BusinessMirror March 28, 2022 by BusinessMirror

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

LOSING the country’s borders is one of the most immediate courses of action the government must take to prevent the latest Covid-19 variant, Omicron, from reaching Philippine shores, according to local economists. T he new var iant is a threat, e s p e c i a l l y w it h t he hol id ay s coming up and more foreigners being a llowed to travel to the Philippines, De La Sa lle Universit y economist Mar ia Ella Oplas told BusinessMirror. The holidays usually bring in Overseas Filipino Workers (OFWs) who are eager to spend Christmas

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with their loved ones, while foreigners living in temperate regions usually want to relax in tropical countries like the Philippines. This year’s influx of OFWs is expected to be heavier since many of them were unable to come home for the holidays in December 2020. “My recommendation is to protect the borders. Do not allow people with a history of travel to countries with positive cases to enter,” Oplas said. “We should be more restrictive. [We have to be] more protective in terms of our measures.” Oplas said that while this will be a setback to some industries, this is a fair measure considering that this could help prevent placing the country in another strict lockdown,

n Monday, March 28, 171 Monday, November 29, 2022 2021 Vol. Vol.17 17 No. No.52

which, she said, the economy can no longer afford. “It is better that we do protective preventive measures than get exposed again. We have a lot to lose,” Oplas said. “We should do it now so that we can open just before Christmas. If it gets contained, we can open it again.” Ateneo Center for Economic Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes said closing the country’s borders would be effective but should still adhere to the standards set by the World Health Organization (WHO). What is needed, Peña-Reyes told this newspaper, is for travel restrictions to be put in place swiftly and

for government to be proactive in imposing them. Previous instances when the country had the opportunity to impose travel restrictions did not prevent the spread of Covid-19. That was mainly because the decision was not made immediately, he said. “Kung papatay patay [If we’re slow] and we get caught flat-footed, [that’s risky] We were too reactive instead of proactive before. We should learn from that,” PeñaReyes said. “It’s a delicate balancing act. We need to push testing and tracing to be properly informed of our decisions. Blanket/shotgun approaches could have dire consequences on the economy.” See “Omicron,” A2

NATL GOVTHIKES BORROWINGS BSP: RATE WON’T FOR 10INFLATION MOS DIP TOWOES P2.75T EASE By By Bernadette D. Nicolas Bianca Cuaresma

T T

@BNicolasBM @BcuaresmaBM

HE national HE Bangko government’s Sentral ng gross borrowings as of Pilipinas end-October (BSP) said shrank by almost 6 percent the Executive year-on-year should to department P2.75 trillion. “do the heavy

P25.00 P25.00 nationwide nationwide || 32 sections sections 28 20 pages pages ||

ANGAT’S JEWEL From a vantage point, Angat Dam

Omicron risk Base effects, spurs revival Covid easing of quarantine fuel infra rules31% in PHL spending rise

projects a refreshing image, but such serenity masks the alarming pace at which its water—source for most of Metro Manila —keeps declining as summer bites. The state weather bureau PAGASA recently raised concern over the possibility it would reach critically low levels, although it remained within “normal” limits when the photo was taken on March 23. BERNARD TESTA

By Samuel P. Medenilla

@sam_medenilla By Bernadette D. Nicolas

lifting” in keeping Latest data from Bureauas of the inflation atthebay, Treasury showed that the governprice surges stem ment’s gross borrowings during the 10-month period fell by 5.99 percent from supply side from P2.92 trillion a year ago. With only two months left for pressures.

this year, the latest figure is already equivalent to 89.6 percent of its P3.07-trillion borrowing program. In a message to reporters over Broken down, gross domestic borthe weekend, the governor said rowings from January to October non-monetary policy measures will settled P2.23 trillion, by be moreat effective in tryingdown to keep 5.08 percent from P2.35 trillion commodity prices from rising too in 2020. fast, instead of monetary policy The bulk of interventions likethe rateamount hikes. was sourced from Fixed Rate Treasury “Since inflation pressures are Bonds (P1.19 trillion), followed by coming from supply side factors, short-term borrowings from Banga monetary response in terms of ko Sentral Pilipinas or BSP (P540 policy ratengadjustment is neither billion), Retail Treasury Bonds/Preappropriate nor responsive. An inmyo Bonds (P463.3 billion), Retail crease in policy rate will not change Onshore Dollar Bonds (P80.84 bilthe reality that energy and other lion). In the same period, there was commodities have surged owing to alsoRussia-Ukraine a net redemption of Treasury the conflict,” the Bills amounting to P43.94 billion. governor said. Net debt redemption means Just last week, BSP Governor there wereDiokno more debts repaid comBenjamin decided to retain pared to the amount borrowed durall monetary policy levers, keeping ing the period. to his guidance of maintaining an Meanwhile, gross boraccommodative stanceforeign of monetary rowings in the same period policy “for as long as possible”also to contracted by 9.7 percent to P518.7 support economic recovery. billion last year’s billion. “It isfrom when there areP574.4 clear second This was raised through round effects on the demandglobal side, bonds billion),wages program say for (P146.17 example, higher and loans (P139.98 euro-dehigher transportbillion), fares, that the nominated bonds (P121.97 Central Bank may choosebillion), to act a project loaninflation (P86.41 billion), and to mitigate pressures,” yen-denominated samurai bonds Diokno said. (P24.19 billion). Continued on A2

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

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

dating its registry following the enactment of the Coconut Farmers and Industry Trust Fund law. Rosales explained that about 500,000 coconut farmers and workers were added to the PCA’s 2018 list that had about 2.5 million liberalization measures. coconut farmers and farm workers. The MBC said they “look forThe PCA’s next step is to conward” to the RCEP experiencing duct“similar an exclusion-inclusion prothe success” that legiscedure by making the updated lative measures like the Foreign farmers’ registry public, providInvestment Act, amended Public ing everyone the opportunity to Service Act (PSA), and amended check the veracity of the list, RoRetail Trade Liberalization Act sales added. enjoyed recently. “Thelook list will be posted public “We forward to in similar spaces where people can easily see

them. This allows everyone to see who are listed in the registry and if farmer doesn’t see his name then he shall coordinate with the PCA immediately,” he explained at a recent dialogue with coconut farmers. “On the hand, such if people success withother proposals as would see names on the list and the Regional Comprehensive they thinkPartnership they are not (RCEP) coconut Economic farmers or their details are bill, and commit to working incorwith rect,and they report it to the PCA this thecan next administration forthese,” immediate he added. on the action,” group said in a Thestatement. PCA official noted that recent the completion of the initial list Last week, Agriculture Secof coconut farmers registry would retary William D. Dar said it is be just in time for the expected high time the country ratifies rollout of coconut levy-funded

programs as President Duterte is expected to sign the industry development plan in early 2022. Rosales said the PCA will not stop updating its list of coconut farmers and enjoined them to register in order totrade reap the the RCEP, as the dealbenefits would of the decades-long idled coconut improve the country’s agriculture levy fund. “We willits notfood stoptrade at 3.1 sector, particularly million. We hope that more indiwith members of the agreement. viduals will register in our coconut Dar said he “fully agrees” with farmers he said. RaTrade andregistry,” Industry Secretary updating thebenefits coconut monThe M. Lopez thatofthe farmers registry is mandated of RCEP to the Philippines “farby Republicthe Actcost (RA) 11524 or the outweigh of not joining.” CoconutSee Industry Trust “Lib bills,” A2 Fund Act.

AFTER M LIB BILLS, MBC PUSHES EARLY OKAY OF RCEP ORE than 3 million coconut farmers and workers are now registered with the government’s regBy Jasper Emmanuel Y. Arcalas istry, which @jearcalas serves as the basis for the number of people to be covered the utilization the HEbyMakati Businessof Club P75-billion coconut levy fund. (MBC) is hoping for the earPhilippine Coconut of Authority liest ratification the Re(PCA) Deputy Administrator Roel gional Comprehensive Economic M. Rosales said about 3.11 million Partnership (RCEP) following recoconut farmers andgovernment farm workcent successes by the ers have been registered with the in enacting numerous economic government since it started up-

See “Borrowings,” A2

PESO EXCHANGE EXCHANGE RATES RATES nn US US 50.4600 52.3640 PESO

See “3-M farmers,” A2

@BNicolasBM

NTER NATIONA L concerns over theinfrastructure possible spreadspendof the TATE more infectious Omicron Coing jumped by 31.3 percent vid-19 variant prompted the govyear-on-year to P895.1 bilernment to driven reimpose lion in 2021 by mandatory lower base facility-based quarantine for all effects and easing of quarantine arriving passengers in the country. restrictions. Acting data Presidential spokesperLatest from the Departson Karlo B. Nograles announced ment of Budget and Management on Sunday thatgovernment the Inter-Agency (DBM) showed infraTask Force for the Management structure spending last year rose by of Emerging Diseases P213.5 billion Infectious from P681.5 billion (IATF) suspended the implemenin 2020. tation its Resolution The of amount spent byNo. the150naA (s.2021), effectively imposing tional government on infrastrucstricter for outlays all inbound ture and protocols other capital last travelers. year was also above the P761.2 To note, IATF for Resolution billion program the year150by A had allowed fully vaccinated 17.6 percent. non-visa travelers from Green List The DBM attributed the “signifiareas to enter the country withcant expansion” in infrastructure out other the need for outlays facility-based and capital to the quarantine as long theybase secure combined effects of as lower in negative Transcription2020 withReverse the discontinuation of Polymerase Chain projects Reaction (RTsome capital outlay which PCR) within 72 hours prior can notest longer be implemented or to their departure. completed due to the pandemic in for countries classified line“Except with Bayanihan 1 and 2. as ‘Red,’ the testing and quarantine Also identified as a spending protocols for all inbound internadriver is the implementation of tional travelers in all ports of entry various infrastructure projects of shallDepartment comply withofthe testing and the Public Works quarantine protocols forand ‘Yellow’ and Highways (DPWH) the list countries,” Nograles said, citing aviation and rail transport foreignthe provision Resolution assisted projectsofofIATF the Department No. 151-A. of Transportation (DOTr). He notedinfrastructure Hong Kong, which has Higher spendconfirmed a case of the Omicron ing and personnel services expenvariant,last will also under the the Yelditures yearfall also drove low list countries. 10.6-percent growth in overall The suspension of thetorules for government spending P4.68 “Green List” countries will be in trillion from P4.23 trillion in the effect from November 28, 2021 to previous year. December See 15,“Covid,” 2021. A2 Continued on A2

n JAPAN JAPAN 0.4374 0.4280 n n UK UK 67.2329 69.0472 nnHK HK6.4722 6.6930 nnCHINA CHINA7.9013 8.2237 nnSINGAPORE SINGAPORE36.8968 38.5824 nnAUSTRALIA AUSTRALIA36.2807 39.3254 nnEU EU56.5758 57.6056 nn SAUDI SAUDIARABIA ARABIA 13.4531 13.9600Source: Source: (March 25, n BSPBSP (November 26,2022) 2021)

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A2 Monday, March 28, 2022

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Duterte bday wish: honest election, smooth transition By Samuel P. Medenilla

@sam_medenilla

ALACAÑANG said on Sunday the successful conduct of the 2022 National and Local Elections (NLE) remains the top priority of President Duterte even during his birthday. In a brief statement, Acting Presidential spokesperson Martin M. Andanar said the President is concerned about the transition process for his successor after the May 9 polls. “His birthday wish for this year

is to have a clean, fair, and honest election in May 2022, as he has time and again underscored the importance of a peaceful transfer of power as part of his enduring legacy,” Andanar said. Duterte will spend his 77th

birthday on Monday in Davao. “President Duterte will mark the occasion with a simple and quiet celebration in Davao City, in line with his family’s tradition,” Andanar said. The concurrent Presidential Communications Secretary said they are wishing Duterte good physical and mental health so he could continue serving the country even after the end of his term. “We express our sincere gratitude to the Chief Executive, whose strong and decisive leadership and genuine compassion for every Filipino have inspired officials in government and have resulted in positive and meaningful change to the lives of a great number of our people,” Andanar said. At inauguration rites at the

Southern Philippines Medical Center last week, Duterte said he already felt “fulfilled” as he is about to reach the age of 77 after seeing all of his children from his first wife securing positions in government. Duterte was referring to Davao City Mayor Sara Duterte-Carpio, who is running for vice president, Davao 1st District representative Paolo Z. Duterte and Davao City Vice Mayor Sebastian Z. Duterte. Meanwhile, his daughter Veronica Duterte —with common-law wife Honeylet—is also assured of a good future since her mother is a nurse. “I am fulfilled in everything. I could not ask for more. If I do, God will say I am greedy,” Duterte said. Duterte earlier said he will retire from politics after the end of his presidency.

BSP: RATE HIKES WON’T EASE INFLATION WOES “In this instance, the Executive Department should do the heavy lifting. And it had demonstrated in recent episodes that they are able and willing to do so,” he added. Diokno urged the executive to continue to open up the economy, citing the impact of strict mobility on economic activity. The governor has also put out a list of policy recommendations on nonmonetary interventions that should be needed to reduce the likelihood of second round effects in the economy. Below is the governor’s list of rec-

ommendations to the Executive: ■ For gasoline and diesel, it can increase fuel subsidy for public utility vehicles; and continue promotional discount of oil companies. ■ For coal, expand supply and reduce price by lowering the most favored nation (MFN) 7 percent tariff rate to zero until December 2022; and maintain buffer stock at the current 30 days minimum inventory. ■ For electricity, stagger the increase in generation charge; and encourage energy conservation in all government offices.

■ Overall support to agriculture:

provide fuel vouchers to farmers and fishermen; provide targeted fertilizer vouchers to farmers; and expand supply through bilateral discussion with fertilizer producing countries. ■ On rice, the Department of Agriculture should monitor rice inflation, and the National Food Authority should closely monitor buffer stock; accelerate the implementation of the Rice Competitiveness Enhancement Fund and other parts of the national rice production program to increase production; facilitate the release of

Lib bills...

Continued from A1

Addressing the Management Association of the Philippines’ General Membership meeting on Thursday, Dar said, “Our participation in this mega trade pact is imperative to our economic growth, which is set to boost the state of our trade and investments.” He added, “RCEP is arguably our best response in recovering and reenergizing our economy especially after this pandemic.” The business group lauded the Duterte administration for pushing for the enactment of the string of measures that further opened up the Philippine economy to foreign investments. “The Department of Trade and Industry estimates that the new law (amended PSA) will bring in $60 [to] $100 billion of investments into the country in the next two years. An influx of this scale in sectors that will be opened up will mean competition that will benefit Filipinos with better and more affordable products and services, new technology, and most importantly, more jobs,” the MBC said. “This will greatly help our economic recovery. According to the World Bank, as of July 2021, 4.3 million

PAL...

jobs were lost due to the pandemic, about 10 percent of total employed workers,” the MBC added. Last week, Lopez said the enactment of the amended PSA could lead to over $100-billion investments in telecommunication, transportation and logistics in the next two years. Lopez said current potential investments in the sectors of telecommunication, transportation, logistics and railway—where foreigners are now allowed to own 100 percent equity—are over $60 billion. President Duterte signed on March 21 the amended PSA, completing the administration’s economic liberalization reform measures. 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). “Initial investment leads in the sector will be over $60 [billion] composed of telecom, transportation, logistics, railway. This is still understated as other leads have not indicated investment amounts. [This] can be over $100 [billion] over two years,” Lopez told reporters.

Continued from A12

Continued from A1

Sanitary and Phytosanitary (SPS) import clearance especially for shipment arriving for the lean season starting July; and expand supply and reduce price by extending the MFN 35 percent tariff until December 2022. ■ On corn, expand supply and reduce price by lowering the MFN tariff to 5 percent in quota and 15 percent out quota with MAV of 4 million MT until December 2022; import more feed wheat and produce more cassava (as feed substitute). ■ On pork, expand supply and reduce price by extending the lower tariff of 15 percent in quota and 25 percent out quota with MAV of 200,000 MT until December 2022; accelerate release of imported pork from cold storage; and continued implementation of strict biosecurity measures, and partnership with private sector groups/hog breeders to speed up the repopulation program. ■ On fish, issue CNI for small pelagic fish valid from Q2 to Q4 2022. It needs an additional 140,000 to fill up the projected supply gap of 200,000 MT. ■ On chicken, accelerate the release of Sanitary and Phytosanitary (SPS) clearances from National Meat Inspection Service (NMIS) cold storage warehouses to push up inventory to pre-pandemic level; issuance of guidelines by the Department of Agriculture on the movement of poultry products and by-products following the detection of Avian influenza in some duck and quail farms to mitigate potential spread of the disease. ■ On sugar, address the temporary restraining order (TRO) on sugar import; and allow direct importation by industrial users; implement a 1:1 domestic to import ratio. ■ On wheat, expand sources of wheat, for example, India; and promote non-wheat flour substitutes such as the Sagip-nutri flour (made from cassava, sweet potato, mongo, and others) and banana flour. The BSP is expected to hold its next monetary policy meeting on May 19.

One of its major accomplishments, she said, was flying in more than 70 million doses of Covid-19 vaccines to the country and carrying them to domestic destinations. The Lucio Tan-led carrier exited Chapter 11 in late December, wiping out some $2 billion in debts, just in time for its 81st anniversary this year. “We are still alive and given a new chance to thrive. PAL is smaller than we used to be with a fleet and route network, but we have streamlined to fit the new normal, but we will continue to be a full-service [carrier],” she underscored. The carrier has global links to North America, the Middle East and most of Asia, with connections to its extensive domestic network and hubs in the country, she noted. PAL also has unique non-stop routes and offers code sharing and interlining schemes with airline partners. “We will tap new markets that make strategic sense. We have to apply good business sense to all our plans and efforts, and every route must pay its own way. There will be no costly prestige routes,” Flores stressed. PAL recently dropped its direct flights to London due to its unprofitability. (See, “Ukraine-Russia conflict may give PAL reason to drop London route,” in the BusinessMirror, March 7, 2022.)

Tel Aviv flights

DESPITE the carrier’s recent announcement of flights to Tel Aviv, Israel, the PAL official said there still was no definite date when these will actually be launched. “Tel Aviv is a developmental route for us. We want to make sure it actually makes sense [to fly there]. So when [the flights will commence] is still a question mark.” For now, she said the carrier is focusing on increasing its frequencies to its existing international markets and domestic destinations. Flores said PAL has to forge more partnerships to ensure the tourism

industry’s recovery. A decline in the quarantine business, she said, “will be replaced with more sustainable gains from arriving volumes of foreign guests. Airlines and agents can collaborate to help generate business.” As such, it has partnered with Guide to the Philippines, a webbased travel and tour operator. “We are keen to build seamless, travel packages, that combines flights with hotel stays, testing and insurance services, and defying travel experiences,” she added. PAL will also target promotions to China, Japan, South Korea, Australia, Canada and the US, and other Asian neighbors, “once we see a removal of remaining restrictions,” she said. The carrier has partnered with the Department of Tourism in line with its 81st anniversary, promoting a seat sale for international and local destinations. “The markets will not bounce back by themselves. They will need our help,” Flores said.

Mabuhay Miles reboot

SHE said the carrier will also forge ties with the Department of Transportation “as [it] continues to build up airport infrastructure all over the Philippines. The new Bicol airport, was the latest new area done, but we’ve seen brand new or refurbished terminals open in Clark, General Santos, Puerto Princesa, Zamboanga, and other airports.” PAL is likewise “reinvigorating” its Mabuhay Miles program, “with more ways to earn flight status and experiences. In line with [PAL’s] anniversary, Mabuhay Miles is expanding its partnership that would allow customers to earn miles on simple, everyday [purchases], all the while getting a step closer to your destination,” she said. 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.

Covid...

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For December alone, government infrastructure spending inched up by 1.5 percent to P134.7 billion from P132.7 billion in the same month in 2020 given the releases for the Revised AFP Modernization Program (RAFPMP) of the Department of National Defense and the construction of Smart Campuses in Marawi. However, the DBM said the growth in infrastructure spending for the month was partly trimmed by the timing of direct payments made by development partners for the foreignassisted projects of the DOTr. For this year, the government programmed to spend P1.27 trillion or 5.9 percent of the country’s GDP. Under the 2022 national budget, the DPWH and DOTr have P786.6 billion and P75.8 billion, respec-

tively, to accelerate the Duterte administration’s infrastructure flagship projects under the Build, Build, Build. In view of the Comelec election ban on the construction of public works, the DBM said the government has taken the necessary steps to minimize potential disruptions. “Relatedly, in anticipation of the said election-related prohibition, the DPWH has filed for exemption of 18 projects from the election ban,” the DBM said in its report. “Meanwhile, the DSWD also requested for exemption from the election ban to be able to proceed with relief distribution and other important programs being implemented, especially for those hit by Typhoon Odette in December 2021,” it said. Overall government spending

this year is expected to reach P4.95 trillion, up by 6 percent compared to the previous year, the DBM said. Despite the expected lower growth in overall government spending this year compared to the previous years, the DBM said the current budget priorities reflect the government’s strong commitment to the economy’s recovery. “While the growth of disbursements this year is lower when compared to last year’s 10.6 percent and 2020’s 11.3 percent as the government spent heavily on Covid-19 emergency and recovery measures in the past years, the commitment to sustain the growth momentum remains, as depicted in this year’s budget priorities and the strategy to safely reopen the economy, even as the government begins to consolidate fiscally,” it said.

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Cancer treatment hubs in Davao City ‘a huge leap’ for Mindanao By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CITY—Two cancer diagnostic and treatment facilities here would be a blessing for Mindanao in terms of accessibility and proximity for the treatment of this dreaded disease, as Malacañang described it as “huge leap” for the country to address the health needs of Filipinos particularly the indigents and marginalized. President Rodrigo Duterte on Friday inaugurated the Cancer Diagnostic Institute Building and Cancer Treatment Facility Building of the Southern Philippines Medical Center (SPMC), an addition to its medical services for residents of Davao City and as far as some provinces of the Visayas. “No longer will our cancer patients need to travel far just to receive the necessary treatments and care. This accessibility to modern healthcare facilities, particularly those that cater to cancer patients, will surely help ease the burden carried by patients and their families,” the President said. The Cancer Diagnostic Institute Building was put up through a P528-million budget, and the Cancer Treatment Facility Building on a P365-million funding. The facilities feature “top-of-the-line” diagnostic and therapeutic equipment for the early detection of cancer and reduce treatment side effects, a statement from Malacañang read. The diagnostic center’s modern

equipment include the following: a P78million Single Photo Emission Computed Tomography (SPECT) Nuclear Imagingfacility;aP120-millionPositron Emission Tomography (PET) Scan; and, the P230-million 24 Mega-electron volt (MeV) Medical Cyclotron facility. The PET Scan is the first in Mindanao, while the MeV Medical Cyclotron facility is the first in a government hospital in the country, Malacañang said.

Long wanted support

MALACAÑANG said the construction of the buildings and installation of equipment were funded by the Office of the President, Philippine Amusement and Gaming Corp. and the Department of Health under its Health Facility Enhancement Program. Duterte said he had long wanted to improve the city’s cancer diagnostic and treatment facilities since he was the mayor of this city. He was a regular visitor of young cancer patients at the SPMC as part of his annual Christmas activities. Health Undersecretary Leopoldo Vega, who was a former SPMC chief, expressed his gratitude to Duterte for his priority to the construction and improvement of cancer treatment facilities in the hospital. “This project was realized through your intercession. From the bottom of our hearts, we offer our gratitude,” Vega said. “And we are extremely grateful for all of your support and patience and for giving us the opportunity to serve more of our fellowmen.”

Editor: Vittorio V. Vitug • Monday, March 28, 2022 A3

Taal watched for more eruptions, as govt ensures aid for displaced By Samuel P. Medenilla @sam_medenilla Rene Acosta @reneacostaBM & Jonathan L. Mayuga @jonlmayuga

ALACAÑANG gave assurances on Sunday that aid will be provided to people affected by the latest phreatomagmatic eruption of Taal Volcano at the weekend, as alert remained hoisted over further eruptions or volcanic activity. Acting Presidential Spokesperson Martin M. Andanar said the Department of Social Welfare and Development (DSWD) is ready to respond to the needs of the displaced. The Alert Level 3 raised over Taal Volcano following the crater bursts early Saturday morning remained on Sunday, as local disaster officials in Batangas and even Tagaytay City prepare for contingencies, including a larger and wider evacuation. The National Disaster Risk Reduction and Management Council, quoting Phivolcs, said that while Saturday’s eruption which prompted the declaration of alert level 3 has ceased, the volcano still

shows activity, including generating temblors. “In the past 24 hours, the TVN (Taal Volcano Network) recorded 14 volcano earthquakes, including 10 volcanic tremor events having durations of two to three minutes, and four low-frequency volcanic earthquakes,” the NDRRMC said.

Fire trucks deployed

THE NDRRMC added that “activity at the main crater was dominated by upwelling of hot volcanic fluids in its lake which generated plumes 1, 000 meters tall that drifted southwest.” The NDRRMC, which is on red alert, said both the local and re-

gional disaster bodies such as the Fire, Interior and Local Government, Coast Guard, Social Welfare and the Health department were on standby for any crisis. Several fire trucks were deployed to the Laurel town in Batangas where residents in three barangays—Gulod, Boso-boso and Eastern Bugaan—were earlier evacuated along with families from Barangays Bilibinwang and Banyaga in the town of Agoncillo. At least 157 more fire trucks were also put on a standby. Food and other relief items were stockpiled and readied by the DSWD, while treatment and monitoring facilities have been identified by the Department of Health in Calabarzon. The NDRRMC said Laguna has also alerted its disaster response office and so has Tagaytay City.

Evacuation pushed

AS the Philippine Institute of Volcanology and Seismology (Phivolcs) recommended, immediate evacuation of communities away from Taal Volcano continued on Sunday. Phivolcs said Alert Level 3 or Magmatic Unrest prevails over Taal Volcano as a magmatic intrusion at the main crater may drive more eruptions. On Saturday, Phivolcs strongly recommended that Taal Volcano

Island and high-risk barangays of Bilibinwang and Banyaga, Agoncillo and Boso-boso, Gulod and eastern Bugaan East in Laurel town, be evacuated due to hazards of pyroclastic density currents and volcanic tsunami should stronger eruptions subsequently occur. In its 8 a.m. bulletin issued for Taal on Sunday, Phivolcs said two subsequent phreatomagmatic events at 4:34 a.m. and 5:04 a.m. were recorded by TVN, based on seismic records and visual cameras. The events produced 800 meterand 400-meter-tall plumes, respectively, from the Main Crater that drifted southwest. According to Phivolcs, in the past 24-hour period, the TVN recorded a total of 14 volcanic earthquakes, including 10 volcanic tremor events with durations of two to three minutes, and four low-frequency volcanic earthquakes. Meanwhile, Phivolcs reported that activity at the volcano’s main crater was dominated by the upwelling of hot volcanic fluids in its lake, generating plumes 1,000 meters tall that drifted southwest. The entire Volcano Island is a Permanent Danger Zone, and entry into the island as well as high-risk barangays of Agoncillo and Laurel is prohibited.

A4 Monday, March 28, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Fewer workers organized as businesses closed–DOLE By Samuel P. Medenilla @sam_medenilla

EWER workers organized in the last two years as the pandemic forced thousands of establishments to shut down their operations, according to the Department of Labor and Employment (DOLE). Based on its latest data, DOLE’s Bureau of Labor Relations (BLR) showed the number of employees, who were covered by labor organization and collective bargaining agreement (CBA) last year rose only by 23,092. This was significantly lower compared to the 37,994 in 2020 and 50,936 in 2019. BLR Director Maria Consuelo S. Bacay said the newly organized work-

Bangsamoro readies skies for safe air travel By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CITY—The Bangsamoro Autonomous Region in Muslim Mindanao (Barmm) is now taking travel and tourism seriously, as lawmakers prepare the groundwork to improve and integrate all operation of its airports. “This bill seeks to ensure an integrated manner of operating regional airport terminals and avoid conflicting policies and programs on airport maintenance, operation, and development,” Member of Parliament Amilbahar Mawallil said in his authorship of the BTA [Bangsamoro Transition Authority] Bill 180. If approved, it would be called the Barmm Airport Terminal Act of 2022. Mawallil said insufficient infrastructure facilities have caused the Barmm to lag behind other regions. “This is especially true for domestic airport transport facilities in the region, which is a major constraint in increasing regional investment and development,” he emphasized. The bill seeks to institutionalize the process of developing and submitting master plans for all Barmm airports, intending to make regional planners aware of the most important considerations to avoid major errors and aid in providing a basis for preliminary studies. An airport passenger terminal design and master plan would be developed for the long-term development of all airport passenger terminal infrastructure and facilities in the region, he said. This would be submitted by airport operators to support the modernization of existing airport facilities within region. The proposed measure would seek to create an airport facilities advisory committee. This would serve as the official body in coordinating projects and plans for the repair, maintenance, and development of all airport passenger terminals and facilities in the Bangsamoro region. Airports in the Barmm are the following: Awang airport in Cotabato City; Jolo Airport in Sulu; Sanga-Sanga airport in Tawi-Tawi; the Cagayan de Sulu or Mapun Airport; a community or small airport in Tawi-Tawi; and, Malabang Airport and Wao Airport in Lanao del Sur. Mawallil said the bill provides architectural and structural features in airports “to advocate for and encourage respect for disabled persons.” “Considering land-use and environmental control measures, the architectural and infrastructurerelated requirements and alterations to existing facilities for the optimum implementation of international civil aviation measures shall be integrated into the design of all regional airport facilities,” he added.

ers last year were from priority industion” of labor groups. tries, which were exempted from the This means that even if a comgovernment quarantine restrictions, pany already closed its operations, such as the manufacturing sector. its corresponding labor organiza“Their establishments were altions will remain registered in the lowed to continue to operate dedatabase of the BLR. spite the pandemic so Since the onset of locktheir workers were able to down measures to curb the EXCLUSIVE organize...that is why they pandemic in 2020, the lawere able to register a small bor department reported increase,” Bacay told the Businessover 80,000 workers were displaced Mirror. following the closure of 4,640 esWhen asked if the mass closure tablishments. of establishments in the last two However, the database of the BLR years caused a reduction of workers showed no reduction in the number in their labor organization database, of registered labor organizations, Bacay admitted that they currently which finally breached the 100,000 cannot tell since they are prohibited mark last year, by Republic Act 9481 from “impleOf the over 4.8 million members menting administrative cancellaof the said groups, 1.61 million were

from 17,715 private sector labor unions, and 500,670 were from 1,630 public sector unions. The other 2.69 million are members of 64,933 workers association. Bacay explained a labor organization has minimal incentive to voluntarily delist from the BLR since it will continue to be entitled to the programs of the DOLE as long as they are in the database. However, she pointed out that while they cannot delist a labor organization, they are currently trying to determine which of said groups are active and inactive. The updated database, she said, will be useful for DOLE in determining the budget proposal for its programs as well as crafting new policies.

Household service workers included in wage rate talks E

VEN household service workers (HSW) could benefit from the ongoing minimum wage rate review being conducted by the regional wage boards, according to the National Wages and Productivity Commission (NWPC). NWPC Executive Director Maria Criselda R. Sy disclosed that Regional Tripartite Wages and Productivity Boards (RTWPB) initiated the review upon the instruction of Labor and Employment Secretary Silvestre H. Bello III. The review aims to allow private sector workers to cope with the rising cost of living. “Bello said that it was not

only workers from the private sector, but also domestic helpers, who were affected [by rising cost of living]. That is why they were also included in the [review] of the regional boards,” Sy said in a virtual news briefing last week. Under the Republic Act 10361 or the Domestic Workers Act, the minimum wage rate for HSWs is separate for that of private-sector minimum-wage earners. Currently, the National Capital Region (NCR) has the highest monthly minimum wage rate for HSWs at P1,500 to P5,000. Ilocos region follows with P1,000 to P4,500 and Central Luzon with P500 to P4,500.

BBM: NUP could play big role in govt-private sector tie-ups

RESIDENTIAL frontrunner Ferdinand ‘Bongbong’ Marcos Jr. said the experience of the members of the National Unity Party (NUP) in the private and public sector will be a big help for the country as it recovers from the pandemic. During a private meeting at Pasay City, Marcos thanked NUP for endorsing his candidacy and that of his running mate Inday Sara. “The NUP has been constant and if they choose to go down this road, together with UniTeam, together with myself and Sara, then it must be a good thing to do. Your endorsement and support is particularly important,” Marcos said. “If we start working together, it’s a very influential decision on the party’s part because people will see very clearly that these are the people that do not jump back and forth,” he added. Marcos said legislators play an im-

portant role in any administration. “Any administration, any president, any leader, any cabinet is going to need the help certainly of the legislator. We will need the understanding of the legislator on what they are trying to do, and why does these things we are trying to do are in fact to the advantage of the ordinary Filipino,” he said. “All of you are very experienced, you all know your parochial interest, you also have a very good idea on national interest. I think you will agree with me that you will have to go to basics and fix the bones and the tendons of the economy so that the private sector can build upon it,” he said. The Partido Federal ng Pilipinas standard-bearer said he sees a robust and efficient partnership with the private and public sector that will further be boosted by the business experiences of the NUP members.

The last wage order for HSWs granted by the RTWPBs was in 2020. In a related development, the Trade Union Congress of the Philippines (TUCP) is set to file a new wage petition in Northern Mindanao on Tuesday. The country’s largest labor group has yet to announce the daily wage hike it will demand for Region 10. TUCP already filed a similar wage petition in NCR, Central Visayas and Davao Region earlier this month. Sy said the RTWPBs are expected to complete their review of the minimum wage for private sector workers and HSWs next month. Samuel P. Medenilla

www.businessmirror.com.ph

Fund public transport to create jobs, ease congestion in cities By Cai U. Ordinario @caiordinario

UBLIC transport remains a potent investment in creating jobs and alleviating congestion in cities, according to the Asian Development Bank (ADB). In an Asian Development Blog, ADB Transport Sector Group Chief James Leather said investing in the construction of public transport such as railways can spur economic activities and create jobs. Citing the results of a 2020 study by the American Public Transportation Association, Leather said investing in a transit project can create 49,700 jobs per $1-billion investment. It also creates a 5-to-1 economic return. “Urban transport not only supports economic activity but is also a major source of employment in many Asian cities. Economic activities cluster around areas with good accessibility,” Leather said. “More jobs means even more taxes and greater social mobility for new urban populations.” Another study from professional services firm Deloitte, Leather said, explained that investing in public transport is the best way for governments to boost economic growth. In Deloitte’s Infrastructure Asia report, the Philippines was at the bottom rung of Southeast Asian countries along with Lao PDR and Cambodia in terms of quality of overall infrastructure.

Quality infra

THE report examined the relationship between human development and quality infrastructure as well as gross domestic product (GDP) per capita and quality infrastructure. Deloitte stated that in Southeast Asia, the relationships between infrastructure quality and economic and development outcomes are “similarly strong.” “First, infrastructure development has a strong multiplier effect in terms of boosting economic activity and creating jobs. This

means that the final impact it has on economic output is greater than the initial injection of spending,” Leather said. “Second, infrastructure investment is crucial to create a positive legacy of economic growth that is more resilient, sustainable, and productive,” he added. Leather noted that efforts in the region such as the sustainable approach being done in megacities like Manila, Bangkok, and Jakarta which focus on public transport. He noted that Metro Manila could be used as an example of how to better invest in public transport in urban areas. The megacity is also investing in several metro lines and is upgrading its bus services and bicycle lanes. Leather said the government is also investing in elevated walkways, with ADB’s support, covering five kilometers linking different transport hubs. “It is taking a comprehensive approach that combines policy and infrastructure investments,” Leather said.

GDP growth

EARLIER, an economist from the University of the Philippines School of Economics (UPSE) said the country needs to post a GDP growth of 7 percent to 8 percent annually in the next six years in order to regain what the economy lost during the pandemic. In a presentation on Monday at a webinar, UPSE Associate Professor Renato E. Reside Jr. said this level of growth annually, or higher, could help finance future deficits. Reside said higher growth is needed because the next administration must allocate 2 to 3 percent of GDP annually in the next six years as fiscal stimulus to regain the jobs lost during the pandemic. He said the next administration will have to face primary risks for the Philippines which include low GDP growth; fiscal risks from adverse interest rates, exchange rate or offbalance sheet shocks; and external risks such as foreign interest rates and recessions abroad.

DOTr pursuing service contracting program By Lorenz S. Marasigan @lorenzmarasigan

HE Department of Transportation (DOTr) said it is “now preparing measures for the implementation” of the third phase of the service contracting program (SCP) as the Department of Budget and Management (DBM) released last week the P7-billion allocation for the SCP. Transportation Secretary Arthur P. Tugade said the program aims to provide financial support to the transport stakeholders, while likewise providing the public with free rides through its offshoot program, the Libreng Sakay (free ride) service. The P7-billion budget was released on March 21 and was downloaded to the Land Transportation Franchising and Regulatory Board (LTFRB) two days later. “Will this not be a big help for our fellowmen? First, this will provide

our drivers and operators regular payouts amid the rising fuel prices and inflation. The other benefit is that the service contracting will allow the resumption of the Libreng Sakay. The beauty of it is that this will be implemented nationwide,” Tugade said. Under the program, transport service providers and workers will pay operators and drivers based on the maximum number of trips made per week, with or without passengers, and in compliance with agreed-upon performance indicators. Public utility vehicle operators will also receive a onetime incentive of P5,000 per unit to cover “pre-operating costs” while operational incentives will be given on a weekly basis. The program will run until December. According to LTFRB Chairman Martin B. Delgra III the agency is awaiting the results of its application for exemption on disburse-

ments from the Commission on Elections (Comelec) before the program is implemented amid the election period. “O nce we get t he e xemp tion, we will start implementing the program immediately. Currently, the LTFRB is giving operators nationwide an orientation about the program, and operators are submitting their documentar y requirements as attachments to their ser v ice contracts,” he said. The government expects to provide 93 million free rides under the program. The SCP was first introduced through Republic Act 11494 or the Bayanihan to Recover as One Act. It was then extended through general appropriations as a means to cushion the effect of the pandemic on both commuters and drivers. The third phase of the program was included in this year’s general appropriations.

Greenpeace calls on next admin to put climate justice into policy

N V IRONMENTA L group Greenpeace has called on the next administration to put climate justice at front and center of policy agenda as the Philippines officially now becomes a super-typhoon hotspot. This as the Philippine Atmospheric Geophysical and Astronomical Services Administration (Pagasa) recently said super typhoons are no longer aberrations but are the new normal. Based on the new definition of typhoons by Pagasa, the Philippines experienced 7.5 times more super typhoons from 2016 to 2021 than

previously recorded. Pagasa changed the classification of super typhoons from cyclones that exhibit maximum sustained winds of at least 220 kilometers per hour to 185 kilometers per hour. “Based on the old definition, the Philippines encountered only two super typhoons from 2016 to 2021. With the new definition, 14 of the 39 typhoons that passed the country in the last six years can be classified as super typhoons.” Greenpeace Campaigner Virginia Llorin said possibly six of the average 20 typhoons experienced every year in the Philippines can

now be classified under the supertyphoon category. “This is just the tip of the iceberg,” Llorin said. “Science is telling us that we need to prepare for worse scenarios ahead. And without meaningful and urgent climate action, we need to prepare for the worst.” The Intergovernmental Panel on Climate Change (IPCC) report released earlier this month revealed that climate risks are appearing faster and will get worse sooner than previously assessed, and that they have been disproportionately affecting people in highly vulnerable geographies.

Impacts on communities that are least responsible for the climate crisis and least able to cope are also more severe. In the Philippines, the climate crisis has been costing Filipino communities their lives and livelihoods for decades, and according to data from the government, damages from climate impacts has cost the country around P506 billion in the past decade. Greenpeace said that climate will be the defining issue of the next administration. The next president will serve during the decade which is the most crucial window for climate action if we are to avoid the

worst impacts of the climate crisis, according to Llorin. “Filipinos are already suffering from climate impacts and it will get worse,” she stressed. According to Llorin, the climate crisis impacts very fundamental issues namely food, water and energy security, poverty, injustice, health, migration, security and our fundamental rights to life, health, among others. “To secure all these and ensure Filipinos are able to live decent lives free from fear or want, means that climate needs to be the primary lens in government policymaking and implementation,” she said.Jonathan L. Mayuga

PresDU30 HAPPY 77TH BIRTHDAY

A BusinessMirror Special Feature

Monday, March 28, 2022

www.businessmirror.com.ph

It’s business as usual for PRRD as he turns 77

‘M

By Leony R. Garcia

nancial assistance and scholarships to student beneficiaries in state universities and colleges and local universities and colleges (SUCs and LUCs). This law, among others, institutionalized the Free Higher Education (FHE), Tertiary Education Subsidy (TES), Student Loan Program, and Free Technical and Vocational Education and Training (TVET). A total of 1.6 million enjoy this by 2020 which was temporarily halted by the pandemic.

R. President, happy birthday. I wish you good health and happiness,” presidential daughter and vice presidential candidate Inday Sara Duterte-Carpio told reporters when asked if she has any birthday message for her father, President Rodrigo Duterte.

Working President

WITH three months to go before he steps down, it has been business as usual for the Chief Executive. One of his most recent orders was to increase the monthly financial assistance or ayuda to families badly affected by the hike in gasoline prices from P200 to P500. Duterte ordered the Department of Finance to do so because the P200 was too small and could not sustain even a family of three. “I hope that this (P500) would go a long way, really, to help. ‘Wag lang sayangin sa e-sabong,” Duterte said.

He also recently signed a law that allowed full foreign ownership in key sectors like telecommunications, airlines and railways. The law amended the 85-year-old Commonwealth Act 146, known as the Public Service Act and is said to be Duterte's latest attempt to open up the economy even more to foreign businessmen. Last January, he signed into law a bill amending the Retail Trade Liberalization Act of 2000. That new law trims the required capital for foreign retailers from US$2.5 million (approximately P125 million) to P25 million to entice global brands to open their shops here. By easing the country’s protectionist policies, the Duterte administration is hoping that the Philippines can now corner more job-generating foreign capital for Filipinos. Another bill that Duterte signed into law is Republic Act No. 116481, an act “providing for stronger protection against rape and sexual exploitation and abuse, increasing the age for determining the commission of statutory rape.” Under the bill, which is gender neutral, any adult engaging in sexual contact with anyone 16 or under would be committing statutory rape, unless the age difference between them was three years or less and sex was proven to be consensual, and neither abusive nor exploitative.

Economic recovery

TO jumpstart the country’s road to economic recovery, Duterte signed Executive Order No. 166 which laid down a 10-point policy agenda. “There is an urgent need to adopt policies on economic recovery to sustain current economic gains, minimize the pandemic’s long-term adverse effects, and restore the country’s development trajectory,” read Executive Order (EO) No. 166, which was signed on March 21. The 10-point policy agenda, recommended by the Economic Development Cluster, includes strengthening the country’s healthcare capacity and accelerating the Covid-19 vaccination program. The EO stated that restrictions in the use of COVID-19 vaccines by the private sector will be reduced. It also emphasized the further reopening of the economy, expansion of public transport capacity, and resumption of face-to-face learning. The EO also sought to further loosen the requirements for international travel, such as providing quarantine exemptions for vaccinated foreign tourists. Additionally, the government will prioritize the passage of laws to accelerate digital transformation, and to allow the efficient rollout of emergency programs during a pandemic.

Birthday gift

TO celebrate the successful completion of the MRT 3’s massive and comprehensive rehabilitation proj-

AP PHOTO/AARON FAVILA

Duterte-Carpio, who was campaigning in Laguna on March 24, greeted her father four days before his birthday. President Duterte turns 77 years old today. It is a common knowledge that the father and daughter have not been seeing eye-to-eye lately. During an interview with Presidential Communications Secretary Martin Andanar late February, President Duterte said he had talked to his daughter only once about politics “months ago.” “We do not talk about politics — except for once. But I don’t want to discuss it because it was not good. It was between father and daughter. But it was also a conversation about politics,” the president said when asked about his daughter’s tandem with former senator Ferdinand “Bongbong” Marcos Jr. Duterte-Carpio also confirmed in earlier interviews that she has not been talking to her father regarding her vice presidential bid even when President Duterte’s faction in the PDP-Laban adopted her as its vice presidential candidate as early as January this year. The President is expected to spend his birthday with his grandchildren in Davao, something he has been doing even before he became president of the land. It will be recalled that Duterte spent his 75th birthday two years ago all alone at the Bahay Pagbabago, his official residence within the Malacañang complex. He spent his time doing his paper work, reading and monitoring the Covid-19 stiuation. On March 16 of that year, Duterte placed Luzon under enhanced community quarantine and restricted all forms of travel and public transport. This meant that he could not fly to Davao to be with his family. Duterte has always had simple birthday celebrations. His most trusted ally, Senator Bong Go, normally posts photos of the President enjoying a simple birthday meal. “In the long time that I have been with the President, I have come to admire and learn many things from him. One of those is his simple personality. Every time it’s his birthday, he has never had a party to celebrate. So in the 23 years that we’ve been together, I have chosen, like him, not to have a party every time it’s my birthday,” Senator Go posted on his Facebook account last year.

n An independent foreign policy Manila pivoted to Beijing without losing Washington’s friendship and support. The US was forced to return the Balangiga bells of Samar which were seized by the US Army as war trophies after the locals wiped out an entire infantry regiment of 48 men and wounded 78 other American soldiers. The Philippines had demanded the return of the bells which were used to signal the Filipino rebels to attack the US GIs. nUniversal Health Care Insurance coverage expanded from 90 percent of the population to 100 percent. Signed in February 2019, the law ensures that every Filipino, including overseas Filipino workers, are eligible for preventive, promotive, curative, rehabilitative, and palliative care upon automatic enrollment to the government’s health insurance program. Under the law, the Philippine Health Insurance Company (PhilHealth) will have expanded coverage to include free consultation fees, laboratory tests and other diagnostic services. nTax reform

ect, Duterte announced that the MRT 3 will offer free rides from today until April 30. Following its rehabilitation, the MRT-3 now operates at a speed of up to 60 kph instead of the previous 25 kph. The number of trains have also increased to 23. Meanwhile, the waiting time between trains have been reduced from around 10 minutes to as low as 3.5 minutes. Under the MRT-3 rehabilitation project, all of its 72 Light Rail Vehicles (LRVs) were restored, rail tracks were replaced and rehabilitated. Also upgraded were the line's power supply, overhead catenary system, communications and signaling system, stations, as well as depot facilities and equipment.

The legacy

THE 16th president of the Republic of the Philippines, the oldest and the first Mindanaoan, Duterte is sometimes described as a “strongman,” someone who will do what is necessary to get things done. With a presidency disrupted by various calamities including several typhoons and a volcanic eruption, the Marawi siege and the global health pandemic, among others, Duterte stood his ground and successfully hurdled all challenges throughout his term. The other achievements of the Duterte administration include, among others: nEase of Doing Business During the early days of his administration, Duterte directed all

agencies to respond to public requests and concerns within 15 days through the enactment of RA no. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act (EODB Act). Since taking effect in August 2016, the Revised Business Permit and Licensing System (BPLS) standards has seen the increasing compliance of LGUs More than 7.50 million business establishments were registered from 2017 to June 2021. To put an end to the public queuing endlessly in public offices, the administration launched the Central Business Portal (CBP) (www. business.gov. ph) Jan. 28, 2021. This initiative adopted a wholeof-government approach as it linked the Securities and Exchange Commission (SEC), Bureau of Internal Revenue (BIR), social service agencies, and LGUs to allow applicants to transact their business registrations in one website. The average processing time of registering corporations has been reduced from 33 to seven days. nBuild, build, build The Build, Build, Build (BBB) Program under the Department of Public Works and Highways (DPWH) raised infra spending to an average of 5.14 percent of GDP. Duterte poured more money into infrastructure — over P6 trillion in six years — than any president before him. In the last five years alone, the DPWH under Secretary Mark Villar built 145,000

classrooms, 2,000 school buildings, 5,555 bridges, and 26,500 kms. of roads, access roads, expressways, and tollways. nTransportation modernization The Department of Transportation under Secretary Art Tugade made mass transportation safe, reliable, and available. Tugade increased RoRo shipping routes from 120 (servicing 223 ships and 2.8 million vehicles) in 2016 to 181 by 2020. He targets additional 41 to service 325 ships and 4.8 million vehicles. The DOTR completed more than 200 airport projects, 400 seaports, and 21 new lighthouses to reach 564 lighthouses. New airport terminals were built for Mactan, Clark, Ormoc, and Kalibo. Bicol Airport was restarted after an 11-year delay. Night-rated airports increased from 14 in 2016 to 20 by June 2021. Further, the Ninoy Aquino International Airport (NAIA) improved from being one of the worst airports in the world into being the most improved by 2018. Today, building the impossible is underway – the Philippines’ own subway. nFree college education for all According to Duterte, “We expanded the access of Filipinos to quality and equitable tertiary education through RA no. 10931 or the Universal Access to Quality Tertiary Education Act, which I signed on August 3, 2017.” This law provides various fi-

Under Dominguez, the Philippines became one of the fastest-growing economies in Asia. The key tax reform measures passed during Duterte’s first five years were RA No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Law of Dec. 19, 2017 provides hefty income tax cuts for majority of Filipino taxpayers while raising additional funds to help support the government’s accelerated spending on its “Build, Build, Build” and social services program. RA No. 11213. Tax Amnesty Act, Feb. 14, 2019, on the other hand, offers a one-time opportunity to taxpayers to settle estate tax amnesty program that gives reasonable tax relief to estates with outstanding estate tax liabilities RA No. 11346. Tobacco Tax Law, July 25, 2019, increases the excise taxes on tobacco products (e.g., cigars, cigarettes) and subjects to excise taxation and regulation of heated tobacco products, and vapor products, popularly known as electronic cigarettes. RA No. 11467. Sin Tax Law, Jan. 22, 2020, increased taxes on alcohol beverages and electronic cigarettes. In 2019, Duterte achieved the highest-ever tax revenue as a percentage of the Gross Domestic Product, 16.1 percent with a 20162019 average ratio of 15.3 percent. On March 26, 2021, Duterte signed into law RA no. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), the second package under CTRP. CREATE is the largest fiscal stimulus for businesses in recent history, projected to provide private enterprises more than P1 trillion worth of tax relief over the next 10 years. “Thanks to Congress and our revenue generating agencies, our tax reforms sustained our economic growth from the third quarter of 2016 to the fourth quarter of 2019, which made the Philippines one of the fastest growing economies in Asia, until the pandemic scourge,” Duterte said in his SONA on July 26, 2021.

Agriculture/Commodities

A4 Monday, March 28, 2022 • Editor: Jennifer A. Ng A8

BusinessMirror

www.businessmirror.com.ph

PHL corn imports may go up by 50%–report By Jasper Emmanuel Y. Arcalas @jearcalas

HE Philippines’s corn imports in marketing year (MY) 20222023 may expand by 50 percent to 750,000 metric tons (MT) as importers will try to fill the anticipated supply gap in feed wheat due to the Ukraine-Russia conflict, an international agency said. “Post forecasts MY 2022/23 corn imports at 750,000 MT, up 250,000 MT from the previous year, due to the disruptions and market uncertainty

of feed wheat caused by the Ukraine conflict,” the United States Department of Agriculture-Foreign Agricultural Service in Manila (USDAFAS Manila) said in its latest report published recently. The USDA-FAS Manila noted that the country’s corn imports in MY 2021-2022 reached 500,000 MT. The marketing year for corn starts in July and ends in June of the following year. The agency said higher corn demand from the poultry sector, which is expected to grow by as much as 2

percent, would offset the constrained demand from the livestock sector, which is still reeling from the impact of African swine fever (ASF). “Moreover, there is an ongoing effort at the Tariff Commission to reduce the MFN [most favored nation] corn tariff rate to 5 percent and raise the Minimum Access Volume to 4 million MT [MMT] to lower the cost of production for pork and poultry,” it said. “Proponents of the petition note that feed constitutes about 70 percent of the total cost of production,

and corn represents half of feed costs. The Tariff Commission held a public hearing on March 18, 2022, with results expected in the coming weeks.” The USDA-FAS Manila projected that local corn production in MY 2022-2023 would increase by 2.46 percent to 8.3 MMT from 8.1 MMT in the previous MY. The agency attributed the increase to “favorable farm-gate prices tempered with high fertilizer costs.” It said the Philippines’s total corn consumption in the current MY would expand by 300,000 MT to 9 MMT due to “higher feed wheat prices.” Out of the total estimated corn consumption, about 6.9 MMT would be for animal feeds. “Post raises MY 2021/22 feed consumption by 200,000 MT due to

the disruptions from the conflict in Ukraine reducing feed wheat availability,” it said. “The Bureau of Animal Industry reported several Highly Pathogenic Avian Influenza outbreaks in January and February 2022, which Post does not expect to affect broiler or layer production.” The Philippine Maize Federation Inc. (PhilMaize) earlier said it does not see the need to reduce tariffs on corn as local corn is still cheaper than imports from the United States and Brazil. PhilMaize claimed that the price of local corn nationwide averaged at P21 per kilogram (kg), or P3 lower than the average price of P24.50 per kg for imported corn from the US and Brazil. “It is rather disturbing why we want

to favor other nations’ corn when our own is much cheaper and could help local corn farmers,” PhilMaize said in its position paper on the proposed tariff reduction on imported corn. Disputing statements from “unidentified self-interest groups,” PhilMaize said there is no empirical study that would show the “direct correlation” between corn prices and prices of meat products in the market. “Data from the economic studies have shown that there is no empirical direct correlation on corn prices against increases or decreases of meat and poultry prices in the market contrary to claims of the self-interest groups that made the corn industry more vulnerable in the advent of ASF and now implicated in the RussiaUkraine war.”

Ducks, quails culled to prevent spread of avian flu T

HE Philippines culled over 40,000 birds, mostly ducks and quails, to curb the spread of bird flu, the government said in its latest report to the World Organisation for Animal Health (OIE). The government also confirmed to the OIE an outbreak of the HPAI subtype H5N8 in a farm in Pampanga. In two reports to the OIE, which were published recently, the Philippines said it recorded 17 more outbreaks of bird flu in the country, 16 of which were caused by the HPAI H5N1 strain. Based on the reports, the government said 13 outbreaks had already been resolved, including the very first H5N8 outbreak. The 17 new outbreaks reported to the OIE had a total susceptible bird population of about 23,561, which were mostly ducks and quails from backyard farms. The Philippines’s reports showed that about 15,899 birds died from bird flu while 7,636

were culled. Since confirming the resurgence of bird flu this year, the Philippines has culled 46,444 birds while 60,289 birds died due to the disease, based on the country’s reports to the OIE. In its second-follow up report regarding the H5N1 outbreaks in the country, the Philippines said the new outbreaks were recorded in Nueva Ecija (six outbreaks), Camarines Sur (six outbreaks), Laguna (two outbreaks), Bataan (one outbreak) and Tarlac (one outbreak). The 16 H5N1 outbreaks resulted in the death of 15,899 birds and the culling of 4,906 birds. In a separate report, the Philippines confirmed the very first H5N8 outbreak in a farm in Pampanga, which resulted in the culling of 2,730 ducks. The BusinessMirror broke the story last February that the Philippines lost its bird-flu free status after the government reported its first

confirmed outbreaks of HPAI H5N1 that killed over 42,000 quails and ducks in four Central Luzon farms. (Related story: https://businessmirror.com.ph/2022/02/22/ phl-reports-new-avian-flu-outbreaks-in-central-luzon-farms/) The confirmation of bird flu outbreaks in Luzon led to the imposition of inter-island movement restrictions on poultry products by certain local government units (LGUs). Earlier this month, poultry industry leaders warned of a supply imbalance for table eggs and chicken meat as LGUs in Luzon and Visayas imposed entry bans for poultry products due to bird flu concerns. The bans were deemed “over-andabove” the guidelines of the Department of Agriculture (Related story: https://businessmirror. com.ph/2022/03/08/lgu-curbscould-tilt-table-eggs-chickenmeat-supply-balance/). Jasper Em-

manuel Y. Arcalas

Nickel market still broken as price swings wildly on low volume

ICKEL prices swung sharply in barely-there volumes at the end of a tumultuous week on the London Metal Exchange, in which futures spent most trading sessions locked either limit-up or limit-down. Since reopening on March 16, Friday was only the second day that the nickel market remained within the LME’s new daily price limits as it seeks to reset after a massive short squeeze sent prices spiking. But the extreme lack of liquidity in the market has left it exposed to erratic moves—prices rallied more than 9 percent and then fell as much as 7.4 percent in just the first 45 minutes of trading. The ongoing turmoil is raising questions about the role and future of the LME as the place where benchmark prices are set for some of the world’s most important industrial metals. The exchange has come under furious criticism for its handling of this month’s nickel crisis. And traders remain wary of the threat of another squeeze—there are still large short positions in the market that would have come under growing pressure during a two-day limit-up spike earlier in the week. The LME suspended trading for a week and canceled billions of dollars worth of transactions earlier this month as it sought to rein in the runaway short-squeeze centered on China’s Tsingshan Holding Group Co. Tsingshan struck a deal with its banks to avoid further margin calls, allowing the market to reopen last week, and said it would reduce its short position in the future.

PHOTO shows an excavator in a pit at a nickel mine. PHOTOGRAPHER: DIMAS ARDIAN/BLOOMBERG

However, trading has been effectively frozen for much of the time since the market reopened last week, with prices falling by a daily limit for several days. While the market saw some real trading on Tuesday, the price surged limit up on both Wednesday and Thursday. Futures hit a record of $101,365 a ton on March 8, before the LME halted trading and canceled the day’s deals, in a bid to ease the pressure on brokers and bearish position holders facing huge margin calls. Prices are still up 45 percent this month, set for the biggest gain since 1988, and the LME on Friday said it will nearly double the size of its default fund in response to the recent volatility. Tsingshan owner Xiang Guangda started buying contracts on the London Metal Exchange to reduce his short bets as the nickel market

briefly unfroze this week, Bloomberg reported on Thursday. The move reduces the size of the potential pain for Xiang and his banks as prices are on the march again. However, the businessman and his allies have only reduced a portion of their total short position, and still hold large bets on falling prices, the people said. And many other industrial consumers and physical traders also have large short positions in the market, data from the bourse show. Nickel was trading 5.5 percent lower at $35,175 a ton as of 5:43 p.m. local time, having earlier slumped by $6,200 from its intraday high, in the second biggest intraday swing on record, excluding trading on March 8. Other metals were mixed, with copper falling 0.9 percent while zinc climbed 0.8 percent. Bloomberg News

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Editor: Angel R. Calso

Rocket attacks hit Ukraine’s Lviv as Biden visits Poland By Cara Anna

The Associated Press

VIV, Ukraine—Russian rockets struck the western Ukrainian city of Lviv on Saturday while President Joe Biden visited neighboring Poland, a reminder that Moscow is willing to strike anywhere in Ukraine despite its claim to be focusing its offensive on the country’s east. The back-to-back airstrikes shook the city that has become a haven for an estimated 200,000 people who have had to flee their hometowns. Lviv had been largely spared since the invasion began, although missiles struck an aircraft repair facility near the main airport a week ago. Among the many who sought refuge in Lviv was Olana Ukrainets, a 34-year-old IT worker from the northeastern city of Kharkiv. “When I came to Lviv, I was sure that all these alarms wouldn’t have any results,” Ukrainets told The Associated Press from a bomb shelter after the blasts. “Sometimes when I heard them at night, I just stayed in bed. Today, I changed my mind and I should hide every time. … None of the Ukrainian cities are safe now.” The city was home to about 700,000 people before the invasion. Some who no longer feel safe here will head for nearby Poland. Biden met there Saturday with refugees in a show of solidarity, though he was in the capital, Warsaw, and far from the Ukrainian border, which is about 45 miles (72 kilometers) west of Lviv. Lviv also has become a humanitarian staging ground for Ukraine, and the attacks could further complicate the already challenging process of sending aid to the rest of the country. The first strike involved two Russian rockets that hit an industrial area in the northeastern outskirts of Lviv and apparently injured five people, the regional governor, Maksym Kozytskyy, said on Facebook. A thick, black plume of smoke billowed from the site for hours.

A second rocket attack occurred just outside the city hours later and caused three explosions, Kozytskyy told a press briefing as another round of air raid sirens wailed. He said an oil facility and factory connected to the military, both in areas where people live, were struck Saturday, though he didn’t give more details. In the dim, crowded bomb shelter under an apartment block a short ways from the first blast site, Ukrainets said she couldn’t believe she had to hide again after fleeing from Kharkiv, one of the most bombarded cities of the war. “We were on one side of the street and saw it on the other side,” she said. “We saw fire. I said to my friend, ‘What’s this?’ Then we heard the sound of an explosion and glass breaking. We tried to hide between buildings. I don’t know what the target was.” Kozytskyy said a man was detained on suspicion of espionage at one of the explosion sites Saturday after police found that he had recorded a rocket flying toward the target and striking it. Police also found on his telephone photos of checkpoints in the region, which Kozytskyy said had been sent to two Russian telephone numbers. The day’s events were enough to make some people in Lviv prepare to move again, said Michael Bociurkiw, a senior fellow with the Atlantic Council who was in the city. “I saw some Kyiv cars being packed up,” he said. It was a significant turn in a week where the city had begun “roaring back” to life after weeks of war, he said. He believes the city could remain a target, noting that Lviv was the birthplace of Ukrainian nationalism. “It’s getting closer,” he said of the war. Some witnesses were in shock. “It was really close,” said Inga Kapitula, a 24-year-old IT worker who said she was 100 or 200 meters (yards) away from the first attack and felt the blast wave. “When it happens, your body’s in stress and you’re super calm and organized.”

Saudi airstrikes hit Yemen’s Houthis after Jiddah attack

ANA A, Yemen—A Saudi-led coalition fighting Iran-backed Houthi rebels in Yemen unleashed a barrage of airstrikes on the capital and a strategic Red Sea city, officials said Saturday. At least eight people were killed. The overnight airstrikes on Sanaa and Hodeida—both held by the Houthis—came a day after the rebels attacked an oil depot in the Saudi city of Jiddah, their highest-profile assault yet on the kingdom. Brig. Gen. Turki al-Malki, a spokesman for the Saudi-led coalition, said the strikes targeted “sources of threat” to Saudi Arabia, according to the staterun Saudi Press Agency or SPA. He said the coalition intercepted and destroyed two explosives-laden drones early Saturday. He said the drones were launched from Houthiheld civilian oil facilities in Hodeida, urging civilians to stay away from oil facilities in the city. Footage circulated online showed flames and plumes of smoke over Sanaa and Hodeida. Associated Press journalists in the Yemeni capital heard loud explosions that rattled residential buildings there. The Houthis said the coalition airstrikes hit a power plant, a fuel supply station and the state-run social insurance office in the capital. A Houthi media office claimed an airstrike hit houses for guards of the social insurance office in Sanaa’s Haddah neighborhood, killing at least eight people and wounding four others, including women and children. The office shared images it said for the aftermath of the airstrike. It showed wreckage in the courtyard of a

social insurance office with the shattered windows of a nearby multiplestory building. Hamoud Abbad, a local official with the Houthis in Sanaa, said the facility is located close to a building used by the U.N. agencies in the capital. He claimed that U.N. vehicles were seen leaving the area prior the airstrikes. In Hodeida, the Houthi media office said the coalition hit oil facilities in violation of a 2018 cease-fire deal that ended months of fighting in Hodeida, which handles about 70% of Yemen’s commercial and humanitarian imports. The strikes also hit the nearby Port Salif, also on the Red Sea. Al-Malki, the coalition spokesperson, said it targeted drones being prepared in Hodeida to be launched on the Kingdom. He accused the Houthis of using civilian infrastructure, such as Hodeida’s ports and the Sanaa airport, to launch attacks on Saudi oil facilities, according to SPA. Late Wednesday, coalition airstrikes rained on Houthi-held areas in Hodeida, al-Malki announced. No immediate casualties were reported. A U.N. mission overseeing the Hodeida deal voiced concern about the airstrikes and urged warring sides to “maintain the civilian nature of the ports and avoid damage to civilian infrastructure.” “Once again we are seeing civilians bearing the brunt of this conflict which is just getting worse every year,” said Erin Hutchinson, Yemen director at the Norwegian Refugee Council, a charity working in Yemen. “This escalation is going to do nothing to elevate the hardships that millions are going through.” AP

Monday, March 28, 2022

Biden calls for Putin’s removal in risky escalation over Ukraine

S President Joe Biden called for the ouster of Vladimir Putin, an unscripted and revealing aside that risks emboldening an already erratic and paranoid Russian leader who ordered the invasion of Ukraine. Biden took the stage in Warsaw on Saturday evening to deliver one of the most consequential speeches of his presidency, evoking Ronald Reagan among the Cold War foes of Soviet domination and warning the world to steel for a long battle in the fight for Ukraine against Putin. He closed his address with an eyebrow-raising comment: “For God’s sake, this man cannot remain in power.” The ad-libbed remark represents a rare call by a US president for another leader’s removal. Several White House officials quickly attempted to walk back the comments, yet Biden’s tone redefines the stakes of the conflict -- and potentially fuels Russian propaganda, which has sought to justify Putin’s attack on Ukraine with false claims of a need to respond to NATO aggression. “A dictator bent on rebuilding an empire will never erase a people’s love for liberty,” Biden said. “Brutality will never grind down their will to be free. Ukraine will never be a victory for Russia, for free people refuse to live in a world of hopelessness and darkness.” Earlier in his visit to Poland, the biggest recipient of Ukrainian refugees, Biden called Putin “a butcher.”

His words will revive a debate back home in the US, which has a checkered history of intervening abroad and just emerged bruised from a chaotic exit out of Afghanistan. Republican Senator Lindsey Graham had drawn controversy by calling on Russians to take out Putin. Kremlin spokesman Dmitry Peskov replied that Putin’s future isn’t for Biden to decide. “The president of Russia is elected by Russians,” Peskov told Reuters. Daily insults of Putin “narrow the window of opportunity for normalizing dialogue, so much needed now, with the current US administration,” Peskov told Bloomberg News in response to a request for comments on Biden’s remarks. Biden’s improvised finale to his speech marks an escalation to what was an otherwise closely choreographed trip designed to showcase unity among NATO and European allies without tipping the geopolitical scales. Putin now joins the ranks of Nicolas Maduro, Bashar al-Assad and Saddam Hussein as pariahs who presidents openly wanted out of office.

Unintended consequences

What makes the situation more

pledging further aid and seeking to cut off Russia’s natural-gas revenue. He visited US troops stationed in Poland about an hour from the Ukrainian border on Friday. On Saturday, he held talks with two top Ukrainian officials, met Poland’s president and comforted refugees from Ukraine at a Warsaw stadium. A few hours later, he stepped into the outdoor courtyard of the Royal Castle in Warsaw, where hundreds of dignitaries lined up hours earlier to watch his speech. Some waved Ukrainian or US flags, and some cheered with each line.

President Joe Biden delivers a speech at the Royal Castle in Warsaw, Poland on March 26, 2022. Bloomberg photo

charged is that Putin is at the helm of a nuclear-armed major power in the middle of an invasion. That presents a different calculus, especially given the concerns among US officials of what Putin is capable of when cornered. It remains unclear to what extent Biden’s comments signaled his true aim. Biden’s unexpected f lourish capped a speech that began with the legacy of Polish-born Pope John Paul II -- who famously said people shouldn’t be afraid in fighting repression -- and built to a critique of Putin. “There’s simply no justification or provocation for Russia’s choice of war,” he said. “And it’s Putin, it’s Vladimir Putin who’s to blame, period.” Biden’s trip previously plotted a more conventional strategy of rallying support among allies, announcing new sanctions against Russia,

‘Strategic failure’

Biden declared Russian’s invasion of Ukraine “a strategic failure” and touted the commitment to Article 5, the North Atlantic Treaty Organization’s mutual defense clause. “Don’t even think about moving on one single inch of NATO territory,” Biden said. Other elements of Biden’s trip still lack detail. A deal with the EU to wean Europe off Russian natural gas will take years to come to fruition, and it isn’t clear where a promised additional 15 billion cubic meters to Europe this year will come from. An administration plan to accept as many as 100,000 people from Ukraine doesn’t have a timeline yet. Biden also left the continent without wavering on the US rejection of Ukrainian pleas for certain kinds of military aid, including supplying fighter jets or enforcing a no-fly zone to close Ukraine’s skies. The US also is cool to other suggestions, including some type of peacekeeping force. Even so, Biden said his message to Ukraine was firm: “We stand with you, period.” Bloomberg News

Shanghai reports record infections as authorities expand Covid testing

hanghai health officials once again resisted a citywide lockdown even as new Covid-19 cases hit a fresh record, while the country’s railway operator halted sales of passenger tickets for trips beginning April 8. The city reported 2,269 new infections on Friday, a jump of over 40% from a day earlier, according to data from the municipal health commission. Only 38 of the new patients displayed symptoms, according to the commission. The surge pushed daily total cases in China to 5,600, according to data from the National Health Commission. That’s the most in more than two years. Shanghai has seen case numbers grow rapidly in the past month, with

scores of buildings and apartment blocks locked down and residents confined at home. While the financial hub’s officials have ruled out fully isolating the city, parts of it will be sealed off and further tested in a move some fear will plunge it into a de-facto lockdown. Frustrated residents are struggling to secure fresh food, while accessing medical care gets harder as select hospitals prioritize Covid patients and close out-patient services. “If the city of Shanghai stops, there will be many more international freighters floating in the East China Sea, which will affect the economy of the entire country and the globe,” Wu Fan, a member of the Shanghai Covid-19 expert team, said

in a press conference on Saturday. China’s railway operator also announced on Saturday passenger ticket sales for trips from April 8 will be temporarily halted to “optimize and adjust” the train route map. The operator said it expected to resume sales from April 2. Vice Premier Sun Chunlan, China’s top official overseeing pandemic control and prevention, on Friday asked officials to bring Jilin—another region experiencing a surge in new cases—to a standstill for three to five days in order to cut off community spread of the virus. During this time, officials can conduct mass nucleic acid testing, thorough contact tracing and disinfection to manage risk groups, she said during

a meeting on Covid-19 prevention and control in the city of Jilin. Following the death of a Shanghai nurse from asthma Wednesday night after being turned away from the hospital, Shanghai authorities vowed to ensure healthcare services for residents under lockdown. Health facilities shouldn’t close or restrict access to departments including emergency rooms, fever clinics and intensive care units unless absolutely necessary, officials said Saturday. The city is also starting to roll out rapid antigen tests to a few districts, including Jing’an district. The tests are designed to supplement existing nucleic acid tests to help discover cases early. Bloomberg News

NATO deputy: Putin can’t win his ‘unprovoked, illogical’ war

UC H A R E S T, R om a n i a — NATO Deputy-General Secretary Mircea Geoana says that Russian President Vladimir Putin’s month-old “barbaric war” against Ukraine is a war he cannot win. In an interview with The Associated Press, the former Romanian foreign minister and ambassador to the United States added that NATO would be “forced to take appropriate measures” in the event of a chemical or nuclear attack, which follows a string of ominous comments from Moscow officials who refuse to rule out their use. He declined to say what those measures would be. “NATO is a defensive alliance, but also it’s a nuclear alliance,” he said. “If they will be using chemical weapons or other kinds of higherend systems against Ukraine, this will be changing fundamentally the nature of the war that Mr. Putin has waged against Ukraine.”

“I can guarantee that NATO is ready to respond proportionately,” he added. Geoana said Russia’s attack on a theater in the besieged port city of Mariupol, which Ukrainian authorities said Friday killed about 300 civilians, is “another proof that Putin’s war is a war that is unprovoked, illogical, and also barbarian.” “We hope that Mr. Putin will not go even further down the road of war crimes, and even more devastation against a sovereign nation,” he said. But the brutal war that Russia has waged since Feb. 24, is having the opposite effect to what Putin hoped for, the NATO official said, and has only united the West and worked to bolster the 30-nation defensive alliance. At a NATO summit on Thursday, alliance leaders agreed to launch four new Eastern Flank battlegroups—which usually number around 1,000-1,500 troops—to Slovakia, Hungary, Romania and

Bulgaria. “These groups are already constituting themselves,” Geoana, a former foreign minister in his native Romania, said. “I can anticipate that this will be a matter of a few months before we see these battlegroups up and running and fully functional.” If the “very poorly planned and executed” military campaign continues to drag on for Putin’s forces, who many observers say are floundering on the battlefield, Geoana believes that it could raise the stakes for miscalculations by the Russian leader. “We see that for the time being, the Russian military planning is trying to reassess the situation — to try to compensate for the massive losses in people and material that they suffered in the first month of the war.” Geoana said the combination of harsh economic and individual sanctions on Russia and big losses mili-

tarily may eventually make Putin rethink his offensive on Ukraine. “Mr. Putin probably believed his own post-imperial fantasies, thinking that Ukrainians will welcome them with open arms,” he said. “In fact, they got very fierce resistance. We are convinced that today, even with reinforcements that are still coming into Ukraine, Russia does not possess the forces and the capacity to occupy the whole of Ukraine.” By Geoana’s estimation, the Putin regime’s most significant mistake was underestimating “the bravery of the Ukrainian army” and the “unity of the political West.” “We are supporting Ukraine in many many ways, in defense terms, in financial terms, in humanitarian terms,” he said. “When the time will come, and that time will come, we’ll also help Ukraine reconstruct, rebuild their nation because they earned our admiration—they deserve our support.” AP

A10 Monday, March 28, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Whom to elect: Not that simple

S the national election campaign both “heats up” and “winds down” to its conclusion on May 9th, some things are obvious. This election is continuing the tradition of being about the person and not the policies. Anyone who says that our elections should be about policy positions and not “personality” is unrealistic. We might not like a particular policy position. We might question the candidate’s ability to successfully implement that policy. But the reality is that it is the “person-of-the-candidate” that is being raised up or knocked down. The leading candidates have offered many specific ideas to fulfill their policy objectives. Yet an Internet search using a candidate’s name shows entry after entry on personal characteristics, not proposals. A recent newspaper article: “Analysts decry unclear foreign policy direction. There is a lack of a clear foreign policy direction, and they are unlikely to advance Philippine interests in case they get elected, political analysts said at the weekend.” Which candidate? All of them. “The more prominent presidential candidates only have general statements on specifics issues.” Is that statement accurate or is it that no one wants to remember the specifics because no one cares? Another truth is that the world has been shattered since the last Certificate of Candidacy was filed. The world is in more chaos every day. While some supporters of the leading candidates want to believe that their candidate was chosen to lead by Divine Inspiration, none have shown any indication that they can turn water into wine. They are also mere mortals. As such, we hope that they are following the news just like we are doing. The past weekend, US President Biden gave a speech while he was in Poland. At the end of his fiery speech meant to bring Western allies together—and not part of the prepared remarks—Biden said of Vladimir Putin: “For God’s sake, this man cannot remain in power.” Having previously called Putin a “butcher” and “war criminal,” this was a huge escalation. The White House immediately stepped back on that comment with “the President’s point was that Putin cannot be allowed to exercise power over his neighbors or the region. He was not discussing Putin’s power in Russia, or regime change.” Biden is either a babbling fool who has no idea what he is saying, or he accurately expressed the mindset of US war planners. Either way, the long-term danger level of the conflict was considerably raised. Any retracement from Biden’s comment is damage control and not very good at that. As one commentator said, “The world heard it. No way to un-ring that bell.” The point is that the current presidential campaign rhetoric could become meaningless in the blink of an eye. No amount of “motherhood” and “unity” statements is going to substitute for options and actions after the inauguration. And even well thought out policies could be as useful as yesterday’s newspaper. Social issues such as “feminists assess Robredo’s conservative stand on gender issues” and “Pacquiao won’t allow divorce if he wins” are so easy to campaign on. Everyone has an opinion that is not going to change in the short term. But the fate of the nation is not dependent on these matters. Issues like government debt may be more important. Here also, the candidates’ rhetoric may be as shallow as their knowledge. The conversation ranges from “Government debt is BAD” to “Government debt is manageable,” but there is much in between. An International Monetary Fund study highlighted that the amount of foreign ownership of local currency denominated can be serious. But the study revealed that of all emerging markets, the Philippines had the lowest risk, followed only by India. The decisions that the president must make are part of complicated and complex issues. It is unfair to the people to treat these issues as one-sentence campaign slogans.

Aging and the economy Atty. Jose Ferdinand M. Rojas II

RISING SUN

came across a write-up on the Internet that talks about how the world can improve the economy by addressing health problems related to aging. According to studies on the matter, people care about having a good quality of life in their later years, but they don’t necessarily prefer to live longer if they will have to spend these years dealing with debilitating illnesses. The studies also show that people are willing to pay trillions of dollars to add one healthy year to their lives. We all know that the economic implications of aging in bad health are staggering. In the US, for example, a person in his 60s will have to spend $142,000 to $176,000 on standard

long-term care the moment he starts needing these services. And if we multiply this by the number of our aging population needing care, then we’ll have an idea of how huge an impact this has on our economy. This is most likely why the wellness revolution has gained so much

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momentum and why it’s presently a multibillion-dollar industry, which continues to grow. But for sure, we can always engage in the simple but proven ways to stay healthy and save money at the same time—like doing regular exercises, gardening, etc. These activities are not just good for our bodies, but also for our minds. We need this especially now that we are facing numerous challenges and crises related to our environment, political stability, public health, etc. Along with exercise, disconnecting from the Internet is one excel-

Provincial buses and Metro Manila

Since 2005

✝ Ambassador Antonio L. Cabangon Chua

There are those who think it’s a good idea to get away from it all not just for a few days, but perhaps permanently. And that’s why there are property buyers who choose to relocate to the countryside, or to places outside the city centers.

Thomas M. Orbos

STREET TALK

here’s a fairly heated discussion in the public transport sector about a proposal to re-allow provincial buses to enter Metro Manila. With the pandemic almost over, provincial commute has returned close to its pre-Covid situation, with much of the provincial routes resuming and a 100 percent passenger capacity now allowed. There is, however, one stark difference—there is now a need for the these buses to utilize the government mandated provincial terminals at both ends of Metro Manila, namely the Parañaque Integrated Terminal Exchange for the South/Southwest corridor and the North Luzon Express Terminal for the North corridor. On one side of the issue are the bus operators, now forced to abandon their individually operated terminals, mostly along the congested Edsa corridor, and at the other side are the government transport policy makers and regulators in Department of Transportation and Metropolitan Manila Development Authority (MMDA), who would rather maintain the newfound light traffic in Metro Manila. Both sides invoke commuter interest and welfare in their arguments. With the peak commuter season of what is now a more Covid-relaxed Holy Week just a few weeks away, this may turn into a bigger headache unless more levelheaded discussions come into play. For one, it is not as simple anymore to bring in these buses to

their old individual terminals in Metro Manila. The Edsa Bus Carousel, established during the pandemic, has proven to be effective in decreasing bus congestion and bus commuter time in Edsa. But with its location on the left most lane, as well as the bike lanes along the curbside (also started in this pandemic and which is expected to remain in the new normal), Edsa is now left, strictly speaking, with just three lanes for other vehicles. With this major overhaul, bringing back provincial buses to enter and exit their Edsa terminals would bring worse traffic than before. One more thing, affected local government units where these terminals are located have upgraded their standards of terminal condi-

On the whole, the outlying provincial bus terminals will be beneficial to all parties once every part of the ecosystem will be in place. For operators, it would result in business efficiencies. For commuters, convenience without added cost. For us Metro Manilans, less traffic and its residual cleaner environment. The advantages are worth the wait regardless of the present inconvenience we have to go through.

tions to the point that none of the present terminals could be issued permits to operate. However, there is truth in the argument by the bus operators of commuter inconvenience with the present system of using the outlying terminals as required by the government. This is borne by the shortage of commuter buses that would ferry them to and from the city. There had been stories of commuters stranded for hours before getting a ride to Metro Manila. However, such a problem can be resolved quickly by adding more commuter buses to ply these routes. Another good temporal measure has been offered by the new MMDA Chairman Romando Artes, who proposed a 10 p.m. to 5 a.m. window where provincial buses will be allowed to go directly to their old terminals while a more longterm solution is being studied. This scheme, acceptable to both the bus

lent self-care tool to promote good health and longer life. Remember that “headline stress disorder” is real, however ridiculous it might sound to some people. Some people are, indeed, vulnerable to anxiety and stress caused by reading or watching distressing news reports. There are those who think it’s a good idea to get away from it all not just for a few days, but perhaps permanently. And that’s why there are property buyers who choose to relocate to the countryside, or to places outside the city centers. Again, we turn to research to find proof that the places that might help a person live long are those that offer “better quality and quantity of health care, more moderate climates, lower crime rates, less pollution, and higher socioeconomic status.” Living on a farm, by the beach, or in a quiet home in the province seems to be the ideal retirement home for aging citizens.

operators and central terminal owners, will provide an immediate relief to many people especially during the Holy Week and summer. One lesson learned from this is that a central city terminal may be considered to provide a more convenient and efficient services. This central terminal should not be in Edsa, yet should be strategically located to allow commuters access to other transport corridors, especially rail. A good location would be the Monumento area where the Light Rail Transit lines 1 and Metro Rail Transit, plus the Philippine National Railways line, converge. Another would be the Pandacan area where there is access to LRT line 1, PNR rail as well as the Skyway network. Such a central terminal/s can also accommodate direct trips to and from the nearby provinces of Bulacan and Cavite, without having to pass by the North Luzon expressway and Parañaque Integrated Terminal Exchange. On the whole, the outlying provincial bus terminals will be beneficial to all parties once every part of the ecosystem will be in place. For operators, it would result in business efficiencies. For commuters, convenience without added cost. For us Metro Manilans, less traffic and its residual cleaner environment. The advantages are worth the wait regardless of the present inconvenience we have to go through. The author may be reached via thomas_orbos@ sloan.mit.edu

Opinion BusinessMirror

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Tax financing a bankrupt state

What does the taxman say? Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Third part

ultilateral institutions like the World Bank, International Monetary Fund, Asian Development Fund, and the Organization for Economic Co-operation and Development, have long espoused that addressing the fiscal woes of under-collection of taxes is best addressed by enhancing the efficiency of the tax administration. When I was the Commissioner of the Bureau of Internal Revenue more than 10 years ago, I proceeded with my mandate of being the chief tax collector of the land by instituting several programs that encompassed all aspects of efficient tax management. There are ample facets of tax administration processes, systems, and procedures that can be improved, aside from the commonly focused areas of collection of taxes and enforcement activities of the BIR.

During my administration, I also made sure to dwell on the other aspects of tax management that included taxpayer education and assistance (with “Making the Public Know” as the thrust of my term as Commissioner), communication, human resource development and training, other stakeholders’ engagements, leadership development, governance, and use of technology. I am glad that the annual reports of the BIR covering my term as Commissioner from 2009 to 2010 are still available on the BIR web site. These could be accessed at https:// www.bir.gov.ph/images/bir_files/old_ files/pdf/2009_annual_report.pdf and https://www.bir.gov.ph/images/ bir_files/old_files/pdf/59828bir%20 annual%20report%202010%20b.pdf. Thus, I can confidently say that tax financing or reliance on tax and tariff revenues can be a panacea to address the woes of a bankrupt state as I have been discussing in my previous articles. This increase in tax revenues can be achieved without the need for the passage of whimsical tax measures and laws. It is sufficient that the state relies on the enhancement of tax administration to achieve this outcome. In this way, the taxpaying public will not be burdened by new tax measures that will require more money and effort to comply from taxpayers, while at the same time adding to the burden of the tax collectors already busy collecting their trillions of pesos budget. Proceeding in this direction, it is best that the tax collector maintain the diligence and mindset of a good provider or good father of the family. Just like a father who assumes full re-

sponsibility of providing for the ever increasing day to day requirements of his family, the tax collectors of the land, led by the Commissioners of the BIR and Bureau of Customs, should be able to provide the much-needed resources and revenues to resuscitate a state that is beset by the dilemma of increasing expenditures, a gargantuan debt to service, and dwindling tax collections brought about by the economic slowdown resulting from the Covid pandemic. The actions of the tax collectors should be done the soonest and the fastest way possible. This can be accomplished by immediately looking for the “low hanging fruits” and “quick wins” that will bring fresh funds from tax collections. To follow are the transformative enhancement of tax administration that can be implemented within a medium term or long term horizon. For both of these approaches, the tax commissioners can utilize existing technologies that can be adapted quickly to bring in enhancements in the tax administration and collection processes. (To be continued) Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts articles for potential publication from the business and academic community. Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

have been teaching Wills and Succession in several law schools for the past 20 years. I know more than enough about properties belonging to the estate of the decedent for tax purposes. Some Marcos apologists claim that assets that may have been illegally acquired should not form part of the gross estate. Article 774 of the New Civil Code does not distinguish and it simply states that properties, rights, and obligations owned by the decedent shall be transmitted to his heirs upon his death. My rudimentary knowledge of tax law tells me that government is given much flexibility as to what will be included in the gross base. Under income taxation, illegal income is most definitely part of taxable income in the hands of anyone. Otherwise, such would countenance a wrongdoing and reward evildoers. The burden of paying such estate taxes falls on the administrator or the heirs themselves, which, in this case, include Ferdinand “Bongbong” Marcos. Worthwhile to add is that the current estate tax liability of the Marcos heirs does not cover those sequestered properties, as per the opinion of former BIR Commissioner Kim Henares. All non-tax lawyers like myself perhaps remember that taxes are the lifeblood of the government. All taxpayers pay a certain sum for an orderly society without which the government cannot function properly. Further, tax rates are premised on the doctrine that those who have more in life should have more responsibility in law. But about little details and applicable procedures, I asked a reputable tax law professor, Michael Dana Montero of Ateneo Law School. With conviction and insightful analysis, he shared what he knows about the Marcos estate tax case. Professor Montero said that the more you deviate from the law, the more power is given to the government to go after you. Relative to the Marcos case, he opined that the Court was very clear that the period within which time the government can run after the tax liabilities of an offender is the longer period of 10 years and not just 3 or 5 years. The application of the much longer period was justified by the fact that no return was filed for the estate despite the BIR satisfying the requirement of proper notice, Montero said. One other simple lesson is that tax assessments are presumed cor-

Ukraine conflict: the Russian narrative By Lito U. Gagni

First of a series

USSIAN Ambassador to the Philippines Marat Pavlov has bared that the special military operation that Russia made in Ukraine arose from what he said was a “large-scale offensive operation” in the Donbas area last March.

This was stressed by Pavlov during an Ambassadors’ Forum that Philippine think-tank Integrated Development Studies Institute (IDSI) held last week to present the other side of the conflict that has rattled the world. Also at the forum as panelists were Prof Bobby Tuazon of the University of the Philippines and Wharton-educated IDSI economist George Siy. The forum presented the other side of the story, the Russian narrative that had been unheard and muted in the reports that have come out, that somehow missed the roots of the conflict that would shine a light on why Russian leader Vladimir Putin launched the special military operation in Ukraine. For Tuazon, the key point in the Ukraine conflict was “the provocative expansion” of the North Atlantic Treaty Organization (Nato), a cold war relic that should have been disbanded with the collapse of the Russian Federation.

Monday, March 28, 2022 A11

This Nato expansion that has reached what is bandied about as being placed right at the doorstep of Russia, has been cited as a flash point in the ongoing conflict. Putin had rankled against the Nato push and there was documentation that the Russian leader had earlier sought membership in the European Union and Nato but was not allowed in, raising speculations that Nato and the United States have been conspiring to bring Russia to its knees. For Siy, the Nato and the US have been overly legalistic by pointing out that the supposed promise against Nato expansion that has so riled Putin and Russia was made to the then Soviet Union and not to Russia, “and therefore the promise made by the US and Nato against expansion” does not hold. However, the Wharton-educated Siy stressed that records in Germany, France, Italy, the US and the United Nations belie this assertion, adding that the Soviet Union leaders

have been led to believe that Nato and the US will not do what the US had sought to stop: having nuclear missiles right at the doorstep of the US mainland with the Cuba crisis of the 1960s. Siy pointed out that despite that promise, Nato has in fact increased by 13 countries since the liberation or opening up of East Europe. Nato has gone “to the very edge of Russia,” and this is what should be analyzed: the context within which the Ukraine conflict should be understood. “Very large portions of Ukraine are Russian-speaking,” he said. For Pavlov, the Kiev regime would like to rewrite the story of the Ukrainian people by [dominating] the Russian-speaking population and “massively killing the people who didn’t accept the coup d’ etat.” He also said that Donetsk and Luhansk also declared independence because they were subject to genocide by Kiev. The Russian envoy also noted that there have been earlier agreements meant to solve the Donetsk and Luhansk problem. In fact, in 2014, there was an agreement that was signed in Minsk, the capital of Belarus, which sought to address the simmering war in the Russianspeaking region of Ukraine. This was called the Minsk Agreement. (Next: The Minsk Agreement)

rect. Tax laws adhere to the same general legal principle that acts of administrative agencies are presumed to have been done accurately and in good faith. The taxpayer has the duty to prove any irregularity, if any. This seeming unfairness, however, is offset by the fact that taxpayers are anyway afforded sufficient chances to dispute the presumption. In the Marcos estate tax issue, Montero said that all that the family could say was that the amount was “improbable and unconscionable” but failed to provide anything more than “mere rhetoric.” Others, however, say that the defense of the Marcos family is not as simple considering the vastness of the estate and the status of ownership of its properties. Despite the legal protection afforded to the Marcoses of being able to dispute the presumption, it was evident that the same was taken mockingly, or at least, not seriously. What I didn’t learn from my tax professor is that the BIR, in rare instances, can prepare the tax returns, which should have otherwise been prepared by the taxpayers themselves. This power is precisely to avoid the situation where taxpayers can evade taxes by merely refusing to fulfill tax returns. In the case of the estate of Marcos, the BIR did exactly what the law allowed it to do by preparing not only the estate tax return but also the income tax returns of the Marcos spouses and Ferdinand Marcos Jr. If only they had been more circumspect and responsible, the vicarious and perhaps disputable preparation done by the BIR could have been avoided. So what we need to do as taxpayers is as simple as knowing the law. As Prof. Montero candidly said: “The decision which was rendered 25 years ago is replete with reminders from the Supreme Court that if only the Marcoses knew and followed the law, things would have turned out

A common principle in many written laws is that the more severe the non-compliance, the tougher the applicable rules will be. This is no truer in the case of tax laws, according to Professor Montero. In relation to gravity of sins, Writer Wayne Jackson said that, a sin of “presumption can be greater than a sin committed unwittingly because the former issues from an arrogant spirit, while the latter is done out of ignorance.” very differently. Simply, if they had filed their tax returns, if they had reviewed the documents sent to their representatives in their known addresses, if they had raised their objections on time, if they had put forward more than mere conjectures and general denials, and if they only exhibited basic understanding of fundamental tenets of tax law, they would not feel “persecuted” by the questions that should have been answered 33 years ago—after the passing of the late Marcos. The Supreme Court itself said: “Where there was an opportunity to raise objections to government action, and such opportunity was disregarded, for no justifiable reason, the party claiming oppression then becomes the oppressor of the orderly functions of government. He who comes to court must come with clean hands. Otherwise, he not only taints his name, but ridicules the very structure of established authority.” In the same vein, believers need to know the Biblical basics when it comes to taxes and authority. In Romans 13: 5-6, the Bible tells us, “Therefore, it is necessary to submit to the authorities, not only because of possible punishment but also as a matter of conscience. This is also why you pay taxes, for the authorities are God’s servants, who give their full time to governing.” If taxes are the lifeblood to the government, taxes are the manifestation of man’s conscientious obedience to God’s commandment. A common principle in many written laws is that the more severe the non-compliance, the tougher the applicable rules will be. This is no truer in the case of tax laws, according to Professor Montero. In relation to gravity of sins, Writer Wayne Jackson said that, a sin of “presumption can be greater than a sin committed unwittingly because the former issues from an arrogant spirit, while the latter is done out of ignorance.” Jackson, similar to Montero, thinks

that some transgressions of the law may be greater than another in terms of its destructiveness. For Jackson, to sin privately and so forfeit the blessings is a lesser offense than to live with reckless abandon and arrive at last beyond the pale of redemption. Of such persons Jesus said: “But if anyone abuses one of these little ones who believes in me, it would be better for him to have a heavy boulder tied around his neck and be hurled into the deepest sea than to face the punishment he deserves!” (Matthew 18:6). One who evades taxes can be just as evil as the one who corrupts others. But one who not only evades but also mocks or abuses the very authority that collects the tax can be worse. Montero concluded that the ability of taxpayers to discern tax rules is rarely, if at all, a consideration in the application of the same. Tax laws remain simple yet powerful families like the Marcos may over-complicate them for their selfish purposes. As to the Law of the Lord, what we need to do as believers is to pay all our debts. Romans 13: 7 is as basic as it can be when the Apostle Paul said, “Give to everyone what you owe them: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor.” In my case, I “pay” honor and respect to those who pay their taxes, diligently and without much hullabaloo! A tax is a debt. And essentially we owe our Almighty God our lives when He sent His only son on earth to save us from our sins. To this, we need only prepare our hearts—our “tax returns” and indicate therein our acceptance to His son as our personal Lord and Savior. When we submit our hearts to our Taxman in heaven and ask Him what we should do to pay our debt, He will readily point us to Romans 13:8—it can be simple as “love one another.” Everything else will flow naturally from there. But from another perspective, we can’t do anything to pay our debt since Jesus did that when He died on the cross. Our obedience to His command to love one another is simply a mark of a follower, a consequence of believing. It isn’t payment. A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.

Zelenskyy: West needs more courage in helping Ukraine fight By Yuras Karmanau The Associated Press

VIV, Ukraine—Ukrainian President Volodymyr Zelenskyy accused the West of lacking courage as his country fights to stave off Russia’s invasion, making an exasperated plea for fighter jets and tanks to sustain a defense in a conflict that has ground into a war of attrition. Speaking after US President Joe Biden met with senior Ukrainian officials in Poland on Saturday, Zelenskyy lashed out at the West’s “ping-pong about who and how should hand over jets and other defensive weapons to us” while Russian missile attacks kill and trap civilians. “I’ve talked to the defenders of Mariupol today. I’m in constant contact with them. Their determination, heroism and firmness are astonishing,” Zelenskyy said in a video address early Sunday, referring to the besieged southern city that has suffered some of the war’s greatest deprivations and horrors. “If only those who have been thinking for 31 days on how to hand over dozens of jets and tanks had 1 percent of their courage.” Russia’s invasion of Ukraine, now in its 32nd day, has stalled in many areas, its aim to quickly encircle the capital, Kyiv, and force its surrender faltering in the face of staunch Ukrainian resis-

tance—bolstered by weapons from the US and other Western allies. However, Western military aid has, so far, not included fighter jets. A proposal to transfer Polish planes to Ukraine via the United States was scrapped amid NATO concerns about getting drawn into a military conflict with Russia. “So, who is in charge of the EuroAtlantic community? Is it still Moscow, thanks to its scare tactics?” Zelenskyy exclaimed as he delivered his pointed remarks. “Our partners must step up their aid to Ukraine.” Britain’s defense ministry said Sunday that the battlefield across northern Ukraine remains largely static as local Ukrainian counterattacks hamper Russian attempts to reorganize their forces. It said Russia’s forces looked to be trying to encircle Ukrainian forces directly facing the separatist regions in the country’s east. Moscow has claimed that its focus is on wresting the entirety of Ukraine’s eastern Donbas region from Ukrainian control. The region has been partially controlled by Russia-backed separatists since 2014. A high-ranking Russian military official said Friday that troops were being redirected to the east from other parts of the country. Despite those assertions, Russian rockets struck the western city of Lviv on Saturday while Biden visited neighboring Poland, serving as a reminder that

Moscow is willing to strike anywhere in Ukraine. Russian Defense Ministry spokesman Maj. Gen. Igor Konashenkov said Sunday that it used air-launched cruise missiles to hit a fuel depot and a defense plant in Lyiv. Konashenkov said another strike with sea-launched missiles destroyed a depot with air defense missiles in Plesetske just west of Ukraine’s capital, Kyiv. The strikes came as Biden wrapped up a visit to Poland, where he met Ukraine’s foreign and defense ministers, visited US troops and saw refugees from the war. Before leaving, he delivered a forceful and highly personal condemnation of Russia President Vladimir Putin, saying: “For God’s sake, this man cannot remain in power.” The White House quickly clarified that Biden wasn’t calling for an immediate change in government in Moscow. Kremlin spokesman Dmitry Peskov denounced the remark, saying “It’s not up to the president of the US and not up to the Americans to decide who will remain in power in Russia.” Early Sunday, a chemical smell still lingered in the air as firefighters in Lviv, about 45 miles (72 kilometers) from the Polish border, sprayed water on a burned section of an oil facility hit in the Russian attack. Andrea Rosa in Kharkiv; Nebi Qena in Kyiv; Cara Anna in Lviv and Associated Press journalists around the world contributed to this report.

A12 Monday, March 28, 2022

NO ‘INDEPENDENT NON-COMMISSIONED’ POLL CONDUCTED BY BUSINESSMIRROR

EPORTS circulating online refer to a supposed “independent non-commissioned study” done by BusinessMirror, between February 16-28, 2022, seeking voter preferences. The BusinessMirror categorically denies having conducted any such study, titled, “Surveying the Unsur veyed,” supposedly involving 1,200 respondents. In fact, it has not conducted any poll or study on voter preferences, beyond publishing the results of other surveys. The non-commissioned survey being referred to on social media, conducted among registered voters who have never been asked by previous pollsters, was done by Brand-Y Research and Market Intelligence, not BusinessMirror. The only poll conducted online by BusinessMirror pertained to the public’s perception on who among the candidates will do the most for the economy.

PCG slams dangerous move by Chinese ship off Masinloc

By Rene Acosta

@reneacostaBM

THE BRP Malabrigo sails at Bajo de Masinloc, in photo provided by Philippine Coast Guard.

1972 International Regulations for Preventing Collisions at Sea (COLREGS). According to Coast Guard commandant Admiral Artemio Abu, the incident was the fourth reported close-distance maneuvering incident involving CCG vessels in Bajo de Masinloc. On May 19, 2021, the PCGmanned BFAR vessel MCS-3005 reported the first incident of closedistance maneuvering involving a CCG vessel with bow number 3301. The second and third incidents involved two CCG vessels (bow numbers: 3301 and 3103) that conducted close distance maneuvering with BRP Capones (MRRV-4404)

MEANER FOR NEW NORMAL By Ma. Stella F. Arnaldo

HE Philippine Coast Guard slammed on Sunday China’s dangerous maneuvering of one of its ships against the BRP Malabrigo while on maritime patrol operations in Bajo de Masinloc. While the incident occurred on March 2, the Philippine Coast Guard only released details on the dangerous encounter on Sunday after it was cleared by the National Task Force for the West Philippine Sea (NTF-WPS). Accord ing to Coast Guard spokesman Commodore Armand Balilo, a Chinese Coast Guard (CCG) vessel with bow number 3305 conducted a “close-distance maneuvering,” about 21 yards, toward the Malabrigo while the Philippine Coast Guard vessel was sailing in the waters of Bajo de Masinloc. As such, it constrained the maneuvering space of Malabrigo, which is a “clear violation” of the

AS IT TURNS 81, PAL LEANER, @akosistellaBM Special to the BusinessMirror

L and BRP Sindangan (MRRV-4407) during the PCG’s maritime capability enhancement exercises in Bajo de Masinloc on June 1 and 2, 2021. “The behavior of the involved CCG vessels increased the risk of collision with four of our capital ships. Hence, we immediately coordinated with the National Task Force for the West Philippine Sea [NTF-WPS] and the Department of Foreign Affairs [DFA] to address this issue through rules-based and peaceful approaches,” Abu said. Tr a n s p or t at ion S e c re t a r y Arthur Tugade has directed the PCG to continue upholding its mission of promoting the safety of life and

property at sea and enforcing all applicable laws within the Philippine waters in support of national development. “We are fully aware of dangerous situations at sea, but these will not stop our deployment of assets and personnel in Bajo de Masinloc, Philippine Rise, and other parts of the country’s exclusive economic zones [EEZ],” Abu said. “We will continue to work silently and diligently for we are serving Filipino fishermen at sea. As long as they feel safe seeing us during their fishing operations, we know that we are doing our job well,” he added.

EAN and mean, but also very nimble. That’s how flag carrier Philippine Airlines has been described by its top sales officer as it navigates the new normal in an industry that was among the hardest hit by the Covid-19 pandemic. One adjustment: tweaking the revenue stream to derive income from cargo. “We are now a cargo airline.” Thus said Dina May Flores, vice president and OIC Head of Sales for the pioneering flag carrier. Speaking at the recent Business Assembly of the Pacific Asia Travel Association (PATA) Philippines chapter, she said, “We will no longer be dependent on passenger traffic as a single revenue stream. We have revised our network to allow for hybrids like carrying exclusively cargo on one way and then carrying passengers on the return leg of the round-trip flight.” See “PAL,” A2

Companies

Editor: Jennifer A. Ng

Monday, March 28, 2022

Meralco seeks nod of ERC for ₧149-B capex program

By Lenie Lectura

@llectura

HE MANILA Electric Co. (Meralco) is seeking regulatory approval for its proposed fifth regulatory period capital expenditure (5RP capex) amounting to P149.652 billion. The 5RP will commence on July 1, 2022 and end on June 30, 2026. In a filing with the Energy Regulatory Commission (ERC) for its application for approval of the annual revenue requirement and performance incentive scheme for 2023 to 2026, the utility firm proposed a capex of P37,533,728,331 for 2023; P43,495,962,814 for 2024; P36,373,833,274 for 2025; and P32,248,981,088 for 2026. Meralco’s regulatory year begins

on July 1 and ends on June 30 of the following year. It submitted for approval its proposed 5RP capex, following the latest Rules for Setting Distribution Wheeling Rates position paper and planning criteria in the ERC’s Investor-Owned Distribution Utility Planning Manual last March 16 and was posted on the ERC website over the weekend. The proposed capex is meant to augment Meralco’s network to meet

demand growth, to refurbish and replace aging and obsolete assets, to relocate assets that are affected by the construction of government infrastructure, to purchase and construct non-network assets for its distribution system, to deploy automation and technology projects as well as innovative solutions for various electrification projects, and to comply with regulatory requirements. Meralco said some major capex projects, which were delayed “due to difficulties such as the Covid-19 pandemic,” will be part of the 5RP RAB (Regulatory Asset Base) computations. For the 5RP, Meralco is also proposing the implementation of its Advanced Metering Infrastructure Program. AMI is an integrated system of smart meters, communication networks and data management systems that enables two-way communication between utilities and customers.

The smart meters can handle prepaid and postpaid electricity services. Subscribers with smart meters can manage their electricity usage and budget through consumption information, alerts and notifications. Meralco reported in February that its core profit grew by 13 percent to P24.6 billion last year from P21.7 billion in 2020. Net income, meanwhile, jumped by 44 percent year-on-year to P23.5 billion from P16.3 billion due to the absence of exceptional charges arising from the impairment recognized in 2020 on its investment in PacificLight Power Pte. Ltd. Consolidated revenues went up by 16 percent to P318.5 billion from P275.3 billion, mainly driven by electricity revenues, which grew by 15 percent to P309.2 billion. Energy sales volumes returned to near pre-pandemic levels as customer count reached 7.4 million at end-2021.

PAVI allots ₧40B for RE projects P

AVI Green Renewable Energy Inc. of the Villar Group is setting aside roughly P40 billion to build 1,000 megawatts (MW) of power generating capacity in the next three to five years. “The investment will be around P40 billion and it will be a combination of partnerships and fully-owned projects,” said PAVI Green Chief Operating Officer Robert Pereja. For this year, the RE provider expects to complete its 20 megawatt peak (MWp) Orion, Bataan solar project. The output will be supplied to

PAVI Green’s Retail Electricity Supply (RES) company, Kratos RES, Inc. It is also pursuing to finish a 36MWp project in San Vicente, Camarines Norte and a 50MWp project in Naga, Camarines Sur. Some of these solar power projects are already in the pre-development stage. Aside from solar, PAVI Green is also interested on other RE projects, such as wind and hydro to beef up its RE portfolio. “Yes, true to our name, we are not just a solar company but a renewable energy company. At this point, we

are already looking at some opportunities in hydro and wind power,” said Pereja. PAVI Green said it intends to be at the forefront of the RE industry in the years to come. “We are here to stay to ensure that our built assets will serve their purpose to supply clean energy to communities today and for future generations.” Pereja said the Villar Group ventured into RE as environmental responsibility “has always been a passion of the group.”

“It has always been at the heart of our operations since we started. It has always been our main thrust and as such, we look forward to a future geared towards building sustainable and resilient communities,” he said. “We believe that contributing to the RE capacity of the Philippines is a major contribution to nationbuilding, and in mitigating the effects of climate change. It is a direction founded on the principles and values of the Villar Group and we intend to be at the forefront of this industry.” Lenie Lectura

Solar PHL inks power supply deal with PLN

URC conserves water via program

olar Ph i l ip pi nes (SP), through its joint venture (J V ) w ith Medco Energ i (Medco), has sealed a power supply deal with Indonesia’s state utility PLN. The 20-year Power Purchase Agreements (PPA) are for the 25 megawatt (MW) solar farm in East Bali and another25 MW solar farm in West Bali, which would be the largest ground-mounted solar project in Indonesia to date. SP began developing these Bali solar projects in 2017, formed its JV with Medco to submit a bid in PLN’s first competitive auction for utility-scale solar in 2019, and finally signed the PPA on March 24. Construction is scheduled to begin by 2023. The Medco-SP JV beat several international power companies to win both projects in this auction. “If we can do this in Indonesia, then we should do so all the more in the Philippines, under the same model of winning projects with JVs,” said Solar Philippines founder Leandro Leviste. SP has granted Solar Philippines Nueva Ecija Corp. (SPNEC) the option to subscribe to its share in the JV in which it holds 49 percent, subject to regulations including securing approval from PLN. Lenie Lectura

STOCK-MARKET OUTLOOK Last week

Share prices gained last week after the Bangko Sentral ng Pilipinas (BSP) kept rates steady despite rising inflation. The benchmark Philippine Stock Exchange index gained 117.21 points to close at 7,124.84 points. The main index fell on Monday, but managed to post small gains during the rest of the week, partly on bargain hunting and the BSP’s decision not to raise its rates, which was within market expectations. Value of trade, however, was low at an average of P5.8 billion, while foreign investors, which made up almost half of the trades, were net sellers at P3.27 billion. Most of the sub-indices ended in the green, led by the broader All Shares index that gained 56.55 points to close at 3,774.59 points, the Financials index was up 40.09 to 1,675.27, the Industrial index added 115.27 to 9,567.55, the Holding Firms index rose 71.06 to 6,783.99, the Property index fell 25.52 to 3,336.76, the Services index climbed 83.04 to 1,931.78 and the Mining and Oil index surged 283.58 to 12,881.49. For the week, gainers led losers 119 to 97 and 29 shares were unchanged. Top gainers were Haus Talk Inc., Liberty Flour Mills Inc., Globe Telecom Inc., Vivant Corp., AbaCore Capital Holdings Inc., Converge Information and Communications Technology Solutions Inc. and D&L Industries Inc. Top losers were ACE Enexor Inc., Seafront Resources Corp., Imperial Resources Inc., Asiabest Group International Inc., ATN Holdings Inc. B shares, Manulife Financial Corp. and Easycall Communications Philippines Inc.

This week

Trading may remain volatile this week as a number of issues persists, such as the surge in the prices of crude oil and global commodities, including mined materials and agricultural produce. Despite bias being slightly skewed to the upside, Broker 2TradeAsia said downside risks remained, including the highly volatile global supply chain due to the Russian invasion of Ukraine and the resurgence of Covid-19 infection rates in countries such as Hong Kong, Eastern Europe, and New Zealand. “The benchmark index moving at a particularly tight range softly confirms the general market’s hesitance over major market forces at present,” the broker said. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the local bourse could move sideways with an upward bias on the back of the positive developments. “Investors may also watch out for the government’s decision on the alert level restrictions in the country after March 31. Investors may also watch out for the upcoming S&P Global Philippines Manufacturing PMI [Purchasing Managers’ Index] data,” he said. The market’s immediate resistance this week is seen at its 50-day exponential moving average at 7,188.56 as of last week, he said.

Stock picks

Broker Regina Capital Development Corp. advised to buy on pullbacks on the stock of Globe Telecom Inc. (GLO) after its share price has built up its courage to breakout from its resistance at P2,542, its 100-day moving average. “Following this, selling pressure is now sliding down, which could mean that GLO might just be able to carry on with its uptrend in the short term,” the broker said, giving a weekly target on the stock at P2,630 per share. Globe shares closed last week at P2,638 apiece. Meanwhile, the broker advised to buy when its support price of P6 per share holds for Bloomberry Resorts Corp. (BLOOM). “BLOOM has been staying for quite some time in the red now. However, the selling momentum is yet to cool down. With selling pressure on the rise, BLOOM might visit its P6 support in the coming days. And if this level gets hammered, the next reliable support awaits at P5.82,” it said. Bloomberry shares closed Friday at P6.29 apiece. VG Cabuag

Return to workplace will hasten economic recovery–group C2 maker Universal Robina Corporation has saved over 11 million cubic meters of water since 2018 through various water conservation initiatives. Contributed Photo

niversal Robina Corp. (URC), one of the country’s biggest food firms, has managed to save over 11 million cubic meters of water since 2018 through various water conservation initiatives integral to its corporate social responsibility. “We recognize that water is a non-renewable resource, and that it is an essential input material in the production of our products,” said URC Chief Executive Officer Irwin Lee. Lee said URC has saved enough water over the past four years to fill 4,600 Olympic-size swimming pools. Last year, the company managed to recycle over 860,000 cubic meter, enough to cover the water needs of

2.26 million people for a day. These were all achieved via URC’s reduce, reuse and recycle program meant to optimize water use. URC has been reducing its water consumption by fixing leaks, replacing pipes with more durable materials like stainless steel, eliminating production wastage, improving the efficiency of its water treatment facilities, and using rainwater harvesting methods. It reuses water when cleaning pallets, watering plants and flushing toilets. It recycles water meant for washing critical raw materials used in its products, such as unpeeled potato, as well as for its cooling towers. URC also has a slew of programs to protect key watersheds.

It has company-wide environmental stewardship initiatives, including reforestation programs, coastal, river and drainage cleanup drives, and mangrove-planting activities. Last year, some 7,600 seedlings were planted across different sites through URC’s partnerships with local government units and the Department of Environment and Natural Resources (DENR). The company’s Sugar and Renewables Group, meanwhile, has signed a memorandum of agreement with the DENR to adopt a 3-hectare forest in Manjuyod town in Negros Oriental, and another 5 hectares in San Enrique, Iloilo. It has plans to adopt more watersheds and forests.

HE country’s umbrella group of housing and real estate industry stakeholders has joined major business groups in calling for a full return to the workplace of key segments of the economy as the Philippines heads toward the post-pandemic normalcy. The Chamber of Real Estate & Builders’ Associations Inc. (Creba) is one with multi-sectoral appeal led by Ayala Land, Federation of FilipinoChinese Chambers of Commerce and Industry, Financial Executives Institute of the Philippines, Go Negosyo, Management Association of the Philippines, Megaworld, Philconstruct, Philippines Retailers Association, Philippine Chamber of Commerce and Industry, Resto PH, Robinsons Land and SM Prime. Creba agreed that the overall economic activity in the country has been drastically stalled by the Covid-19 pandemic for a couple of years, thus, resulting in the 9.6 per-

cent contraction of GDP in 2020. The group shared in the position of government and private sectors’ leaders, as well as micro, small and medium enterprises that major economic centers going back to business are a vital milestone towards recovery. It lauded the fast roll-out of vaccination that now stands at 70.4 percent in Metro and 57.1 percent nationwide which has helped significantly slowdown new daily cases of infection at 598 as of March 17, thereby allowing for relaxed interzonal and intrazonal travel regardless of age and comorbidities. Under Alert Level 1, establishments have been given the green light to operate on site at full capacity subject to compliance with minimum public health standards. According to Creba National Chairman Charlie A. V. Gorayeb, a boost in business activities will benefit the whole nation and spur its return to economic wellness. Roderick L. Abad

Companies BusinessMirror

Monday, March 28, 2022

Vista Land’s REIT targeting to raise ₧9.18B from IPO

By VG Cabuag

@villygc

illar-led property developer Vista Land and Lifescapes Inc. has filed paperwork for the initial public offering (IPO) of its own real estate investment trust (REIT). Dubbed VistaREIT Inc., the company hopes to raise as much as P9.18 billion. It will offer up to 3.33 billion secondary common shares at a maximum offer price of up to P2.50 per offer share, with an overallotment option of up to 333.75 million secondary common shares. The offer shares will be sold by Vista Land’s subsidiaries Master-

piece Asia Properties Inc., Manuela Corp., Communities Pampanga Inc., Crown Asia Properties Inc. and Vista Residences Inc. The said shares will be listed and traded on the main board of the Philippine Stock Exchange under the trading symbol VREIT. The company is set to be the flagship office and mall of Vista Land,

and aims to be among the leading diversified commercial REITs in the Philippines in terms of portfolio, profitability, growth, sustainability and dividend yield. It will have an initial portfolio of 10 community malls and two Philippine Economic Zone Authority-registered office buildings with an aggregate gross leasable area of 256,404 square meters. The malls are in Vista Land’s matured developments, such as those in Las Piñas, Bacoor, General Trias, Imus and Tanza all in Cavite, Antipolo in Rizal, San Jose Del Monte in Bulacan, San Fernando in Pampanga and Talisay City in Cebu. The office buildings are located in Taguig and Bacoor. Over the last three years, the properties have enjoyed high occupancy rates of 93 percent to 100 per-

cent of their respective gross leasing areas, the company said. “In terms of performance, the properties delivered sustained rental income growth even at the height of the pandemic given the essential nature of its mall tenants.” Through a property-for-share swap, Vista Land, through the selling shareholders, infused the 12 commercial assets into VREIT. The company has mandated China Bank Capital Corp. as issue coordinator, while together with BDO Capital and Investment Corp, PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. will all serve as joint lead underwriters and bookrunners. Abacus Capital and Investment Corp. has also been mandated as a participating underwriter.

EDC renews power supply deal with SU By Lenie Lectura @llectura

OPEZ-led Energy Development Corp. (EDC) will continue to supply power to Silliman University (SU) for another two years. The university said it decided to renew its power supply contract with the geothermal leader because the power it provides is clean, renewable, reliable and cheaper, based on its experience when it first shifted to EDC’s geothermal power two years ago. Part of SU’s power supply also comes from its own solar power panels. As per contract, there is no cap on the contracted demand but it is expected to reach 2.4 megawatts (MW) when face-to-face classes resume. The only university in Negros Island and one of the few in the country to be 100-percent powered by renewable energy (RE), SU is known for its strong environmental conservation programs. Dr. Betty Cernol McCann, SU president, said the move to renew the power supply contract with EDC shows “our institution’s commitment in institutionalizing our Environmental Principles, Policies, and Guidelines that serves as the blueprint for the university’s major component activities in which the renewable energy utilization is one.” Getting power from Geo 24/7 has likewise enabled SU to avoid 2,602 tons of carbon dioxide equivalent (CO2e) for its first two-year contract. This is consistent with the university’s aim of being a model sustainable campus not only in Negros Island but in the whole country through its programs on zero waste management, energy conservation, renewable energy utilization, bio-

diversity conservation, and carbon footprint reduction. Moreover, the university enjoys these benefits from indigenous power generated locally from EDC’s Nasulo geothermal facility in Valencia, Negros Oriental. Apart from the power supply agreement, SU is a partner of EDC-initiated 10 million trees in 10 years for a Greener Negros Movement that aims to plant, grow, and nurture at least 10 million trees to bring back the forests in Negros Island. In 2020, SU and EDC inked a memorandum of agreement to establish the Silliman-EDC BINHI Arboretum inside the Center for Tropical Conservation Studies, the university’s field laboratory grounds in Palinpinon, Valencia, Negros Oriental, to provide a safe haven for the long-term survival of Philippine native trees. Last year, SU’s Biology Department also completed its biodiversity conservation and monitoring project in EDC’s Palinpinon geothermal reservation. SU further strengthened its commitment to environmental preservation in 2021 by signing a pledge as a pioneer member of EDC’s recently launched Net Zero Carbon Alliance. The alliance aims to forge collaborative pathways with Philippine companies that have committed to becoming carbon neutral and helping decarbonize our country. SU, which has an average monthly electricity consumption of at least 100 kilowatts, can choose to get power from renewable sources under the government’s Green Energy Option Program (GEOP). Shifting to RE through licensed GEOP providers like First Gen Corp. and EDC’s Geo 24/7 is crucial for business continuity and for the world’s battle against climate change. EDC has over 1,480MW total installed capacity that accounts for 20 percent of the country’s total installed RE capacity. Its 1,181MW geothermal portfolio accounts for 62 percent of the country’s total installed geothermal capacity and has put the Philippines on the map as the 3rd largest geothermal producer in the world.

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

March 25, 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 FILIPINO FUND IREMIT MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

109,250 206,176,394 89,036,233.50 8,688,165 555,402 130,752,503.50 47,320 3,896,506 206,999.50 6,255 55,269,683 2,432,043 1,611,170 116,960 1,965 2,410 15,500 135,960 2,020 13,750 167,970

104,164,054 14,806,084.50 -267,244 39,035,203 -64,436 1,819,904 -473,799 31,160 -1,620 5,500 30,000 159,390

INDUSTRIAL AC ENERGY 8.28 8.3 8.2 8.34 8.16 8.3 18,210,300 150,326,676 1.03 1.05 1.06 1.06 1.06 1.06 10,000 10,600 ALSONS CONS 35.45 35.55 35.45 35.65 35.4 35.55 1,611,900 57,267,195 ABOITIZ POWER BASIC ENERGY 0.42 0.425 0.435 0.435 0.42 0.42 2,120,000 898,400 25.6 25.7 25.35 25.95 25 25.6 391,300 9,856,340 FIRST GEN 69.55 69.9 69.65 69.65 69.5 69.55 2,910 202,348.50 FIRST PHIL HLDG 367.8 369 372.6 372.6 364 369 111,060 40,947,652 MERALCO 20 20.05 20.6 20.6 19.98 20.05 1,272,600 25,549,501 MANILA WATER PETRON 3.31 3.32 3.33 3.35 3.31 3.31 614,000 2,042,740 PETROENERGY 4.9 4.97 4.95 5 4.95 4.97 8,000 39,760 10.24 10.58 10.22 10.6 10.22 10.6 7,700 80,518 PHX PETROLEUM 12.26 12.28 12.28 12.3 12.2 12.26 1,898,400 23,290,664 SYNERGY GRID 17.7 17.92 17.6 17.98 17 17.7 694,600 12,181,526 PILIPINAS SHELL SPC POWER 14.02 14.28 14.4 14.4 14 14.28 95,200 1,355,374 SOLAR PH 1.99 2 1.98 2.02 1.96 2 70,089,000 139,645,310 5.19 5.22 5.3 5.5 5.19 5.22 1,216,700 6,344,344 AGRINURTURE 2.51 2.62 2.51 2.62 2.51 2.62 233,000 603,380 AXELUM CENTURY FOOD 21.5 21.6 21.85 21.9 21.45 21.5 222,700 4,816,915 DEL MONTE 14.54 14.56 14.16 14.56 14.16 14.56 12,300 178,400 7.91 7.94 7.72 7.94 7.72 7.94 4,773,600 37,694,242 DNL INDUS 14.64 14.8 14.62 14.96 14.4 14.64 6,467,600 95,336,136 EMPERADOR 62.8 63 63.5 63.9 62.5 63 28,440 1,794,972.50 SMC FOODANDBEV FIGARO COFFEE 0.61 0.62 0.64 0.64 0.61 0.62 10,030,000 6,277,680 0.58 0.6 0.62 0.62 0.6 0.6 16,000 9,620 ALLIANCE SELECT 1.1 1.12 1.1 1.12 1.1 1.12 687,000 765,090 FRUITAS HLDG 108 109 109 109 108 108 13,860 1,497,399 GINEBRA 214 214.2 214 216 212.2 214 333,260 71,206,846 JOLLIBEE KEEPERS HLDG 1.19 1.2 1.19 1.22 1.15 1.2 4,740,000 5,574,960 LIBERTY FLOUR 21.55 25 25 25 25 25 100 2,500 6.06 6.18 6.1 6.18 6.02 6.18 47,800 291,612 MAXS GROUP 13.5 13.6 13.42 13.72 13.4 13.5 6,945,300 94,213,764 MONDE NISSIN 7.75 7.76 7.76 7.99 7.75 7.76 137,100 1,063,725 SHAKEYS PIZZA ROXAS AND CO 0.59 0.6 0.58 0.6 0.57 0.6 1,536,000 894,790 ROXAS HLDG 1.31 1.42 1.39 1.43 1.3 1.3 218,000 308,500 115.4 117 113.4 117 113.1 117 2,188,570 252,184,754 UNIV ROBINA 0.61 0.63 0.61 0.61 0.61 0.61 49,000 29,890 VITARICH 2.4 2.5 2.42 2.42 2.42 2.42 5,000 12,100 VICTORIAS CONCRETE A 46.8 48.8 48 48 48 48 1,600 76,800 0.9 0.91 0.9 0.91 0.9 0.9 483,000 435,770 CEMEX HLDG 13.08 13.4 13.54 13.54 13.08 13.08 12,500 168,492 EAGLE CEMENT 5.5 6 5.48 6 5.48 6 88,000 525,470 EEI CORP 5.66 5.75 5.56 5.75 5.56 5.74 41,100 234,393 HOLCIM MEGAWIDE 5.07 5.1 5.11 5.12 5.05 5.07 151,100 767,657 19.12 19.48 19.3 19.48 19.3 19.48 20,700 401,400 PHINMA 0.75 0.78 0.79 0.79 0.74 0.78 137,000 102,930 TKC METALS 1.02 1.05 1.09 1.1 1.02 1.02 1,783,000 1,892,810 VULCAN INDL 1.8 1.82 1.86 1.86 1.8 1.8 218,000 397,520 CROWN ASIA EUROMED 1.1 1.17 1.15 1.15 1.1 1.1 138,000 153,170 4.3 4.41 4.37 4.42 4.37 4.42 4,000 17,610 MABUHAY VINYL 19.64 20 20 20 20 20 500 10,000 CONCEPCION 1.76 1.79 1.75 1.8 1.75 1.79 13,319,000 23,648,880 GREENERGY INTEGRATED MICR 8.08 8.1 8.3 8.3 8.08 8.1 70,900 574,668 IONICS 0.69 0.7 0.7 0.7 0.7 0.7 12,000 8,400 6.12 6.24 6.1 6.25 6.1 6.24 18,300 112,260 PANASONIC 1.03 1.04 1.03 1.04 1.03 1.04 124,000 128,030 SFA SEMICON 3.16 3.18 3.2 3.21 3.1 3.19 228,000 723,940 CIRTEK HLDG

2,544,638 28,362,280 -311,705 18,088 10,774,682 -593,131 665,700 -8,511,938 3,191,544 42,300 667,860 61,718 -309,525 4,148,984 -37,804,902 66,738.50 -1,367,289 2,921,610 -3,596,830 2,087,038 -741,165 -513,300 -43,692,429 -318,640 11,030 449,210 -36,525 -11,000 -5,010,240 8,100 -53,750

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 FJ PRINCE A GT CAPITAL JG SUMMIT LT GROUP METRO PAC INV PRIME MEDIA SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER ZEUS HLDG

15,053,210 -470,345 16,065,104 -1,411,130 41,931 2,670 32,500 -518,840 -1,287,598 -2,034 -48,432,850 -2,775,872 -13,853,234 4,126,000 -59,162,110 -351,169 -

HOLDING & FRIMS

43.15 131.5 99 26.35 8.39 54.5 9.1 18.82 55.05 20.2 109 90 2.1 3.88 6.55 0.79 1,000 0.6 202 2,650 0.77

1.01 3.6 811.5 58.15 12.9 8.6 0.91 0.62 0.62 5.01 9.04 6.8 2.29 506.5 57.85 8.9 3.77 1.56 889.5 109.1 115.4 0.162

43.7 132.5 99.9 26.4 8.4 54.55 9.49 19 56.05 20.85 109.9 90.8 2.11 3.9 7.65 0.82 1,100 0.66 205 2,750 0.85

1.03 4 817.5 58.95 12.92 9.1 0.92 0.63 0.64 5.02 9.05 7.19 2.64 511 58 8.94 3.78 1.61 897 110 119.4 0.174

43.7 129.9 99.45 26.95 8.4 53.65 9.1 18.9 55 20.85 109.9 92 2.05 3.9 6.55 0.82 1,100 0.61 202 2,750 0.77

1.01 3.7 818 58 12.8 8.55 0.92 0.61 0.65 5 9.14 6.75 2.13 515 58.95 9 3.79 1.66 880 109.9 115.4 0.174

43.7 132.5 99.9 26.95 8.47 54.75 9.1 19.52 55.1 20.85 110 92 2.14 3.9 6.55 0.82 1,100 0.61 202 2,750 0.78

1.05 3.7 818 58.95 13 9 0.92 0.64 0.65 5.1 9.15 7.19 2.35 515 58.95 9.02 3.8 1.69 897 110 119.4 0.174

43.7 128.1 98.4 26.4 8.39 53.15 9.1 18.82 55 20.85 108 89.85 2.05 3.88 6.55 0.79 1,000 0.6 202 2,750 0.77

0.98 3.52 806 58 12.8 8.55 0.88 0.61 0.62 4.98 8.96 6.75 2.13 506 57.6 8.81 3.73 1.56 877 108.4 115 0.162

43.7 132.5 99.9 26.4 8.4 54.55 9.1 18.82 55.05 20.85 109 90 2.11 3.9 6.55 0.79 1,000 0.6 202 2,750 0.77

1.03 3.52 817.5 58.95 12.9 9 0.91 0.63 0.62 5.02 9.04 6.79 2.29 506.5 58 8.9 3.78 1.57 897 110 119.4 0.162

2,500 1,569,250 895,640 329,000 66,100 2,413,310 5,200 205,900 3,760 300 505,380 26,940 772,000 30,000 300 3,000 15 226,000 10 5 218,000

34,663,000 13,000 105,140 617,250 539,200 90,200 605,000 6,776,000 196,000 985,000 7,372,000 24,000 34,000 137,880 567,840 5,847,100 7,211,000 185,000 203,940 535,040 1,120 80,000

35,160,640 47,380 85,637,755 36,120,713.50 6,934,646 809,181 536,510 4,292,140 124,150 4,946,720 66,781,068 162,237 76,810 69,996,925 32,940,942 52,142,848 27,258,290 299,730 180,658,480 58,797,932 129,148 13,680

PROPERTY ARTHALAND CORP 0.57 0.59 0.59 0.59 0.59 0.59 5,000 2,950 35.9 36 35.85 36.1 35.6 36 8,273,400 297,427,285 AYALA LAND 4.9 4.93 4.86 4.95 4.82 4.93 659,000 3,238,500 AYALA LAND LOG AREIT RT 46.75 46.8 45.9 47.2 45.7 46.8 753,700 35,275,145 A BROWN 0.91 0.93 0.92 0.93 0.91 0.93 1,025,000 944,650 0.7 0.71 0.71 0.71 0.71 0.71 6,000 4,260 CITYLAND DEVT 0.09 0.092 0.09 0.093 0.09 0.093 80,000 7,230 CROWN EQUITIES 2.96 2.97 3 3 2.95 2.97 594,000 1,763,500 CEB LANDMASTERS CENTURY PROP 0.41 0.415 0.41 0.41 0.4 0.41 490,000 200,700 CITICORE RT 2.67 2.68 2.66 2.68 2.62 2.68 4,394,000 11,619,220 8.88 8.97 9 9.02 8.84 8.88 310,400 2,761,188 DOUBLEDRAGON 1.6 1.61 1.57 1.6 1.57 1.6 2,021,000 3,208,780 DDMP RT 6.88 6.89 6.89 6.9 6.88 6.89 24,000 165,320 DM WENCESLAO EMPIRE EAST 0.235 0.239 0.24 0.24 0.233 0.233 50,000 11,790 0.275 0.28 0.275 0.28 0.27 0.275 2,570,000 706,750 EVER GOTESCO 7.16 7.19 7.16 7.19 7.14 7.16 6,574,300 47,088,603 FILINVEST RT 1.06 1.07 1.05 1.07 1.05 1.07 957,000 1,018,500 FILINVEST LAND 8990 HLDG 13.42 13.86 13.5 13.88 13.42 13.88 80,800 1,110,310 GOLDEN MV 666 678 679 679 670 678 120 81,270 0.94 0.99 0.94 0.95 0.93 0.95 79,000 74,720 PHIL INFRADEV 0.81 0.82 0.81 0.82 0.8 0.82 62,000 50,330 CITY AND LAND 3.04 3.05 3.1 3.1 3.05 3.05 7,534,000 23,039,480 MEGAWORLD MRC ALLIED 0.248 0.255 0.25 0.255 0.248 0.255 2,690,000 671,480 18.92 18.96 18.7 19.1 18.7 18.94 1,553,500 29,430,396 MREIT RT PHIL ESTATES 0.4 0.41 0.4 0.41 0.4 0.41 330,000 134,300 2.69 2.7 2.65 2.74 2.62 2.7 1,899,000 5,118,620 PRIMEX CORP 7.38 7.41 7.4 7.44 7.26 7.38 3,488,200 25,800,416 RL COMM RT ROBINSONS LAND 19.96 20 20.15 20.2 19.84 20 2,582,500 51,631,168 PHIL REALTY 0.22 0.229 0.216 0.216 0.216 0.216 190,000 41,040 1.38 1.47 1.36 1.47 1.36 1.47 3,000 4,190 ROCKWELL 2.56 2.61 2.6 2.62 2.6 2.61 114,000 297,770 SHANG PROP 2.67 2.8 2.79 2.8 2.61 2.8 37,000 102,940 STA LUCIA LAND SM PRIME HLDG 37.7 37.8 37.8 38.25 37.5 37.7 6,312,400 238,099,255 VISTAMALLS 3.02 3.23 3.18 3.23 3.18 3.23 11,000 35,030 2.59 2.6 2.6 2.69 2.51 2.59 5,403,000 14,068,710 VISTA LAND SERVICES ABS CBN 12.9 12.92 12.6 12.94 12.6 12.92 178,300 2,264,888 15.9 15.92 15.82 16.52 15.68 15.9 13,149,300 210,877,596 GMA NETWORK 0.385 0.42 0.36 0.4 0.36 0.395 170,000 66,750 MANILA BULLETIN GLOBE TELECOM 2,632 2,638 2,568 2,650 2,540 2,638 68,560 178,950,590 PLDT 1,823 1,850 1,832 1,850 1,810 1,850 127,745 234,669,185 0.043 0.044 0.044 0.044 0.043 0.043 118,600,000 5,134,300 APOLLO GLOBAL 28.35 28.5 28 28.65 27.5 28.5 16,870,100 478,276,470 CONVERGE 2.45 2.49 2.5 2.5 2.41 2.41 34,000 82,150 DFNN INC DITO CME HLDG 5.14 5.16 5.24 5.29 5.13 5.14 4,600,800 23,873,985 NOW CORP 1.25 1.3 1.29 1.3 1.25 1.3 2,049,000 2,618,580 0.325 0.335 0.335 0.345 0.325 0.335 5,120,000 1,701,400 TRANSPACIFIC BR 7.29 7.4 7.29 7.29 7.29 7.29 2,400 17,496 2GO GROUP 13.6 13.88 13.9 13.9 13.9 13.9 1,000 13,900 ASIAN TERMINALS CHELSEA 1.55 1.57 1.56 1.57 1.51 1.57 73,000 112,770 44 44.2 44.4 44.4 43.8 44.2 75,600 3,324,945 CEBU AIR 222 224 221.2 224 220 224 930,540 206,634,876 INTL CONTAINER 5.25 5.26 5.22 5.27 5.22 5.25 347,000 1,818,175 MACROASIA HARBOR STAR 0.72 0.74 0.7 0.74 0.7 0.74 56,000 40,040 1.5 1.6 1.48 1.6 1.48 1.6 612,000 976,000 DISCOVERY WORLD GRAND PLAZA 10.88 13.46 10.86 13.46 10.86 13.46 500 5,690 0.43 0.455 0.43 0.43 0.43 0.43 30,000 12,900 WATERFRONT 530 530.5 530 530.5 530 530 790 418,705 FAR EASTERN U IPEOPLE 6.51 7.22 6.71 6.71 6.7 6.7 9,700 65,030 0.355 0.36 0.355 0.36 0.355 0.36 290,000 103,800 STI HLDG BELLE CORP 1.31 1.34 1.33 1.33 1.31 1.31 23,000 30,530 6.29 6.3 6.22 6.4 6.17 6.29 11,784,800 74,025,615 BLOOMBERRY 1.27 1.33 1.33 1.33 1.26 1.32 38,000 49,520 LEISURE AND RES MANILA JOCKEY 1.82 2.14 1.82 1.82 1.82 1.82 765,000 1,392,300 1.03 1.06 1.03 1.08 1.03 1.03 1,755,000 1,826,860 PH RESORTS GRP PREMIUM LEISURE 0.445 0.45 0.44 0.45 0.44 0.45 2,590,000 1,151,750 2.12 2.17 2.14 2.16 2.1 2.1 104,000 220,140 PHILWEB 0.47 0.475 0.48 0.48 0.47 0.475 7,210,000 3,431,350 ALLDAY BERJAYA 5.59 5.8 5.59 5.59 5.59 5.59 3,000 16,770 7.43 7.45 7.53 7.55 7.4 7.45 505,600 3,768,143 ALLHOME 1.38 1.41 1.4 1.41 1.38 1.41 33,000 46,160 METRO RETAIL 32.9 32.95 32.6 33.4 32.6 32.95 1,267,700 41,773,860 PUREGOLD 54.7 54.75 54.45 54.9 54.45 54.75 1,613,580 88,300,204 ROBINSONS RTL PHIL SEVEN CORP 65.2 65.25 65.95 66 65.05 65.25 15,520 1,021,672.50 SSI GROUP 1.04 1.06 1.04 1.06 1.04 1.06 94,000 99,010 26.3 26.4 26.05 26.3 25.8 26.3 1,117,900 29,069,600 WILCON DEPOT 0.228 0.24 0.226 0.226 0.226 0.226 10,000 2,260 APC GROUP 4.05 4.5 4.05 4.05 4.05 4.05 1,000 4,050 EASYCALL IPM HLDG 6.65 6.7 6.7 6.7 6.7 6.7 2,500 16,750 0.86 0.87 0.85 0.88 0.84 0.87 708,000 600,270 MEDILINES 0.55 0.56 0.55 0.56 0.55 0.55 2,251,000 1,244,150 PRMIERE HORIZON 3.8 3.93 3.71 3.93 3.65 3.93 31,000 114,740 SBS PHIL CORP MINING & OIL ATOK 5.68 5.93 5.69 5.93 5.69 5.93 5,700 32,496 1.62 1.63 1.67 1.67 1.61 1.63 3,163,000 5,157,710 APEX MINING ATLAS MINING 6.92 7 7.08 7.1 6.87 7 454,600 3,174,893 CENTURY PEAK 2.7 2.72 2.61 2.72 2.6 2.72 135,000 353,500 2.93 2.94 2.95 3.02 2.87 2.93 10,300,000 30,067,020 FERRONICKEL 0.187 0.2 0.187 0.187 0.187 0.187 10,000 1,870 GEOGRACE 0.155 0.157 0.156 0.158 0.155 0.158 4,190,000 651,850 LEPANTO A LEPANTO B 0.154 0.156 0.16 0.16 0.156 0.156 6,620,000 1,040,070 0.01 0.011 0.01 0.011 0.01 0.011 6,900,000 71,200 MANILA MINING A 1.87 1.88 1.9 1.95 1.83 1.88 3,216,000 6,065,710 MARCVENTURES 0.97 1.03 1.02 1.04 0.97 1.03 102,000 101,110 NIHAO 8.21 8.22 8.31 8.43 8.08 8.22 10,073,600 82,809,048 NICKEL ASIA ORNTL PENINSULA 1.01 1.02 1.08 1.09 1.01 1.02 2,247,000 2,374,540 5.69 5.72 5.71 5.84 5.66 5.69 1,297,800 7,442,528 PX MINING 31.55 31.6 31.9 31.9 31.55 31.6 1,811,100 57,291,090 SEMIRARA MINING 0.0064 0.0065 0.0065 0.0065 0.0065 0.0065 8,000,000 52,000 UNITED PARAGON ACE ENEXOR 17.14 17.26 16.6 17.32 16.5 17.14 256,100 4,356,498 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.012 23,500,000 274,600 0.012 0.013 0.012 0.012 0.012 0.012 300,000 3,600 ORNTL PETROL B 0.0092 0.0095 0.0093 0.0095 0.0093 0.0095 13,000,000 121,100 PHILODRILL 5.66 5.67 5.7 5.71 5.52 5.66 243,000 1,371,405 PXP ENERGY PREFFERED HOUSE PREF B 99.6 101 101 101 101 101 50,000 5,050,000 100.1 100.9 100 100 100 100 500 50,000 HOUSE PREF A 504 510 510 510 510 510 70 35,700 AC PREF B1 AC PREF B2R 501 502 502 502 502 502 3,420 1,716,840 102.6 105 105 105 105 105 200 21,000 BRN PREF A 43.6 43.95 43.6 44 43.6 44 1,700 74,200 CEB PREF 100.9 102 100.5 101 100.5 101 48,220 4,865,053 DD PREF 106.1 109.7 109.7 109.7 109.7 109.7 9,000 987,300 EEI PREF B GTCAP PREF B 1,019 1,039 1,020 1,020 1,019 1,019 1,215 1,238,995 985 1,040 995 995 985 985 50 49,450 JFC PREF A 100 100.2 100.1 100.1 100 100 15,000 1,500,988 MWIDE PREF 4 101 102 100 102 100 102 420 42,780 PNX PREF 3B 970 978 970 970 970 970 5,500 5,335,000 PNX PREF 4 PCOR PREF 3A 1,050 1,075 1,050 1,050 1,050 1,050 200 210,000 1,081 1,084 1,082 1,084 1,081 1,081 970 1,049,260 PCOR PREF 3B 76.5 77.5 77.85 77.85 77.85 77.85 800,000 62,280,000 SMC PREF 2F 76.8 78.45 78.25 78.25 78.25 78.25 20,000 1,565,000 SMC PREF 2I SMC PREF 2K 74.1 76.9 76 76 76 76 850,000 64,600,000 54 54.95 54.95 54.95 54.95 54.95 560 30,772 TECH PREF B2D PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.04 12.2 12.2 12.2 11.78 11.9 23,300 282,240 14.96 15.1 14.8 15.6 14.7 14.96 474,600 7,199,274 GMA HLDG PDR WARRANTS TECH WARRANT 0.61 0.63 0.62 0.64 0.6 0.63 132,000 83,140

-126,292,330 851,860 12,422,075 -16,200 -440,550 -1,011,236 425,300 82,500 35,283,663 925,180 -19,010 -15,820 33,110 1,587,760 1,507,220 -1,292,700 4,122,684 -13,107,238.00 -27,750 27,435,250.00 -3,541,800 26,523,580 49,936,620 434,100.00 47,883,310 -1,764,344 289,900 -432,950 -7,290 340 -16,077,426 505,884 -873,600 28,550 -3,930 645,597 94,610 4,450 -47,750 -447,147 -24,295,150 -46,303,814.50 -354,382 -16,690 -13,083,555 -78,070 24,640 50,840 786,824 54,400 10,712,340 888,370 3,520,712 97,030.00 -6,127,070 32,500 -74,588 -142,191

SMALL & MEDIUM ENTERPRISES ALTUS PROP HAUS TALK ITALPINAS MERRYMART XURPAS

16.22 1.16 0.91 1.86 0.33

16.7 1.18 0.92 1.87 0.34

EXHANGE TRADE FUNDS

FIRST METRO ETF

108

108.4

16.16 1.16 0.92 1.86 0.33

16.22 1.21 0.92 1.89 0.34

16.16 1.15 0.9 1.85 0.33

16.22 1.18 0.91 1.87 0.34

3,800 4,094,000 151,000 889,000 300,000

61,582 4,825,970 137,190 1,665,660 101,100

4,400 -54,100 -68,740 -8,050 -16,880 108,690 -

108 108.4 107.7 108.4 8,580 926,382 87,459

www.businessmirror.com.ph

Banking&Finance

Govt funds only 40% of cancer care–PIDS By Cai U. Ordinario

@caiordinario

ESPITE being one of the major killers of Filipinos, cancer care is underfunded in the Philippines, according to the Philippine Institute for Development Studies (PIDS). In a Policy Note, PIDS researchers led by Senior Research Fellow Jose Ramon G. Albert said the government only funds some 40 percent of total cancer expenditures. The researchers said the majority of the funds used to treat cancer are financed through out-of-pocket payments and private insurance. “Cancer care is underfunded in the Philippines and the current financing model requires systemic improvement,” the researchers said. “Ultimately, the Philippines can provide more access to cancer care in the pursuit of SDG [Sustainable Development Goal] 3 and relieve the burden of cancer.” SDG 3 is to ensure healthy lives and promote well-being for all at all ages. Quoting data from the Philippine Statistics Authority (PSA), the researchers said spending for cancer reached P46.63 billion in 2020, a 140.75 percent increase from the P19.37 billion in 2019. The researchers said this only represented 5.21 percent of the P895.88 billion total current health expenditures in 2020. Further, based on 2019 estimates, the researchers said Cancer medicines amounted to P3.84 billion in 2019, accounting for around 55 percent of public expenditures on cancer. This was based on the key informants of the researchers which suggest that the number might be closer to 60 percent to 70 percent of total cancer expenditures. “The cancer burden is increasing in the Philippines. For breast and lung cancer alone, cases increased annually by 5.9 percent and 7.2 per-

cent, respectively, between 2012 and 2018. The increasing trend is projected to continue until 2040,” the researchers said. The researchers said the Universal Health Care (UHC) Act or Republic Act 11223 and the National Integrated Cancer Control Act (NICCA) or RA 11215 can ensure equitable and rational delivery and financing of the cancer care continuum. The UHC law mandates the Philippine Health Insurance Corp. (PhilHealth) to provide universal health insurance for Filipinos. It also mandates PhilHealth to pool funds and deposit them in a single unified fund called the National Health Insurance Fund. The UHC also mandates the Department of Health (DOH) to set the national targets and identify costs to be financed. It also reiterates that local government units (LGUs) must have full fiscal autonomy over health programming as mandated by the Local Government Code of 1991. The researchers said the government as well as public and private stakeholders can work together to guide the effective implementation of the UHC Act and NICCA. “The implementation of these laws, however, has been delayed due to challenges from the coronavirus disease 2019 (Covid-19) pandemic,” the researchers, however, said. The researchers said cancer is one of the leading causes of death globally, with nearly 10 million or 1 in 6 deaths in 2020. In the Philippines, they said, cancer is also the second leading cause of death. As of 2020, there were over 153,000 new cancer cases, 354,398 prevalent cases over five years and over 92,000 cancer deaths. Currently, the most common types of cancer in the Philippines are breast, lung, colorectum, liver, prostate and cervix uteri, with the highest share of deaths from lung, liver and breast cancers.

CIS Bayad Center, PNB in digital-payment deal

BusinessMirror

IS Bayad Center Inc. (Bayad) announced it has partnered with the Philippine National Bank (PNB) “to make it easier for Filipinos to settle payments electronically.” In a recently-held virtual signing of a memorandum of agreement, the two companies forged a partnership that would allow Meralco postpaid customers to pay their bills real-time through PNB’s digital application, Bayad said in a statement. Bayad President and CEO Lawrence Y. Ferrer was quoted in the statement as saying, “we take on an ecosystemoriented stance, which we believe is key in accelerating growth for our company, partners and industry as a whole.” “We also continue to innovate and introduce key features in our system such as Bayad’s real-time posting of payments to offer them the ease and convenience of transacting with us,” Ferrer added. This strategic partnership offers a one-stop-shop solution for the best customer experience, the company’s statement read. With Bayad as a payment gateway of PNB, both companies will eventually onboard more biller partners

on the PNB digital app. PNB President and CEO Jose Arnulfo A. Veloso said the bank’s partnership with Bayad addresses the customer’s increasing preference for online transactions. “Partnering with a reliable and trusted name fully supports our efforts to provide safer banking to our customers and the banking public,” Veloso was quoted in the statement as saying. “As our country enters a new phase in its history where our new normal is characterized by going digital and contactless, this partnership is very timely as we are able to serve the bills payment needs of our customers while helping them stay safe at the same time.” To date, Bayad collects for more than 450 biller brands from basic utilities such as electricity and water, cable and internet, to government contributions and loan payments, school tuition fees, online shopping, insurance and others. Bayad said it enables partners to attain nationwide presence and provides end-to-end support services for efficient payment and collection processing.

IC closely watching compliance of PhilHealth, PCIC with PFRS 4

By Bernadette D. Nicolas

@BNicolasBM

HE Insurance Commission (IC) is closely watching the compliance of the Philippine Health Insurance Corp. (PhilHealth) and the Philippine Crop Insurance Commission (PCIC) in adopting the current Philippine accounting standards.

This, after Finance Secretary Carlos G. Dominguez III directed PhilHealth, the Social Security System (SSS) and the Government Service Insurance System (GSIS) back in December last year to estimate their social benefit liabilities in line with Philippine Financial Reporting Standard (PFRS) 4 beginning 2020. As chairman of the board of PCIC, Dominguez also directed the staterun corporation to adopt PFRS 4 in submitting its financial reports. “The IC is now closely monitoring the compliance of PhilHealth and PCIC after our initial findings were transmitted to them last year. We

will continue to monitor the compliance of PhilHealth and PCIC with the recommendations made after the examination is completed,” Funa said in his report to Dominguez. To recall, Dominguez earlier said that the combined total liability of SSS, GSIS and PhilHealth ballooned to P9.94 trillion in 2020 from only P154 billion in 2019 following their full compliance to proper accounting standards. Dominguez earlier said that before these institutions’ full compliance to PFRS 4, they had not been properly reporting their liabilities in their financial statements for 15 years.

As a result, Dominguez said the income of these institutions “were overstated while their liabilities were understated for several years.” Nonetheless, the finance chief has since assured the public that booking and reporting the social benefit liabilities in line with the generallyaccepted accounting principles do not affect the institutions’ cash flows and that they are still financially-sound and are able to meet their obligations to their respective members. Based on the International Financial Reporting Standards (IFRS), PFRS 4 is the current and interim accounting standard imposed on insurance entities in the Philippines. Under PFRS 4, when an insurance entity receives money from its clients and enters into a contract with them to provide benefits when certain events occur, the insurer must set aside a reserve to cover liabilities. Thus, premiums, fees and contributions that the institutions receive must be reported both as income and liability, Dominguez said. Funa said in his report that the IC has also issued a circular last year to ensure that insurance entities remain consistent in complying with globally-accepted regulatory standards. On top of this, the IC also issued

circulars on the rules of procedure in the investigation of unlicensed entities doing insurance, pre-need and other related activities; the rules of procedure on administrative cases against insurance companies, pre-need firms, health maintenance organizations (HMOs) and other ICregulated entities; and, guidelines to ensure that qualifying examinations for insurance agents continue to be conducted during the pandemic through the use of digital technology. Likewise, the IC also released new guidelines expanding the scope of foreign-currency-denominated investments to recognize new investment products in the market and quickly adopt trends and developments in the global financial sector. Under the Duterte administration, the IC also completed in 2020 a comprehensive audit of the books of SSS for the year ending 2017, the first time that the pension fund’s financial condition was examined by the regulator. The examination by the IC of the financial condition of SSS and GSIS is mandated in their respective charters. Other government insurance institutions such as PhilHealth and PCIC are also subject to the IC’s examination.

China Bank Savings tapped in financing auto loans

hina Bank Savings Inc. (CBS) and multi-brand auto dealer group Grand Canyon Multi Holdings Inc. (GCMH) recently expressed optimism that the brisk return of mobility signals toward consumer confidence and economic recovery is just around the corner. It’s time to go forward, GCMH Director Hernani Uy Jr. was quoted in a statement as saying. As Filipinos get on the road more often, getting the car that offers the best safety,

driving comfort and fuel efficiency become top of mind, Uy said. “We thrive on serving customers and it gives the [GCMH] family great satisfaction to see more Filipinos enjoying increased mobility,” Uy said. “Together with our valued financing partner CBS, we will make it possible for more Filipinos to own cars, whether for family travel, for recreation or for the joy of the ride.” “CBS shares GCMH’s passion for cars, for life and for service,” CBS Vice

President and Auto Loans Division Head Manny M. Gomez. “Our aim is to help improve quality of life by making car ownership easy, accessible and highly affordable through CBS’s auto loans.” Gomez added that the bank looks forward to supporting the expansion goals of GCMH and will work closely with the auto dealer group to sell automobiles. Uy said the company is now set to add more locations to the network in

Perspectives Envisioning green cities

This undated photo courtesy of CIS Bayad Center Inc. shows (left to right) CIS BC Chief Commercial Marketing Officer Dennis G. Gatuslao, PNB President and CEO Jose Arnulfo A. Veloso, PNB Senior Vice President and Institutional Transaction Banking Group Head Mariana F. Caculitan and Bayad President and CEO Lawrence Y. Ferrer. The executives signed a partnership for an electronic paymentsettlement platform.

Editor: Dennis D. Estopace • Monday, March 28, 2022

CROSS government and private enterprise, local leaders see climate change as an opportunity to create places that are not just environmentally friendly but also socially equitable. It’s an ambitious goal and it makes a daunting challenge all the more difficult. Some even question whether it’s feasible. Can both aims be achieved in the time we have? Should social justice aspirations get in the way of ecological action? Or to hit carbon reduction targets, do we just need to stop doing things, whatever the social consequences? There are things that we’ll need to stop doing. But we should see this as a chance to tackle inequality. Green energy, technologies and ways of living can help us address issues such as economic deprivation; poor housing and access to healthcare; and disparate educational attainment. Leaders also see the green transition as an opportunity to drive economic prosperity, enhancing our cities as places to live and work. They believe it’s a chance to create secure jobs in green industries; and promote the skills needed to perform them. That will in turn enable localities to draw in enterprise and talent. The pandemic has increased demand for housing in areas that are better connected to nature: being recognized as a “green city” will be important to attracting businesses and skills. There’s a need to build enthusiasm and demonstrate the opportunities to create new business models, products and services that the green transition will generate. Embracing systems thinking and understanding the connections between different actions will help them identify and quantify the benefits of the transition. Yes, they may have to spend in the short term, but green propositions should prove more profitable over the long term. And not offering them will erode investor, employee, and customer confidence.

Businesses can expect a far greater emphasis on social value and carbon reduction from investors, regulators and customers. And they’ll need to anticipate larger and more frequent climate events, and a growing demand for net gains to be measured in biodiversity and environmental terms. In this context, different sorts of investment and strategic decisions will emerge. Questions remain about whether the best decisions are being made, and how actions in one area will impact efforts elsewhere. What’s required in this context is a systems view of climate change. We need to map the complex interactions between different elements of the built and natural environment; and the impact of actions in one area on another. Biophilic design—where the natural habitat is incorporated when designing spaces—provides a good example of this “systems” effect. It not only improves physical and mental health but has also been shown to boost creativity and productivity, enhance learning outcomes, and even reduce crime levels. Achieving the vision of green, fair and prosperous places will require high-level strategies supported by an implementation plan that recognizes—but is not constrained by—the complex web of interdependencies in which we operate. That said, we can’t wait while we develop a systems understanding of the problem. We need to start working on the quick wins now. The excerpt was taken from the KPMG Thought Leadership publication “Voices of Place: The Green City-KPMG United Kingdom” (https://home.kpmg/uk/en/home/insights/2022/02/ voices-of-place--the-green-city.html). © 2022 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. For more information on KPMG in the Philippines, you may send a message via social media or visit www.home.kpmg/ph.

2022, from the present 35 car dealerships that promote nine US, European and Asian automobile brands. CBS, a subsidiary of China Banking Corp., caters to the retail banking needs of auto and home buyers, firsttime depositors, employees, teachers and small businesses. GCMH is a subsidiary of JMB Traders Inc. with investments in real estate, financing, hotel and travel services, motor sales and media/ publishing. Rizal Raoul Reyes

California-based fintech, lender launch neobank By Rizal Raoul S. Reyes

@brownindio

ILIPINO-led financial technology (fintech) company BayaniPay Inc., in partnership with Pasadena, Californiaheadquartered East West Bank, recently launched the first-ever Filipino American neobank that seeks to cater to the financial needs of Filipino Americans. “Filipino-Americans are one of the largest Asian American groups in the United States, with a $145-billion purchasing power,” BayaniPay CEO Winston Damarillo said in an online news briefing. “Despite their significant market size and buying power, no bank has catered to their financial needs and responsibilities both here and in the Philippines.” Damarillo considers the creation of the neobank as a milestone as it is the first time that East West Bank, a subsidiary of East West Bancorp Inc., has made its digital banking platform available to enable a banking-as-a-service platform. A neobank is a type of direct bank that operates exclusively online without traditional physical branch networks. Launched in November 2021, BayaniPay provides zero-fee remittances from California to the Philippines and market-leading foreign exchange rates in partnership with BDO Remit (USA) Inc. By integrating bank products into its platform, Damarillo pointed out that BayaniPay aims to address another pressing need of the estimated 4.2 million US-based Filipinos. “As an immigrant myself, I’ve had firsthand experience with how financial services for global professionals were sorely lacking or came with high fees. That’s why we created BayaniPay,” he said. Parker Shi, executive vice president and COO of East West Bank, said BayaniPay will be a major financial bridge between the US and Asia that has robust digital banking capabilities to the cross borders needs of their customers. “We introduced direct-to-consumer digital banking services to provide customers around the world with comprehensive solutions that fit their lifestyle,” Shi said. “This partnership enables fintech providers like BayaniPay to embed our products and services to serve a whole new group of customers.” Damarillo said BayaniPay enables users to open an East West Bank-powered digital checking account, order a co-branded Visa debit card and send zero-fee remittances to the Philippines. To push further “borderless banking,” the updated suite of features aims to create a seamless experience for both users and their beneficiaries overseas.

Explainer BusinessMirror

B4 Monday, March 28, 2022

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What made North Korea test giant new ICBM? THIS photo distributed by the North Korean government shows what it says is a Hwasong-17 intercontinental ballistic missile (ICBM) before its test-fire, at an undisclosed location in North Korea on March 24, 2022. Independent journalists were not given access to cover the event depicted in this image distributed by the North Korean government. The content of this image is as provided and cannot be independently verified. Korean language watermark on image as provided by source reads: “KCNA” which is the abbreviation for Korean Central News Agency. Korean Central News Agency/Korea News Service via AP

NORTH Korean leader Kim Jong Un, left, walks around a Hwasong-17 intercontinental ballistic missile on the launcher, at an undisclosed location in North Korea on March 24, 2022. Korean Central News Agency/Korea News Service via AP By Kim Tong-Hyung

The Associated Press

EOUL, South Korea—In firing an almost cartoonishly massive intercontinental ballistic missile into space, North Korean leader Kim Jong Un has turned back the clock to the “fire and fury” days of 2017 as he revives nuclear brinkmanship aimed at pressuring the United States to accept his country as a nuclear power and remove crippling sanctions. Thursday’s launch of the Hwasong-17 was North Korea’s most provocative weapons test since US President Joe Biden took office and underscores Kim's determination to continue building his military while diplomacy remains frozen. This experimental launch is worrying because the weapon is being developed to be armed with nuclear bombs and to threaten Washington, D.C., New York and much of the rest of the world. The North, however, may need more tests—including of nuclear bombs—in coming months as Kim tries to both perfect his technology and get a response from the Biden administration, which is distracted by Russia’s invasion of Ukraine and an intensifying rivalry with China. Here’s a closer look at Kim’s new missile and what he may be

up to next:

Does size matter?

At around 25 meters (82 feet) long, the Hwasong-17 is by some estimates the world ’s largest road-mobile ballistic missile system. North Korea revealed the missile during a military parade in October 2020, and Thursday’s launch from an airport near the capital Pyongyang was its first full-range test. Kim could be seen in images released by his state media relishing the test’s success as he walks past the missile wearing sunglasses and a black leather motorcycle jacket. He leads military officials along the airport’s runway in a scene reminiscent of a Hollywood action movie, at one point whipping his shades off to stare at the camera. North Korea last flew an ICBM

in November 2017 when it tested the Hwasong-15. That was during a run of nuclear and missile tests that led to an exchange of insults and threats between Kim and then-US President Donald Trump, who said the North ’s threats against the United States would be “met with fire and fury like the world has never seen.” W hile Hwasong-15 demonstrated the potential to reach targets in the American homeland, the latest test displayed a missile that could possibly travel even farther. The Hwasong-17, which was fired at a high angle to avoid the territorial waters of neighbors, reached a maximum altitude of 6,248 kilometers (3,880 miles) and traveled 1,090 kilometers (680 miles) during a 67-minute flight before landing in waters between North Korea and Japan, according to North Korea’s state media. The flight details were similar to assessments by the South Korean and Japanese militaries and suggested that the missile could reach 15,000 kilometers (9,320 miles) when fired on a normal trajectory. That would effectively place the entire US mainland within striking distance. Extending its ICBM range is crucial for North Korea as it tries to build a more credible nuclear threat to target the United States, said Lee Choon Geun, an honorary research fellow at South Korea’s Science and Technology Policy Institute. To strike the US mainland, North Korea’s previous ICBMs would have had to pass Alaska, where the United States deploys

NORTH Korean leader Kim Jong Un, front, claps during a test-fire of a Hwasong-17 intercontinental ballistic missile, at an undisclosed location in North Korea on March 24, 2022. Korean Central News Agency/Korea News Service via AP

tially capable of reaching Guam, a major US military hub in the Pacific.

Is a nuke test coming?

PEOPLE watch a TV screen showing a news program reporting about North Korea’s ICBM at a train station in Seoul, South Korea, Friday, March 25, 2022. AP/Lee Jin-man

a larger number of missile interception systems. Hwasong-17’s extra range could theoretically allow the North to avoid Alaska by traveling westward so that it reaches the US mainland by way of the Atlantic Ocean, Lee said.

Will the warhead survive?

A na lyst Shin Jong-woo at South Korea’s Defense and Security Forum says the North’s development of a larger ICBM likely has much less to do with range than an ambition to eventually arm the missile with multiple warheads. That would improve the weapon’s chances of defeating missile defenses, regardless of whether it goes through Alaska. While North Korea could be years and major technology advancements away from building a multiwarhead ICBM, it’s becoming more difficult for Washington to ignore Pyongyang’s pursuit of an arsenal that poses a viable threat

to the US mainland, Shin said. It remains unclear after Thursday’s launch whether the North has solved the problem of ensuring that its ICBM warheads can withstand the harsh conditions of atmospheric reentry. While extensively reporting other details of the launch, the North’s state media made no mention of whether any warhead survived. Japan’s Chief Cabinet Secretary Hirokazu Matsuno said that Japan may try to retrieve missile debris to analyze the North ’s technology. Both Shin and Lee ex pect North Korea to conduct more Hwa song-17 tests, i nc lud i ng launches over Japan to put further pressure on Washington and allow North Korean scientists to see how the missile operates at a more normal trajectory. The North in 2017 conducted two launches over Japan of an intermediate range missile poten-

North Korea is showing signs that it may be restoring tunnels at its nuclear testing ground that it detonated in 2018, as Kim tried to leverage his nukes for badly needed economic benefits from the United States. Kim held his first summit with Trump weeks later. The diplomacy derailed after their second meeting in February 2019, when the Americans rejected the North’s demands for major sanctions relief in exchange for a limited surrender of its nuclear capabilities. The site in Punggye-ri in the country’s northeast was used for its sixth and most recent nuclear test in 2017. After declaring the site’s closure, Kim invited foreign journalists to observe the destruction of tunnels in May 2018. But North Korea didn’t invite outside experts to certify what had been destroyed. Some South Korean analysts say the North may feel the need to resume nuclear tests in coming months to get the attention of the Biden administration, which has offered open-ended talks but showed no willingness to concede on sanctions. The missiles the North tested this year included a purported hypersonic weapon and shortrange solid-fuel missiles targeting South Korea. Analysts say the North may use another nuclear test to claim it has acquired the ability to produce a nuclear warhead small enough to fit on those missiles.

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Editor: Gerard S. Ramos

• Monday, March 28, 2022

Who runs the world? M Bea Alonzo talks about self-love and body positivity

ACTRESS Bea Alonzo admits that she has always struggled with her weight. She was an overweight teenager and even when she had lost the extra poundage, she would still get, “Oh you’re so thin in person” or “You’re so fat on TV” a lot. The actress said these comments used to affect her a lot but self-love has changed her. “I am no longer the same person that I was then. I am more comfortable in my skin now. I know I am not perfect and I’m okay with that. I’m more confident and less hard on myself than I was before.” These days, Alonzo is in fighting form, a healthy adult who no longer struggles with her weight. She doesn’t even go on diets and eats what she wants but she does exercise, sleep well and makes sure to take care of her gut health by drinking Beautéderm’s Reiko Slimaxine and Reiko Fitox. Both supplements are Japan-made, 100 percent safe, effective, Food and Drug Administrationcompliant and all-natural. “If I have any advice to give to teenagers who want to lose weight, I’d say do it for yourself and your health, and not for any guy or other people,” said Alonzo during the launch to announce her being named the ambassador of Beautéderm’s Reiko Slimaxine and Reiko Fitox. “This endorsement is very special to me because it is my first new endorsement during this pandemic.” The 34-year-old actress said she just returned from Madrid, where she enjoyed good food and even indulged a bit. The key is moderation. Alonzo’s Beautéderm ambassadorship comes as no surprise to those who know CEO Rhea Anicoche Tan, who is a fan of the actress and loves to call her Basha. Basha is a character played by Alonzo opposite John Lloyd Cruz’s Popoy in the movies One More Chance and A Second Chance. We also asked Tan how she stays fit (at just over 40 years old, she wears an XS at less than 100 lbs). “I love vegetables and my first meal of the day at 11 am is always dinengdeng. I don’t eat large meals. I just eat small portions. And of course, I take Fitox and Slimaxine.” Dinengdeng is an Ilocano dish that contains vegetables, grilled fish and bagoong isda. It’s like a soupy pinakbet. “Beautéderm launched the Reiko and Kenzen supplements because of the pandemic and people’s need to be healthier. Slimaxine and Fitox were meticulously developed and formulated to help the body in achieving optimum digestive health. The combination of both supplements helps in regulating the intake of unhealthy food and aids the stomach in the absorption of nutrients.” Alonzo said she takes Fitox and Slimaxine every day and it helps her with digestion without any inconveniences. “Being healthy has been my priority since the pandemic started. Unfortunately, I got Covid in January with symptoms like body pains and difficulty in breathing. What happened only strengthened my resolve to take care of myself more.” Alonzo has work for a movie and will soon star in the GMA adaptation of the Korean drama Start-Up opposite Alden Richards, and she’s very happy to be finally starting a new chapter in her life. She had a busy 2021 and her 2022 started out rough but things are looking up and she’s doing well.

ODEL-QUEENS: After a controversial postponement, the 70th Miss World pageant was finally staged on March 17 in San Juan, Puerto Rico. Poland’s Karolina Bielawska, 22, who’s a model studying for a master’s degree in management, was declared the winner from a field of Top 40 contenders. Our Tracy Maureen Perez finished in the Top 13. “I still cannot believe I’ve just become the second Miss World in Polish history. I am more than proud to bring that crown to my country. I have no words to express how extremely grateful I am for this opportunity and the huge amount of support I’ve received from so many people,” says the stunning Pole, who bears a resemblance to Australian actress Margot Robbie [Oscar-nominated for I, Tonya and Bombshell]. “I would have never come so far by myself. I believe that we are all placed here for a purpose and I have never been more excited for fulfilling mine. Thank you, God, I give all my glory to you. Always fight for your dreams, guys—they do come true!” Karolina follows fellow Pole Aneta Kręglicka, who was Miss World 1989. Our own Kathleen Joy Paton, who bears a resemblance to the English actress director Rebecca Hall (Golden Globe-nominated for Vicky Cristina Barcelona), won the Philippines’ second Miss Eco International crown (after Cynthia Thomalia in 2018) in Cairo, Egypt, also on March 17. A striking model who wants to pursue a business education, Kathleen, 24, was asked this as her final question: “As a titleholder, you’re a public figure. Do you think it’s important to stay neutral on controversial social issues or to use your title to promote your own belief, and why?” The Fil-Australian’s winning reply, wearing a Val Taguba gown: “It is a very tough question in all honesty because we are at the forefront of opinions and negativity every single day, especially on social media. I do believe as a leader and as someone who is very influential in society, we sometimes have to use our voice in a very neutral state of mind because we have a very influential position. But in doing so, we also need to use our voice in order to motivate other people to stand up for what is right, and I think that takes a good moral compass.” LADY OSCAR: This year’s Oscars, happening today, is poised to be a crowning moment for women in film. New Zealand director Jane Campion, the first woman to be nominated for best director twice, could make even more Oscar history if she wins for The Power of the Dog. She would follow Chinese director Chloé Zhao’s win for Nomadland. Meanwhile, Power of the Dog cinematographer Ari Wegner could become the first woman to win an Oscar in her category. But the most nail-biting is the best-actress race. It’s

POLAND: Karolina Bielawska, the 70th Miss World (MISS WORLD POLAND FACEBOOK); USA: Jessica Chastain as American televangelist Tammy Faye Bakker in The Eyes of Tammy Faye (SEARCHLIGHT PICTURES); Spain: Penélope Cruz in Parallel Mothers (SONY PICTURES CLASSICS); USA: Kristen Stewart as Diana, Princess of Wales, in Spencer ; Australia: Nicole Kidman as American Lucille Ball in Being the Ricardos (AMAZON STUDIOS); United Kingdom: Olivia Colman in The Lost Daughter (NETFLIX); Philippines: Miss Eco International 2022 Kathleen Paton (KATHLEEN PATON FACEBOOK); Philippines: Angel Locsin (ANGEL LOCSIN FACEBOOK)

so wide open that anyone could pull a surprise—and still satisfying—win. Jessica Chastain for The Eyes of Tammy Faye seems the “Girl to Beat,” having won the Critics Choice and Screen Actors Guild statuettes. Trade rag Variety thinks Penélope Cruz will win for Parallel Mothers. Olivia Colman, the 2019 winner, is a contender for The Lost Daughter. Could Nicole Kidman, who won for playing real-life Virginia Woolf in The Hours, win again for playing real-life icon Lucille Ball in Being the Ricardos? Or is it time for an ingenue/indie darling, Kristen Stewart, for her transformative performance as Diana, Princess of Wales, in Spencer? And what of their Oscar Night outfits? In 2003, Kidman wore an asymmetrical black gown by Jean Paul Gaultier when she won. Cruz wore a 60-year-old ivory Pierre Balmain vintage gown when she received her Best Supporting Actress Oscar for Vicky Cristina Barcelona at the 2009 Oscars. Nominated for The Help, Chastain wore a goth Alexander McQueen gown (was it artistry or upholstery?) at the 2012 ceremony. In 2013, Stewart wore a Reem Acra pale ball gown, worn with Fred Leighton jewels, a Jimmy Choo heel, and crutches.

In her stunning upset against Glenn Close (The Wife), Colman wore a forest green/emerald Prada gown with slate gray drapery. ACTIVIST-ACTRESSES: Real-life superheroine Angel Locsin leads an array of actresses for an #AngatBabae and #WomensMonth campaign, with a radical disclaimer: Wala ni isang bayaran dito. Walang kapalit kundi pag-asa. Wearing rosy rouge, Angel is joined by Angelica Panganiban, Agot Isidro, Iza Calzado, Bianca Gonzalez, Cherry Pie Picache, Mylene Dizon, Maris Racal, Jane de Leon, Julia Barretto, Jolina Magdangal, Yayo Aguila, Pinky Amador, Shamaine Buencamino, some personalities and transwomen such as Mela Franco Habijan and Pipay. “Alam n’yo sa pink lipstick, dito ko lang masasabi lahat ng gusto. Dahil dito, malaya tayo. Lalo na ang mga babae. Walang magsasabi sa atin, ‘Hanggang d’yan ka lang. You’re weak,’” the PinkLipstickTogetherForLeni message boldly declares.“’Wag n’yong i-undersestimate ang power nitong pink lipstick. Dito, malaya ang mga bibig. Masasabi natin loud and proud, ‘Hindi ako babae lang. Babae ako! Babae ka! Babae tayo! At babae ang iboboto ko: Leni Robredo!” n

In full bloom for the summer PREPARE for summer in a breeze as Rustan’s The Beauty Source brings its patrons an unparalleled range of makeup, fragrance, hair care, and skincare products from well-loved brands. Seize the freshest summer yet as you cop two new looks inspired by the bright and cheerful vibe of living life in full bloom. The first look is a modern monochromatic style that uses peach tones to create a healthy, flushed effect; while the second plays with soft, glittery products for an ethereal allure. Both looks are created by hairstylists Francis Guintu from Phyto and Nikko Bruel from Camille Albane; and makeup artists Jhuanna Manuel and Jocelyn Pastrana from Bobbi Brown. Stay tuned on The Beauty Source’s social-media sites to discover more exciting deals on April 9 and 10. More information can be found at bit.ly/ RTBSBloomBeauty. GO BOLD WITH A MODERN MonochroMatic look MASTER the look of a well-coordinated range of shades with Bobbi Brown. Prepare to get your monochrome on and boost your skin’s warmth with the brand’s lightweight and breathable Sheer Finish Pressed Powder in Pale Yellow. What’s more, its Brow Kit in Mahogany features two complementary brow-true shades of powder for a dramatic sultry brown look. Illuminate the eyes on the fly with Bobbi Brown Shimmer Wash Eye Shadow in Rose Gold while you sport a soft and perfect melody of true neutrals with its Illuminating Bronzing Powder in Antigua. Finally, get a pop of color and comfort in one when you use the brand’s

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❶ Crushed Liquid Lip in In A Jam. Alternatively, easily make a statement starting with brows that wow. Use Stila’s double-ended Stay All Day Waterproof Balayage Brow to flaunt expertly sculpted eyebrows. Balance fierceness with a supple glow using Nars Afterglow Cheek Palette, featuring 6 beautifully buildable blush shades. Complement the look by sporting soft beach hair waves, coupled with a floral scarf. Finish it off with body, hair and nail care products to complete the summer vibe, such as L’Occitane Almond Shower Oil Eco-Refill, Phyto’s Phytokeratine Extreme Exceptional Cream that leaves hair supple and silky soft, and Deborah Lippmann Every Time We Touch for nails.

❷ Get sparkly with an ethereal suMMer look TO get that light, airy and delicate feel on the face, trust that Bobbi Brown is here to help. Start it off with tone-perfecting, buildable coverage provided by the Intensive Serum Foundation. Next, accentuate brows and fill in any sparse spots with the brand’s Natural Brow Shaper in Auburn.Give the eyes a nice glow with the metallic formula of its Luxe Eye Shadow in Moonstone. For a healthy flush of color, apply Bobbi Brown’s No. 1 bestselling highlighter: the Highlighting Powder in Pink Glow. Finish this beautiful ethereal and natural look by applying a coat of the Pot Rouge For Lips & Cheeks in Pale Pink to get that soft, stainlike finish.

B6 Monday, March 28, 2022

Mayor Sara Duterte supports ‘Daddy A’ Bagatsing

Suntrust bags two citations in the 1st Carousell Property Awards this year

ICE Presidential Candidate Davao City Mayor Sara Duterte has expressed her support in the candidacy of former Manila Cong. Amado ‘Daddy A’ Bagatsing in the mayoralty race in Manila. Bagatsing was glad to receive the backing of the presidential daughter who personally attended the proclamation rally of Team KABAKA in San Andres Bukid, Manila. “We thank our incoming Vice President Mayor Sara Duterte for the support. Our family have always been a close friend of Mayor Sara. Her mere presence is a

manifestation that she joins the fight of KABAKA family for change and for a better Manila,” Bagatsing said. The former Manila representative also believed that the support showed by Mayor Sara, as well as to her daughter Manila 5th District Congresswoman Candidate Cristal Bagatsing, is a sign of trust and confidence that the city of Manila is in good hands should they win the upcoming polls. It can be noted that President Rodrigo Duterte has endorsed the candidacy of Bagatsing as Mayor in the city of Manila.

Spectrum, Wilcon Depot invest in sustainable future

PRESENT AT THE AWARDING RITES HELD AT SPI HEADQUARTERS, FROM LEFT: Princess Marie Angelique C. Tobias, SPI’s Manager for Corporate Events and Communications; Christine Santiago, SPI’s Senior Manager for Marketing and Sales Operations, NCR Vertical Projects; Deanna Jean A. Claveria, SPI’s Executive Vice President/ Chief Operating Officer; Atty. Harrison M. Paltongan, SPI’s President; Susan C. Gau, SPI’s Executive Vice President and Treasurer; Jerry R. Rubis, SPI’s First Vice President for Sales, Marketing and Training; and Cecar Cruz, SPI’s Sector Head for Laguna and Batangas Horizontal Projects

EAL estate developer Suntrust Properties, Inc. (SPI) a wholly-owned subsidiary of Megaworld Corporation, once again proves its potential in providing quality homes for every Filipino. SPI acquired two awards in the firstever Carousell Property Awards last March 22, 2022 with Suntrust Kirana as Best Affordable Condominium and Suntrust Verona as Best Development: Mid-Range Housing. “In welcoming our 25th Anniversary, we are proud to say that for the longest time, we never failed to deliver. This award symbolizes every hard-working employee that Suntrust has. From the

site workers and maintenance to the admins, agents, and executives. This can never be possible without each other's effort. SPI will be devoted to continue providing better homes for each and every Filipino.” said Atty. Harrison M. Paltongan, president of Suntrust Properties, Inc. The pocket awarding was held in Suntrust Properties, Inc.’s head office. Atty. Harrison Paltongan, SPI’s president, and Mr. Jerry R. Rubis, SPI’s first vice president- Sales, Marketing, and Training, received the plaque and trophies. Other executives and sales heads were also present during the intimate celebration.

Suntrust Kirana, is a four-tower mid-rise condo development offering 300 residential units in total. Rising in Pinagbuhatan, Pasig City, this Modern Asian condominium promotes serenity and closeness to nature while keeping close to the most progressive business districts nearby. Meanwhile, Suntrust Verona is an Italian-themed community in Silang, Cavite. Inspired by the beautiful and elegant city in Verona, Italy. A 62-hectare enclave comprises six residential phases, each showcasing a variety of singledetached and duplex homes - all exquisitely designed and embraced by lush nature spaces.

Novaliches is prime for an investment evolution

PECTRUM, a wholly owned subsidiary of the Manila Electric Company (Meralco), has partnered with Wilcon Depot, Inc. to support the latter’s push for sustainability through the utilization of solar energy. Spectrum was tapped by Wilcon to install a total of 1,306.46-kilowatt peak of solar photovoltaic (PV) systems for its branches located in Antipolo, Rizal; General Trias, Cavite; Tayabas, Quezon; Jaro, Iloilo; and Makato, Aklan. The solar panels will have a combined annual generation capacity of 1.7 million kilowatt-hours of clean energy and are expected to reduce Wilcon’s carbon footprint by 1,222 tons annually. This is equivalent to 2.5 million trees planted. The solar PV systems will also allow Wilcon to save as much as P5.15 million in energy costs every year. The project forms part of Wilcon’s plan to power its entire store network with solar PV systems aligned with its goal to become a more sustainable company. Top officials from Spectrum and Wilcon on March 22 led the launch of the solar project in one of Wilcon stores in Antipolo City. “Wilcon Depot has partnered with Spectrum in support of our sustainability journey as they speak quality, character, and excellent service in each project. We are thankful to have such an outstanding organization in enabling Wilcon to achieve our sustainability goals,” Wilcon President and CEO Lorraine BeloCincochan said. For his part, Spectrum President and CEO Ferdinand O. Geluz said: “We are also thankful for the opportunity to develop Wilcon’s solar facility requirements in five stores. We admire that Wilcon had the

SPECTRUM President and CEO Ferdinand O. Geluz (left) presented a Plaque of Appreciation to Wilcon President and CEO Lorraine Belo-Cincochan (right) during the ceremonial launch of the solar project held on March 22 in Antipolo City. foresight on how to contribute in easing the impact of unstable prices of fuel, low supply from generation companies, and harnessed the power of the sun through the use idle roof space. Not only does it reduce carbon footprint, it also lessens energy costs which drives operational efficiency.” “What we offer at Spectrum is a one-stop shop solar solution-supporting Meralco’s promise to customers of being their trusted end-to-end energy solutions provider,” said Geluz, who is also Meralco FVP and Chief Commercial Officer. Through its customer-centric approach, Meralco paved the way for this partnership by introducing Spectrum upon hearing Wilcon’s plan to take a big leap towards sustainability. The project weaves the country’s largest distribution utility into Wilcon’s sustainability story. Prior to entering a partnership with Spectrum, Meralco provided its expertise in addressing power quality concerns in Wilcon’s stores, helping ensure business continuity which became even more crucial amid the pandemic.

Fight malnutrition, build a healthier community

STEADY trajectory in economic activity welcomed more business communities, cultivated a large working class, and ushered the development of essential establishments like hospitals and schools. Yet that is just the start. In a bustling area in Quezon City that’s positioned to enjoy the economic improvements is the vibrant Novaliches. Few areas in the metro stand to benefit from the aggressive infrastructure projects the same way Novaliches does. The soon-to-be-completed MRT Line 7 that traverses the area will connect to the North Triangle Common Station, where transfers can be made to other train lines. This includes LRT 1 to the west of the metro, as well as MRT 3 and Mega Manila Subway to the south. These connections unlock convenient travel from Novaliches to key places of interest in and around Metro Manila, from central business districts, to regional and global gateways like the Ninoy Aquino International Airport and the new international airport in Bulacan. Infrastructure developments serve as catnip for investors. The Bangko Sentral ng Pilipinas (BSP) said robust domestic economic activity, boosted by new

infrastructure projects, attracts investors looking for growth opportunities. That infrastructure projects serve as fiscal stimuli – from job creation to economic growth – is likewise supported by a 2020 Global Infrastructure Hub study. If the trend holds in Novaliches, we can expect higher economic productivity and growth, better economic inclusion, and improved overall quality of life for residents in the area, making it a hot target for investors. Those into real estate investment, in particular, believe that now is the best time to invest. A first-rate Novaliches property positioned to capitalize on the impending economic transformation is SM Development Corporation (SMDC)’s Hill Residences. The masterplanned vertical garden community makes for an appealing and profitable asset for investors by bringing SMDC’s progressive, industry-leading qualities to a location on the cusp of evolution. With an unwavering commitment to sustainability, SMDC upholds principles in its developments that not only help save the environment, but also promote inclusive and affordable spaces for its residents to thrive. At SMDC’s Hill Residences, for

instance, an abundance of green spaces does more than allow residents to relax their eyes and minds. These installations also encourage them to spend more time outdoors and reduce energy consumption. Healthy green foliage runs along the jogging paths and blankets the development’s exclusive park — aiding the flow of fresh air and the reduction of heat through landscaping, while promoting walkability and an active lifestyle. Every space at Hill Residences — from the swimming pools, to the basketball court, and other common areas — is envisioned to serve as the perfect ground for social connections, the core premise of community building. As Home of the Good Guys, SMDC understands today’s premium on holistic health and happiness, advancing the cause at every chance. The reigning back-to-back “Best Developer” in the PropertyGuru Awards, SMDC indeed, goes far and beyond just green growth. The company also champions the social and economic aspects of sustainability, as part of its well-rounded and committed push of the modern movement. To know more, visit www.smdc.com/ properties/hill-residences/.

ID you know that about 12 million children in the Philippines don't receive proper childcare and nurturing services? There is a saying that it takes a village to raise a child. That is precisely what Malabon City is doing with the help and cooperation of its dedicated Nutrition Committees and Barangay Nutrition Scholars. Named the “Most Innovative LGU in Nutrition Program Management” during the 2021 Gawad Parangal by the National Nutrition Council (NNC), Malabon City continues to implement innovative and timely health programs to combat malnutrition in the city. In Malabon City, each barangay is given a program with a single goal: to lower the rate of malnutrition in their community effectively. Barangay Nutrition Scholars are encouraged to innovate their programs to suit the beneficiaries assigned to them. Relevant programs like “Operation Timbang Plus” include monitoring the weight and height of the children to identify who are malnourished, stunted, and wasted. The Barangay Nutrition Scholars also give micronutrients supplements such as Vitamin A for those who are in need. After thorough validation with the needs of the children, the Barangay Nutrition Scholars enroll the children in programs

such as Karinderia para sa Kalusugan ni Chikiting at Buntis (KKC), a 90 to 120-day feeding program to effectively help every malnourished Malabonians. The scholars also weigh the children every month and visit them for other assistance. To maximize what the Barangay Nutrition Scholars can do to reduce the community's malnutrition rate, the city government devised an awarding system to recognize the most innovative and effective programs executed by each barangay in Malabon City. “The intensity of success and impact of the programs they developed is the basis of awarding of distinction per barangay,” says Fidel Baltazar P. Dela Cruz, 2019 Local Nutrition Program Coordinator of the Year Finalist. “Our work is difficult, but it does not compare to the joy and satisfaction we feel knowing that we have helped a child or a mother who desperately needed help,” says Nancy Mendoza, the 2019 Regional Outstanding Barangay Nutrition Scholar Finalist. Ms. Agustina, a Barangay Nutrition Scholar from Brgy. Potrero says, “We are dedicated and passionate in what we do.” Being chased by dogs, falling off from a bridge, and even climbing a tree are just a few encounters of a Barangay Nutrition Scholar to give adequate service to every Malabonian.

BARANGAY Concepcion in Malabon City was recently honored with the Best Nutrition Program Management, Lowest Malnutrition Rate, and Best in Resource Generation Awards by the city officials (seated, center): Mayor Lenlen Oreta, City Nutrition Action Officer Melissa Sison-Oreta, and Councilor Enzo Oreta

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, March 28, 2022

The coronavirus chronicles: Meet the customers that matter in 2022 N

By Millie F. Dizon

n Climate changers

The devastation brought about by recent disasters like Supertyphoon Yolanda and last year’s Typhoon Odette have made us very much aware of our vulnerability in the face of climate change. And the government and businesses have created sustainability programs to address what appears to be inevitable. This eco-anxiety and environmental activism is shared globally. In 2021, 67 percent of consumers all over the world tried to have a positive impact on the environment through their everyday actions. They expect brands to step up and are taking action through the products they purchase. In response, businesses are tapping into the growing market for carbon neutrality. Companies are adjusting their portfolios to meet consumer demand for products with a lower planetary and ecological footprint.

n Backup planners

Supply chain shortages—not to mention soaring oil prices—are forcing businesses to pivot and provide new solutions for cus-

Brand & Business: BUx doubles down on customer acquisition to support BSP’s NRPS goals MANILA, PHILIPPINES—BUx, the Philippines’ leading all-in-one payment solutions platform operated by the country’s leader in open finance UBX, is doubling down on customer

acquisition initiatives this year to support the Bangko Sentral ng Pilipinas (BSP) in achieving its goal of migrating half of the total transactions to digital channels by 2023. With the continued evolution of consumer behavior and their stronger preference for digital solutions, BUx is confident that more micro, small, and medium enterprises (MSMEs) as well as large corporations will adopt digital payment solutions this year. “We are intensifying our customer acquisition efforts to equip more businesses—from large cor-

—but is expanding into other fast-moving consumer goods.

n Rural urbanites

Lockdowns and work-fromhome arrangements—not to mention to lesser property costs— have made many set their sights on relocating to suburban and rural communities that offer more spacious housing and greener scenery. While this was viewed as something temporary in the past, this year so-called rural urbanites are making this move permanent. Those that prefer to remain in the cities are nevertheless looking for green spaces near homes and faster, cleaner communities. This mass relocation would result in new business opportunities and brands need to adjust their strategies to retain customers. It is said the businesses the strengthen e-commerce distribution, expand sustainable product lines and cater to rural urbanites will emerge as winners.

n Self-Love Seekers

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PR Matters

OT too long ago, millennials - and later on Gen Z—were every marketer’s focus, dream, and biggest challenge. How does one, after all, reach out to a segment that represented the largest population group apart from baby boomers? How do brands entice a generation—boosted by technology and changing attitudes and values - so different from the rest? The pandemic changed all that, revealing their financial vulnerability. And suddenly, it was back to Mom and Dad, Ate and Kuya, and in extended families Tito and Tita to stabilize family finances and spending. That the past two years have changed our lives is an understatement. It has given many of us pause, made us rethink our priorities, and in some cases, even caused lifestyle changes. Change, after all, was the only constant over the past two years, says Retail in Asia in an article Top 10 Global Consumer Trends in 2022 to Watch. “Resilience and adaptability were tested in 2021, forcing consumers to relinquish control, and embrace ambiguity,” it says. “This year, consumers are taking back the reins and paving a path forward based on their passions and values.” And this cuts across all age groups. Here, Retail in Asia reveals the emerging and fast-moving trends and personas that are expected to gain traction in 2022 based on Euromonitor International’s Top 10 Global Consumer Trends report. We hope marketers in PR pros will find these useful in planning their post-pandemic campaigns.

tomers to access products and services. With this, we are looking into more localization and optimization. Customers, on the other hand, are seeking creative solutions to purchase or search for the next best options. In 2021, 28 percent of consumers tried to purchase locally sourced products and services.

n Digital seniors

Asia Pacific is home to the largest number of older people in the world today. The population in Asia Pacific aged 65+ is said to grow a massive 95 percent between 2021 and 2040 to reach 767 million by 2040, says Retail in Asia. The survey reveals that digital seniors in Asia Pacific are more motivated to buy online due to product information, comparisons, and reviews at their fingertips. This was a key motivating factor for one fourth of respondents compared to 19 percent in North America. In the Philippines, lockdowns and the convenience of deliveries during times when seniors were homebound has also drawn them to go digital. With this, businesses have the opportunity to tailor their digital experience to target and meet the needs of this expanded online audience.

n Financial Aficionados

The uncertainty and instability

porations to micro entrepreneurs— with digital payment solutions that help streamline their businesses and enable them to provide better customer experience. We are committed to further reach more businesses, including marketplace aggregators, to support the BSP in attaining its goal of converting 50 percent of total transactions to digital channels by 2023,” UBX Managing Director for Commerce and Payments Jaime P. Garchitorena said. Latest BSP data showed that the share of digital payments to the total volume of transactions

of the times, as well as lockdowns have caused what can be called “Thoughtful Thrifters” to spend less and save more. Working from home and more time on their hands to research has also prompted the rise of what can be called financial aficionados—those w ith discretionary income with increasing financial literacy who are finding alternate income streams, including home-based businesses. It is said that more than half of global consumers believe they will be better off financially in the next five years. Wit h consumers becoming more money wise as they are able to access money management tools through banks, businesses are capitalizing on this newfound financial freedom and are responding with resources that give consumers more control and confidence. With this, it is recommended that retailers and brands collaborate with financial service corporations to facilitate alternate forms of payment.

n Great life refresh

Many consumers have learned to focus on personal growth and well-being during the past few years. They are making drastic life changes that reflect their values, passions, and purpose. With this, consumers now have a higher appreciation for worklife balance. They are changing careers or leaving the workforce entirely to discover or pursue

in 2020 reached 20.1 percent from 14 percent in 2019, and a huge leap from only 1 percent in 2013. Driving this growth is the 47.8-percent rise in payments to merchants, as well as peer-to-peer transactions, and government disbursements. “With one in five Filipinos now transacting digitally, we are seeing a change in consumer behavior. Filipinos are now embracing digital payments and merchants are able to match that demand by adopting digital payment solutions,” Garchitorena said.

their purpose. Companies catering to this trend stand to be seen as partners, helping consumers adapt to a new way of life.

n The metaverse movement

Although lockdowns and strict social distancing requirements kept many of us physically apart during the past two years, consumers learned how to stay connected. Think zoom meetings and the surge of delivery services. More than that, consumers are embracing immersive, 3D digital ecosystems to socialize with communities. Global sales on AR/VR headsets grew 56 percent from 2018 to 2021, reaching $2.6 billion last years. Brands and retailers are, on the other hand, leveraging social platforms such as Tiktok to outsource content and designs, promote products, and train associates on how to build followings.

n Pursuit of the preloved

This goes beyond collecting antiques or retro fashion which the elite reveled in for many years. This time, secondhand shopping has gone mainstream as consumers seek unique, affordable, and sustainable items. As customers move on from an owning to experiential mindset, it is said that one-fifth of customers will consider increasing purchases of secondhand items in the future. This trend has been in practice in the apparel industry for many years—think ukay-ukay

The pandemic accelerated the adoption of digital payments in 2020 due to the limited mobility brought about by the community quarantines. BUx alone recorded a 33x surge in transaction volume in 2021, processing gross transaction value in the billions of pesos. An end-to-end payment solutions platform, BUx allows merchants of all sizes to accept all forms of payment. It unifies payment channels from card payments, bank transfers, over-thecounter payments, to e-wallets

Consumers today invest in taking care of their bodies and minds, splurging in ways that match their lifestyles. These include eating healthy food, working out, and watching one’s mental health. With this, products that evoke physical, emotional, and spiritual well-being will enhance of these self-love seekers, resulting in better customer loyalty.

n The socialisation paradox

The Socialisation Paradox is a behavioral phase influencing consumer habits. Consumers want to socialize but demand a flexible approach—some are eager, while others are hesitant, to resume their normal activities. Businesses should be receptive and provide a seamless experience with innovative and adaptive solutions. In today’s world, customers are moving like never before. Businesses must move with them or risk losing them. They need to evolve as quickly to meet consumers on their terms, and should consider partnerships with other players across sectors to share resources, expand reach and achieve objectives beyond their current operational capabilities. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

into one solution. BUx has the most extensive payments network in the Philippines with over 50,000 access points and over 30 payment partner channels, effectively covering all of the payment channels required by merchants. Aside from providing customers with payments solutions, BUx also enables businesses to track paid and pending payments, download payment summaries, and receive real-time notifications of funds credited through its bestin-class dashboard.

PHL beach volley teams bag 2 golds, 1 silver, 2 bronze medals in Brisbane

HE Philippine beach volleyball teams’ road to Hanoi began with a flourish following a two-gold, one-silver and one-bronze medal haul at the 2022 Australia Beach Volleyball Tour Championships that wrapped up Sunday at the Coolangatta Beach in Brisbane, Australia. Sand court ace Jovelyn Gonzaga’s first partnership with Dij Rodriguez proved to be a fruitful one after their 18-21, 21-19, 15-13 conquest of local bets Alice Zeimann and Anna Donlan in the Women’s Challenger Division I final. Gonzaga and Rodriguez went undefeated in five matches in the three-day tournament which is the top-tier domestic beach volleyball event on the Australian volleyball calendar. Ranran Abdilla and Jaron Requinton also won the gold medal via a 22-20, 21-17 decision over Issa Batrane and Frederick Bialokoz in the Men’s Challenger Division I. Abdilla and Requinton also posted a perfect 5-0 record in the tournament that’s part of the beach volleyball teams’ preparation for this May’s Vietnam 31st Southeast Asian Games undertaken by the Philippine National Volleyball Federation and supported by the Philippine Sports Commission, Rebisco, PLDT, Taguig City and the Philippine Olympic Committee. Sisi Rondina and Bernadeth Pons bagged the silver after pulling of a gallant stand against Nikki Laird and Phoebe Bell, 18-21, 12-21, in the final of the Women’s Elite group. Nene Bautista and Gen Eslapor, who liked Gonzaga and Rodriguez are paired for the first time, scored a 21-13, 21-19 victory over Saskia De Haan and Lisamarie Moegle to clinch bronze in Women’s Challenger Division I. Pemie Bagalay and James Buytrago also took a bronze in the Men’s Challenger Division I with a 21-17, 21-12 win over Thomas Heptinstall and Jed Walker. The sixth Philippine pair, Jude Garcia and Krung Arbasto, reached the Men’s Challenger Division I quarterfinals. The beach volleyball squads are undergoing a one-month training program in Brisbane for their campaign in the May 12 to 23 Vietnam SEA Games. The Philippines clinched two bronze medals in beach volleyball in the 2019 Philippine SEA Games.

Sports BusinessMirror

| Monday, March 28, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

REAL MADRID’S Gareth Bale says media pressure can push athletes “over the edge.” AP NEW pair Jovelyn and Dij Rodriguez go undefeated Down Under.

IRRESPONSIBLE SPORTS JOURNALISM

ARCELONA, Spain—Gareth Bale has spoken out against the psychological harm that professional athletes can receive from the media after a leading Spanish sports daily published a column on the Real Madrid player entitled “The Welsh Parasite.” Bale wrote on Twitter on Friday

that the column published by Marca was a “piece of slanderous, derogatory and speculative journalism.” “At a time where people are taking their own lives because of the callousness and relentlessness of the media, I want to know, who is holding these journalists and the news outlets that allow them to write article like this, accountable?” Bale wrote.

RACHEL ANNE DAQUIS and the HD Spikers want to extend their winning act to the quarterfinals.

Cool Smashers, HD Spikers eye PVL Open semis IGNAL HD and Creamline take the first of two chances to get to the Final Four but they sure won’t take any chances as they go for the clinchers against BaliPure and Chery Tiggo, respectively, in Monday’s start of the quarterfinal round of the Premier Volleyball League (PVL) Open Conference. But it won’t be easy as the Purest Water Defenders and the Crossovers mount a kind of challenge they missed putting up in the preliminaries, guaranteeing a pair of fierce duels in the stretch run of the compressed tournament marking the second pro season of the country’s premier volley league. For topping their respective sides, Cignal and Creamline need only to win once to advance. What makes the league’s resumption after a much-deserved three-day break doubly interesting is that it will be staged back at its home—at the Filoil Flying V Arena in San Juan where these four teams will be playing before an expected big crowd for the first time since Creamline beat Petro Gazz and completed a rare PVL Open sweep in 2019. Choco Mucho and Petro Gazz,

the other teams with twice-to-beat perks, shoot for the semifinals on Tuesday against PLDT and F2 Logistics, respectively. Fan engagement will surely play a big role for these contending teams, foremost of which is the inspiration they would generate, not to mention the constant cheers that motivate the teams and players. The HD Spikers should have more of that after emerging as the surprise team in the prelims grind that saw them post one big win after another on their way to sweeping the tough Group A of the two-division tournament organized by Sports Vision. And coach Shaq delos Santos expects more of the same from his wards headed by Rachel Anne Daquis, whose experience and leadership have helped the team buck the odds that had them repulsing F2 Logistics, Choco Mucho and Chery Tiggo before

toppling Army Black Mamba. Ces Molina is expected to be back in top shape after sustaining a slight ankle injury recently, along with Ria Meneses, Angeli Araneta, Roselyn Doria, Genn Layug, Jerrili Malabanan and playmaker Gel Cayuna. Still, they expect a tough outing in their 3 p.m. match against the Water Defenders, who will be pinning their hopes on Janine Marciano, Jhoana Maraguinot, Rapril Aguilar, Marian Buitre, Bernadette Flora and Sat Espiritu to essay a pair of wins to crash into the next round. The 6 p.m. rematch of last year’s title protagonists is expected to provide more fireworks although the Cool Smashers have downplayed the revenge angle but would want to focus more on the task at hand—a spot in the semifinals. Matches are also aired live on One Sports and One Sports Plus and on social media platforms Cignal Play, Gigaplay, KUMU and pvl.ph.

CHIEFS NAIL DOWN STAGS IN ‘NC’ HOOPS By Josef Ramos

RELLANO University edged San Sebastian College, 6563, and Mapua University downed Emilio Aguinaldo College (EAC), 73-67, in a pair of Day 2 games on Sunday of the National Collegiate Athletic Association (NCAA) Season 97 senior basketball tournament. The Chiefs had to work their way from nine points down in the final quarter and survive crucial free throws in the stretch to nail the victory and join defending champion Letran and College of Saint Benilde in the early lead. Mapua, on the other hand, relied on Adrian Nocum and Brian Lacap to beat EAC as NCAA senior basketball returned after two years at the La Salle-Greenhills Gym. Nocum posted 20 points and five rebounds, while Lacap had 14 points for the Cardinals. Kriss Gurtiza led the Generals with 21 points. “This is our first game in two years, we didn’t play any tuneup so we’re still struggling to find our touch. I challenged them also to play defense and execute our offense well,” Chiefs’ coach Cholo Martin said. “I’m happy we made the necessary adjustments and the players responded very well at crunch time.” Arellano University trailed 4958 early in the fourth quarter but grabbed the lead, 62-60, on a 16-5 rally engineered by Gelo Sablan, Jordan Sta. Ana and Troy Valencia with a minute and 37 seconds left. Jessie Sumoda hit a three-pointer to give the lead back to San Sebastian, 63-62, a minute and a half remaining. And then the Chiefs slowly but laboriously shot their way to the win from the free throw line. Sablan made two charities off JM Calma for a 64-63 Chiefs lead time down to 47 seconds. Kalen Doromal then pegged the score to what it was in the end with a split free throw on a Sumoda foul with 3.6 seconds to go. San Sebastian’s Michael Are then missed a three-pointer shot at the buzzer. Six-foot-5 center Justin Arana had a monster performance of 16 points, 15 rebounds and four blocks for the Chiefs but he was carried out on a stretcher after incurring a right calf injury in a rebound play with Sumoda with 1:49 to go.

In the opinion piece published on Thursday, writer Manuel Juliá compared Bale to a “parasite” who, after playing well in his first seasons with Madrid, now “sucks blood without giving anything in return.” The column was accompanied by a drawing of a mosquito with Bale’s face on Real Madrid’s emblem. Bale criticized the media for holding athletes to an impossible standard, and when they fail to always reach it, for attacking them ruthlessly with no concern for their mental wellbeing. “Instead of commiserating with (athletes) when they show one ounce of human error, they are torn to shreds instead, encouraging anger and disappointment in their fans,” Bale said. “The everyday pressures on athletes is immense, and it’s clear as day how negative media attention could easily send an already stressed athlete, or anybody in the public eye, over the edge.” Fair or not, many Madrid fans believe Bale has failed to consistently perform to his potential since joining the club in 2013 for a then world

record 100 million euros (then $132 million). Many Madrid supporters, and the Spanish media, accuse him of not wanting to play as hard for his club as he does for Wales. Earlier in his career at Madrid, Bale did rise to the occasion. He helped the club win four European Cups, scoring in the 2014 and 2018 Champions League finals. But he then struggled to stay injury-free and eventually fell out of favor with former coach Zinedine Zidane. Bale spent last season on loan back at former club Tottenham before returning to the Spanish capital. He has barely played for Carlo Ancelotti in this campaign, but that has not stopped him from playing well for Wales. He was in prime form on Thursday when he scored twice to help Wales beat Austria 2-1 in a World Cup qualifying playoff. The two-goal performance came days after Bale withdrew from contention for Madrid ahead of its match against fierce rival Barcelona, which it lost by a humbling 4-0. The 32-year-old winger’s contract with Madrid expires in June.

Laurente fights Villanueva in May

RIZTIAN PITT LAURENTE squares off with Allan Villanueva in a 10-round non-title super featherweight bout organized by the Gerrypens Promotions of former world champion Gerry Peñalosa on May 21 at the Biñan Sports Complex in Laguna. The 22-year-old Laurente, a national boxer from 2015 to 2019 fighting out of General Santos City, said he wanted V the 25-year-old Cebuano Villanueva to be one of his stepping stones toward a shot at a world title.

“I want to fight for a world title that’s why I really need to win this fight, but whether its for the world title or not, I will prepare for it seriously,” the southpaw Laurente said. Laurente holds a 22-3 win-loss record with seven knockouts to Villanueva’s 11-2 card with eight knockouts. Known for his speed, power, smart tactics and work ethic, Peñalosa said Laurente has a great potential

to become a world class fighter or a world champion this year. “Laurente is an excellent fighter with a great amateur background and achievements,” said Peñalosa, referring to the Asian Boxing Confederation Best Junior Boxer in Asia award Laurente received in 2016 after a gold in the Children of Asia tournament in Yakutsk, Russia, in 2016. The boxing tournament will be supported by Bingo Plus. Josef Ramos

INVITATIONAL WINNERS

Group champions and runners-up in the 2022 Southwoods Invitational—led by Division I winners Thirdy Escaño and Bong Tirol—hold their trophies during awards ceremony of the club’s premier member-guest tournament at the Manila Southwoods recently.

Ateneo’s win over UP HEADING into the game, I wondered what University of the Philippines (UP)’s Malick Diouf would be like for the Fighting Maroons. When Ateneo first saw him with Centro Escolar University, he gave the Blue Eagles fits. And that was with a team of no-names. Imagine what he would do with a blue chip recruiting class. While Diouf played well in spurts, Ateneo pretty much handled UP well en route to its first victory of the season, 90-81.

How did they do that? Here’s how I see it. Ateneo took out UP’s point guards in Gerry Abadiano and Joel Cagulangan. The highly touted duo combined for eight points and two rebounds. They had zero assists and three turnovers. Both averaged about 14 minutes. In contrast, Ateneo’s playmakers SJ Belangel and Tyler Tio totaled 15 points, seven rebounds, seven assists and one steal versus three turnovers. The two Blue Eagle quarterbacks averaged almost 20 minutes each—meaning both did a good job of running the offense. I thought they played great defense. If you watch the first minutes of the first quarter, none of UP’s players were getting looks at the basket. They stopped Abadiano, Cagulangan, Terrence Fortea and Ricci Rivero. After Carl Tamayo scored nine points in the first half, he only added four the rest of the way. Malick Diouf tallied eight in the first half and only scored seven in the last half. In the second half though, CJ Cansino and Rivero got going but that was about it. In the second half, Ateneo’s Raffy Verano, SJ

CRIZTIAN PITT LAURENTE takes a shot at the pros. Belangel, Dave Ildefonso, Angelo Kouame and Gian Mamuyac played even better. Furthermore, the Blue Eagles repulsed one uprising after another. Dave Ildefonso filled that three-spot quite nicely. Imagine if Dwight Ramos were there…. either Dave would spell him or he would move to the two-spot. Dwight, of course, is gone. And that spot this year and the next belongs to Ildefonso who got better and found his place within the team as the game wore on. And to think that this wasn’t even his best outing. Talk about an instant impact. Raffy Verano fit into his old four-spot like a hand in glove. In his final playing year, Verano showed why he was the previous starter. He tallied 18 points on 8-of-10 shooting, picked up five boards and passed for two assists. He also stole the ball once and turned the rock over once. He didn’t demand the ball. He just scored and played in the flow of the game. He was quietly efficient. At a crucial juncture the second and third team held fast. Early in the game when Ateneo raced to a lead, the bench gave it up. But in the second half, when the Fighting Maroons cut the 20-point lead down to seven, it promptly went back up.

Gio Chiu played better and scored four points. Ditto with Chew Daves and Chris Koon who looked lost for most of the game. While I know this is just the first game, I was hoping to see Koon and Gabriel Gomez make an impact. I thought… Jason Credo would have done much better. UP’s bench scoring is masked only because of CJ Cansino’s splurge. But if you look at bench play, Ateneo’s was better. Jolo Mendoza, Joshua Lazaro, Tyler Tio, Gian Mamuyac, Giio Chiu and others chipped in and did well. I’ll wait though. One game is obviously not enough. When UP was threatening, no doubt quite a lot of Ateneo fans must have wondered why Tab Baldwin did not send back Dave Ildefonso, SJ Belangel and Angelo Kouame back into the fray. When the trio returned, the team had repulsed one final UP fight back. Even in victory, there will be lessons learned for the blue and white. As for UP, CJ Cansino is a big game player. He ably filled in the shoes vacated by Juan Gomez de Liano. Carl Tamayo will just get better and better. As I said before, the second coming of Ranidel de Ocampo. This team will adjust. Watch out.

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Monday, March 28, 2022

PHL braces for higher interest rates, borrowing costs in ’22 By Bernadette D. Nicolas

@BNicolasBM

The Philippine government is aiming to borrow a total of P2.2 trillion this year, of which 75 percent is expected to be sourced locally. Of the P250 billion that the Bureau of the Treasury programmed to borrow this March and with only two auction days remaining, the Philippine government has so far awarded only P51.7 billion in government securities out of its P200-billion offering as investors sought for higher rates. After four consecutive auctions resulting in full rejection of bids, the Treasury

in its last four auctions has recently been awarding some government securities. Despite the full rejections of bids in its first four auctions, both National Treasurer Rosalia V. De Leon and Finance Secretary Carlos G. Dominguez III earlier said the government remained in a good cash position, given that it recently raised P457.8 billion from small investors through its sale of 5-year Retail Treasury Bonds. Continued on C2

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HE Department of Finance is bracing for a likely futher rise in interest rates and borrowing costs in the coming months following the more aggressive stance from the US Federal Reserve along with the ongoing geopolitical tension between Russia and Ukraine.

Monday, March 28, 2022

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With a perfect storm of challenges, local food production gets more dire By Jasper Emmanuel Y. Arcalas @jearcalas

Boost local production

“I HOPE this time the government [would] really realize the importance of local food production and make serious and tangible actions to support local agriculture rather than relying on imports,” ProPork President Nonon Tambago said. “We encourage our farmers

amidst this crisis in Russia…our local corn farmers must plant more corn in their farming areas to guarantee supply for our end users—the livestock, poultr y, dairy and industrial corn users,” PhilMaize President Roger V. Navarro said. No less than Agriculture Secretary William D. Dar said the country must implement various measures to combat the detrimental impact of the “converging” global factors on the country's food supply situation. “It is imperative and urgent for the Philippine government to ensure that we have adequate, affordable and accessible supply of basic food items, and agricultural inputs to ensure continued productivity and increased incomes of farmers and fisherfolk,” he said. Part of the government’s efforts to cushion the UkraineRussia war was the P500-million fuel subsidy to corn farmers and fisherfolk as well as the continuous rollout of fertilizer subsidy to rice farmers. On top of these, President Duterte greenlighted the P24-billion Plant Plant Plant Part 2 program of the Department of Agriculture (DA), which includes a P20-billion fertilizer subsidy.

Hanging in the balance

But the recommendations made by the administration's economic team sent agricultural groups hanging in the balance as they pushed for lower tariffs on corn, expanded corn import volume and extended lower tariffs on pork

and rice products until the end of the year. As expected, industry groups bucked the proposals of the economic team as manifested during the public consultations conducted by the Tariff Commission recently. And as if the detrimental impact of the Ukraine-Russia war was not enough, the local farm sector faced more problems in the first quarter of the year. Avian influenza came back, affecting quails and ducks in Luzon. The confirmation of bird flu outbreaks led to local government units (LGUs) issuing transport and entry bans on poultry products, resulting in artificial imbalance in the supply of Luzon and Visayas. This was despite clear-cut guide-

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The current food situation of the country did not happen overnight. Farmers were already reeling from expensive fertilizer prices as early as late last year due to tightening global supply. The situation worsened after the world woke up to news that Russia—a key source of potash fertilizer—had invaded Ukraine, sending countries scrambling to balance the global economy and peace in Eastern Europe. And the Philippines was not spared from that fallout. In fact, the country’s agriculture sector was quick to point out the possible impact of the Ukraine-Russia war on food prices. Less than a week after the Eastern Europe conflict broke out, industry leaders from the hog, poultry, egg, and corn sectors warned of higher food prices in the days to come due to lack of raw materials for the livestock and poultry industries and higher fuel prices. The National Federation of Hog Farmers Inc., Federation of Pork Producers Inc., Philippine Maize Federation Inc., and United Broiler Raisers Association were in unison that the government must prioritize domestic food production over imports as the Ukraine-Russia conflict showed anew the problems of being import dependent.

nonie reyes

UST as the country slowly emerges from the economic downturn caused by the Covid-19 pandemic, Filipinos are not completely out of the woods yet as they face expensive fuel and food prices this year.

lines issued by the DA regarding the transport and handling of poultry products amid bird flu

outbreaks. The meat processing sector also suffered a blow to their industry

as sourcing of raw materials from the United States and Canada were temporarily halted due to bird flu concerns in the two North American territories. The already stretched raw material supply of the meat processing sector was further pushed into a corner, with manufacturers issuing crystal-clear warnings that their prices would shoot up no matter what. Just as Filipinos were getting used to a more open economy with lesser mobility restrictions, things had to go sideways. With just three months of the year about to end, and a perfect storm of adversities already visited upon the land, stakeholders in the sector can only wait with bated breath on whether the days ahead would be any kinder.

PHL braces for higher interest rates, borrowing costs in ’22 Continued from C1

ODA, global bonds

ON top of domestic sources, the government is also set to source one-fourth of its gross borrowings amounting to around P550 bi l ion f rom fore i g n le nde r s through official development assistance (ODA) loans and global bond issuances. Of the total planned foreign borrowings this year, De Leon said they have programmed $7 billion (around P366.8 billion) for foreign commercial borrowings through sovereign bonds. For its first commercial offshore borrowing for the year through its recent threetranche dollar bond issuance, the government raised $2.25 billion (around P118 billion). Finance Undersecretary Mark Dennis Y.C. Joven told BusinessMirror it is likely that foreign borrowing costs would be higher in the remaining months under the Duterte administration given the hawkish signals from US Federal Reserve Chairman Jerome Powell that they cou ld raise interest rates by more than 25 basis points in

Finance Sec. Carlos G. Dominguez III

their next meeting or meetings if necessary, as it aims to rein in inf lation. To recall, the US Fed recently raised interest rates by 25 basis points, the first increase in more than three years or since December 2018. “If that’s going to be the case, then it's always better to concentrate on number one, ODA bilateral or ODA multilateral tapos for commercials we concentrate on those currencies na medyo benign pa rin yung interest rate environment,” said Joven, who heads the department’s International Finance Group.

W hi le overa l l mu lt i l atera l financing costs are expected to rise because these are pegged on benchmark rates which have been increasing, Joven said costs of ODA bilateral financing such as those provided by Japan International Cooperation Agency, Export-Import Bank of China, and Export-Import Bank of Korea, will not be affected because the interest rates provided in these facilities are already fixed. However, the finance official said they can only rely on the country's bilateral partners for financing up to a certain extent. “Syempre you need a certain volume and you cannot, bilaterals you know, do not typically provide program or budget support loans,” he noted. As for the domestic debt market, Joven expressed optimism that the increase in rates being demanded by investors in the government's auctions of debt papers would taper off moving forward since the country's inflation rate is still better than that of US.

Mix may be tweaked

NONETHELESS, Joven said they

may have to restudy if there is a need to reallocate the foreign versus domestic borrowing mix given the financing costs. 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 given the bigger expenses amid the Covid-19 pandemic. The national government also capped 2021 w ith a 16 -yearhigh debt-to-GDP ratio of 60.5 percent. This is expected to peak this year at 60.9 percent this year before going down to the 60.7 percent and 60.4 percent in 2023 and 2024, respectively, based on the latest estimates obtained by BusinessMirror from Finance Chief Economist Gil Beltran. Meanwhile, the government expects the budget deficit this year as a share of the economy is expected to taper off to 7.7 percent this year from recordhigh 8.61 percent in 2021. For this year, government revenues are projected to reach P3.3 trillion while disbursements will

hit P4.95 trillion. O f t he t a x re ve nue s , t he Bureau of Internal Revenue is tasked to collect P2.438 trillion while the Bureau of Customs is assig ned a P679 -bil lion f u l lyear goal. Customs Assistant Commissioner and spokesman Vincent Philip Maronilla said the reopening of the economy as well as the rise in oil prices will help the bureau hit their target this year. “Much like in the past two years we will continue to implement the reforms we have started in terms of being able to monitor, assess, and collect the cor rect revenues,” Maronilla said.

Pagcor’s outlook

F or t h e i r p a r t , P h i l i p p i n e Amusement and Gaming Corporat ion ( Pa gcor) C h a i r m a n Andrea Domingo told BusinessMirror they still do not see their gross gaming revenues (GGR) going back to prepandemic levels this year but they project their collection to be higher this year compared to 2021. Domingo said they see their

gross gaming revenues rising this year on the back of the inf lux of travelers coming into the country, reopening of the world economy and better and focused marketing strategies and entertainment. “No, it cannot be back at prepandemic where GGR in 2019 was over P80 billion. I think if the trend continues and esabong is not halted, 2022 GGR may reach P45 billion to 48 billion from 2021’s P36+billion,” Domingo said. Moving forward, DOF’s Joven said they are expecting revenues to return to prepandemic levels, especially in a post-Duterte administration. “ We ex pect of course that we’re past the hump in terms of in terms of the pandemic… We expect that, you know, barring unforeseen circumstances, both tax revenues and, you know, and other revenues will improve, will go back to, you know, pre pandemic levels. If this is going to be the case then we expect a smaller deficit. Smaller deficit would mean lesser borrowing costs,” he said.

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Monday, March 28, 2022

BSP looking to stay the course in 2022 despite foreseen, unforeseen headwinds By Bianca Cuaresma

being stoked by the supply crunch in wheat—of which both Russia and Ukraine are major producers—and fertilizer, which Russia exports abundantly, and the prices of which have in fact already been soaring the past several months. The farming and fishery sector has been reeling from both inflation in oil and in fertilizers.

@BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) is keeping true to its monetary policy playbook, despite the unexpected rise in inflationary pressures which are projected to linger in 2022. to develop its plans for the gradual normalization of its extraordinary liquidity measures,” Diokno said.

All-time low rates

In 2020, the BSP cut its rates by a total of 200 basis points to its now all-time low to spur growth in the economy. The governor decided to maintain this accommodative stance for the entire year in 2021. For 2022, the BSP chief ’s forward guidance is to keep the rates in the first half of the year and start hiking rates “gradually” by the second half. In his most recent statement on their stance towards mon-

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In their latest monetary policy meeting, BSP governor Benjamin Diokno maintained monetary policy rates at a record low of 2 percent, even while conceding that inflation is likely to breach the target range again for this year. Diokno explained the Philippines continues to have room to maintain monetary policy settings to support and solidify the growth of the economy from the effects of the pandemic. “On balance, the Monetary Board sees scope to maintain the BSP’s policy settings in order to safeguard the momentum of economic recovery amid increased uncertainty, even as it continues

Losing inflation battle

etary policy, the governor said: “While sustaining the economic recovery remains a priority, the BSP stands ready to move should potential second round effects arise from the inf lation pressures. At the moment, we continue to see scope for maintain-

ing our policy settings to allow the economic recovery to fully gain traction.” Economists, however, have expressed concern about Diokno’s decision to keep the monetary policy rates for as long as possible. They said this may unhinge

inflation expectations, especially due to unforeseen developments in 2022 like Russia’s invasion of Ukraine which has caused oil prices, as well as commodity prices, to spike in the world market. Besides oil, economists are keeping an eye out on inflation

As he expected the BSP to keep rates low ahead of its March 24 monetary board meeting, ING Bank economist Nicholas Mapa had warned: “Should BSP opt to sit out the first half even as inflation surges past target, we could very well see BSP fall behind the curve again as they did in 2018. By then, with inflation raging and with Filipinos saddled with astronomically high transport costs, BSP will be losing the most important battle of its inflation targeting mandate: the battle to anchor inflation expectations.” The ING economist went on to say that aside from the timing, BSP’s plan of “gradually” normalizing rates may also not come into fruition. Continued on C6

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Monday, March 28, 2022

Business, workers hold their breath on long-awaited bid for wage hikes TAKES are high in the ongoing review being conducted by the regional wage boards for the possible next round of minimum wages adjustments.

On one hand are the petitions from labor groups demanding a considerable increase in pay hike after three years of stagnant minimum wage rates amid rising prices of basic goods and commodities. On the other hand is the warning by economic managers that a pay increase at this time could derail the country's still fragile pandemic recovery. "Wage fixing is always a messy issue, especially during crisis periods. Given the rapid inflationary situation and the fact that the last round of minimum wage orders was 2018, if I am not mistaken, one is not surprised at the agitated stand of unions for minimum wage adjustments," the former dean of University of the Philippines-School of Labor and Industrial Relations (UP-SOLAIR) Rene E. Ofreneo told BusinessMirror in an email.

It is a painful balancing act, one which the Regional Tripartite Wages and Productivity Boards (RTWPB) was specifically created to handle and, ironically, now threatens its existence. Some l aw m a kers a nd l abor groups are now calling for the abolition of the RTWPBs and reverting to a national wage, supposedly for failing to come out with a substantial pay hike. Such measures will require new legislation, however. Something which is now unlikely as the 18th Congress is now almost nearing its end.

Wage petitions

With the possibility of a national wage hike deferred to the next Congress, some labor groups like the Trade Union Congress of the Philippines (TUCP) have resorted to filing

wage petitions. Earlier this month, it filed a P470 wage petition in the National Capital Region (NCR) and P430 in Central Luzon. It is expected to file similar petitions in Region 11 on Thursday and in Regions 3, 4-A, 9, and 10 in the coming weeks. The National Wages and Productivity Commission (NWPC) reported there are 10 pending wage petitions before the six RTWPBs, seeking amounts ranging from over P400 to P750 as of March 21. NWPC Executive Director Ma. Criselda R. Sy said the outcome is expected to be out by next month. No one is holding their breath, though, since in the last round of wage orders issued by the RTWPBs, the increase in daily minimum wage rates from 2018 to 2019 only ranged from P8 to P56. Ofreneo explained that such a trend is unsurprising, considering the composition of the regional wage boards. The 7-man RTWPB is chaired by the regional director of the Department of Labor and Employment (DOLE), with two vice chairmen: the regional director of the Department of Trade and Industry (DTI) and National Economic and Development Authority (Neda). The remaining four members include two representatives from employers and two representatives

NHMFC boosts engagement with housing originators: Bulk Purchase of Housing Loan Receivables in the offing

he National Home Mortgage Finance Corporation (NHMFC) recently held a Focus Group Discussion (FGD) to boost engagement with various housing loan originators and encourage their involvement in crafting the guidelines for the Corporation’s proposed Bulk Purchase of Housing Loan Receivables. Real estate developers from various regions in the country participated in the consultation meeting, which aims to solicit insights and feedbacks on the proposed Housing Loan Receivables Purchase Program (HLRPP) Bulk Purchase scheme. “NHMFC would like to hear the originators’ views on this program, through a consultative approach, and offer NHMFC’s stakeholders a role in policy and program development, and likewise intensify commitment to the implementation of the program,” said Securitization Group Vice President Maria Luisa Favila. Housing loan receivables under HLRPP namely, Purchase of Originated Economic/Low-Cost Housing Receivables (HLRPP 1 – HOME), Socialized Housing Loan Take-out of Receivables Purchase Program (HLRPP 2 – SheLTeR), and Building Eligible Resilient Dwelling for Everyone (HLRPP 4-BERDE) are intended to qualify under this bulk take-out program. “The receivables purchased from the bulk purchase would provide an asset pool for securitization and NHMFC has an ongoing Asset-Backed Securities (ABS) issuance that is compliant with the Balanced Housing requirement through the purchase of this ABS by the developers,” VP Favila remarked. “This will be beneficial to both the originators and the NHMFC as developers will be liquidated while the NHMFC will be able to fulfill its mandate of reducing the housing backlog through secondary mortgage operations” she stressed. Mea nwh i le, i n Rox a s, Isabe la, NHMFC in collaboration with Uanjelle Land Incorporated (Uanjelle)

Housing loan borrowers in Roxas, Isabela line up for an interview with NHMFC’s marketing staff to discuss their preferred loan terms.

Housing developers and originators participated in the consultation meeting spearheaded by NHMFC Securitization Group Vice President Maria Luisa Favila to gather insights on the proposed HLRPP Bulk Purchase Scheme. also held an Originator and Borrowers’ Orientation on the documentary requirements, including legal documents, and processing of housing loan borrower’s application under the HOME and SHeLTeR Programs. More than 600 borrowers from this province attended the orientation and more than 200 housing loan applications were received by NHMFC during the event. Uanjelle is an active partner-originator of NHMFC. It is one of Isabela Province’s leading real estate developers with around 4,000 housing

units constructed in Casa Ysabella Phases I-IV. It is also the very first in the entire region to utilize an underground electrical facility for its subdivisions. As more localities relax their Covid-19 restrictions, NHMFC has lined up a series of originator and borrower’s orientation on HLRPP, while the recently held FGD is just the first in a series of consultative meetings on the proposed HLRPP Bulk Purchase, and more will be held within the year to gather additional insights from NHMFC’s partner-originators.

nonie reyes

@sam_medenilla

Wage-fixing application

nonie reyes

By Samuel P. Medenilla

from the labor sector. "It's hard for workers to win the wage boards where government and employers usually coalesce when it comes to voting," Ofreneo said.

Collective bargaining

There is, Ofreneo said, a "less messy" way of doing it. Instead of going big, the former labor official proposed to go small and back to plant-level negotiations. The localized negotiation is less likely to cause region wide to nationatiwide inflation, but will be much more demanding for both employers and workers. "The government should ask all companies to undertake employer-employee wage dialogues and, for those capable, bargain for reasonable wage adjustments. Even those companies without unions," Ofreneo said. "That's the enlightened approach, consistent with the Constitution's mandate: industrial relations is a shared responsibility," he added. The proposal is easier said than done due to the low unionization rate in the country. Data from the Bureau of Labor Relations (BLR) showed that of the country's around 45.94 million workforce, only around 4.6 percent or around 2.12 million workers as of 2021 are members of 20,047 registered unions. Of the unionized workers, only189,980 are covered by collective bargaining agreements (CBA), which includes provisions for benefits over what is provided by the law including wage hikes, which are higher than prevailing minimum wage rates.

Incentive schemes

In some cases, companies voluntarily provide such benefits through incentive schemes, but these are exceptions rather than rule. Based on the 2017 Integrated Survey on Labor and Employment (ISLE) of the Philippine Statistics Authority (PSA), Sy said over half or 17,563 of the 32,288 of the surveyed firms have a productivity improvement

program (PIP). Among those establishments with PIP, only 8,313 have cash incentives in the form of gainsharing schemes, profit-sharing schemes, or employee stock option plans. There are also over 7,700 PIP-implementing firms with non-cash incentives such as gift certificates, grocery items, subsidized travel or leisure, electronic gadgets and home appliances. Sy said PSA conducted another ISLE survey in 2020 and its results are expected to come out this year.

Challenging goal

Data for CBA and incentive scheme implementers showed there is still a long way to go before plant-level negotiations become widely adopted by companies and their workers. "We are really facing a big challenge when it comes to using bipartite mechanisms to provide better terms and conditions of work for our workers...and yet the labor code states the primacy of bipartite mechanism as the main mode of setting better terms and conditions for work," Sy said in a virtual press conference on Monday. Still, the benefits of mainstreaming incentive schemes is worth it since it will reduce the risk from the "unintended negative consequence" of minimum wage adjustments, the labor official noted. Such consequences include higher unemployment rate, slowing down gross domestic product (GDP) growth, and causing higher inflation. If companies can provide the needs of their workers at the plant level, the pressure for RTWPBs to regularly adjust minimum wage will be reduced. “This initiative must not only be for the department [of labor] but the entire tripartite sector since it will involve strengthening the tripartite mechanism rather than looking at minimum wage as the main policy to increase the welfare of workers,” Sy said.

The practical application of productivity-based incentive schemes (PBIS) to minimum wage-fixing is encapsulated by NWPC's Two-Tiered Wages System (TTWS). Conceptualized way back in 2010, it makes use of the mandatory minimum wage (tier 1), which is augmented by the productivity-based pay (tier 2). The implementation of the TTWS, particularly tier 2, is voluntary. Based on a 2019 study of NWPC, both workers and employers will greatly benefit from implementing TTWS. Workers covered b y t he scheme became more productive and motivated because of incentives. As for the employers, they enjoyed higher revenues and savings from their workforce as well as reduced customer complaints. "They likewise reported having more harmonious relationships with their employers because of the incentive schemes introduced," Sy said.

Selling point

But why do productivity-based incentive schemes (PBIS) such as the tier 2 of TTWS remain unpopular among companies? Bureau of Labor Relations (BLR) Director Maria Consuelo S. Bacay said the answer lies in the “selling point” and awareness for PBIS among companies. “Of course the employees would be glad to participate in the negotiation especially if it will kick off incentives...but the question is, what is in it for the employers? What will they get out of it?” Bacay told BusinessMirror in a phone interview. And then the pandemic also happened, which forced many companies into survival mode instead of considering how to further improve their operations. In 2019, NWPC said 993 micro, small. and medium enterprises (MSMEs) installed their PBIS, but this shrank to just 28 the following year with the onset of the pandemic before rebounding to 149 in 2021. Bacay said she has been approached by NWPC on how to "package" the TTWS to make it more appealing for establishments especially as the country is now eyeing to start pandemic economic recovery. . "I think we have to use more databases in its presentation... We need concrete examples of how the program became successful because we have an evidence-based culture," Bacay said. The labor official said they are currently still working out how to effectively market the scheme.

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Recovery interrupted: as Covid alerts come down, war sends prices soaring By Cai U. Ordinario

@caiordinario

But on February 24, things turned from bad to worse not only for the Philippines but also the world. Russia launched an invasion of Ukraine, sending commodity prices through the roof. Initially, it was only oil prices. On the first few days of the invasion of Ukraine, international oil prices teased the $100 per barrel level. But it was becoming clear that not only were oil prices going to go higher than $100 per barrel, but that inflation is bound to strike other commodities. A careful examination of global trade revealed that Ukraine and Russia were key suppliers of commodities such as wheat which the Philippines does not grow. Other

commodities such as soybean and potash, one of the key ingredients in the manufacture of fertilizers, have also sent food prices soaring. “Ang atin pong ekonomiya is a globalized economy, open. At dahil po dyan, madalas, ang pinanggalingan ng inflation natin is imported also. So we have imported inflation also, lalu na ‘yan ‘yung sa langis but there are other products that we are importing. That is one reason kung bakit na-de-devalue ang piso, na nagpapalalim ng utang,” Freedom from Debt Coalition (FDC) President Rene E. Ofreneo said. Continued on C6

NONOY LACZA

OAD trips, malling and traffic have all returned to many parts of the country thanks to the rapid decline in Covid-19 cases. Suffice it to say that economic activity had been brisk and many Filipinos were starting to become more hopeful that they are closer to getting their old lives back after over two years.

Monday, March 28, 2022

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Recovery interrupted: As Covid alerts come down, war sends prices soaring Continued from C5

Unfunded laws

MENDOZA said the next administration can start by financing and implementing agriculture laws such as Republic Act 7606 or the Magna Carta of Small Farmers passed in 1992; RA 84354 or the Agriculture and Fishery Modernization Act; RA 9178 or the Barangay Microbusiness Enterprises Act; and the RA 11321 or the Sagip Saka Act. Section 8 of RA 7606 focused on farmers’ rights, while Section 10 to 17 aimed to focus on infrastructure for production such as transportation, farm-to-market roads, and the use of fertilizers and pesticides. Section 23 also provides for incentives while Section 23 (10) does not allow the importation of agricultural products that are produced locally in sufficient quantities. In terms of the 1997 AFMA, Mendoza said there is a need to

NEDA Director General Karl Chua

increase funding for agriculture. If the AFMA were funded today according to its intent, this could mean an allocation of P500 billion just for agriculture which can be used for various infrastructure, credit, research and development, and machinery, among others. The 2002 BMBE Act provides incentives and other benefits for microbusinesses. This, Mendoza said, can go a long way in terms of helping small farmers when producing the country's food supply. This will also support poverty alleviation efforts. Data from the Philippine Statistics Authority (PSA) showed farmers and fisherfolk are among the poorest in the country. PSA said using the 2018 fullyear poverty statistics, poverty incidence among farmers was estimated at 31.6 percent while the estimate among fisherfolks was at 26.2 percent. These are the poorest basic sectors in the economy.

Fare, wage hikes

AMID these grim developments are calls for fare hikes and minimum wage increases. However, the National Economic and Development Authority (Neda) warned that the proposed minimum wage increase and jeepney fare hikes would likely raise inflation by 1.4 percentage point—leading even more Filipinos to suffer. Meanwhi le, Socioeconomic Planning Secretary Karl Kendrick T. Chua explained that a jeepney fare hike will increase inflation by 0.4 percentage points while a wage hike will lead to a 1 percentage point increase in inflation.

nonie reyes

[Ours is a globalized economy, open. Because of that the cause of our inflation is imported as well. So we have imported inflation, especially from oil, but from other products that we also import. That is one reason the peso is losing value, which deepens our debt]. Retired professor from the University of the Philippines Los Baños (UPLB) and now Community Legal Help and Policy Center Science Director Teodoro C. Mendoza recently estimated that the peso has been devalued further at P51 to the greenback. This is worrisome, Mendoza said, because for every peso devaluation suffered by the exchange rate, the country’s debt service increases by P24 billion. In this case, when the peso has seen a devaluation of P3, following Mendoza’s estimates, this means the country needs to shell out an additional P72 billion to pay its debts. Ofreneo and Mendoza both believe there is a need to look inward not only to prevent "imported inflation," but to also boost the country's growth. Efforts to strengthen agriculture will be a good strategy to support these aims.

Chua said these estimates took into consideration a P1.25 increase in jeepney fares to P10.25 from the current base fare of P9 and P39 increase in wages to a minimum wage of P576 in the National Capital Region (NCR) or Metro Manila. If inflation will increase by 1.4 percentage points, Chua said, this means the projected inflation rate of the Bangko Sentral ng Pilipinas (BSP) of 3.7 percent will be higher at 5.1 percent. This, said the Neda chief, would not only affect sectors such as transportation but all Filipinos.

Highest inflation

This level of inflation will be the highest using the 2018-based Consumer Price Index. Under the current series that has been made available by the Philippine Statistics Authority (PSA), the highest inflation rate recorded was at 4.4 percent in August 2021. Asian Development Bank (ADB) Southeast Asia Department Senior Economist James P. Villafuerte even said the projected impact

would even be larger than Neda’s estimate. According to him, the rule of thumb when it comes to the impact of oil prices is that a 10-percent increase in pump prices would lead to a 0.4-percentage point increase in inflation. Villafuerte said, however, that local fuel pump prices have already increased by 30 percent. If that were taken into consideration, the total impact of the increase in oil prices in the country could already translate to a 1.2-percentage point increase in inflation. It is also important to note that a 2008 study of ADB economist Hyun Son said that a 10-percent increase in prices of food could lead to 2.3 million poor Filipinos, while the same increase in nonfood prices could lead to an addition of 1.7 million to poverty. Son also said that a 10-percent increase in rice and fuel prices will result in an additional 0.66 million and 0.16 million poor people in the Philippines, respectively. However, Chua said fighting

fire with fire, in this case fare and wage hikes, will only lead to greater suffering. He said safety nets are better ways to deal with the situation at hand. The Development Budget Coordination Committee (DBCC) said earlier the government preferred as safety net for the inflationbattered sectors, not an excise tax suspension but targeted subsidies: P2.5-billion fuel subsidy for public utility vehicles; and from the Department of Agriculture (DA), a P500-million assistance to farmers and fisherfolk. “The most important support we can give to the people is a targeted subsidy that will cushion the impact on their family’s needs and [prevent] them [from falling] into poverty. So we will calibrate our subsidies and response to address this temporary concern,” Chua earlier said.

Calm before the storm?

DESPITE these concerns, the economic team remains confident that the Russia-Ukraine war and

the recent spike in commodity prices are temporary. This will allow the economy to grow faster this year and outgrow its debts. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno earlier said the country's current debt is 70 percent local and 30 percent foreign debt. He noted that the economy is expected to grow 7 to 9 percent, outpacing the growth of its debts. He said debt is expected to grow by around 2 percent this year. Chua observed that the full strength of the domestic economy has yet to be unleashed as parts of the country remain under Alert Level 2 and many offices and schools have yet to open. Currently, the country is still P40 billion short of its normal economic performance per week. Shifting the entire country to Alert Level 1, he said, will add another P16 billion to the country’s GDP per week while opening classes will add another P12 billion to the economy per week. The country’s chief economist said only 1,000 schools have since started face-to-face learning, which is only a fraction of the 60,000 schools in the country. He added that recommendations including placing the National Capital Region (NCR) or Metro Manila, the economy’s juggernaut, to Alert Level Zero could further boost economic growth. However, the jury is still out on the fate of Filipinos amid these pressing concerns. So much uncertainty has left many economists unable to make definitive estimates of how the country will perform in the coming months. Even the Neda believes the situation remains "very fluid" and the timing may not be right in terms of adjusting the government’s growth assumptions in the near-, medium-, and long-term. Until the situation stabilizes, Filipinos may need to maximize the opportunities they have, but be aware of what is happening around the region and the world. For sure, the fate of the country hangs in the balance and Filipinos may have to buckle up for the ride.

BSP looking to stay Covid lessons continue to shape the future the course in 2022 of work, but not everyone in govt is listening despite foreseen, unforeseen headwinds Continued from C7

Continued from C3

“Should consumers and firms begin to believe that inf lation is here and it is here to stay, credibilit y in the BSP ’s inf lation fighting capabilit y w il l fade, leading to Filipinos pricing in even more inf lation down the line. Once this happens, the country may fall into a price spiral, with the BSP unable to corral runaway inf lation expectations. A delay in any form of tightening to the second half runs the very real risk of BSP losing a grip on inf lation expectations and will lead to BSP behind the curve, a position not easily addressed by a token rate hike or two,” Mapa said. In 2021, the BSP missed its inf lation target range of 2 to 4 percent. Inflation during the year hit 4.5 percent due to significant increases in food and energy prices. For 2022, they earlier projected inflation to return back to the target range. In their latest meeting, however, the BSP announced that their latest projections point to an average inflation rate of 4.3 percent.

BOP deficit

Aside from their inflation outlook, the BSP has also pivoted its projection for the country’s balance of payments (BOP) for 2022. The BOP is the summary of all of the country’s transactions with the rest of the world. A surplus means the country earned more dollars than what it spent in a given period, while a deficit indicates the opposite. Earlier this month, the BSP said its emerging 2022 overall BOP position is seen to reverse to a deficit of $4.3 billion from its projection of a surplus of $700 million in the December 2021 projection exercise. “The assessment of the BOP outlook for 2022 and 2023 takes on a more guarded view as the ongoing Russia-Ukraine conflict complicates the global and domestic recovery picture, magnifying the disruptions and uncertainties caused by the pandemic. The heightened volatility in both international financial and commodity markets could spill over to the domestic economy of emerging market economies including the Philippines,” the BSP governor said.

"Some of our members would rather ta ke chances work ing elsewhere that allows work from home arrangement than return to physical offices," he added. Health and safety remain a concern, moreover, with worker leaders noting how other countries, even progressive ones, are still reeling from fresh Covid-19 surges, and experts have f lagged the risks of such happening locally, once new variants come in. ACW co-convenor Lara Melencio said they are still concerned about their health and safety since the country is still under a pandemic. Melencio a lso pointed out that working onsite is challenging to BPO employees amid high diesel prices, rising food costs and persisting traffic congestion in the metros. Much of their income, she argued, would just be swallowed up by transportation costs and housing arrangements, wiping out extra savings they derive from the WFH set-up. Savings that they can spend on local businesses in their localities— yes, the same small businesses that government also invokes as reason for compelling workers to go onsite, so they can spend and boost these.

"We urged the Department of Finance to reassess their goals and how it will affect the estimated 1.3 million BPO workers when it comes to this decision. Forcing us to rush back to the Metro will not lead to much economic activity," she said. "It is inhumane how we are being treated as mere numbers that provide results. We have worked day in and day out, paying our taxes non-stop. It is time that our welfare is looked after," she added.

Encroachment on DOLE

Bukluran ng Manggagawang Pilipino President Luke Espiritu said they support the position of ACW and called on the FIRB to rescind its Resolution 19-21, arguing that it undermined the jurisdiction of the Department of Labor and Employment on employee-employer relationship. "If ain't broke, why fix it? T here's no problem w ith the work-from-home arrangement between the employer and the employee. That realm is exclusive to them," Espiritu said. A Change.org petition against the retur n-to-office order in the BPO industry as of March 24 has already reached 4,083 signatures out of its 5,000 target sig nat u res. T he pet it ion described the return-to-office

requirement as "inconsiderate, insensitive and inhumane." "Our abi lit y to work f rom home or work from anywhere [WFH / WFX] helps keep us and our families safe. Sending us to work on-site without safety nets or a strategic plan is irresponsible and dangerous," the petition read. "In the past two years, we’ve ke pt ou r c h i n up, wor n ou r smiles, and continued showing the world that the Filipino is the best. Now, it’s time our voices are heard," it added. M itc h L oc si n, PL DT Fi rst Vice President and Enterprise Revenue Group Head, said the Philippines will not only see higher attrition rates in the BPO industry but it may also lose its competitiveness because of other countries that have adopted the WFH arrangement as part of the new normal for their BPO industries. "We're gonna see major attrition rates go f lying high," Locsin said in a webinar on Thursday. "It's gonna cause a lot of issues for our BPOS in the country. And it's quite scary, really. So we're hoping that the Request for Reconsideration gets approved and we come to an amicable agreement w it h t he gover nment," Locsin added. IT and Business Process As-

sociation of the Philippines (IBPAP) President Jack Madrid said the government and the BPO industry must find the "optimal balance" on the number of workers that will work onsite or what the industry is proposing as a hybrid work arrangement. "It is clear to me that we are not going back 100 percent on site. I think we have to find that balance and we need enlightened legislation from the government to help shape that future because the future work is already here. It's happening," Madrid said. Madrid disclosed that IBPAP has an ongoing dialogue with the government to provide the industry with a "longer runway for a smooth transition" toward what they proposed as a hybrid work environment. IBPAP have earlier pitched a three hybrid work arrangements for the BPO industry which is 60 percent (onsite)-40 percent (WFH), 40 percent (onsite)-60 percent (WFH) or an equal 5050 percent share for onsite and WFH arrangement, which was supported by the Philippine Economic Zone Authority (Peza). "The new normal is already happening: an over whelming preference from our employees for a more location-independent work setup, hybrid work environment," Madrid said.

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Monday, March 28, 2022

Covid lessons continue to shape the future of work, but not everyone in govt is listening By Jasper Emmanuel Y. Arcalas

@jearcalas

F it were up to Ann (not her real name), she would not give up her good-paying job at a multinational business process outsourcing (BPO). But the odds were not in her favor. close to six-digit monthly salary. But the last two offers were too late as she already signed with a new company wherein she would still work at home. "Since my son is still one-anda-half years old, I opted to resign and find a job that allows workfrom-home (WFH) arrangement. But if I did not have a son, I would stay and try my best to adapt to the new normal and hope for a hybrid set-up," Ann, not her real name, told the BusinessMirror.

FIRB invokes law

The government's Foreign Investment Review Board (FIRB) has been firm that starting April 1, BPO companies must employ a 100-percent on-site work for their employees or else they will

FILE PHOTO

The BPO industry was nearing its deadline of a mandatory return-to-office (RTO) arrangement amid the Covid-19 pandemic. If the industry does not comply, then they would lose all the tax holidays and benefits that they are enjoying. For a first-time mom, Ann knew that the pre-pandemic setup of BPO would not work for the best of her son's interests. Leaving a BPO company that prioritizes its employees was not easy at all. Upon knowing of Ann's departure, the BPO firm made counteroffers - thrice - to keep her in the company. The offers? Ann would be the last to go back onsite or transfer to a new account that allows WFH arrangement, and lastly, a higher position with a

lose their fiscal perks, as mandated by the Tax Code. “No one is prohibiting them

or impinging on their management prerogative to continue implementing their WFH set-

ups. However, they must give up the tax incentives they currently enjoy because the law is clear on

this," Finance Secretary Carlos G. Dominguez III reminded BPO companies recently. Howe ve r, t he A l l i a nce of Call Center Workers (ACW) has warned that the BPO industry could see massive resignations from employees opposed to onsite work. ACW co-convenor Emman David pointed out that a "significant number" of their 1,500-member group are willing to resign as a "sign of protest" against the government's stringent on-site work rule for locators. David said an initial survey conducted by ACW showed that at least 10 percent or about 157 of their members will resign if they are required to return to office, while 117 remain undecided and 37 answered that they would not resign. Some sectors in the industry have pleaded with government to reconsider, offering hybrid arrangements. But so far, authorities have not budged. "For our members, the transition to work on site is not that easy. Most of the BPO workers went back home to their province during the pandemic and gave up their living arrangements in Metro Manila," he said. Continued on C6

AMID A HARVEST OF AWARDS, YOUR SUPPORT COUNTS MOST

HE pandemic tested the media industry, forcing newsrooms around the world to overhaul the way they do their job while following strict health protocols in order to survive a deadly infection. The BusinessMirror, the country’s premier national business daily, was tested like everyone else, and survived, even continuing to live up to its promise to provide a broader look at today’s business. In November 2021, the business broadsheet was recognized as the “Business News Source of the Year” for 2020 by the Economic Journalists Association of the Philippines (Ejap), the country’s premier organization of business reporters, editors and wire agencies. It was a 4-peat for BM, having gotten the same honors for the years 2017, 2018 and 2019. And, as in the past Ejap awards, it also swept half of the individual categories, with its seasoned reporters adjudged as best in their respective coverages. Earlier in 2021, the BusinessMirror was given the Pro Patria Award by the Rotary Club of Manila, for “its commitment of valuable resources for the protection of free expression and its resilience in disseminating fair and truthful information resulting in an informed and enlightened citizenry.” It was just the latest recognition from the prestigious Rotary Club, which named it “Business Newspaper of the Year” for 2018-2019, and again in 2020. In all, it has received six top

Rotary journalism awards in its short 16-year existence. The BusinessMirror has also consistently reaped top awards in the Brightleaf Journalism Awards for Agriculture and the Philippine Agricultural Journalists-San Miguel Corp. (PAJ-SMC) Binhi Awards, also for the best in agriculture journalism. The BusinessMirror was also repeatedly adjudged the leading daily in biotechnology journalism, a recognition bestowed by the Jose G. Burgos Jr. Biotechnology Journalism Awards. The “broader look” mantra also drew recognition from the Philippine Statistics Authority (PSA) which named the BusinessMirror, at its first awards rites in 2018, as the inaugural “Data Champion.”

In the first “Bantog Science for the People” awards for media from the Department of Science and Technology, the BusinessMirror got the top award for the Institution category for Print; and the grand prize in the individual category for science journalist Stephanie Tumampos. In 2018, Environment Reporter Jonathan Mayuga received the Luntiang Aligato award from the Climate Reality Project, a nonprofit organization founded by Nobel Laureate and former US Vice President Al Gore. The Broader Look at biodiversity was also recognized. It was named among the Asean Champions of

Biodiversity, for the Media Category, by the Asean Centre for Biodiversity. The Broader Look also extended to the paper’s corporate social responsibility. It organized and staged the first-ever recognition rites for the best of the Philippines’s friends in the world, with the “MISSION PHILIPPINES: The BusinessMirror Envoys & Expats Awards.” The initiative won a Gold Anvil in 2019. Distinguished institutions in government have also repeatedly recognized the BusinessMirror’s role in spreading the word about the work they do—information that shines a light on good governance and committed public service to uplift people’s hopes. Most notably, these are the Social Security System and Pag-IBIG Fund. Sixteen years, two of them in a pandemic, have tested the promise of a Broader Look. But they are also a measure of the unstinting support of friends—advertisers and news sources alike—and readers who continue to believe in that promise.

THANK YOU, EVERYONE. YOUR LOVE AND SUPPORT IS OUR MOST IMPORTANT TROPHY.

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