have been battered or occupied by the Russians see Mariupol as a horror apart. One resident of Melitopol, Yelena Sovchyuk, shared a train compartment with a Mariupol family.

Ukrainians escaping from the besieged city of Mariupol along with other passengers from Zaporizhzhia arrive at Lviv, western Ukraine, on March 20. AP/Bernat Armangue

She bought them food, she said. They had nothing, only a small bag. “Everyone from there is in deep shock,” Sovchyuk said. She recalled seeing convoys from the besieged city on the road. “There’s a way to tell a Mariupol car,” she said. “They have no glass in their windows.” With deep disdain, Sovchyuk said Russian soldiers amid such devastation were still encouraging Ukrainians to come to Russia, claiming it would be for their safety. The Mariupol City Council has asserted that several thousand residents were taken into Russia against their will over the past week. On Sunday, the Russiabacked separatists in eastern Ukraine said 2,973 people had been “evacuated” from Mariupol since March 5, including 541 over the last 24 hours. The train of survivors on Sunday afternoon approached the central station of Lviv, the city near Poland that has absorbed an estimated 200,000 people fleeing other areas of Ukraine. As they climbed off one by one into the arms of family and friends after weeks of fearing for their lives,

some Mariupol survivors wept. A mother embraced a red-faced, teary teenage boy at the foot of the steps. An elderly woman in a kerchief, helped off the train, walked away in silence. Another stood motionless among her bags, blinking behind thick glasses. Her neighbor, who fled with her, described cars in their convoy coming under fire. Her hair askew, clutched by family, Olga Nikitina cried on the platform. “They began to destroy our city, completely, house after house,” the young woman said. “Battles took place over every street. Every house became a target.” Gunshots blew out the windows. When the temperatures in her apartment dropped below freezing. Nikitina moved in with her godmother, who has cancer and takes care of her elderly father. Ukrainian soldiers later came and warned them that their house would come under fire. “Either hide or move out,” the soldiers said. Nikitina left. The others were too fragile to flee. Now, like so many Mariupol survivors who escaped, she doesn’t know the fate of those left behind. AP

Ukraine war is backdrop in US push for hypersonic weapons By David Sharp

The Associated Press

ORTLAND, Maine—Lagging behind Russia in developing hypersonic weapons, the US Navy is rushing to field its first, with installation on a warship starting as soon as late next year. The United States is in a race with Russia and China to develop these weapons, which travel at speeds akin to ballistic missiles but are difficult to shoot down because of their maneuverability. The Russian military says it already deployed hypersonic missiles, claiming on both Saturday and Sunday to have deployed them against targets in Ukraine m a r k i n g t h e w e a p o n ’s f i r s t u s e i n combat. The Pentagon couldn’t confirm a hypersonic weapon was used in the attacks. The American military is accelerating development to catch up. The US weapon would launch like a ballistic missile and would release a hypersonic glide vehicle that would reach speeds seven to eight times faster than the speed of sound before hitting the target. In Maine, General Dynamics subsidiary Bath Iron Works has begun engineering and design work on changes necessary to install the weapon system on three Zumwalt-class destroyers. The work would begin at a yet-to-benamed shipyard sometime in fiscal year that begins in October 2023, the Navy said. Hypersonic weapons are defined as anything traveling beyond Mach 5, or five times faster than the speed of sound. That’s about 3,800 mph (6,100 kph). Intercontinental ballistic missiles

This handout photo provided by the US Navy shows a common hypersonic glide body (C-HGB) launching from the Pacific Missile Range Facility, in Kauai, Hawaii on March 19, 2020, during a Department of Defense flight experiment. The department is working in collaboration with industry and academia to field hypersonic war-fighting capabilities. Luke Lamborn/US Navy via AP far exceed that threshold but travel in a predictable path, making it possible to intercept them. The new weapons are maneuverable. Existing missile defense systems, including the Navy’s Aegis system, would have trouble intercepting such objects because maneuverability makes their movement unpredictable and speed leaves little time to react. Russia says it has ballistic missiles that can deploy hypersonic glide vehicles as well as a hypersonic cruise missile. The US is “straining just to catch up” because it failed to invest in the new technology, with only a fraction of the 10,000 people who were working on the program in the 1980s, said US Rep. Jim Cooper, a Tennessee Democrat who’s chair of a subcommittee that monitors

the program. “If we want to pursue parity, we will need to back this effort with more money, time, and talent than we are now,” he said. The Russian invasion of Ukraine serves as a backdrop as the Pentagon releases its budget proposal that lays out its goals for hypersonics and other weapon systems later this month. The three stealthy Zumwalt-class destroyers to be equipped with the new weapons have plenty of space to accommodate them—thanks to a design failure that works to the Navy’s advantage in this instance. The ships were built around a gun system that was supposed to use GPSguided, rocket-boosted projectiles to pound targets 90 miles (145 kilometers) away. But those projectiles proved to be

too expensive, and the Navy canceled the system, leaving each of the ships with a useless loading system and a pair of 155-mm guns hidden in angular turrets. The retrofit of all three ships will likely cost more than $1 billion but will give a new capability to the tech-laden, electric-drive ships that already cost the Navy $23.5 billion to design and build, said Bryan Clark, a defense analyst at the Hudson Institute. “The engineering is not that hard. It’ll just take time and money to make it happen,” Clark said. The Navy intends to field the weapons on the destroyers in the 2025 fiscal year and on Virginia-class nuclear-powered attack submarines in the 2028 fiscal year, the Navy said. The destroyers would be based in the Pacific Ocean, where they would be a deterrent to China, should it become emboldened by Russia’s attack on Ukraine and consider attacking Taiwan, Clark said. The US focus on hypersonic weapons represents a pivot after hesitating in the past because of technological hurdles. Adversaries, meanwhile, continued research and development. Russia fired off a salvo of Zircon hypersonic cruise missiles in late December, heralding the completion of weapon testing. But Russia may be exaggerating the capability of such super weapons to compensate for weakness in other areas, said Loren Thompson, a defense analyst at the Lexington Institute. For the time being, Russia doesn’t have many of the weapons, and it’s unclear how effective they are, he said. AP

Sports

Ginebra’s Thompson week’s best player

BusinessMirror

| Tuesday, March 22, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

RAFA’S STREAK ENDS

“The thing that worries me now, it’s about what’s going on there, what I have to do now to recover and how long going to take.” Fritz was dealing with his own health issue. He tweaked his ankle late in his semifinal win over No. 7 seed Andrey Rublev on Saturday, then re-aggravated it during his warmup Sunday. Blue medical tape could be seen above his high sock. Fritz raced to a 5-1 lead in the first set, breaking Nadal twice. Nadal got a break back in closing to 5-3, but his backhand error gave Fritz another break and the set. Nadal fought off a match point on his serve with a forehand winner to tie the second set 5-all. He had two break points on Fritz’s serve in the next game, but the American held for a 6-5 lead. Nadal held to force the tiebreaker. Nadal sent two straight forehands well wide to set up Fritz’s second match point. Another Nadal error sent the 24-year-old American to the biggest victory of his career not

far from where he grew up near San Diego. Fritz’s parents, Guy Fritz and Kathy May, are former tour players. “Winning this tournament is just one of those crazy childhood dreams that you don’t think is ever going to happen,” he said on court. Fritz dropped his racket and collapsed on his back. He got up smiling with a look of disbelief on his face. He became the first American man to win Indian Wells since Andre Agassi in 2001. Fritz is projected to rise from No. 20 to a career-high 13th in Monday’s Association of Tennis Professionals (ATP) Tour rankings and will become the top-ranked American player. Nadal moves up to No. 3. In an error-filled women’s final, Iga Swiatek defeated Maria Sakkari, 6-4, 6-1. The 20-year-old Polish player and Fritz earned $1.2 million each for their victories. Nadal’s 20-0 start to the year included the Australian Open, his 21st major championship that broke a tie with Novak Djokovic and

Senate’s show-cause order vs Patafa threatens contempt citation in EJ case

his disappointment amid the conflict between Patafa and Obiena which hindered the latter from competing in several international competitions. The mediation, which Obiena finally agreed on with the intervention of other sports leaders and supporters, was put in jeopardy after Patafa President Philip Ella Juico filed a case before the Court of Arbitration for Sport in Switzerland against Obiena. “I am fully behind the athletes, and for me, let’s put a stop to all these politics in sports,” Go said. “If we can unite, why don’t we. It’s for our country and for Obiena, he has a big future and a lot of potential.” Go earlier led a hearing of the Senate Committee on Sports joint with the Committee on Finance regarding the Patafa-Obiena row wherein it was recommended for the Philippine Sports Commission to work closely with the National Sports Associations and Philippine Olympic Committee to ensure that the rift will be resolved immediately and to avoid similar conflicts in the future. He emphasized that the athletes should be able to concentrate on their training rather than on other issues that can divert their attention away from their goals of delivering glory to the country.

NDIAN WELLS, California— American Taylor Fritz upset an ailing Rafael Nadal, 6-3, 7-6 (5), Sunday to win the BNP Paribas Open and snap the 21-time major champion’s 20-match winning streak this year. “It’s an honor to even be on the same court as this guy,” Fritz told the crowd. “I grew up watching this guy win everything.” Nadal’s usual fighting spirit was on full display, but he came into the match bothered by painful breathing that he first experienced in a threeset semifinal win Saturday. He took two medical timeouts during the final. The first one came after he lost the first set. Nadal went inside with a trainer after tapping his upper left chest. He got treatment on court after falling behind 5-4 in the second set. “When I try to breathe, it’s painful and it’s very uncomfortable. It’s like a needle all the time inside. I get dizzy a little bit because it’s painful. It’s a kind of pain that limit me a lot,” said Nadal, who turns 36 in June.

By Butch Fernandez

HE Senate Committee on Sports chaired by Senator Christopher “Bong” Go has issued a show-cause order to the Philippine Athletics Track and Field Association (Patafa) board of directors, enjoining them to explain why they should not be cited for contempt for derailing mediation efforts earlier agreed on between world-class pole vaulter EJ Obiena and Patafa, which other sports authorities and the senators had supported. The committee show-cause order was issued Friday, March 18, after four senators filed a motion to hold the Patafa board in contempt for not complying with the committee’s order in relation to the hearing conducted

by the Committee on Sports joint with the Committee on Finance last February 7, 2022. The show-cause order requires the Patafa to explain why its board should not be cited in contempt under Section 18 of the Senate Rules of Procedure Governing Inquiries In Aid of Legislation, for filing an arbitration case despite a prior commitment to undergo mediation proceedings with EJ Obiena. In a statement released when the motion was filed by four senators led by Pia Cayetano, Go stressed that the Senate committee is committed to help resolve the issue in order to protect the welfare of Filipino athletes in a fair and lawful manner. “Rest assured that we will appropriately act on the motion to cite Patafa in contempt for filing an arbitration case despite ongoing mediation proceedings as agreed upon during the Committee Hearing held last February 7 for the parties involved to amicably settle their differences,” Go said. The senator previously reiterated

‘CHOOKS’ 3X3 PILIPINAS FORMS 5-MEMBER POOL

HE Chooks-to-Go 3X3 Pilipinas formed a five-man pool that will extensively train overseas in preparation for the qualifiers for the Paris 2024 Olympics. Bounty Agro Ventures President Ronald Mascariñas announced on Monday that coach’s Aldin Ayo’s pool is composed of Cameroonian Mike Nzeusseu, Zach Huang, Dennis Santos, Brandon Ramirez and Mac Tallo. The players, Ayo told a press conference in a hotel in Ortigas, will train in Serbia for 15 days. “It’s going to be a lot of practice and tuneup games, it’s going to be an evaluation in such way,” Ayo said. Qualifying for the Paris Games is a difficult task but Ayo said with Chooks-to-Go’s support, they’ll go for it. “It’s difficult but it is possible,” he said. Mascariñas said the International Basketball Federation (Fiba) 3x3 division will be inviting the Philippine squad— ranked No. 31 in the world—in various tournaments so that the country can secure points to qualify for the Olympics. “Our first priority is to hone the team so that we can get more wins and we can prepare them for the Super Quest,” Mascariñas said. “Right now, it’s a long shot to qualify for the Olympics but we’re not giving up. We started at zero because some players went to the PBA [Philippine Basketball Association].” Josef Ramos

Sport, Peace and Society ONE of the challenges of being a sports journalist and a host of a sports podcast is constantly being on the lookout for new materials to write about and guests from different

AMERICAN Taylor Fritz grew up watching Rafael Nadal win one title after another. AP

Roger Federer. He also won titles in Melbourne and Acapulco. “Of course, the last two months have been amazing, unforgettable, very emotional,” Nadal said. “I enjoy things that I never thought I could live again a few months ago.” Nadal had already decided to skip next week’s tournament in Miami and head home to Spain to prepare for the French Open that begins May 22. Swiatek will rise from fourth to a career-best No. 2 in the world in Monday’s Women’s Tennis Association Tour (WTA) Tour rankings, trailing top-ranked Ash Barty, who skipped Indian Wells. “Right now, it’s too surreal to describe it, honestly,” Swiatek said. “But for sure I want to go higher because I feel like getting the No. 1 is closer and closer.” AP

Angels dispose of High Speed Hitters in 4 sets, move closer to elims sweep

ETRO GAZZ moved a step closer to sweeping the Group B eliminations after holding sway in the third set to beat PLDT, 25-22, 19-25, 25-22, 25-18, on Monday in the Premier Volleyball League Open Conference at the Paco Arena in Manila. The Angels also came out a bit better than the High Speed Hitters in an error-filled one-hour and 58-minute duel, finishing with just two mistakes less than their rivals after they combined for 70 miscues. “It was an ugly win,” rued Petro Gazz coach Jerry Yee. “But it’s nice to win in that fashion.” The two teams actually fought it out in spurts and close all throughout with Petro Gazz scoring 44 attack points, just one better than PLDT. The Angels also produced seven blocks and aces against their rivals’ five in both departments. But the Angels proved steadier in the last two frames, squeezing out a tough win in the third frame and then breaking away from a 15-13 count in the fourth behind a closing 10-5 binge aided by the High Speed Hitters’ miscues. Nicole Tiamzon led the Angels’ assault with 13 points, including 12 on attacks, MJ Phillips unloaded eight spikes and finished with 11 points while Jonah Sabete backed them up with 10 points, including three aces. PLDT produced 91 excellent digs against Petro Gazz’s 65 and posted 31 excellent sets, including 23 from

veteran Rhea Dimaculangan, against Petro Gazz’s 24, including 20 from Chi Saet. But the High Speed Hitters struggled big-time trying to convert them into points to the chagrin of coach George Pascua. Joy Soyud tried to single-handedly rally PLDT late in the fourth with a cluster of points but the Angels just had answers for every charge with Aiza Pontillas foiling Toni Basas attack to wrap up the contest. Soyud led all scorers with 17 points while Dell Palomata added 10 hits, mostly on quick plays and power tips, while middle blocker Mika Reyes added eight points.

COTTIE THOMPSON solidified his status as the new face of Barangay Ginebra San Miguel with a performance for the ages in yet another chapter in the franchise’s fabled “Never Say Die” mantra. As the defending Governors Cup champions faced elimination because of a twice-to-win disadvantage, Thompson poured it all and led the Kings’ amazing climb to clinch a berth in the best-of-five semifinals. The do-it-all guard was simply everywhere with his near tripledouble average in two do-or-die games for the sixth-seeded Gin Kings against No. 3 TNT Tropang Giga in their quarterfinals series. Thompson tallied a superb all-around numbers of 20 points on an efficient 14-of-27 clip, 12.5 rebounds and 8.5 assists in two games to become the hands down choice as the Cignal Play-Philippine Basketball Association Press Corps Player of the Week for the period March 16 to 19. The former National Collegiate Athletic Association MVP from University of Perpetual Help uncorked a 23-15-8 (pointsrebounds-assists) stats line on top of two blocks in Game 1, where Ginebra turned it up late to forge a knockout match against the favored Tropang Giga behind a 104-92 win. A day later, he was an assist shy of a triple-double with 17 points, 10 rebounds and nine assists plus two steals as the Kings’ ran away with a 115-95 victory to eliminate the Tropang Giga and march on to the Final Four. The versatile Thompson did his thing while also being the primary defender against TNT rookie ace Mikey Williams. But more than that, it served as a payback for Ginebra after exiting early in the Philippine Cup quarterfinals with the same twice-towin handicap against No. 1 seed and eventual champion TNT. For Thompson, it was a redemption. “I was motivated coming into this series because I wasn’t there when we played them in the bubble,” said the guard, who missed the quarterfinals of the all-Filipino playoffs in Bacolor, Pampanga, after being placed in the league’s health protocols. Thompson and the Gin Kings will shift their focus on NLEX starting this Wednesday in Game 1 of the best-of-five semifinals.

PETRO GAZZ’S Aiza Pontillas tries to beat PLDT’s Toni Rose Basas and Jessey de Leon.

Malixi joins hunt as Ladies PGT gets going in Luisita RIANNE MALIXI tests her mettle against the pros.

CHOOKS-TO-GO President Ronald Mascariñas seals the partnership with International Basketball Federation 3X3 Head of Events and Partnership Ignacio Soriano on Monday. NONIE REYES angles and perspectives of sports. In the course of my search, I came across the University of Tennessee Center for Sport, Peace and Society (CSPS) headed by Dr. Sarah Hillyer. Dr. Hillyer is the Founder of CSPS. According to their website, “Our empowerment philosophy at the Center for Sport, Peace and Society is simple. We want to expose, equip, engage and entrust local and global audiences to use sport to make a positive difference in the world.” From the same website, Dr. Hillyer says, “Although stories of division, hate, intolerance and natural disaster have dominated headlines for most of recent memory, another reality is present: Sport has the power to rebuild communities and strengthen the bonds that connect us to others.” Speaking of connecting us to others, there’s a testimonial in the webpage of Filipina Geraldine Bernardo who testifies, “The CSPS provided the impetus and wherewithal that enabled me to launch my own sport for development programs in my country. Drs.

MATEUR Rianne Malixi returns to the very site of her recent romp but this time faces a lot more challenging task against a field she had humbled the last time out but whose roster is enhanced by a multi-titled campaigner. The Ladies Philippine Golf Tour (LPGT) unveils its new season in new normal with a full calendar beginning with the International Container Terminal Services Inc. (ICTSI) Luisita Championship Tuesday at the fabled Robert Trent Jones, Sr.-designed layout in Tarlac.

Sarah Hillyer and Ashleigh Huffman clearly walk the talk. Their vast experience in the field of sport for development is embodied in how they implement programs. Even years later, they continue to connect and involve us, ensuring that the ‘sisters’ will always have a web of support and opportunities for cross engagement. The CSPS formula in a nutshell: Mentor. Nurture. Capacitate. Empower…now, share and repeat!” Ms. Bernardo is the Founder of Sport Management Council of the Philippines. In the “Letter from our Director” section, Dr. Hillyer cites a Filipino dragon boat team, “A Filipino dragon boat team comprised entirely of persons with physical disabilities who won gold against their non-disabled counterparts.” The article on the Filipino dragon boat team, according to Dr. Hillyer, was written by Brian Canever on February 24, 2017. It featured a sports mentoring program participant, another Filipino, JP Maunes, which said “ The GSMP [global

It’s on the same layout where Malixi dominated her peers, topping the grueling qualifier for the Vietnam 31st Southeast Asian Games by 17 strokes early this month. The men of the tour also start their campaign alongside with the ladies with Miguel Tabuena, Tony Lascuña and Clyde Mondilla, along with Reymon Jaraula, Jay Bayron, Joenard Rates and Michael Bibat all primed up for a heated battle, eager and raring to slug it out for top honors after being out of play the past year.

standard management process] helped me to see the bigger picture. It provided me with mentors that didn’t exist for me in Cebu. Before I left the US, my mentors worked closely with me to expand the scope of my organization’s services to blind people, amputees, and wheelchair users. “We didn’t want to only have sports programs and services for the deaf. As we made this shift, we’re planting new seeds in our community. Because I’m not an athlete, putting on my GSMP hat gives me an open door with athletes, the sports commission, and local leaders. I have never been more excited for the future in 10 years of working with people with disabilities.” As you can see, a lot of research does a lot of wonders for both possible material and knowledge. I believe there’s an athlete in all of us regardless of age, gender, race, religious belief, and yes, even political persuasion. The center promotes and advocates for diversity and inclusivity through sports.