BusinessMirror May 10, 2022 by BusinessMirror

Overseas Filipino Workers (OFWs) who are eager to spend Christmas

this could help prevent placing the country in another strict lockdown,

this newspaper, is for travel restrictions to be put in place swiftly and

quences on the economy.” See “Omicron,” A2

‘WEAK PESO DEALS AGRI NATL GOVT BORROWINGS FOR 10 MOS DIP TO P2.75T DOUBLE-EDGED RESULT’ ww

n Tuesday, May 10,29,2022 17 17 No.No.52 212 Monday, November 2021Vol.Vol.

P25.00 P25.00nationwide nationwide||22sections sections16 20pages pages||

By Bernadette D. Nicolas

Omicron risk spurs revival of quarantine rules in PHL

@BNicolasBM

HE national government’s gross borrowings as of end-October shrank by almost 6 percent year-on-year to P2.75 trillion.

Latest data from the Bureau of the Treasury showed that the government’s gross borrowings during the 10-month period fell by 5.99 percent from P2.92 trillion a year ago. With only two months left for this year, the latest figure is already equivalent to 89.6 percent of its P3.07-trillion borrowing program. Broken down, gross domestic borrowings from January to October settled at P2.23 trillion, down by 5.08 percent from P2.35 trillion in 2020. The bulk of the amount was sourced from Fixed Rate Treasury Bonds (P1.19 trillion), followed by short-term borrowings from Bangko Sentral ng Pilipinas or BSP (P540 billion), Retail Treasury Bonds/Premyo Bonds (P463.3 billion), Retail Onshore Dollar Bonds (P80.84 billion). In the same period, there was also a net redemption of Treasury Bills amounting to P43.94 billion. Net debt redemption means there were more debts repaid compared to the amount borrowed during the period. Meanwhile, gross foreign borrowings in the same period also contracted by 9.7 percent to P518.7 billion from last year’s P574.4 billion. This was raised through global bonds (P146.17 billion), program loans (P139.98 billion), euro-denominated bonds (P121.97 billion), a project loan (P86.41 billion), and yen-denominated samurai bonds (P24.19 billion).

By Samuel P. Medenilla @sam_medenilla

ELECTION 2022 PARTIAL RESULTS* PRESIDENT 1 2 3 4 5

BONGBONG MARCOS LENI ROBREDO MANNY PACQUIAO ISKO MORENO PING LACSON

17,541,799 8,311,501 1,486,592 1,188,776 567,761

VICE PRESIDENT 1 SARA DUTERTE 2 KIKO PANGILINAN 3 PEOPLE walk past the mural of Gat Andres Bonifacio at Manila CityTITO HallSOTTO Underpass. 4 WILLIE ONG The country will celebrate the 158th birth anniversary of Filipino revolutionary 5 LITO ATIENZA hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO

17,155,745 5,276,161 4,783,190 1,209,536 123,410

*Partial and unofficial results as of 8:32 pm, May 9, 2022, representing 53.50% of the nationwide election returns Source: Comelec Transparency Media

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

ORE than 3 million coconut farmers and workers are now registered with the government’s registry, which serves as the basis for the number of people to be covered by the utilization of the P75-billion coconut levy fund. Philippine Coconut Authority (PCA) Deputy Administrator Roel M. Rosales said about 3.11 million coconut farmers and farm workers have been registered with the government since it started up-

dating its registry following the enactment of the Coconut Farmers and Industry Trust Fund law. Rosales explained that about 500,000 coconut farmers and workers were added to the PCA’s 2018 list that had about 2.5 million coconut farmers and farm workers. The PCA’s next step is to conduct an exclusion-inclusion procedure by making the updated farmers’ registry public, providing everyone the opportunity to check the veracity of the list, Rosales added. “The list will be posted in public spaces where people can easily see

them. This allows everyone to see who are listed in the registry and if farmer doesn’t see his name then he shall coordinate with the PCA immediately,” he explained at a recent dialogue with coconut farmers. “On the other hand, if people would see names on the list and they think they are not coconut farmers or their details are incorrect, they can report it to the PCA for immediate action,” he added. The PCA official noted that the completion of the initial list of coconut farmers registry would be just in time for the expected rollout of coconut levy-funded

programs as President Duterte is expected to sign the industry development plan in early 2022. Rosales said the PCA will not stop updating its list of coconut farmers and enjoined them to register in order to reap the benefits of the decades-long idled coconut levy fund. “We will not stop at 3.1 million. We hope that more individuals will register in our coconut farmers registry,” he said. The updating of the coconut farmers registry is mandated by Republic Act (RA) 11524 or the Coconut Industry Trust Fund Act. See “3-M farmers,” A2

NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory facility-based quarantine for all arriving passengers in the country. Acting Presidential spokesperson Karlo B. Nograles announced on Sunday that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) suspended the implementation of its Resolution No. 150A (s.2021), effectively imposing stricter protocols for all inbound travelers. To note, IATF Resolution 150A had allowed fully vaccinated non-visa travelers from Green List areas to enter the country without the need for facility-based quarantine as long as they secure negative Reverse TranscriptionPolymerase Chain Reaction (RTPCR) test within 72 hours prior to their departure. “Except for countries classified as ‘Red,’ the testing and quarantine protocols for all inbound international travelers in all ports of entry shall comply with the testing and quarantine protocols for ‘Yellow’ list countries,” Nograles said, citing the provision of IATF Resolution No. 151-A. He noted Hong Kong, which has confirmed a case of the Omicron variant, will also fall under the Yellow list countries. The suspension of the rules for “Green List” countries will be in effect from November 28, 2021 to December 15, 2021.

See “Borrowings,” A2

Continued on A2

PESO EXCHANGE RATES n US 50.4600

n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531

Source: BSP (November 26, 2021)

ONE PERSON, ONE VOTE (TOP row) Business leaders Don Jaime Zobel de Ayala, Ayala Corp. chairman emeritus; Greggy Araneta, Araneta Properties Inc. chairman and CEO; Jaime Augusto Zobel de Ayala, Ayala Corp. chairman and CEO; Lance Gokongwei, JG Summit president and CEO; Manny Pangilinan, PLDT Inc. chairman; Sid Consunji, DMCI Holdings Inc. president, cast their votes in a polling precinct at posh Forbes Park in Makati City. (Middle row) A Muslim woman and older adults cast their votes as other residents of the urban-poor settlement of Baseco Compound wait outside a polling precinct in Tondo, Manila. (Bottom row) Voters troop to polling precincts at the Batasan Elementary and High School in Quezon City. NONIE REYES/ROY DOMINGO/ NONOY LACZA By Jasper Emmanuel Y. Arcalas @jearcalas

HE continuous weakening of the peso against the greenback would be a double-edged sword for the agricultural sectors, with exports benefiting from such while imported food items become more expensive. Economists, officials and industry leaders interviewed by the BusinessMirror pointed out that a weaker peso will be beneficial to the country’s agricultural exports but will be a bane to Filipino consumers as prices of imported food items increase. Philippine Institute for Development Studies senior research fellow Roehlano M. Briones said the depreciation of the Philippine peso “will boost all exports,” including agricultural products, but will make “all imports more expensive.” Briones pointed out that imported pork products will experience a “double whammy” as tariffs on the commodity are expected to return to their higher level next

week coupled with the weaker peso. He noted that this could be a “source of inflationary pressure,” since the country is still not yet out of the woods from low pork supply and high retail prices of the commodity. Philippine Chamber of Agriculture and Food Inc. (PCAFI) President Danilo V. Fausto said the detrimental impact of a weaker peso would be felt more by the country since it is a net food importer, more than the benefits it could bring to exports. “We have a trade deficit, we have a huge trade imbalance. Our raw materials are dependent on imports because of government policies. And since we are import dependent, our food processors and producers would surely suffer,” Fausto told the BusinessMirror. Fertilizer and Pesticide Authority (FPA) Executive Director Wilfredo Roldan said Filipino farmers may further suffer from a possible uptick in fertilizer prices should the Philippine peso continue to weaken against the US dollar. Continued on A2

PESO EXCHANGE RATES n US 52.3310

WORST ENERGY-PRICES SURGE SINCE ’73 ALARMS WORLD BANK By Cai U. Ordinario @caiordinario

REATER regional cooperation and efforts to boost supply are needed to combat the worst surge in energy prices since the 1973 oil price spike, according to economists from the World Bank. In a blog post, World Bank Equitable Growth, Finance and Institutions (EFI) Vice President Indermit Gill and EFI Chief Economist and Director of the Prospects Group M. Ayhan Kose said these are part of a 5-point action plan to address rising commodity prices. Gill and Kose said oil prices between April 2020 and March 2022, or a 23-month period, led to the largest increase in energy

prices since the 1970s. This was largely due to the war in Ukraine. “The war has delivered the largest commodity-price shock we’ve experienced since the 1970s. It will likely shave a full percentage point off global growth in 2022,” the authors said. “The war has also shifted global patterns of trade, production, and consumption of commodities in ways that might keep prices high for years,” they added. Gill and Kose warned that commodity price shocks could change production and consumption patterns in various ways. This means efforts must be geared toward addressing the ill effects of the spike in oil prices. See “Energy-prices” A2

Next admin inherits ‘much better’ economy–Diokno By Lenie Lectura @llectura

ANGKO Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the next administration will inherit a “much better” economy and outlined policy recommendations for the next economic team. In an TV interview with ANC on Monday, Diokno said the next administration will be “inheriting a sound tax system which we reformed many times under this administration.” “It will also be a recipient of many structural reforms like the amendments of the retail trade act, the foreign investment act, and public service act. In other words this administration will inherit a much better economy than what we had in the previous one,” the governor said. Acrossthemembersoftheeconomic

“The next administration will be ‘inheriting a sound tax system which we reformed many times under this administration.” —BSP Governor Benjamin Diokno

team, only Diokno will serve for both this administration and the next, as his term will end in July 2023. While the governor said the economy that the next administration will be inheriting is “sound,” he admitted there is a lot to be done especially in managing the resources of the country after the pandemic. “At the same time, [the next

n JAPAN 0.4020 n UK 64.6916 n HK 6.6670 n CHINA 7.8652 n SINGAPORE 37.8251 n AUSTRALIA 37.2230 n EU 55.1778 n SAUDI ARABIA 13.9520

Continued on A2

Source: BSP (May 6, 2022)

News

BusinessMirror

A2 Tuesday, May 10, 2022

Glitches aside, May 9 polls largely peaceful–Comelec

By Samuel P. Medenilla

@sam_medenilla

OT perfect, but still generally peaceful. This was the assessment of the Commission on Elections on the conduct of the May 9, 2022 polls despite the 15 reported cases of election violence reported by the Armed Forces of the Philippines (AFP). Besides the poll violence, most of the field reports throughout the 12 hours that the polling precincts were open focused on the problems caused by a combination of factors: an apparently high voter turnout in an intense election, additional pandemic-induced protocols that delayed the process involving more voters, and the breakdowns of vote counting machines (VCMs) which further caused long lines of people reporting the exercise took them

hours to complete. Despite the vaunted stringent testing before election day, at least 530 VCM bogged down and required to be replaced during the voting period, according to Comelec. See related earlier story on A3 Nation, “Time to dump old VCMs for new ones–Comelec.”

Peace and order

DURING a press conference, meanwhile, AFP spokesperson Demy

Energy-prices...

Continued from A1

“Overcoming a global crisis requires global cooperation, of the type that prevailed for the past three decades and from which

smaller, poorer countries benefit more,” the economists said. “The war may have upended many traditional incentives for

Zagala said the incidents include 2 explosions; 2 shooting; 1 grenade throwing; 2 ambush; 2 armed clash between political rivalries; 1 indiscriminate firing; 1 indiscriminate firing with ballot snatching; 1 ballot snatching; and 3 strafing incidents. At least four people died from the said incidents, which happened May 8 and May 9, 2022. A third of the cases happened in Basilan. Comelec Chairman Saidamen B. Pangarungan, however, noted that the reported incidents were much lower than the 60 election-related violence during the 2019 polls. “As confirmed by our security partners, in the past elections, the number of violent incidents was 60. Now it is 15 incidents,” Pangarungan said. He also noted that the incidents for the recently concluded polls were isolated cases and do not include larged armed rebel groups like the New People’s Army-Communist Party of the Philippines (NPA-CPP), Abu Sayyaf Group, Bangsamoro Islamic Freedom Fighters (BIFF), and

such cooperation, but governments everywhere can still minimize harm to their most vulnerable citizens—and to the global economy,” they added. These actions include efforts to boost supply of key commodit ies suc h as g ra ins, cook ing

the Maute Group. “We consider these elections as relatively peaceful compared to the elections in 2019,” he added.

Failure of election

PANGARUNGAN, however, expressed concern about the reported shooting incident in Malabang, Lanao Del Sur, which resulted in one fatality during election day. He also noted allegations that some ballots in a polling precincts in the said area were filled up by one candidate mayor. Because of the incidents, Pangarungan said Comelec may consider declaring a failure of election in the concerned polling precinct. “This is a decision to be made by the Comelec en banc once we get the petition [for it],” Pangarungan said. “But if ever we would declare a failure of election, it may be only for that particular voting center and not for the whole town of malabang. Malabang is the biggest town in the second district of Lanao del Sur,” Pangarungan said. oils and fertilizers. This, Gill and Kose said, could be done by implementing productivityincreasing policy reforms, rationalizing farm subsidies, and trade facilitation. Other key actions, Gill and Kose said, include providing targeted social safety nets such as cash transfers, school feeding programs, and public work programs. These safety nets can protect workers from falling into poverty. The economists said that should subsidies be considered, these must be provided with limitations and must be temporary. Countries, Gill and Kose said, should also resist the imposition of import and export restrictions. This means there is greater need for international cooperation. “[Countries should] seize every opportunity to bolster international cooperation to improve market transparency and coordinate policy responses,” Gill and Kose said.

Investing in RE

THE World Bank economists said countries should also work toward investing in renewable energy and efforts that would promote energy efficiency. Some of these policies include insulation and weatherization of buildings that protect against both cold and heat. These could also reduce costs for households and improve energy security. “Over the past two years, a succession of overlapping crises has left governments across the world with little room for maneuver and no margin for error. The choices policymakers make during the next year may well determine the course of the next decade,” Gill and Kose said. “They should spare no effort to increase economic growth at home—and resist all actions that could harm the global economy,” they added. PIDS Senior Research Fellow Adoracion Navarro earlier said based on the data, the fuel expenditure of the 20-percent richest families nationwide account for 50.61 percent of the total fuel family expenditure in the economy. The poorest 20 percent of the population, however, account for only 4.06 percent of the total fuel family expenditure in the economy. She noted that the richest 20 percent account for 48.8 percent of total family income while the poorest 20 percent account for 5.93 percent of total family income nationwide.

www.businessmirror.com.ph

‘WEAK PESO DEALS AGRI

DOUBLE-EDGED RESULT’ Continued from A1

Roldan noted that the movement in the foreign exchange rate is accounted for by fertilizer importers in their total costs, with increases being passed on to retailers and eventually the buyers, who are farmers. “If the price of imported fertilizer increases by 5 percent due to the dollar exchange, then its retail price will increase by 5 percent,” Roldan told the BusinessMirror. The price of urea (prilled) continues to increase every week, with latest FPA data showing that the average price of the planting input reached P2,959.16 per 50-kilogram bag in the week of April 25 to 29. The average price of urea (prilled) in the same week of last year was only P1,139.7 per 50-kilogram bag.

Banana exports

PILIPINO Banana Growers and Exporters Association (PBGEA) Executive Director Stephen Antig said for banana exporters, the weakening of the peso cushions the increase in production costs due to more expensive imported planting inputs, including fertilizers. “We are hoping to have natural heads like the depreciation of peso. Even if it will not cover

everything, at least it somehow helps the industry,” Antig told the BusinessMirror. The country’s agricultural exports in the first quarter grew by 37.5 percent to $1.574 billion from $1.145 billion recorded in the same period of last year, based on latest Philippine Statistics Authority (PSA) data. For the first quarter, the country’s top agricultural exports were coconut oil at $599 million, bananas at $268.27 million, seafoods at $88.54 million, among others, PSA data showed. The country’s key agricultural imports during the first quarter were wheat at $136.57 million, dairy products at $124.87 million, rice at $113.92 million, fruits and vegetables at $91.92 million, urea at $11.95 million, and fertilizer excluding urea at $36 million, among others, based on PSA data. In April, the average Philippine peso-US Dollar exchange rate was at P52.158, which was 7.78 percent weaker than the P48.39 recorded in the same month of last year, based on central bank data. Banker Association of the Philippines (BAP) data showed that the peso fell to P52.5 to a dollar last May 6.

Next admin inherits ‘much better’ economy–Diokno Continued from A1

administration] will be faced with the increase in public debt as a result of the pandemic. Before the pandemic, the debt to GDP ratio of the Philippines was in the neighborhood of 39.6 percent. Now it rose to 60.5 percent because of the Covid-19 response and the accompanying drop in revenues,” the governor said. “But this level is still pretty much manageable as long as we continue to grow between 6 and 7 percent in the next few years,” he added. Among the next administration’s “first order of business,” according to the Central Bank chief, is to present a “ f isca l consolidation program” for the Filipinos and the international community. “[Show what they] will do in the

next three years, at least, in order to reduce the deficit to GDP [gross domestic product] ratio which has increased because of the pandemic… The framework should include timely and efficient implementation of the tax laws,” the governor said. The governor also said the next administration needs to plan for efficient allocation of budgetary resources especially to fund the continuation of the country’s infrastructure reform. He also said investment in human resources is a must. Diokno also recommended improving the tax spending mix of local government units (LGUs). “Lastly, and this is the elephant in the room, rationalizing the pension benefits of retired military personnel,” the governor said.

PCCI TO EXITING, NEW GOVTS: EASE TRANSPORT, LOGISTICS WOES THAT HURT ECONOMY Continued from A8

Curay agreed with Santiago’s proposals to continue with Build, Build, Build infrastructure projects and the building of more railways. He further suggested adjusting seaports capacity in Batangas and Subic, the creation of Integrated Logistics and Supply Chain Infrastructure, Supply Chain National Development Council, removal of truck ban and color coding for trucks, and allowing night-time deliveries to mall and retail stores. Meanwhile, International Container Terminal Services, Inc. (ICTSI) Executive Vice President Christian Martin Gonzales proposed the building of purpose-built infrastructure to support the movement of cargo through the city and maximize the existing ones. “With all the consumption that is being driven out of Metro Manila, we must ensure that we plan the infrastructure as well as the

services that surround it in such a way that it facilitates movement,” said Gonzales. For his part, president of the Nagkakaisang Samahan ng Nangangasiwa ng Panlalawigan ng Bus sa Pilipinas Inc. Atty. Vincent Rondaries, suggested that government should “veer away from car-centric policies.” With this, he proposed longterm solutions such as the creation of a Mega Manila Transport Authority that will be in charge of a unified traffic system and the issuance of all transport franchises for land, sea, rail, and air operating in Mega Manila; develop a credible database to determine patterns and volumes of commuters and transfer of government offices away from congested areas. PCCI will submit the experts’ proposals with its wishlist to the incoming government.

www.businessmirror.com.ph

The Nation BusinessMirror

Editor: Vittorio V. Vitug • Tuesday, May 10, 2022 A3

Presidential, VP bets await verdict in ‘generally peaceful’ polls

PRESIDENTIAL frontrunner Ferdinand “Bongbong” Marcos Jr. casts his vote at the Mariano Marcos Elementary School in Ilocos Norte on Monday. CONTRIBUTED PHOTO

OLITICAL leaders seeking the top posts in the May 9 elections cast their votes in their hometowns and cities, all exuding confidence of victory, even while noting some glitches that they worried would disfranchise many voters.

In Ilocos Norte, presidential frontrunner Ferdinand “Bongbong” Marcos Jr. joined his mother Imelda, sister Irene and wife Liza Araneta-Marcos and children in casting their votes. “Maayos naman [It was fine],” Marcos told reporters after voting, according to a report by CNN Philippines. He did not reply to other questions, and later joined son Sandro to a short visit at the Batac Church before flying by private plane back to Manila, Rex Remitio reported. He repeated his wish that this time around, he would not lose votes to fraud, alluding to his 2016 experience, though his camp expressed concern that, though the early morning of Monday’s elections was “generally peaceful,” they received “various complaints of irregularities mostly centered on defective and non-working vote counting machines [VCMs]

especially in traditional strongholds of presidential frontrunner Marcos Jr. in Northern Luzon.” Some of the complainants came from the towns of Narvacan, Sta. Cruz and Burgos in Ilocos Sur as well as in Tabuk City, Kalinga, said a report from the Marcos camp. Marcos’s running mate, Davao Mayor Sara Duterte, cast her vote at her Precinct Cluster 409 at the Daniel R. Aguinaldo National High School in Davao City. She signed a student’s chair moments later outside the classroom where she sat, at the request of reporters and photographers. Her father, President Duterte, was expected to cast his vote also in Davao City later on Monday afternoon.

Leni in Naga, Sotto in QC

VICE President Leni Robredo, who is seen as Marcos’s main challenger despite their wide margin in most

VICE President Ma. Leonor “Leni” Robredo casts her vote at the Carangcang Elementary School in Magarao, Camarines Sur, on Monday. PHOTO COURTESY OF VP ROBREDO’S MEDIA BUREAU

pre-election surveys, voted with her daughters at the Carangcang Elementary School in Magarao, Camarines Sur. Senate President Vicente Sotto III said, after voting, “I can only wish the best for our motherland. From the voting to the transmissions, and counting. May the voice of God prevail.”

Lacson in Imus, Pacquiao in Kiamba

PRESIDENTIAL bet Senator Panfilo Lacson, casting his vote in Imus, Cavite, said he felt relieved, adding: “Now is the time to wait [for whatever will be the] result.” Asked about his expectations, Lacson replied, partly in Filipino, “Well, of course, all of us expect to win that’s why we reached the point of campaigning up to Election Day because if you expect to lose, why stay on up to this point?” In a separate interview, his fellow senatorandpresidentialrivalEmmanuelPacquiaovotedinKiamba,Sarangani, Monday. He told CNN Philippines in an ambushinterviewthathewasconfident he had a fighting chance despite preelection surveys showing him at either number 3 or 4 only. Pacquiao pointed out that these surveys “interviewed only 2,400 at a time.” Speaking mostly in Filipino, Pacquiao added there are “more than 30 million of us” among voters who

are poor and in whom resonate his advocacy of housing and livelihood. The surveys, he said, are a form of “mind conditioning” which should be ignored. For his part, Lacson noted the vote count is just getting underway, but reminded supporters to “be discerning up to the last minute.” “It’s just started, the precincts have just opened. [My message to voters is] the same message that we have been mouthing all this time. Be discerning even up to the last minute; changing one’s mind is okay. Consider well the six years ahead, not just Election Day or one day before election,” Lacson said. Asked about the possibility he is offered a Cabinet position in the next administration, Lacson replied: “For now, honestly, I’m not open to it. But that’s one instance where the adage, it’s hard to say something with finality, applies. But a last run? That part is truly finished. That’s my last word on that [running in another election].” He ruled out an option to return to the Senate after a one-term break, saying: “No more. This is going to be my...that was my last campaign.” He was asked about an option to take on a Cabinet position, likely the Secretary of the Department of the Interior and Local Government (DILG), which oversees the Philippine National Police (PNP) that he

VICE Presidential candidate Mayor Sara Duterte casts her vote at her Precinct Cluster 409 at the Daniel R. Aguinaldo National High School in Davao City on Monday morning. Her father, President Rodrigo Duterte, was expected to cast his vote in the afternoon also in Davao. MANUEL T. CAYON

once headed as PNP chief before joining the Senate. “I won’t even speculate,” Lacson said. “But as I said, I am more inclined not to accept anything anymore. It’s been 50 years already, and that is it for me as far as government service. But, as I said, it all depends on what are the conditions. Because if one serves under a president one doesn’t know, and you are told to do something you don’t want, you could end up disagreeing with your boss, and it happened to me.” For instance, Lacson recalled “fundamental differences” with then President Estrada. He recalled: “When I was appointed Chief PNP we had basic differences—basic, fundamental differences…so, as it happened, his presidency was shortlived as was my stint as Chief PNP.”

Isko in Manila, Ka Leody in Cainta

MAYOR Isko Moreno Domagoso voted in the same area in Tondo where he held his last miting de avance, and expressed hope that people tired of the decades-long polarizing conflicts between the political clans and power bases of the Marcoses and the Aquinos—with Vice President Leni Robredo seen as proxy this time around —would find in him a welcome relief and vote him for president. Labor leader Ka Leody de Guzman voted before noon at Cainta

Elementary School with his family and friends, and colleagues at Partido Lakas ng Masa, said a CNN Philippines report. Regardless of the election outcome, de Guzman said he is satisfied despite the grueling campaign because he was able to ventilate his advocacies.

‘Generally peaceful’

THE National Citizens’ Movement for Free Elections (Namfrel) said Monday’s national and local elections have been smooth and peaceful overall as of 1 p.m., or six hours before polling precincts close. In a news statement, the election watchdog announced that based on the observation of volunteers, most polling places opened on time and no significant delay was recorded. Namfrel said the electoral boards, as well as the vote-counting machines (VCMs) and election paraphernalia, were complete in most polling places. The high turnout though seemed to have overwhelmed several voting centers and Covid-19 protocols were not properly observed. Some volunteers also reported non-adherence to Commission on Elections procedures, citing a situation in Pototan, Iloilo, where there was no uniformity in the sealing of the ballot box. Reports by Butch Fernandez, Manuel T. Cayon, Samuel P. Medenilla, CNN Philippines and PNA

Next leader urged to act on Beijing’s ‘opportunism’ Time to dump old VCMs for new ones–Comelec By Rizal Raoul S. Reyes @brownindio

HE country’s next Chief Executive must capitalize on the growing momentum of international support and evolving foreign and security policies toward the Indo-Pacific region to decisively respond to Chinese aggression in the West Philippine Sea (WPS), according to think tank Stratbase ADR Institute. In a book recently launched by Stratbase ADRi titled, “The Strategy of Denial: American Defense in an Age of Great Power Conflict” authored by Former US Department of Defense Deputy Assistant Secretary of Defense for Strategy and Force Development Elbridge Colby underscored the need for the Philippines to work with allies on various strategies to effectively respond to scenarios should China resort to direct force to impose its will in the region. Colby said, “What we need to do together in response is that the United States, the Philippines, Taiwan, Japan, and Australia in various permutations need to have a strategy of denial, which is basically the ability to deny China its own ability to impose direct force on one of those states within the US defense primitive, which is to say, consummate an invasion.” Stratbase fellow Professor Richard Heydarian highlighted China’s continuing expansion of China’s military and commercial footprint across different strategic bases and port facilities in the Indo-Pacific. As part of Stratbase ADRi’s policy agenda series, his paper, The Great

Cauldron: China, US, and the New Cold War in the Indo-Pacific, Heydarian said China has focused on dominating its “blue national soil” —the South China Sea (SCS)—and has had its naked opportunism on full display unlike at any point in contemporary history. The Asian powerhouse is gradually creating a new order with Chinese communist characteristics, he said. It poses a direct threat to smaller claimant states such as the Philippines, which have yet to develop a minimum deterrence capability against growing Chinese incursions into its Exclusive Economic Zone (EEZ) and continental shelf. Heydarian cited examples of other countries facing harassment from China—Vietnam with its fishermen and Malaysia in its oil exploration activities, especially since the SCS is an artery of global trade. “China’s revisionist challenge to the post-war order in the Indo-Pacific is arguably the single most consequential geopolitical development of our era,” he said. Heydarian added that the best step for the next administration to “respond to China’s strategic opportunism and leverage the broader shifts in geopolitical alignments in the Indo-Pacific [by] maintaining a firm, consistent and uncompromising position in terms of the Philippines’s sovereign rights in the SCS/WPS in accordance to the relevant provisions of the 1987 Constitution as well as 2016 Arbitral Tribunal Award under the aegis of the UNCLOS.” Heydarian pushed for the opti-

mization, leveraging and upgrading of our existing defense agreements with the United States and Australia, and, over time, Japan, South Korea and other key regional players. Stratbase ADR Institute President, Professor Victor Andres Manhit said that states have become more responsive to the changing regional security architecture considering its possible impact on their national security and economic development. Such a shift is evident in the various Indo-Pacific strategies proposed by various governments and international organizations, Manhit added. For example, there has been greater international support for the Philippines in the West Philippine Sea, with countries such as the United States, the United Kingdom, Japan and Australia getting behind the Philippines in upholding the decision of the Permanent Court of Arbitration. Manhit said that moving forward, the Philippines should prioritize multilateral and inclusive cooperation with like-minded states to ensure the maintenance of a rulesbased international order and the realization of a free, open, peaceful, prosperous and stable region. In a related development, Partido ng Lakas ng Manggagawa leader Professor Walden Bello in a recent forum urged the incoming administration to unite with other Asean members like Vietnam and Indonesia to demilitarize the SCS of American and Chinese military forces. “Asean member-countries must establish a zone of peace, friendship and neutrality to achieve lasting peace in the region,” he proposed.

By Samuel P. Medenilla @sam_medenilla

ESPITE undergoing “stringent” testing before election day, around 530 vote counting machines (VCM) bogged down and required to be replaced during the voting period, according to the Commission on Elections (Comelec). The poll body, however, stressed the reported hardware malfunctions for the May 9, 2022 polls were actually lower compared in previous elections.

Fewer defects

CITING data from the Comelec Election Monitoring and Action Center (CEMAC), Comelec Commissioner Marlon S. Casquejo said there were only 1,350 defective VCMs, which were reported during Final Testing and Sealing (FTS) and the election period as of 4 p.m. Of which, 168 were replaced and sent to the eight technical hubs of Comelec to undergo repairs. “Since we have 1,900 contingency VCM, the replacement of the said units was fast,” Casquejo said. The rest of the 817 VCMs were repaired by the Department of Education Supervisor Official (DESO) in the voting centers since it only involved minor issues such as paper jams, rejected ballots, defective scanners, and improper printing. Comelec also reported a total of 451 defective Secure Digital Cards, which needed to undergo “regeneration” to make it usable again. Casquejo said they were able to detect 5,000 defective VCMs and defective 4,000 SD cards in previ-

VOTERS search for their names on the voters list at the Christ the King Seminary precinct in Quezon City amid reports that some vote counting machines dispatched by the Commission on Elections bogged down in some areas. NONOY LACZA

ous elections. “So the number of defective [hardware] in this election is very minimal so we were not worried,” Casquejo said.

Batch feeding concerns

THE incidents of substituted defective VCM raised concerns on the so-called “batch feeding” of ballots in the polling precincts. Under the said scheme, the Election Boards (EB) will be the one to feed the ballot to replacement a VCM once it arrives instead of the actual voter. Comelec Commissioner George M. Garcia allayed the concern, saying that election watchdogs will be present in polling precincts before such batch feeding can be initiated. “There is not a single precinct that will say that the ballots piled up in the desks of the EBs got lost or snatched. This is simply because they are being

monitored by the watchers and the citizens’ arm,” Garcia said. There were some reports of voters, from the polling precincts, who refused to have their ballots included in batch feeding.

New replacement

THE hardware malfunctions happened even after the Comelec was able to complete the FTS of all the 106,174 VCMs nationwide before the start of the voting period at 6 a.m. ComelecearliersaidtheFTSismeant to ensure VCMs and other systems of the Automated Election System will be functional on election day. Garcia attributed the malfunctions on the “age” of the VCM, which have been used by Comelec since 2016. “The testing and sealing is not a guarantee the machines will no longer malfunction. The machines are now very old, but are still functional,” Garcia said.

A4 Tuesday, May 10, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

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PhilExport chief cites potential backlash of a depreciating peso T

HE chief of the Philippine Exporters Confederation Inc. (PhilExport) on Monday said peso depreciation may lead to an increase in cost of imported raw materials and capital equipment used for manufacturing. As for the impact of peso depreciation on imported raw materials, PhilExport President Sergio R. Ortiz-Luis Jr. told the BusinessMirror that those “used for manufacturing capital equipment nagmahal, mas mahal ’yung cost.” On Friday, data from Bangko Sentral ng Pilipinas (BSP) showed that peso closed trade at P52.3 to a dollar

from last month’s P51.3. As regards his overall sentiment, Ortiz-Luis noted that “I don’t think the depreciation is large enough to be material. It’s fluctuating so we can’t really say it’s a trend.” On a lighter note, however, the PhilExport chief emphasized that as the peso weakens, consumers would shy away from luxury goods and would shift to locally produced goods instead. “Imports are expensive, people would be forced to buy more local products in terms of luxury goods,” Ortiz-Luis stressed. In February 2022, UnionBank economist Carlo Asuncion predicted that the peso could weaken to P52

to a dollar. He noted further that oil prices would escalate, which in turn could affect the peso’s value against the dollar. According to a Bloomberg report published last week, “oil prices rose as the European Union proposed to ban Russian crude oil over the next six months and refined products by the end of the year.” In addition, the said report cited a survey showing that the Organization of the Petroleum Exporting Countries (Opec) added just 10,000 barrels a day in April, compared with a scheduled 274,000 a day. Asuncion noted in February that “any further fireworks sparked by

US-Russia tensions will impact the Philippines [as it could] cause oil prices to spike, including natural gas. [This is] bad for net oil importing emerging markets like the Philippines [as it could] spill over into more cost-push inflation for us.” He added that a prolonged conflict in Eastern Europe “will stall any upbeat growth momentum. Consumer and business sentiment will turn cautious and worry over the broadening of the conflict.” Local economists earlier expressed worry that the international crisis will lead to higher oil prices for the Philippines, which could potentially shake up the value of the peso.

DAR, Kabankalan LGU partner to fight hunger and poverty By Jonathan L. Mayuga @jonlmayuga

TILL reeling from the impacts of Covid-19 pandemic and Typhoon “Odette,” farmers from Kabankalan, Negros Occidental, are getting a much-needed boost from the Department of Agrarian Reform (DAR) and the local government unit (LGU) of Kabankalan. The DAR and Kabankalan LGU have strengthened the campaign against hunger and poverty in the area, with the signing of a memorandum of understanding for the implementation of the Enhanced Partnership Against Hunger and Poverty (EPAHP) program. DAR Western Visayas Assistant Regional Director Lucrecia Taberna said under the program, the agency will help the members

of agrarian reform beneficiary organizations (ARBOs), particularly the members of Sitio Flora Agrarian Reform Cooperative (SFARC) in Barangay Hilamonan, to link their products in different markets. “The Covid-19 pandemic and Typhoon Odette had devastated our farmer-beneficiaries that even up to this day, they are still recovering and the agency has been exploring all possible alternatives to provide immediate assistance to our ARBOs,” Taberna said. The EPAHP project is one of the programs, which has been so responsive to the needs of farmer-beneficiaries, particularly during those affected by catastrophes. Provincial Agrarian Reform Program Officer II Arnulfo Figueroa said the essential goal of the EPAHP is to strategically reduce hunger and improve the nutritional status of

targeted beneficiaries. “ The program also aims to help our beneficiaries increase their income through Support to Agro-Enter prise Development and other related livelihood programs to improve their production technology and facilities,” Figueroa said. Under the said agreement, DAR and Kabankalan LGU agreed to provide P340,000 worth of hard and soft components of the project. T h e s e i n c l u d e P 24 0 , 0 0 0 w o r t h o f s u p p o r t f a c i l it i e s and equipment such as swine housing with biogas digester, 1,000-liter overhead polyethylene tank, vermin housing, and 1.0 HP electric motor pump from deep well to tank. Meanwhile, P100,000 will be allocated by the DAR for business development services such as the

conduct of project technologyrelated training and the purchase of office supplies. Kabankalan Municipal Mayor Pedro Zayco committed to contributing P75,000 as the city’s counterpart to be allocated for labor expenses. The local government of Kabankalan has identified several support services for local farmers. To help them, Zayco vowed to provide free seedlings and to allocate more funds for the purchase of fertilizers. Chairman of SFARC Francisco de Guzman expressed his gratitude to the agency, saying that without the DAR, the farmers could not hurdle the challenges. “We are here, reaping the fruits of our soil, because of the programs and bundles of support services from the DAR. We are very lucky,” de Guzman said.

BUSINESSMIRROR FILE PHOTO

By Andrea San Juan

NFA rice inventory good for 5 days at 167,000 MT

By Jasper Emmanuel Y. Arcalas @jearcalas

HE rice inventory of staterun National Food Authority (NFA) is around 167,000 metric tons (MT), which is equivalent to the country’s total staple demand for five whole days, its administrator said. NFA Administrator Judy Carol Dansal said the agency’s inventory is equivalent to “five days” of the daily nationwide rice consumption, which is estimated at 671,000 bags or about 33,550 MT. Dansal explained that they are able to procure palay in Regions 2, 4 and 12 at a “competitive” price of P19 per kilogram. “We are able to buy local palay for our buffer stocks at P19 per kilogram, clean and dry. Private traders’ buying price of palay today is between P18 and P20 per kilogram,” she told reporters in a recent interview. “At present, our buffer stock is sufficient,” she added. Dansal said the NFA is still trying to meet a minimum of 15 days worth of rice buffer stocks, an inventory level that it has been targeting to achieve every year even before the rice trade liberalization (RTL) law took effect. In a recent statement, the Department of Finance (DOF) said the NFA’s net loss last year was down by 37.8

percent year-on-year to P9.6 billion from P15.44 billion in 2020 as the state-run agency lost most of its regulatory functions due to RTL law. Under Republic Act 11203 or RTL law, the NFA was reduced to a rice buffer stocking agency which sources its stocks exclusively from local farmers. “The targeted use of its buffer stock as mandated by law meant lower procurement volumes, which can be funded solely out of subsidies from the NG [national government]. Thus, it no longer needed to borrow funds to augment the financial resources needed for procurement activities,” said the report of the DOF’s Corporate Affairs Group headed by Undersecretary Antonette Tionko. As a result, the NFA gradually slashed its outstanding borrowings and financial charges. Finance Assistant Secretary Soledad Emilia Cruz said billions were saved by the government on the back of the NFA’s organizational restructuring and its operating costs were reduced because of its lower procurement volumes. Meanwhile, Cruz said NFA also distributed about 1.76 million bags of rice in 2021 and 5.79 million bags in 2020 to NG agencies and local government units in line with its mandate to provide necessary buffer stocks for calamites and other emergencies.

Royal Cargo Inc.–the anti-corruption model DENR project to boost community resiliency within Northern Samar’s Catubig Watershed

By Henry J. Schumacher

N the day after yesterday’s elections, it is my pleasure to highlight an anti-corruption model and its willingness to be a model for the future! For those of us who are running organizations in the Philippines, corruption created by “enablers” has always been a temptation. Saying that I am against corruption is one thing, implementing it throughout my organization is another thing. However, there is a model organization with an owner who has successfully been committed to anti-corruption: Michael Raeuber and his Royal Cargo Inc. (RCI). Michael and I were deeply involved in the creation of the Integrity Initiative in the period of 2011 to 2015. Michael signed the Integrity Initiative Pledge in 2012 and issued a Royal Cargo Inc. commitment to Anti-Bribery and implemented company-wide policies that prohibits all executives, employees and/or agents to commit any form of bribery and corrupt practices. Royal

Cargo has been firm in its stand on carrying out its business in a free, fair, and competitive environment in accordance with prevailing municipal and international laws. Amazing is that RCI has been a TRACE International certified company since May 15, 2016. Every year thereafter and to the present, RCI has successfully managed to pass the recertification audit of TRACE. TRACE International is a nonprofit business association and the leading global anti-bribery standard setting organization that provides anti-bribery compliance support for multinational companies and their commercial intermediaries through a membership program. TRACE certification underscores Royal Cargo Inc.’s commitment to transparency in international commercial transactions.

Why am I highlighting RCI today?

RCI has been TRACE certified for the year 2022 as compliant with AntiBribery and business transparency. We are all aware of the damage corruption does to the country and its people and see the need to that both government and the private sector make a commitment to work together in anti-corruption efforts with the new government which will effectively take over in June this year. We are also aware of the damage agri-smuggling does, effectively undermining the much needed stronger food supply strategy. Given these strategic issues that need to be addressed by the new administration, RCI is committing to effectively contribute to a joint anti-corruption engagement and lead by example. As a leading logistics company, RCI is very familiar with the extensive issues of helping the farming

community of bringing their produce to the market without major losses. Let me be more specific: RCI is firmly of the opinion that the Department of Agriculture, the local government units with farming activities, and logistic companies like RCI, have to work together to expedite the delivery of farm products to the market inside the Philippines and for exports with little spoilage. In a tropical country made up of an archipelago, transit time from farm-to-market is critical in preserving agricultural produce. Logistics companies can be instrumental in significantly reducing damages and spoilage by providing proper packaging, storage, handling equipment and transport solutions. Moreover, logistics companies can extend their value in the agriculture supply chain by investing in agro-processing with individual quick-freeze technology to complement their existing warehouse storage businesses. This facility will give farmers access to the latest (but expensive) technology at a more affordable price, which will prolong their products’ shelf life and eliminate wastage due to overproduction. The effect on the farming community will be that they will get a higher return for their produce and that the middlemen that have earned more than the farmers will be minimized if not be eliminated. It is, therefore, my pleasure to present RCI not only as the anticorruption model for business at large but also to highlight the willingness of RCI to work with the new government in addressing the needs of the farming community and contribute to a stronger food supply strategy. Feedback is welcome; you can contact me at hjschumacher59@gmail.com

PROJECT aimed at strengthening the resilience of communities within the Catubig Watershed in Northern Samar will help protect the Samar Protected Landscape and Seascape (SPLS), the Department of Environment and Natural Resources (DENR) said. Through the project’s livelihood component, communities are encouraged to engage in biodiversityfriendly enterprises (BDFEs) to help veer them away from illegal logging and illegal fishing activities. Implemented through the Small Grants Programme (SGP) Phase 7 and funded by the Global Environment Facility (GEF), the project was officially launched by DENR last April 8. It will be implemented in four sites, namely, Aurora province (Sierra Madre), Calamianes Group of Islands in Palawan, and Siargao Protected Landscape and Seascape in Surigao del Norte. The SGP Phase 7 sustains the project that was started under GEF-Phase 5. The project’s work in Catubig Watershed may have the biggest environmental and socioeconomic

growth impact among Samar natives, the DENR said in a news statement. While known to have a rich biodiversity profile with mixed dipterocarp forests, Samar Island is also known as the most cyclone-prone region in the country. The National Economic and Development Authority (Neda) reported in 2015 that Northern Samar, where the Catubig Watershed is located, had a poverty incidence of 61.6 percent. This makes it one of the country’s poorest provinces. The SGP-7 costs $13.78 million, of which, $4.436 million comes from a GEF grant. The Philippine government co-finances $9.214 million. “It is urgent that we strengthen the resilience of our communitybased organizations. They are the frontliners in conservation and livelihood interventions. In this period of climate change and biodiversity degradation, a more integrated effort of interventions is essential,” DENR Secretary Jim O. Sampulna said. Greg Sarmiento, executive director of the Eastern Visayas Partnership for Rural Development, said

the launch of SGP-7 is timely due to recent climate hazards experienced in the province. The Samar Island Natural Park is the second-largest natural park in the Philippines, covering 335,107 hectares. It has the country’s largest contiguous tract of old-growth forest. The Catubig Watershed is a major source of water supply in the household. The newly completed dam whose water comes from Catubig Watershed irrigates some 8,000 hectares of rice farm. “Catastrophic incidents like the onslaught of Typhoon ‘Odette’ highlight the urgent need to continue our efforts on disaster risk reduction and resilience building,” UNDP Philippines Resident Representative Dr. Selva Ramachandran said. “These devastating events exacerbate the already limiting and unpredictable situation brought by the Covid-19 pandemic. The promising changes being offered by SGP-7 are expected to effect change towards strengthening governance systems even for disaster response, recover, and building resilient communities.”

Peza bares proliferation of ‘underground’ IT-BPO operation

HE Philippine Economic Zone Authority (Peza) has received reports that registered information technology and business process outsourcing (IT-BPO) companies are losing their employees to “underground” IT-BPO entities operating in a work-from-home (WFH) set-up. In an interview, Peza Director General Charito Plaza said these underground operations of entities servicing the IT-BPO sector provide higher salary and offer WFH arrangement, which is favorable especially to the voice segment of the industry.

“When I had a dialogue with Cebu IT-BPOs, I found out there are now virtual or IT-related businesses who we call as underground. Underground because they are not registered with [the] government. They’re offering high [pay] around P30,000 to P40,000, but there is no security of tenure,” Plaza told reporters. She added many workers in the IT-BPO industry have resigned from their jobs following a directive from the government to return to their respective workplaces. “’Yong mga workers din, matapang

silang magsalita na we will resign from work kasi meron na itong underground eh, hiring them for a big fee [The workers are unfazed to say ‘we will resign from work’ because of these underground IT-BPOs hiring them for a big fee],” the Peza chief said. �� The Peza, registered IT-BPO enterprises, and workers were denied by the Fiscal Incentives Review Board from their request to at least extend the WFH arrangement until September 2022, when the proclamation of state of calamity due to Covid-19 pandemic is set to expire. PNA

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‘Big time hike:’ Oil firms raise fuel pump prices anew By Lenie Lectura

@llectura

UEL pump prices will go up by more than P4 per liter this week, mainly on account of the recent proposal of the European Union (EU) to ban Russian oil export by end of the year. In separate announcements Monday afternoon, oil firms said they would increase gasoline prices by P4.20 per liter, diesel by P4.20 per liter, and kerosene by P5.85 per liter. The price adjustment takes effect at 6 a.m. of Tuesday, May 10. According to the Department of Energy-Oil Industry Management Bureau (DOEOIMB), there are three global oil market developments responsible for the oil price increase in the country. These are the recent proposal of EU commission to finally ban Russian oil export subject to the confirmation of the 27-member countries; the plan of US to buy back around 60 million barrels of oil to beef up its strategic petroleum reserve; US Senate committee passage of anti-trust bill pressuring OPEC+, which could lead to a legal confrontation and sanction. This is the 15th oil price increase since the year started. Oil firms implement a weekly price adjustment to reflect movements in the world oil market.

Tuesday, May 10, 2022 A5

NTC probes ‘spoofing’ of former MMDA chief Abalos’ cell phone By Lorenz S. Marasigan @lorenzmarasigan

HE National Telecommunications Commission (NTC) is currently investigating the supposed spoofing of former Metropolitan Manila Development Authority (MMDA) Benhur Abalos Jr.’s Globe number. Phone number spoofing is the

use of an individual’s mobile number to send indiscriminate messages—more often scams—to the victim’s contacts. Globe received the report on Sunday and said it has “taken immediate action to ensure the security” of Abalos’ account. “Spoofing SMS messages is possible with the illegal use of cell broadcasters. Using base station technol-

ogy, these devices can detect active cell phones within a certain range and directly transmit SMS messages via frequencies that are sent from the machine,” Globe said. The NTC, for its part, said it is “still currently investigating the matter in coordination with Globe Telecom, but agrees with the latter that it may be a classic case of SMS spoofing.” According to the NTC Globe’s

security operations informed the commission that Abalos “is possibly a victim of illegal broadcaster devices prohibited by the NTC under The Radio Control Law.” NTC Commissioner Gamaliel A. Cordoba warned that owners of illegal broadcasterdevicesandtheiroperators would face criminal and civil penalties. “The National Telecommunications Commission [NTC] has given

limited authority to use cell broadcasters for alerts and warnings during disasters and emergencies only. Unfortunately, these machines are being used illegally to spread disinformation,” Globe said. Globe also called on the public to “be wary of messages originating from this illegal act, which targets legitimate mobile numbers to send out unauthorized SMS to multiple users.”

Robredo’s camp denies involvement Violence rears ugly head on election day in Negros, Maguindanao, North Cotabato in irregularities in ‘Solid North’ votes By Rene Acosta @reneacostaBM

TEACHER from Himamaylan National High School in Negros Occidental on his way to serve Monday’s electoral exercise was shot dead, while unidentified armed men strafed members of the Barangay Peacekeeping Action Team (BPAT) who were on duty at an elementary school in Buluan, Maguindanao, killing three men, initial reports on election day violence show. The suspects in the Buluan incident were onboard two vehicles escaped after the incident. A home-made bomb, meantime, exploded at the back of the Kabacan Pilot Central Elementary school in Kabacan, North Cotabato, injuring one victim. The explosion, which occurred

along Jose Abad Santos Street, delayed the voting briefly. Shortly before noon, a rifle grenade was fired inside the Datu Piang Elementary School located at Barangay Buayan, Datu Piang, Maguindanao, injuring six people. The grenade fired from an M-79 rifle landed beside the school’s covered court where there are people nearby waiting to cast their votes. The injured who were identified as Lebe Calunting, Satar Andoy, Aladin Kusain, Nasser Guiali, Anib Kanakan and Ukal Guiali were taken to a hospital. Relatedly, the Philippine National Police (PNP) said its men arrested on Sunday night eight people who were identified as security personnel of two rival candidates in San Antonio, Nueva Ecija. The PNP in Central Luzon said on Monday that those arrested were

security personnel of San Antonio Mayor Arvin Salonga and his rival candidate Agripino Javier. The Department of Education (DepEd) condemned the killing of Teacher Mercy Miguel of Sitio Calasa, Barangay Caradioan, Himamaylan, Negros Occidental, saying, “Though it is unclear yet if such brutality was election-related, we denounce any acts of violence and injustice towards our teachers, who have dedicated their lives to the Filipino children and are now selflessly serving the country in this year’s election. “We extend our deepest condolences to the bereaved family and friends of the victim,” even as Secretary Leonor Magtolis Briones has instructed the Office of the Undersecretary for Finance to provide financial and other necessary assistance to the said teacher and her family. With Claudeth Mocon-Ciriaco

LECTION lawyer Romulo Macalintal has denied the involvement of Vice President Ma. Leonor “Leni” Robredo’s camp in the alleged election irregularities raised by presidential frontrunner Ferdinand “Bongbong” Marcos Jr. in his bailiwick in the north. The election lawyer of Robredo dismissed as “propaganda” and “untruth” claims of voting anomalies in the so-called “Solid North” by Marcos Jr. from the Partido Federal ng Pilipinas. “We do not know if these are true,” Macalintal said during a news briefing late Monday afternoon. “This might just be propaganda.” The election lawyer said Marcos Jr. claimed in a newspaper report that votes from the “Solid North” cast in his favor were are turning

out to be in favor of Robredo. “We have no involvement in that, only the voters know it,” Macalintal said. “The machine is not programmed to come out with a result in such a way that the vote for Marcos will go to Robredo,” Macalintal argued. The election lawyer said Marcos Jr. and the Commission on Elections should properly address the “matter.” He maintained the “best evidence is the ballot itself.” Marcos, according to Macalintal, also claimed that ballots have been shaded in favor of Robredo. However, the lawyer said “these are just allegations.” “It is the duty of the teachers to show to the voters that the ballots are clean and have not been marked,” Macalintal said. Rene Acosta

Ukraine to Asean: Freeze Russian membership in Apec, ASEM, dialogue relations with Asean By Malou Talosig-Bartolome @maloutalosig

KRAINE is lobbying for the suspension of Russia’s membership in the Asia Pacific Economic Conference (APEC) and the Asia Europe Meeting (ASEM), as well as the dialogue partnership with the Association of Southeast Asian Nations (Asean). Ukraine’s non-resident ambassador to the Philippines Olexander Nechytaylo said Russia “violated” the Treaty of Amity and Cooperation (TAC) in Southeast Asia when it invaded Ukraine in February 24, 2022. Nechtaylo, who is based in Kuala

Lumpur, said he has raised this with the Malaysian Foreign Ministry and plans to relay the same when he meets Foreign Affairs Secretary Teodoro Locsin Jr. “[N]on-interference, peaceful coexistence, that’s exactly opposite to what Russia is doing in Ukraine. They've been always interfering in our internal affairs, and now they invaded us openly on full-scale,” the Ukrainian envoy said in an interview with diplomatic reporters. Russia became Asean’s dialogue partner in 1994. Eight years later, Russia signed the Asean’s TAC accession agreement. The TAC is a legally binding code for inter-state

relations of Asean with other countries. It embodies universal principles of peaceful coexistence and friendly cooperation among nations in Southeast Asia. “Russia has to be suspended, and it also has to be…[the] message from the Asean leaders, as long as this war continues, Russia should not be part of Apec, it should not be part of Asean, it should not be part of ASEM and any other international organizations because the action in Ukraine shows that they blatantly disregard the international law,” he added. Russia is also a member of Apec and ASEM, where Asean plays a

central role. “We believe it's important to isolate Russia internationally. Russia should not be part of Asean strategic partnership anymore,” Nechytaylo said. When asked about the reply of the Asean members, Nechytaylo said some members “took note” of this request. Asean leaders are set to meet US President Joe Biden this week in Washington, D.C. Russia’s invasion of Ukraine, the biggest war in Europe since World War II, is expected to be in the agenda. Asean members are divided on Russia’s invasion of Ukraine. In two statements issued in February and

March, Asean foreign ministers stopped short of criticizing Russia for the war and only went as far as expressing “deep concern” with the ongoing crisis and calling for an immediate ceasefire. Asean members voted individually in two separate United Nations resolutions. During the special session of UN General Assembly, eight Asean members—Brunei Darussalam, Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore and Thailand—supported the resolution condemning Russia’s invasion of Ukraine, Two other Asean members —Laos and Vietnam—abstained. On the other hand, only two

Asean members—the Philippines and Singapore—voted to suspend the rights of membership in the UN Human Rights Council. Laos voted against it, while six others—Brunei, Cambodia, Indonesia, Malaysia, Singapore and Thailand abstained. Nechtaylo said he is “happy” with the Philippine government position in those two UN resolutions, notwithstanding the fact that President Duterte has declared Russian President Vladimir Putin as a “close friend.” He also thanked the Philippines for its willingness to take in Ukrainian refugees and its commitment to contribute $100,000 to the humanitarian efforts in Ukraine.

VP bet Kiko urges voters, watchers to secure ballots

DOH logs 161 daily Covid-19 cases from May 2 to 8; 42 deaths recorded

ANZA, Cavite—Vice presidential candidate Francis “Kiko” Pangilinan on Monday urged voters and poll watchers to keep an eye on the ballots and ensure these are secured. “Panawagannatinsyemprebanta’yan natin. Wag tayo umuwi hangga’t maari ng hindi natin naipapasok yung ating balota sa machine mismo. Konting pasensya, konting tiis. Tutal matatapos din lahat ito. Wag tayo bibitiw ‘ika nga. [We urge the voters to guard the ballots and as much as possible, don’t go home until they could personally put the ballot into the machine. Have patience and let us not give up],” he said while waiting for his turn to cast his vote at the Inchican Elementary School in Silang, Cavite. He arrived with his wife, actress Sharon Cuneta, at the polling venue around 10 a.m. They queued for three hours and were able to cast their votes around 1:25 p.m. A number of netizens on Monday posted about faulty vote-counting machines(VCMs)intheirpollingprecincts. Pangilinan said he was not surprised that there would be malfunctioning machines, basing it on what happened in 2013 and from the re-

HE Department of Health (DOH) on Monday logged 1,124 Covid-19 cases from May 2 to May 8, 2022, or an average of 161 cases per day. The recorded cases, DOH said, is 20 percent lower as compared on April 25 to May 1, 2022. There were 42 deaths reported wherein eight were recorded from

April 25 to May 8. On May 8, there were 611 critical and severe Covid-19 patients, while of 2,817 ICU beds for Covid patients, 474 (16.8 percent) are occupied.

Vaccination on election day

MEANWHILE, DOH also reported there are 323 vaccination sites open during election day.

“LGUs [local government units] [were] given the prerogative to set these sites up following DOH guidelines that are coordinated with Comelec [Commission on Elections],” the agency said. The DOH said that over 68 million individuals or 76.04 percent of the target population have been vaccinated while 13.4 million received their booster shots. Claudeth Mocon-Ciriaco

Elections mark full circle in Duterte’s political career VICE presidential candidate Francis “Kiko” Pangilinan queued for over three hours to cast his vote for the 2022 polls at the Inchican Elementary School in Silang, Cavite. He is urging voters and watchers to have patience and guard their ballots. PHOTO COURTESY OF TEAM KIKO

ports he was receiving while heading to the polling venue. “I hope and I pray that this won’t be like what happened in the 2019 elections,” he added. “In 2019, about 3 million votes in certain regions were affected by corrupted SD cards and malfunctioning VCMs. That’s a big number,” Pangilinan said. He also urged the public to head to the polling precincts early, so if there

would be obstacles like being unable to find their needs, there would still be time to fix such problems. Further, Pangilinan called on poll watchers to take precautions and be meticulous with regard to the ballots. “Busisiin lahat. Pag iniwan ang balota, bantayan. Huwag papayag kung saan-saan ilalagay ’yung balota. [Examine everything. Don’t allow ballots to be placed just anywhere],” he said. PNA

RESIDENT Duterte has come full circle after the recently concluded May 9, 2022 national and local elections. Just as how the elections started Duterte’s Palace term in 2016, it is now signaling the end of his presidency next month. Duterte went back to Daniel R. Aguinaldo National High School where he is a registered voter to cast his vote on Monday. Upon leaving his clustered precinct, Duterte thanked the people, who voted for him. “I am about to step down from the Presidency. I just want you to hear my heartfelt gratitude for the

PCOO FILE PHOTO

people of Davao. You are the ones who started my journey until I

reached Malacañang,” Duterte said in the vernacular. Samuel P. Medenilla

A6 Tuesday, May 10, 2022 • Editor: Angel R. Calso

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editorial

Pinoy ocean expert vies for CLCS post

he United Nations Convention on the Law of the Sea was adopted in 1982 to define coastal and maritime boundaries and regulate seabed exploration not within territorial claims. The UNCLOS lays down a comprehensive regime of law and order in the world’s oceans and seas, establishing rules governing all uses of the oceans and their resources. The Commission on the Limits of the Continental Shelf (CLCS) is an international institution created by the 1982 United Nations Convention on the Law of the Sea to facilitate the implementation of the Convention regarding the establishment of a line delineating the outer limits of the continental shelf beyond 200 nautical miles from the baselines from which the extent of the territorial sea is measured. The Commission considers the submissions made by coastal states concerning the outer limits of their continental shelf extended beyond 200 nautical miles from baselines and makes recommendations based on the scientific and technical data provided by the coastal state. Its members serve in their personal capacities and are elected for a term of five years. The CLCS has 21 members who are experts in the field of geology, geophysics, or hydrography. On June 13 this year, the body will elect new members to take the post of the 20 CLCS members with expiring term of office. The Philippines has nominated Filipino ocean governance expert Efren Carandang as member of the CLCS for 2023 to 2028. Currently serving as the Deputy Administrator of the National Mapping and Resource Information Authority (NAMRIA), Carandang was part of the core team that developed the country’s April 2009 submission for the 13-million-hectare Philippine Rise, formerly known as the Benham Rise, which had been recognized by the UN body in 2012. The Philippine Rise is an underwater plateau located near Aurora, which is larger than Luzon, the country’s biggest island. Apart from his success in adding 135,506 square kilometers of seabed area in the Philippine Rise, Carandang also helped provide key technical assistance in the conduct of negotiations with neighboring coastal states for the delimitation of overlapping maritime boundaries, which was instrumental to the success of the negotiations that resulted in the settlement of the Philippine maritime boundaries with Indonesia. Foreign Affairs Secretary Teodoro Locsin Jr. hailed Carandang as the Philippines’ foremost authority on the technical intricacies of the law of the sea. “His stellar career of 38 years is marked by tested strategic planning and management skills, expert knowledge in the use of advanced tools and technologies, and deep, extensive experience in hydrography and understanding of its ramifications in international maritime law,” Locsin said in a statement. “Should Efren be elected, he will dedicate his skills and experience to hasten the consideration of coastal states’ submissions on their continental shelves. He will share his management skills to help the CLCS overcome its operational challenges and thereby improve its performance.” Locsin said the NAMRIA executive’s service to the UN body would be “consistent with his advocacy for the full and consistent application of international law, including the UN Convention on the Law of the Sea, particularly on the determination of maritime entitlements, delineation of maritime zones, and delimitation of international maritime boundaries.” The function of the CLCS is to consider the scientific and technical data submitted by coastal states seeking to establish the outer limits of their continental shelf beyond 200 nautical miles, and to make recommendations. Carandang is an expert on archipelagic baselines. If elected to the UN body, Carandang would be the first Filipino CLCS member, a milestone for the Philippines as an archipelagic state. More than 109 million Filipinos are behind Carandang in his quest for a CLCS post, and praying for his success.

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BusinessMirror A broader look at today’s business

Economic accomplishments Manny B. Villar

THE Entrepreneur

Y the time this column sees print, we will already know the early results of the May 9 elections and the front-runners in the presidential, vice presidential and senatorial races based on the automated tabulation of votes. While it may take a few more days to have the complete list of the new set of elected government officials, it is time to look back and note the momentous steps taken under the administration of President Rodrigo Duterte. It is nearly impossible to count all the accomplishments of the government over the past six years, but allow me to enumerate some of them, which I think should serve as a challenge for our next leaders to emulate. Let me limit the list to economic feats that the government recorded in six years and which enabled our people to survive the pandemic and emerge stronger. One of them is the massive infrastructure development under the “Build, Build, Build” campaign spearheaded by the Department of Public Works and Highways and the Department of Transportation.

Infrastructure spending accounted for over 5 percent of the gross domestic product under the Duterte administration, or double the level in previous administrations. The spending generated thousands of jobs, linked islands and markets and made life more convenient for many Filipinos. More projects are about to be completed, and we will have better mass transit systems, expressways and airports that will facilitate the flow of goods and the movement of people. These projects will also be for the benefit of the next generations. Many civilizations are often judged based on the imposing structures they built and which lasted for generations. Infrastructure projects are legacies that our children and grandchildren will continue to appreciate in the years to come. Another major feat that the gov-

The Ratchet Effect

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N the biblical book of Matthew, Jesus of Nazareth tells the story of the king who gives three “servants” some money to take care of while he is gone. Two of them doubled his investment while the third gained nothing. In every organization from government to a sari-sari store, there are only two methods of operation. One is to rely on people and the other is to rely on a system. Stories abound of companies that were crippled when the only guy with total access to the e-mail system was fired and “forgot” to tell anyone the password. Therefore, the alternative is to have a system in place that ensures the functioning organization will always be opened on time. In 1947 a company called The International Organization for Standardization was founded to help organizations write their operations instruction manual. By the way, being “ISO Certified” is not like winning the Oscar. You write the manual to their specifications and pay to be certified.

So, the King relied on people instead of a system. What he should have done is to follow a “take care of the money” guide. “Invest sixtypercent in a business (equity), twenty five-percent in high yielding corporate bonds (lending), and fifteen percent in property (farm land).” We are told that there is something wrong with government and we need a new “system.” And then we hear all kinds of ideas from federalism giving more autonomy to local government to changing from “president” to “parliament.” It’s all nonsense. Which country should the Philippines be when it grows up? Germany, with the highest electricity rates in the world? Japan, with a 300 percent Debt-to-GDP ratio? US, with 8.5 percent inflation?

We are getting around $10 billion in foreign direct investments every year, but I believe we can increase that multiple times if we make the business environment more conducive to both local and foreign companies.

ernment achieved is the most comprehensive tax reforms ever implemented in the country. The Comprehensive Tax Reform Program and its several packages overhauled the tax system to exempt poor workers from paying income taxes, reduce the corporate income tax rate to make the local business environment more competitive, raise the excise taxes on “sin” products and streamline the fiscal incentives granted to investors. These tax reforms allowed the Philippines to keep its investmentgrade credit ratings despite the challenges of the pandemic and other external shocks. Fitch Ratings, for one, said the fiscal and monetary policy response, strong infrastructure spending and resilient remittances and exports are boosting the Philippine economic recovery. Fitch expects the gross domestic product of the Philippines to expand 6.9 percent in 2022 and 7.0 percent in 2023, which are impressive growth numbers by any measure. Equally important is the government’s resolve to maintain price stability in the form of the inflation tar-

Thailand would be great except for the military controlling the government. Singapore is wonderful except for “everything censorship” and one-party rule since 1965. Or maybe Egypt, Vietnam, Nigeria, Turkey, Mexico—pick one. Don’t like oligarchs? Then stay away from South Korea where the Chaebols built the economy but in 2014, the largest chaebol, Samsung, composed about 17 percent of the economy. Perhaps we need a homogenous common ancestry, blue-eyed (89 percent in Finland) people like Scandinavia and a 5 million population. There is no single “system” of government that works. Then we get the “people” solution. One candidate for Senate said: “Charter change is not the real answer to the real problems that our people are facing. What we need is better government. And vote for me.” I added the last part. A ratchet is a mechanical device that allows continuous linear or rotary motion in only one direction while preventing motion in the opposite direction. An analog watch runs on a ratchet that guarantees the hands only move forward. Government is designed to operate the same way. The Ratchet Effect is where costs and complexity only increase and never

get. The government works together with the Bangko Sentral ng Pilipinas to keep inflation within the target band of 2 percent to 4 percent, which is typical for a fast-growing economy. Surprisingly, we were able to maintain an average inflation of 3.4 percent in the first quarter, even as other countries, including the advanced economies, reported much faster inflation in the face of oil supply shocks and supply chain challenges that resulted in excessive global commodity prices. While we registered faster inflation in 2020 and 2021 because of tight pork and rice supply in the local market, the government quickly adjusted by allowing imports to mitigate the impact of high prices and stabilize the situation without harming local farmers and livestock growers. Inflation is one of the most important economic indicators that have a direct impact on poverty and hunger, and it is fortunate that we have government leaders who appreciate this dynamic. The passage of the Rice Tariffication Act shows the government is willing to risk an unpopular move for the sake of the majority of our people. Then, there is the most meaningful economic reform in decades—fully opening the economy to foreign capital to create jobs, facilitate technology transfer and maintain a balance of payments See “Villar,” A7

decrease because organizations are optimized to expand, not shrink. Have a problem? Add a new cabinet position or “czar.” It is true also for the private sector. With 1970 as the baseline, US Bureau of Labor Statistics data shows that the number of physicians and other health care providers increase by 300 percent by 2019. The number of hospital administration staff increased by 3,200 percent. The more an organization expands, the more costly and complex it becomes. Complexity serves us well when it radically increases productivity and is then worth the expenditure. However, as it grows, the ability to reduce the cost and complexity for the objective of effectiveness and efficiency becomes increasingly impossible. “There’s something wrong with the system. I can fix it if elected.” No, you cannot fix it any more than you can “fix” a rotting tree branch. Government needs to be pruned and thinned and no politician seems to ever have the political will to do that. That is why the Ratchet Effect wins and the people lose. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

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Valuation of services as consideration for stocks

The morning after Manny F. Dooc

TELLTALES

Atty. Mabel L. Buted

Tax Law for Business

he equity or capital of a corporation is divided into shares of stock, which are owned by the so-called stockholders or shareholders. The stockholders realize the profits earned by the entity in the form of dividends distributed to them. They elect the members of the Board of Directors, who must own at least one share of stock, to conduct the business and control the properties of the corporation. The Board of Directors may then appoint officers and hire employees who will manage the corporation and perform the functions as the Board may direct. These officers and employees may or may not sit in the Board, except for the President who must be a director. The officers and employees may or may not therefore be shareholders. Thus, they will share in the profits and are entitled to dividends only when they have equity in the company. But they, especially those who hold key positions, are the ones who help run the day-to-day activities of the corporation, and it is no doubt that they significantly contribute to revenues and to the growth of a company. So, to give value to their services, some companies offer them incentives and opportunities to become shareholders of the corporation. The usual practice is to grant them stock options in which the officers and employees may purchase shares at less than the fair market value of the stocks at a specific date or period. However, not much has been said about giving them shares of stock in exchange of the services that they had already rendered. Our corporate law actually allows this. Stocks can be issued for a consideration not only in the form of actual cash paid or property received, but also in the form of labor performed for or services actually rendered to the corporation. Even as far back as in the old Corporation Code, this provision in the law is already in place. The Securities and Exchange Commission (SEC) confirmed this position in a few earlier opinions issued. The SEC allowed the issuance of bonus shares in favor of the incorporators and founders who continuously work in building up the company for at least three years from the time of incorporation without remuneration (SEC Opinion, August 23, 1990). In another opinion, the “accommodation” or “service” by a director and stockholder of a company in mortgaging his own real property to secure the loan obtained

Villar. . .

Continued from A6

surplus, with the help of remittances and business process outsourcing receipts. The enactment of game-changing reforms such as the Ease of Doing Business Act and the amendments to the Retail Trade Liberalization Act, Public Services Act and Foreign Investments Act will hopefully elevate the Philippines to an investment hub in the likes of Thailand, Malaysia, Singapore or Vietnam. It is important to note that our more wealthy East Asian neighbors such as Japan, Korea and China became industrial giants when they opened to foreign capital and technical know-how. We are getting around $10 billion in foreign direct investments every year, but I believe we can increase that multiple times if we make the business environment more conducive to both local and foreign companies. If manufacturing grows at a robust pace, the rest of the economy will follow, including retail, construction, real estate, transporta-

by the corporation was considered as a valid consideration in the issuance of shares of stock (SEC Opinion, February 10, 1982). The labor performed or services rendered is an accepted, but is not a common form of payment of shares of stock. I understand. It is probably because of the difficulty involved in the determination of the pecuniary amount of such services. Like a property and any consideration paid other than cash, these services must also be given a monetary value which should not be less than the par value of the stocks. The law states that the valuation thereof is determined initially by the stockholders or the Board of Directors, subject to the approval of the SEC. Further, the services must have actually been performed for the corporation. Shares of stock cannot be issued for future service. But how do we really value the services? Perhaps, the first procedure to do is to identify the nature and extent of the labor performed or the services actually rendered to the entity. Services, as a form of consideration, is already broad. They are also usually measured at their fair market value. To my knowledge, even the SEC does not maintain a fixed and initial checklist of documents needed to ascertain the valuation of such services, unlike the other forms of consideration. It is easier to determine the price of the properties and other non-monetary forms of consideration. The valuation of the service is a matter that is worth contemplating, if corporations will give value to the services actually contributed by their officers and employees by providing them a stake in the company. The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@ bdblaw.com.ph or call 8403-2001 local 160.

tion and services. The money will continue to circulate until every sector benefits from it. The last but certainly not the least of the government’s accomplishments is the effective response to the pandemic that involves massive vaccination and the enforcement of health protocols, such as the mandatory wearing of face masks outdoors, which continues to this day. We now have a more manageable health situation, as active Covid-19 cases settled below 5,000 in the first week of May ahead of the elections. I just hope that the numbers would not see any drastic spike soon despite the hectic activities during the political campaign period. Speaking of the elections, I hope our next leaders will sustain the remarkable economic achievements and reforms under the Duterte administration for the sake of the current and future generations of Filipinos. Governance is all about laying the foundation of the future and providing hope for the next generations. For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar. com.ph

t’s all over but the shouting and soon we’ll have a new president of our Republic. It’s been a long and tedious campaign, which has shown the best and the worst in our people. Some political demagogues who were hell-bent on winning at all costs pulled out all the stops to capture their target elective posts. We had seen all the dirty tricks in the book where the various social media platforms were exploited to the hilt to influence public opinion and voters’ preferences. The Internet has greatly impacted public support for particular candidates that affected the voting outcomes. Unfortunately, social media has given rise to an increase in false news. Studies had revealed that there had been a massive spread of disinformation online during the election period. This was particularly observed and documented in the 2016 US presidential election between Hillary Clinton and Donald Trump where the former had been the victim. In a similar study in the Philippines, it had been shown that VP Leni Robredo had been at the receiving end of disinformation. Even her daughters had not been spared, prompting VP Leni’s lawyers to file a complaint at the NBI. Troll factories had proliferated to interfere in political decision-making. Social media manipulation is a serious offense, which constitutes violation of the Cybercrime Prevention Act of 2012 (Republic Act 10175). There is a tendency to tweet and retweet political false news due to their sensational or hard content. Thus, it’s not surprising that false news dominates over factual news. They reach more people faster and wider than the true stories. It’s true that social media can be deployed positively but its insidious use is more prevalent as

it is better funded and organized. One bright spot in this election is there is less incidence of electionrelated violence compared to previous elections. Until the election eve, only a couple of actual shootings between political rivals resulting in killings and injuries of few persons were reported. And they occurred in traditional hotspots such as Ilocos Sur and Nueva Ecija where election violence is common. So far, 104 places all over the country were considered areas of concern during the election. This was far below the usual number, which greatly worried the Comelec in the past. My heartfelt congratulations to the winners in the recent elections. While the results of the elections for national positions will not be known until a week or two, most of the winners in the local contests will be proclaimed within the week. Getting elected into a public office is one of the greatest honors that an individual can ever receive from his fellowmen. Lord Tweedsmuir, Canada’s most revered Governor General, once said: “Public life is the crown of a career, and to young men (and women) it is the worthiest ambition. Politics is still the greatest and the most honorable adventure.” Regardless of the final outcome of this year’s election, let’s admit it that the 2022 presidential contest has fomented the increasing political maturity of the Filipinos. The last campaign,

Tuesday, May 10, 2022 A7

A popularly elected president will get the support of our people provided he or she acts on their behalf. Political allies and foes alike should line up behind the president for as long as he or she works for the people. despite the dirty tricks and the disinformation and lies employed by political shenanigans, has brought back some form of decency and clean politics. Corruption and money politics were countered to some extent by self-reliance and volunteerism, which have drawn massive support from the people. This will be the lasting contribution of the “Kakampinks’’ to our political culture. We can only pray that this will continue in future elections to serve as an antidote to corrupt politics. We can also commend other candidates like Manny Pacquiao and Ping Lacson who have taken the high moral ground in conducting their presidential campaign. Instead of resorting to personalities, they had mainly discussed issues and their platform of government. They had no troll farms whose agenda was to destroy their opponents through propaganda and lies. While others trade barbs and insults, they stick to issue-based politics. Lacson, since the start of the campaign, had stressed that he and his running mate, Tito Sotto, would not go down the gutter to promote their candidacy. Pacquiao, until the last day of the campaign, almost lost his voice pounding on his program to build homes for the poor, alleviate poverty and fight corruption in all its forms. We have to nurture these nascent political transformations if we want to preserve and strengthen democracy in our country. Now is the time to unite and heal our nation behind the duly elected president of our country. There’s no question that the last election was hotly fought and even polarized our people. We should cast aside our partisanship and discard our political

colors. Instead, we should all rally behind the red, white and blue colors of our national flag. Losing candidates should learn from the former Democratic presidential nominee, Senator George McGovern, who miserably lost to President Richard M. Nixon in 1972 but handled his political defeat in grace. When the former First Lady Pat Nixon died in 1993, McGovern was seen dabbing his eyes with his handkerchief while listening to former President Nixon’s eulogy of his beloved wife. A news reporter approached McGovern and politely asked him why he was honoring the wife of the man who had allegedly committed fraud to deny him the presidency. McGovern looked him in the eye, and said: “You can’t keep on campaigning forever.” Our Constitution gives the president a term of 6 years without reelection so that he or she can concentrate on his/her job without getting distracted by the thought of seeking another term. The president can cease to be a politician and become a statesman once he/she occupies Malacañang. While he or she can remain a member of his/her political party, the president should prefer the interest of his/her country over the interest of his/her party. President Manuel L. Quezon had aptly said it when he declared: “My loyalty to my party ends when my loyalty to my country begins.” A popularly elected president will get the support of our people provided he or she acts on their behalf. Political allies and foes alike should line up behind the president for as long as he or she works for the people. After the elections, rival factions should heed the late President Manuel Roxas’ admonition: “Charity and understanding must replace bitterness and anger. We cannot afford to cherish old feuds or old divisions. For the many tasks of national reconstruction, we need the thousand talents of all our people—men and women alike.” This is the common challenge we all share beginning today.

G-7 leaders mark VE Day stressing unity, support for Ukraine

By Sylvia Hui & Aamer Madhani | The Associated Press

ONDON—Leaders from the Group of Seven developed democracies pledged Sunday to phasing out or banning the import of Russian oil, as they met with Ukraine’s president, Volodymyr Zelenskyy, for online talks to stress their support and to display unity among Western allies on Victory in Europe Day, which marks Nazi Germany’s surrender in 1945. Cutting out Russian oil supplies “will hit hard at the main artery of (President Vladimir) Putin’s economy and deny him the revenue he needs to fund his war,” the G-7 countries, which include the US, Britain, Canada, Germany, France, Italy and Japan, said in a statement. “We will ensure that we do so in a timely and orderly fashion, and in ways that provide time for the world to secure alternative supplies,” they added. Casting a look back at World War II, the leaders stressed unity in their resolve that Putin must not win. “We owe it to the memory of all those who fought for freedom in the Second World War, to continue fighting for it today, for the people of Ukraine, Europe and the global community,” they said. US President Joe Biden’s call with the G-7 leaders and Zelenskyy lasted about an hour. Italy Prime Minister Mario Draghi’s office said in a statement that the G-7 leaders “reiterated the commitment to diversify energy sources, reducing dependence on Russian supplies.” Italy, heavily dependent on Russian natural gas when the war began, has since secured several agreements for alternative gas supplies from other countries. Draghi is scheduled to meet with Biden in Washington on Tuesday. The US also announced new sanctions against Russia for its invasion of Ukraine. They include cutting off Western advertising from Russia’s three biggest television stations,

banning US accounting and consulting firms from providing services to any Russian, and piling additional restrictions on Russia’s industrial sector, including cutting off Moscow from wood products, industrial engines, boilers, bulldozers and more. The White House announced the new sanctions ahead of the May 9 Victory Day, when Russia traditionally celebrates Nazi Germany’s defeat in 1945 with huge military parades. Putin is expected to talk about what Russia calls its special military operation in Ukraine and address troops on Red Square on Monday. The US and European allies were seeking to offer counter-messaging that Putin is further isolating Russia from the rest of the world and doing enormous harm to the Russian economy. The new round of US sanctions will hit three of Russia’s most popular television stations in Russia – Channel One Russia, Russia-1, and NTV—that the US has said have been at the forefront of spreading misinformation about Russia’s prosecution of the invasion. The Biden administration said the new sanctions prohibiting US accounting and consulting firms from doing business in Russia will help thwart Russian companies and elites from getting help to obscure their wealth and evade an avalanche of sanctions that have already been enacted. The US also said it imposed some 2,600 visa restrictions on Russian and Belarusian officials and issued

The US and European allies were seeking to offer counter-messaging that Putin is further isolating Russia from the rest of the world and doing enormous harm to the Russian economy. a new visa restriction policy that applies to Russian military officials and authorities. The US sanctioned 27 executives from Gazprombank, a bank that facilitates sales by Russia’s Gazprom, one of the largest natural gas exporters in the world, with Europe. The sanctions are the first time that the US has hit the bank that plays a critical role Russia’s considerable gas exports, but the move stops well short of the full blocking sanctions that the US has hit other big Russian banks. Ahead of the call, UK officials said Britain will provide an extra 1.3 billion pounds ($1.6 billion) in military support to Ukraine to help the nation defend itself against Russian forces. The funding, which comes from British government reserves, includes 300 million pounds of military kit promised by Prime Minister Boris Johnson earlier this week, such as radar systems to target Russian artillery, GPS jamming equipment and night vision devices. Canadian Prime Minister Justin Trudeau made a surprise visit to Ukraine Sunday, touring the northern town of Irpin, which had been heavily damaged by Russia’s attempt to take the capital of Kyiv at the start of the war. The mayor on Sunday posted images of Trudeau on social media, saying that the Canadian leader was shocked by the damage he saw at civilian homes. Trudeau’s office later said “the prime minister is in Ukraine to meet with President Zelenskyy and reaffirm Canada’s unwavering support for the Ukrainian people.”

Jill Biden also made an unannounced visit on Sunday, holding a surprise Mother’s Day meeting in western Ukraine with first lady Olena Zelenska. Biden traveled under the cloak of secrecy, becoming the latest high-profile American to enter Ukraine during its 10-weekold war with Russia. “I wanted to come on Mother’s Day,” the US first lady told Zelenska. “I thought it was important to show the Ukrainian people that this war has to stop and this war has been brutal and that the people of the United States stand with the people of Ukraine.” In Germany, Chancellor Olaf Scholz said in a televised address that Sunday was “a May 8th like no other.” He said Germany has worked hard to own up to its actions during World War II, reconciling with both Russia and Ukraine and committing itself to the concept of “never again.” But Russia’s “barbaric” invasion of Ukraine in February has brought war back to Europe, Scholz said, a prospect that once seemed unthinkable. “Freedom and security will prevail—just as freedom and security triumphed over lack of freedom, violence and dictatorship 77 years ago,” Scholz said in his address. German Bundestag President Bärbel Bas, the second highestranking German official after the president, met Sunday with Zelenskyy in Kyiv and attended a memorial event honoring the anniversary of the end of World War II. “We really appreciate that on the Day of Remembrance and Reconciliation itself, and in what for us is such a trying time of war, the President of the German Bundestag Bärbel Bas came to support Ukraine,” said a post published Sunday on Zelenskyy’s Telegram channel. Madhani reported from Wilmington, Delaware. Emily Schultheis in Berlin contributed to this report.

A8 Tuesday, May 10, 2022

PHL economy may see Q2 boost, but not sustain it in H2–experts

By Cai U. Ordinario

@caiordinario

HE economy will likely experience a boost from all the election-related spending in the run up to the elections, but economists are not confident that these gains would be sustained in the second half of the year. Ateneo Eagle Watch Senior Fellow Leonardo A. Lanzona Jr. told BusinessMirror that traditionally, election spending adds about a percent to GDP growth. But, Lanzona said, these gains may be short-lived considering that this will only translate to higher inflation. Sustaining these gains, he said, will largely depend on who wins the elections. “If the elections are seen as cred-

ible, the economic performance will now depend on the economic policies pronounced by the administration and the persons brought in the administration to implement them,” Lanzona told this newspaper. The new administration will also be faced with a number of challenges, many of them out of its control, such as the impact on prices by the war in Ukraine. Other challenges include debt

pressures—an unprecedented situation resulting from the pandemic. The country’s debt to GDP ratio is now at around 60 percent. “The new administration should have a bold and comprehensive plan that should ignite the energies and expectations of the country,” Lanzona said. “If political divisiveness emerges as a result of the elections, we will be digging deeper into economic quagmire.” In contrast, Leonardo A. Gonzales, President of Society Towards Reinforcing Inherent Viability for Enrichment (SIKAP/STRIVE) Inc., told BusinessMirror that the country’s economic gains may be sustained due to strong macroeconomic fundamentals. Gonzales added that historically, election years see the economy growing faster than during nonelection years. This, he said, has been observed during the second half of the year immediately after an election.

EIU’s view

THE observation that the Philippines had strong macroeconomic fundamentals was shared by Econ-

omist Intelligence Unit (EIU) Asia Regional Director Tom Rafferty. He said in a statement that the Philippine economy has been known to exhibit “healthy economic growth” for over 10 years on the back of its efforts toward liberalization. Rafferty said in a Marcos Jr. presidency, investors could expect a continuation of a number of economic policies implemented by the Duterte administration. The son of the late dictator is offering the status quo rather than change. This continuation includes relations with key trade partners, the United States and China as well as the Build, Build, Build program. Rafferty, nonetheless said, digital and nuclear energy infrastructure projects may be prioritized. However, Rafferty said, it is not the policies of a Marcos Jr. presidency that will be a risk for the Philippine economy but his “lack of political experience.” The worst case scenario for investors, Rafferty said, would be an “ineffective and corrupt administration.” Rafferty commented that Marcos Jr.’s “unproductive stint as a senator” and known ties with

prominent political families may prevent him from achieving the same level of success in the political sphere compared to Duterte. “Mr. Marcos can boast only a relatively unproductive stint as a senator, and remains closely associated with the record of his namesake father, who was overthrown as president amid allegations of endemic corruption in 1986,” Rafferty said. “Failure to navigate the oftfractious parliament and adequately deliver progress on major business-friendly reform and infrastructure upgrade amid an ongoing pandemic, which will require consummate political and communication skills, could jeopardise the country’s hitherto impressive recent growth trajectory and trigger a sudden reversal of fortune and ensuing political volatility in 2023,” he explained. Last year, a study done by economists from the University of the Philippines School of Economics (UPSE) noted that the Philippine economy under Martial Law barely grew 6 percent when most of its Asean peers were growing at 7 percent.

In the Discussion Paper titled, “Martial law and the Philippine economy,” the authors led by former UPSE Dean Emmanuel de Dios said the average GDP growth rate between 1972 and 1985 was only 3.4 percent. For the period of Martial Law, between 1972 and 1980, the growth was at 5.98 percent. This was only due to the “exceptional years” of 1973 and 1976 which posted growth of 8.9 percent and 8.8 percent, respectively. The economists noted that while public sector fixed investment increased to 6.5 percent of GNP between 1972 and 1976, tax revenues remained virtually unchanged. A careful examination of the data from the dictatorship years and the period under democratic government showed there was faster GDP growth under the democratic years at around 4.03 percent between 2009 and 2017 than the 3.17 percent in the 1972 to 1980 period. The same results were reached when the economists compared the two decades of the Marcos regime and the last two decades under a democratic government.

PCCI TO EXITING, NEW GOVTS: EASE TRANSPORT, LOGISTICS WOES THAT HURT ECONOMY By Andrea E. San Juan

HE Philippine Chamber of Commerce and Industry (PCCI) is appealing to the outgoing and incoming administrations to act with urgency on the concerns besetting our transportation and logistics industry to curb further economic problems. “There are a lot of concerns besetting our transportation and logistics industry. These issues need a comprehensive set of measures to curb further problems and avoid more losses to the economy,” PCCI President George T. Barcelon said at the recent 2nd General Membership Meeting of the country’s biggest business alliance. Barcelon emphasized that transportation and logistics are essential to sustaining economic gains and building on the reform measures meant to make the country attractive to investments and conducive to jobs-creating activities. Meanwhile, experts and stakeholders shared Barcelon’s sentiments and added their recommendations according to their respective field of expertise. For his part, Transportation expert and consultant engineer Rene Santiago pointed out that while travel demands have shrunk with work-from-home arrangements, the modal share of cars has increased due to the Covid-19 scare, yet road capacities have been reduced with bicycle lanes in place. Santiago pointed out that the shortage of buses and jeepneys due to government rules add to the riding public’s transport burdens.

New rules worsen woes

“IT required all jeepneys, about 60,000 of them, to reapply on

new routes that have not yet been defined up to now,” said Santiago. On top of these transportation problems, Santiago said, “we have made the streets of Metro Manila very dangerous with concrete barriers all over the place, so they promote accidents.” He highlighted that the only “bright spot” are the motorcycles, as they have been the lifeline during the Enhanced Community Quarantine (ECQ). Santiago noted that the only solution is to decouple mobility from urban and income rise. “This is what I call the urban dynamics: as the metropolis grows, it attracts more population or more employees, more work force lead to more trips and longer trip businesses,” he added. For his part, Supply Chain Management Association of the Philippines president Pierre Curay emphasized that at 25 percent, the share of logistics costs in the percentage of sales in the country is the highest among the Philippines’s neighbors in the Association of Southeast Asian Nations (Asean). Curay highlighted traffic and transportation problems as some of the culprits behind the country’s high logistic cost. “Transport faces a lot of challenges in terms of policies as it is one of the primary focus of penalties that slows down traffic but increases costs. Examples of these are the truck ban, single lane, and number coding scheme which adds to the cost of deliveries. If the cost of transport is high, the cost of commodities also increases,” said Curay. Curay said existing policies only allow deliveries once every two days and if you can deliver only that little, that is basically doubling your cost. Continued on A2

RESIDENTS of Tahanang Walang Hagdanan, a rehabilitation and skills training center for persons with disability, cast their votes in a covered court in Marick Subdivision, Cainta, Rizal. BERNARD TESTA

Meralco reports 20 outages during elections By Lenie Lectura @llectura

HE Manila Electric Company recorded 20 power outage incidents in its franchise area on election day, allaying earlier apprehension about disruptions throwing the voting process in chaos and making possible fraud easier. “We have so far recorded 20 outage incidents, most of which were isolated troubles. These were immediately addressed and restored accordingly,” the utility firm said. Affected sites are located in:

Metro Manila: Sta. Ana, Sta. Mesa, and Tondo in Manila, Valenzuela City, Batasan in Quezon City, and Talon in Las Piñas City; ■ Cavite: Cavite City, Naic, and Amadeo; ■ Batangas: Batangas City; ■ Bulacan: Hagonoy, San Francisco, San Jose del Monte; ■ Rizal: Antipolo and Cainta. As of 12 noon, power had been fully restored in all affected areas, said the power utility. Meralco said it has contingency measures in place so that it can immediately address any emergency ■

and trouble. “We have more than 270 generator sets and more than 500 flood lights ready to be deployed. We have round-the-clock operations and we will continue monitoring electricity service in the election sites across our franchise area “ it said. Meanwhile, the National Electrification Administration (NEA) reported 201 power interruption incidents as of Monday morning. The power outages were recorded with an average duration of 70 minutes. “From 0400H to 1100H on May 9, 61 of the 111 electric cooperatives with reports experienced power

interruption,” NEA said.

NGCP: Lines, facilities normal

MEANWHILE, the National Grid Corp. of the Philippines, in its update on the power situation as of 5pm Monday, said that, “NGCP’s transmission lines and facilities are under normal operations.” Power supply and demand in all of NGCP’s three grids are as follows: For Luzon, capacity is at 13,969MW and demand at 8,764MW; for Visayas, capacity at 2,821MW and demand at 1,649MW; and for Mindanao, capacity at 2,959MW and demand at 1,348MW.

Companies

Editor: Jennifer A. Ng

Tuesday, May 10, 2022

Exec: SM Prime weighing options for IPO of REIT By VG Cabuag

@villygc

hopping mall operator SM Prime Holdings Inc. said it has plans to launch its own real estate investment trust (REIT), but the ongoing pandemic has pushed the company to rethink its strategies. John Nai Peng C. Ong, the company’s CFO, also said the company is still firming up the structure of its REIT. “The pandemic has got to do with the timing. It’s a timing consideration,” Ong said. “Personally, hopefully not. We have been working on it for quite a while,” he said when asked if the REIT launch will happen in the next three years, based on the company’s timetable. Many investors are waiting for

SM Prime to list its own REIT on the Philippine Stock Exchange (PSE). The company builds residential condominiums, offices and horizontal housing units. Ong said is looking at a number of options for its REIT, such as injecting office properties or even its retail business or the commercial spaces in the lower levels of their buildings that were built mainly for the tenants. Jeffrey C. Lim, the company’s president said the company is look-

ing at having an office REIT initial public offering (IPO). “We continue to look at it (REIT) and explore it. Given the situation now we will work on the potential office first; the mall will come in later. So the plan is there; we are working on it. We cannot disclose it at this time because we have not decided on the assets and the structure yet,” Lim said. The company may not inject malls in its REIT at a time when the country is still in the middle of a pandemic. Foot traffic in shopping centers is still not back to prepandemic levels, especially during weekdays, according to Lim. Weekend traffic in the malls are close to pre-pandemic levels, but that may change in an instant if a more stringent alert level is imposed due to a surge in Covid-19 cases. Some of the large spaces of its malls were also converted to other uses, such as a vaccination site or other government services such as satellite sites for passport or national ID application.

“We believe that even if we’re not able to reach a pre-pandemic level before the end of the year, at least we should target between 80 to 90 percent (of 2019 figures). So we are optimistic about the prospect for 2022,” Lim said. SM Prime may be overtaken by the Villar Group which has already secured the go-signal of the Securities and Exchange Commission (SEC) to conduct an IPO for its REIT. VistaREIT Inc. (Vreit), the REIT of property developer Vista Land and Lifescapes Inc., said it will focus on community shopping malls. With an appraised P35.95-billion portfolio valuation, Vreit banks on a strong portfolio of 10 community malls and two Philippine Economic Zone Authority-accredited office buildings, making it the first REIT in the country that offers majority community malls. Vreit expects to conduct the IPO from May 10 to 16 and debut on the PSE on May 26, based on the timetable the company submitted to the SEC.

Relocation of Meralco facilities gets nod By Lenie Lectura @llectura

he Energy Regulatory Commission (ERC) has approved the relocation of the electrical facilities of the Manila Electric Co. (Meralco) that will be affected by the infrastructure projects of the government provided that the Department of Transportation (DoTr) will shoulder P9.9 billion of the relocation cost. The total cost of the relocation is P14,210,689,366.38. Of the amount, Meralco will shoulder P4,239,341,579.13 while the remaining P9,971,347,787.25 will be paid by the DoTr. Meralco said a total of 10,372 poles and 764.82 kilometers of conductors would be affected by the six infrastructure projects of the gov-

ernment under “Build, Build, Build” (BBB). However, it said, these projects need to be undertaken. “The failure to implement any of the relocation projects would cause delay in the completion of the infrastructure projects, hence, a delay in the realization of the government’s plans and vision,” Meralco said. The ERC, for its part, said it had to carefully assess the impact to the Meralco customers. “The Commission deemed that the funding for relocation project cost, as well as the expansion project cost, be scrutinized. After all, the costs that will be shouldered by the DoTr will likewise be settled through taxpayers’ contribution to the national coffers.” The ERC said that while it recognizes the necessity of the DoTr projects, there are guidelines to be

followed in the implementation of capital expenditure (capex) projects. The capex guidelines provide that an application shall be filed within 60 days from the start of the implementation of such projects classified under the Contingency capex. However, Meralco already started the relocation of its facilities affected by the Philippine National Railways North 1 project on September 29, 2018, and that the filing of the application was only made on December 12, 2019. “This is beyond the 60-day period under the CAPEX guidelines. It is worthy to note that the 60day period of filing was provided for the purpose of giving distribution utilities the flexibility to immediately implement contingency capex projects under specific situations, without prior approval from

the Commission to ensure that the service to the customers and the delivery of a safe, quality and reliable electricity is not delayed during such situations,” the ERC said. The agency ruled that Meralco’s relocation project of its facilities in connection with the BBB projects of the DoTr should be approved, provided that the cost for the relocation, in the amount of P9,971,347,787.25 shall be shouldered by DoTr and that it shall be treated as Contribution in Aid of Construction, hence this will not be recovered under the account of Meralco. Meanwhile, the ERC disapproved the expansion project of Meralco of its distribution system amounting to P4,239,341,579.13. It ordered the utility firm to re-file it within 30 days.

Fonterra trims Foreign investors shun India’s biggest IPO milk price forecast

onterra, the world’s biggest dairy exporter, reduced its forecast payment to its New Zealand farmers due to weaker global demand. The payment for the 2021-22 season will be between NZ$9.10 and NZ$9.50 per kilogram of milksolids, the Auckland-based company said Monday. The NZ$9.30 midpoint is 30 cents lower than its previous guidance. The change “is due to a number of recent events which have resulted in short-term impacts on global demand for dairy products -- in particular, the lockdowns in China due to Covid-19, the economic crisis in Sri Lanka and the Russia-Ukraine conflict,” Chief Executive Officer Miles Hurrell said in a statement. “We’re seeing the impact of multiple events. Coupled with inflationary pressures, it’s not surprising to see buyers being cautious.” Dairy prices fell 8.5 percent at the most recent auction on May 3, prompting some New Zealand economists to lower their estimates for Fonterra’s payment. Even after the reduction, milk price for the season that ends May 31 will be the highest in Fonterra’s history and will contribute about NZ$14 billion ($9 billion) to the domestic economy, it said. Bloomberg News

oreign institutional investors have on the whole steered clear of India’s biggest share sale, deeming it too expensive given currency risks and the global market backdrop. With just hours to go until the end of the subscription period for the $2.7 billion initial public offering of Life Insurance Corporation of India, foreign institutional funds have put in orders for merely 8 percent of the shares set aside for all institutional buyers. While the anchor portion of the IPO drew in sovereign funds from Norway and Singapore, most of the shares went to domestic mutual funds. “Foreign institutional investors have been pulling out heavily in the secondary market since October. The Fed rate hike and the recent slide in the rupee against the dollar further enhances risks of currency depreciation that can erode their asset price gains in India,” said Vidya Bala, head of research and co-founder at Chennai-based Primeinvestor.in. “So there is little reason for them to participate in an IPO, large as it may be.” Dubbed India’s “Aramco moment” in reference to Gulf oil giant Saudi Arabian Oil Co.’s $29.4 billion listing in 2019—the world’s

largest—the float of LIC has ended up resembling the Aramco IPO not just in scale but in its reliance on domestic investors after foreign buyers deemed the float too expensive. LIC has been seeking to drum up interest with newspaper advertisements since the start of the year, seeking to take advantage of a retail investment boom in India. India’s government had cut the fundraising of the IPO by about 60% as the war in Ukraine roiled markets, denting risk appetite, while rising U.S. interest rates are putting foreign investors off emerging market stocks. It also cut the valuation it is seeking for the country’s oldest insurer, which would be worth 6 trillion rupees ($78 billion) at the top of the price range.

Locals pile in

While foreign investors have shunned the deal, retail buyers have been piling in. Policyholders placed bids for over five times the shares reserved for them, while the employee portion received orders for four times the amount available, stock exchange data showed. Retail investors and policyholders receive discounts on the offer price. Overall, the IPO has received or-

ders for double the shares on offer, while the tranche for institutional investors is now fully sold. The muted international investor interest stands in sharp contrast to some of last year’s Indian IPOs. One97 Communications Ltd., which operates digital payments firm Paytm, drew in the likes of BlackRock Inc., Canada Pension Plan Investment Board and Teacher Retirement System of Texas, among many others, for its 183 billion rupee share sale last year. Food delivery platform Zomato Ltd. was similarly popular among foreign investors. However those buyers have been left nursing losses as enthusiasm over India’s tech boom waned after some flops. Paytm sank 27 percent on its debut and is now trading 74 percent below its offer price. Zomato had a strong debut last summer but has since lost 20 percent in value. Investors have also had concerns about LIC’s ability to keep market share as private insurers like HDFC Life Insurance Co. Ltd. and SBI Life Insurance Co. Ltd. expand. The private sector has been on an aggressive expansion spree during the pandemic, growing new individual policy premiums while LIC struggles. Bloomberg News

PNP asked to shutter resort in Palawan

Photo shows Lio Beach in Palawan. From www.lio.ph

he local National Commission on Indigenous Peoples (NCIP) in Palawan is seeking the assistance of the Philippine National Police (PNP) to stop the resort operations of Ten Knots Philippines Inc. (TKPI), a unit of Ayala Land Inc., in El Nido. This after NCIP-Palawan secured a cease and desist order for the disputed land claimed by the Tagbanua Tandulanen tribes. The agency said it allowed several signages to be posted along the alleged properties covered by ancestral domains, mainly in Lio Estate, still being developed by Ayala Land and parcels of land were sold to investors. A cease and desist order was issued to Ten Knots on March 7, but it was only served on May 5, according to NCIP. Ayala Land developed its Lio Estate in El Nido town, which has its own airport. The closure of the airport, however, was deferred for public interest, the agency said. “We wish to warn the public that there is an ongoing process on the subdivided lots being sold by TKPI. It would be best that the public wait for the termination of this process for their protection,” according to a statement released by Apo Rogelio Manlavi, on behalf of the tribe. “We thank the NCIP and the local police for their understanding and cooperation, and we hope that this matter would be resolved soon with a view to preserving the ancestral lands of our forefathers for the benefit of future generation of our people. Development benefits from business proponents should never be at the expense of our cultural heritage and identity.” T he operat ion of T K PI,

which involved the Lio Tourism Estate and El Nido Cove Resort in barangays Villa Libertad and Pasadena in El Nido, Palawan was questioned by the Tagbanuwa Tandulanen indigenous people’s community. In a statement, TKPI said the ongoing developments on Lio Estate, including its exclusive airport, are all titled. “TKPI was issued a Certificate of Non-Overlap by the NCIP stating that the initial phases of its Lio Estate project are not part of any ancestral domain,” the company said, adding that it is cooperating with the NCIP and submitted all the documents it required to resolve the issue. “TKPI has been in El Nido for 43 years, delivering distinct experiences to its guests that have paved the way for responsible tourism as the brand of Palawan. TKPI’s recent real estate offerings are also the benchmark for sustainable estates in the country. TKPI has been recognized repeatedly for strong partnerships with its host communities over all those decades. We hope that this unfortunate event will not diminish the value that TKPI has been bringing to the municipality of El Nido and the province of Palawan. Meanwhile, Maharani Apo Remedios Cabate-Cabral, Tagbanuwa tribe chief, said in a statement that the Tagbanuas have traced their roots in Palawan citing historical books and even local and international research. “Our elders from the Tagbanua Tandulanen IP merely want what is due to our people—the right to be recognized as the guardian and custodian for future generations of our ancestral lands,” Cabral said. VG Cabuag

Companies BusinessMirror

Tuesday, May 10, 2022

PSE STOCK QUOTATIONS

May 6, 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 PHIL NATL BANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FILIPINO FUND NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

66,325 395,689,946 2,185,570 158,274,462.50 9,714,190 2,477,827 124,500,897.50 1,777,360 146,550 29,302,239 6,051,836 20,170 58,290 3,901 19,840 878,990 23,650

5,334,923 1,200,000 -44,899,805 1,042,415 -1,290,998 -34,128,451 90,050.00 138,650 3,263,237 -1,953,172 -19,200 617,780 -

INDUSTRIAL AC ENERGY 7.58 7.6 7.5 7.75 7.43 7.6 7,084,600 53,824,216 ALSONS CONS 0.91 0.94 0.91 0.92 0.91 0.91 385,000 352,850 ABOITIZ POWER 32.5 32.55 32.4 32.7 31.8 32.5 2,829,600 91,845,850 BASIC ENERGY 0.36 0.365 0.38 0.38 0.36 0.365 1,600,000 588,150 FIRST GEN 23.3 23.5 23.85 23.85 23.15 23.5 112,700 2,655,785 FIRST PHIL HLDG 69.85 70 70.2 70.2 69.85 69.85 3,820 266,844.50 MERALCO 342 344 340 344.8 335.6 344 321,850 110,331,146 MANILA WATER 17.48 17.5 17.66 17.9 17.5 17.5 3,460,800 61,141,656 PETRON 3.41 3.44 3.49 3.49 3.39 3.4 494,000 1,689,420 PETROENERGY 5.05 5.1 5 5.09 5 5.09 244,000 1,231,822 PHX PETROLEUM 9.9 10.2 10.2 10.2 10.2 10.2 500 5,100 SYNERGY GRID 12.1 12.14 12.24 12.3 12.08 12.14 641,700 7,792,904 PILIPINAS SHELL 17.22 17.48 17.48 17.48 17.3 17.48 41,300 718,212 SPC POWER 13.94 13.98 13.96 13.98 13.88 13.98 167,900 2,341,982 SOLAR PH 1.51 1.54 1.49 1.54 1.46 1.54 58,676,000 88,490,330 AGRINURTURE 4.57 4.69 4.73 4.73 4.58 4.69 1,224,000 5,762,530 AXELUM 2.49 2.58 2.5 2.58 2.49 2.58 510,000 1,291,910 CNTRL AZUCARERA 11.52 12 12 12 12 12 400 4,800 CENTURY FOOD 21.75 22.35 22.75 22.75 21.7 21.75 1,248,400 27,546,280 DEL MONTE 14.22 14.3 14.2 14.28 14.2 14.28 15,800 224,880 DNL INDUS 7.29 7.3 7.28 7.31 7.2 7.3 576,400 4,199,114 EMPERADOR 20 20.05 19.98 20.7 19.9 20 2,862,400 57,363,342 SMC FOODANDBEV 59.9 60.45 59.9 60.5 59.05 60.45 123,810 7,439,008 FIGARO COFFEE 0.52 0.53 0.53 0.53 0.51 0.53 1,830,000 953,430 ALLIANCE SELECT 0.61 0.64 0.63 0.65 0.61 0.63 981,000 626,940 FRUITAS HLDG 1.02 1.03 1.02 1.05 1.01 1.03 928,000 953,090 GINEBRA 106 106.8 105 106.8 105 106.8 690 73,056 JOLLIBEE 217.4 220 222.8 222.8 217 217.4 343,670 75,131,912 KEEPERS HLDG 1.21 1.22 1.21 1.22 1.2 1.22 595,000 722,740 MAXS GROUP 6.1 6.12 6.15 6.15 6.1 6.12 27,300 167,130 MG HLDG 0.128 0.129 0.128 0.128 0.128 0.128 80,000 10,240 MONDE NISSIN 13.38 13.44 13.74 13.8 13.34 13.38 7,209,400 97,546,110 SHAKEYS PIZZA 7.82 8.28 7.8 8.3 7.77 8.3 852,700 6,989,707 ROXAS AND CO 0.5 0.51 0.51 0.52 0.5 0.51 304,000 154,790 RFM CORP 3.97 4.16 4.12 4.12 4 4 654,000 2,620,170 ROXAS HLDG 1.13 1.27 1.26 1.27 1.26 1.27 30,000 37,810 UNIV ROBINA 109 109.8 109 111 108.8 109 1,191,390 130,434,162 VITARICH 0.64 0.65 0.63 0.65 0.63 0.64 255,000 163,840 CEMEX HLDG 0.8 0.81 0.82 0.82 0.79 0.81 4,219,000 3,401,040 EAGLE CEMENT 12.1 12.2 12.2 12.2 12 12.2 31,200 377,084 EEI CORP 4.37 4.42 4.43 4.43 4.32 4.4 85,000 373,130 HOLCIM 5.23 5.25 5.24 5.25 5.16 5.25 20,600 107,729 MEGAWIDE 5.11 5.17 5.19 5.19 5.05 5.17 83,400 428,179 PHINMA 19.74 19.9 19.9 19.9 19.9 19.9 6,700 133,330 TKC METALS 0.74 0.79 0.75 0.75 0.74 0.74 52,000 38,530 VULCAN INDL 0.86 0.88 0.9 0.9 0.86 0.88 2,106,000 1,829,580 CROWN ASIA 1.75 1.82 1.82 1.82 1.82 1.82 1,000 1,820 PRYCE CORP 5.67 5.72 5.62 5.67 5.62 5.67 3,200 18,099 CONCEPCION 19.2 19.98 19.14 19.2 19.12 19.2 2,100 40,210 GREENERGY 1.49 1.5 1.51 1.54 1.48 1.51 18,963,000 28,611,030 INTEGRATED MICR 7.08 7.15 7.2 7.2 6.98 7.08 87,400 618,817 IONICS 0.67 0.69 0.68 0.68 0.68 0.68 17,000 11,560 PANASONIC 6.17 6.3 6.2 6.2 6.2 6.2 100 620 SFA SEMICON 1.11 1.14 1.15 1.15 1.14 1.14 34,000 39,080 CIRTEK HLDG 2.96 3 3 3.02 2.91 2.97 293,000 870,550

-2,435,937 -230,000 -25,990,355 -7,600 -39,020 55,880.00 -58,283,442 3,798,864.00 -130,010 -3,273,134 -5,242 582,770 -2,020,420 5,102,620 45,070 4,800 5,478,190 -508,087 -446,812 -4,329,684 25,700 -35,944,170 -12,100 -23,878,818 104,490 -995,770 9,550,794 -1,856,690 33,575 -13,930.00 26,050 8,666,810 35,660 -297,000

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B BHI HLDG COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT KEPPEL HLDG A KEPPEL HLDG B LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP WELLEX INDUS

43.85 128 11.92 94.4 28 7.67 52.8 18.72 19.64 102.5 76.5 1.98 3.65 6.5 0.64 208 2,252

1.17 4.12 730 50.5 10.98 9 0.9 0.47 0.465 662 4.8 8.21 6.95 506 53.8 7 6.6 0.5 2.94 8.62 0.325 3.79 1.35 0.88 845.5 105 0.275

44.65 129.1 12.1 95 28.1 7.7 52.85 18.8 20.6 102.7 77.25 2.08 3.69 6.99 0.71 209 2,484

1.18 4.5 733.5 50.6 11 9.21 0.92 0.485 0.49 4.83 8.3 7.13 508 55 7.28 7.49 0.53 2.97 8.68 0.335 3.8 1.44 0.9 848 106.5 0.3

44.25 128 11.96 97 27.75 7.75 52.4 19 19.6 102.2 75.8 2.09 3.65 6.51 0.68 210 2,232

1.18 735 50.6 11.22 9.15 0.93 0.48 0.485 662 4.87 8.2 7.13 510 55.5 7.27 6.6 0.5 2.97 8.68 0.325 3.8 1.34 0.88 840 106.5 0.275

44.8 129.3 12 97 28 7.77 53.8 19 20.6 103.2 77.5 2.09 3.69 6.51 0.68 210 2,498

1.18 750 51.65 11.26 9.21 0.93 0.485 0.49 662 4.92 8.32 7.13 514 56.1 7.28 6.6 0.53 2.97 8.69 0.325 3.82 1.46 0.9 848 106.5 0.275

43.85 127 11.9 94.4 27.65 7.67 52.15 18.6 19.6 102.2 75.5 1.96 3.6 6.5 0.64 208 2,232

1.17 730 50.5 10.94 9.15 0.9 0.46 0.485 662 4.8 8.08 7.13 504 53.8 7.27 6.6 0.5 2.97 8.6 0.325 3.78 1.34 0.88 832 104.5 0.275

44.65 128 12 94.4 28 7.67 52.85 18.72 20.6 102.5 77.2 1.97 3.69 6.5 0.64 208 2,498

1.18 730 50.5 11 9.21 0.9 0.48 0.49 662 4.8 8.3 7.13 506 53.8 7.28 6.6 0.53 2.97 8.68 0.325 3.79 1.44 0.9 845.5 106.5 0.275

1,500 3,082,280 182,500 1,659,260 348,500 321,900 2,347,210 94,700 7,200 285,580 78,990 10,000 16,000 600 30,000 4,220 10

4,864,000 360,240 1,751,460 4,767,600 1,200 1,110,000 4,140,000 60,000 360 1,650,000 5,918,500 100 201,480 1,652,890 5,000 2,000 2,000 3,000 841,300 20,000 10,687,000 339,000 208,000 906,610 75,520 600,000

5,706,680 265,854,280 88,785,207.50 52,724,972 11,040 999,030 1,945,200 29,350 238,320 7,949,350 48,528,193 713 102,267,450 89,860,613 36,399 13,200 1,030 8,910 7,272,082 6,500 40,606,880 484,420 184,810 763,599,450 8,012,538 165,000

PROPERTY ARTHALAND CORP 0.55 0.58 0.56 0.57 0.56 0.57 14,000 7,960 AYALA LAND 32.5 32.7 32.45 32.9 32.1 32.5 13,005,200 421,691,545 AYALA LAND LOG 4.22 4.3 4.44 4.44 4.22 4.22 2,005,000 8,599,000 ARANETA PROP 1.24 1.3 1.27 1.33 1.21 1.3 635,000 811,760 AREIT RT 38.25 38.4 38.45 39.25 38.25 38.25 1,642,300 63,221,505 A BROWN 0.81 0.86 0.81 0.81 0.81 0.81 104,000 84,240 CROWN EQUITIES 0.092 0.093 0.091 0.093 0.091 0.092 140,000 12,850 CEB LANDMASTERS 2.72 2.73 2.72 2.75 2.72 2.72 282,000 769,080 CITICORE RT 2.54 2.55 2.54 2.56 2.52 2.54 2,234,000 5,667,500 DOUBLEDRAGON 7.96 8 8 8.1 7.91 7.96 93,700 752,287 DDMP RT 1.56 1.57 1.52 1.58 1.47 1.56 5,790,000 8,983,810 DM WENCESLAO 6.88 6.9 6.88 6.9 6.88 6.9 16,900 116,572 EMPIRE EAST 0.219 0.227 0.22 0.22 0.22 0.22 200,000 44,000 EVER GOTESCO 0.242 0.247 0.242 0.243 0.242 0.242 620,000 150,140 FILINVEST RT 7.31 7.32 7.31 7.32 7.28 7.31 1,066,400 7,787,682 FILINVEST LAND 1.02 1.03 1.04 1.04 1.02 1.02 658,000 677,030 GLOBAL ESTATE 0.9 0.91 0.9 0.9 0.9 0.9 397,000 357,300 8990 HLDG 13.3 13.4 13.32 13.52 13.1 13.4 204,700 2,715,446 GOLDEN MV 641 675 634.5 675 634.5 675 40 25,785 CITY AND LAND 0.78 0.8 0.78 0.79 0.78 0.79 27,000 21,260 MEGAWORLD 2.83 2.84 2.85 2.86 2.82 2.83 6,995,000 19,856,720 MRC ALLIED 0.213 0.214 0.219 0.219 0.212 0.214 4,130,000 885,410 MREIT RT 17.64 17.66 17.7 17.7 17.6 17.66 3,045,500 53,759,608 PHIL ESTATES 0.38 0.405 0.385 0.385 0.38 0.38 490,000 188,150 PRIMEX CORP 2.67 2.7 2.64 2.73 2.63 2.7 1,290,000 3,445,980 RL COMM RT 7.36 7.4 7.35 7.45 7.35 7.36 4,394,600 32,602,297 ROBINSONS LAND 19.4 19.5 19.92 20 19.22 19.5 4,994,000 97,984,062 PHIL REALTY 0.226 0.245 0.214 0.245 0.214 0.245 380,000 90,700 ROCKWELL 1.35 1.43 1.36 1.36 1.35 1.35 5,000 6,760 SHANG PROP 2.48 2.59 2.48 2.5 2.48 2.5 57,000 142,160 STA LUCIA LAND 2.8 2.91 2.78 2.92 2.78 2.92 55,000 153,560 SM PRIME HLDG 35.2 35.7 36.8 36.8 35.2 35.2 6,370,100 226,238,110 VISTA LAND 2.47 2.49 2.53 2.53 2.41 2.49 664,000 1,650,390 SERVICES ABS CBN 12.82 12.9 12.7 12.96 12.7 12.9 139,800 1,801,884 GMA NETWORK 12.58 12.7 12.78 12.78 12.48 12.7 1,220,100 15,352,220 GLOBE TELECOM 2,444 2,464 2,328 2,470 2,304 2,464 92,725 225,189,210 PLDT 1,890 1,895 1,890 1,939 1,881 1,890 142,285 271,897,280 APOLLO GLOBAL 0.041 0.042 0.042 0.042 0.041 0.042 98,000,000 4,056,800 CONVERGE 29.15 29.25 29.6 30.05 29.05 29.15 8,226,900 242,135,160 DFNN INC 3.11 3.26 3.18 3.3 3.04 3.26 1,043,000 3,329,230 DITO CME HLDG 4.99 5 4.89 5 4.76 5 4,218,000 20,702,260 JACKSTONES 1.63 1.69 1.69 1.69 1.69 1.69 1,000 1,690 NOW CORP 1.39 1.4 1.4 1.44 1.38 1.4 2,944,000 4,149,040 TRANSPACIFIC BR 0.305 0.31 0.315 0.315 0.305 0.31 1,000,000 309,600 2GO GROUP 7.05 7.1 7.3 7.3 6.81 7.05 35,700 249,662 ASIAN TERMINALS 13.6 13.9 13.9 13.9 13.9 13.9 14,300 198,770 CHELSEA 1.49 1.51 1.5 1.5 1.49 1.49 91,000 135,830 CEBU AIR 45.2 45.9 45.5 46.2 44.5 45.2 79,300 3,627,325 INTL CONTAINER 220 220.2 213.2 221.8 211.2 220.2 1,847,720 406,978,082 LBC EXPRESS 22.25 23.95 22.15 22.15 22.15 22.15 100 2,215 MACROASIA 5.13 5.15 5.2 5.21 5.12 5.15 690,900 3,565,484 PAL HLDG 6.1 6.2 6 6.2 6 6.2 37,100 229,874 HARBOR STAR 0.65 0.67 0.65 0.68 0.65 0.65 41,000 26,680 BOULEVARD HLDG 0.073 0.074 0.074 0.081 0.071 0.073 121,640,000 9,241,000 WATERFRONT 0.43 0.44 0.43 0.435 0.43 0.43 120,000 51,700 STI HLDG 0.345 0.355 0.345 0.355 0.345 0.355 360,000 127,600 BELLE CORP 1.25 1.29 1.3 1.3 1.25 1.29 250,000 316,440 BLOOMBERRY 6.25 6.28 6.2 6.3 6.18 6.28 4,850,700 30,423,349 PACIFIC ONLINE 1.31 1.35 1.35 1.35 1.35 1.35 49,000 66,150 LEISURE AND RES 1.36 1.39 1.3 1.39 1.3 1.39 2,389,000 3,237,390 PH RESORTS GRP 1.28 1.29 1.25 1.35 1.2 1.28 12,576,000 16,175,840 PREMIUM LEISURE 0.48 0.485 0.485 0.49 0.48 0.485 21,580,000 10,489,850 PHILWEB 3.1 3.13 2.84 3.19 2.77 3.1 13,055,000 39,966,360 ALLDAY 0.42 0.425 0.42 0.425 0.415 0.425 6,400,000 2,687,600 BERJAYA 5.6 6.35 5.99 5.99 5.99 5.99 900 5,391 ALLHOME 7.8 7.9 7.8 7.8 7.73 7.8 13,300 103,223 METRO RETAIL 1.4 1.43 1.4 1.4 1.4 1.4 58,000 81,200 PUREGOLD 33.6 34.3 35 35.45 33.6 33.6 823,700 27,983,045 ROBINSONS RTL 53.45 53.5 54 54 53 53.5 186,110 9,956,340 PHIL SEVEN CORP 62 62.95 63 63 62 62 53,050 3,340,975 SSI GROUP 1.19 1.2 1.2 1.21 1.19 1.2 2,401,000 2,874,540 WILCON DEPOT 27.05 27.45 27.5 27.75 27 27.05 372,300 10,095,230 APC GROUP 0.215 0.23 0.23 0.23 0.23 0.23 110,000 25,300 EASYCALL 4 4.37 4.02 4.02 4.02 4.02 1,000 4,020 IPM HLDG 6.85 7 7 7 7 7 11,000 77,000 MEDILINES 0.75 0.76 0.76 0.77 0.74 0.76 626,000 472,520 PAXYS 1.81 1.98 1.81 1.81 1.81 1.81 1,000 1,810 PRMIERE HORIZON 0.475 0.48 0.49 0.49 0.47 0.48 4,260,000 2,025,250 MINING & OIL ATOK 5.9 6.1 6 6.3 6 6.1 268,300 1,667,124 APEX MINING 1.52 1.53 1.52 1.55 1.49 1.52 1,380,000 2,084,900 ATLAS MINING 5.94 5.95 6.2 6.2 5.95 5.95 3,497,000 20,952,112 BENGUET A 7.2 7.24 6.95 7.22 6.95 7.22 252,600 1,767,250 BENGUET B 7 7.2 6.89 7.39 6.75 7.2 266,600 1,814,505 COAL ASIA HLDG 0.242 0.255 0.242 0.242 0.242 0.242 220,000 53,240 DIZON MINES 4.72 5.29 5.28 5.28 5.28 5.28 100 528 FERRONICKEL 2.61 2.65 2.63 2.69 2.59 2.65 9,826,000 25,615,480 LEPANTO A 0.138 0.139 0.14 0.14 0.14 0.14 10,000 1,400 LEPANTO B 0.138 0.142 0.137 0.137 0.137 0.137 800,000 109,600 MANILA MINING A 0.0097 0.01 0.01 0.01 0.0097 0.01 2,500,000 24,540 MANILA MINING B 0.0099 0.01 0.0099 0.0099 0.0099 0.0099 2,000,000 19,800 MARCVENTURES 1.64 1.65 1.59 1.65 1.55 1.64 4,415,000 7,094,430 NICKEL ASIA 7.71 7.72 7.56 7.86 7.56 7.72 2,704,800 20,915,002 ORNTL PENINSULA 0.92 0.94 0.95 0.95 0.87 0.94 42,000 37,810 PX MINING 4.85 4.88 4.82 4.91 4.8 4.88 894,000 4,349,600 SEMIRARA MINING 28.25 28.3 27.75 28.6 27.75 28.3 1,761,700 49,829,960 UNITED PARAGON 0.006 0.0063 0.0062 0.0062 0.0061 0.0061 12,000,000 73,600 ACE ENEXOR 14.9 15 15.5 15.6 14.8 15 1,006,300 15,207,052 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 10,000,000 111,000 PHILODRILL 0.0092 0.0094 0.0091 0.0096 0.0091 0.0094 30,000,000 282,000 PXP ENERGY 4.29 4.3 4.38 4.5 4.22 4.3 524,000 2,286,670 PREFFERED AC PREF B1 500 517.5 501.5 501.5 500 500 1,800 901,310 AC PREF B2R 498 509 502 502 498 498 7,000 3,497,110 BRN PREF A 105 105.9 105 105.9 105 105.9 64,290 6,789,592 CEB PREF 45.3 45.9 45 45.75 45 45.75 2,200 99,565 DD PREF 99.7 99.8 99.8 99.8 99.8 99.8 11,470 1,144,706 EEI PREF B 105.6 109 109 109 109 109 200 21,800 FGEN PREF G 102.9 105.5 102.8 102.8 102.8 102.8 10 1,028 GTCAP PREF A 1,010 1,020 1,010 1,010 1,010 1,010 1,000 1,010,000 JFC PREF A 980 990 970.5 970.5 970.5 970.5 50 48,525 MWIDE PREF 4 98.5 99.9 99.9 99.9 99.9 99.9 90 8,991 PNX PREF 3B 97 100.9 99.2 100.9 96.6 100.9 2,080 204,849 PNX PREF 4 987 989 988 989 988 989 1,050 1,038,300 PCOR PREF 3A 1,057 1,070 1,057 1,057 1,057 1,057 50 52,850 PCOR PREF 3B 1,088 1,119 1,086 1,086 1,086 1,086 155 168,330 SMC PREF 2F 76.35 77.9 76.3 78.2 76.3 78.2 57,200 4,452,717 SMC PREF 2H 75.1 75.6 75.1 75.6 75.05 75.1 15,210 1,142,266 SMC PREF 2I 78.5 79.4 78.1 78.2 78.1 78.2 1,200 93,820 SMC PREF 2J 74.75 76.1 74.6 74.6 74.6 74.6 200 14,920 SMC PREF 2K 74.6 75.75 75.2 75.8 74.55 74.55 15,660 1,176,448.50 TECH PREF B2D 54.5 55 55 55 55 55 990 54,450 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.5 12.66 12.7 12.7 12.7 12.7 30,000 381,000 GMA HLDG PDR 12.3 12.46 12.48 12.48 12.46 12.46 1,700 21,188 WARRANTS TECH WARRANT 0.56 0.57 0.57 0.6 0.56 0.57 293,000 167,530

5,161,310 -138,531,120 -31,669,425 105,544 19,600 -6,110,550 13,759,250.00 -55,498,875 -41,057,686 5,940 -1,132,213 -1,395,050 124,460 -339,208,760 -4,908,195 -13,573,285 -743,490 -35,572,500 21,760 -185,370 36,249 665,590 -285,415 15,720 -75,610 224,430 -14,980 -19,598,950 11,550 -1,871,000 7,156,349 5,205,852 -2,450 -100,655,105 -150,640 79,123,810 -3,115,840 4,100 -34,372,135 -336,600 5,147,710 1,400 48,420 -74,575 90,118,926 -1,783,806 10,760 -38,400 2,372,134 -64,800 -385,280 -766,300 178,800 659,900 23,355 -70,000 -14,039,120 -4,529,263.50 44,234 1,087,680 -633,805 1,500 -23,300 -292,820 169,450 887,574 -1,742,565 19,576,760 -9,900 34,740 7,835,565 418,180 -17,514,565 -5,469,194 -18,500 -901,310 220,500 21,800 -1,010,000 38,820 14,920.00 3,744 11,800

SMALL & MEDIUM ENTERPRISES

ALTUS PROP CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

16.6 0.99 1.1 0.87 1.61 0.305

16.7 1 1.13 0.88 1.63 0.315

EXHANGE TRADE FUNDS FIRST METRO ETF

103.5

104.5

16.64 1 1.13 0.86 1.63 0.31

16.8 1.02 1.13 0.88 1.63 0.31

16.64 0.99 1.12 0.86 1.59 0.305

16.7 1 1.13 0.88 1.61 0.305

57,300 10,498,000 87,000 203,000 1,242,000 410,000

956,902 10,511,470 98,300 175,930 1,999,930 127,000

-258,410 48,210 -

104.7 105 102.8 103.5 19,390 2,018,489 96,153

www.businessmirror.com.ph

Losses of Roxas Holdings narrow as revenues leap

By VG Cabuag

@villygc

isted sugar miller Roxas Holdings Inc. said it incurred a net loss of P495.51 million during its fiscal first half ending March 31, narrower than the previous year’s P573.92-million net loss.

Revenues rose 75 percent to P3.3 billion from the previous P1.88 billion, but higher costs eroded its gains. “While the group’s revenues were higher last year, these gains were adversely affected by the contracted milling operations in Central Azucarera Don Pedro Inc. (CADPI) resulting in lower tons canes milled, and

the significantly higher fuel costs for the refinery operations,” company chairman Pedro E. Roxas said. Ethanol production of San Carlos Bioenergy Inc. is ahead versus last year, due to an earlier start of operations, the company said. It said CADPI’s milling operations were hampered by the decline in the

supply of sugarcanes, particularly in the Batangas area. In January, the Department of Agriculture reported that Typhoon Odette, which hit the country late last year, damaged about P1.2 billion of sugarcane. Among the hardest-hit areas were Calabarzon and Western Visayas regions where the company operates. The Sugar Regulatory Administration also reported a decline in raw sugar production, by 7.9 percent in the third week of April. The SRA’s final crop estimate for the current crop year, which ends in August, is for a further drop to 1.98 million metric tons (MMT) from their earlier estimate of 2.072 MMT in January. “Despite the challenges faced in the Batangas business particularly in the mill-side, the effect on CADPI’s gross profit was tempered by

improved yields and higher refined sugar production coupled with an increase in tolling arrangements,” company president and CEO Celso T. Dimarucut said. He said CADPI’s boiler conversion project, which enables the refinery to extend its period of operation, was completed in January. The gains from this project, in terms of increase in refined sugar production, will become more apparent in subsequent quarters. “Moreover, the initiatives that were implemented in previous years, such as, manpower right-sizing and rationalization of loans, have resulted in decreases in operating expenses and interest expenses,” he said, adding that the company is focused on implementing solutions to address the various factors causing volatility and higher costs in the industry.

Tesla could crack tough Korean auto market

he 9th International Electric Vehicle Expo on the resort island of Jeju, at the vanguard of South Korea’s ambitions to go green, was held earlier this month and delivered several interesting takeaways. The expo was the first major public event in Jeju since the pandemic, but was still smaller than expected, with just 65 companies participating. Some, like Hyundai, were conspicuous by their absence—odd given that Hyundai and subsidiary Kia account for just over two of every three cars sold in Korea. Still, the International Convention Center in Seogwipo was bustling with business executives, young couples and families, and even a group of middle-aged tourists in hiking gear who looked like they might have stopped by before climbing nearby Hallasan Mountain. About 30,000 people flocked to the four-day event, showing the growing demand for electric cars in Korea—one of just two countries in the world where more than 100,000 new EVs were registered in 2021 (the other was Norway). There was also interest in looking beyond local champions like Hyundai’s Ioniq range and the Kia Niro. Price is probably a big factor—both retail for at least $40,000, even after taking into account government subsidies. What surprised me was there were more elderly people and young women than I expected. An older couple test drove a $8,000, two-seater EV from Korean startup Maiv, while two 20-something women were trying to master a bright orange three-wheeler made by Carver. The star of the show, of course,

was Tesla, which was making its first appearance at the expo. While the EV pioneer’s booth was low key, crowds flocked to check out the Model Y and Model 3 on display. With six outlets in Korea, Tesla became the fourthlargest foreign automaker in the famously parochial market in 2021 with sales of 17,826 cars, overtaking Volkswagen and Volvo. Polestar, which opened its first showroom in Seoul in December, was also a darling for visitors. Its outdoor display was as large as Tesla’s, showcasing a white Polestar 2. That was the top-selling foreign EV model in April, with about 460 units shipped, according to the Swedenbased company. The first floor was dominated by electric motorbikes. Two-wheelers occupy a grey area in South Korea. While it’s not uncommon to see electric scooters zipping down bicycle lanes, electric motorbikes are currently prohibited from using EV charging stations, an inconvenience that damps their appeal. That’s probably why Samsung SDI displayed a battery-swapping station next to motorbikes fitted with its cells. The most intriguing item on display was KSV’s $120,000 electric camper boat. Part-caravan (it comes complete with kitchen, shower room, bed and TV and can be parked on land) and part-boat, with a range of 60 kilometers from its two 30-kilowatt hour batteries, it attracted a lot of curious onlookers. My takeaways from the expo: Korea’s EV market will continue to grow, and there’s opportunity for foreign automakers like Tesla and Polestar to make inroads into the nation’s notoriously parochial car market. Bloomberg News

Toyota to invest $624M to make EV parts in India

oyota Group plans to invest 48 billion rupees ($624 million) to make electric vehicle components in India, as the Japanese carmaker works toward carbon neutrality by 2050. Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts signed a memorandum of understanding with the southern state of Karnataka to invest 41 billion rupees, the group said in a statement Saturday. The rest will come from Toyota Industries Engine India. Toyota is aligning its own green targets with India’s ambitions of becoming a manufacturing hub though the switch

to clean transport in the South Asian nation is slower than other countries such as China and the United States. Expensive price tags, lack of options in electric models and insufficient charging stations have led to sluggish adoption of battery vehicles in India. “From a direct employment point of view, we are looking at around 3,500 new jobs,” Toyota Kirloskar executive vice president Vikram Gulati told the Press Trust of India in an interview. “As the supply chain system builds, we expect much more to come in later.” Bloomberg News

mutual funds

May 6, 2022

NAV

One Year Three Year Five Year

per share Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

219.86

8.42%

-6.02%

-4.02%

-5.68%

ATRAM Alpha Opportunity Fund, Inc. -a

1.496

18.08%

-2.8%

-0.42%

-10.11%

9.44%

-9.68%

-6.47%

-5.72%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0525

Climbs Share Capital Equity Investment Fund Corp. -a 0.7366 2.68%

-7.78% n.a.

-2.63%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6899 3.37%

-7.77% n.a.

-10.51%

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

4.9532

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

84.78

10.75%

-3.66%

-1.53%

-4.43%

0.7391

15.59%

-5.82%

-4.83%

-12.53% n.a.

-10.22%

-11.31%

PAMI Equity Index Fund, Inc. -a

45.2719

9.08%

-4.86%

-2.56%

Philam Strategic Growth Fund, Inc. -a

472.13

8.26%

-4.8%

-2.7%

-5.7%

Philequity Dividend Yield Fund, Inc. -a

1.3303

23.81%

0.09%

0.61%

-1.92%

Philequity Fund, Inc. -a

-1.3%

-5.03%

-5.93%

34.7532

11.04%

-3.82%

Philequity MSCI Philippine Index Fund, Inc. -a

0.8943

10.86%

-5.21% n.a.

Philequity PSE Index Fund Inc. -a

4.6868

10.2%

-4.17%

Philippine Stock Index Fund Corp. -a

780.42

9.74%

-4.25%

-1.94%

-5.8%

Soldivo Strategic Growth Fund, Inc. -a

0.7054

8.79%

-9.26%

-4.72%

-6.27%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.5236

-1.87%

-5% -5.52%

9.03%

-6.91%

-3.22%

-6.67%

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

0.8888

9.43%

-4.55%

-2.19%

United Fund, Inc. -a

8.49%

-4.57%

-1%

-4.93%

3.2678

-5.64%

-5.9%

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

1.1346

Philippine Stock Index Fund Corp. -a

951.99 n.a. n.a. n.a. n.a.

12.23% n.a. n.a.

-2.42%

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

105.3271

10.38%

-3.97%

-1.5%

-5.52%

Primarily invested in foreign currency securities (shares) $0.9775

-21.74%

-1.77%

0.56%

-13.23%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.5752

ATRAM AsiaPlus Equity Fund, Inc. -b

-9.74%

6.76%

6.85%

-14.69%

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

1.5842

-1.79%

-2.9%

-2.17%

-6.37%

ATRAM Philippine Balanced Fund, Inc. -a

2.1781

2.61%

-2.14%

-1.46%

-4.53%

5.83%

-0.63%

0.3%

-3.05%

First Metro Save and Learn Balanced Fund Inc. -a 2.6088

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2022

9.53% n.a. n.a.

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

4.27%

0.44%

1.9522

0.67%

PAMI Horizon Fund, Inc. -a

3.5932

-0.89%

-0.61%

-4.57%

Philam Fund, Inc. -a

16.1068

2.95%

-1.16%

-0.68%

-4.39%

Solidaritas Fund, Inc. -a

2.0493

4.73%

-1.53%

-0.82%

-3.4%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4724 4.77%

-3.59%

-1.44%

-4.79%

Sun Life Prosperity Dynamic Fund, Inc. -a

-2.78%

-0.93%

-4.75%

0.9089

11.48%

-3.25%

-3.2%

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

0.933

-1.52%

-2.52% n.a.

-5.74%

Sun Life Prosperity Achiever Fund 2038, Inc. -a

0.881

4.05%

-4.39% n.a.

-6.72%

Sun Life Prosperity Achiever Fund 2048, Inc. -a

0.8706

5.06%

-4.71% n.a.

-6.78%

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

$0.03387

-10.92%

-2.25%

-0.94%

$0.9659

-15.14%

-0.91%

0.33%

-9.48%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1844 -10.03%

3.99%

4.51%

-12.86%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.0593 -10.55%

0.27%

1.21%

-11.62%

PAMI Asia Balanced Fund, Inc. -b

-10.73%

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

373.25

0.62%

2.36%

2.4%

ATRAM Corporate Bond Fund, Inc. -a

1.8904

-1.13%

0.07%

0.26%

0.3%

3.241

0.56%

2.35%

3.53%

-0.09%

2.2049

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

-0.28%

-2.33%

0.66%

1.08%

-2.07%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4153 -0.65%

2.15%

1.74%

-0.44%

Philam Bond Fund, Inc. -a

4.2604

-4.65%

1.71%

1.07%

-3.08%

Philam Managed Income Fund, Inc. -a

1.3165

-0.31%

3.17%

2.79%

-0.2%

Philequity Peso Bond Fund, Inc. -a

3.9245

-0.85%

2.82%

2.48%

-1.04%

Soldivo Bond Fund, Inc. -a

1.0125

-1.36%

3.23%

1.89%

-1.53%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1531

-0.97%

2.91%

-1.08%

Sun Life Prosperity GS Fund, Inc. -a

-1.72%

2.09%

2.2%

-1.37%

1.7069

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

$482.09

-0.35%

1.96%

1.95%

-1.53%

ALFM Euro Bond Fund, Inc. -a

Є213.79

-2.7%

-0.35%

0.28%

-2.83%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0692

-8.92%

-11.19%

-2.92%

-0.89%

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

-5.19%

-3.24%

-11.34% -10.05%

Philam Dollar Bond Fund, Inc. -a

$0.9068

-13.74%

$2.2539

-9.21%

-0.2%

0.42%

$0.0609693

-2.79%

1.65%

1.35%

-2.12%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.793 -11.04%

-2.09%

-1.18%

-12.61%

Philequity Dollar Income Fund Inc. -a

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

131.7

1.31%

2.39%

2.53%

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

1.0618

1.04%

1.69% n.a.

0.39%

Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3227

1.53%

2.28%

2.49%

0.39%

0.54%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0629

0.6%

1.23% n.a.

0.22%

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

44.47 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.2416

2.37% n.a. n.a.

-10.22%

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

$0.8755

-11.57% n.a. n.a.

-9.74%

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

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, May 10, 2022

EXCLUSIVE

Focus on fiscal consolidation, next admin urged

By Bernadette D. Nicolas

@BNicolasBM

ESS than two months before a new coterie of elected officials latch on to the reins of bureaucracy, the Bureau of the Treasury reported last week that the government incurred a new record-high level of debt. Latest data showed the national government has so far incurred an outstanding debt of P12.68 trillion as of end-March, higher by P586.29 billion or 4.8 percent from P12.09 trillion as of end-February this year. To address this, economists said it is crucial for the next administration to ensure the economy will grow faster than its pace in accumulating debt. ING Bank Senior Economist Nicholas Antonio T. Mapa explained to

the BusinessMirror the next administration should be discerning when it comes to its choice of projects and programs. “Thus, it is imperative that the new administration focuses on projects that would yield revenue streams and refrain from populist programs that may be popular but ultimately lead to increased debt,” Mapa’s text message to the BusinessMirror read. Moreover, Mapa said the next president should prioritize fiscal con-

Why people get scammed

ET’S get to the point: people desire to be rich and gain money as soon as possible. Shortcuts, get rich real-quick scheme, double or triple your money, risk free, guaranteed returns. Sounds familiar? What’s next? Shame. Regrets. Depression. Death? Remember, there is hope and you don’t have to take away your life and embrace your foolishness. It happened because you allowed it. The only difference is how you get back on your feet and face your shame. Just like sin, the devil calls us by our sin but God calls us by our name. Friend, may this enlighten you because we’re not condemning you if you are scammed. Weeks ago, someone shared his story of attempting to end his life because the retirement fund of his parents was taken away—scammed online. Another lost her savings only to be fooled or scammed by a close friend to invest in unfamiliar method of trading. Me and my friends spread financial literacy as open as we can. Our inbox is open 24/7 and I salute overseas Filipino workers (OFWs) and online friends asking me privately if the financial instrument or offers they receive are scam or not—good job! I’m sure you’ve heard the saying: “If it’s too good to be true, then it probably is.” The pandemic season took away linear income to most households. No more travels and non-essential spending. Filipinos suddenly became “kuripot” because the uncertainty of pandemic situation scares them. The popular options to earn are trading in the Philippine Stock Exchange (PSE), foreign exchange (forex) and cryptocurrencies. These three are commonly used by scammers online and offline. The problem is, not everyone is willing to learn online. Majority wants to earn but are too proud to discover even the basics. There are some who are willing to figure out things first and learn online trading before investing their hard-earned funds. It’s difficult to be overwhelmed by too much information, especially now that articles and tutorials are everywhere. I got message in my inbox: “What are your insights about this?” “Is this a scam? Can you help me check their offer?” “Is this safe? Can I invest my savings here?” I highly appreciate that motion for two reasons: first, they ask and that’s as a sign of humility; second, they value wisdom for their safety instead of risking something important due to innocence or maybe ignorance. Scams end relationships.

Jan Erich V. Calderon

personal finance Sooner or later, you will hate the person who recruited you to invest your hard-earned money. Please don’t hate them but instead communicate openly on how you can retrieve your funds if you have chance. Another problem we are all aware is that people decide to stay underground, privately in group chats, hidden or under the radar and invest in secret. Their reason? They can surprise their friends in the end and brag about how they earned money quickly. They do it in secret because if they fail, they will not be ashamed. Nothing to lose right? If you see people invest or trade in crypto, forex or PSE or in any other financial instruments then let them be. Your job is not to chase them. Your job is to understand and connect to your financial goal. Invest only if you are ready with a plan, proper mindset and right purpose. My personal and practical tips: 1. Ask. Message your friends and post it in your timeline if you don’t know. You don’t have to be the first one in the line if a crypto is up online. Check your queue if it’s a line for slaughter or line for profit. 2. Read. It’s easy to search and read articles about new stuff online. Google and wait for news. When there’s smoke there’s fire. 3. Observe. Watch your friend’s words, gestures and lifestyle then consider those signs when you decide to invest. Not all offer and selling are bad. Look for your friends’ intention intently. Bonus: Discern. Your inner self will be uncomfortable if something is wrong or will go wrong. Sometimes people say: trust your gut. If you are a victim of a scam and you can’t recover your funds then consider it as expensive tuition fee. There is grace in losing. There is no shame in accepting your fault. Don’t blame yourself or any other person. If you did not learn your lesson from that losing experience then be ready to pay another tuition or learning fee. Knowledge is free and wisdom is expensive. Jan Erich V. Calderon is a Graduate Member of Registered Financial Planner Philippines. To learn more about personal-financial planning, attend the 90th RFP program this June 2021. To inquire, e-mail info@rfp.ph or text at 0917-6248110.

solidation as he warned that current debt-to-gross domestic product ratio–at 60.5 percent in 2021—“leaves the Philippines susceptible to a credit rating downgrade.” Policymakers should also watch out for several headwinds for this year and next year, including accelerating inflation and surging borrowing costs, he added. Mapa explained both “can dampen growth and revenue collection while also heightening the need for fiscal support, which in turn could lead to higher debt accumulation.”

Focus on chips

DE La Salle University Economics Professor Maria Ella C. Oplas said the next administration can stimulate robust economic growth by focusing on three industries: semiconductor, tourism and service. According to Oplas, this move will help the economy grow “slowly but hopefully surely.” “[Focus on] semicon to capture a portion of the outflow in China and,

hopefully, contribute to addressing the shortage in chips we are experiencing,” Oplas said. She also recommended the full opening of the economy for the tourism and service sector. “Let [the] private sector lead. We already have the Create [Corporate Recovery and Tax Incentives for Enterprises] and ‘Build, Build, Build,’ so we should capitalize on that and encourage more investors in the country,” Oplas said. Oplas also cautions the new administration in imposing new taxes adding that doing so would further fuel the pace of inflation amid spiraling food and fuel prices. Last week, the Philippine Statistics Authority reported that April inflation at 4.9 percent was the highest since the 5.2 percent recorded in December 2018. “As a response, government will borrow again. It’s a never-ending cycle,” she said. Instead of new taxes, Oplas said a better option for government

chooses to improve its efficiency in tax collection and attract new investments that will lead to an increase in revenues.

Wealth tax

BUT IBON Foundation Inc. Executive Director Jose Enrique A. Africa doubts the incoming administration’s ability to address debt. Africa said it would be “very unlikely” for government to reduce its stock of debt for some time to come as it needs resources for its upkeep and for social and economic development. Nonetheless, he said there are measures the next administration can take to make its rising debt stock more manageable. These include rolling out a large fiscal stimulus to revive economic activity and help raise revenues. “Revenue generation is actually being suppressed, people’s sufferings extended and small businesses hobbled by the current administration’s fiscal conservatism. Fiscal

tightening to please credit ratings agencies is self-defeating,” he said. “This stimulus can also be made easier if the next administration negotiates a standstill on debt repayments, both principal and interest, at least with development agencies and creditor governments,” Africa added. He also reiterated the need for government to craft a well-designed wealth tax to raise P470 billion in annual revenues that could abet narrowing a fiscal deficit, lessen borrowings and make debt servicing easier. Furthermore, Africa also warned against imposing consumption taxes. “It should also avoid the temptation to resort to consumption taxes that are unduly burdensome for ordinary Filipinos,” he said. Africa added that government should also take steps to reverse the regressive trends in the tax system under the Tax Reform for Acceleration and Inclusion, or Train, Act (Republic Act 10963) and Create law (Republic Act 11534).

Owners of ‘Bangla heist’ accounts win in court By Joel R. San Juan

@jrsanjuan1573

HE Court of Appeals (CA) has denied the bid by the AntiMoney Laundering Council (AMLC) to maintain the asset preservation orders (APO) previously issued by a Manila trial court against the bank accounts of entities linked to the 2016 Bangladesh heist. In a 32-page decision penned by Associate Justice Fernanda LampasPeralta, the CA’s Second Division held that the Regional Trial Court (RTC) of Manila City did not gravely abuse discretion in granting respondents motions to discharge the APO covering their frozen accounts. These respondents are Eastern Hawaii Leisure Co. Ltd. and Kam Sin Wong, QiaQiao Wendy Wang and Dong Na Xu, owners of the accounts. These accounts were allegedly used to funnel part of $81 million stolen by cyber thieves from the

central bank of Bangladesh in 2016. “Anent the contention that respondent trial court committed grave abuse of discretion in granting motions to discharge APO as there was a ‘probable cause that private respondents’ bank accounts were related to the unlawful activity of hacking,’ it suffices to state that the main case is still pending before respondent trial court,” the CA noted. “That case is the proper proceeding to ventilate the issue of whether there is probable cause that private respondents’ bank accounts were related to the unlawful activity of hacking, among others,” it added. The CA directed the trial court to resolve with dispatch and to consolidate the civil forfeiture cases filed against “Eastern Hawaii and Kam” (AMLC Case 16-003-53) and “QiaoQiao Wendy Wang, Dong Na Xu and Eastern Hawaii“ (AMLC Case

17-001-53). It can be recalled that on October 16, 2019, the trial court granted respondents’ motions to discharge the APOs due to AMLC’s failure to show evidence that the subject bank accounts of the respondents were opened for the purpose of hacking the Bangladesh Bank. It also held that the AMLC failed to prove that the respondents connived with Philrem Service Corp. in committing an unlawful activity and that the entity had prior knowledge that the P1 billion remitted by the former belonged to the central bank of Bangladesh. Eastern Hawaii and Kam were only able to surrender P488.28 million. The trial court noted that the AMLC failed to refute private respondents’ evidence showing that the unreturned amounts were gambled away by casino junket operator Gao Shu Hua and his players at Midas

Oriental Casino. Kam earlier claimed that the funds were abandoned by Gao Shu Hua at Solaire Resort and Casino and Midas Oriental Casino where the stolen money from the Bangladesh Bank was supposedly funneled. Furthermore, the court noted that the private respondents were neither accused nor convicted in the criminal cases for violation of Republic Act 11521, or the AntiMoney Laundering Act. In fact, the criminal complaint for violation of AMLA against Kam was dismissed for insufficiency of evidence. Covered by the CA ruling were: Eastern Hawaii’s bank account in the Philippine National Bank with P4.46 million; Wong’s PNB account amounting to P5.74 million; QiaoQiao’s PNB account amounting to P686,425; and, Dong’s PNB accounts totaling to more than P61 million.

Treasury 5-yr yield climbs Dollar dominance rips through to highest since Sept. ’08 every market on Fed, China risks

S Treasuries tumbled Monday, driving the yield on five-year notes to the highest level since September 2008 amid speculation persistent inflation will prompt the Federal Reserve to tighten policy more aggressively. The yield jumped as much as three basis points to 3.11 percent, extending an advance that has seen the rate more than double this year. The curve steepened as 10- and 30year bonds underperformed. While Federal Reserve Chair Jerome Powell last week played down the option of a jumbo 75 basis-point rate hike, Richmond Fed President Thomas Barkin said in an interview on Friday that nothing was off the table. The milestone caps a remarkable selloff in government bonds as central banks round the world pare pandemic-era stimulus to tackle scorching inflation, and comes as investors wait for April US consumer-price data due Wednesday. The Fed has raised rates by 75 basis points so far this year and signaled more tightening to tame inflation now running at the fastest pace in 40 years. “The market still remains in poor shape,” said Christoph Rieger, head of fixed-rate strategy at Commerzbank AG. “It is remarkable that the post-Fed sell-off has actually been driven by long-end real yields. This points towards the market re-assessing the terminal rate that is needed to get inflation under control.” The pace of the rout has caught

many traders off-guard. Only just over a week ago, a survey by Bloomberg’s Market Live showed 24 percent of readers thought 10-year yields wouldn’t break above 3.15 percent this year. They rose seven basis points to 3.20 percent on Monday. The 10-year real yield has surged to 0.3 percent, a level last seen before the pandemic in July 2019. “The market appeared to start coming around to our view that the Fed has much more tightening to do,” Deutsche Bank strategists including Jim Reid wrote wrote in a note, commenting on last week’s moves. Traders are fully pricing further half-point hikes at the Fed’s next two decisions, with around 200 basis points of tightening seen between now and the end of the year. Yields may also be under upward pressure across the curve this week as the Treasury department will auction three-, 10- and 30-year debt worth $103 billion in total. Still, a slowdow in inflation could provide a ray of hope for markets and help them stabilize, Commerzbank’s Rieger added. Consumer prices are expected to rise an annual 8.1 percent in April, compared to 8.5 percent in March, according to the median estimate in a Bloomberg survey. “For the first time in a long time, bonds are beginning to look reasonably attractive from a longer term perspective,” said Dan Ivascyn, the chief investment officer at Pacific Investment Management Co. Bloomberg News

HE dollar strengthened versus all of its major peers as China’s Covid lockdowns, accelerating global inflation and the worsening economic outlook boosted demand for the US currency as a haven. A gauge of the greenback advanced for a third day after Friday’s US payroll numbers pushed up Treasury yields, giving investors more reason to funnel funds into the world’s largest economy. Adding to the dollar’s attraction is the hawkish Federal Reserve, which has committed to a series of half-point rates hikes in coming months. The dollar’s rally is sending it to new highs against many of its global counterparts. The Aussie slid below 70 US cents for the first time since January, the yen dropped to the lowest since 2002, while India’s rupee slumped to a record. “This period of dollar strength will endure, in large part based on our Fed view,” John Velis, a strategist at Bank of New York Mellon Corp., in New York wrote in aresearch note. “With the forward curve still pricing what we think is too low of a terminal rate, an eventual repricing higher of those rates should continue to support the dollar.” The Bloomberg Dollar Spot Index advanced 0.5 percent, extending its gain over the past month to around 4 percent. The US currency rose more than 1 percent against the Aussie, Hungarian forint and the kiwi. The Treasury 10-year yield climbed to 3.15 percent Monday, the highest level since November 2018.

Many of the concerns about slowing global growth are being driven by China. The nation’s Premier Li Keqiang warned on the weekend of a “complicated and grave” employment situation as Beijing and Shanghai tightened curbs on residents in a bid to contain Covid outbreaks in the country’s most important cities. China’s export growth slowed to 3.9 percent in dollar terms in April from a year earlier, the weakest pace since June 2020, customs data showed Monday. A report last week showed manufacturing activity plunged to its worst level since February 2020.

‘Capital outflows’

DEVELOPING-nation currencies are being pummeled due to the threat of funds being pulled from their stock and bond markets as US yields rise. “Fragile” emerging economies with current-account deficits including Turkey and nations in Africa are particularly vulnerable, said Alvin Tan, strategist at Royal Bank of Canada in Hong Kong. A stronger dollar “encourages capital outflows from emerging-markets and tightens EM financial conditions,” he said. Market positioning data shows dollar is drawing in more adherents all the time. Hedge funds boosted long bets on the currency to the highest level this year in the week to May 6, according to data from the Commodity Futures Trading Commission compiled by Bloomberg. Bloomberg News

Tuesday, May 10, 2022 • Editor: Gerard S. Ramos

Art

BusinessMirror

www.businessmirror.com.ph

Setting sights, expanding horizons

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Missy Franklin, 27; Kenan Thompson, 44; Bono, 62; Donovan, 76. HAPPY BIRTHDAY: Use your resources to your advantage. Dedicate some time to reflect on the type of life you want to live. Express your desire to strive for balance and equality to ensure you spend as much time enjoying life as you do working to maintain your status quo. Taking care of responsibilities that include your happiness is your key to victory. Your numbers are 5, 12, 19, 24, 33, 43, 47.

LIGHT Into My Path, Kenneth Montegrande, 2022, acrylic on canvas, 24”x36”

ARIES (March 21-April 19): Be positive, regardless of what others do or say. An emotional situation will escalate if you become emotional or act hastily. Consider your objective and what it will take to succeed. How you handle money and peers will influence what happens next. HHH

TAURUS (April 20-May 20): Refuse to let anyone limit what you can do or put demands on your time. Don’t pout if things don’t go your way; choose an alternative route and move along. Act based on your intelligence, not on your emotions, and you will avoid a scrimmage. HHHHH

T’S an exhibition title that encapsulates timing and intention. In his 15th solo show/overseas debut that forms part of his year-long 10th anniversary in the Philippine art scene, titled Expanding Horizons, visual artist Kenneth Montegrande presents his evocative chiaroscuro paintings outside the country for the first time. The ongoing exhibition, already sold-out, is on view until May 13 at the Philippine Center in New York, presented by Galleria Camaya. “We look to the horizons for inspiration, just like Kenneth who, despite or because of his humble beginnings, expanded his horizons to be the extraordinary artist that he is today,” said Consul General Elmer G. Cato of the Philippine Consulate General, New York, during the show’s opening reception last week. “Kenneth is indeed a Filipino to emulate; he was able to escape the mindset of ‘hanggang dito lang talaga ako,’ to ‘I can turn my life around.’ A true example of Filipino resilience. Let us continue to celebrate our Pinoy Pride and world-class Filipino talent.” “[His] work is loved by both young and seasoned collectors,” said Abigail Camaya Hills of Galleria Camaya. “He is God-fearing and this is evident in his inspired work.” Presented in Montegrande’s milestone exhibition are 10 pieces that showcase his dramatic cloudscape and seascape paintings. But the scenic views and bible verse-inspired titles carve deeper meaning this time around as the artist reflects on his journey and personal life. Montegrande nearly died of Covid-19 last year. The experience ingrained in him a renewed appreciation for life, inspiring an even more purposeful drive whenever he picks up the paintbrush. “I always say that in life and in my paintings, there is light and darkness. We cannot appreciate light

GEMINI (May 21-June 20): Do your best to get along without jeopardizing your integrity, position or reputation. Avoid confrontations by walking away from questionable situations. Spend more time doing what you can to make a difference and less time letting others take advantage of you. HH

CANCER (June 21-July 22): You can be friendly without putting yourself in harm’s way. Approach projects and responsibilities with an open mind and turn some of your unique ideas into something tangible. A kind gesture will lead to positive feedback and returns. HHHH

without understanding the meaning of darkness,” said the self-taught artist, who names Rembrandt, J.M.W. Turner and Claude Monet among his artistic influences. Montegrande has established a style that will have many agreeing with his statement. His strength in lighting is on full display in featured artworks, such as Light After the Storm Series 2, wherein the sky peaks through parting dark clouds, and in Lamentation 3:23, marked by an embracing glow. The artist exerts as much attention in naming his pieces as he does in creating them, skimming the bible for verses and listening to worship songs, hunting for the perfect words. Montegrande often posts his artworks on his social-media accounts with expanded descriptions of the title for captions. He said nothing compares when his followers thank him for posting an inspiring quote they relate to, empowering them to move forward. “I think that’s part of the purpose why God gave me this kind of talent—not just to paint but also to spread a message,” he said. “Of course, nagkakamali

rin ako at may mga pagkukulang din kasi at the end of the day tao lang tayo, pero lagi ko pinagdadasal na ’wag Siya magsawa, and to continue to use me and my artworks as a blessing to others.” In two of his exhibitions last year, Montegrande dedicated funds to helping those in need. He raised funds for Fundacion Sansó’s active scholarship program, set to benefit seven fine arts scholars from Bulacan State University. Together with Art Lounge Manila, he also donated P400,000 to Escuela Taller de Filipinas Foundation Inc., which provides out-ofschool youth with the specialized skills needed in heritage conservation work. Montegrande said there’s another US exhibition in the works next year. For this year, he’s preparing for a three-man show in August with Artes Orientes, and a solo presentation in October with Galerie Joaquin at ManilART. “I am just thankful,” he said. “Basta ako trabaho lang; I leave it all to Him. Pagbubutihin ko lang to build long-term relationships with my collectors and all the galleries and people who trust me.” n

Spain museum confident it can keep painting stolen by Nazis By Ciarán Giles The Associated Press MADRID—A leading Spanish museum said on Friday it’s confident that US courts will again rule that a valuable French impressionist painting once taken from a Jewish family by the Nazis belongs to the museum, and not to descendants of the family. In a statement on Friday, the Thyssen-Bornemisza National Museum said that despite a new US Supreme Court ruling that returned the case to lower courts, it was sure those courts would once again rule that Spanish law, rather than California law, should prevail. That would mean the painting, Camille Pissaro’s Rue Saint-Honoré in the Afternoon, Effect of Rain, should remain in the hands of the Madrid museum where it now hangs. The painting has been estimated to be

worth more than $30 million. The US Supreme Court ruling on Thursday to return the case to the Courts of Appeal kept alive San Diego resident David Cassirer’s hopes of getting back the streetscape that belonged to his greatgrandmother. US lower courts have previously concluded that Spanish property law and not California law should ultimately govern the case and that under Spanish law, the museum was the rightful owner of the painting, which the family believed for over half a century had been lost or destroyed. The Courts of Appeal will now decide whether California state law, rather than federal law, might hold precedence over Spanish law. This could overturn earlier rulings. The Thyssen museum said that Supreme Court Judge Sonia Sotomayor had commented during the hearing that the next ruling would probably be again

in the Spanish museum’s favor. Cassirer’s great-grandmother, Lilly Cassirer, a German Jew, had owned the 1897 oil painting. After the Nazis came to power, Cassirer and her husband fled Germany. In 1939, in order to get visas to leave, she surrendered the Pissarro painting to the Nazis. The painting changed hands a number of times after that. In 1958, Lilly Cassirer reached a monetary settlement with the German government worth about €232,000 ($250,000) today, but she didn’t give up rights to try to pursue the painting if it turned up. Rather than being lost or destroyed, the painting had traveled to the United States, where it spent 25 years in the hands of different collectors before being purchased in 1976 by Baron Hans Heinrich ThyssenBornemisza of Lugano, Switzerland. He owned it until the 1990s, when he sold much of his art collection to Spain.

LEO (July 23-Aug. 22): Unnecessary changes will be costly. Look for simplicity and moderation in all that you do, and you’ll be happy with the outcome. Personal growth and a healthy attitude will help you attract people who have something valuable to offer. Romance is featured. HHH

VIRGO (Aug. 23-Sept. 22): It’s up to you to bring about change if that’s what you want. Prioritize your to-do list, and don’t stop until you are happy with the outcome. A unique approach to an old idea or method will reinforce your character and talent. HHH

LIBRA (Sept. 23-Oct. 22): Dedicate more time, not money, to a worthy cause or something you want to pursue. A kind gesture will help you win favors. A challenge at home will turn in your favor if you make positive suggestions to improve your living arrangements. HHH

SCORPIO (Oct. 23-Nov. 21): Spend time with people who lift your spirits, not bring you down. Dismiss anyone trying to dump their responsibilities on you. Expand your interests and seek out knowledge that can help you excel. Strive for equality and work toward a goal that brings you joy. HHHH

SAGITTARIUS (Nov. 22-Dec. 21): Don’t be too quick to take on something new without researching what’s involved. Put more effort into personal and domestic matters that need adjustment. Use your intelligence and a gentle nudge to get your way. Romance is encouraged. HH

CAPRICORN (Dec. 22-Jan. 19): Take better care of yourself and those you love. Say no to manipulative individuals trying to take advantage of you. Make home improvements that will encourage you to take better care of your health and well-being. HHHHH

AQUARIUS (Jan. 20-Feb. 18): Don’t let emotions dictate what you say. Be thoughtful and understanding when dealing with others. Look for subtle ways to improve how you do your job or handle daily duties. Stick to what works best for you. HHH

PISCES (Feb. 19-March 20): Take a moment to think. If you act on an assumption, you’ll end up having regrets. Focus on what you can do to please loved ones and make yourself happy. Juggle your time accordingly, and you’ll feel liberated by what you achieve. HHH BIRTHDAY BABY: You are insightful, proactive and accommodating. You are outspoken and distinct.

‘active states’ BY JON PENNINGTON The Universal Crossword/Edited by David Steinberg

ACROSS 1 Swabs the deck 5 Throw away 9 Amaze 13 “That’s my cue!” 14 Cry audibly 15 African country where W.E.B. Du Bois lived 16 Sushi bites made with crab and avocado 19 Titillating 20 Tracy’s mom in Hairspray 21 Baby fox 22 DEA agent, e.g. 24 Shut down 25 Filthy abode 26 Popular dances of the Jeffersonian Era 32 Driver among movie stars? 33 No. on a business card 34 Tomato type 36 “Julius Caesar” costume 37 Microphone holder 40 Fairy-___ romance 42 Garlands on a King Kamehameha

statue 44 Daisy Ridley’s Star Wars role 45 Glasgow resident 46 Southern rock band fronted by Brittany Howard 50 “Don’t think so!” 52 ___ Talks 53 GPS suggestion: Abbr. 54 OJ trial judge Lance 55 Senior follower? 57 Prepares to suntan, say 62 Home of the US Air Force Academy 65 Word after “bread” or “butter” 66 Jai ___ 67 Buddies 68 Sunni or Shia, e.g. 69 Root beer, for one 70 Rotisserie component DOWN 1 Rats’ smaller kin 2 Squad member Ilhan 3 Horseback sport 4 Foul mood 5 Monetary worth of an opinion? 6 What Moana used to steer her boat

7 8 9 10 11 12 15 17 18 23 26 27 28 29 30 31 35 38 39 41 43 47 48

Opposite/hypotenuse, in trig Mini burger Billions channel, for short Makes boastful insults Totally dark Mean-spirited Exam season job Minnie Mouse’s dog Baby photographer Geddes Nutritional plan Brewing vessel Golden calf, e.g. Anger management candidate Message service linked to YouTube Car or clock feature A whole bunch of, informally Succulent used in lotion In proximity to Depressing sci-fi setting UFO passengers Stephen Colbert specialty Test version of software Sneaker brand with a three-stripe logo 49 Claimant to the throne

50 51 56 58 59 60 61 63 64

Minor shaving cuts Make reparations Unaccompanied Parts to gloss over? Flip out Unattractive-sounding fruit (Hey, you!) Frequently, in poetry Down in the dumps

Solution to today’s puzzle:

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Show BusinessMirror

Editor: Gerard S. Ramos

• Tuesday, May 10, 2022

Amber Heard takes stand, accuses Johnny Depp of violent sexual assault

By Matthew Barakat The Associated Press

ALLS CHURCH, Virginia—Actor Amber Heard tearfully told jurors on Thursday that Johnny Depp sexually assaulted her with a liquor bottle in an alcohol-fueled rage. The March 2015 incident in Australia, where Depp was filming the fifth Pirates of the Caribbean movie, is sharply disputed and has been a focal point of the four-week civil trial in Fairfax, Virginia. The night ended with the tip of Depp’s middle finger cut off, and him writing vulgar messages in blood on the walls of the house. Depp denies assaulting her in any way and says his finger was severed when Heard threw a vodka bottle at him; Heard said she’d taken sleeping pills after she was attacked and was not awake when the finger was severed. The graphic description of the sexual assault left Heard fighting for her composure as she described it to jurors. She said Depp had been angry as soon as she arrived in Australia, roughly a month after the couple had married in February 2015. He was accusing her of sleeping with costars in her movies, including Billy Bob Thornton and Eddie Redmayne, with whom she’d just shot the film The Danish Girl—accusations she denied. The fight escalated to the point where he threw her into a ping-pong table, breaking it, Heard testified. He ripped off her nightgown, and Heard said she was naked and exposed as she was assaulted. “I couldn’t get up. I thought he was punching me,” she said. “I could just feel this pressure on my pubic bone.” She thought he was assaulting her with her fist, but later figured out that she was being assaulted with a bottle, and realized that there had been numerous bottles broken in the fight. “I looked around and saw so much broken glass. I just remember thinking, ‘Please God, please don’t be broken,’” she said. Heard described bizarre details in the aftermath of the attack, including seeing her shredded burgundy nightgown used to wrap a raw steak that had been left out. She said that when Depp’s security team finally arrived to tend to his severed finger, Depp was still trying to leave vulgar messages for her, but was trying to write them by urinating on the wall. Much of the trial testimony has been repetitive of a civil suit Depp filed against a British newspaper. A judge there ruled against Depp in 2020, finding that Heard had in fact been assaulted multiple times by Depp. But the sexual assault allegations described by Heard on Thursday were not publicly aired in the UK trial. Depp is suing Heard in Virginia for libel over an op-ed she wrote in The Washington Post describing herself as “a public figure representing domestic abuse.” His lawyers say he was defamed by the 2018 article even though it never mentioned his name. Earlier in her testimony on Thursday, Heard testified that Depp surrounded himself with

Fred Savage dropped from ‘The Wonder Years’ amid allegations LOS ANGELES—Fred Savage has been dropped as an executive producer and director of the rebooted The Wonder Years amid allegations of inappropriate conduct, the television show’s production company has confirmed. “Recently, we were made aware of allegations of inappropriate conduct by Fred Savage, and as is policy, an investigation was launched. Upon its completion, the decision was made to terminate his employment as an executive producer and director of The Wonder Years,” a statement Saturday from 20th Television said. 20th Television did not immediately provide any additional details. A spokesperson for Savage did not immediately reply to a request for comment. Savage, 45, was a child star when he appeared in the original series, which ran on ABC from 1988-1993 and followed a suburban white family in the late 1960s and early 1970s. A new version of the show, which features Don Cheadle as the narrator, premiered last fall. The new series revolves around a Black family living in Montgomery, Alabama, in the late 1960s. AP

GMA comprehensive election coverage continues across all platforms

AMBER HEARD testifies in the courtroom at the Fairfax County Circuit Court in Fairfax, Virginia. AP

an entourage of enablers to shield him from the consequences of his drug and alcohol use. She described an incident that has already come up at trial, a May 2014 plane ride from Boston to Los Angeles. According to Heard, Depp was jealous and irate that she was making a movie with actor James Franco that included a kissing scene. “He hated, hated James Franco,” she said. As soon as Depp stepped into the private plane, he began berating her, she said. She got up and walked away, but Depp followed her. At one point, he slapped her, Heard testified. Later, she said, he kicked her, and not one person on board intervened on her behalf. “I felt this boot in my back,” she said. “I fell to the floor. And no one said anything. No one did anything. You could have heard a pin drop. I just remember feeling so embarrassed.” Depp, who testified earlier in the trial, described the incident differently. He denied that he’d drank excessively before getting on the plane, and said Heard initiated an argument and pursued him until he felt compelled to hide in a bathroom. But jurors heard a recording Heard made toward

the end of the incident, in which it sounds like Depp is howling and babbling incoherently. And the jury has seen a text message Depp sent his friend Paul Bettany shortly after the flight, in which he says he’s going to “properly stop the booze thing” because the flight got “ugly.” He also texted Bettany saying, “I’m admittedly too f——- in the head to spray my rage at the one I love for little reason as well.” Heard has testified that she was physically and sexually assaulted on multiple occasions by Depp, typically when he was drunk or high on drugs. Depp has denied ever hitting her, but Heard’s lawyers have said his denials lack credibility in part because he can’t remember what he’s done when he blacks out. Depp has said Heard greatly exaggerates his drinking, and that he tolerates his liquor well. Friends, family and employees of Depp have taken the stand and backed up his contention. But Heard said that’s part of the problem: She said Depp has a team around him that cleans him up when he gets sick, and enables him to go about his business without acknowledging the consequences of his drinking. n

THE Philippines’s leading broadcast company, GMA Network continues to deliver its sprawling and comprehensive election coverage via Eleksyon 2022: The GMA News and Public Affairs Coverage. On air, GMA and GTV brought a marathon coverage of the Eleksyon 2022 beginning 4 am of May 9, and continues until noon today, May 10, with election results from both national and local levels to be made available until the official count is over. Round-the-clock news and information are seen via the special programming for Eleksyon 2022, together with newscasts 24 Oras and Saksi on GMA. On GTV, simulcasts from GMA are also available in addition to Dobol B TV, Regional TV News, Balitanghali, and State of the Nation. Up-to-the-minute and breaking reports are also available throughout the day via news bulletins on both GMA and GTV. Joining forces for the Eleksyon 2022: The GMA News and Public Affairs Coverage are GMA’s 51 election coverage partners, over 1,000 News and Public Affairs personnel across all platforms, 11 strategically located regional TV stations, and 23 Super Radyo and Barangay FM stations nationwide to bring the network’s election coverage on television, radio, and online. Leading the special coverage are leading GMA News figures Jessica Soho, Mel Tiangco, Vicky Morales, Arnold Clavio, Howie Severino, and Mike Enriquez. Also reporting for duty are Kara David, Ivan Mayrina, Atom Araullo, Maki Pulido, Pia Arcangel, Raffy Tima, Connie Sison, Sandra Aguinaldo, Susan Enriquez, Jun Veneracion, Mariz Umali, Emil Sumangil, Malou Mangahas, and the full roster of GMA News and Public Affairs reporters. Ably complementing them are the various news teams from GMA Regional TV (RTV) and Super Radyo DZBB 594. GMA’s election coverage levels up with the latest version of Vizrt Graphics Solutions, providing more meaningful and enriching content and presentations. Moreover, the network unveiled another state-ofthe-art set just for its election coverage. Designed by Emmy award-winning US firm FX Design Group, the studio features LED video walls, color-changing panels, and an open-floor space for dynamic production and content executions.

Star-studded Philippine elections, 2022 edition

ELECTION day is finally over, and in a few days the country will know its next leaders. Who among these past and present celebrities will be proclaimed winners in their decision to seek public office? How many of the first-time aspirants will get elected? Which among the re-electionists will start another term and continue their programs for their constituents? For the top posts of the country, how will former boxing champ, actor, producer, and basketball franchise owner Manny Pacquiao fare in the final standings? Will he go back to producing movies for himself and his children in the event he loses, or will he focus on discovering and training future boxing champs who follow in his footsteps? Incumbent Manila mayor, former That’s Entertainment member and actor Isko Moreno was about to produce a movie where he will play the lead role of Andres Bonifacio just before the pandemic struck. Then he decided to run for the presidency.

If he ends up in third or fourth spot after the final counting, will he still want to get seriously involved in film production, or will he be appointed to a government post? Moreno should also be able to give good advise to his son Joaquin Domagoso who has also started acting but seems to always get forgettable roles in mediocre productions. Former Eat Bulaga host, comedian and senator Tito Sotto is also eyeing the Vice President’s office but he has the very strong Sara Duterte as his biggest stumbling block. For the senatorial race, there is Robin Padilla who is predicted to be in the winners’ list, with a strong backing from our Muslim brothers. TV host and social-media personality Raffy Tulfo is also buzzed to be on the Top 3 list. Hoping for the best results are Herbert Bautista, and JV Ejercito and Jinggoy Estrada, the competing sons of former actor and president Joseph Estrada. Former TV news presenter and broadcast journalist Loren Legarda is also expected to land on the top 5 of the senatorial winners’ list, while former taekwondo champion and action star Monsour del Rosario is also running for senator but he is lagging far behind in the surveys. There are a lot of first-timers also in this batch of celebrities running for public office. Award-winning actor Arjo Atayde is bent on adding Congressman to his name if he wins in his bid in Quezon City. If that happens, his popular girlfriend Maine Mendoza will get the privilege of dressing up every time there is a State Of the Nation Address (SONA) in the House of

Representatives. Well-loved Bulacan Governor Daniel Fernando is running for a second term and is expected to win because of his solid track record. Fernando has chosen another actor, Alex Castro, to be his running mate. Richard Gomez and his beautiful wife Lucy are running strong in Ormoc, Leyte, and both are expected to have landslide victories. New actor Javi Benitez is running for mayor in Victorias City, Negros Occidental, while EJ Falcon is going for the vice governor post in Oriental Mindoro. Jason Abalos guns for a seat in the Provincial Board of Nueva Ecija. Many believe that Bryan Revilla, son of actorpoliticians Bong and Lani Revilla, is a shoo-in for a congressional seat in the event that his Agimat Partylist gets the needed number of votes. The young Revilla had to set aside his plans to be an actor-producer for action-drama genre movies when he decided to continue the Revilla legacy in Cavite politics. GMA contract artist and former athlete Ervic Vijandre is also expected to win as councilor in San Juan City, where three other celebrated basketball players James Yap (yes, Bimby’s daddy), Paul Artadi and Don Allado are also in the running as his party teammates. Actors Bobby Andrews, Angelu de Leon, Aiko Melendez, Dennis Padilla, Jhong Hilario, Jomari Yllana, Lou Veloso want to serve as councilors in their respective districts. Let’s see whose stars will shine brightest among these many names when the ballots are finally counted and certified.

LEADING the special coverage are leading GMA News figures Jessica Soho, Mel Tiangco, Vicky Morales, Arnold Clavio, Howie Severino and Mike Enriquez.

B6 Tuesday, May 10, 2022

BRIA Homes awards a townhouse unit to Sing Galing’s first winner

NCE more, BRIA Homes takes great pride in helping make Filipinos’ housing dreams come true. This time around, fresh singing talent Mari Mar Tua’s aspiration to own a brand-new house has been fulfilled. BRIA’s Bettina townhouse, a signature house model at most BRIA residential communities, features two bedrooms, one bathroom, a carport, 44 square meters of cleverly laid-out floor space, and 36 square meters of lot space. All in all, it’s fairly roomy and comfortable for a new family. Singing champion Tua of Pampanga is the very first Ultimate Bida-Oke Star of the videoke reality game show, TV5’s Sing Galing. The ownhouse unit is part of her jackpot prize aside from P1-M cash prize. All BRIA housing enclaves come with an array of modern amenities such as multipurpose halls, covered basketball courts for the sporty types, children’s playgrounds, and wide-open green spaces for families to stroll around and get some fresh air. Strategically located BRIA projects are likewise close to essential destinations

like retail establishments, hospitals, churches, schools, and transport hubs. At the same time, BRIA Homes’ communities are secured by guarded entrances and exits, 24/7 CCTV coverage, and solar lights that keep the streets safe for residents and guests at night. This is all in line with BRIA Homes’ longtime objective of providing everyday Filipinos their homes of choice that also boast convenience and financial security through value appreciation. To date, BRIA serves such dreams by continuously expanding and launching new developments that cater to Filipino home-seekers’ and property investors’ varying needs. Making dreams come true is also why, with BRIA’s fifty-plus projects nationwide, the company graciously gives away house and lot units to winners at competitions such as Sing Galing. In fact, on March 5, 2022, BRIA Homes also turned over a brand-new BRIA house and lot worth 1.5 million pesos to Otelia Soriano, raffle draw winner in the “May Bahay sa Bakuna” program, which was mounted by the Las

Ed Aguilar, BRIA Division Head, celebrating with Mari Mar Tua. Pinas government as an incentive for city residents in getting vaccinated against COVID-19. To know more, visit it's website at www.bria.com.ph. Like and follow “Bria Homes, Inc.” on social media accounts or call 0939-887-9637.

Home Credit supports PH esports team SIBOL in 31st Southeast Asian Games in Vietnam

OME Credit Philippines (HCPH), the country’s leading consumer finance provider, declares its support for the bemedaled national team for esports, SIBOL, in the upcoming Southeast Asian Games to be held in Hanoi, Vietnam from May 13 to 22, 2022. Committed to empowering every Filipino and filling the gaps to enrich their lives, HCPH hopes this initiative will also further highlight the positive opportunities for esports in the country and encourage and hone the skills of young Filipinos in this area. SIBOL, which debuted in 2019, dominated the SEA Games esports categories that year in Mobile Legends, DOTA 2 and Hearthstone, and secured silver and bronze in Tekken 7 for the Philippines. These achievements not only signify the rise of esports across the globe but also showcase Filipino talent and skill in the esports arena. “Home Credit aims to help Filipinos achieve their goals in life. By taking part in SIBOL’s journey and supporting each member of the team, we hope to also encourage other Filipinos, the youth in particular, and remind them that they can

reach their goals and ambitions, especially if they have the support they need,” shares HCPH Chief Marketing Officer Sheila Paul. This year’s SEA Games will have 10 esports events: Mobile Legends: Bang Bang, Arena of Valor, FIFA Online 4, League of Legends, League of Legends: Wild Rift men’s and women’s, CrossFire, PUBG Mobile individual and team, and Garena Free Fire. “With overwhelming support from Home Credit, we will work hard to bring home more gold for the Philippines. Despite many challenges and with some of the games not yet as big nor supported in our country, we remain steadfast in our goals and will give it our 100 percent to be champions for the Filipino people,” says Team SIBOL President Brian Lim. The first batch of the 64-strong SIBOL team is expected to fly to Hanoi on May 9. Vietnam is considered the closest competitor to the Philippines in the esports area, but SIBOL hopes to keep the overall title again and bring honor to the country for the second time. To learn more about the latest updates from HCPH, visit its official website www. homecredit.ph.

Make memorable Mom-ents at Richmonde Hotel

T’S that time of the year once again when we turn the tables around and pamper the woman who spoiled us the most! Give back to mom and give her your undivided attention as you celebrate Mother’s Day with exquisite hotel stays and gustatory delights at a Richmonde Hotel. At RICHMONDE HOTEL ILOILO, weekends this May are for staycations with mom. Treat her to a quick city getaway and let her enjoy the urban paradise that is Iloilo Business Park. Go shopping or watch the latest flick at Festive Walk Mall or visit

the Iloilo Museum of Contemporary Art for a dose of culture, then sip some cocktails as you marvel at the sunset at the hotel’s pool deck. Whatever your itinerary, make unforgettable bonding moments with her and book the hotel’s spacious rooms for as low as PhP 4,200 nett (every Sunday) and PhP 4,500 nett (every Friday and Saturday), inclusive of breakfast buffet for two. Blackout dates apply. Take the entire family out to Richmonde Ortigas’ Richmonde Café for a Mother’s Day Lunch Buffet and have a gastronomic celebration in honor of mom. For only PhP 1,180nett, relish the mouthwatering array of dishes such as Cajun-spiced Mexican chicken, pork shoulder and sausage ragu, herb-crusted fish with pesto cream sauce, with stuffed pork loin carving, a pasta and grilling station, plus a whole lot more! Making it even more exciting is the 3+1 deal where mom gets to eat for free for every three (3) persons paying the full price. Children 6 to 12 years old get half off while toddlers 5 and below eat for free. Celebrating at home? Show mom some love with a takeaway feast and order Richmonde Ortigas’ Goddess of the Sea Hotbox Platter that includes almond-crusted kingfish, salt & pepper prawns, and curry-braised New Zealand mussels, and packed in a self-heating box. This is priced at PhP 2,785 nett and is available for takeout and delivery until May 15, 2022.

Serve 'Pizza Paborito' for the day's heroine

HIS month dedicated for mothers, we pay tribute to our Paboritong Hero Ng Tahanan through another Filipino favorite – the Pizza Paborito — Pizza Pedrico’s way to make every day an enjoyable experience for our busy home-makers. Imagine having to think about what to cook for the family at least 3 times a day, having to juggle Zooming the day away in meetings, or being caught up with the kids’ online classes. What about her deadlines, and her day-to-day household tasks? Now that’s a task fit for a superhero! Driven by love, our Paboritong Hero Ng Tahanan wants only the best for us, hence, quality, taste, and value for money are very important in choosing her weekly food repertoire, which is why

we’ve made all these possible through Pizza Pedrico’s Easy Bake Easy To Go! It's a delicious, nutritious, and convenient way to enjoy your Pizza Paboritos with the family.

Pizza Pedrico’s Easy Bake Easy To Go! is a frozen-Fresh pizza available in 4 Paborito flavors that the family will surely love – Ham And Cheez, Ham + Pineapple And Cheez, Sausage + Pepperoni And Cheez, and Cheez And Cheez. Each box comes in packs of 4’s so everyone can enjoy it to the fullest! Have it any time of the day just by popping it in the oven for 5-8 minutes. The Pizza Pedrico’s Easy Bake Easy To Go! is best enjoyed during family bonding time whether it’s watching the family’s favorite Netflix series, playing board games, or even just as a quick and convenient way to fill the tummy during online school or meeting breaks. You can even bring it during family outings at the beach. That’s a truly easy bake and easy to go! The best part? Our Moms, the Paboritong Hero Ng Tahanan, will have more time in focusing on what really matters - time to bond with the kids and hubby, time to pursue their personal passions, or even for the much-needed “me-time”. Share your #PaboritoMoments with Mom and tag Pizza Pedrico’s Official on Facebook, and Pizza Pedrico’s on Instagram or Twitter to get a chance to win a pizza party for Mom and the fam from May 6-31, 2022. Don’t forget to include your #PizzaPaborito Pizza Pedrico’s Easy Bake Easy To Go! and the hashtags #Pabor itoMomentsWithMom #PaboritongHeroNgTahanan and #PizzaPaborito in your sharing! Pizza Pedrico’s Easy Bake Easy To Go! is available in leading supermarkets, and online grocers nationwide.

2022 KNS Grants accepts applicants until May 31

HE Cultural Center of the Philippines (CCP) through its Cultural Exchange Department opens the applications for the 2022 KALINGA NG SINING: Art for Healing and Transformation Subsistence Grants. Kalinga ng Sining or KNS is a program that provides financial assistance to qualified region based arts/culture/educational organizations, local government units, and non-government organizations. The grant is intended to help these organizations implement contingency strategies that will help alleviate the living conditions of their communities. Since it was opened in 2020 up to 2021, the KNS subsistence grant has assisted 37 local organizations from 35 provinces/local communities nationwide. The focus of the projects are in the following areas: documentation & propagation of local history, heritage, art

forms, cultural expressions, and traditions utilizing various new technology and media platforms; presentation of new and/or “hybrid” artistic productions and cultural activities; advancing capacities of artists and cultural workers; and advocacy for arts and culture as “essential” elements for human existence, survival and progress. All the projects and activities with the KNS support will be implemented from July to October 2022 following the present health and safety protocols and conforming with the restrictions of the present quarantine rules prescribed by the national and local government units. Application form can be downloaded from the CCP CED FB page and CCP website. Deadline for submission of applications is on May 31, 2022. For more information, send an email to ccp.ced2014@ gmail.com.

Great gift ideas for the shoe-a-holic moms

IVE mom the gift of an easy-on, easy-off slip-on that she can wear for those trips to the supermarket or the park. The Keds Double Decker Crochet is a crowd favorite for a few reasons: it’s super flattering on the foot), it has cushiony wear-all-day-every-day insoles, and it’s an effortless outfit maker. Mom will surely love the delicate crochet detail as it is equal parts fun and feminine. Shop this and more at keds.com.ph and get an additional 10% off on selected items when use the code LBDAY10. If mom wants something that ultracomfy that shows off her fabulous new pedi, then Merrell’s Terran 3 Cush Lattice might just be the one for her. Shop women’s sandals at merrell.com.ph and take P200 off when you use the code 200OFF. If mom is looking for a sleek and comfy sandal for her yoga sessions with her friends, the Sperry Waveside Plushwave Slide would make for a perfect gift. The simple slide sandal gets a big visual upgrade thanks to a premium leather upper with a double strap detail and oversized decorative hardware. Lightweight PLUSHWAVE cushioning technology provides an all-day comfort boost. Shop this and more at sperry.com.ph or through the Sperry Viber Community. For the more active of moms, we recommend Saucony’s Guide 13. They’re the gym and everyday city runs. Check out saucony.com.ph for more performance shoes or in-store at Trinoma and Ayala

Malls Manila Bay. Easy dressing sometimes requires a little bit of edge. To show mom still has her flair, we recommend gifting her with the sleek yet sporty Keds Ace Ltt Sneaker. Sporting a metallic rose gold accent on the heel collar, this is shoe embodies understated elegance. Shop this and more at keds.com.ph and get an additional 10% off on selected items when use the code LBDAY10. For a more fearlessly fashionable mom, the Sperry A/O Float in Coral Floral Pink might be right up her alley. Sporting a vibrant printed upper, this reimagining of the iconic topsider puts the fun in functional with its strategically placed “gills” on the waterline and breathable “portholes” to keep water out and feet fresh. Shop the Sperry Summer Vibe collection at sperry.com.ph or through the Sperry Viber Community.

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

TheWorld BusinessMirror

China’s export growth weakens to 2020 low as lockdowns bite

hina’s exports and imports struggled in April as worsening Covid outbreaks cut demand, undermined production and disrupted logistics in the world’s second-largest economy. Export growth in April in dollar terms slowed to 3.9 percent from a year earlier, compared to an increase in March of 14.7 percent, customs data showed Monday. That’s the weakest pace since June 2020 but faster than the median estimate of a 2.7 percent gain in a Bloomberg survey of economists. Imports were unchanged in April after sliding 0.1 percent in the previous month. Economists expected a 3 percent decline. April’s data captures the impact of Covid restrictions on the trade and manufacturing hub Shanghai—home to the world’s largest port—where most of the populations have been under some form of lockdown for more than five weeks. The disruptions add another threat to global supply chains and inflation, and have affected the operations of companies from Tesla Inc. to Apple Inc. Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, said export growth may continue to be weak in May because of disruptions to supply chains. “One big macro issue is to what extent export orders will be shifted to other emerging countries such as India and Vietnam,” he said. “China’s April trade data offered a glimpse of how lockdowns in Shanghai and other parts of the country are affecting the world’s goods markets. It doesn’t look pretty. An abrupt slowdown in export growth underlines strain on global supply chains from the disruptions to factory output and logistics. Zero import growth—down from double digits just two months earlier—suggests domestic demand is cratering,” said Eric Zhu, Bloomberg’s China economist. China’s government is trying to get production back on track, but with many foreign businesses saying they’re still unable to resume operations and lockdowns tightening again, it’s unclear

how much of the city is actually back to work. The slowdown in trade is a concern as exports have been one of the strongest growth drivers for China, helping propel the economy out of its Covid-related slump in 2020 to a better-than-expected performance in 2021.

Inflation effects

Imports were boosted by the soaring prices of energy and commodities. The value of coal imports rose almost 80 percent in the first four months of the year, while the volume of inbound shipments dropped 16 percent. The value of crude oil, natural gas, and steel also rose, while volumes fell. Imports from Russia jumped almost 57 percent, likely boosted by rising prices of oil, gas and other commodities, which make up the majority of what China buys from Russia. The biggest declines in exports in April were to Russia, with shipments falling about 26 percent from a year ago, followed by Hong Kong, UK, Japan and Germany. Exports to the US rose 9.4 percent. The slump in China’s trade came despite signs showing global demand likely stayed resilient last month. While South Korea’s exports—a leading indicator of world trade—grew by double digits in April, its shipments to China fell 3.4 percent. Other data from April also showed t he e x tent to wh ic h Covid-related disruptions have bruised the economy. Manufacturing activity plunged to its worst level since February 2020, while logistics bottlenecks have continued to be a strain. Suppliers face the longest delays in more than two years in delivering raw materials to their manufacturing customers and Chinese port activity fell below levels seen during the first coronavirus outbreak in 2020. The Communist Party’s top leaders have pledged more stimulus to meet an economic growth target of about 5.5 percent this year, but have also insisted on sticking with the strict Covid Zero strategy—two goals economists say contradict one another. Bloomberg News

S. Korea’s Moon calls for peace with North in farewell speech

EOUL, South Korea—South Korea’s departing liberal president defended his policy of engaging North Korea, saying in his farewell speech Monday that he hopes efforts to restore peace and denuclearization on the Korean Peninsula will continue. Moon Jae-in leaves office Tuesday following a single five-year term, handing over presidential power and responsibilities to conservative Yoon Suk Yeol, who has accused him of being “subservient” to North Korea and promised to take a tougher stance on the North’s nuclear program. “Peace is the condition for our survival and prosperity. I heartily hope that efforts to resume dialogue between South and North Korea and establish denuclearization and peace would continue,” Moon said in the nationally televised speech. When Moon—a dove who favors greater rapprochement between the rival Koreas—took office in 2017, he found little room to maneuver diplomatically because of North Korea’s torrid run of nuclear and missile tests. But he eventually seized an opportunity to reconcile with North Korea when its leader Kim Jong Un abruptly reached out to Seoul and Washington in early 2018 for talks on the future of its advancing nuclear arsenal. Kim first sent his powerful sister to South Korea for talks with Moon and to let her to attend the opening ceremony of the Winter Olympics in South Korea in February 2018. The two Korean leaders met three times for summits later in 2018, taking steps to lower tensions at the border and allowing rare exchange programs involving singers, basketball teams and others. Moon also lobbied hard to broker now-stalled nuclear diplomacy between

Kim and then-US President Donald Trump. But after the North Korea-US diplomacy collapsed in 2019, Moon has faced withering criticism that his engagement policy only helped North Korea buy time and prefect its weapons program in the face of US-led sanctions and pressure campaign on the North. Pyongyang eventually urged Moon not to interfere in its dealings with the United States and unleashed crude insults on him. In his last speech, Moon claimed his government helped ease the danger of war on the Korean Peninsula and bring up hopes for peace through diplomacy. “The reason why we failed to move forward further wasn’t because we lacked efforts and a determination to do that. There was a barrier that we can’t overcome only with our determination. It’s a barrier that we should overcome,” Moon said, without clarifying what the obstacle was. Last month, Moon and Kim exchanged their final official letters expressing hope for improved bilateral relations. But some experts say the way North Korea described the letters, in which it highlighted Moon’s vow to continue campaigning for Korean reunification even after leaving office, reflected its intent to divide public opinion in South Korea and discourage Seoul’s new government from taking a hard line toward Pyongyang. During a massive military parade in Pyongyang three days after the letter exchange was announced, Kim pledged to speed up the development of his nuclear weapons and threatened to use them proactively if provoked. In recent months, Kim’s military has also been test-launching a spate of missiles targeting South Korea, Japan or the mainland US. AP

Tuesday, May 10, 2022

Russian forces flatten Ukrainian school; more than 60 feared dead By Elena Becatoros & Jon Gambrell

The Associated Press

APORIZHZHIA, Ukraine— More than 60 people were feared dead Sunday after a Russian bomb flattened a school being used as a shelter, Ukrainian officials said, while Moscow’s forces pressed their attack on defenders inside Mariupol’s steel plant in an apparent race to capture the city ahead of Russia’s Victory Day holiday.

UN Secretary-General Antonio Guterres said he was “appalled” by the reported school bombing Saturday in the eastern village of Bilohorivka and called it another reminder that “it is civilians that pay the highest price” in war. Authorities said about 90 people were sheltering in the basement. Emergency crews found two bodies and rescued 30 people, but “most likely all 60 people who remain under the rubble are now dead,” Serhiy Haidai, governor of Luhansk province, wrote on the Telegram messaging app. Russian shelling also killed two boys, ages 11 and 14, in the nearby town of Pryvillia, he said. Luhansk is part of the Donbas, the industrial heartland in the east that Russia’s forces are working to capture. As Moscow prepared to celebrate the 1945 surrender of Nazi Germany with a Victory Day military parade on Monday, a lineup of Western leaders and celebrities made surprise visits to Ukraine in a show of support. US first lady Jill Biden met with her Ukrainian counterpart. Canadian Prime Minister Justin Trudeau raised his country’s flag at its embassy in Kyiv. And U2’s Bono, alongside bandmate The Edge, performed in a Kyiv subway station that had been used as a bomb shelter, singing the 1960s song “Stand by Me.” The newly appointed acting US ambassador to Ukraine, Kristina Kvien, posted a picture of herself at the American Embassy, and described plans for the eventual US return to the Ukrainian capital after Moscow’s forces abandoned their effort to storm Kyiv weeks ago and began focusing on the capture of the Donbas. Ukrainian President Volodymyr Zelenskyy and others warned in recent days that Russian attacks would only worsen in the lead-up to Victory Day, and some cities declared curfews or cautioned people against gathering in public. Russian President Vladimir Putin

may want to proclaim some kind of triumph in Ukraine when he addresses the troops on Red Square. “They have nothing to celebrate tomorrow,” Linda ThomasGreenfield, US ambassador to the United Nations, told CNN. “They have not succeeded in defeating the Ukrainians. They have not succeeded in dividing the world or dividing Nato. And they have only succeeded in isolating themselves internationally and becoming a pariah state around the globe.” Russian forces struggled to complete their takeover of Mariupol, which has been largely reduced to rubble. The sprawling seaside steel mill where an estimated 2,000 Ukrainian fighters were making what appeared to be their last stand was the only part of the city not under Russian control. The last of the women, children and older civilians who were taking shelter with the fighters in the Azovstal plant were evacuated Saturday. Buses carrying over 170 evacuees from the steelworks and other parts of Mariupol arrived in the Ukrainian-held city of Zaporizhzhia on Sunday, UN officials said. The Ukrainian defenders in the steel mill have rejected deadlines set by the Russians for laying down their arms. Capt. Sviatoslav Palamar, deputy commander of the Ukrainian Azov Regiment, a unit holding the steel mill, said the site was targeted overnight by warplanes, artillery and tanks. “We are under constant shelling,” he said online, adding that Russian ground troops tried to storm the plant—a claim Russian officials denied in recent days— and lay mines. Palamar reported a “multitude of casualties.” Lt. Illya Samoilenko, another member of the Azov Regiment, said there were a couple of hundred wounded soldiers at the plant but declined to reveal how many able-bodied fighters remained. He said fighters didn’t have lifesaving equipment and had to dig by hand

This satellite image taken by Planet Labs PBC shows smoke rising after a suspected artillery strike on the front lines near Izyum, Ukraine on Saturday, May 7, 2022. Planet Labs PBC via AP

to free people from bunkers that had collapsed under the shelling. “Surrender for us is unacceptable because we cannot grant such a gift to the enemy,” Samoilenko said. The Ukrainian government has reached out to international organizations to try to secure safe passage for the defenders. On the economic front, leaders from the Group of Seven industrial democracies pledged to ban or phase out imports of Russian oil. The G-7 consists of the US, Canada, Britain, Germany, France, Italy and Japan. The US also announced new sanctions against Russia, cutting off Western advertising from Russia’s three biggest TV stations, banning US accounting and consulting firms from providing services, and cutting off Russia’s industrial sector from wood products, industrial engines, boilers and bulldozers. Trudeau met with Zelenskyy and made a surprise visit to Irpin, which was damaged in Russia’s attempt to take Kyiv. The Ukrainian president also met with the German parliament speaker, Bärbel Bas, in Kyiv to discuss further defense assistance. Ji l l Biden v isited wester n Ukraine for a surprise Mother’s Day meeting with Zelenskyy’s wife, Olena Zelenska. Zelensky y released a video address marking the day of the Allied victory in Europe 77 years ago, drawing parallels between Russia’s invasion of Ukraine and the evils of Nazism. The blackand-white footage showed Zelenskyy standing in front of a ruined apartment block in Borodyanka, a Kyiv suburb. Zelenskyy said that generations of Ukrainians understood the significance of the words “Never again,” a phrase often used as a vow not to allow a repeat of the horrors of the Holocaust. Elsewhere, on Ukraine’s coast, explosions echoed again across the major Black Sea port of Odesa. At least five blasts were heard, according to local media. The Ukrainian military said Moscow was focusing its main

efforts on destroying airfield infrastructure in eastern and southern Ukraine. In a sign of the dogged resistance that has sustained the fighting into its 11th week, Ukraine’s military struck Russian positions on a Black Sea island that was captured in the war’s first days. A satellite image by Planet Labs showed smoke rising from two sites on the island. But Moscow’s forces showed no sign of backing down in the south. Satellite photos show Russia has put armored vehicles and missile systems at a small base in the Crimean Peninsula. The most intense combat in recent days has taken place in eastern Ukraine. A Ukrainian counteroffensive in the northeast near Kharkiv, the country’s second-largest city, is making “significant progress,” according to the Institute for the Study of War, a Washington think tank. However, the Ukrainian army withdrew from the embattled eastern city of Popasna, regional authorities said. Rodion Miroshnik, a representative of the pro-Kremlin, separatist Luhansk People’s Republic, said its forces and Russian troops had captured most of Popasna after two months of fierce fighting. The Kharkiv regional administration said three people were killed in shelling of the town of Bogodukhiv, about 50 kilometers (30 miles) from Kharkiv city. South of Kharkiv, in Dnipropetrovsk province, the governor said a 12-year-old boy was killed by a cluster munition that he found after a Russian attack. An international treaty bans the use of such explosives, but neither Russia nor Ukraine has signed the agreement. “This war is treacherous,” the governor, Valentyn Reznichenko, wrote on social media. “It is near, even when it is invisible.” G ambrell re p or ted f rom Lv iv, Ukraine. Yesica Fisch in Bakhmut, David Keyton in Kyiv, Yuras Karmanau in Lviv, Mstyslav Chernov in Kharkiv, Lolita C. Baldor in Washington and AP staff around the world contributed to this report.

N. Ireland parties urged to work together after Sinn Fein victory

ONDON—The UK, US and Irish governments have urged rival parties in Northern Ireland to come together to resurrect its power-sharing government after Irish nationalist party Sinn Fein scored a historic victory to become the biggest party in Northern Ireland’s Assembly. Sinn Fein, which seeks union with Ireland, won 27 seats in the 90-seat legislature, beating the Democratic Unionist Party, which secured 25 seats. It’s the first time in Northern Ireland’s history that an Irish nationalist party has topped the voting. But it’s not clear whether Sinn Fein will lead a new government because of Northern Ireland’s delicate power-sharing politics and ongoing tussles over the legacy of Britain’s exit from the European Union. While Sinn Fein’s vice president Michelle O’Neill now has the right to

the post of first minister, a functioning Northern Ireland Executive—or devolved government—cannot be formed unless the largest unionist party agrees to join in the role of deputy first minister. In February the DUP’s Paul Givan quit as first minister in protest against postBrexit border arrangements, collapsing the Executive. His party has said it will not return to government unless their demands over the customs arrangements are met. Leaders in London and Dublin said all parties must now re-establish Northern Ireland’s government as soon as possible. Irish Prime Minister Micheál Martin said late Saturday that “it is now incumbent on all political parties and elected representatives to deliver on their mandate.” “Power-sharing and principles of partnership, equality and mutual respect are at the heart of the Good Friday Agreement,

through which peace has been secured and progress achieved for almost 25 years,” he added. “A new power-sharing Executive is vital for progress and prosperity for all in Northern Ireland.” In London, Northern Ireland Secretary Brandon Lewis said he will meet with party leaders Monday to discuss how to re-establish a functioning government. Lewis reiterated his position that the UK government would like to reach an agreement with the EU to resolve disputes over post-Brexit rules known as the Northern Ireland Protocol. The DUP is strongly opposed to the rules, which have imposed customs and border checks on some goods entering Northern Ireland from the rest of the UK Unionists say the new checks have created a barrier between Northern Ireland and the rest of the UK that undermines their

British identity. Britain’s Conservative government is trying to get the EU to agree to major changes, but negotiations have reached an impasse. “The UK government’s position is we want to secure a deal with the EU. We’re very clear about that,” Lewis told the BBC Sunday. “We have worked very hard on that for over a year now across a series of conversations. We made proposals. The EU hasn’t shown any flexibility.” Deputy Prime Minister Dominic Raab said post-Brexit problems are an “obstacle to stability” in Northern Ireland, and that the government in London will take “whatever measures are necessary” to try to resolve it. “It’s clear from the dynamic that we now see that we won’t get to that position of stability unless and until it is fixed,” Raab said. AP

Eala feted on 2nd pro crown, receives warm SEAG sendoff

ENNIS sensation Alex Eala received a warm welcome at the Globe headquarters in Taguig City on Wednesday as she visited Globe leaders and employees ahead of her 31st Southeast Asian Games medal bid. Eala, a Globe ambassador, was with her parents Mike Eala and Rizza Maniego-Eala, Globe Chief Finance Officer, when she paid a courtesy call on Globe President and CEO Ernest Cu. Eala clinched her second pro title at the International Tennis Federation W25 Chiang Rai in April, a stellar follow-up to her victory at the W15 Manacor in Spain in 2021. “We are very proud of Alex, our Globe Ambassador, on her victory as she continues to bring glory to the country,” Cu said. “She truly embodies our values of perseverance, the will to win, and the drive to continuously get stronger and better.” “We send her off to the SEA Games with our wishes for another victory,” he said. “The Globe Group is behind her all the way and will be cheering for her as she takes the Philippine flag and the Globe brand to the tennis court.” During her visit, Eala also met with Globe employees who welcomed her at The Globe Tower, the first ambassador to visit the Globe HQ since return-to-office took effect last month. “It felt like a homecoming. It was great to meet with the Globe leaders and employees a few days before I head to the SEA Games,” Eala said. “I’ll bring this great energy with me. Thank you Globe for the constant support throughout my career!”

Sports BusinessMirror

| Tuesday, May 10, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

MAIN BULK FLIES TO HANOI

TOTAL of 193 athletes and coaches representing the main bulk of Team Philippines will fly to Hanoi on Tuesday night for the Vietnam 31st Southeast Asian Games that open in two days after a year’s postponement. World champion gymnast Carlos Yulo will be on that Philippine Airlines flight that leaves Manila at 10:25 p.m. with the delegation being sent off by Philippine Sports Commission (PSC) staff at the Terminal 2 of the Ninoy Aquino International Airport. They will be welcomed by a small contingent of PSC personnel

TENNIS sensation Alex Eala (fourth from left) pays a visit at the Globe headquarters in Taguig City on Wednesday and meets with leaders and employees—(from left) her parents Mike Eala and Rizza Maniego-Eala (Globe Chief Finance Officer), Globe President and CEO Ernest Cu and Chief Human Resource Officer Ato Jiao.

Amateurs set out to steal show in Mount Malarayat Challenge RNIE TAGUINES and Eagle Ace Superal won’t be just chasing the low amateur honors in the International Container Terminal Services Inc. (ICTSI) Mount Malarayat Challenge but the overcall championship as well when the P750,000 event unwraps Wednesday in Lipa City. Taguines is due for a big finish, fresh from topping the women’s side of the duel in the last Ladies Philippine Golf Tour (LPGT) stop at Caliraya last month, while Superal is raring to break a long spell and check a dip in form with a strong performance this week. The two other amateurs in the compact field—Martina Miñoza and

in Hanoi after a three hours and 20 minutes flight. “We’re ready to receive our athletes and coaches and extend the assistance they need once they arrive here,” said PSC Commissioner Ramon Fernandez, also the Team Philippines chef de mission to the Games. “They have to be free of distractions so they can focus on their competitions ahead,’’ Fernandez added. Yulo will be with his long-time Japanese coach Munehiro Kugimiya, a partnership that resulted to two world championships gold medals—floor exercise in vault in Stuttgart 2019 and vault in Kitakyushu 2021—a 2019 SEA Games gold medal and a stint at the

By Josef Ramos

NIVERSITY of the Philippines’ (UP) stifling defense did defending threetime champion Ateneo in, Blue Eagles head coach Tab Baldwin admitted. “I think it was all UP’s defense, but we have to be better than that, they certainly disrupted our rhythm with their defense,” Baldwin told BusinessMirror on Monday. “They did a great job, particularly late in the game, they showed no signs of tired legs, and they kept their intensity.” The Fighting Maroons’ intensity showed in the final quarter of regulation and in overtime where they shut down the Blue Eagles’ guns while feasting on their baskets with a soon-to-be a UP never-say-die trademark. UP clamped down on Ateneo’s scorers in the fourth period by scoring Ateneo, 21-14, that ended with a 70-70 count and did the same with impunity in the extra period, 11-4. Those were all the Fighting Maroons needed to snatch Game 1,

Lesley Icoy—are using the 54-hole tournament to gain entry into the country’s premier ladies pro circuit. Amateurs need to break 82 in all three days to earn their pro cards with the next stop of the ICTSI-backed tour, the Splendido Challenge, slated on May 24-26 to be held simultaneously with the third leg of the Philippine Golf Tour. The top amateurs have provided an enlivening challenge to the touring ladies and the circuit a venue to hone their talent and skills with Southeast Asian Games stalwart and two-time American Junior Golf Association champion Rianne Malixi upstaging the pros at the close of the LPGT season at Midlands last year

CARLOS ALCARAZ already feels he belongs among the best. AP

(8), wushu (17) and swimming (1). Joining them are the PSC medical team (6) and media (12). Already in Hanoi who are either settled down or bound to their respective billeting areas are athletes from kickboxing, handball, men’s and women’s football, rowing, chess, kurash, pencak silat, men’s 3x3 basketball, women’s basketball, golf and triathlon/duathlon. On Wednesday, 50 bets from athletics, including Asian men’s pole vault record holder EJ Obiena, will arrive in Hanoi, along with their counterparts in esports (25), billiards (10), bowling (13), cycling (16), golf (2), jiujitsu (9) and swimming (3).

UP’S TOUGH ‘D’ MELTS BLUE EAGLES–BALDWIN 81-74, and move into the cusp of winning their first title in 36 years. “Their effort was at extremely high level, and they played like they wanted to be champions desperately, and so they got game one,” Baldwin said. “You can only congratulate them, and you bring out an important point.” UP forced Ateneo to 26 turnovers which the Fighting Maroons converted to 26 points. “We had no rhythm offensively, we had no execution offensively in the latter stages of regulation, and that gave them all the initiative, and the momentum they needed to get a couple of buckets,” Baldwin added. Naturalized center Ange Kouame scored 18 points, grabbed 11 rebounds and had four blocks in Game 1, while SJ Belangel, who sprained his left ankle late in game, added 17 points and Raffy Verano

and in this year’s kickoff leg at Luisita last March. Lois Kaye Go and Mafy Singson, teammates of Malixi in the SEA Games mission firing off Friday in Hanoi, have also figured in the LPGT title chase but the former lost steam in the final round and settled for fifth and the low amateur plum at Hallow Ridge. Singson, on the other hand, had gained cracks at the LPGT plum at least four times last year but just couldn’t unleash the strong finishing kick to merit a breakthrough championship. Taguines and Superal, however, are upbeat of their respective chances this week although focus will be on in-form Chanelle

Impressive Alcaraz triumphant in Madrid ADRID—When Carlos Alcaraz played in his first Madrid Open as an 18-yearold, his goal was to gain experience and learn from the top players. Only a year later, Alcaraz already feels he belongs among the best. The Spanish teenage sensation capped another impressive week with a straight-set victory over Alexander Zverev on Sunday to win the Madrid Open and become the second-youngest player to win two Masters 1000 titles. His comfortable 6-3, 6-1 win over Zverev followed victories over his idol Rafael Nadal in the quarterfinals and top-ranked Novak Djokovic in the semifinals. “Last year I was going through these experiences for the first time, playing against the best players, playing in the Masters 1000, and I learned a lot,” Alcaraz said. “Now it’s different. I go onto the court knowing that I can win, with the confidence that I can win at any moment.” Alcaraz became the youngest winner in Madrid, and the second youngest to win two Masters 1000

Tokyo Olympics last July. Also on the flight are the popular women’s volleyball team and their male counterparts who are out to improve on the silver medal won in Manila in 2019. The volleyball teams are made up of 38 athletes and officials, while gymnastics squad has 22 athletes and coaches. Gymnastics will be played at the Hanoi main hub and volleyball— also beach volleyball—will be in Qang Ning, some 200 kms away from the Vietnamese capital. The flight will also include athletes and officials from badminton (19), bodybuilding (13), fencing (28), table tennis (17), tennis (12), athletics

trophies after Nadal won in Monte Carlo and Rome in 2005 as an 18-year-old. Alcaraz had already become the youngest to enter the top 10 since Nadal did it in 2005. “It feels great to be able to beat these players,” the 19-yearold Alcaraz said. “To beat two of the best players in history and then Zverev, the world No. 3. He is a great player. I would say this is the best week of my life.” It was the seventh straight win over a top-10 player for Alcaraz, and his tour-leading fourth title of the year. He also has the most wins this season with 28, one more than Stefanos Tsitsipas. Alcaraz tried to downplay the hype about whether he is the best player right now, though. “Djokovic is the No. 1 in the

also had 17 points. But Baldwin said they need much more energy when they square off anew in Game 2 at 6 p.m. on Wednesday at the Mall of Asia Arena. “We intend to get back to playing the way that we should play,” he said. “It’s a threegame series for a reason, so we intend to work our tails off, and get this thing in a third game and do the very best we can to win the championship.” Ricci Rivero led UP with 19 points on 11-of-11 shooting from the foul line with four steals, while Zavier Lucero tallied 17 points and 13 rebounds. James Spencer added 13 points—his three-pointer sent the game to overtime—while Maodo Diouf had 10 points along with 15 rebounds and three steals for the Fighting Maroons. Carl Tamayo also had 10 points for UP.

Avaricio, who is shooting for a third straight crown after topping the Hallow Ridge and Caliraya legs of the circuit organized by Pilipinas Golf Tournaments Inc. But out to stop her remarkable run are reigning Order of Merit winner Harmie Constantino, Chihiro Ikeda, Sunshine Baraquiel, Marvi Monsalve, Sarah Ababa, Gretchen Villacencio, Pamela Mariano, Eva Miñoza, Lovelynn Guioguio, Sheryl Villasencio, Lucy Landicho, Apple Fudolin and brand-new pro Kristine Fleetwood.

ARNIE TAGUINES is due for a big finish.

ranking,” he said. “It’s not because I won in Barcelona and beat Djokovic and Rafa in Madrid that I will consider myself the best player in the world. Also, I think I’m going to be No. 6 tomorrow, so I still have five players in front of me to be the best one.” For Zverev, who was trying to win his second consecutive Madrid title— and third overall—there was no doubt about who was playing the best tennis. “Right now you are the best player in the world,” Zverev said before the trophy ceremony and joked about his opponent’s age. “Even though you are still 5 years old, you are still beating us all, so great to see for tennis that we have such a new superstar who is going to win many Grand Slams, who is going to be No. 1 and is going to win this tournament many times.” Alcaraz had won his first Masters 1000 tournament in Miami earlier this year. He had also won in Rio de Janeiro and Barcelona. His first career title came in Umag last year. Alcaraz’s three losses this season came against Sebastian Korda in Monte Carlo, Nadal in Indian Wells and Matteo Berrettini in the Australian Open. After long three-set wins over Nadal and Djokovic, the seventh-

seeded Alcaraz kept his high energy from the start against Zverev and was in control throughout the match at the “Caja Mágica” center court. He didn’t face any break points and converted four of the eight he had against the second-seeded Zverev. Alcaraz had 11 unforced errors compared to 25 by Zverev. “I am 19 years old, which I think is the key to be able to play long and tough matches in a row. I am feeling great physically,” Alcaraz said. Alcaraz said he had been worried about his condition after waking up with an infected blister and a swollen right ankle, which he injured in the win against Nadal on Friday. Zverev criticized the ATP Tour for putting him on the latenight sessions and said he was at a disadvantage against Alcaraz after having to go to bed after 4 a.m. in previous nights. He said the “ATP’s job was an absolute disgrace this week.” AP

JEAN CLAUDE SACLAG’S as impressive in kickboxing as he is in wushu.

Saclag targets gold medal rd in kickboxing

EAN CLAUDE SACLAG fights for a spot in the gold medal round of men’s kickboxing against Vu Truong Giang who will have the raucous hometown crowd rooting for him in the 31st Southeast Asian Games at the Bac Ninh province gymnasium on Tuesday. Saclag, a kickboxing convert from wushu where he first made a name for himself in the continent, assured himself of the men’s low kick -63.5-kg class bronze medal following his 3-0 conquest of Souliyavong Latxasak of Laos on Sunday. But the 27-year-old from Kalinga and Benguet would be utilizing his veteran smarts from his numerous international stints to neutralize his Vietnamese opponent and the hometown crowd. “I really need to be dominant in my performance here,” Saclag said. “I will do everything to win the gold medal.” If he wins, Saclag will face either Chalemlap Santidongsakun of Thailand or San Rakim of Cambodia in the gold medal round. Saclag was a Wushu World Cup champion in sanda and clinched a silver medal at the Incheon 2014 Asian Games. He won gold in the same kickboxing event at the 2019 Southeast Asian Games played at the Cuneta Astrodome in Pasay City. Three other Filipino kickboxers, however, already fell out of medal contention. Kurt Lubrica lost to Thailand’s Chaiway Sungnoi, 1-2, in a men’s -57 kgs low kick clash, while Jomar Esteban suffered a 1-2 beating from Racchan Toch of Cambodia in -57 kgs and Carlos Alvarez lost to Vietnam’s Nguyen The Huong, 0-3, in -67 kgs in men’s full contact action. The other Filipino bets were fighting late Monday—Daryl Chulipas against Indonesia’s Salmri Stendra Pattisamallo in men’s full contact -51 kgs, Honorio Banario against Tanoi Yermias Yohanes of Indonesia in men’s -71s kg low kick and Emmanuel Cantores against Malaysian Ain Kamarrudin in men’s -60 kgs low kick.