BusinessMirror May 04, 2022 by BusinessMirror

Food security at risk from global fertilizer crunch By Elizabeth Elkin & Samuel Gebre

F THE WORLD » A8

Death everywhere as Kharkiv turns into an open-air morgue

Bloomberg News

OR the first time ever, farmers the world over—all at the same time—are testing the limits of how little chemical fertilizer they can apply without devastating their yields come harvest time. Early predictions are bleak. In Brazil, the world’s biggest soybean producer, a 20-percent cut in potash use could bring a 14-percent drop in yields, according to industry consultancy MB Agro. In Costa Rica, a coffee cooperative representing 1,200 small producers sees output falling as much as 15 percent next year if the farmers miss even one-third of normal application.

In West Africa, falling fertilizer use will shrink this year’s rice and corn harvest by a third, according to the International Fertilizer Development Center, a food security non-profit group. “Probably farmers will grow enough to feed themselves. But the question is what they will have to feed the cities,” said Patrice Annequin, a senior fertilizer market specialist for IFDC based in Ivory Coast. When you add increased hunger across West Africa on top of existing risks like terrorism, “this is absolutely dangerous for many governments in our region.” For the billions of people around the world who don’t work in agriculture, the global shortage of affordable fertilizer likely reads like a distant problem. In truth, it will

leave no household unscathed. In even the least-disruptive scenario, soaring prices for synthetic nutrients will result in lower crop yields and higher grocery store prices for everything from milk to beef to packaged foods for months or even years to come across the developed world. And in developing economies already facing high levels of food insecurity? Lower fertilizer use risks engendering malnutrition, political unrest and, ultimately, the otherwise avoidable loss of human life. “I’m reducing the use of fertilizer in this crop cycle. I can’t afford such stratospheric prices,” Marcelo Cudia, 61, a farmer in the Philippines’s rice-producing region of Central Luzon, said outside the patch of land he’s been cultivating for the last 13 years.

About 12,000 miles away, Brazilian soybean farmer Napoleão Rutilli is facing the same tough choices. “If fertilizers are expensive, we’ll use less fertilizers. If we’ll use less, we’ll produce less,” said the second-generation farmer, 33. “Food prices will increase and everyone will suffer.”

Why are fertilizer prices going up?

Commercial farmers rely on a combination of three key nutrients—nitrogen, phosphorus and potassium—to fuel their harvests. Those inputs have always been key, but it was only about a century ago that humanity learned to manufacture mass-produced ammonia-based nutrients. See “Food security,” A2

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Wednesday, May 4, 2022 Vol. 17 No. 206

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E-SABONG HALT SPELLS P5B-P6B REVENUE LOSS n

By Bernadette D. Nicolas

After robust April PMI, factories seen doing better

@BNicolasBM

& Samuel P. Medenilla

@sam_medenilla

RESIDENT Duterte’s decision to halt electronic cockfighting or e-sabong operations in the country will bleed the government of P5 billion to P6 billion in revenues this year, staterun Philippine Amusement and Gaming Corporation (Pagcor) said. Given this, Pagcor is now expecting P50 billion to P60 billion in gross gaming revenues this year from its previous estimate of P60 billion to P65 billion. Though downscaled, the new projected level of gross gaming revenues is almost double its gross gaming revenues in 2021, when pandemic lockdowns curbed gaming operations, at P32.63 billion. Pagcor Chairman Andrea Domingo on Tuesday said they have to implement the President’s decision immediately. “The Executive Secretary will issue a formal memorandum to this effect and we will serve the appropriate notice to the Pagcor regulated e-sabong operators. We will also inform the COA [Commission on Audit] Auditor officially that starting today, there will no longer be revenues collected from e-sabong operations,” Domingo said in a message to the BusinessMirror. Sought how the stop of e-sabong operations will affect their projected gross gaming revenues, Domingo said: “It would probably be P5B to P6B less.”

By Bianca Cuaresma @BcuaresmaBM

& Andrea E. San Juan

Teachers receive vote counting machines at the Apolonio Samson Elementary School in Quezon City on Tuesday (May 3, 2022) during the Final Testing and Sealing of VCMs, ahead of the May elections. Story on page A2. NONOY LACZA

RANKS OF POOR IN LOWER MID INCOME ZONES TO SWELL BY 43M By Cai U. Ordinario @caiordinario

IGHER international poverty lines could increase the ranks of the poor by 43 million in lower middle income countries in East Asia and

the Pacific, according to World Bank estimates. World Bank economists Daniel Gerszon Mahler, Aziz Atamanov, Dean Mitchell Jolliffe, Christoph Lakner, and Samuel Kofi Tetteh Baah estimated that this was due to the adjustment of international

poverty lines to the 2017 purchasing power parity (PPP) from 2011 PPP. This adjustment increased the international poverty line in the region for low middle income countries to $3.65 per day from the initial $3.2 per day.

“At the $3.20-line [for lower-middle-income countries], poverty increases at the global level by 0.6 percentage points, or by 43 million poor people,” the economists said.

HE manufacturing sector is still expected to improve in the coming months, after recently posting a record purchasing managers’ index (PMI) in April, a local private banking economist said, a view shared by the country’s trade and industry chief. “We expect both mobility and manufacturing PMI to stay above 90 percent and 50, respectively, in May as restrictions are lessened and vaccination drive intensified, as well as the ongoing election-related economic activities,” Trade Secretary Ramon Lopez said in a news statement released on Tuesday. “We are hopeful that these gains will not be outweighed by the downside from Russia-Ukraine conflict,” he added. Meanwhile, in his analysis on the recently published PMI of the country for April, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the recent positive performance of the manufacturing sector is expected to support the recovery of the entire economy going forward.

See “Poor,” A2

See “E-sabong,” A2

PESO exchange rates

See “PMI,” A2

n US 52.3350 n japan 0.4029 n UK 65.8584 n HK 6.6698 n CHINA 7.8990 n singapore 37.8471 n australia 36.9851 n EU 55.2082 n SAUDI arabia 13.9534

Source: BSP (2 May 2022)

BusinessMirror

Wednesday, May 4, 2022

Comelec chief sees higher voter confidence after ‘flawless’ FTS By Samuel P. Medenilla @sam_medenilla

OLLOWING a “flawless” Final Testing and Sealing (FTS) operation on Tuesday, Comelec is now hopeful there will be a high voter confidence in the outcome of the National and Local polls next week. Comelec Chairman Saidamen B. Pangarungan made the statement after leading the FTS at the San Juan Elementary School in San Juan City, which will serve as one of many voting centers nationwide come election day. During the activity, all of the vote counting machines (VCM) to be used in the said school were tested before being

E-sabong. . . Continued from A1

Last week, Domingo said in a virtual forum that they are expecting better gaming revenues this year on the back of the resumption of games following the easing of restrictions to contain the Covid-19 pandemic. As of April 25, the Pagcor chief said they have already collected between P16 billion and P17 billion, of which P1.8 billion came from e-sabong operations. To recall, Duterte in March cautioned lawmakers against calling for the suspension of e-sabong operations, as he lamented that this would cost the government billions of revenues and lead to an increase in illegal activities. Several lawmakers called for the suspension of e-sabong operations following the disappearance of 34 people linked to e-sabong.

sealed, only to be opened on May 9. “As we have seen here, the process was smooth and proceeded without any malfunction. I am really thankful with these results,” Pangarungan said. “I am sure this will have a positive impact on voters, who saw the process of the election and saw the conduct of the final testing and sealing [activities],” he added. The FTS is mandated under Republic Act No. 8436 to be conducted before election day to ensure the smooth conduct of the voting period. Comelec Commissioner George M. Garcia urged voters to witness the FTS, which will be held in voting centers nationwide from May 2 to May 7, 2022.

He said this will allow them to scrutinize any possible problems which may arise during the testing of the VCMs. The FTS will also serve as a walkthrough on what they will do when casting their votes on election day, Garcia added. Comelec targets to complete the delivery of all VCMs to be used in the May 9, 2022 polls so it could go through the FTS. “All of the ballots have already been delivered to respective treasurers’ offices. The delivery of VCM is still ongoing,” Garcia told reporters in a Viber message on Tuesday. As of 3 pm, Tuesday, Garcia said they have yet to receive any report of any issues related to the ongoing FTS.

DILG recommendation

he added. Duterte said the allowed regulation of esabong through the Pagcor since it generated P640 million worth of government revenue per month. But e-sabong drew controversy after several cockfighting enthusiasts linked to the activity went missing this year. That number has since risen to 34, according to Sen. Ronald “Bato” dela Rosa, citing police and NBI reports. Dela Rosa heads the Senate Committee on Public Order. The mass abductions prompted lawmakers to conduct several hearings on e-sabong and call for its abolition. Pagcor warned that even if the government bans e-sabong, the activity will still continue, albeit illegally. It noted it will also lead to a significant revenue loss for the government amid the pandemic when it needs additional budget. During the first quarter of the year, esabong gave the government P1.7 billion worth of earnings, according to Pagcor.

During his public address late Monday, but aired the following day, Duterte said he decided to implement the recommendation of the Department of the Interior and Local Government (DILG) to “end” e-sabong activities. “The recommendation of Secretary [Eduardo] Año is to do away with e-sabong. He cited the validation report coming from all sources,” Duterte said. “So it is his recommendation and I agree with it. And it is good.” He said the new policy will take effect once he issuance for its implementation is released by tomorrow. DILG conducted a survey after Duterte order a study done to determine the social impact of e-sabong. Among its findings is the gambling activity worked against the values of Filipinos. “But I have been hearing things about it. Loud and very clear to me that it was working against our values,” Duterte said. “This was studied by Secretary Año,”

Food security. . . Continued from A1

The discovery of the Haber-Bosch method in the early 1900s, which is still used to make fertilizer today, has allowed farmers to vastly increase their yields. The agriculture industry has since come to depend on—even hinge on—man-made fertilizer. Although soil’s needs are different region to region, the general trend is pretty undisputed: More fertilizer use brings more food production. But as costs for synthetic nutrients have skyrocketed—in North America, one gauge of prices is nearly triple where it was at the start of the pandemic—farmers have had to start paring back use, sometimes dramatically. That’s put the world in uncharted territory. “Fertilizer prices are up an average of 70 percent from last year,” said Timothy Njagi, a researcher at the Tegemeo Institute of Agricultural Policy and Development in Kenya, referring to prices in the country. “The fertilizer is available locally, but it’s out of reach for the majority of farmers. Worse, many farmers know that they cannot recover these costs.” Prices have been climbing for more than a year for a host of reasons: runaway pricing for natural gas, the main feedstock for much of the world’s nitrogen fertilizer; sanctions on a major Belarusian potash producer; backto-back late-summer storms on the US Gulf Coast that temporarily shut-in production in the region; plus Covid-19 restrictions that have disrupted every global supply chain, including chemicals. That tightening in the physical fertilizer market has galvanized China, the largest phosphate producer, to restrict outgoing shipments in order to build up a stockpile at home, further exacerbating the global shortage. Add Russia’s invasion of Ukraine, which effectively cut off nearly a fifth of the world’s nutrient exports, and the fertilizer industry and its pricing mechanisms are arguably more broken than ever before. “Fertilizer sales are very, very low, to the point of desperately low, and this should be traditionally the busiest time of the year,” said Jo Gilbertson, head of fertilizer at Agricultural Industries Confederation, a UK-based trade association. “The seeds of the problem are being sown now.”

How will lower fertilizer use hit output?

“My biggest concern is that we end up with a very severe shortage of food in certain areas of the world,” Tony Will, the chief executive of the world’s largest nitrogen fertilizer company CF Industries Holdings Inc., said in a March interview. In the Philippines, urea—a key nitrogenous fertilizer—is now about 3,000 pesos (about $57) per bag, and even more when transported to the fields. That’s more than three times the price at this time last year, said Roger Navarro, president of Philippine Maize Federation Inc. “Farmers will tend to decrease the usual fertilizer dose of their crop and that will

PMI. . . Continued from A1

On Monday, S&P Global reported that the Philippines’ PMI hit 54.3 in April, marking the third consecutive month of manufacturing growth in the country. The latest reading was also the highest since November 2017. A country’s PMI gauges the health of its manufacturing sector. It is calculated as a weighted average of five individual subcomponents. Readings above 50 show growth in the industry while readings below the 50 threshold signal a contraction in the manufacturing sector. A reading of 50, meanwhile, showed no change to the sector. “The manufacturing gauge could improve further in the coming months in view of the further easing of more areas to Alert Level to lowest 1 for Metro Manila and more areas since March 2022 and the proposed nationwide Alert Level 1, further pick up in local and foreign tourism, resumption of in-person schooling after the accelerated administration of vaccine/booster doses vs. Covid-19, among other measures to further re-open the economy,” Ricafort said. He added that these measures will further support recovery of many allied and related industries, especially those hard hit by the pandemic from 2020 by further increasing the capacity of many businesses.

www.businessmirror.com.ph lessen the production,” he said, forecasting a 10-percent drop in yields. “It is rather sad, but this is reality.” The yield outlook is even worse elsewhere. Peru’s agricultura; industry is facing a deficit of 180,000 metric tons of urea, and output of staples such as rice, potatoes and corn could tumble as much as 40 percent unless more fertilizer becomes available. The International Rice Research Institute predicted crop yields could drop 10 percent in the next season, meaning there’ll be 36 million fewer tons of rice—enough to feed 500 million people. In Sub-Saharan Africa, food production could drop by about 30 million tons in 2022, equivalent to the food requirement of 100 million people, the IFDC said in December—and that forecast was made before the war in Ukraine pushed prices to new records this spring. There’s also a growing concern less fertilizer use will result in lower-quality crops. Just ask Gary Millershaski, who farms nearly 4,000 acres of wheat and roughly 3,000 acres of corn and sorghum in southwest Kansas. Also chairman of the Kansas Wheat Commission, Millershaski said the commission’s “biggest fear” this spring is that farmers may have skipped applying nitrogen as the wheat emerged from winter dormancy several weeks ago. If they did, it could hurt protein content of the grain and result in a “lower class of wheat.” With nearly half of US wheat exported to other countries, that’s a problem that will impact consumers the world over. The harvesting of hard red winter wheat, the most widely grown class in the US and the grain that’s used to make all-purpose flour, will begin in June.

How will lower fertilizer use hit inflation?

Without a doubt, the food that is produced will be more expensive. Global food prices are already surging at the fastest pace ever as the war in Ukraine hits crop supplies, with a United Nations index of world food costs soaring another 13 percent in March. “Food security is in peril,” Philippines Agriculture Secretary William Dar said in a text message to Bloomberg News. Rising food prices, without a corresponding increase in incomes, have a long history of triggering social unrest. In 2008 and 2011, soaring inflation triggered food riots in more than 30 nations across Asia, the Middle East and Africa, helping to fuel uprisings in the Arab Spring. “That’s the big concern: Will the high prices of food have a boomerang reaction?” said Gideon Negedu, executive secretary of the Fertilizer Producers and Suppliers Association of Nigeria and a member of the Presidential Fertilizer Initiative. “The food markets may begin to react to these prices because there is no commensurate increase in average household incomes.”

What can farmers do?

Farmers aren’t sitting idly by. Those who managed to secure fertilizer ahead of the He said the shift in the global supply chains could increase opportunities for Philippine manufacturers in the coming months.

Opportunity in disruption

“Global supply chain disruptions are also presenting some opportunities for local manufacturers to service increased international demand, as manifested by Philippine exports among record highs recently, thereby benefiting some export-oriented local manufacturers,” Ricafort said. The economist, however, warned that this view is predicated on the fact that the country will be able to control the cases of Covid-19 and prevent any future lockdowns. “Risk factors include the new coronavirus strains that could result in slower recovery in manufacturing, amid social distancing measures and health stringent standards to prevent Covid-19 from spreading further,” the economist said.

DTI optimistic

The DTI said the significant growth in April can be traced back to the consistent expansion of the country’s manufacturing sector. Furthermore, the operating capacity of the manufacturing sector showed a “solid improvement” as outputs and new orders further rose amid the pandemic. The trade chief cited the recent economic reopening as the main driver of growth. Lopez also gave credit to several areas in the country which have slowly loosened restrictions, eventually leading to increased mobility. “The continuous growth of our manufacturing sector was propelled by the more economic sectors reopening, as well as the de-escalation of more areas in the country to Alert levels 1 and 2 that led to eased mobility, which reached its highest in [association of southeast asian nation] ASEAN at 96 percent compared to pre-pandemic levels,” he added.

latest run-up are being more strategic about how much they use, including leaning into “precision agriculture.” That means collecting more data on their fields, monitoring crops for increased efficiency and rolling out other data analysis tools. Farmers are increasingly testing soil for lingering nutrients and applying exactly as much fertilizer is needed, rather than an overly generous ballpark—a practice that’s been in use across some places like the US and parts of Brazil for decades but isn’t yet commonplace in some other parts of the word. If a soil tests high for phosphorous or potassium, “often little to no fertilizer is needed at all,” said Carrie Laboski, professor and extension soil scientist at University of Wisconsin-Madison. For some crops like corn, growers might apply a little bit of “starter fertilizer” when they’re planting, which is like insurance if soils are testing high for crop nutrients. When it comes to nitrogen, “they shouldn’t eliminate it, but cut back,” she said. Some farms are also exploring controlledrelease formulations, like tiny capsules of nutrients that dissolve slowly over time. Although not a solution for many commercial farms given their large scales, others are exploring alternatives to chemical fertilizers, including animal waste. “Compost and sewage sludge and biosolids or organic nutrients become more valuable,” said Mark Topliff, lead analyst for farm economics at the Agriculture and Horticulture Development Board in the UK “The supply of those has been stretched” as more growers turn to alternatives. Some farmers are even moving away from high-fertilizer crops altogether, like corn, in favor of lower-demand plantings like beans. Tregg Cronin, a US farmer in central South Dakota who chooses between growing wheat, corn, sunflowers, oats and soybeans, has found himself in an enviable situation: Drought last year left Cronin’s soil with excess nitrogen. So he’s opting to plant 10 percent more acres of sunflowers—which need the nitrogen more than soybeans do. But if fertilizer prices stay high in the months ahead, next year he’ll pivot to more soybeans. Others are making similar calculations—and hoping they’re betting in the right direction. “If you really want to play 3D chess,” he said, “you need to be thinking about your rotation next year more so than this year.”

Poor. . . Continued from A1

“This change at the global level hides offsetting changes at the regional level: Poverty increases in East Asia and Pacific, Europe and Central Asia, Latin America and the Caribbean, and South Asia, while poverty decreases in the Middle East and North Africa and Sub-Saharan Africa,” they added. Based on the economist’s estimates, poverty rates in 2017 using 2017 PPP reached 10.5 percent, a 1.8 percentage point increase in the 2017 poverty rate of 8.4 percent computed using 2011 PPP. In terms of low-income countries in East Asia and the Pacific, some 8 million were added to the ranks of the poor using 2017 PPP while upper middle income countries saw an increase of 178 million poor people. Poverty rate among low income countries in the region increased to 1.8 percent using a poverty line of $2.15 per day using 2017 PPP. Using 2011 PPP, this estimate was at 1.4 percent for 2017. Among upper middle income countries, the international poverty line was $6.85 per day using 2017 PPP, resulting in a poverty rate of 36.2 percent in 2017. This was 8.6 percentage points higher than the 27.6 percent estimate for 2017 using 2011 PPP. “Much of this change is driven by the relatively considerable upward revision to the global poverty line from $5.50 to $6.85, which is explained by changes in the national poverty lines of upper-middle-income countries,” the economists said. “Since we last updated the global lines, upper-middle-income countries increased the standards by which they determine people to be poor, and hence the global population that fails to meet the standard is higher,” they added. The economists said when the 2017 PPP was applied retroactively across income classes, there was a “slightly increased historical estimates of extreme poverty and slightly decreased extreme poverty since 2014.” Nonetheless, they said, the general pattern of a rapid decline in global extreme poverty over the past decades with a slowdown in recent years remained the same. “Our analysis suggests that the 2017 PPPs do not significantly alter our understanding of the historical trends and regional breakdown of extreme poverty,” the economists said. “Whether 2011 PPPs or 2017 PPPs are used, global poverty has decreased substantially since 1990, extreme poverty is increasingly becoming concentrated in Sub-Saharan Africa, and just below 700 million people lived in extreme poverty in 2017,” they added. The study, the economists said, received financial support from the UK Government through the Data and Evidence for Tackling Extreme Poverty (DEEP) Research Program.

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The Nation BusinessMirror

Editor: Vittorio V. Vitug • Wednesday, May 4, 2022 A3

IATF places more Pinoy seafarer pleads guilty in crewmember areas under AL 1 killing on Los Angeles-bound container ship L T By Samuel P. Medenilla @sam_medenilla

HE Inter-Agency Task Force (IATF) has placed five more areas under Alert Level (AL) 1 for the Management of Emerging Infectious Diseases until May 15, 2022. Acting Presidential Spokesman Martin M. Andanar disclosed the IATF approved the recommendation of the Sub-Technical Working Group for Data Analytics to downgrade the risk level of said areas. The following provinces given the new classification are Nueva Vizcaya and Misamis Occidental. Also given the AL 1 classifica-

tion are the following component cities: Talisay City in Cebu, Antipas in North Cotabato and Banga in South Cotabato. “Their respective alert levels [will be] effective 3 May 2022 until 15 May 2022,” Andanar said in a brief statement. Last Friday, IATF issued its updated list of AL 1 areas, which included 77 whole provinces, highly urbanized cities (HUCs), and independent component cities (ICCs) and 944 cities and provinces. Business establishments and public transportations in areas under Alert Level 1 are allowed to operate at full capacity.

OS ANGELES—A Filipino crewman who stabbed to death his supervisor on a container ship heading to Los Angeles pleaded guilty Monday to a federal charge that carries a potential life sentence, prosecutors said. Michael Dequito Monegro, 43, entered a plea to committing an act of violence against someone aboard a ship that is likely to endanger the vessel’s safe navigation, according to the US Attorney’s Office. He is scheduled to be sentenced in September. Monegro was working on the MSC Ravenna on a two-week run from

SCREENSHOT FROM MSC RAVENNA’S FACEBOOK ACCOUNT

Shanghai to Los Angeles in September 2020 when he stabbed the man as

the vessel was about 148 kilometers off the Southern California coast, ac-

cording to his plea agreement. Monegro attacked his supervisor in a hallway outside a locker room, prosecutors said. The two men struggled and fell down. Monegro got on top of his victim, stabbed him, pulled a second knife from his supervisor’s coveralls and attacked him with both knives despite other crewmembers trying to stop him, including throwing a trash can at him, prosecutors said. “Monegro admitted that he only stopped stabbing the victim when he became too tired to continue,” a statement from the US Attorney’s Office said. AP

With latest Pulse Asia results, upset win in May 9 prexy polls seen near impossible

ITH barely five days before the May 9 national polls, pollster Pulse Asia is convinced that majority of the 65 million registered voters have already decided at this time, and the results of the elections will reflect the consistent survey results, all of which show former senator Ferdinand “Bongbong” Marcos Jr. as presidential frontrunner. Based on Pulse Asia’s most recent and final pre-election survey where Marcos kept his huge lead against his rivals with 56-percent voter prefer-

ence, it is highly likely that his win is indeed inevitable, the camp of Marcos pointed out on Tuesday. In a radio interview over DZRH, Ana Maria Tabunda, Research Director of Pulse Asia, also insisted that she believes that the result of the survey could also be the result in the May 9 elections. “Magbago man kaunti lang hindi na magkakaroon ng upset. Mahihirapan na talaga yung ibang contender na makahabol [Whatever change in results there might be will be minimal. The other contenders

will really find it hard to catch up],” Tabunda disclosed. When asked if the voting population has already decided, she answered “Parang ganun na nga po [It seems that is the case].” Marcos recorded his 56-percent voter preference in the final Pulse Asia non-commissioned survey conducted on April 16 to 21 with 2,400 respondents. The Partido Federal ng Pilipinas standard bearer also obtained similar 56-percent voter preference in the March survey of Pulse Asia and

stayed as the huge leader in the presidential derby with 33 percentage lead against his closest rival, Vice President Ma. Leonor “Leni” Robredo, who only scored 23 percent, a drop of 1 percent compared to her 24-percent voter preference last March. Manny Pacquiao is in distant third with 7 percent, while Isko Moreno dropped to No. 4 position with 4 percent, and Ping Lacson is in 5th with 2 percent. Tabunda added that of the 56percent voter preference of Marcos, majority of them claimed that they

will not change their decision until the May 9 elections. “80 percent are saying their vote for BBM will not change. So in my view, they won’t shift; that’s why his number stays there,” Tabunda explained partly in Filipino, referring to the no movement of survey numbers of the presidential candidates. Earlier, Tabunda also revealed that if the 56 percent of Marcos were converted to votes, it is equivalent to about 36.5 million of the total 65 million registered voters in the country.

“Well, it’s only now that we’ve seen such a huge margin in our experience. This is the first time that a presidential candidate has attained majority voter preference,” Tabunda said during a previous interview. She added that Marcos’s consistently high numbers are historic since it was the first time since they started conducting pre-election surveys that a presidential candidate has been able to maintain his 50plus percentage voter preference throughout the duration of the presidential race.

The Philippines and Revenge Tourism– Are We Ready?

Bernadette Romulo Puyat, Tourism Secretary

Charles Bautista, Deputy Chief Operating Officer for Marketing and Promotions, Tourism Promotions Board

Alex Aquino, Head of Marketing, Swissôtel Clark, Widus Hotel and Casino

Fe Abling-Yu, President, Philippine Tour Operators Association

Sue Geminiano, Marketing Manager, Hotel SOGO

Margarita Fuentes Munsayac, VP for Sales and Marketing, Bluewater Resorts

May 4, 2022, Wednesday, 10 am

A4 Wednesday, May 4, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

DA chief defends importation 200,000 MT of refined sugar By Jovee Marie N. Dela Cruz @joveemarie

HE secretary of the Department of Agriculture (DA) remained firm on the Sugar Regulatory Administration’s (SRA) decision to import refined sugar to boost the country’s supply and mitigate price spikes. During the Laging Handa public briefing on Tuesday, Agriculture Secretary William Dar reiterated the need to import the commodity to resolve sugar shortage brought about by the damages to sugarcane crops in sugar producing regions. SRA is an attached unit under DA. “Well, we stand by with what we have projected and we’ll continue to mention this to the public for them to know our reasons and our justifications for the importation of sugar,” he stressed. The SRA has released Sugar Order No. 3 last February 4, 2022, allowing the importation of 200,000 metric tons (MT) of refined sugar to address low production and increasing demand. But farmers appealed to local officials and to the DA and

MIGRANT sugarcane cutters working at a sugarcane plantation in Negros Occidental. Department of Agriculture (DA) Secretary William Dar has justified anew DA’s decision for the importation of at least 200,000 metric tons of refined sugar. PNA BACOLOD FILE PHOTO

SRA to cease importation during the harvest season. The Regional Trial Court of Negros Occidental issued a temporary restraining order in favor of sugarcane farmers. But in House Resolution 2495, Bayan Muna Reps. Carlos Isagani Zarate, Ferdinand Gaite and Eufemia Cullamat said the decision of DA to import 200,000 MT of refined sugar

is questionable due to its contrasting nature with regards to the DA’s own data, citing a prominent increase in refined sugar production as demonstrated by the SRA report. Senators are also opposing the proposal of SRA and DA to import sugar, saying it will only make the sugar farmers suffer. Meanwhile, SRA Administrator

Hermenegildo Serafica has told lawmakers that “importation is an option that may be used by the SRA, without importation possible scenarios are: sugar supply will be very tight, and prices will be very high and worse is we will run out of sugar.” Serafica said the country’s current sugar situation triggered the issuance of Sugar Order No. 3 for Crop Year 2021-2022, saying the importation is needed after considering the shortfall on the ending balance of refined sugar. He said 200,000 MT of refined sugar will cover the shortfall on the supply and will leave the country with enough buffer stock to tide over until the start of the next milling season. After assessing the damage caused by Typhoon “Odette” to sugarcane crops, sugar stocks at warehouses, as well as facilities and equipment of sugar mills and refineries in key sugar milling districts, Serafica said the SRA recalibrated its pre-final crop estimate of raw sugar production to 2.072 million MT (MMT) down from the 2.099 MMT pre-final crop estimate prior to Odette.

PSA allots ₧80.9 million Korean firm is new buyer of cassava grown by Northern Mindanao ARBOs to fund survey on rice and corn production A By Cai U. Ordinario @caiordinario

HE Philippine Statistics Authority (PSA) will be allocating P80.9 million to conduct agriculture surveys on rice and corn production. The list of surveys to be conducted includes the long overdue Rice Competitiveness Enhancement Fund (RCEF) Monitoring and Evaluation Survey. Under Republic Act 11203 or the Rice Trade Liberalization Law, an RCEF review must be conducted annually and the results made available publicly. “To provide a solid empirical basis in determining the impact of the Rice Fund, the DA [Department of Agriculture] shall set up a ‘Rice Fund Impact Monitoring System’ within one year after the issuance of this IRR [Implementing Rules and Regulations],” the IRR of the Rice Trade Liberalization Law stated. The survey will interview a total of 5,330 RCEF farmer-beneficiaries from 41 RCEF provinces and 1,616 rice farmers from 18 non-RCEF provinces between June and November 2022. The survey will track and evaluate the program’s progress and developments over the course of its threeyear implementation. This survey specifically aims to determine the adoption rate of certified inbred seeds among rice farmers and generate basic information on the actual utilization of seeds distributed to farmer-beneficiaries. The PSA, through the survey, aims to estimate actual area planted, usage of seeds distributed, costs, and yields of farmer-beneficiaries and incorporate sex disaggregated analysis in applicable indicators. The survey will also assess farmers’ access to information during RCEF seed program implementation; determine convergence of RCEF components among farmer-beneficiaries; and provide recommendations to improve the implementation of the program. Meanwhile, the bulk of the PSA survey funds to be allocated would reach P51.4 million. It will be dedicated to the conduct of the 2022 Palay Production Survey (PPS) worth P29.2 million and Corn Production Survey

(CPS) worth P22.2 million. PSA said the 2022 PPS is a quarterly survey aimed to generate estimates on palay production and area harvested while the 2022 CPS is a quarterly survey that aims to generate estimates on corn production and area harvested in the country. The PPS will cover a total of 23,800 farming households in the First Quarter; 21,640 households in the Second Quarter; 23,760 households in the Third Quarter; and 25,540 households in the Fourth Quarter. T he CPS sur vey w ill cover 20,160 corn farming households in the First Quar ter; 20,620 households in the Second Quarter; 23,400 households in the Third Quarter; and 22,260 households in the Fourth Quarter. “Both surveys will be undertaken during the first ten [10] days of April, July, October, and December 2022. Results of the PPS and CPS are scheduled to be released 40 days after the reference quarter as prescribed in the System of Designated Statistics,” the PSA said. Meanwhile, the PSA will also conduct the Monthly Palay and Corn Situation Reporting System (MPCSRS), which is estimated to cost P12.5 million. The survey will interview a total of 74,648 farming households; of which 43,757 respondents are palay farming households while 30,891 respondents are corn-farming households. The survey will be undertaken during the first five days of every survey month, and results are scheduled to be released on the 15th day after the survey month. The survey will monitor the system of growing conditions and actual plantings of palay and corn. The survey also aims to provide the forecasts for the current quarter based on the current standing crop, and for the next quarter based on planting intentions, and to provide monthly updates on the area and production of palay and corn by stages of growth (i.e., vegetative, reproductive, and maturing). Updates on production and harvest area estimates of palay and corn are generated from the MPCSRS, which is, conducted monthly in-between the Palay and Corn Production Survey rounds done by PSA.

SOUTH Korean company has secured a contract to buy cassava products from five agrarian reform beneficiary organizations (ARBOs) from the provinces of Misamis Oriental and Bukidnon in Northern Mindanao. The company, Daesang Philippines Corporation, a South Korean food manufacturing company, whose base of operations is located in Pasig City, is also engaged in the business of cassava starch production. The company plans to build a processing plant inside the PHIVIDEC Industrial Estate in Tagoloan, Misamis Oriental, with a target daily capacity of 500 metric tons. Department of Agrarian Refor m (DA R) Nor t her n Mindanao Regional Director Zoraida Mac ad i nd a ng sa id t he DA R , Department of Agriculture, Department of Trade and Industry, and the local government unit of Region 10 jointly hosted the memorandum of agreement (MOA) signing. “The MOA involves the production of cassava by the ARBOs based on the specifications required by Daesang, who will directly buy the cassava from the cooperative,” Macadindang said. Daesang proposes to implement the cassava-processing project, where its business requirements can provide livelihood, production, and income opportunities for the cassava farmers of Northern Mindanao. Macadindang said DAR has committed to provide farm inputs, tractors, hauling trucks, and other equipment, access to financing for production, and marketing and marketing assistance as support services components to the project. Price as per agreement is at P4.00

per kilo with the local government unit and the DA to serve as independent consultants who will provide a list of benchmark market price references to be used during the price negotiations. The participating ARBOs who signed their respective MOAs were the Mindulao Agrarian Reform Community Cooperative of Magsaysay, Misamis Oriental, the Kabangasan-Mapua-Dahilig Agrarian Reform Community Cooperative of Balingoan, Misamis Oriental, the Sampatulog ARB Farmers’ Cooperative of Alubijid, Misamis Oriental, the Mantibugao ARB Farmers’ Cooperative of Manolo Fortich, Bukidnon and the BLISS Lingion Multipurpose Cooperative of Manolo Fortich, Bukidnon. “We are thankful for the marketing agreement with Daesang, as this will encourage us, farmers, to engage in the planting of more cassava with an assured buyer for our products. With the collaborative efforts of different government agencies in making this a reality, we sincerely hope that our business venture with the company will be sustained,” KabangasanMapua-Dahilig Agrarian Reform Community Cooperative of Balingoan, Misamis Oriental (KMDCC) outgoing chairperson Erlinda D. Cagmat said. The agreement she said is the first step towards a bright future with local farmers and consolidators. “Our tapioca plant will hire local talent and purchase local raw materials. In addition, we look forward to the development of our company. We will create a bright future by combining our company and the community to develop the cassava industry together,” she added. Jonathan L. Mayuga

www.businessmirror.com.ph

Aseana City joins Manila Bay rehabilitation campaign By Jonathan L. Mayuga @jonlmayuga

HE Department of Environment and Natural Resources (DENR), Parañaque City, and Aseana City’s business establishments and lot owners recently forged a deal to boost the ongoing Manila Bay rehabilitation. The partnership was forged as part of the DENR’s Adopt-a-Waterbody, or Adopt-an-Estero Program, wherein Aseana City, through its Aseana Business Park Estate Association (ABPEA), will take care of dredging activities along the Redemptorist Water Channel in Parañaque City. Meanwhile, the Metropolitan Manila Development Authority (MMDA) provided the dredging equipment for the activity that started in April. DENR Acting Secretary Jim O. Sampulna welcomed the dredging efforts showing continuous environmental cooperation with Aseana City and the city government of Parañaque. “Such partnerships highlight the importance of our partnership with the private sector and local government unit [LGU] in the realization and success of our programs, especially a priority program such as the Manila Bay Rehabilitation,” Sampulna said in a news statement. Aseana City is a 107-hectare business district in a reclaimed area that hosts several establishments, such as the Ayala Malls Manila Bay, City of Dreams, and the Passport Center of the Department of Foreign Affairs. Aseana City, through ABPEA— the official organization of locators or lot owners in Aseana City—adopted the 1,404-meter stretch of the Redemptorist Water Channel in June 2013 in response to the government’s call for assistance from the private sector to improve the state of waterways across the country. The artificial channel, which spans barangays Baclaran and Tambo in Parañaque City, was created to ease flooding, particularly in reclaimed areas.

Assistant Secretary Gilbert Gonzales, who supervises the DENR’s Metropolitan Environmental Offices or MEOs, said that the channel was considered as a priority waterway in the area since it is a tributary of Manila Bay. “Cleanup and dredging of the Redemptorist Water Channel would not only improve the quality of the water, but also reduce, if not prevent, flooding in the area and in surrounding communities especially when rains come,” he said. Aside from the dredging, the ABPEA has been working towards having more establishments within its complex join the government’s Adopt-a-Waterbody program to improve water quality in the tributaries of Manila Bay and speed up its rehabilitation. Under the program, adopters commit to starting coordination with other sectors, the community, and other government agencies in conducting cleanup activities and putting up interventions to improve water quality in the adopted water body. With Aseana City, interventions have included providing boats and setting up steel floaters and biofences as an aid in collecting trash trapped in waterways, to complement the cleanups by its environmental and security personnel. Its efforts in the channel have paid off, as the DENR observed a significant decrease in annual fecal coliform levels from 716 million in 2017 to 132 million most probable number per 100 milliliters (mpN/100mL) in 2021. It was further down to 54,000 in the first quarter of 2022. The developer has also been coordinating with the DENR’s MEOSouth for other areas of collaboration within Parañaque City. In one of their meetings, which were also attended by the LGU, over 50 pollution control officers of different locator establishments within the business park were able to clarify requirements and policies related to wastewater discharge and compliance with environmental laws.

GCash and police tie up leads to blocking of accounts of 900K suspected fraudsters By Lorenz S. Marasigan @lorenzmarasigan

INANCIAL technology unicorn GCash reported on Tuesday its partnership with the National Bureau of Investigation (NBI) and the Philippine National Police (PNP) has resulted in the blocking of over 900,000 users suspected of fraud during the first quarter of 2022. “GCash has been providing invaluable service to Filipinos, especially during the pandemic. It is crucial that we work together to protect the platform against fraud,” GCash President and CEO Martha Sazon said. GCash and other digital wallets are common conduits of fraudulent activities, including the solicitation of money through identity theft. Sazon also urged GCash users to “protect themselves and become more vigilant in the face of fraud.”

“As we continue to bolster our security system, we are also counting on the support of our customers and ask that they be vigilant against online scam,” said Sazon. She added users can protect their accounts by keeping private their pin codes and one-time passwords. GCash users, she added, can also beef up their security by only conducting GCash-related activities inside the platform. Sazon added that GCash users must also be aware of the identity of which they transact with and check official GCash channels for any concerns. She noted that to make sure that cybercriminals are monitored, caught and apprehended, GCash also works closely with the NBI’s Cybercrime Division and the PNP’s Anti-Cybercrime Group in preventing scams and other illegal activities and apprehending any guilty parties.

PhilRice to farmers: Practice recommended seeding rate

HE Department of Agriculture’s Philippine Rice Research Institute (DA-PhilRice) is urging farmers to follow the recommended seeding rate in rice production for better yields and reduced production cost. Seeding rate refers to the amount of rice seeds planted per hectare. DAPhilRice recommends 40 kilograms per hectare for transplanted rice while 60 to 80 kilograms per hectare is promoted for direct-seeded.

“When this is followed, rice plants grow healthier because it can receive sufficient sunlight and evenly absorb nutrients from the soil. It can also help produce productive tillers, which would mean higher yields. This recommendation results in good yield and lower farm expenses,” Rizal Corales, chief science research specialist at DAPhilRice, explained. Previously, the usual seeding rate of our farmers ranges from 200 to

250 kilogram/hectare. Many Filipino farmers are using around 100 to 150 kg of seeds per hectare. Some farmers note that extra seedlings serve as “buffer” during attacks of pests like snails and birds. However, Corales noted that planting beyond the recommended rate makes farmers spend more and yields unabundant harvest because the plants may produce fewer tillers owing to close spacing, which affect the plants’ ability to receive

sunlight and nutrients. “If we compute it, there are at least 1.6 million seeds in 40 kilogram. A 1-hectare farm needs 750,000 seedlings, at 3 seedlings per hill. If high-quality seeds have a germination rate of at least 85 percent, then 40 kilograms of seeds can produce 1.3 million seedlings. There could be around 600,000 extra seedlings that farmers can use for replanting in cases when pests cause damage,” Corales stressed.

News BusinessMirror

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Wednesday, May 4, 2022 A5

Think tank outlines criteria on election of new leaders By Rizal Raoul S. Reyes @brownindio

OVERNANCE is measured through definite composite indicators, not mere rhetoric, and Filipinos need to elect candidates who actively pursue reforms and build strong institutions to enable the country to recover and eventually thrive in a post-pandemic world, according to a think tank. In a special study, titled “Governance agenda for development in a post-Covid-19 Philippines,” Dr. Francisco Magno, Stratbase ADR Institute trustee and program convenor, pointed out that corruption does not only involve the presence of corrupt politicians but also the

DPWH completes P36.63-million Navy facility in Casiguran, Aurora

presence of corrupt systems. “Corruption prevention strategies should reduce monopolistic power, limit and clarify discretion, and promote accountability in governments. Corruption could be countered by converting it to a high-risk activity,” Magno emphasized during the recent online forum “Beyond the Crisis: A Strategic Agenda for the Next President.” He cited the Philippines’s dismal performance—53rd out of 53 countries ranked—in Bloomberg’s Covid-19 Resilience Ranking for September 2021. “The resulting analysis points to democratic backsliding and weak governance as the main cont r i but or y f a c t or s t o t he By Lorenz S. Marasigan @lorenzmarasigan

HE Department of Public Works and Highways (DPWH) said on Tuesday it has completed the P36.63million development of new facilities for the Philippine

countr y’s poor pandemic performance,” he said. According to Magno, there are six Worldwide Governance Indicators (WGI), and the Philippines fares unevenly in comparison with its neighbors in the Asean region in each of these respects. “The WGI should guide the candidates vying for the presidency in developing a campaign platform that identifies collective action mechanisms that promote improvements in its composite indicators,” he pointed out. According to Magno, voice and accountability pertains to perceptions of the extent to which a country’s citizens are able to participate in selecting their government as well

Navy’s operations in Casiguran, Aurora. Public Works Secretary Roger G. Mercado said the Naval Installations and FacilitiesNorthern Luzon involves the construction of a naval detachment complex, which is composed of the following: “a

as freedom of expression, freedom of association, and a free media. Among 10 Southeast Asian countries, the Philippines is second to Indonesia, primarily because of its being one of the eight founding countries of the Open Government Partnership in 2011. In terms of political stability and absence of violence/terrorism— which captures perceptions of the likelihood of political instability or politically motivated violence—the Philippine is in ninth place, just ahead of Myanmar. Magno said the Philippines is also in the lower rung of Asean in terms of government effectiveness, which refers to expediting government transactions.

typhoon resilient main building with complete amenities, a radio room, and armory, all situated in a 5,362.50-square-meter space.” It also includes eight units of 20-footer and two units of 40-footer container vans converted into Navy personnel barracks with four units of toilets

In regulatory quality, which is the perception of the ability of the government to formulate and implement sound policies that permit and promote private sector development, the Philippines is in the middle of the pack, Magno said. In observance of the rule of law, the Philippines is ranked seventh, with its percentile performance on a downward spiral since 2016. Finally, in the control of corruption, which captures perceptions of the extent to which public power is exercised for private gain, including petty and grand forms of corruption as well as capture of the state by elites and private interests, the Philippines is at the bottom half of 10 Asian countries.

and four units of shower stalls, four units of guard houses, a sewage treatment plant, and perimeter fence. The barracks are also equipped with a 100-KVA generator, a reliable water source, and solar panels with batteries as alternative source of energy.

According to Magno, the pursuit of reforms and innovation is anchored on building strong institutions for citizen deliberation, participation, and oversight in the exercise of authority and the disbursement of public resources, Magno said. Furthermore, Magno said the passage of an e-government act could enhance interoperability of data and processes to foster efficiency in the delivery of services. “This would aid in the pursuit of a whole-of-government approach to manage the interdependencies across areas of government and among levels of implementation among government agencies,” he said.

“The completion of these naval facilities is a testament of how the DPWH is steadfast in supporting the further strengthening of our national security by providing quality infrastructure for the utilization of our uniformed brothers and sisters,” Mercado said.

BusinessMirror

Wednesday, May 4, 2022

Republic of the Philippines

www.businessmirror.com.ph

Name and Address of Employer: ATLANTIC GULF AND PACIFIC COMPANY OF MANILA, INC. AG&P-SEZ, Brgy. San Roque, Bauan, Batangas

DEPARTMENT OF LABOR AND EMPLOYMENT Regional Office No. IV-A 4th Flr. Andenson Bldg. II, Brgy. Parian, Calamba City Telefax No.: (049) 545-7362

Position and Job Description

Name and Citizenship of Foreign National

HEAD OF PROJECT CONTROLS

May 4, 2022

NOTICE OF FILING OF APPLICATION FOR ALIEN EMPLOYMENT PERMIT (AEP)

Notice is hereby given that the following employers have filed with this Regional Office application/s for Alien Employment Permit/s.

11.

Name and Address of Employer: DO1 GMA INT’L CORP. Bldg E., Molave Industrial Estate, Paliparan II, Dasmarinas, Cavite Name and Citizenship of Foreign National

Position and Job Description

SUNGBOK YOO Korean

Overall management of the merchandising department

Php150,000.00 – Php499,999.00

Name and Citizenship of Foreign National

12.

Position and Job Description

FACTORY MACHINE SPECIALIST

TOSHIHIKO KASAHARA Japanese

Operate tools in order to aid in the manufacturing process

13.

Php90,000.00 – Php149,999.00

SOON KOK LEONG Malaysian

Demonstrate excellent customer service skills with the ability to take ownership in assisting, researching and resolving customer issues.

NGUYEN TIEN SINH Vietnamese

NGUYEN THI QUYNH Vietnamese

Monthly Salary Range 15.

NGUYEN VAN THONG Vietnamese

Monthly Range

TRAN XUAN PHO Vietnamese

Salary 17.

TRI LOC NGO Vietnamese

Guide staff development through identifying the skills needed and delegate tasks appropriately

Php30,000.00 Php59,999.00

–

VAN HUAN LE Vietnamese

Position and Job Description

Monthly Salary Range

19.

HERMAN Indonesian

Interview clients to gather information useful in providing recommendations and solutions to technical problems

Php30,000.00 – Php59,999.00

WONSEOK KIM Korean

Position and Job Description

Develop and implement growth strategies. Manage the company production

JAE SEUNG OH Korean

Promote the company’s existing product and introduce new products to the market

Php30,000.00 – Php59,999.00

Name and Address of Employer: KATOLEC PHILIPPINES CORPORATION Laguna Technopark-SEZ, Biñan City, Laguna Name and Citizenship of Foreign National

22.

MASASHI TAKAHASHI Japanese

Maintain the efficient management of the financial affairs of the company

23.

PRESIDENT

MIN KWAN KIM Korean

Oversee the company operations

DAN LIU Chinese

LYNSANDRA CHAO FAY CHIA Chinese

HENG HE Chinese

Php150,000.00 – Php499,999.00

25.

QIONGLAN CHEN Chinese

BIN ZHI Chinese

Php30,000.00 – Php59,999.00

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

Php30,000.00 – Php59,999.00

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

Php30,000.00 – Php59,999.00

CHINESE CUSTOMER SERVICE REPRESENTATIVE

Php30,000.00 – Php59,999.00

CHINESE CUSTOMER SERVICE REPRESENTATIVE

Php30,000.00 – Php59,999.00

CHINESE CUSTOMER SERVICE REPRESENTATIVE

Php30,000.00 – Php59,999.00

CHINESE CUSTOMER SERVICE REPRESENTATIVE

Php30,000.00 – Php59,999.00

CHINESE CUSTOMER SERVICE REPRESENTATIVE

Php30,000.00 – Php59,999.00

CHINESE CUSTOMER SERVICE REPRESENTATIVE

Php30,000.00 – Php59,999.00

Manage incoming calls and customer service inquiries

Monthly Salary Range

DAVIN VELDA Indonesian

INDONESIAN CUSTOMER SERVICE REPRESENTATIVE

Php30,000.00 – Php59,999.00

Manage incoming calls and customer service inquiries

Php60,000.00 – Php89,999.00 27.

WENWEN ZHOU Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

Php30,000.00 – Php59,999.00

Manage incoming calls and customer service inquiries

Position and Job Description

Monthly Salary Range

28.

YANFENG BU Chinese

Oversee operations of Spray, Tampo, and Mask Tooling Sections. Monitor machine performance and preventive maintenance

Php30,000.00 – Php59,999.00

CHINESE CUSTOMER SERVICE REPRESENTATIVE

Php30,000.00 – Php59,999.00

Manage incoming calls and customer service inquiries

DECORATION SPECIALIST 10.

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

Manage incoming calls and customer service inquiries

Name and Address of Employer: BANDAI NAMCO PHILIPPINES INC. Lima Technology Center-SEZ, Lipa City, Batangas Name and Citizenship of Foreign National

Php30,000.00 – Php59,999.00

Manage incoming calls and customer service inquiries

26. Position and Job Description

YINGCHAO LI Chinese

Monthly Salary Range

Name and Address of Employer: IM DIGITAL PHIL. INC. Brgy. San Rafael, Sto. Tomas, Batangas Name and Citizenship of Foreign National

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

Manage incoming calls and customer service inquiries

FINANCE SENIOR MANAGER 8.

Php30,000.00 – Php59,999.00

Manage incoming calls and customer service inquiries

24.

Position and Job Description

QIUCHENG CHEN Chinese

Monthly Salary Range

SALES AND MARKETING MANAGER 7.

20.

21.

GENERAL MANAGER 6.

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

Manage incoming calls and customer service inquiries

Name and Address of Employer: SION RECYCLING TECHNOLOGY PHILS. CORP. Sitio Pantay, Maguyam, Silang, Cavite Name and Citizenship of Foreign National

Php30,000.00 – Php59,999.00

Manage incoming calls and customer service inquiries

MANDARIN SPEAKING TECHNICAL SUPPORT SPECIALIST QIULEI LYU Chinese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

Manage incoming calls and customer service inquires

Name and Address of Employer: PHILSYNC TECHNOLOGIES CO. LTD. CORPORATION CBC Asia Technozone, Talaba IV, Bacoor, Cavite

Php30,000.00 – Php59,999.00

Manage incoming calls and customer service inquiries

VICE PRESIDENT

Name and Citizenship of Foreign National

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

Manage incoming calls and customer service inquiries Position and Job Description

FENG-YAO CHANG Taiwanese

Php30,000.00 – Php59,999.00

Manage incoming calls and customer service inquiries

Php90,000.00 – Php149,999.00

16.

CHINESE CUSTOMER SERVICE REPRESENTATIVE

Monthly Salary Range

Manage incoming calls and customer service inquiries

Name and Address of Employer: SHIANG SHANG ELECTRONICS MFG. CO. PHILS. INC. Bancal, Carmona, Cavite Name and Citizenship of Foreign National

Position and Job Description

Manage incoming calls and customer service inquiries

AGENT 3.

Php500,000.00 above

Manage incoming calls and customer service inquiries

14.

Position and Job Description

ZHIBO CHEN Chinese

Monthly Salary Range

Name and Address of Employer: ROHM ELECTRONICS PHILIPPINES, INC PTC-SEZ, Carmona, Cavite Name and Citizenship of Foreign National

Ensure that systems and controls (planning/ scheduling, progress monitoring, material control, and cost analysis) are in place for an assigned project.

Name and Address of Employer: MOA CLOUDZONE CORPORATION Covelandia Rd., Brgy. Binakayan, Pulvorista Kawit, Cavite

Name and Address of Employer: OM CENTER PHILIPPINES INC. Brgy. Pulong, Sta. Cruz, Sta. Rosa City, Laguna Name and Citizenship of Foreign National

PHILLIP JOHN SCRIVEN British

Monthly Salary Range

MERCHANDISING MANAGER 1.

Monthly Salary Range

29.

CHANGLONG SONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE Manage incoming calls and customer service inquiries

Php30,000.00 – Php59,999.00

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

The World

Australian central bank hikes rate for first time in 11 years

ANBERRA, Australia—Australia’s central bank on Tuesday lifted its benchmark interest rate for the first time in more than 11 years. The cash rate rose from 0.1 percent to 0.35 percent in a move potentially damaging to a government that will seek reelection on May 21. A rise was widely expected after official data released last week showed that Australia’s inflation rose to 5.1 percent in the year through March. It is the highest annual rate since 2001, when a newly introduced 10 percent federal consumption tax created a temporary spike. Inflation in the latest March quarter was sharply higher than the 3.5 percent three months earlier. The March result was driven by a surge in fuel and housing costs as well as food shortages created by recent Australian floods. The Reserve Bank of Australia adjusts interest rates to keep inflation within a 2 percent-3 percent target band. The bank’s Governor Philip Lowe said inflation had increased more than had been expected but remained lower than in most advanced economies. “The economy has proven to be resilient and inflation has picked up more quickly, and to a higher level, than was expected,” Lowe said in a statement. “There is also evidence that wages growth is picking up. Given this, and the

very low level of interest rates, it is appropriate to start the process of normalizing monetary conditions,” Lowe added. The cash rate had been at a record-low 0.1 percent since November 2020. In November, Lowe said the rate could remain that low until 2024, despite pandemic-induced inflation. The bank last increased interest rates in November 2010. The cash rate then rose a quarter of a percentage point to 4.75 percent. It is the first time that the bank, whose independence of government was enshrined in legislation in 1996, has shifted interest rates during a federal election campaign since 2007. Two weeks after the benchmark rate rose by 0.25 of a percentage point to 6.75 percent in November 2007, Prime Minister John Howard’s conservative government was voted out of office after more than 11 years in power. Prime Minister Scott Morrison’s conservative government is seeking a rare fourth three-year term at elections on May 21. The prices of residential properties in Australia surged by 24 percent last year, according to the Australian Bureau of Statistics. The souring cost of housing has made Australians one of the most indebted populations in the world and ill-prepared for a rise in the cost of money. AP

BusinessMirror

Wednesday, May 4, 2022

Beijing preps Covid-19 hospital spaces as new cases remain low

EIJING—Beijing is preparing new hospital facilities to deal with a spike in Covid-19 cases, even though the numbers of new cases remain low.

State media reported Tuesday a 1,000-bed hospital at Xiaotangshan in the northeastern suburbs built for the 2003 SARS outbreak has been refurbished in case it’s needed. Unofficial reports online say thousands of beds have been prepared in a centralized quarantine center near the airport, but state media has not confirmed those preparations in what could be an attempt to avoid stoking public fears. New cases in Beijing have remained steady, with another 62

recorded on Monday, 11 of them showing no symptoms, up just slightly from about 50 per day over the weekend. Beijing has reported about 450 cases in the two-weekold outbreak. China has stuck to its strict “zeroCovid” approach that restricts travel, mass tests entire cities and sets up sprawling temporary facilities to try to isolate every infected person. Lockdowns start with buildings and neighborhoods but become citywide if the virus is spreading widely.

That has come as many other countries relax pandemic restrictions. Experts have questioned the usefulness of China’s hardline policy, saying vaccines and new treatments for Covid-19 make them redundant. Beijing has ordered restaurants and gyms closed for the May Day national holiday that runs through Wednesday, while major tourist sites in the city, including the Forbidden City and the Beijing Zoo, will close their indoor exhibition halls starting Tuesday. Another three rounds of testing have been ordered for most of the city’s 21 million people starting Tuesday, following a similar requirement last week. A negative test result obtained within the previous 48 hours is required to gain entry to most public spaces. Authorities in Shanghai are

slowly beginning to ease lockdown restrictions that have confined most of the city’s 26 million people to their apartments, housing compounds or immediate neighborhoods for close to a month. Shanghai recorded another 5,669 cases on Monday, all but 274 of them asymptomatic, along with an additional 20 deaths. Shanghai’s surprisingly low death toll amid an outbreak of more than 400,000 cases has sparked questions into how such deaths are tallied. The severe lockdown conditions have led to massive disruptions from food shortages to a wider, though likely temporary impact on the national economy. China’s largest city recorded a daily peak of 27,605 new cases nearly three weeks ago on April 13. AP

The World BusinessMirror

Wednesday, May 4, 2022

www.businessmirror.com.ph

Russia pounds Mariupol steel plant as rescued civilians head for safety By Cara Anna & Inna Varenytsia

The Associated Press

APORIZHZHIA, Ukraine— Russia resumed pulverizing the Mariupol steel mill that has become the last stronghold of resistance in the bombed-out city, Ukrainian fighters said Monday, after a brief cease-fire over the weekend allowed the first evacuation of civilians from the plant.

More than 100 people—including elderly women and mothers with small children—left the rubble-strewn Azovstal steelworks on Sunday and set out in buses and ambulances for the Ukrainiancontrolled city of Zaporizhzhia, about 140 miles (230 kilometers) to the northwest, according to authorities and video released by the two sides. Mariupol Deputy Mayor Sergei Orlov told the BBC that the evacuees were making slow progress and would probably not arrive in Zaporizhzhia on Monday as hoped for. Authorities gave no explanation for the delay. At least some of the civilians were apparently taken to a village controlled by Russia-backed separatists. The Russian military said that some chose to stay in separatist areas, while dozens left for Ukrainian-held territory. In the past, Ukraine has accused Moscow’s troops of taking civilians against their will to Russia or Russian-controlled areas. The Kremlin has denied it. The Russian bombardment of the sprawling plant by air, by tank and by ship picked up again after the partial evacuation, Ukraine’s Azov Battalion, which is defending the mill, said on the Telegram messaging app. Orlov said high-level negotiations were underway among Ukraine, Russia and international organizations on evacuating more people. The steel-plant evacuation, if successful, would represent rare progress in easing the human cost of the almost 10-week war, which has caused particular suffering in Mariupol. Previous attempts to open safe corridors out of the southern port city and other places have broken down, with Ukrainian officials accusing Russian forces

of shooting and shelling along agreed-on evacuation routes. Before the weekend evacuation, overseen by the United Nations and the Red Cross, about 1,000 civilians were believed to be in the plant along with an estimated 2,000 Ukrainian defenders. Russia has demanded that the fighters surrender; they have refused. As many as 100,000 people overall may still be in Mariupol, which had a prewar population of more than 400,000. Russian forces have pounded much of the city into rubble, trapping civilians with little food, water, heat or medicine. Some Mariupol residents got out of the city on their own, by way of often damaged private cars. As sunset approached, Mariupol resident Yaroslav Dmytryshyn rattled up to a reception center in Zaporizhzhia in a car with a back seat full of youngsters and two signs taped to the back window: “Children” and “Little ones.” “I can’t believe we survived,” he said, looking worn but in good spirits over their safe arrival after two days on the road. “There is no Mariupol whatsoever,’’ he said. “Someone needs to rebuild it, and it will take millions of tons of gold.” He said they lived just across the railroad tracks from the steel plant. “Ruined,” he said. “The factory is gone completely.” Anastasiia Dembytska, who took advantage of the cease-fire to leave with her daughter, nephew and dog, said her family survived by cooking on a makeshift stove and drinking well water. She said she could see the steelworks from her window, when she dared to look out. “We could see the rockets flying” and clouds of smoke over the plant, she said. With most of Mariupol in ruins,

a majority of the dozen Russian battalion tactical groups that had been around the city have moved north to other battlefronts in eastern Ukraine, according to a senior US defense official who spoke on condition of anonymity to describe the Pentagon’s assessment. In other developments, European Union energy ministers met Monday to discuss new sanctions against the Kremlin, which could include restrictions on Russian oil. But some Russia-dependent members of the 27-nation bloc, including Hungary and Slovakia, are wary of taking tough action. Ukrainian President Volodymyr Zelensky y said he hoped more people would be able to leave Mariupol in an organized evacuation on Monday. The city council told residents wanting to leave to gather at a shopping mall to wait for buses. Zelenskyy told Greek state television that remaining civilians in the steel plant were afraid to board buses because they feared they would be taken to Russia. He said he had been assured by the U.N. that they would be allowed to go to areas his government controls. Denys Shlega, commander of the 12th Operational Brigade of Ukraine’s National Guard, said in a televised interview that several hundred civilians remained trapped alongside nearly 500 wounded soldiers and “numerous” bodies. “Several dozen small children are still in the bunkers underneath the plant,” Shlega said. Also Monday, Zelenskyy said that at least 220 Ukrainian children have been killed by the Russian army since the war began, and 1,570 educational institutions have been destroyed or damaged. Thwarted in his bid to seize Kyiv, the capital, Russian President Vladimir Putin has shifted his focus to the Donbas, Ukraine’s eastern industrial heartland, where Moscow-backed separatists have been battling Ukrainian forces since 2014. Russia said it struck dozens of military targets in the region in the past day. It said it hit concentrations of troops and weapons and an ammunition depot near Chervone in the Zaporizhzhia region, which lies west of the Donbas. Ukrainian and Western officials say Moscow’s troops are raining fire indiscriminately, taking a heavy toll on civilians while making only slow progress. Zelenskyy’s office said at least three people were killed in the

Donbas in the previous 24 hours. The regional administration in Zaporizhzhia reported that at least two people died in Russian shelling. The governor of the Odesa region along the Black Sea Coast, Maksym Marchenko, said on Telegram that a Russian missile strike Monday on an Odesa infrastructure target caused deaths and injuries. He gave no details. Zelenskyy said the attack destroyed a dormitory and killed a 14-year-old boy. The missile attack took the roof off a church belonging to the Ukrainian Orthodox faction that is loyal to the Moscow Patriarchate, according to the secretary of Ukraine’s national security council, Oleksiy Danilov. Ukraine said Russia also struck a strategic road and rail bridge west of Odesa. The bridge was heavily damaged in previous Russian strikes, and its destruction would cut a supply route for weapons and other cargo from neighboring Romania. The attack on Odessa came eight years to the day after deadly clashes between Ukrainian government supporters and protesters calling for autonomy in the country’s east. The government supporters in 2014 firebombed a trade union building containing pro-autonomy demonstrators, killing over 40 people. Also Monday, Ukraine claimed to have destroyed two small Russian patrol boats in the Black Sea. Mariupol, which lies in the Donbas, is key to Russia’s campaign in the east. Its capture would deprive Ukraine of a vital port, allow Russia to establish a land corridor to the Crimean Peninsula, which it seized from Ukraine in 2014, and free up troops for fighting elsewhere in the region. A full picture of the battle unfolding in eastern Ukraine is hard to capture. The fighting makes it dangerous for reporters to move around, and both sides have imposed tight restrictions on reporting from the combat zone. But Britain’s Defense Ministry said it believes more than a quarter of all the fighting units Russia has deployed in Ukraine are now “combat ineffective”—unable to fight because of loss of troops or equipment. Varenytsia reported f rom Kyiv, Ukraine. Associated Press journalists Yesica Fisch in Sloviansk, Jon Gambrell and Yuras Karmanau in Lviv, Mstyslav Chernov in Kharkiv, Lolita Baldor in Washington and AP staff around the world contributed to this report.

The bodies of unidentified men, believed to be Russian soldiers, arranged in a Z, a symbol of the Russian invasion, lie near a village recently retaken by Ukrainian forces on the outskirts of Kharkiv, Ukraine on Monday, May 2, 2022. The outskirts of Kharkiv have the feel of an openair morgue, where the dead lie unclaimed and unexplained, sometimes for weeks on end, as Ukrainian and Russian forces fight for control of slivers of land. AP/Felipe Dana

Death everywhere as Kharkiv turns into an open-air morgue By Felipe Dana

The Associated Press

HARKIV, Ukraine—The outskirts of Kharkiv have the feel of an open-air morgue, where the dead lie unclaimed and unexplained, sometimes for weeks on end, as Ukrainian and Russian forces fight for control of slivers of land. There is the charred body of a man, unidentifiable, propped on an anti-tank barrier made of crossed I-beams outside a town that has been under the control of both sides in recent days. There are the dead soldiers, apparently Russian, four of them arranged in a Z like the military symbol found on Russian armored vehicles, visible to the Russian drones that continuously buzz overhead. The door to an apartment opens to three bodies inside. Precisely how any of this happened will likely never be known. Kharkiv, Ukraine’s second-largest city, has been under sustained Russian attack since the beginning of the war in late February. With the Russian offensive intensifying in the east, the Russian onslaught has grown fiercer. Considered a strategic and industrial prize, territory on the eastern city’s outskirts has gone back and forth between Russian and Ukrainian forces for weeks now as the fighting shifts from village to village. Many, but by no means all, of Kharkiv’s 1 million residents have fled. Associated Press journalists saw the bodies formed into a Z, wearing the white armbands commonly used by Russian soldiers, and with some Russian medical kits alongside. They were found on a front line where fighting had

been taking place for days. They, along with the burned man, were taken to a morgue on Monday. There was no explanation for the Z formation—a symbol of the Russian invasion—nor the burned body propped on the barrier. Either could be considered a war crime, for disrespecting the dignity of the dead. Next will come the investigation into their identities, maybe an attempt to notify family. But even that is hard to untangle. The body of a man with Ukrainian insignia turned out to have the identity papers of a Russian soldier. The apartment where the three bodies were found had been badly shelled, but it wasn’t clear what killed them. Shelling and airstrikes are a daily threat everywhere here, to everyone. And, as long as that remains true, death can come at anytime, without anyone around to answer why. It was a rare glimpse into the death and atrocities of the war. Getting a full picture of the unfolding battle in eastern Ukraine has been difficult because airstrikes and artillery barrages have made it extremely dangerous for journalists to move around. Russia has severely restricted reporting in the combat zone; Ukraine’s government has imposed fewer limits, mostly on how quickly material can be published or about military installations. According to the Red Cross, mutilating dead bodies in international armed conflicts is covered by the war crime of “committing outrages upon personal dignity” under the Statute of the International Criminal Court, which according to the Elements of Crimes also applies to dead persons. AP

Myanmar’s Suu Kyi charged with bribery as new trial opens

ANGKOK—Ousted Myanmar leader Aung San Suu Kyi went on trial Monday in a new corruption case against her, alleging she took $550,000 in bribes from a construction magnate. She is charged with two counts under the country’s the AntiCorruption Act, with each count punishable by up to 15 years in prison and a fine. Suu Kyi has been detained si nce t he a r my ou sted her elected government in February 2021 and has not been seen or allowed to speak in public since then. She is being tried in closed sessions and her lawyers cannot speak publicly on her behalf or about her trial because of a gag

order placed on them. She has already been sentenced to 11 years’ imprisonment after being convicted of illegally importing and possessing walkie-talkies, violating coronavirus restrictions, sedition and another corruption charge. Suu Kyi’s supporters and human rights groups have said the cases against her are an attempt to discredit her and legitimize the military’s seizure of power, eliminating the possibility of her taking part in a possible 2023 election. But widespread resistance to the army’s takeover has resulted in what some UN experts have characterized as a civil war, challenging the military’s ability to

govern. Monday’s opening of Suu Kyi’ latest trial was confirmed by a legal official, who spoke on condition of anonymity because he was not authorized to release information. In this latest case, she is accused of receiving money in 2019 and 2020 from Maung Weik, a tycoon who previously was convicted of drug trafficking. State television under control of the military government last year showed a video in which Maung Weik claimed to have given cash payoffs to government ministers to help his businesses. Ye Htet, an official from the Anti-Corruption Commission who is a plaintiff in the case,

gave testimony in Monday’s proceedings, said the legal official, who said payments Maung Weik made in 2019 and 2020 were being treated as separate counts. The Global New Light of Myanmar, a state-controlled newspaper, reported in February the official charges that Suu Kyi in her position as state counselor—the country’s de facto chief executive—received $550,000 in four installments in 2019-2020 “to facilitate the business activities of a private entrepreneur.” Maung Weik in his statements in state media last year said he gave the money from 2018 to 2020. He said in his video that the money included $100,000 provided to Suu Kyi in 2018 for

a charitable foundation named after her mother and also gave Suu Kyi $450,000 in payments from 2019 to 2020 for purposes he did not specify. Under Suu Kyi’s government, Maung Weik won a major development project that included the construction of houses, restaurants, hospitals, economic zones, port and hotel zones in Myanmar’s central Mandalay region. Maung Weik, as chairman of a property development company, was close to some of the generals in power during a previous military-run government. He was sentenced to 15 years in prison in 2008 for drug trafficking and was released in 2014 under a semi-democratic transi-

tional government led by former generals. After his release, he returned to doing business with former generals. Overall, Suu Kyi has been charged with 12 counts of corruption. She was convicted last week on one corruption charge and given a five-year prison sentence after being found guilty of receiving $600,000 and seven gold bars from Phyo Min Thein, the former chief minister of Yangon, the country’s biggest city. Her lawyers are trying to overturn the verdict in an appeal to the Supreme Court on technical grounds, saying the case should not have been heard. If that is rejected, they can still make another appeal. AP

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Bank of England seen raising interest rates to 13-year high

German Chancellor Olaf Scholz, right, and Indian Prime Minister Narendra Modi, left, shake hands after contract signing ceremony as part of a meeting at the chancellery in Berlin, Germany, on Monday, May 2, 2022. AP/Michael Sohn

Germany, India sign $10.5-billion green development agreements

ERLIN—Germany and India signed a series of bilateral agreements Monday focused on sustainable development that will see the South Asian nation receive 10 billion euros ($10.5 billion) in aid by 2030 to boost the use of clean energy. The accords were signed during a visit to Berlin by India’s Prime Minister Narendra Modi. Germany Chancellor Olaf Scholz is seeking to elicit India’s support for the tough stance taken by Europe and the United States toward Russia over the war in Ukraine. Modi reiterated his call to both Russia and Ukraine to end the fighting, saying: “We believe that no party can emerge victorious in this war.” But unlike Scholz—who accused Russia of undermining “fundamental principles of international law”—Modi refrained from any overt criticism of Moscow. Russia, a major supplier of arms to India, has previously praised Modi’s government for its “neutral” stance on the conflict. Reporters were not permitted to ask questions after the two leaders spoke—an unusual arrangement at the German chancellery where at least four questions are routinely permitted during highlevel visits. The decision was taken at the insistence of the Indian

delegation, said a German official, who spoke on condition of anonymity because of the sensitivity of the issue. The agreements covered issues ranging from technical assistance to increase the use of renewable energy and hydrogen, to reducing greenhouse gas emissions, protecting biodiversity and improving agricultural land use. T he e nv i ron me nt a l g roup Germanwatch welcomed the accords, describing India as “swing state” for global efforts to tackle climate change. “Accelerating the energy transition there is a vital contribution to staying within the 1.5-degree limit,” said its policy director Christoph Bals, referring to the warming threshold set in the 2015 Paris climate agreement. He urged other members of the Group of Seven major industrialized economies to reach similar agreements with India. Scholz has invited India, Indonesia, Senegal and South Africa to attend the next G-7 summit in Germany at the end of June. Other areas of cooperation agreed between the two countries Monday center on migration, nuclear researc h a nd t he est ab l ishment of sec u re commu nicat ions c ha nnels bet ween t he t wo gover nments. AP

Israel holds 600 Palestinian detainees without charges J ERUSALEM—Israel is holding some 600 Palestinian detainees without charge or trial, the highest number since 2016, an Israeli rights group said Monday. Israel says it uses so-called administrative detention to thwart attacks and to hold dangerous militants without revealing sensitive intelligence. Palestinians and rights groups say the system is widely abused and denies due process, with some detainees held for months or years without seeing the evidence against them. HaMoked, an Israeli rights group that regularly gathers figures from prison authorities, said that as of May there were 604 detainees held in administrative detention. Nearly all are Palestinians, as administrative detention is very rarely used against Jews. HaMoked says 2,441 Palestinians are serving sentences after being convicted in military courts. Another 1,478 detainees are being held for questioning, have been charged and are awaiting trial, or are currently being tried. Israel has seen a wave of attacks in recent weeks that have killed at least 15 people. It has carried out arrest raids across the occupied West Bank that it says are aimed at preventing more. Those operations have ignited violent protests and gun battles. At least 29 Palestinians have been killed, according to an Associated Press tally. Most were killed after carrying out attacks or during clashes with Israeli forces, but an unarmed woman and two people who appear to have been bystanders were also killed. The last time Israel held this many administrative detainees, in October 2016, was also in the wake of a surge in violence, including stabbings, shootings and carramming attacks carried out by Palestinians. “Administrative detention is used only when the security forces have credible and well-established information of an actual

security threat posed by the detainee, and when other avenues to remove the threat are not feasible,” the army said in a statement. Israel says all administrative detention orders are subject to judicial review. Detainees can appeal to a military court of appeals or Israeli’s Supreme Court, but rights groups say the courts overwhelmingly defer to the security establishment. Jessica Montell, the director of HaMoked, said violence does not justify detaining hundreds of people for months or years without charge. “It’s like an assembly line of administrative detention, far in excess of what can be justified under international law,” she said, which only allows preventive detention under rare circumstances for a limited period of time. Those held could include dangerous militants, but also cases of mistaken identity. A teenager with a rare neuromuscular disorder has been held in administrative detention for over a year. “We have no idea what they’re suspected of, and many of them also have no idea what actually are the allegations against them, because it’s entirely based on secret evidence,” Montell said. Several Palestinians in administrative detention have gone on prolonged hunger strikes in protest, with many developing lifelong health issues. Administrative detainees and their lawyers have boycotted Israeli military court proceedings since the start of this year in protest. The courts are holding hearings without them, according to B’Tselem, another prominent Israeli rights group. The West Bank has been under Israeli military rule since Israel captured the territory in the 1967 Mideast war. The Palestinians want it to form the main part of their future state. AP

By Philip Aldrick & Lizzy Burden

he Bank of England this week is expected to raise interest rates to their highest level in 13 years and clarify how it plans sell off some of its 847 billion pounds ($1.1 trillion) in government bond holdings.

The move would take the UK central bank into unchartered territory, since none of its majoreconomy peers have yet sold government bonds accumulated under quantitative easing since 2008. Policy makers led by Governor Andrew Bailey have to balance efforts to contain inflation that has leaped to a 30-year high against the risk that raising rates will slow the recovery. “The BOE is in an awkward position as the war in Ukraine has exacerbated the already toxic mix of slowing growth and high inflation,” said Silvia Dall’Angelo, senior economist at Federated Hermes Ltd. Markets, investors and economists expect the nine-member monetary policy committee to vote on Thursday for a quarter point hike in the benchmark lending rate to 1 percent. That would be

the fourth increase in a row and match the level in February 2009, when the BOE was aggressively cutting borrowing costs in the financial crisis. A quarter point rise would mean rates reach the threshold at which policy makers have said they will consider starting active sales of the gilt portfolio, which peaked at 875 billion pounds at the end of last year. The process of “quantitative tightening” began in March, when 28 billion pounds of gilts matured and rolled off the balance sheet. Investors have expressed concern that active sales will unnerve markets without a published and detail detailed plan. To provide clarity, the BOE is expected to launch a consultation or review into active sales alongside Thursday’s rate decision. “I suspect they won’t be rushing

to reduce QE,” Martin Weale, a former BOE rate-setter who backed QE during his six years from 2010 on the committee, told Bloomberg. “A consultation is an obvious way of delaying it.” The BOE could open a consultation on selling gilts in May for 12 weeks or so and could report in August about exactly how and when it might sell assets, said Elizabeth Martins, UK economist at HSBC Holdings Plc. Bailey has stressed the BOE will move carefully and not sell in times of fragility in financial markets. “W hen it does conclude its review, liquidity and financial conditions permitting, we think active sales will start at a pace of around 4-5 billion pounds a month,” Martins wrote in a note to clients. A longside t he decision on rates, the BOE will unveil its latest forecasts for inflation and growth. Those are expected to show inflation creeping close to double digits toward the end of the year and economic growth slowing to a crawl. Rocketing energy and food costs have precipitated the worst cost of living crisis since the 1950s, with the war in Ukraine threatening to worsen the price shock. Sterling has collapsed from $1.30 to $1.25 in the past week after the International Monetary Fund said the UK faces stickier and

higher inflation than any other leading industrialized economy. Bloomberg Economics estimates that inflation could hit 9 percent in April and GDP could contract in the three months to June. Weale, professor of economics at Kings College London, said the UK is now facing “stagflation,” the toxic combination of weak growth and high inflation, and that he would raise rates by a quarter point. “At least in the 1970s underlying growth was stronger than it is now,” he said. Charles Goodhart, another former BOE ratesettter, would also raise rates by a quarter point at this meeting. “ To stop raising rates at a time when inf lation is worsening would be a bad signal in terms of inf lation expectations,” he said. Bailey has stressed the difficult trade-off, saying in April that policymakers face the “most severe test since independence 25 years ago” as they walk “a very tight line between tackling inflation and the output effects of the real income shock, and the risk that could create a recession.” In March, eight MPC members voted for a quarter point hike. One member, deputy governor Jon Cunliffe, voted to hold rates at 0.75 percent. Investors are betting rates will rise above 2 percent before the end of this year. Bloomberg News

Thousands flee after clashes erupt in embattled Iraqi town

AGHDAD—Thousands or people fled a northern Iraqi town amid fierce clashes between the army and a militia linked to a Kurdish separatist group, the military and local Iraqi Kurdish officials said Monday. At least 3,000 people left Sinjar and its surrounding areas, the officials said, and headed farther north toward the semi-autonomous Kurdish region to seek asylum. They left when clashes intensified on Monday between the Iraqi army and the YBS, a militia group with ties to the Turkish insurgent Kurdistan Worker’s Party, or PKK.

Many were Yazidis displaced during the 2014 Islamic State onslaught and are bracing for another round of violence after returning to their homes only a few years ago. Most of the displaced were distributed across camps in the Kurdish region, said Pir Dayan, director of the migration and crisis response department in Dohuk province, in the Kurdish-run region. The Kurdistan government has formed a committee to deal with the situation. The violence erupted when the Iraqi military launched an operation late Sunday to clear the area

of YBS forces, most of them comprised of members from the Yazidi religious minority. By Monday, the fighting spread to other areas in Sinjar district. In a statement, the Iraqi military said Monday the offensive was to dismantle YBS checkpoints erected in Sinjar that have prevented citizens from returning to their homes and undermined Iraqi state authorities. When Iraqi military units confronted YBS forces, the statement said, they were met with heavy fire, snipers and explosivesladen devices on the roads. The YBS has controlled much

of Sinjar since 2014 driving out IS from the district with assistance from the PKK. Their continued presence in the area has drawn the ire of Turkey, which has been battling the PKK since the 1980s. It has led to regular Turkish military offensives on Iraqi soil to root them out. In October 2020, Baghdad and the Kurdistan government signed an agreement to jointly manage Sinjar to restore the state’s hold over the patchwork of militia groups and competing authorities in the area after the defeat of IS. But this has proven largely unsuccessful. AP

Israel lashes out at Russia over Lavrov’s anti-Semitism remarks

EL AVIV, Israel—Israel on Monday lashed out at Russia over “unforgivable” comments by its foreign minister about Nazism and anti-Semitism—including claims that Adolf Hitler was Jewish. Israel, which summoned the Russian ambassador in response, said the remarks blamed Jews for their own murder in the Holocaust. It was a steep decline in the ties between the two countries at a time when Israel has sought to stake out a cautious position between Russia and Ukraine and remain in Russia’s good stead for its security needs in the Middle East. Asked in an interview with an Italian news channel about Russian claims that it invaded Ukraine to “denazify” the country, Sergey Lavrov said that Ukraine could still have Nazi elements even if some figures, including the country’s president, were Jewish. “So when they say ‘How can Nazification exist if we’re Jewish?’ In my opinion, Hitler also had Jewish origins, so it doesn’t mean absolutely anything. For some time we have heard from the Jewish people that the biggest antisemites were Jewish,” he said, speaking to the station in Russian, dubbed over by an Italian translation. In some of the harshest remarks since the start of the war in Ukraine, Israeli Foreign Minister Yair Lapid called Lavrov’s statement “unforgivable and scandalous and a horrible historical error.” “The Jews did not murder themselves in the Holocaust,” said Lapid, the son of a Holocaust survivor. “The lowest level

of racism against Jews is to blame Jews themselves for anti-Semitism.” Later, Lapid said Israel makes “every effort” to have good relations with Russia. “But there’s a limit and this limit has been crossed this time. The government of Russia needs to apologize to us and to the Jewish people,” he said. An Israeli official confirmed late Monday that Russia’s ambassador, Anatoly Viktorov, was summoned to the Foreign Ministry in Jerusalem. The official, speaking on condition of anonymity to discuss a diplomatic matter, said that Israel “stated its position” and that the sides agreed not to elaborate. Prime Minister Naftali Bennett, who has been more measured in his criticism of Russia’s invasion, also condemned Lavrov’s comments. “His words are untrue and their intentions are wrong,” he said. “Using the Holocaust of the Jewish people as a political tool must cease immediately.” Israel’s Holocaust memorial Yad Vashem called the remarks “absurd, delusional, dangerous and deserving of condemnation.” “Lavrov is propagating the inversion of the Holocaust—turning the victims into the criminals on the basis of promoting a completely unfounded claim that Hitler was of Jewish descent,” it said in a statement. “Equally serious is calling the Ukrainians in general, and President [Volodymyr] Zelenskyy in particular, Nazis. This, among other things, is a complete distortion of the history and an affront to the victims

of Nazism.” In Germany, government spokesman Steffen Hebstreit said the Russian government’s “propaganda” efforts weren’t worthy of comment, calling them “absurd.” Nazism has featured prominently in Russia’s war aims and narrative as it fights in Ukraine. In his bid to legitimize the war to Russian citizens, President Vladimir Putin has portrayed the battle as a struggle against Nazis in Ukraine, even though the country has a democratically elected government and a Jewish president whose relatives were killed in the Holocaust. Ukraine also condemned Lavrov’s remarks. “By trying to rewrite history, Moscow is simply looking for arguments to justify the mass murders of Ukrainians,” Ukrainian presidential adviser Mykhailo Podolyak tweeted. Ukrainian Foreign Minister Dmytro Kuleba said Lavrov’s remarks exposed the “deeply-rooted antiSemitism of the Russian elites.” World War II, in which the Soviet Union lost an estimated 27 million people and helped defeat Nazi Germany, is a linchpin of Russia’s national identity. Repeatedly reaching for the historical narrative that places Russia as a savior against evil forces has helped the Kremlin rally Russians around the war. Israel gained independence in the wake of the Holocaust and has served as a refuge for the world’s Jews. Over 70 years later, the Holocaust remains central to its national ethos and it has positioned itself at the center

of global efforts to remember the Holocaust and combat anti-Semitism. Israel is home to a shrinking population of 165,000 Holocaust survivors, most in their 80s and 90s, and last week the country marked its annual Holocaust memorial day. But those aims sometimes clash with its other national interests. Russia has a military presence in neighboring Syria, and Israel, which carries out frequent strikes on enemy targets in the country, relies on Russia for security coordination to prevent their forces from coming into conflict with one another. That has forced Israel to tread lightly in its criticism of the war in Ukraine. While it has sent humanitarian aid to Ukraine and expressed support for its people, Israel has been measured in its criticism of Russia. It has not joined international sanctions against Russia or provided military aid to Ukraine. That paved the way for Bennett to be able to try to mediate between the sides, an effort that appears to have stalled as Israel deals with its own internal unrest. The Holocaust and the constant manipulation of its history during the conflict have sparked outrage in Israel before. In a speech to Israeli legislators in March, Zelenskyy compared Russia’s invasion of his country to the actions of Nazi Germany, accusing Putin of trying to carry out a “final solution” against Ukraine. The comparisons drew an angry condemnation from Yad Vashem, which said Zelenskyy was trivializing the Holocaust. AP

A10 Wednesday, May 4, 2022 • Editor: Angel R. Calso

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Healthy plants’ role in averting hunger

early two decades ago, the Philippines lost its access to the Taiwanese market for fresh coconuts due to the infestation of the cadang-cadang disease. The country exported fresh coconuts to Taiwan through a quota system until 1999. Shipments were halted after cadang-cadang hit a number of coconutproducing provinces in Luzon and Visayas, including Sorsogon, Quezon, and Northern Samar. Another pest that continues to threaten the Philippine farm sector, particularly bananas, is fusarium wilt. Fusarium wilt or Panama disease is considered as the single biggest threat to the local banana industry. It is one of the factors behind the inability of the Philippines to go head-to-head with other banana producers, such as Ecuador and Costa Rica, which are now eating into the market share of Philippine exporters in China and Japan. Citing the United Nations’ Food and Agriculture Organization (FAO), the World Economic Forum (WEF) noted that plant diseases—ranging from coffee leaf rust to banana fusarium wilt—will cost the global economy more than $220 billion. Losses from invasive species such as desert locusts and red palm weevils are estimated at $70 billion a year. FAO noted that plant pests and diseases cause food crop losses of up to 40 percent. The damage caused by these pests and diseases exacerbates a worsening world hunger and threatens rural livelihoods (See, “Pests, diseases destroy up to 40% of food crops—FAO, in the BusinessMirror, March 30, 2022). Changing weather patterns is also hastening the spread of pests and diseases. Pests like fall armyworm and Tephritid fruit flies have been spreading due to warmer climate, while desert locusts are expected to change their migratory routes and geographical distribution because of climate change. In 2020, WEF noted that massive desert locust swarms swept across Somalia, Ethiopia and Kenya and destroyed thousands of hectares of crops and grazing land. The threat posed by these diseases to the goal of eliminating hunger will be highlighted during the observance of the International Day of Plant Health on May 12. The occasion, which is held every May 12, was championed by Zambia and unanimously adopted by the UN General Assembly in a resolution co-signed by Bolivia, Finland, Pakistan, the Philippines, and Tanzania. FAO said the day is a key legacy of the International Year of Plant Health, which was marked in 2020-2021. FAO hopes that the event would increase awareness on the importance of keeping plants healthy to achieve the UN 2030 agenda, particularly the world body’s Sustainable Development Goal 2 (Zero Hunger). The event also seeks to minimize the risk of spreading plant pests through trade and travel by triggering compliance with international plant health standards and strengthening the monitoring and early warning systems to protect plants and plant health. The UN wants to stress the importance of sustainable pest and pesticide management to keep plants healthy while protecting the environment. Governments are also encouraged to invest in plant health innovations, research, capacity development and outreach. Innovation is especially crucial at this time as smallholders are now struggling to produce food amid erratic weather patterns and the impact of geopolitics on crucial inputs, such as fertilizer. Since 2005

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The journey of the Sumilao farmers Dennis Gorecho

Kuwentong Peyups

y first encounter with the farmers from Brgy. San Vicente, Sumilao, Bukidnon, popularly known as “Sumilao farmers,” was during their well-publicized hunger strike staged in front of the Department of Agrarian Reform compound in Quezon City on October 9, 1997. I was then a reporter for a major newspaper while finishing my law studies at the UP College of Law. Their hunger strike attracted national attention that even church leaders and some presidential candidates tried to intervene for the strikers’ cause. The strikers protested the March 29, 1996 decision of the Office of the President, issued through then Executive Secretary Ruben D. Torres, which approved the conversion of a 144-hectare land from agricultural to agro-industrial/institutional area. This led the Office of the President, through then Deputy Executive Secretary Renato C. Corona, to issue the so-called “Win-Win” Resolution on November 7, 1997. The resolution modified the approval of the land conversion to agroindustrial area only to the extent of 44 hectares, and ordered the remaining 100 hectares to be distributed to

qualified farmer-beneficiaries. However, their victory was shortlived when the Supreme Court reinstated in 1998 the Torres decision on the land conversion. In 2004, the Sumilao farmers filed a petition to cancel the conversion order, and to award the land to them on the grounds that the conditions for land conversion remained unfulfilled in violation of rules. On December 18, 2007, the Office of the President issued an order granting the petition to cancel the land conversion order. When Vice President Leni Robredo was still a practicing lawyer, she was connected with a non-government organization, the Sentro ng Alternatibong Lingap Panlegal (SALIGAN), which helped the Sumilao farmers reclaim their ownership of the land in Bukidnon. As a form of gratitude to Robredo’s help, the farmers walked 4,400 kilo-

meters from Sumilao, Bukidnon to Manila in support of her vice presidential bid in 2016. They decided to march anew this year for her candidacy for president. SALIGAN is a legal resource NGO doing developmental legal work for the marginalized, disadvantaged, and exploited sectors in the Philippines. Founded in 1987, it responded to the need of the sectors for legal empowerment and legal representation. From 1998 to 2008, Robredo was the SALIGAN coordinator before becoming a member of the House of Representatives and vice president. After passing the bar exams, there will be those who will join the law offices for private practice while others will go to government, judiciary, politics or the academe. And there’s alternative lawyering. Many alternative lawyers are guided by the words of former President Ramon Magsaysay: “Those who have less in life should have more in law.” Alternative lawyering is legal practice either individually or through legal resource organizations that work with the poor and marginalized groups, identities and communities toward their empowerment, greater access to justice, and building peace. Alternative lawyers do often take on careers outside of the mainstream, but what differentiates their work is their commitment to a different route to, and conception

of, justice. The poor, who have less resource in relation to the rich, will often have to bank on the law to safeguard their rights. In building a more accessible, inclusive and dynamic justice system, all remedies allowed by law should be completely exhausted for their protection. The semblance of being given “more” in law is imperative to equip them the chance of equality, which they do not enjoy. I was exposed to alternative lawyering as a volunteer law student for Free Legal Assistance Group (FLAG) led by Chel Diokno. SALIGAN is part of the Alternative Law Groups Network. “Only a grounded non-governmental worker who has walked alongside farmers on a march to claim their rights could have found those words to anchor her presidential run on. Only someone who has consistently taken up the causes of women could have mustered the strength to step up to the plate and attempt to reverse almost six years of misogyny,” the AlterLaw said in a statement. Lawyers, as professionals, are expected to uphold the ethical and moral values that are said to be essential to the fabric that holds society together. Atty. Dennis R. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez.com, or call 0917-5025808 or 0908-8665786.

Fed to fight inflation with fastest rate hikes in decades

By Christopher Rugaber | AP Economics Writer

ASHINGTON—The Federal Reserve is poised this week to accelerate its most drastic steps in three decades to attack inflation by making it costlier to borrow—for a car, a home, a business deal, a credit card purchase—all of which will compound Americans’ financial strains and likely weaken the economy. Yet with inflation having surged to a 40-year high, the Fed has come under extraordinary pressure to act aggressively to slow spending and curb the price spikes that are bedeviling households and companies. After its latest rate-setting meeting ends Wednesday, the Fed will almost certainly announce that it’s raising its benchmark short-term interest rate by a half-percentage point—the sharpest rate hike since 2000. The Fed will likely carry out another half-point rate hike at its next meeting in June and possibly at the next one after that, in July. Economists foresee still further rate hikes in the months to follow. What’s more, the Fed is also expected to announce Wednesday that it will begin quickly shrinking its vast stockpile of Treasury and mortgage bonds beginning in June—a move that will have the effect of further tightening credit.

Chair Jerome Powell and the Fed will take these steps largely in the dark. No one knows just how high the central bank’s short-term rate must go to slow the economy and restrain inflation. Nor do the officials know how much they can reduce the Fed’s unprecedented $9 trillion balance sheet before they risk destabilizing financial markets. “I liken it to driving in reverse while using the rear-view mirror,” said Diane Swonk, chief economist at the consulting firm Grant Thornton. “They just don’t know what obstacles they’re going to hit.” Yet many economists think the Fed is already acting too late. Even as inflation has soared, the Fed’s benchmark rate is in a range of just 0.25 percent to 0.5 percent, a level low enough to stimulate growth. Adjusted for inflation, the Fed’s key rate—which influences many consumer and business loans—is deep

in negative territory. That’s why Powell and other Fed officials have said in recent weeks that they want to raise rates “expeditiously,” to a level that neither boosts nor restrains the economy—what economists refer to as the “neutral” rate. Policymakers consider a neutral rate to be roughly 2.4 percent. But no one is certain what the neutral rate is at any particular time, especially in an economy that is evolving quickly. If, as most economists expect, the Fed this year carries out three halfpoint rate hikes and then follows with three quarter-point hikes, its rate would reach roughly neutral by year’s end. Those increases would amount to the fastest pace of rate hikes since 1989, noted Roberto Perli, an economist at Piper Sandler. Even dovish Fed officials, such as Charles Evans, president of the Federal Reserve Bank of Chicago, have endorsed that path. (Fed “doves” typically prefer keeping rates low to support hiring, while “hawks” often support higher rates to curb inflation.) Powell said last week that once the Fed reaches its neutral rate, it may then tighten credit even further—to a level that would restrain growth— “if that turns out to be appropriate.”

Financial markets are pricing in a rate as high as 3.6 percent by mid2023, which would be the highest in 15 years. Expectations for the Fed’s path have become clearer over just the past few months as inflation has intensified. That’s a sharp shift from just a few months ago: After the Fed met in January, Powell said, “It is not possible to predict with much confidence exactly what path for our policy rate is going to prove appropriate.” Jon Steinsson, an economics professor at the University of California, Berkeley, thinks the Fed should provide more formal guidance, given how fast the economy is changing in the aftermath of the pandemic recession and Russia’s war against Ukraine, which has exacerbated supply shortages across the world. The Fed’s most recent formal forecast, in March, had projected seven quarter-point rate hikes this year—a pace that is already hopelessly out of date. Steinsson, who in early January had called for a quarter-point increase at every meeting this year, said last week, “It is appropriate to do things fast to send the signal that a pretty significant amount of tightening is needed.”

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Musk’s grand vision for Twitter faces reality check in Asia By Vlad Savov | Bloomberg Opinion

or all the furor about which way Elon Musk might tilt US political discourse after getting the keys to Twitter Inc., his biggest challenges may emerge across the Pacific.

Asia, home to more than half the world’s population, is Twitter’s biggest growth opportunity and arguably a far thornier challenge. If the Tesla Inc. and SpaceX billionaire makes good on promises to scrap censorship, he’ll encounter a plethora of perplexing regulations, wielded by sometimes authoritarian governments, pushed to the limits by a horde of first-time Internet users. The numbers alone suggest Musk’s biggest headaches lie abroad. Twitter’s monetizable daily active users numbered 179 million internationally—dwarfing the 38 million in the US in 2021, according to its latest annual report. As a public company, Twitter has repeatedly emphasized it must abide by local regulations. Once it’s a private concern controlled by the world’s richest man, Musk will personally shoulder responsibility for navigating that thicket—and the fallout if he fails. “Asia has the potential to make or break the new Twitter,” said JJ Rose, a contributor to Australia’s nonpartisan Lowy Institute think tank. “It will depend on how he approaches it if he can harness it for his free speech aims.” Representatives for Twitter and Musk didn’t respond to requests for comment.

China

Twitter is officially banned in China, but the country will still demand a lot of Musk’s attention. Amazon.com Inc. founder Jeff Bezos alluded to the potential conflicts in a tweet shortly after Musk’s deal, asking “Did the Chinese government just gain a bit of leverage over the town square?” An obvious point is that China is tremendously important for Tesla, the key source of Musk’s wealth. The billionaire will certainly face pressures—implicit or explicit—to fine-tune Twitter’s policies to please Beijing. As the world’s biggest electric-vehicle market as well as a supplier of Tesla batteries, China is essential to the healthy growth of the centerpiece of Musk’s business empire. Tesla has also benefited from significant tax breaks in setting up his Shanghai Gigafactory—its first overseas plant—and been allowed to wholly own its local operations, a rarity for a US firm. A pressing issue is how Twitter handles China’s efforts to spread propaganda globally on the platform. The company in 2020 instituted labels for government officials and “state-affiliated media” for publications like Xinhua and Global Times, and readers are reminded of this government-backing any time they like or retweet stories. Chinese media have called the practice “intimidation” and already begun to lobby the billionaire to roll it back. Chen Weihua, a journalist at the China Daily, appealed directly to Musk with the argument that such labels suppress free speech and contradict Musk’s stated principles. The billionaire hasn’t given a clear indication of how he would decide such matters. “By ‘free speech’, I simply mean that which matches the law,” Musk wrote on Twitter. “I am against censorship that goes far beyond the law.” Bots are another matter. China has also used automated and anonymous accounts to distribute the government’s messages, which prompted Twitter to remove more than 170,000 accounts in 2020 for “spreading geopolitical narratives favorable to the Communist Party.” Musk has pledged to “defeat the spam bots or die trying!” and sounds determined to keep taking on the fake accounts. Beijing has shown a willingness to punish billionaires who don’t comply with its wishes. Regulators have hammered the country’s tech giants and effectively banished Alibaba Group Holding Ltd. co-founder Jack Ma from public view. There are incentives on offer beyond the electric-vehicle market. Musk’s SpaceX could certainly seek Chinese customers, while his Boring Co. may profit from lucrative infrastructure contracts in the country. And what of Twitter itself? A slice of the Chinese population employs virtual private networks to evade Beijing’s control and use the service. Could Beijing also offer up access to its 1.4 billion peo-

ple? Perhaps under the right terms. They would certainly not include free speech.

India

India is another high-stakes market for Twitter: there are half a billion Internet users in the country and another halfbillion getting online. Twitter plays a role in India’s online discourse similar to that in the US: the country’s political leaders use it to get their messages out, which are then relayed across TV and news networks. Prime Minister Narendra Modi was an early adopter and has 78 million followers on the service—more than Twitter has registered users in the country. But the New Delhi government has insisted on far more control than Washington has ever been able to exert. Tensions in the relationship spiked during farmer protests in the country in 2020 and 2021 as Twitter and the government clashed over what sort of speech would be tolerated on the platform. When farmers’ groups demanded the repeal of certain laws they said favored corporate-run farms, they took to the streets and social media to make their case, including Twitter. Modi’s administration insisted the San Francisco-based company take down posts critical of its actions—and Twitter at first refused to comply. Indian authorities then threatened to jail the company’s executives, which prompted Twitter to permanently suspend more than 500 accounts and block access to hundreds more. It was a direct example of how support for “free speech” can clash with government edicts and legal compliance. Later in 2021, New Delhi tightened its grip over social media such as Twitter and Facebook: The government insisted that companies identify specific individuals as grievance officers, who will be responsible for handling official removal requests and who could face prison terms for non-compliance. Twitter acceded, albeit after a delay. It’s not clear how Musk would reconcile his support for more free speech with such strict government controls. “Twitter should match the laws of the country,” the owner-to-be said in an interview. The issue is hardly limited to India. Nearby Sri Lanka restricted social media access in anticipation of protests in April, while Myanmar’s military junta last year disrupted Internet access altogether in its push to quell opposition. Researchers found Twitter was the most-blocked social media platform globally with a total 12,379 hours of outages in 2021.

Southeast Asia Southeast Asia has become one of the fastest-growing Internet markets, fueled by countries like Indonesia and India getting their vast populations online. But developing markets come with their own set of issues. Meta Platforms Inc. names the Philippines, Vietnam and Indonesia as prominent sources of fake and duplicate accounts. Meta, whose Facebook and Instagram services face similar challenges to Twitter’s, has for years reported in its annual filings that roughly 11 percent of its worldwide users are duplicate accounts and another 5% are fake. As with China, Twitter will have its work cut out to eradicate synthetic users. Freedom of expression also bumps up against local laws in this region. Singapore passed a contentious “foreign interference” law last year granting it powers to demand user information from social networks, in an effort to prevent outsiders from swaying domestic politics. Would that square with Musk’s ambition of freewheeling expression? Vietnam has posed similar challenges for online service providers like Facebook and Alphabet Inc.’s Google, with a cyber security law effectively forcing a choice between upholding user privacy and adhering to local rules. The question to be answered over the coming years is how far Musk will stick with his promises of freeing up Twitter —not just in the US, but also in the rest of the world.

Wednesday, May 4, 2022 A11

Push to arm Ukraine putting strain on US weapons stockpile By Ben Fox, Aamer Madhani, Jay Reeves & Dan Huff | The Associated Press

ASHINGTON—The planes take off almost daily from Dover Air Force Base in Delaware—hulking C-17s loaded up with Javelins, Stingers, howitzers and other material being hustled to Eastern Europe to resupply Ukraine’s military in its fight against Russia. The game-changing impact of those arms is exactly what President Joe Biden hopes to spotlight as he visits a Lockheed Martin plant in Alabama on Tuesday that builds the portable Javelin anti-tank weapons that have played a crucial role in Ukraine. But Biden’s visit is also drawing attention to a growing concern as the war drags on: Can the US sustain the cadence of shipping vast amounts of arms to Ukraine while maintaining the healthy stockpile it may need if a new conflict erupts with North Korea, Iran or elsewhere? The US already has provided about 7,000 Javelins, including some that were delivered during the Trump administration, about one-third of its stockpile, to Ukraine, according to an analysis by Mark Cancian, a senior adviser with the Center for Strategic and International Studies international security program. The Biden administration says it has committed to sending about 5,500 to Ukraine since the Russian invasion more than two months ago. Analysts also estimate that the US has sent about one-quarter of its stockpile of shoulder-fired Stinger missiles to Ukraine. Raytheon Technologies CEO Greg Hayes told investors last week during a quarterly call that his company, which makes the weapons system, wouldn’t be able to ramp up production until next year due to parts shortages. “Could this be a problem? The short answer is, ‘Probably, yes,’” said Cancian, a retired Marine colonel and former government specialist on Pentagon budget strategy, war funding and procurement. He said that Stingers and Javelins were where “we’re seeing the most significant inventory issues,” and production of both weapons systems has been limited in recent years. The Russian invasion offers the US and European defense industry a big opportunity to bolster profits as lawmakers from Washington to Warsaw are primed to increase defense spending in response to Russian aggression. Defense contractors, however, face the same supply chain and labor shortage challenges

that other manufacturers are facing, along with some others that are specific to the industry. Military spending by the US and around the world was rising even before Russia’s Feb. 24 invasion. Biden’s proposed 2023 budget sought $773 billion for the Pentagon, an annual increase of about 4 percent. Globally, total military spending rose 0.7 percent to more than $2 trillion for the first time in 2021, according to an April report from the Stockholm International Peace Research Institute. Russia ranked fifth, as its spending on weapons increased ahead of its invasion of Ukraine. The war will mean increased sales for some defense contractors, including Raytheon, which makes the Stinger missiles Ukrainian troops have used to knock out Russian aircraft. The company is also part of a joint venture with Lockheed Martin that makes the Javelins. Biden will visit Lockheed Martin’s facility in Troy, Ala., which has the capacity to manufacture about 2,100 Javelins per year. The trip comes as he presses Congress to quickly approve his request for an additional $33 billion in security and economic assistance for Kyiv, Western allies and restocking weapons the US has sent to those countries. Senate Majority Leader Chuck Schumer, D-N.Y., said Monday he hoped quick bipartisan agreement on the security package could be reached so the Senate could begin considering it “as early as next week.” The president is expected to use his remarks to highlight the importance of the Javelins and other US weaponry in helping Ukraine’s military put up a vigorous fight as he makes the case to keep security and economic assistance flowing. A White House official, who was not authorized to comment publicly and requested anonymity, said the Pentagon is working with defense contractors “to evaluate the health of weapons systems’ production lines and examine bottlenecks in every component and step of the manufacturing process.” The administra-

tion is also considering a range of options, if needed, to boost production of both Javelins and Stingers, the official said. Pentagon press secretary John Kirby said Monday that America’s military readiness is not dependent on one system, such as the Javelin. He said that every time the Pentagon develops a package of weapons to send to Ukraine, the chairman of the Joint Chiefs of Staff and the department assesses the broader impact. “It’s not about counting say Javelins and being able to say that when you reach a certain level then all your readiness is gone,” Kirby said. “The Javelin is an anti-armor capability, so we judge it all as a conglomerate of what’s our ability to meet this particular mission set, realizing that a Javelin isn’t the only capability you have against armor.” Cancian, the former government specialist on defense budget strategy, said the fact that Stingers and Javelins were not included in the most recent tranche of weapons the Biden administration announced it was sending to Ukraine could be a sign that Pentagon officials are mindful about inventory as they conduct contingency planning for other possible conflicts. “There’s no question that whatever war plan they’re looking at there is risk associated with the depleting levels of Stingers and Javelins, and I’m sure that they’re having that discussion at the Pentagon,” he said. The US military effort to move weaponry to Eastern Europe for Ukraine’s fight has been Herculean. From Dover Air Base in Delaware, US airmen have carried out nearly 70 missions to deliver some 7 million pounds of Javelins, Stingers, 155mm howitzers, helmets and other essentials to Eastern Europe since February. Col. Matt Husemann, commander of the 436th Airlift Wing, described the mission as a “whole of government approach that’s delivering hope.” “It is awesome,” said Husemann, after providing AP with a recent tour of the airlift operation. The lightweight but lethal Javelin has helped the Ukrainians inflict major damage on Russia’s larger and better-equipped military. As a result, the weapon has gained almost mythic regard, celebrated with a Javelin song and images of Mary Magdalene carrying a Javelin becoming a meme in Ukraine.

Lockheed Martin CEO James Taiclet said in a recent CNBC interview that demand for the Javelin and other weapon systems would increase broadly over time because of the Russian invasion. He said the company was working “to get our supply chain ramped up.” “We have the ability to meet current production demands, are investing in increased capacity and are exploring ways to further increase production as needed,” Lockheed Martin said in a statement. Pentagon officials recently sat down with some of the leading defense contractors, including Lockheed Martin, Raytheon, Boeing, General Dynamics, BAE Systems and Northrop Grumman to discuss efforts to ramp up production. The big defense contractors face some serious challenges. Raytheon, for example, can’t simply crank out Stingers to replace the 1,400 that the US sent to Ukraine. Hayes, the Raytheon CEO, said in a recent conference call with analysts that the company has only limited supplies of components to make the missile. Only one undisclosed country has been buying them in recent years, and the Pentagon hasn’t bought any new ones in nearly 20 years. Sanctions further complicate the picture. Companies must find new sources of important raw materials such as titanium, a crucial component in aerospace manufacturing that is produced in Russia. Concerns about the Stinger stockpile have been raised by House Armed Services Committee chairman Rep. Adam Smith, D-Wash., and the top Republican on the committee, Rep. Mike Rogers of Alabama. The two in March wrote to Defense Secretary Lloyd Austin and Chairman of the Joint Chiefs of Staff Mark Milley, describing the stockpile issue as one of “urgency.” Rogers said he remains concerned that the matter hasn’t been properly addressed. “I’ve been asking the DoD for almost two months for a plan to replenish our Stinger stockpile as well as our Javelin launch units,” Rogers said. “I worry that without a readily available replacement or fully active production lines, we could leave Ukraine and our Nato allies in a vulnerable position.” Reeves reported from Birmingham, Ala., and Huff from Dover Air Force Base, Delaware. Associated Press writers Lolita C. Baldor and Alan Fram in Washington contributed to this report.

As wildfire closes in, New Mexico residents prepare to flee By Cedar Attanasio & Susan Montoya Bryan | The Associated Press

AS VEGAS, N.M.—Windwhipped flames raced across more of New Mexico’s pinecovered mountainsides on Monday, closing in on a town of 13,000 people where residents hurried to pack their cars with belongings, others raced to clear brush from around their homes, and police were called in to help evacuate the state’s psychiatric hospital. Firefighting crews were battling to keep the fire, the largest burning in the US, from making another run across the state’s drought-parched landscape. The blaze in the foothills of the Rocky Mountains near the small northeastern New Mexico city of Las Vegas already has charred more than 188 square miles (487 square kilometers). Fire officials said they expect the blaze to keep growing, putting it on track to be one of the largest and most destructive in the state’s recorded history. The sky above the city’s historic plaza, made famous as a backdrop in several movies and television series, was a sickly tinge of yellow and gray as thick smoke blotted out the sun. As ash fell around them, Chris Castillo and his cousins were cutting down trees and moving logs away from a family member’s home. “We’re all family here. We’re trying to make a fire line,” he said Other family members were driving around with cattle trailers, wait-

ing to help anyone who calls to move livestock. Wildfires have become a yearround threat in the drought-stricken West and they are moving faster and burning hotter than ever due to climate change, scientists and fire experts say. In the last five years, California for example has experienced the eight largest wildfires in state history, while Colorado saw a destructive blaze tear through suburban neighborhoods last December. Fire officials warned Monday that the fire in northern New Mexico would keep spreading at dangerous speeds and in different directions due to shifting winds, low humidity and high temperatures. They said the majority of the coming days feature more high winds that would make suppression efforts difficult. The fire — fanned by an extended period of hot, dry and windy conditions—ballooned in size Sunday, prompting authorities to issue new evacuation orders for the small town of Mora and other villages. Residents in some outlying neighborhoods of the town of Las Vegas were told to be ready to leave their homes as the smoke choked the economic hub for the farming and ranching families who have lived for generations in the rural region. It’s also home to New Mexico Highlands University and is one of the most populated stops along Interstate 25 before the Colorado state line. Operations Section Chief Todd Abel said Monday that crews were

busy using bulldozers to build fire lines to keep the flames from pushing into neighborhoods. The county jail, the state’s psychiatric hospital and more than 200 students from the United World College have evacuated and what businesses remained open were having a hard time finding workers as more people were forced from their homes. “We’re trying to house and feed people with skeleton crews. Hundreds of people have lost their homes. It’s an extraordinary tragedy,” said Allan Affeldt, a hotelier in Las Vegas. He said most of his staff were evacuated from their homes and he canceled guest reservations to accommodate firefighters and emergency crews. The 197 patients at the Behavioral Health Institute were being sent to other facilities around the state, with some being transported in secured units and others escorted by police. Across New Mexico, officials and groups were collecting food, water and other supplies for the thousands of people displaced by the fires. Offers of prayers and hope flooded social media as residents posted photos of the flames torching the tops of towering ponderosa pines near their homes. Some of those living close to the fires described the week that the fire has raged nearby as gut wrenching. On the northern flank of the fire, evacuees streamed uphill Monday out of the Mora River valley over passes of the Sangre de Cristo

Mountains. State Rep. Roger Montoya, from the mountain hamlet of Chacon, said neighbors were putting what they couldn’t carry with them into metal containers and leaving them in irrigating fields, hoping the moisture would offer some protection. Officials have said the northeastern New Mexico fire has damaged or destroyed 172 homes and at least 116 structures. It merged last week with another blaze that was sparked in early April when a prescribed fire escaped containment after being set by land managers to clear brush and small trees in hopes of reducing the fire danger. The cause of the other fire is still under investigation. Jesus Romero, the deputy manager of San Miguel County, on Monday was helping family monitor their home amid smoky ash-laden air. He cut down trees around his garage as a fire-prevention measure and talked with other residents who were undecided about whether to leave. He called the situation serious. Another New Mexico wildfire burning in the mountains near Los Alamos National Laboratory also prompted more evacuations over the weekend. It has reached the burn scars of wildfires that blackened the region a decade ago when New Mexico had one of its worst and most destructive seasons. Associated Press writers

Terry Tang in Phoenix, Morgan Lee in Santa Fe, New Mexico, and Felicia Fonseca in Flagstaff, Arizona, contributed to this report.

A12 Wednesday, May 4, 2022

ERC may hear competition cases vs power players–SC

By Joel R. San Juan

@jrsanjuan1573

HE Supreme Court has affirmed the jurisdiction of the Energy Regulatory Commission (ERC) to hear the case of anti-competitive behavior, abuse of market power, or other unfair trade or practices filed against the Manila Electric Company (Meralco) and Aboitiz Power Corporation’s subsidiaries prior to the enactment of R.A. 10667 or the Philippine Competition Act (PCA).

In a five-page resolution, the Court’s Third Division partially granted the petition filed by the ERC questioning the ruling issued by the Court of Appeals on May 23, 2018, which held that the Philippine Competition Commission (PCC) has jurisdiction over anticompetition issues and cases. The appellate held that PCC’s jurisdiction over such cases is original, which means that it has the power to take cognizance of a case at its inception; exclusive, which precludes the idea of coexistence with other regulatory bodies; and primary, which means in case of conflict between the jurisdictions of PCC and other regulatory bodies, preference shall be given to the PCC. However, the CA also declared that the PCA has no retroactive ef-

fect, the cases are still within the jurisdiction of the ERC. It noted that since the complaints against the respondents were filed before the enactment of PCA on July 21, 2015. Furthermore, the CA held that when a tribunal already acquired jurisdiction over an action or claims, its jurisdiction continues up to the conclusion of the same. The ERC, however, did not agree with the CA that the PCC has exclusive, original and primary jurisdiction over competition-related issues concerning the energy sector. Thus, the ERC elevated the issue before the SC. In upholding the ERC’s jurisdiction over the case, the SC explained that at the time the complaints for anti-competitive behavior were filed against Meralco and Aboitiz

Power’s subsidiaries Therma Mobile, Inc. and AP Renewables, the ERC had jurisdiction over the same, in accordance with the powers granted to it by the Electric Power Industry Reform Act (EPIRA). “Here, the complaints against respondents were all filed before the enactment of the PCA. Verily, the PCA was non-existent then and it is the EPIRA that governs issues regarding the energy sector at that time. EPIRA explicitly vested with the ERC jurisdiction to resolve respondents’ cases,” the SC said. “In addition, the PCA expressly states that it has no retroactive effect. Hence, it is only proper that the complaints filed against respondents before the enactment of the PCA should stay with the ERC,” it added. However, the SC ruled that the

‘Ragos, Kerwin recantations may be politically motivated’

ROSECUTOR-GENERAL Benedicto Malcontento said they are looking into the possibility that the recent recantations of two witnesses in the drug cases filed against Senator Leila de Lima could be politically motivated. In an interview on CNN’s The Source, Malcontento also expressed belief that the recantations of former Bureau of Corrections officer-in-charge Rafael Ragos and confessed drug lord Kerwin Espinosa are somehow connected, considering that

these happened few days before the elections where De Lima is running for another term as a senator. “That is a very good question because one after the other, and by Monday we have an election, so we can reasonably presume that there is a connection here. But insofar as politics is concerned, that is our assessment. But for the cases concerned, the prosecution is still firm that insofar as the first case we are not solely relying on the testimony of Ragos,” Malcontento explained.

He noted that Ragos is not a star witness in the case where he testified against De Lima. Asked if Ragos’s and Espinosa’s recantations were politically motivated, Malcontento answered, “We are looking at that as well.” The prosecutor-general stressed that Ragos’s retraction has no effect on the case unless it is brought before the court and forms part of the record of the case. If this happens, Malcontento noted that the prosecution would have to cross-examine Ragos on his second affidavit. “The court has to weigh between the two affidavits—the first affidavit wherein it was followed by a series of testimonies coming from Ragos, and this latest affidavit. It is the duty of the court now to weigh what to believe or not to believe at all,” Malcontento stressed. In some decided cases, he said the courts gave weight to the initial affidavits instead of the recantation. Malcontento also noted that De Lima’s demurrer to evidence seeking the dismissal of the drug case filed against her and bodyguard Ronnie Dayan has been denied by the Regional Trial Court in Muntinlupa. Their petition to post bail was also denied by the trial court. Ragos is one of the prosecution witnesses who testified before the court against De Lima and Dayan. Ragos executed an affidavit on September 5, 2016, claiming that in November 2012, as BuCor OIC he and aide Jovencio Ablen delivered a black bag containing P5 million to Dayan and De Lima at the latter’s residence. Another delivery of money in a plastic bag was made in December 2012 to De Lima and Dayan. In 2016, Ragos testified at the House Committee on Justice’s hearing on the New Bilibid Prisons drug trade and reiterated his previous affidavits. He also testified then that the kickbacks came from Peter Co and other drug lords to support De Lima’s senatorial bid in 2013. On June 7, 17, 28 and July 12, 2019, Ragos also testified before the Regional Trial Court of Muntinlupa where he maintained his allegations against the senator. De Lima is facing two criminal cases before the Muntinlupa RTC for her alleged involvement in the illegal drug trade inside NBP during her term as justice secretary. “The motion to dismiss filed by the camp of Sen. De Lima was already denied by the court. Meaning, as it stands now the prosecution’s evidence is strong. So the sole recantation on the part of Ragos will not automatically result to an acquittal. The court may not even believe this latest affidavit,” Malcontento said. Meanwhile, Malcontento disclosed that the Volunteers Against Crime and Corruption (VACC) plans to file criminal charges against Ragos for lying under oath during the congressional hearings and for giving false testimonies before the court. “There are private complainants here and we heard that they would be filing charges. Insofar as the DOJ is concerned we will just wait if these charges are filed or any entity would file against them and we would just have to decide accordingly,” Malcontento said. Ragos’ accusation that former justice officials coerced and threatened him to execute an affidavit implicating De Lima would be referred to the Office of the Ombudsman once the DOJ gets a copy of Ragos’s affidavit. Joel R. San Juan

CA’s discussion on PCC’s primary, original and exclusive jurisdiction over cases filed after the enactment of the PCA is immaterial in resolving the case. It said that the Court cannot determine issues which are not fully litigated. “The resolution of this issue need not touch upon the interpretation of the provisions of the PCA and the delineation of the jurisdiction of the PCC vis-a-vis the other sector regulators, such as the ERC,” the SC explained. “This case is not the proper forum for the Court of Appeals to determine whether the PCC’s jurisdiction over competition cases filed after the enactment of the PCA is primary, original, and exclusive over all regulatory agencies of the government,” it added.

‘JABS IN VOTING CENTERS MIGHT MISLEAD PUBLIC’ T

HE Commission on Elections is not keen on holding vaccination drives in voting centers during election day since it could mislead voters into thinking vaccination is a requirement for voting. Comelec Commissioner George M. Garcia expressed his reservation GARCIA on the proposal of the Department of Health (DOH) in a television interview on Tuesday. “We have to carefully study this as this might mislead our voters in the belief that vaccination is needed for the exercise of the right of suffrage,” Garcia said. He noted DOH must get the approval of Comelec if it will push through with its plan as part of government efforts to inoculate more people against Covid-19. “The DOH must first secure an approval from the Comelec, especially if it will be done inside a voting center,” Garcia said. The poll official issued the statement after an old newscast report recently went viral on social media platform TikTok, which said voters must present their vaccine cards to be allowed to vote. Comelec was quick to clarify that voters will be allowed to vote regardless if they are vaccinated or not against Covid-19. Samuel P. Medenilla

INC endorses UniTeam; BBM sees challenge to unify nation

RESIDENTIAL frontrunner former Sen. Ferdinand “Bongbong” Marcos Jr., welcomed the endorsement of Iglesia ni Cristo (INC) in the May 9 elections, and said the UniTeam will use this vote of confidence as a challenge to unify the country especially in the recovery from the pandemic. Marcos and his running mate Inday Sara Duterte were formally endorsed by the INC late Tuesday, with just six days left before the national polls. With at least 2 million voting members, INC faithful are expected to follow the church leaders’ choice of candidates when they vote, in line with their strength in unity doctrine. “I and my family, along with our partners in the UniTeam, are overjoyed and thank most heartily the Iglesia Ni Cristo, under the leadership of their Executive Minister Eduardo V. Manalo,” said Marcos, in Filipino. “The INC’s choice of Apo Bongbong Marcos and me as candidates to support in the coming elections is a big honor, but it’s also a challenge to our ability to unify the nation, and help carry the nation through the crisis brought by the pandemic,” Inday Sara said in a prerecorded video with Marcos. The Partido Federal ng Pilipinas (PFP) standard-bearer Marcos assured the INC leadership that the UniTeam will not fail them. For his part, Atty. Vic Rodriguez, spokesperson and chief of staff of Marcos, also thanked the INC for its support to the UniTeam. In 2016, the INC endorsed Rodrigo Duterte and Marcos, who was then running for vice president under another ticket. It was learned that the INC also backed former President Ferdinand Marcos Sr., during the 1965, 1969, 1981 and 1986 presidential elections.

Companies

Editor: Jennifer A. Ng

Wednesday, May 4, 2022

Ayala Land unit Q1 income up despite dip in revenues By VG Cabuag

@villygc

yalaLand Logistics Holdings Corp. (ALLHC) said its net income in the first quarter grew 19 percent to P197 million from the previous year’s P165.48 million. Revenues came in at P864 million, 10 percent lower than the previous year’s P963.51 million. Revenues from industrial lot sales reached P316 million, down by 18 percent from the previous year due to unbooked reserved lots. “Our growth plans are geared to enable ALLHC to seize opportunities in the new economy. With the competitive advantage from our

solid portfolio of diversified product offerings, and our optimistic view on the economy’s reopening, we look forward to enhancing our business performance in 2022,” the company’s outgoing president and CEO Maria Rowena M. Tomeldan said. Jose Emmanuel H. Jalandoni, formerly the company’s chairman, will replace Tomeldan starting last

month after the company’s stockholders’ meeting. Warehouse leasing revenues rose by 54 percent to P191 million from P123 million, while cold storage revenues reached P28 million. Commercial leasing is experiencing gradual recovery, with retail stores reopening and an increase in total foot traffic by 32 percent, the company said. The company said it will diversify its product line further with additional cold storage facilities and other business platforms. The company said it is on track to double its cold storage capacity to 15,000 pallet positions by next year. In February, the company announced its acquisition of an existing ready-built facility in Sto. Tomas in Batangas, adding some 64,000 square meters of leasable warehouse space to ALogis’ portfolio.

The company currently has some 288,000 square meters of warehouse gross leasable area (GLA) spread in six locations. The company is targeting to have half a million square meters of GLA by 2025. The company’s stockholders approved last month the increase in the company’s authorized capital stock to P10 billion, which will be used as funding source for its expansion projects. The Ayala Land subsidiary will create P5 billion in non-voting preferred shares with a par value of P1 per share, and increase common shares to P12.5 billion from P7.5 billion with a par value of P1 per share. “All growth efforts are in line with the company’s vision to be the leading real estate logistics and industrial estate developer in the Philippines.”

Citicore renews RE supply deals By Lenie Lectura @llectura

iticore Energy Solutions Inc. (CESI), the retail electricity supply arm of Citicore Power Inc., said it was able to renew its renewable energy (RE) supply contracts with 5 of its long-time partners for another two years. The contracts with Bench Tower (through Ground18), Citystate Condominium, Eastfield, Succeed Ventures Asia, and Prince Alumer Development Corp. (Padcor) are for an aggregate capacity of 5.1 megawatts (MW), the same volume of energy originally committed under

the Retail Competition Open Access (RCOA). Under RCOA, contestable customers whose peak demand falls within the threshold level of contestability can choose their electricity supplier who can offer the most competitive price and best service suitable to their needs. “We are grateful for the continued trust and support of our customers in the product we offer and service we provide, allowing us to achieve 100 percent of our target as early as the first quarter of 2022. We expect to continue this long-term collaboration with our existing customers and also look forward to forming

new ones,” said Citicore President Oliver Tan. The contracted capacity represents 16 percent of the company’s clients whose contracts are expiring this year. Also, Citicore sealed closed a contract with a new commercial partner, Clear Water Ice Plant—a cold storage facility with 24/7 operations in Mandaue, Cebu. The contract was signed through CESI under its Green Energy Program (GEOP), which will source energy from Citicore Solar Cebu in Toledo. GEOP is a mechanism that will provide end-users the option to choose RE resources as their

sources of energy. “We welcome partners from different businesses and industries who are willing and ready to shift to green energy solutions and share with us the goal of achieving a netzero carbon future. By educating and encouraging more end users to change their lifestyles, we can build a critical mass of RE advocates and promote a sustainable co-existence between the different stakeholders—such as RE suppliers, business partners, consumers—and the environment,” Tan added. The company’s RE capacity portfolio stands at 163MW.

Avis profits Nutrien boosts outlook for potash sales soar on strong demand

vis Budget Group Inc. reported a record first-quarter profit, which sent shares up by double digits in after-hours trading on strong results, helped by a recovery in travel demand in the United States and near-record usedcar prices. The rental car company reported adjusted earnings per share on Monday of $9.99, tripling analyst estimates as US rentals nearly matched the first quarter in 2019, before the Covid-19 pandemic brought travel to a halt. Soaring used-car prices for vehicles Avis offloaded cut per-vehicle fleet costs by 90 percent, padding profit margins. “Despite the impact of Omicron on the first half of the quarter, our team was able to quickly pivot to manage the significantly increasing demand during the back half of the quarter,” Joe Ferraro, Avis Budget Group’s chief executive officer, said in a statement. “We focused on diligent fleet management and continued cost optimization to generate a new record first quarter adjusted Ebitda.” Shares of the Parsippany, New Jersey-based company pared a postmarket gain of as much as 14 percent, trading up 5.5 percent to $296.06 as of 5:42 p.m. in New York. The stock is up 35 percent so far this year. Bloomberg News

Piles of refined potash sit in a storage barn at the Nutrien Ltd. Cory potash facility in Saskatoon, Saskatchewan, Canada, on Monday, August 12, 2019. Photographer: James MacDonald/Bloomberg

utrien Ltd., the world’s largest fertilizer company, boosted its outlook for profit growth and cash flow, saying it plans to sell more potash as crop-nutrient prices soar. The company is projecting earnings-per-share of $16.20 to $18.70 on an adjusted basis; the previous target was $10.20 to $11.80. Nutrien and other fertilizer companies have benefited from record prices as major exporter Russia’s invasion of Ukraine and sanctions on Belarus threaten a massive portion of global fertilizer supply. Mosaic Co., the world’s largest phosphate producer, reported firstquarter earnings that missed analyst estimates. Total potash production is expected to exceed recent historical levels for the remainder of 2022, the company said Monday in a statement.

Nutrien has said it will increase potash production to fill a worldwide deficit. Russia and Belarus account for about 40 percent of global potash output and exports, and sanctions and other restrictions imposed on the countries have “significantly constrained supply,” the company said Monday in a statement. Nutrien has raised 2022 potash sales volume guidance to between 14.5 to 15.1 million tons, with the majority of the extra capacity to be produced in the second half of the year. “We are estimating a wider than normal range of global potash shipments given the level of uncertainty of supply from Russia and Belarus,” according to the statement. Nutrien has yet to name a permanent successor to former Chief Executive Officer Mayo Schmidt, who was fired just eight months after his

April 2021 hiring to succeed Chuck Magro, who is now CEO of agribusiness giant Corteva Inc. Nutrien paid Schmidt $9.4 million and another $4.8 million in severance, according to the company’s proxy circular. Magro received $18.5 million, in addition to $8.1 million in severance, according to company documents. Corteva paid Nutrien a lump sum of $18.7 million for allowing Magro to breach restrictive covenants and work for a rival. “While we have gone through two CEO changes this past year, the decisions made were both necessary and in the best long-term interests of the company and its shareholders,” the company said in a proxy circular to shareholders in April. The board intends to announce a permanent CEO during the second half of 2022. Bloomberg News

Meralco eyes loans to bankroll projects

HE Manila Electric Co. (Meralco) is assessing its financial position to determine if it can borrow money this year to fund its power projects. “Yes, we are currently reviewing already our cash flow requirements given the capex. We’re looking to do something within the year,” said Meralco Senior Vice President and Chief Finance Officer Betty Siy-Yap. The company could borrow money “towards the third quarter” but the Meralco executive did not specify an amount. Meralco earlier reported during the presentation of its first quarter financial results that consolidated interest-bearing debt stood at P86 billion, of which P33.9 billion are maturing within one year. The amount includes the debt of subsidiaries amounting to P45.3 billion. The company is also seeking regulatory approval of its proposed Annual Revenue Requirement (ARR) and Performance Incentive Scheme (PIS) for the Fifth Regulatory Period (5RP). Meralco proposed P149.66 billion for its capital expenditure (capex) program in the next four years. Under the proposed ARR and PIS for the 5RP which starts on July 1 and will end on June 30, 2026, Meralco has set a capex budget of P37.53 billion for 2023, P43.5 billion for 2024, P36.37 billion for 2025, and P32.25 billion for 2026. Meralco said the proposed amount is necessary to comply with regulatory requirements to maintain the integrity, reliability and efficiency of

the electric system, and for the continuous improvement in service quality and performance measurement for the benefit of the consumers. The company also said the capex projects are necessary to augment the capacity of the network to meet demand growth or new customer requirements. Among others, the capex will be utilized for the replacement and refurbishment of aging, and obsolete assets, relocation of assets needed for the implementation of government infrastructure and third-party initiated projects, purchase and construction of non-network assets required for the normal efficient operation of the electric distribution system, and deployment of automation and technology projects. For the 5RP, Meralco is proposing the “implementation of its Advanced Metering Infrastructure program for more than 2 million customers aligned with the objective of deploying a reliable, efficient, and intelligent distribution grid.” Meanwhile, Meralco First Vice President and Head of Regulatory Affairs Jose Ronald Valles said the utility firm will conduct two more competitive biddings this year. “There are some CSPs [Competitive Selection Process] that we will undergo this year. These are the 500MW mid-merit; and another one is the 600MW baseload – that’s based on the PSPP [power supply procurement plan] timeline that we have submitted to the DOE [Department of Energy].” Lenie Lectura

Companies BusinessMirror

Wednesday, May 4, 2022

PSE STOCK QUOTATIONS

May 2, 2022

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL IREMIT MEDCO HLDG NTL REINSURANCE SUN LIFE VANTAGE

43.75 127.8 12.14 93.65 26.65 8.04 50.05 8.3 15.76 18.5 57 103.5 72.1 1.92 3.61 0.8 0.295 0.64 2,500 0.78

44.7 128 12.16 93.9 26.7 8.05 50.15 8.7 16.98 18.52 57.3 104.5 72.5 2.1 3.62 0.89 0.305 0.71 2,846 0.81

43.75 130 12.2 95 26.7 8.06 51.8 8.3 17 18.8 57.3 103 73.1 1.92 3.62 0.79 0.295 0.72 2,550 0.78

43.75 130 12.3 95 26.7 8.08 51.8 8.3 17 19 57.3 104.5 73.15 1.92 3.68 0.8 0.295 0.72 2,550 0.78

43.75 127.3 12.16 93.1 26.6 8.03 49.2 8.3 17 18.5 57.3 103 72.1 1.92 3.62 0.79 0.295 0.71 2,500 0.78

43.75 128 12.16 93.9 26.7 8.05 50.05 8.3 17 18.5 57.3 104.5 72.5 1.92 3.62 0.8 0.295 0.71 2,500 0.78

900 1,291,820 75,300 878,240 18,500 362,200 4,633,400 100 4,000 133,100 40 58,450 32,850 9,000 43,000 5,000 100,000 5,000 20 4,000

39,375 165,515,277 919,952 82,272,336 493,800 2,915,069 233,422,694 830 68,000 2,482,208 2,292 6,053,455 2,384,234.50 17,280 156,440 3,980 29,500 3,570 50,250 3,120

INDUSTRIAL

AC ENERGY 7.4 7.42 7.25 7.48 7.24 7.4 15,341,900 112,959,658 ALSONS CONS 0.91 0.99 0.99 0.99 0.9 0.99 1,070,000 996,140 ABOITIZ POWER 31.15 31.4 32 32.15 30.95 31.15 1,330,000 41,679,205 BASIC ENERGY 0.365 0.37 0.38 0.38 0.35 0.365 7,130,000 2,575,200 FIRST GEN 23.3 23.8 23.3 24.45 23.3 23.3 89,600 2,095,775 FIRST PHIL HLDG 69.9 69.95 69.95 69.95 69.95 69.95 5,780 404,311 MERALCO 346.2 350 352.2 354.8 346 350 41,000 14,332,720 MANILA WATER 18.02 18.1 18.5 18.5 17.8 18.1 1,869,700 33,595,026 PETRON 3.23 3.24 3.2 3.25 3.2 3.23 277,000 891,000 PETROENERGY 4.9 4.91 4.9 4.91 4.9 4.91 252,000 1,236,120 PHX PETROLEUM 9.91 10.2 9.81 10.2 9.81 10.2 20,000 202,738 SYNERGY GRID 12.28 12.3 12.46 12.5 12.28 12.3 824,100 10,149,730 PILIPINAS SHELL 17.1 17.3 17.3 17.4 17.1 17.4 89,400 1,547,460 SPC POWER 13.9 13.94 14 14 13.9 13.9 110,100 1,534,104 SOLAR PH 1.53 1.54 1.55 1.59 1.54 1.54 44,458,000 69,598,090 AGRINURTURE 4.69 4.84 4.59 4.87 4.58 4.84 1,498,000 6,872,090 AXELUM 2.55 2.63 2.63 2.63 2.51 2.63 64,000 166,370 CNTRL AZUCARERA 12 12.78 12 12 12 12 300 3,600 CENTURY FOOD 22 22.9 22.25 23 22.05 22.9 56,200 1,283,270 DEL MONTE 14.24 14.3 14.3 14.3 14.26 14.3 20,800 297,394 DNL INDUS 7.1 7.11 7.15 7.18 7.06 7.1 467,100 3,342,400 EMPERADOR 19.8 19.82 19.5 20.1 19.4 19.82 2,305,300 45,649,766 SMC FOODANDBEV 61 61.4 61.95 61.95 60.6 61 30,230 1,843,258.50 FIGARO COFFEE 0.52 0.53 0.52 0.54 0.52 0.53 1,290,000 673,700 ALLIANCE SELECT 0.58 0.59 0.57 0.58 0.56 0.58 273,000 155,620 FRUITAS HLDG 1.04 1.05 1.07 1.08 1.03 1.05 762,000 802,330 GINEBRA 102.8 105 107 107.9 103 105 18,960 1,970,481 JOLLIBEE 218 220 215 222.6 214.2 220 468,060 101,360,268 KEEPERS HLDG 1.22 1.23 1.21 1.25 1.21 1.22 608,000 738,610 LIBERTY FLOUR 20.9 21.5 21.5 21.5 21.5 21.5 600 12,900 MACAY HLDG 3.98 6.25 5.55 5.55 5.55 5.55 300 1,665 MAXS GROUP 6.02 6.22 6 6.25 6 6.23 13,900 86,668 MG HLDG 0.124 0.135 0.125 0.135 0.125 0.125 80,000 10,100 MONDE NISSIN 13.4 13.42 12.9 13.4 12.9 13.4 5,405,400 71,716,432 SHAKEYS PIZZA 8 8.27 8 8.35 7.99 8.1 179,100 1,456,757 ROXAS AND CO 0.495 0.5 0.53 0.53 0.495 0.5 591,000 294,690 RFM CORP 4.21 4.4 4.21 4.39 4.2 4.39 99,000 416,690 UNIV ROBINA 104.8 105 103.4 105.7 103.2 104.8 1,225,710 128,471,165 VITARICH 0.56 0.57 0.57 0.58 0.55 0.57 2,351,000 1,335,630 VICTORIAS 2.71 2.92 2.75 3.05 2.7 2.92 47,000 128,730 CEMEX HLDG 0.8 0.81 0.8 0.83 0.8 0.8 850,000 691,070 EAGLE CEMENT 12.32 12.68 12.52 12.94 12.48 12.48 42,200 527,048 EEI CORP 4.29 4.3 4.37 4.37 4.25 4.3 248,000 1,069,430 HOLCIM 5.49 5.6 5.55 5.65 5.5 5.5 132,100 732,848 MEGAWIDE 5.01 5.04 5 5.05 4.96 5.04 164,900 822,601 PHINMA 19.8 19.9 19.9 19.9 19.88 19.9 27,000 536,876 VULCAN INDL 0.91 0.92 0.89 0.94 0.88 0.92 183,000 166,310 EUROMED 1.01 1.11 1.01 1.01 1.01 1.01 5,000 5,050 PRYCE CORP 5.63 5.64 5.63 5.64 5.63 5.64 42,300 238,474 GREENERGY 1.5 1.52 1.53 1.55 1.47 1.52 4,709,000 7,092,630 INTEGRATED MICR 6.98 6.99 7.04 7.05 6.98 6.98 199,200 1,397,512 IONICS 0.68 0.7 0.69 0.69 0.68 0.68 27,000 18,500 PANASONIC 6.23 6.32 6.3 6.3 6.3 6.3 10,000 63,000 SFA SEMICON 1.06 1.16 1.15 1.16 1.1 1.1 125,000 138,510 CIRTEK HLDG 2.94 2.95 2.95 2.95 2.91 2.95 323,000 946,450

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

1.16 4.4 738 50.7 11.42 9.18 0.88 0.5 0.51 4.9 8.03 7 510 55.6 6.63 8.53 3.81 1.21 0.86 848.5 105.1 110.3

1.17 4.94 739 50.95 11.46 9.2 0.94 0.51 0.53 4.92 8.09 7.12 520 55.7 7.28 8.69 3.82 1.26 0.89 849 106.5 116

1.16 4.6 740 51 11.82 9 0.89 0.5 0.51 4.9 8.3 7 504 55.75 7.28 8.55 3.8 1.21 0.89 850 106.3 110.1

1.17 4.6 758 51.6 11.82 9.2 0.89 0.52 0.51 4.95 8.3 7 520 57.75 7.28 8.69 3.84 1.21 0.89 851.5 106.5 116

1.15 4.6 737 50.15 11.42 9 0.88 0.5 0.51 4.87 7.98 7 502 55.5 7.28 8.52 3.79 1.21 0.89 840 104 110.1

1.17 4.6 738 50.7 11.42 9.2 0.88 0.5 0.51 4.9 8.09 7 520 55.7 7.28 8.69 3.82 1.21 0.89 849 106.5 116

4,008,000 5,000 82,290 933,700 1,643,600 3,700 39,000 2,752,000 267,000 177,000 6,295,700 1,000 104,520 786,880 300 1,041,300 14,203,000 56,000 33,000 81,170 35,620 200

4,660,530 23,000 60,822,480 47,469,520.50 18,915,504 34,000 34,420 1,380,860 136,170 868,040 50,867,301 7,000 53,196,885 43,895,913 2,184 8,970,153 54,146,620 67,760 29,370 68,721,420 3,773,518 22,905

PROPERTY

ANCHOR LAND 5 5.91 5 5 5 5 4,143,800 20,719,000 AYALA LAND 32.1 32.15 32.2 32.5 31.7 32.1 8,375,000 268,436,815 AYALA LAND LOG 4.28 4.29 4.35 4.37 4.26 4.29 573,000 2,476,590 ARANETA PROP 1.09 1.12 1.09 1.09 1.09 1.09 54,000 58,860 AREIT RT 39.5 39.75 39.65 40.4 39 39.75 891,100 35,192,095 A BROWN 0.82 0.84 0.84 0.84 0.84 0.84 30,000 25,200 CITYLAND DEVT 0.72 0.73 0.71 0.73 0.71 0.73 70,000 51,000 CROWN EQUITIES 0.092 0.099 0.099 0.099 0.095 0.099 50,000 4,910 CEB LANDMASTERS 2.72 2.79 2.8 2.8 2.7 2.79 682,000 1,871,540 CENTURY PROP 0.4 0.41 0.4 0.41 0.4 0.405 390,000 156,700 CITICORE RT 2.56 2.57 2.57 2.59 2.55 2.56 3,558,000 9,111,050 DOUBLEDRAGON 8.11 8.21 8.3 8.3 8.02 8.21 78,800 640,805 DDMP RT 1.44 1.45 1.47 1.47 1.44 1.44 1,987,000 2,887,910 DM WENCESLAO 6.88 6.9 6.88 6.9 6.88 6.9 32,000 220,798 EMPIRE EAST 0.219 0.229 0.22 0.22 0.22 0.22 110,000 24,200 EVER GOTESCO 0.248 0.249 0.248 0.248 0.248 0.248 680,000 168,640 FILINVEST RT 7.34 7.35 7.31 7.36 7.31 7.35 715,900 5,251,572 FILINVEST LAND 1.04 1.05 1.05 1.07 1.05 1.05 6,241,000 6,627,390 GLOBAL ESTATE 0.88 0.91 0.88 0.88 0.88 0.88 336,000 295,680 8990 HLDG 13.38 13.76 13.76 13.82 13.38 13.76 115,200 1,585,378 GOLDEN MV 634.5 675 675 675 675 675 20 13,500 PHIL INFRADEV 0.89 0.94 0.89 0.94 0.89 0.94 351,000 326,310 CITY AND LAND 0.82 0.83 0.83 0.86 0.82 0.82 270,000 224,830 MEGAWORLD 2.79 2.8 2.85 2.85 2.78 2.79 9,088,000 25,461,840 MRC ALLIED 0.21 0.211 0.215 0.22 0.211 0.211 1,330,000 283,430 MREIT RT 17.5 17.58 17.48 17.58 17.42 17.5 1,514,600 26,551,530 OMICO CORP 0.35 0.36 0.35 0.35 0.35 0.35 760,000 266,000 PHIL ESTATES 0.4 0.41 0.405 0.405 0.405 0.405 20,000 8,100 PRIMEX CORP 2.69 2.7 2.7 2.73 2.58 2.73 1,392,000 3,747,320 RL COMM RT 7.23 7.24 7.25 7.3 7.2 7.23 762,800 5,530,842 ROBINSONS LAND 18.9 19.1 19.02 19.12 18.6 19.1 675,000 12,742,642 ROCKWELL 1.36 1.41 1.36 1.36 1.36 1.36 5,000 6,800 STA LUCIA LAND 2.78 2.86 2.79 2.86 2.79 2.86 10,000 28,460 SM PRIME HLDG 34.7 35 35.3 35.4 34.35 35 4,028,100 140,467,215 VISTA LAND 2.4 2.43 2.64 2.64 2.3 2.4 7,327,000 18,308,210 SERVICES ABS CBN 12.54 12.7 12.78 12.78 12.5 12.54 87,700 1,109,606 GMA NETWORK 13.02 13.04 13.32 13.36 13 13.02 1,015,400 13,311,370 GLOBE TELECOM 2,270 2,274 2,298 2,316 2,238 2,274 44,165 100,426,650 PLDT 1,860 1,865 1,864 1,875 1,846 1,865 56,125 104,412,160 APOLLO GLOBAL 0.041 0.042 0.043 0.044 0.04 0.042 465,600,000 19,170,700 CONVERGE 27.3 27.55 28.35 28.5 27.3 27.3 4,265,200 118,315,360 DFNN INC 2.9 3.01 2.95 3.15 2.79 3 1,759,000 5,237,730 DITO CME HLDG 4.63 4.64 4.8 4.82 4.56 4.64 6,943,000 32,493,330 IMPERIAL 1.15 1.34 1.15 1.15 1.15 1.15 2,000 2,300 NOW CORP 1.36 1.37 1.37 1.41 1.36 1.37 2,882,000 3,972,190 TRANSPACIFIC BR 0.305 0.315 0.315 0.32 0.305 0.305 4,890,000 1,529,250 2GO GROUP 7.28 7.38 7.24 7.38 7.24 7.38 20,400 149,017 ASIAN TERMINALS 14.02 14.08 14.08 14.08 14.02 14.08 43,100 605,956 CHELSEA 1.45 1.47 1.47 1.47 1.45 1.45 390,000 566,900 CEBU AIR 43.7 43.75 44 44 43.25 43.75 118,600 5,180,640 INTL CONTAINER 212 215.6 215 223 210.2 215.6 259,110 55,513,054 LBC EXPRESS 22.25 22.7 22.7 22.7 22.7 22.7 700 15,890 MACROASIA 5.14 5.15 5.15 5.18 5.05 5.14 807,000 4,116,801 PAL HLDG 6.08 6.2 6.08 6.2 6.08 6.08 13,100 79,720 HARBOR STAR 0.64 0.65 0.65 0.65 0.64 0.65 27,000 17,470 WATERFRONT 0.43 0.445 0.43 0.43 0.43 0.43 370,000 159,100 IPEOPLE 6.7 7.98 6.7 7.98 6.7 7.98 400 2,936 STI HLDG 0.345 0.36 0.345 0.345 0.345 0.345 210,000 72,450 BELLE CORP 1.26 1.3 1.26 1.3 1.25 1.3 142,000 178,810 BLOOMBERRY 6.08 6.09 6.05 6.1 6.05 6.08 2,416,900 14,689,857 PACIFIC ONLINE 1.35 1.58 1.38 1.38 1.35 1.35 60,000 82,420 LEISURE AND RES 1.25 1.27 1.25 1.26 1.24 1.26 3,010,000 3,792,410 PH RESORTS GRP 0.92 0.97 0.98 0.98 0.9 0.97 912,000 852,190 PREMIUM LEISURE 0.47 0.475 0.485 0.485 0.47 0.475 9,600,000 4,587,150 PHILWEB 2.3 2.31 2.27 2.31 2.27 2.31 86,000 197,040 ALLDAY 0.435 0.44 0.435 0.445 0.425 0.435 10,020,000 4,325,250 ALLHOME 8 8.02 7.91 8.02 7.71 8 96,100 764,495 METRO RETAIL 1.43 1.44 1.44 1.44 1.43 1.43 443,000 633,550 PUREGOLD 33 33.25 33 33.65 33 33 492,600 16,403,795 ROBINSONS RTL 53.2 53.25 53.5 53.5 53 53.25 49,720 2,645,011 PHIL SEVEN CORP 62.1 65 65 65 62 65 470 30,430 SSI GROUP 1.15 1.16 1.16 1.16 1.15 1.16 627,000 724,240 WILCON DEPOT 27.1 27.5 27.8 28.1 27 27.1 302,400 8,251,225 APC GROUP 0.22 0.225 0.225 0.225 0.22 0.22 510,000 112,960 EASYCALL 4.01 4.36 4.01 4.01 4.01 4.01 2,000 8,020 IPM HLDG 6.7 6.8 6.6 6.7 6.6 6.7 5,000 33,300 MEDILINES 0.75 0.76 0.75 0.77 0.75 0.75 5,435,000 4,178,900 PRMIERE HORIZON 0.495 0.5 0.51 0.51 0.495 0.495 4,259,000 2,117,010

MINING & OIL ATOK 5.51 5.88 5.51 5.88 5.51 5.88 2,000 11,168 APEX MINING 1.48 1.49 1.51 1.54 1.49 1.49 3,890,000 5,880,790 ATLAS MINING 5.94 5.97 6 6.07 5.94 5.94 1,015,500 6,054,118 BENGUET A 7.15 7.25 6.9 7.28 6.6 7.25 61,300 423,315 BENGUET B 6.94 7.28 7.3 7.3 7.3 7.3 200 1,460 DIZON MINES 4.71 5.34 3.89 5.34 3.89 5.34 700 3,097 FERRONICKEL 2.52 2.6 2.6 2.65 2.5 2.6 8,187,000 21,220,260 GEOGRACE 0.177 0.198 0.178 0.178 0.178 0.178 310,000 55,180 LEPANTO B 0.137 0.146 0.137 0.137 0.137 0.137 410,000 56,170 MANILA MINING A 0.0098 0.0099 0.0098 0.0098 0.0097 0.0097 9,800,000 95,470 MARCVENTURES 1.51 1.53 1.56 1.59 1.51 1.53 3,729,000 5,721,930 NIHAO 0.91 0.93 0.91 0.91 0.91 0.91 52,000 47,320 NICKEL ASIA 7.65 7.67 7.5 7.77 7.5 7.67 2,774,000 21,066,499 PX MINING 4.9 4.92 5.08 5.08 4.87 4.92 709,000 3,476,050 SEMIRARA MINING 27.4 27.5 27.4 27.7 27 27.5 1,022,700 28,042,890 UNITED PARAGON 0.0061 0.0065 0.0065 0.0065 0.0065 0.0065 5,000,000 32,500 ACE ENEXOR 16.6 16.94 16.8 17.2 16.5 16.94 141,600 2,357,800 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 4,400,000 48,500 PHILODRILL 0.0091 0.0093 0.0091 0.0091 0.0091 0.0091 2,000,000 18,200 PXP ENERGY 4.5 4.59 4.66 4.67 4.45 4.59 332,000 1,501,670 PREFFERED HOUSE PREF B 98.3 100 98.1 98.1 98.1 98.1 120 11,772 HOUSE PREF A 100 101 100 101 100 101 10,010 1,001,010 ALCO PREF D 512 513 512 512 512 512 200 102,400 BRN PREF A 104 105.7 105 105.7 105 105.7 1,000 105,350 CEB PREF 43.6 45 45 45 45 45 4,400 198,000 CPG PREF A 101.5 102.4 101.5 102.4 101.5 102.4 100 10,195 DD PREF 99.7 99.8 99.8 99.8 99.8 99.8 600 59,880 FGEN PREF G 102.8 105.9 102.8 105 102.8 105 510 53,528 GTCAP PREF A 1,010 1,020 1,010 1,010 1,010 1,010 2,020 2,040,200 GTCAP PREF B 971 1,010 1,010 1,010 1,010 1,010 300 303,000 JFC PREF A 970 980 970 980 970 980 160 155,300 MWIDE PREF 2B 92.05 100.2 100.2 100.2 100.2 100.2 230 23,046 MWIDE PREF 4 97.7 99.9 97.7 99.9 97.7 99.9 90 8,903 PNX PREF 3B 100.1 101 101 101 100 101 5,700 570,308 PCOR PREF 3A 1,056 1,070 1,070 1,070 1,070 1,070 120 128,400 SMC PREF 2F 76.3 77.9 76.5 77.9 76.3 77.9 36,620 2,813,959 SMC PREF 2H 75.1 75.6 75.6 75.6 75.1 75.1 3,200 241,520 SMC PREF 2I 78.1 79.45 79.4 79.5 79.4 79.5 10,000 794,847.50 TECH PREF B2C 52.7 52.95 52.75 52.75 52.75 52.75 4,000 211,000 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.2 12.4 12.24 12.24 12.24 12.24 237,100 2,902,104 GMA HLDG PDR 12.62 12.9 12.9 12.9 12.62 12.62 31,400 399,376 WARRANTS TECH WARRANT 0.55 0.56 0.59 0.59 0.55 0.56 3,867,000 2,231,510

-2,728,541 -61,180 -11,519,922.50 -1,758,763 -135,922,727 99,952 -1,178,854 413,120 3,680 -1,440 221,437 19,000 2,673,465 -1,673,095 -3,576,314 -4,215,782 -51,480 326,328 0 -242,252 -40,810 68,320 3,600 8,465 5,720 -235,695 -5,254,442 -175,546.50 -42,400 42,190 13,767 -16,015,486 -66,750 -14,496,370 221,931 29,440 27,825,767 -254,130 -488,106 21,250 58,646 78,730 -272,574 103,400 4,132,350.00 -27,856,670 -10,447,495 127,078.00 1,800 313,410 546,380 -5,848,830 -12,497,062.50 -2,338,938 -10,999,590 -42,350 -9,649,575 -44,408 -20,719,000 -91,563,035 -223,120 54,500 -6,771,110 11,040 30,720 -24,487 -58,400 -7,350 -2,895,920 -148,046 59,500 -7,796,000 -8,715,532 -2,693,000 -949,769 1,246,144 -6,800 -71,374,220.00 -13,093,500 -14,321,510 12,791,425 504,600 -18,229,275 -3,033,000 -1,061,610 29,190.00 3,100 1,408 -1,179,050 -3,966,634 103,632 -1,340 2,210,217 -57,960.00 -154,200 124,200 152,250 615,199 748,320 -255,707.50 -27,950 527,550.00 1,716,390 -77,875 -238,530 -91,595 -1,460 14,688,440 10,680 -130,040 12,864,809 -80,520 -1,563,015 -178,526 67,500

SMALL & MEDIUM ENTERPRISES ALTUS PROP CTS GLOBAL HAUS TALK ITALPINAS MAKATI FINANCE MERRYMART XURPAS

16.16 0.99 1.09 0.85 2.16 1.62 0.315

16.66 1.01 1.13 0.88 2.3 1.64 0.325

EXHANGE TRADE FUNDS FIRST METRO ETF

103

104.1

16.16 1 1.13 0.88 2.16 1.69 0.31

16.16 1.02 1.15 0.88 2.16 1.69 0.33

16.16 0.99 1.09 0.85 2.16 1.6 0.31

16.16 1 1.13 0.88 2.16 1.64 0.325

700 13,229,000 436,000 486,000 4,000 3,244,000 310,000

11,312 13,286,290 481,640 418,600 8,640 5,296,570 97,950

198,000 49,900 () () 3,870 27,310 -30,090 -

104 105 103 103 23,030 2,387,546 423,128

www.businessmirror.com.ph

Income of Megaworld REIT hits ₧687.2M in Jan-March

By VG Cabuag

@villygc

reit Inc., the real estate investment trust (REIT) of Megaworld Corp., said its income for the first three months of the year came in at P687.2 million, while revenues reached P901.6 million.

At the end of 2021, the company had a net income of P2 billion and revenues of P1.46 billion as it completed the acquisition of properties from its sponsor Megaworld. Mreit had its stock market debut in the middle of last year. Distributable income for the first

quarter reached P639 million, 18 percent higher compared to the previous quarter. “Our solid performance in the first quarter of 2022 affirms our efforts to sustain Mreit’s growth via a combination of organic and inorganic means. The combination

of rent escalation, steady occupancy, and implementation of our acquisition plans puts us on track to deliver on our targeted returns for our shareholders in 2022,” Kevin Andrew L. Tan, the company’s president and CEO, said. Mreit recently declared dividends amounting to P0.243 per share to its shareholders based on its income for the first quarter. The company aims to declare dividends amounting to P1 per share for the year, 6 percent higher than originally contemplated in the company’s REIT plan. The company will acquire an additional four prime properties worth P5.3 billion. The acquisition will be undertaken via a property for share swap and is subject to the approval of the Securities and Exchange Commission. Once completed, the acquisition will expand

Mreit’s gross leasable area (GLA) portfolio by 16 percent to 325,000 square meters. “We hope to complete the acquisition within the month of May. We look forward to the completion of this deal as it will further cement Mreit’s presence in the Fort Bonifacio area, which continues to command one of the highest rental rates in the Philippines today,” Tan said. Last December, the company completed the acquisition of four incomegenerating properties amounting to P9.1 billion. This expanded Mreit’s GLA portfolio by 25 percent to 280,000 square meters from 224,000 square meters during its initial public offering with an occupancy rate averaging at 96 percent. As of the end of March, the company’s portfolio value stood at P59.3 billion.

Condo rental leads double in Metro CBDs

OME of Metro Manila’s central business districts (CBDs) have seen a strong demand for leased vertical housing as many professionals shift from fully remote to on-site and hybrid work, according to a report from a real estate marketplace. Data from Lamudi showed double-digit growths in leads for condominium rentals across Makati, Pasig and Taguig from the fourth quarter of 2021 to the first quarter of 2022 alone, mostly coming from mid-cost units priced from P15,000 to P60,000. In Makati, affordable condo for lease at P15,000 to P30,000 still accounted for the biggest pie in terms of leads in the first quarter of 2022. The same segment took the largest share of leads in Pasig and exhibited the highest quarter-on-quarter growth in leads with a 46-percent hike from Q4 2021 to Q1 2022. Leads for condo units in Taguig also rose by more than 60 percent quarter-on-quarter in the first quar-

ter of this year, with the P30,000 to P60,000 price tag attracting the highest number of leads. Per Lamudi, property renters had also become more interested in upscale rentals as higher price categories saw a tremendous spike in leads across the CBDs. For instance, leads for condo rentals in Makati with asking price between P60,000 to P100,000 ballooned by almost 90 percent quarteron-quarter, the largest surge out of all other segments in the first three months of 2022. This may be due to the growing requirement for a larger personal space following the pandemic, as the majority of leads for listings under this category went to two-bedroom (BR) followed by three-BR units. The P100,000 to P200,000 price segment in Pasig garnered 42 percent more leads QoQ in Q1 2022, while the most searched sub-categories for condo for rent overall were two-BR units followed by one-BR units. Roderick L. Abad

Clorox falls after cutting annual profit outlook

lorox Co. shares fell after the company lowered its outlook for full-year earnings amid stubbornly rising costs while reporting profit in its latest quarter that exceeded market expectations. The maker of Pine-Sol and Glad trash bags now sees earnings per share of $4.05 and $4.30, excluding some items, for its fiscal year ending in June. That compares to the prior expectation of $4.25 to $4.50. Chief Executive Officer Linda Rendle said the change is due to an extra $30 million of incremental costs that the company now expects during the period. Clorox has benefited from heightened demand for cleaning products since the pandemic began, but rawmaterial inflation and supply-chain snags are now obstructing growth. The new outlook for $530 million of extra expenses, up from a previous prediction of $500 million, is due to the recent jump in oil prices—which also affects the cost of resins and transportation. “When we said our prior outlook, there was not a war in Ukraine,” Rendle said in an interview on Monday. “We certainly didn’t expect the energy complex to do what it did.” The shares fell 4 percent at 4:33 p.m. time in extended trading in New York. Clorox stock has fallen

18 percent this year through Monday’s close, outpacing the 0.6 percent decline of the S&P 500 Consumer Staples Sector Index. Clorox is the third-worst performer in the index over that span. Higher costs will result in a steeper-than-expected hit to gross margins this fiscal year, the owner of natural skincare line Burt’s Bees and salad-dressing brand Hidden Valley said in a statement. The measure is now seen decreasing as much as 800 basis points, compared to a prior call for a drop of 750 basis points. Organic sales, which exclude the impact of currency fluctuations and acquisitions, are still seen falling by 1 percent to 4 percent, unchanged from the previous forecast.

Charging more

Clorox has raised prices several times to offset inflation, including new rounds last fall and in April, with another coming in July, Rendle said. Consumer demand is resilient despite higher prices, the company said. It is also looking to trim costs with measures such as eliminating unnecessary plastic packaging and bringing more manufacturing back in-house. The company had turned to external contractors to deal with the surge in pandemic demand. Bloomberg News

mutual funds

May 2, 2022

NAV

One Year Three Year Five Year

per share Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

216.52

3.85%

-6.44%

-4.08%

-7.11%

ATRAM Alpha Opportunity Fund, Inc. -a

1.4652

15.78%

-3.05%

-0.28%

-11.96%

4.77%

-10.26%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9923

-6.6%

-7.58%

-8.03% n.a.

-3.37%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6791 -0.06%

-8.13% n.a.

-11.91%

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

6.7%

-3.98%

-1.62%

-5.75%

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

0.7243

10.03%

-6.37%

-5.14%

MBG Equity Investment Fund, Inc. -a

83.89

-12.7%

-12.77% n.a.

-11.16%

Climbs Share Capital Equity Investment Fund Corp. -a 0.731 4.8847

PAMI Equity Index Fund, Inc. -a

44.3407

3.78%

-5.44%

-2.73%

-7.87%

Philam Strategic Growth Fund, Inc. -a

464.53

3.6%

-5.28%

-2.81%

-7.22%

Philequity Dividend Yield Fund, Inc. -a

1.3184

20.26%

-0.04%

0.68%

-2.79%

Philequity Fund, Inc. -a

34.2

6.69%

-4.23%

-1.36%

-6.54%

Philequity MSCI Philippine Index Fund, Inc. -a

0.8753

5.07%

-5.81% n.a.

-7.02%

Philequity PSE Index Fund Inc. -a

4.5947

4.99%

-4.72%

-7.38%

-2.01%

Philippine Stock Index Fund Corp. -a

764.34

4.4%

-4.83%

-2.1%

-7.74%

Soldivo Strategic Growth Fund, Inc. -a

0.6908

4.56%

-9.65%

-4.9%

-8.21%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4607

4.36%

-7.37%

-3.34%

-8.34%

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

0.8704

4.08%

-5.13%

-2.35%

United Fund, Inc. -a

4.02%

-5.17%

-1.06%

-6.68%

3.2077

-7.53%

-7.85%

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

1.1263

Philippine Stock Index Fund Corp. -a

932.52 n.a. n.a. n.a. n.a.

9.68% n.a. n.a.

-3.13%

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

103.1469

-4.55%

-1.66%

-7.47%

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

$0.9536

Sun Life Prosperity World Voyager Fund, Inc. -a $1.5846

-25.67%

-2.72%

0.18%

-15.35%

-11.32%

6.73%

7.1%

-14.18%

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

1.5757

-3.37%

-3.03%

-2.13%

-6.87%

ATRAM Philippine Balanced Fund, Inc. -a

2.1686

0.9%

-2.26%

-1.4%

-4.95%

3.54%

-0.75%

0.25%

-3.84%

First Metro Save and Learn Balanced Fund Inc. -a 2.5877

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2011

7.03% n.a. n.a.

NCM Mutual Fund of the Phils., Inc. -a

0.16%

0.58%

-4.11% -5.39%

1.9338

1.96%

PAMI Horizon Fund, Inc. -a

3.5623

0.44%

-1.11%

-0.72%

Philam Fund, Inc. -a

15.9674

0.41%

-1.39%

-0.76%

-5.21%

Solidaritas Fund, Inc. -a

2.0312

2.02%

-1.81%

-0.88%

-4.25%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4352 1.87%

-3.86%

-1.51%

-5.81%

Sun Life Prosperity Dynamic Fund, Inc. -a

-3.03%

-1.05%

-5.86%

0.8983

7.75%

-3.78%

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

0.9303

-2.98%

-2.49% n.a.

-6.01%

Sun Life Prosperity Achiever Fund 2038, Inc. -a

0.8684

0.24%

-4.71% n.a.

-8.06%

Sun Life Prosperity Achiever Fund 2048, Inc. -a

0.8572

0.87%

-5.07% n.a.

-8.21%

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

$0.03406

-10.25%

-1.96%

-0.84%

-10.23%

$0.9569

-16.57%

-1.34%

0.2%

-10.33%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2098 -10.97%

4.02%

4.77%

-12.33%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.0665 -10.66%

0.41%

1.42%

-11.02%

PAMI Asia Balanced Fund, Inc. -b

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

373.52

0.72%

2.39%

2.41%

ATRAM Corporate Bond Fund, Inc. -a

1.8872

-1.24%

0.03%

0.11%

-0.21% 0.13%

Cocolife Fixed Income Fund, Inc. -a

3.2437

0.68%

2.4%

3.57%

-0.01%

Ekklesia Mutual Fund Inc. -a

2.2077

-2.25%

0.72%

1.11%

-1.95%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4168 -0.59%

2.27%

1.76%

-0.38%

Philam Bond Fund, Inc. -a

4.2749

-4.28%

1.93%

1.04%

-2.75%

Philam Managed Income Fund, Inc. -a

1.3168

-0.17%

3.21%

2.8%

-0.17%

Philequity Peso Bond Fund, Inc. -a

3.9241

-0.89%

2.8%

2.47%

-1.05%

Soldivo Bond Fund, Inc. -a

1.0129

-1.22%

3.29%

1.84%

-1.49%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1586

-0.79%

3.03%

2.97%

-0.9%

Sun Life Prosperity GS Fund, Inc. -a

-1.39%

2.29%

-1.03%

1.7128

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

$482.35

-0.2%

1.99%

1.98%

-1.47%

ALFM Euro Bond Fund, Inc. -a

Є214.09

-2.57%

-0.31%

0.32%

-2.69%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0793

-8.04%

-10.35%

-2.6%

-0.69%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0246 -5.02%

-0.93%

-0.24%

-5.38%

PAMI Global Bond Fund, Inc -b

-10.44%

Philam Dollar Bond Fund, Inc. -a Philequity Dollar Income Fund Inc. -a

$0.916

-12.63%

-4.85%

-3.05%

$2.2611

-8.72%

-0.14%

0.49%

-9.76%

$0.0610015

-2.64%

1.55%

1.37%

-2.07%

-2%

-1.12%

-12.39%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.8003 -10.56%

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

131.69

1.32%

2.4%

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

1.0616

1.04%

Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3223

1.52%

2.28%

2.53%

0.38%

1.69% n.a. 2.5%

0.37%

0.51%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0627

0.59%

1.23% n.a.

0.2%

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

44.4498 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.2516

0.79% n.a. n.a.

-9.49%

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

$0.8783

-12.17% n.a. n.a.

-9.45%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.). 2 - Adjusted due to stock dividend issuance last November 25, 2021.

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

www.businessmirror.com.ph

Usec. Beltran named first Tax Academy president By Bernadette D. Nicolas @BNicolasBM

INANCE Chief Economist and retired Undersecretary Gil Beltran was named as the Philippine Tax Academy’s (PTA) first president. The PTA Board of Trustees unanimously voted to elect Beltran without prejudice to his subsequent reappointment in the next administration. He will serve up to June 30 this year. Beltran was first appointed by President Duterte as a member of the PTA Board of Trustees representing the academe last January 18. Prior to his appointment as PTA President, Beltran was the Finance Undersecretary for the Policy Development and Management Services Group and previously served as Finance Undersecretary for the Corporate Affairs Group and Privatization Office. On secondment at the World Bank (WB), he served in various positions, including as Alternate Executive Director (January 2003-January 2005), Advisor to the Executive Director (February to May 1995, August-November 1990) and as Secretary of the Intergovernmental Committee of the Group of 24 on International Monetary and Financial Affairs (G24) Bureau in Washington DC. Beltran was also a visiting lecturer at the University of the Philippines and a lecturer at the Development Academy of the Philippines. Meanwhile, retired Finance Assistant Secretary Maria Teresa S. Habitan was also appointed as Chancellor of the PTA. Habitan, who will serve as one of three Chancellors of the PTA, served as the Finance Assistant Secretary for Domestic Finance Group, where she was responsible for fiscal policy formulation and fiscal planning. She also worked as an advisor and alternate executive director at the World Bank. Under Republic Act (RA) 10143, the PTA “shall serve as a learning institution for tax collectors and administrators of the government and selected applicants from the private sector.” RA 10143 also mandates that “all existing officials and personnel of the Bureau of Internal Revenue (BIR), the Bureau of Customs (BOC) and the Bureau of Local Government Finance (BLGF) shall be required to undergo the re-tooling and enhancement seminars and training programs to be conducted by the PTA. All applicants to the said bureaus shall also be required to pass the basic courses before they can be hired whether on contractual or permanent status.” Led by Chairman Carlos G. Dominguez III, the PTA Board of Trustees also includes as co-vice chairpersons BIR Commissioner Caesar R. Dulay and BOC Commissioner Rey Leonardo B. Guerrero and BLGF Executive Director Niño Raymond B. Alvina as member. The seats for the two other representatives of the academe have yet to be filled.

Banking&Finance BusinessMirror

Law seen to hit online scammers hard

By Jovee Marie N. dela Cruz

@joveemarie

HE chairman of the House Committee on Ways and Means on Tuesday said that a tougher crackdown on illegal online lending and investment scams “is in the offing” as President Rodrigo Duterte is likely to sign the proposed Financial Consumer Protection (FCP) Act this week.

House Committee Ways and Means Chairman Joey Sarte Salceda

said in a statement the FCP Act will vest financial regulators with the

powers of rule-making, surveillance and inspection, market monitoring, enforcement and adjudication powers over financial products. Salceda, who is the principal author of the measure, said “sources in the Palace” told him that “the President is very likely to sign it this week.” “In any case, it lapses into law on May 7,” he added. According to the lawmaker, once enacted, the FCP Act means more powers to authorities, “jail time and steeper fines for fraudsters, as well as clearer laws and regulations on investments, lending and other financial products.” The law also expands the subpoena powers of the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission (SEC) over financial products and services.

It would also increase the fine for investment fraud to up to P10 million (about $190,000 at current exchange rates) on top of criminal sanctions. The regulators may soon also be able to file independent civil action on behalf of victims of financial or investment fraud. Over the past few days, Salceda said the SEC has been conducting a crackdown on dubious online investments and online lenders. While the lawmaker commends the regulator’s deeds, he also expects “an even bigger crackdown once the law is enacted.” “I particularly want tougher moves against the harassment conducted by collectors of illegal online lending applications,” Salceda added. “I also want jail time for those who solicit unauthorized investments.”

According to Salceda, the proposed FCP Act “is a crucial balancing measure in our efforts towards financial inclusion.” He said the proposed FCP Act will also strengthen confidence in the country’s banking sector. “We badly need a confidence boost in the system following our greylisting in the Financial Action Task Force,” Salceda said. “[After the expected signing of the law] the next step is to write a good IRR and issuances based on the rule-making powers to be granted. In particular, I will be lobbying for an end to unjust and unfair debt collection practices to be one of the rules issued by the SEC on the matter, while we in Congress still debate proposals on the matter as well,” Salceda said.

GSIS collects ₧113M in loan payments in 2021 via Bayad app

TATE pension fund Government Service Insurance System (GSIS) announced having collected P113 million in loan payments since starting a partnership with CIS Bayad Center Inc. last year. In a statement on Tuesday, GSIS President and General Manager Rolando Ledesma Macasaet said their partnership with CIS Bayad, operator of the Bayad app, for over 10 months now has helped them improve their collection efficiency. According to Ledesma, transac-

tions through the app has hit 17,720. “Maraming salamat sa suporta ng aming miyembro at pensiyonado,” Macasaet was quoted in the statement as saying. “Ito ay patunay na maginhawa, mabilis at ligtas ang transactions sa Bayad.” Of the total amount, GSIS collected the following: P36.06 million for 5,144 consoloan accounts; P26.26 million for 2,018 GSIS Financial Assistance Loan accounts; P16.05 million for 2,396 Multipurpose Loan accounts; and, P12.95 million for

3,395 emergency loan accounts, among others. Morever, Macasaet said that starting this month they are eyeing to add around 10,000 over-thecounter payment outlets and online payment channles from different external payment service providers. He also said they will be accepting monthly rental payments for those who availed the Lease with Option to Buy as well as the loan payments from inactive members. To date, GSIS has accredited

BSP receives source code for ’22 polls

3,003 Bayad outlets to accept payments for loans in advance; that are underpaid, delayed or unpaid; or in-default or unpaid for more than six months. To settle loans through Bayad, members only need to present the SMS notifications received from GSIS, or loan balances reflected in the electronic GSIS Member Online (eGSISMO) or in the GSIS Touch mobile app. Subsequently, they need to fill out a Bayad form for their full name, business partner (BP) number

This May 3, 2022, photo courtesy of the Bangko Sentral ng Pilipinas shows Commission on Elections Chairman Saidamen Pangarungan (left) and Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno with the box containing the transmission router source code for the May polls.

HE Bangko Sentral ng Pilipinas (BSP) announced on Monday it received from the Commission on Elections (Comelec) the final source code for the May 9, 2022 national and local elections. The Comelec handed over to the BSP the final trusted build of the transmission router source code, which is needed to ensure the secure distribution of election results

Finex free enterprise George S. Chua is allocated for these bicycle lanes, they are often fenced in with bollards which makes it impossible for normal 4 wheeled vehicles to use even when there are no bicycles using these lanes. Given the traffic situation in the National Capital Region with hardly any new roads being added, was there any real professional study of the significance of taking away half a lane from the current road users? Does anyone know how many bicycle users actually use these lanes? Did road use really improve in terms of benefit by the number of people? Was traffic congestion alleviated by the

and other related data to different endpoints. The source code was deposited in a high-security vault, as mandated by Republic Act 9369 or “The Election Automation Law.” BSP Governor Benjamin E. Diokno, Comelec Chairman Saidamen B. Pangarungan, representatives from the Parish Pastoral Council for Responsible Voting and the media were present during the turnover.

“We share the Comelec’s strong commitment to upholding integrity and reinforcing public trust and confidence in the upcoming elections,” Diokno said. The source code was stored on a flash drive and kept in a secure metal box, similar to the initial batch deposited last February 2, 2022. The BSP had also kept in its vaults the election source codes in 2010, 2013, 2016 and 2019.

bicycle lanes? It certainly sounds ecofriendly and progressive that Metro Manila now has bike lines! However, shouldn’t the public know the additional road congestion it creates and therefore the longer commute time? Shouldn’t we also know how many people use these bicycle lanes and who these people are? It is very frustrating to see that these bicycle lanes are hardly being used while the road space for traditional vehicles have been reduced creating more traffic congestion. One can argue that anyone can use these bicycle lanes but in reality this is not the case. As a senior citizen, I don’t think it would be reasonable for you to expect older people like me to take their bicycles to go to their doctor’s appointment or to work in the heat of the sun or in the middle of monsoon weather. Could these bicycle lanes also be a true substitute for the commuting public? Not really, since we

all know that the poorest commuters typically live the farthest from their place of work and a 20 or 30 km ride under our tropical conditions and too many reckless driver would make daily bicycle rides too much of a hardship and risk. Yet, money was spent on putting up these bicycle lanes and has reduced the road carrying capacity of major thoroughfares. Would it be correct to say that this was an exercise in futility? Perhaps, unless it can be proven that more people have benefitted from these bicycle lanes than the commuters and the private car owners that have been displaced. The views and comments of the author are his own and not of the BusinessMirror or FINEX. The author was 2016 FINEX President, currently a Professorial Lecturer at UP Diliman and an active Entrepreneur. Comments may be sent to gschua@ up.edu.ph. Know more about #FINEXPhils through www. finex.org.ph.

and loan type, among others. Loan borrowers who pay through any of Bayad’s payment collection sites will receive a text message to confirm receipt of their payment. They may also check their loan payment records via eGSISMO or GSIS Touch. GSIS will also email a copy of their official receipt. Loan payments from members are also now accepted through the online apps of Union Bank of the Philippines and Land Bank of the Philippines. Bernadette D. Nicolas

Bonds mixed as rate hikes loom; futures decline

Resource allocation

O maximize the benefits or utility of any resource, its use must be allocated properly. Typically you would like to be able to achieve the best return in terms of profit, utility or long term use. Unfortunately, this is not taken into account in certain situations where personal preference, image, ignorance or lack of clear thought is involved. The sad truth is that when your own assets are involved you would tend to take a more rational view of how to properly allocate your personal resources compared to when you are entrusted with public resources. Let us take the example of the bicycle lanes that have recently been added to many of the major roads in Metro Manila. Is this the best resource allocation of existing road space? We have to consider that these bicycle lanes were added by taking away road space from other vehicles. While only half a normal road lane

Editor: Dennis D. Estopace • Wednesday, May 4, 2022

ONDS were mixed, while US equity index futures fell as investors braced for the biggest rate hike from the Federal Reserve since 2000 and a wave of policy tightening by other central banks. The US 10-year yield held near 3 percent after hitting the milestone on Monday. Germany’s benchmark rate rose above 1 percent for the first time since 2015, before reversing slightly, while the corresponding yield on UK bonds climbed above 2 percent earlier on Tuesday. Australian bonds slid after the nation’s central bank increased borrowing costs by more than many had expected. Contracts on US benchmarks slipped, with bank stocks mostly lower in premarket trading as German prosecutors raided the Frankfurt offices of Morgan Stanley. European stocks gave up earlier gains as investors shifted their attention to the monetary policy outlook. Markets are getting whipsawed between concerns around persistent inflationary spirals and risks to global growth from rising yields, China’s Covid lockdowns and Russia’s war in Ukraine. The Fed’s plans to raise rates and reduce its balance sheet have ended an era of cheap money and forced money managers to reassess valuations. “The right strategy right now is to position for inflation—a clear and present fact—rather than recession, which is still only a possibility,” Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management, wrote in a note. German yield surges to a 2015 high as traders bet on faster ECB

rate hikes In Australia, the three-year yield topped 3 percent for the first time since 2014 after the Reserve Bank increased interest rates by more than economists anticipated and signaled further hikes to come. Next up is the Federal Reserve on Wednesday. The UK is expected to raise borrowing costs a day later. European stocks struggled to hold onto gains after Monday’s flash crash, which had sent shares across the continent tumbling after a sudden 8 percent decline in Swedish stocks. Citigroup Inc. said its London trading desk was behind the anomalous move. BP Plc. shares climbed after the oil major boosted its share buyback by $2.5 billion as cash flow surged. BNP Paribas SA jumped after reporting gains in both equities and fixed-income trading. Asian equities were whipsawed by big swings in Alibaba Group Holding Ltd. in Hong Kong on concerns about the status of co-founder Jack Ma. HSBC Holdings Plc shares in Hong Kong rose after it emerged late Friday that the bank’s largest active investor would support a breakup of the lender on the basis that a separate Asia-listed unit would create shareholder value. A gauge of the dollar held at a two-year high, while euro and the pound were little changed. The Bank of England this week is expected to raise interest rates to a 13-year high and clarify plans for selling its government-bond holdings. Markets are wagering on almost four 25-basispoint hikes by the European Central Bank this year. Bloomberg News

This May 20, 2019, shows an unidentified person with the backdrop of the Australian Stock Exchange board. Markets are getting whipsawed between several concerns. Bloomberg News

Show BusinessMirror

Wednesday, May 4, 2022 • Editor: Gerard S. Ramos

www.businessmirror.com.ph

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Rory McIlroy, 33; Erin Andrews, 44; Will Arnett, 52; Randy Travis, 63. HAPPY BIRTHDAY: Keep your life simple, moderate and honest throughout the year. Avoid individuals who exaggerate. Search for how you can fulfill your dreams, and find a meaningful outlet for your energy and attributes. Treat sensitive issues with compassion and understanding. Choose to make improvements that will positively impact your life, surroundings and those you love. Your numbers are 3, 14, 23, 32, 35, 41, 44.

AT ODDS

THEY’RE a loveteam but the actor and the actress are at odds right now. The actor recently ranted on social media about a certain backbiter and sources said he was referring to the actress. The actor is known for being kind, so what happened was a surprise to everyone. The actress is actually lucky her teamup with true actor clicked with the public. Because of the loveteam, she was able to secure lucrative endorsements. The actor doesn’t rub this in her face but he was naturally offended when he learned the actress was saying bad things about him, hence the rant. The actress’ bad feelings were allegedly caused by the actor rejecting her advances. The actor is already committed to someone and the actress was reportedly convinced she could change things. When she realized she couldn’t, the actress became angry.

NO LONGER A FAVE

THIS actor-TV host has kids with different women and one of these children is said to be his favorite. This child, a daughter, and the actor-TV host are reportedly estranged because the father made some promises he didn’t keep. The actor’s wife was said to have put her foot down to certain financial demands the child’s mom has made. It’s not just the money but more of the way the favorite child’s mom acts toward the actor. It’s as if they were still together. So, the wife gave the actor an ultimatum about not giving in to every demand and, of course, he chose her.

UNPROFESSIONAL

THE beauty queen is not well-loved by her colleagues and other people who work with her. She isn’t nice and friendly and she’s always late for appointments, which could be a source of embarrassment for her handlers. It also annoys her colleagues how unprofessional she is. So during a recent competition, she didn’t know they were cheering against her, not for her. The beauty queen is well-connected and privileged, which is why she can act this way toward others. The truth is, the beauty queen doesn’t even need to work. She comes from a well-off family, and has inherited money and property.

ANGER MANAGEMENT NEEDED PHOTO BY AFIF KUSUMA ON UNSPLASH

SO the actress and her partner have broken up and, sadly, it’s also due to the guy having anger management issues. This isn’t the first time the actress has had to end things with a guy because of this issue. What makes this situation different is that she and her ex have been through so much together. She thought things would be different this time but they aren’t. The guy became insecure because she is earning a lot and he isn’t so he’s been having tantrums and taking out his anger on her.

ARIES (March 21-April 19): A positive attitude mixed with charm will help you get what you want. Call on people you know you can trust to support you. Bring about change that will benefit you and your peers. A meeting will resolve issues and offer clarity. HHHH

NAOMI JUDD (left), the Kentucky-born matriarch of the Grammy-winning duo The Judds, and mother of Wynonna (right) and Ashley Judd, has died, her family announced on April 30, 2022. She was 76. AP

Essay: For a gay country boy, Naomi Judd did build a bridge

By Jeff McMillan The Associated Press

name star she is. And would Ashley have made it in Hollywood without her mother’s support? As I grew older, the story of the Judds impressed me, and I saw bits of it in my own life. Naomi’s single motherhood, a nurse trying to score a recording contract, clicked with my view of my newly widowed mother, another country woman, trying to keep it together while still raising children. If Naomi could do it, so could she. And so could I. When cancer visited one of my leg bones after my senior year in high school, I thought of Naomi and her hepatitis diagnosis. Eventually she triumphed over it. So did I. I went off to college, got married (well, committed—same-sex marriage wasn’t yet legal in those days) and ended up in New York. Like Naomi, I had persevered and made it out. There, I cultivated a new circle of friends, many of them also from Michigan. One night a Judds song came on, I forget which one, and one of my new friends began singing along. It turned out we all loved the Judds. I had to go to all the way to New York City to find my country people. Soon we two couples became inseparable, taking camping trips together several times a summer. When my husband and I moved to Philadelphia and they stayed in New York, we continued our campground reunions, and there was never a camping trip without a Judds singalong around the fire, under the starlit Pennsylvania sky. Both couples have since divorced, and I have remarried—making sure to impress an appreciation of the Judds upon my new husband— but we all remain close and in touch. The lack of animosity between us reminds me of that line in “Love Can Build a Bridge,” perhaps Naomi’s crowning achievement as a songwriter: “Love and only love can join the tribes of man.” I once sang that song at a piano bar, and a man in the audience approached me afterward, impressed by the song (probably not by my performance). It was so beautiful and artful, he thought it was a Broadway song. No, I said, just an old country song. He was shocked. In this world, at this time, can love really join the tribes of man? It was not a question when the Judds asked, “Don’t you think it’s time?” Naomi knew the answer all along. n

OMEWHERE in Michigan in the early 1990s, a teenage farm boy clings to a chain-link fence at the edge of the county fairgrounds. He is angling for a distant, and free, glimpse of Naomi and Wynonna Judd. They step into view briefly, gliding on high heels to the edge of the grandstand stage. From this distance, illuminated by a spotlight, they are a blur of sparkling sequins and red hair. Naomi, the mother of the duo and the de facto emcee, says something, but even amplified, her words float away in the hot August night. Soon, though, a gentle strumming and Wynonna’s throaty voice carry to him: “I would whisper love so loudly, every heart could understand that love and only love can join the tribes of man.” Then, his mother calls to him: “Jeff, get in the car! It’s time to go.” I’m not sure what it was, but for me and for most people, the chemistry between Naomi and Wynonna and the feelings they stirred inside the listener were almost tangible. My first (and only) sighting of them is forever etched in my mind. After word Saturday of Naomi’s death, I’m now realizing how much I’ve been through with them. When I was a preteen beginning to reckon with my sexuality and dealing with bullies, and the Judds sang “Mama He’s Crazy,” I understood the narrator’s insecurities—why would anyone want me? After my grandfather died, I listened to “Grandpa” over and over, crying that he would no longer be able to tell me about the good old days, which he actually used to do. (The song has since lost its luster for me a bit—the good old days weren’t really that good. But I still always think of my grandpa.) And after my father died, I wanted to be at that breakfast table they sang about in “Love Is Alive,” soaking up all the love that sat there. Those voices. That hair. Those gowns. For a lonely gay boy in the rural Midwest, they were a calling card, and a lifeline of sorts. Wynonna was clearly the bigger voice of the duo. But without Naomi’s harmonies and stage presence, I doubt her daughter ever would have become the one-

TAURUS (April 20-May 20): Change requires thought and planning. Leave nothing to chance and don’t let your emotions trick you into a costly mistake. Double-check to ensure you have the necessary paperwork filled out and have taken care of small but essential details yourself. Diligence will pay off. HHH

GEMINI (May 21-June 20): The information you receive will not be reliable. Don’t make assumptions or trust someone who exaggerates. Use your charm and intelligence to wind your way through conversations and situations that can hurt your reputation. Someone will twist your words. HHH

CANCER (June 21-July 22): Take better care of your health and emotional well-being. Make lifestyle adjustments that help ease stress and encourage you to stick to a safe budget and routine. Think before you make promises or spend money. An offer will have strings attached. HHHH

LEO (July 23-Aug. 22): Trust yourself to do what’s best for you; if you follow someone, you will hit a dead end. Concentrate on personal growth, physical improvements and spending time with people who bring out the best in you. Romance is on the rise. HHHH

VIRGO (Aug. 23-Sept. 22): Turn unexpected changes into a learning experience, and you’ll benefit from the way things unfold. Be receptive to input, but follow the path best suited to the things you want to pursue. HH

LIBRA (Sept. 23-Oct. 22): Family and friends will influence your life and the decisions you make. Ask questions, and open your doors to those who shed light on the possibilities that exist. Personal gain is within reach, and help is available. HHHHH

SCORPIO (Oct. 23-Nov. 21): Sit back and observe, and your day will gain momentum. Let your imagination filter into your conversations, and you’ll attract interest and suggestions that lead to personal improvements. Don’t buy into someone’s plan; invest in yourself. HHHHH

SAGITTARIUS (Nov. 22-Dec. 21): Divide your time between professional and personal responsibilities. Leave no stone unturned and nothing to chance. Counter any suggestion or proposal you receive with questions. Acting on an assumption will not pay off. Choose your words wisely. HHH

CAPRICORN (Dec. 22-Jan. 19): Formulate a plan, and know what you want and what’s meaningful to you before you make a move. Do the work yourself, and you won’t be disappointed in the results you get. Protect your health, and nurture relationships that matter to you. HHH

AQUARIUS (Jan. 20-Feb. 18): Choose to observe rather than participate in someone’s grand plans. Put your energy into your domestic improvements, and make sure your environment is comfortable and convenient. Recognize what others want and who is using manipulative tactics. Protect yourself and your reputation. HHHHH

PISCES (Feb. 19-March 20): A creative venue will spark your imagination and encourage you to partner with other like-minded people. Explore how other people’s talents and skills can complement what you have to offer. Conversations will lead to a new adventure. HH BIRTHDAY BABY: You are outgoing, entertaining and pioneering. You are sensitive and generous.

‘s-moo-th!’ BY KYLE DOLAN The Universal Crossword/Edited by Amanda Rafkin

ACROSS 1 Direction not used in US state names 5 Wild guess 9 Mind the ___ (subway station warning) 12 Hieroglyphic snakes 13 Sparkly headwear 14 Pine branch hanger 15 Skin care product 17 “All finished” 18 Nay’s opposite 19 “Dancing Queen” group 20 Country side 22 “I’m open to questions!” 24 Spoke at greath length 25 The “O” of REO Speed Wagon 26 Skin care product 29 Super cool 31 Hole in the wall where you may pick up a check? 32 “Aw, shucks” 33 Regarding 34 Argument’s foundation 35 Comparison connector 36 Radar gun measure: Abbr.

37 38 39 41 42 43 46 48 49 50 51

Victors’ shout London : Underground :: Paris : ___ Skin care product Wood used for some decks Float with the current Improv-style word game Compose music, say Fingernail job, briefly Do some darning Races, as an engine Supermarket section where you won’t find this puzzle’s products 54 Kimono sashes 55 Super56 Facebook’s parent company 57 Chum 58 Feel bad for 59 Sound akin to a tap on the shoulder DOWN 1 Low-stress course 2 Fire remnants 3 “We were just talking about you!” 4 Airport screening org. 5 Remain passive 6 “Cheerio!”

7 “We ___ the Champions” 8 Caribbean island that became a republic in 2021 9 They’re given at bedtime 10 Gothic writer Rice 11 Fellow citizen 13 Big band instruments? 14 Largely obsolete storage format 16 Amusingly indecent 21 Dark gem 23 Voice above tenor 24 Bird associated with spring 26 ___ buddy (BFF) 27 Shakespearean king 28 Casino game with balls 29 First part of many e-mail addresses 30 Road trip game 31 Seek attention from, as a pet might 34 Strengthened 35 Bluish hue on a certain duck 37 Judge’s issuance 38 News shows and such, with “the” 40 Indelicate 41 That ’70s Show actress Roberts 43 “Will you ___ me?”

44 45 46 47 48 52 53

Pants supporters React to heat, say Something to harvest McEntire of country Catcher’s catcher Boxer/poet Muhammad One causing trouble

Solution to today’s puzzle:

Image BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Wednesday, May 4, 2022

PHOTO BY JANGANDKEV ON DEVIANTART

JESSA MACARAIG, CEO of The Pretty You

FAITH, GRIT AND MAKING FACE

JESSA MACARAIG, the owner of The Pretty You chain of aesthetic clinics, could have easily been among those least likely to succeed in life. As a first-grader, this product of a broken family stayed with her mother and then with her father the year after. She also lived with an aunt. That’s how she honed her survival skills, the talent for bouncing back no matter what. Men get easily attracted to the pretty, flawless Jessa, who worked as a sales representative for five years. “I had a colorful love life,” she admits. The now 31-yearold entrepreneur and mother shifted to working as a medical secretary for an orthopedic surgeon in a big Quezon City hospital until she resigned to start her own beauty business. The business is spot-on for someone like Jessa, who loves looking good. Little by little, she bought machines—to remove skin pigmentation, whiten skin, remove unwanted hair, etc.—for the first branch of The Pretty You in Mandaluyong. She asked casino dealer friends to undergo procedures in her clinic and posted the results online. They emerged with glowing skin, spurring Jessa to promote her clinic. It was a win-win situation. Jessa invested in dermatologists who acted as consultants for sensitive procedures like liposuction. Soon, her loyal group of clients asked if they could get products to maintain their glowing skin after an aesthetic procedure. The timing was perfect. Government lockdowns forced Jessa and her husband Marvin to stay home. They had time to look for a chemist, buy skin-care formula, and produce products out of it. Marvin mixed the ingredients in the morning, went to the hospital as a medical representative right after, and poured the ingredients into a molded container when he got home. With the aesthetic eye, Jessa packaged the products in boxes decorated with ribbons from Divisoria and displayed them prominently in the clinic. The lockdowns in 2020 were a difficult time for the Macaraigs. The beauty business was down. They resorted to selling samgyupsal meals and plastic ware (dippers, basins, etc.) in the hallway of their Taguig condo to survive. The couple offered to cook the customers’ meals themselves to attract customers. It worked. They earned P10,000 a day. As the lockdowns eased, the couple closed their food and plastic ware venture and focused on The Pretty You. They received orders from Canada, Dubai, Malaysia, and Hong Kong. Their Malaysian client was so bent on ordering products from Jessa, even if strict customs regulations in his country made things hard for him. He registered the business in Malaysia and shouldered shipping fees from the Philippines to his country. The Pretty You today has 12 branches nationwide, including Antipolo, Cavite, and Fairview. One of its latest franchisees in Kamuning, Quezon City, recently opened to the public. Self-effacing Jessa attributes everything to God’s grace. Every morning, upon waking up, she spends an hour meditating. She asks God what He wants her to do for the day. The answer arms her with the wisdom to meet the day’s challenges. She insists this is better than scrolling for messages on the cellphone in the morning. Positive thinking also works wonders. She makes it a point not to talk ill of anybody. She stays away from group chats that promote intrigue and distractions. Jessa isn’t afraid to take risks like a true warrior because it proves how emotionally intense she can be. “Most successful people survive failure,” she declares. Her inspiring story proves how spot-on she is.

Silencing Marites A

SIDE from eating, one of the favorite pantry pastimes in the workplace is talking about other people. So much so that gossipmongers today are called Marites, short for “Mare, narinig mo na ba ang latest?” And while there is nothing diabolically wrong with talking about other people, it becomes destructive when taken to the extremes, like making up stories about another person or making assumptions about other people’s work. Gossiping cannot be avoided but as a people manager, you need to know how to handle it before it becomes damaging. If not addressed properly, it will negatively affect your team’s productivity because of poor morale, or even escalate to malicious harassment that could lead to low engagement and even high employee turnover. To manage gossip and avoid its negative effects in the workplace, below are some things you can do. To prevent people from gossiping about each other’s work, provide clear directions and guidance on your team’s workload. This will leave no room for your team to make up stories about each other’s work, or even about your own workload. This is especially true when there are changes in the office and your team needs to adjust quickly. You need to know your team’s questions so you can address their concerns as clearly as you can, and provide detailed instructions on how to move forward.

Keep an open ear to questions and address them as comprehensively as you can. Being transparent is an effective way for you to stop people from churning out stories in the rumor mill. On regular workdays, ensure everybody knows what they need to do and what everybody else is doing. One of most common sources of office gossip is when people do not understand what other team members are doing and they end up criticizing or making fun of other people’s work. When people have an overview of what other team members regularly do, friction and comparing work is minimized or even eliminated. This reduces the need to gossip about other people’ work or work habits. When the team understands how they individually contribute to the team’s success, it becomes easier to think for the team rather than think as an individual contributor. When someone is sharing gossip with you, ask the person to stop sharing it—whether or not it is verified. If you know about the issue, respond by explaining how it will affect your team but limit the information to protect the privacy of people involved. If you do not know the issue, refrain from making any comments and then try to resolve the issue when the people involved are your team members. Otherwise, work with your human resources department for appropriate action when members of other departments are involved. Then, meet with your team to clarify what the issue is all about and how it will be resolved. The more you keep silent, the more people will harbor ill feelings especially if the gossip is malicious in nature. It is important that you address gossip clearly and in the proper channels, so your team understands you are aware of the situation and you are managing it. Investigate the original source of the gossip and talk directly to the gossipmonger in private. Try to understand why the person is spreading rumors and identify what you can do to prevent the person from doing it again. Some people gossip because they were unjustly wronged, or the working environment

prevents them from seeking remedy for their difficulties. Understand the motivation so you can properly address the root cause of why they gossip, and then develop mechanisms for preventing them from gossiping again. It is important for people involved to understand how their actions can damage working relationships or even make them criminally liable. If there is one thing you need to be quick at saying, it is catching your people doing good. Ken Blanchard in his book One Minute Manager once said, “People who feel good about themselves produce good results, and people who produce good results feel good about themselves.” You can start a cycle of positive encouragement which can extend even beyond your own team. Once you catch your team doing good, tell others about what your team is doing well, and then encourage other managers to do the same. Ask them what their team has been doing well lately and pretty soon, you will have other people swapping success stories and improving each other’s morale. Maintain a gossip-free environment by setting the example. Rumors should stop with you, and you should make it a point to speak well of others regardless of their position in the organization. Of course, you can talk about your team’s performance during deliberations, and you need to discuss it with them individually. But it should stay between you and your team members, and, in necessary cases, with human resources. Conversely, talk about your manager in positive terms. As a general rule, if you have nothing good to say, keep silent. While you cannot absolutely prevent your team from gossiping, you can always find creative ways of stifling it without sacrificing their freedom of expression. With proper handling, your team can enjoy open communication without having to look down on others, or making up stories just to feel good among themselves. Rather, they would see every opportunity to spur one another to every good work. n

The pandemic’s gardening boom shows how gardens can cultivate public health By Alessandro Ossola University of California, Davis AS lockdowns went into effect in the spring of 2020 to slow the spread of the coronavirus, reports emerged of a global gardening boom, with plants, flowers, vegetables and herbs sprouting in backyards and on balconies around the world. The data backs up the narrative: An analysis of Google Trends and infection statistics found that during the first few months of the Covid-19 pandemic, country-by-country interest in gardening, from Italy to India, tended to peak just as infections peaked. Why did so many people find themselves being pulled toward the earth in a time of crisis? And what sort of effect did gardening have on them? In a new study conducted with a team of environmental and public health scholars, we highlight the extent to which gardening became a coping mechanism during the early days of the pandemic. Even as restrictions related to Covid-19 have eased, we see some real lessons for the way gardening can continue to play a role in people’s lives.

questionnaire to survey more than 3,700 respondents who primarily lived in the US, Germany and Australia. The group included experienced gardeners and those who were new to the pursuit. More than half of those we surveyed said they felt isolated, anxious and depressed during the early days of the pandemic. Yet more than 75 percent also found immense value in gardening during that same period. Whether done in cities or out in the country, gardening was almost universally described as a way to either relax, socialize, connect with nature or stay active. More than half of the respondents reported a significant increase in the amount of time they were able to spend gardening. Other respondents found some value in growing their own food, but few felt financially compelled to do so. Instead, most respondents saw gardening as a way to connect with their community and get some exercise. People with more personal difficulties due to Covid-19, like the inability to work or struggling with child care, were more likely to spend more time gardening in their spare time than they had in the past.

Dirt, sweAt, trAnquility TO conduct our study, we used an online

the gArDen As A refuge IN our analysis of written responses to the survey,

most gardeners seemed to either experience a heightened sense of joy and reassurance or feel more attuned to the natural world. This seemed to have positive therapeutic and psychological benefits, regardless of age or location. To many people, gardening became a sort of safe space—a haven from daily worries. One German gardener started seeing their garden as a sanctuary where even “birds felt louder.” “Gardening has been my salvation,” a respondent from the US noted. “I’m very grateful I can surround myself with beauty as a buffer to the depressing news Covid brings each day.” Another German gardener wrote that their garden became their “little safe universe in a very uncertain and somewhat dangerous time.... We have learned to appreciate the so far very high value of ‘own land, own refuge’ even more.” A green prescriptiOn AS life returns to (a new) normal, work ramps up and obligations mount, I wonder how many pandemic gardens are already being neglected. Will a hobby born out of unique circumstances recede into the background? I hope not. Gardening shouldn’t be something

that’s only taken up in times of crises. If anything, the pandemic showed how gardens serve a public health need—that they’re not only places of beauty or sources of food, but also conduits for healing. In fact, several countries like New Zealand, Canada and some in Europe now allow “green prescriptions” to be issued as alternatives to medication. These are directives from doctors to spend a certain amount of time outdoors each day or month—an acknowledgment of the very real health benefits, from lowered stress to better sleep and improved memory, that venturing into nature can offer. I also think of the people who never had a chance to garden in the first place during the pandemic. Not everyone has a backyard or can afford gardening tools. Improving access to home gardens, urban green spaces and community gardens could be an important way to boost well-being and health. Making seeding, planting, pruning and harvesting part of your daily routine seems to open up more opportunities, too. “I never previously had the time to commit to a garden,” one first-time gardener told us, “but [I’ve] found such satisfaction and happiness in watching things grow. It has been a catalyst for making other positive changes in my life.” THE CONVERSATION

B6 Wednesday, May 4, 2022

Clark Airport welcomes more foreign tourists at the new passenger terminal this May

Have an exclusive, luxurious Baguio experience at El Retiro Mansion

ITH its natural beauty and cool weather, Baguio has long been the destination of choice for families seeking a respite from the stress and heat of city life. Summers spent with family and friends enjoying the cool Baguio breeze while exploring the vibrant history and culture of the Summer Capital of the Philippines make up many Filipinos’ childhood memories. Relive these carefree moments at El Retiro, a luxury serviced residence that caters to large groups. For those experiencing the beauty of Baguio for the first time, this elegant vacation home offers a pleasant and comfortable stay that vacationers will want to come back to.

Combining nostalgia and new memories

ONCE the ancestral home of affluent families, El Retiro provides visitors a glimpse into the past for that sense of nostalgia. The beautifully restored midcentury mansion retains its original structure and natural surroundings, offering guests and travelers the charms of a heritage home with a traditional farm house interior, while also offering modern conveniences for an even more unique and memorable stay. The 1.6-hectare property is also home to one of the oldest eucalyptus trees in Baguio. Make any vacation time a recharging one amid nature. The private sanctuary can comfortably accommodate up to 20

Rediscover Baguio’s charm in luxury and comfort at El Retiro. people, including those who require wheelchair accessibility. Family members of all generations can spend precious time together around the fireplace or in the garden, sharing stories or celebrating special occasions in style. With the entire home exclusively reserved for one group, guests can enjoy a sense of privacy and security.

Celebrating life’s precious moments

WITH generous indoor and outdoor spaces, El Retiro is also perfect for private events such as reunions, weddings, retreats, business meetings and conferences.

Whether guests want to unwind or commune with nature, this historic mansion offers a one-of-a-kind experience. Conveniently located on Outlook Drive, El Retiro provides easy access to restaurants, shops, and popular tourist landmarks such as The Mansion, Wright Park, Mines View, St. Joseph’s Church, Camp John Hay, Baguio Country Club and everything else that Baguio has to offer. To book your luxurious Baguio staycation, visit www.elretirobaguio.com. You may also contact +639171081429 or send an email at marie.delrosario@ elretirobaguio.com.

brass has become widely used in tools, ornamentation, decorations, containers, and utilitarian items in the Philippines and how the traditions of casting and forging this metal developed highly technical processes and have produced the most intricate pieces of work or objects. The virtual exhibition ran from April 4 to 17 on NPF’s Instagram accounts (@ AtingNayon and @nayongpilipino.museo) and NPF’s official Facebook page (www. facebook.com/nayongpilipinoofficial). NPF intends to use these online platforms to engage the public and

start critical dialogues about Philippine history while the agency looks forward to showcasing them in the proposed Cultural Park and Creative Hub in Parañaque City. The Cultural Park will include a museum that will house the permanent collection of artifacts from the different indigenous peoples of Luzon, Visayas, and Mindanao. The NPF collection is diverse and varied, ranging from intricate beaded jewelry to striking weaponry for hunting and warfare to ritualistic artifacts. It also includes musical instruments, vessels, funerary objects, and textiles.

Summit Hotels opens Bicol’s first chain brand

S Bicol recently officially reopened its tourism industry, the region also welcomed the opening of its first hotel chain brand, Summit Hotel in Naga City. Situated at the Robinson’s Place mall complex, the three-star business boutique hotel which soft opened in January is the latest addition to the growing number of tourism establishments in Bicol which was one of the top domestic destinations before the Covid-19 pandemic struck. The 26th property of the Robinsons Hotels and Resorts (RHR), the hospitality arm of Robinsons Land Corp., Summit Naga has 56 rooms, four suites with a scenic view of Mt. Isarog, a fitness

via Jetstar and Scoot; Doha via Qatar Airways; Air Asia; and Dubai via Emirates. Local air carriers Cebu Pacific and Philippine Airlines will also have flights operating at the new passenger terminal. The interior of the new terminal pays homage to the renowned Mt. Pinatubo and its crater lake, Mt. Arayat, and the Sacobia riverbed—three province's well-loved travel destinations. The tourism chief said the entire province alone offers a variety of tourism activities— from culinary, culture and heritage, to adventure—thus, she said, the opening of the new passenger terminal is a boost to the recovery of the pandemic hit sector. “Clark is one of the destinations included in the recently concluded World Travel and Tourism Council (WTTC) Global Summit. More than just a freeport zone, clearly, this place is an emerging tourism hub that has great potential to bring huge gains for the tourism industry,” she said.

Find the best sun protection products this summer

NPF showcases ethnographic artifacts via online exhibit HE Nayong Pilipino Foundation’s (NPF) collection of more than 3,000 artifacts documenting the Philippines’ history and culture was recently showcased online through the Nayong Pilipino Foundation Virtual Museum Project. The project consisted of six digital exhibitions which went beyond the standard flat images and short captions achieved through multimedia outputs, such as videos and three-dimensional imaging. The first virtual exhibition of the year is entitled “Tansô”. It intends to show how

HE Department of Tourism (DOT) sees a boost in tourist arrivals in the coming months as Clark International Airport announced its updated flights that would welcome more foreign tourists at the new passenger terminal beginning Monday, May 2. Dubbed as a new world-class gateway, Clark International Airport’s new passenger terminal building will serve both domestic and international flights. Two of South Korea’s largest low-cost airlines were among the new air carriers added to the list of airlines that would be operating direct flights from Clark. The popular Jeju Air will launch its INCHEON-CRK-INCHEON route every Thursday and Sunday, while Jin Air will offer the same route beginning May 16, every Monday, Tuesday, Wednesday, Friday, and Saturday. Other foreign flights that will be utilizing the new passenger terminal include destinations to and from Singapore

gym, a lap pool, a convention hall, and 3 function rooms. It also has the signature all-day restaurant and coffee shop Café Summit which is fast becoming a favorite dining haunt in the city with its regional Bicol cuisine and international favorites. The Gokongwei-owned chain has 27 properties in key cities such as Cebu, Gen. Santos, Tacloban, Iloilo, Bacolod, Dumaguete, Tagaytay, and Metro Manila under Robinsons Hotels and Resorts. Naga is the seventh under the Summit Hotel group. Named manager of Summit Hotel Naga is Ann Margrett Mapula, one of the hospitality industry’s youngest lady

millennial executives. The 36-year old manager will also oversee the operations of the adjacent 68-room Go Hotel Plus which will open this summer. Mapula was born in 1986 and she finished Bachelor of Science in Tourism at the University of the Philippines. A native of Masbate province, she started her career at the InterContinental Hotels Group in 2011 as guest relations officer for InterContinental Manila, one of the country’s pioneer hotels. She has worked in key positions in 3 other luxury properties namely Holiday Inn and Suites in Makati, InterContinental Kuala Lumpur as Front Office Manager, and Club InterContinental Manager for Inter Continental Singapore. Her exposure to Asian countries has honed her to be an advocate of female leadership and gender equality in the industry. She also helped form and became a pioneer member of the Lean In Circle Organisation in Kuala Lumpur, a women’s professional and support group in Malaysia. Mapula expressed optimism that with the international standards of the Robinsons Hotels and Resorts is bringing in, the potential of Naga City and the region for MICE tourism can be further enhanced. The youthful hotelier said that with the growth of visitor arrival in the region brought about by conventions and events, Bicol can hasten the pace of its post-pandemic economic recovery.

UN’S out, fun’s out! It’s summertime and the weather is perfect for enjoying outdoor activities such as heading to the beach or pool to cool off, or enjoying a nature walk after staying at home for a prolonged period of time. Of course, whenever you and your family are outdoors, sun protection is a must. Using a reliable sunscreen not only helps to prevent painful sunburn and unsightly peeling, it also protects against skin damage from the sun’s UV rays which can lead to premature skin aging and even skin cancer. Dermatological experts recommend using sunscreen every day. If you are indoors, they recommend applying an SPF of 15 or higher from sunscreen or other cosmetic products. And if you are heading out in the sun, the recommendation is for an SPF of 30 and up. SPF stands for Sun Protection Factor. If you use an SPF 30 product properly, it would take you 30 times longer to burn than if you did not apply any sunscreen product. It is also important to choose a sunscreen depending on the activity that you will do, as there are products that are specifically made for swimming and other water activities or for sports that will make you sweat a lot. The Goodwill Market has got you covered with a range of sunscreens that are suited for you and your family’s needs. Check out the online store for products from Avene,

which provides a full range of hypoallergenic and non-comedogenic skincare essentials to address the needs of sensitive skin. Beach Hut sunscreen products are easy to apply, and help you stay active under the sun without that sticky feeling and unsightly white film. To relieve the discomfort from sunburn and heat rash, Suu Balm helps provide relief with the soothing and cooling power of menthol. Be worry-free with The Goodwill Market, your summer outing can be worry-free, as all you need to do is check-out your items such as sunscreen and healthy snacks and they will be delivered straight to your doorstep! Visit www. goodwill.market .

Digitas Philippines makes a meaningful difference in gaming, kickstarts online anti-seizure campaign

IGITAS Philippines, the local arm of one of the world’s leading integrated marketing agency networks, is set to activate an online campaign that puts the safety of the gaming community at the forefront. The group aims to make a difference through a collaborative and purposeful effort that may save millions of lives. The campaign, named the “Seizure Warning Pre-Rolls” project, turns the 6-second pre-rolls on YouTube–online ads that run before selected videos start playing– into dedicated spaces with warnings that effectively alert viewers of possible adverse conditions like seizures and photosensitive epilepsy. These conditions can be triggered by components of gaming-related videos and other similar ‘intense’ content. The components include flashy animations, fast and mind-bending gameplay, and vivid, ultra-colorful visuals, which viewers typically see in these materials. While these factors make gaming content extremely visually stimulating, they can also seriously affect those who

have had seizures or epilepsy in the past and those who have not had them before. With the world now having more than 40 million active gaming channels, gamers and enthusiasts now have over 40 million chances of running into possible seizure risks. These numbers reinforce why it is essential to improve the safety of those who are active in this space. Through the Seizure Warning Pre-Rolls project, Digitas ensures that notices will be in place before anyone views game-related videos, thereby bolstering safety. Moreover, the agency has utilized its core capabilities to fine-tune the prerolls. Going above and beyond providing standard warnings, it has developed the pre-rolls to mimic the type of gaming videos the consumers will view. The initiative will already cover all YouTube videos with gaming content tags in its initial phase. It will feature highly targeted and specific seizure warning messages to protect as many viewers as possible. The Digitas team emphasized that the whole group remains 100% committed to this endeavor. They shared that “More people are now looking at gaming as a serious hobby, a source of content, and even a profession. We at Digitas proudly embrace the responsibility of protecting them using an approach we know best: effective creative work. For us, we are not just placing warnings that are told and shown in more engaging ways. From a more purposeful perspective, we see our campaign as a means of potentially saving more lives in this space.” For more information on this meaningful initiative and how to get involved, please connect with the Digitas team via 85488401.

BusinessMirror

Editor: Tet Andolong

Wednesday, May 4, 2022 B7

Office market recovers as hybrid model gets a big push

By Rizal Raoul S. Reyes

fter seven consecutive quarters of being stuck in the doldrums, the office market is showing signs of recovery, according to the latest report of Colliers Philippines.

In a recent webinar, Colliers senior director, office servicestenant representation Dom Fredrick Andaya pointed out that traditional and outsourcing companies are expected to be the biggest takers as they take advantage of the rental correction and availability of new office buildings in major business districts. Moreover, Andaya also expects companies’ return-to-office mandates should boost office absorption over the next 12 months. Colliers recorded about 146,100 sq meters (1.6 million sq feet) of office deals in Q1 2022, up from the 134,100 sq meters (1.4 million sq feet) in Q4 2021. Traditional and outsourcing firms dominated office space take-up during the period. Some of the notable transactions in Q1 2022 include Facebook, Lazad and ePerformax. These firms took up office space in Fort Bonifacio, Makati CBD and the Bay Area. For tenants who are in a waitand-see mode, Andaya urged them to consider occupying f lexible workspaces. In a related development, Andaya said companies that have long-term occupancy plans should lock in spaces in new and sustainable office buildings and take advantage of rental correc-

tions and other concessions given by landlords. “The Philippine office market appears to be turning a corner with the stabilization of occupancy as we recorded a positive net take-up of 26k sq m after seven consecutive quarters of negative net absorption. The return-tooffice and expansion plans of companies buoyed by improving pandemic situation and economic stimulus measures should accelerate take-up for the remainder of 2022,” Andaya said.

Recommendations Andaya urged tenants to take advantage of rental corrections and prevailing market conditions. In a related development, landlords should continue offering flexible leasing schemes such as rent-free periods, delayed escalations, longer fit-out periods and tenant improvement allowance to attract and retain tenants.

Hybrid is the way to go Colliers is also optimistic that traditional and outsourcing firms are likely to lead office absorption in 2022. Nevertheless, a survey by the Information Technology and Busi-

Colliers believes that traditional and outsourcing firms are likely to lead office absorption in 2022. SHUTTERSTOCK

ness Process Association of the Philippines (IBPAP) showed that 80 percent of Filipino employees prefer WFH over working on-site. The survey also revealed that 90 percent of employees are more productive in a hybrid model. Andaya said Colliers see a net take-up reaching 350,000 sq meters (3.8 million sq feet) in 2022 after a cumulative negative nettake up of -454,400 sq meters (-4.9 million sq feet) in 2020 and 2021.

Enabling a smooth transition to hybrid In response to the call of the times, major systems technology integrator Radenta Technologies rolled out its Human Empowerment Equals Happy Employees (HEMP) and the popular Microsoft Office 365 Business Basic to make a seamless transition towards a hybrid work arrangement. Randall Lozano, president of Radenta Technologies said the Microsoft Office 365 Business

Basic is a communicating tool for all working on-site or remote as this facilitates online meetings and video conferencing for up to a total mix of internal and external 1,000 participants with features such as breakout rooms, attendance reports, spotlight and many more. Lozano said its Employee Accounting protects company policies and employee files, tracks leaves and holidays and monitor staff expenses and reimbursements.

In terms of security, the Microsoft Office 365 Business Basic functions as a backup and protector of files. Lozano said the administrators manage the security policies to ensure the safety of information. In a related development, Lozano said the HEMP has cloud data storage with encryption capabilities and automated back-up facilities to mitigate data loss due to accidental access and computer failures.

P30-M Alabel Bypass Road project breaks ground HBA Manila-designed Somerset Central Salcedo opens Makati’s smartest serviced residences

By Roderick L. Abad

EAL-estate company A l son s De ve lopme nt and Investment Corp. (Alsons Dev) and the municipal government of Alabel led the groundbreaking ceremony for the construction of the P30million 877.5-meter by pass road that will link Libertad Road in Barangay Maribulan, Alabel to the Sarangani-Davao del Sur Coastal Road. A 630-meter property that forms a significant portion of the road was donated by the Alcantara Family, founder and owner of a diversified conglomerate comprised of more than 20 corporations, to the Municipality of Alabel. The donation was made last July 28, 2021, in time for the town’s 50th founding anniversary. “We are grateful to have donors like the Alcantara Family, who are committed to working with the local government to improve our infrastructure for the betterment of the province and its people,” said Alabel Mayor Vic Paul Salarda. Set for completion by August 2022, the Alabel Bypass Road will bolster land value and socioeconomic development for the municipality, as it will allow a more seamless

ALABEL Mayor Vic Paul Salarda (middle), Alsons Dev Director Miguel A. Dominguez (left), and Councilor Hermie Galzote (right) lead the groundbreaking ceremony for the 877.5-meter Alabel Bypass Road, which will reduce travel time to and from the Alabel town proper.

travel for commuters in Barangays Maribulan, Libertad, Bagacay and Poblacion heading to and coming back from Davao del Sur. Easier access to Davao del Sur, which had a total population of 680,481 in 2020 per the Philippine Statistics Authority, will increase foot traffic to Alabel. This, in turn, will increase the town’s zonal values. “We are honored to be part of this project. Our family has always been supportive of the growth of Alabel. Resolute to our founder’s vision of uplifting the people’s quality of life, Alsons Dev will continue to be

a catalyst of growth and development, especially in places where our business operates,” Alsons Dev Director Miguel A. Dominguez said. The property developer is set to expand later this year its real-estate business to Alabel with the launch of a major mixed-use development that integrates prime residential communities, first-class leisure amenities, wide retail and commercial offerings, reputable educational institutions, and government support facilities in one address. This will be Alsons Dev’s first major project outside of Davao City.

omerset Central Salcedo formally opened its doors recently amid the very welcomed lifting of pandemic restrictions in our country. The muchawaited serviced residences are a welcome smart option for local and visiting residents to take that step closer to the hustle of regular everyday living, a part of life that many just realized they have missed. While initially intended for the traveling business set, serviced residences have of late been appreciated as an alternative to what had become a restrictive home life. With the new Somerset Central Salcedo’s concept of a convenient and upgraded home-away-fromhome living, checked-in clients are afforded the more leisurely paced transition to hybrid work or school, or just a well-earned holiday without the need for hours of driving or flying out of town, alone or with the entire family. Behind the sensory mix of vibrantly contemporary yet very familiarly Filipino efficiently set spaces is HBA Manila Design Office, a name associated with impressive, inspiring, and memorable design spaces in Metro Manila. The bespoke residential feel is equipped for the current work and lifestyle shift yet imbued with the celebratory welcome-home feels, characteristic of most Filipino homecomings.

Susana Salcedo-GM (from left), Somerset Central Salcedo Makati, Kathleen Go-HBA, Gina Tang-HBA and Norman Agleron-HBA Principal

At the opening, HBA Partner and HBA Manila Design Office Principal Norman Agleron with the HBA Manila Design Office Team, together with Henry Lieuson, VP of Grand Pine Inc. walked through the different spaces, led by Somerset Central Salcedo GM Susana Salcedo. Taking it all in from the perspective of a resident, they began the tour with the unique and welcoming arrival experience that provides a notable transition from the city street scene of Makati CBD, to the variety of fully-furnished, equipped, and efficient serviced apartments. “Somerset Centra l Sa lcedo stands to be a preferred choice, not just for convenience, but also for health and safety reasons, ad-

dressing all the main issues raised by traveling in the new normal, like risks of exposure and contact in communal and shared facilities like the lounge, cafe/all-day dining in hotels,” HBA Manila Design Office’s Agleron said. After months of challenges brought about by the pandemic, the HBA Manila Design Office team bore collective pleased smiles. Agleron added, “We are grateful for the opportunity that our client, Grand Pine Inc. has given us to design the interiors of Somerset Central Salcedo, and proud of our team at HBA Manila for the creative synergy that resulted in a uniquely new destination in the Makati CBD, which was completed in spite of the pandemic.”

Sports

CDM Fernandez pays courtesy visit on Hanoi embassy

BusinessMirror

ANOI—Philippine Sports Commission Commissioner and 31st Southeast Asian Games Chef de Mission Ramon Fernandez led a courtesy visit to Ambassador Meynardo Montealegre at the Philippine Embassy in Vietnam on Monday—the first full day of Team Philippines after their arrival at the Vietnamese capital late Sunday evening. Montealegre and Fernandez discussed Team Philippines’ participation in the Games that offially open on Monday and end on May 23. Fernandez thanked Montealegre for warmly receiving his team. “We are very happy and grateful for your support to Team Philippines,” Fernandez told Montealegre. Montealegre assured Fernandez that they are ready to support the team and reminded Fernandez that Team Philippines has a home in Hanoi. According to Montealegre, the Filipino community in Hanoi is “very active” and that Filipino residents from as far as Ho Chi Minh and Danang have been inquiring about tickets to watch and support Filipino athletes. There are around 7,000 documented Filipinos in Vietnam. Fernandez turned over the list of members of the Philippine delegation for the embassy’s reference and to symbolize the delegation being under the care of the Philippine mission to Vietnam. The PSC team is led by Deputy Executive Director for Finance and Administration Merlita Ibay with Maria Luisa Ner, Caroline Tobias, Michelle Balunan, Sharon Llameda and Malyn Bamba as her staff. Fernandez’s wife Karla joined the visit to the embassy. Deputy Chefs de Mission Carl Sembrano and Pearl Managuelod joined the first part of the Delegation Registration Meetings for Team Philippines which started on Monday and will be completed on Tuesday.

| Wednesday, May 4, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

SCREEN grabs show President Rodrigo Roa Duterte and Philippine Olympic Committee President Abraham “Bambol” Tolentino’s sendoff messages to Filipino athletes.

By Josef Ramos

RESIDENT Rodrigo Roa Duterte believes all the 656 Filipino athletes would deliver big time in the Vietnam 31st Southeast Asian Games that kick off with the opening ceremony on May 12. Duterte said in a video sendoff greeting on Monday evening that he’s confident that the national athletes led by the country’s first Olympic gold medalist Hidilyn Diaz “will bring home glorious accomplishments for the Filipino people.” “My warmest greetings to the members of the Philippine delegation for the 31st Southeast Asian Games. As you represent our country in one of the most anticipated sports events in our region, I want you to know the Filipino nation is deeply rooting for you,” Duterte said. Under Duterte’s administration and through the Philippine Olympic Committee (POC) headed by Rep.

DUTERTE TO ATHLETES: NATION’S BEHIND YOU Abraham “Bambol” Tolentino and the Philippine Sports Commission chaired by William “Butch” Ramirez, the country achieved glorious moments in the Jakarta 19th Asian Games in 2019, the Philippines 30th SEA Games in 2019 and most notably in the Tokyo 2020 Olympics that was played last year. Filipino athletes won four gold medals, two silvers and 15 bronze medals in the Jakarta Asian Games and bagged the overall title in the 2019 SEA Games with a 149-117-121 gold-silver-bronze medal haul.

Diaz then ended the country’s 97-year Olympic gold medal drought by winning a women’s weightlifting gold medal—a fitting followup to the silver she won in the Rio de Janeiro Games in 2016, Duterte’s first year as president. Besides Diaz, boxers Nesthy Petecio and Carlo Paalam bagged silver medals and Eumir Felix Marcial clinched a bronze in the Tokyo Olympics last July. “Given the training and preparations you have all undergone, I am very confident that you will

be able to make the Filipino nation truly proud,” Duterte said. “All the best as we send you off in the 31st Southeast Asian Games. Long live the Filipino athletes.” Tolentino, also the PhilCycling chief, thanked Duterte for providing huge support to the Filipino athletes and boosting their morale since the time he became President six years ago. “I am very thankful that he [Duterte] never forgets our athletes since day one, our athletes who gave pride and honor to our country during the 2019 Southeast Asian Games

and our athletes who brought medals during the Tokyo Olympics despite these trying times,” Tolentino said, adding that the Filipino athletes will be a “fighting team” in Hanoi. The Philippines will participate in 38 of 40 sports—526 events—in the Vietnam SEA Games. Team Philippines will leave in batches with the main bulk expected to fly to Hanoi on May 10. Asian men’s pole vault record holder Ernest John “EJ” Obiena is the flag bearer during the opening ceremony.

Rowers target minimum of 3 golds in Vietnam SEA Games–Gregorio

PHILIPPINE Ambassador to Vietnam Meynardo Montealegre is flanked by Team Philippines Chef de Mission to the 31st Southeast Asian Games and Philippine Sports Commission Commissioner Ramon Fernandez and his wife Karla Fernandez as well as PSC and embassy staff in Hanoi on Sunday.

Altas face Blazers for semis slot

NIVERSITY of Perpetual Help System Dalta and College of Saint Benilde dispute the remaining Final Four slot in the National Collegiate Athletic Association seniors’ basketball play-in stage on Wednesday at the Filoil Flying V Centre. The winner of the 3 p.m. match will face defending champion and top-ranked Letran in the Final Four on Sunday. The other semifinal pairing pits No. 2 Mapua against No. 3 San Beda. Head coach Charles Tiu said that the Blazers need to elevate their level of play if they want to repeat over the Altas, who they defeated, 83-73, last April 9,

“They’re on a roll playing with a lot of confidence. Lots of individual talent there,” Tiu said of the Altas. “It’s going to be a challenge defending them in this game. And the elimination game means nothing now.” Kim Aurin was sensational of late as the 6-foot-2 forward bailed the Altas in the their last two games. Mark Omega has also been solid for Perpetual, while Jielo Razon and Lean Martel are also producing their usual numbers.

HE Philippine rowing team remains confident of doing well in the Hanoi 31st Southeast Asian Games despite having to race on borrowed boats. Philippine Rowing Association president Patrick Gregorio said the Filipino rowers are in high spirits and will try to equal, if not surpass, the three gold medals they won in the 2019 edition that the country hosted. “Three golds in Subic. It will be tougher in Vietnam, but hopefully Cris Nievarez can retain his gold medal, and Joanie Delgaco will also compete,” Gregorio told Tuesday’s online Philippine Sportswriters Association (PSA) Forum. “She also won gold in Subic.” “We’ve been training very hard. No letup. That’s what we’ve been doing ever since,” he added. The Filipinos maintained an

Saint Benilde’s top guns Will Gozum and Robi Nayve need to leave their offensive struggles behind. They combined for 5 of 27 in their 57-63 loss to the Red Lions last Sunday. The Blazers could also count on Miggy Corteza, who fired a careerhigh 24 points in their elimination round conquest of the Altas. The Blazers haven’t been in the Final Four since 2002. The Altas, on the other hand, are determined to return to the semifinals after missing the bus in 2019.

NIEVAREZ

optimistic mindset despite having to rent boats for their competition that will be staged in the Vietnamese province of Bac Ninh—an almost two-hour drive from Hanoi—because of what Gregorio referred to as logistical issue. “Since last month, the PSC [Philippine Sports Commission] already informed us that the logistics provider couldn’t accommodate our equipment which will be loaded in a container van,” he said. “If it’s Ho Chi Minh, it’s viable, but its two hours outside of Hanoi. So it’s very difficult for logistics process.”

“But it’s no one’s fault, it is how it is. You’re bringing equipment that are large, these are big boats,” he said. “We did everything to send our boats, but, logistically, the timing is (not right). Not even two months (is enough) to bring them there.” The Vietnam rowing federation, Gregorio said, assured the Philippines and the other countries which won’t be bringing their own equipment that it will lend them competition boats to be used during the event from May 9 to 14 at the Thuy Nguyen Boat Racing Center. The coaching staff led by Ed Maerina and foreign counterpart Shukhrat Ganiev of Uzbekistan have high hopes on the chances of the 16-member squad led by Nievarez, who represented the country in the Tokyo Olympics, and Delgaco. The team concluded its training camp at the La Mesa dam on Monday

Ateneo, UP seek quick entry to Finals

EIGNING champion Ateneo and University of the Philippines (UP) shoot for quick entry to the championship round when they square off with their respective Final Four opponents on Wednesday in the University Athletic Association of the Philippines Season 84 men’s basketball tournament at the Mall of Asia Arena in Pasay City. Despite suffering their first defeat at the close of eliminations, the Blue Eagles emerged top seeds in the semifinals with a twice-to-beat advantage in

their 6 p.m. game against the No. 4 Far Eastern University (FEU) Tamaraws. The No. 2 Fighting Maroons also own that privilege against the thirdseeded De La Salle University Green Archers who they face at 3 p.m. Coach Tab Baldwin’s Blue Eagles head into the Final Four with a 13-1 win-loss record. But he warned his players not to underestimate the Tamaraws, who went 7-7. “They are very good and it seems like whenever we run against FEU

Nadal’s outburst against Wimbledon WHO said sports is politics-free? Think again, fellas. The Philippines skipped the 1980 Moscow Olympics to align with the United States’ political move to boycott the Games that year. A few days back, Wimbledon banned entries from Russia and Belarus from participating in the year’s third of four majors in tennis. The decision is in protest over Russia’s invasion of Ukraine on February 24 this year. Wimbledon also sacked Belarus for allowing Russia to use its borders for military operations against Ukraine. England has been one of the fiercest critics of Russia’s unprovoked assault of Ukraine, a known opponent of the anti-democracy stance of Vladimir Putin, the Russian strongman with a long history of wanting to occupy Ukraine. Ukraine’s former president is on asylum in Russia after

he had been ousted from power. Volodymyr Zelenskyy is presently the democraticallyelected Ukraine president who doesn’t kowtow to Putin’s expansionist tactics. When offered refuge in the US after Putin’s aggression of Ukraine in February, Zellenskyy, the comedian-turnedpolitician, refused, saying: “I will fight the enemies of democracy alongside my countrymen.” He earned worldwide praise for that. Deservedly so. Many of our so-called leaders desert their people in times of strife, to live comfortably in exile. And who would become collaterals when war breaks out? Children, senior citizens, innocent civilians and, generally, women and mothers still nursing their babies. Include athletes, the most prominent being Daniil Medvedev, the world No. 2 in men’s play, and Aryna Sabalenka, last year’s women’s Wimbledon semifinalist from Belarus.

“It’s unfair for my Russian colleagues,” said Spain’s Rafael Nadal, the 21-time majors winner, including two Wimbledons. “It’s not their fault.” Also criticizing Wimbledon’s decision to impose the ban are the Association of Tennis Professionals and the Women Tennis Association, not to mention world No. 1 Novak Djokovic of Serbia. “When a government orders something, you need to follow the rules,” Nadal said. “In this case, the government

and will leave for Hanoi on May 6. “We will do our best. We don’t know what color of the medals, but we’ll perform well,” said Maerina in the public sports program presented by San Miguel Corp., Milo, Philippine Sports Commission, Philippine Olympic Committee, Unilever, Amelie Hotel Manila and the Philippine Amusement and Gaming Corp. Nievarez, gold winner in the lightweight single sculls three years ago, will be under the radar of the other competing countries as he leads the nine-man team also composed of CJ Jasmin, Zuriel Sumintac, Van Maxilom, Athens Tolentino, Edgar Ilas, Roque Abala, Joachim De Jesus and EJ Obana. Delgaco meanwhile, will be at the forefront of the women’s side along with Juliann Sha, Alyssa Go, Feiza Lenton, Amelyn Pagulayan, Mireille Qua and Kristine Paraon.

in the semifinals, there’s a lot of difficulty and we don’t expect anything less—you know Olsen [FEU Coach Racela] just does a great job, and they are going to be ready,” Baldwin said. The Fighting Maroons finished the eliminations at 12-2 record. They are aiming to return to the Finals after 2018. “We have to prepare seriously against a strong team like De La Salle and be consistent with what we’re playing,” UP Head Coach Goldwyn Monteverde said. “We’re still looking for improvements despite having that twice-to-beat advantage. Josef Ramos

(of England) issued a recommendation and Wimbledon decided to impose the most drastic option without being forced to do so.” “I wish this was not the case,” said Nadal. “Let’s see what happens in the coming weeks if we as players need to take a stand. There is something wrong.” What is wrong was Wimbledon taking the most radical action of banning the players from Russia and Belarus. As if the players themselves had something to do with the Russian invasion of Ukraine. They are as innocent as Rolando Galman being charged of the 1983 murder of Ninoy Aquino. I fervently pray our esteemed Wimbledon officials would reconsider. THAT’S IT In my column next week (May 11), we will have a new president—barring an unforeseen event. I pray you will vote wisely on Monday, May 9, because by doing so, you will be giving your country a chance at progress, assuring your children a shot of a future awash with joy as we all live in peace in the comfort of our homes.