BusinessMirror May 17, 2022 by BusinessMirror

SC voids DOF order limiting banks’ deductions ‘Close borders, cut Omicron exposure risk’ By Joel R. San Juan By Cai U. Ordinario

@jrsanjuan1573 @caiordinario

HE Supreme Court has de-

LOSING the country’s borders clared void—for being issued is one of theits most immediate2011 beyond authority—a courses of action the revenue regulation of governthe Departmentment mustoftake to prevent the latFinance (DOF) that limited est Covid-19 variant,deductions Omicron, from the allowable for costs reaching Philippineofshores, accordand expenses banks and other fiing tonancial local economists. institutions for purposes of T he new vartaxable iant isincome. a threat, computing e s p e c i aThe l l y 22-page w it h tdecision he hol penned id ay s by Associate Justice Zalameda of coming up and moreRodil foreigners Court’s to Third Division denied beingthea llowed travel to the the DOF petition, represented Philippines, De La Sa lle Univer-by its secretary and theia Bureau of Internal y economist Mar Ella Oplas CHANGING OF THE GUARD Isuzu Philippines Corporation’s Outgoing President Hajime sit Revenue (BIR), seeking to annul and told BusinessMirror. Koso (left) hands over a souvenir token to IPC’s Incoming President Noboru Murakami during the setholidays aside theusually order issued The bringoninMay turnover of the leading truck maker’s presidency on Monday (May 16, 2022) at Okada Hotel in 25, 2018 by the Regional Trial Court Overseas Filipino Workers (OFWs) of Makati City which declared null Paranaque City. Story in B1, Companies. ROY DOMINGO who are eager to spend Christmas

and void Revenue Regulations (RR)

4-2011. withNo. their loved ones, while forSC order likewise regions made pereignersThe living in temperate manent the writs of preliminary usually want to relax in tropicalinjunctions issued on April 25, 2015 countries like the Philippines. This and February 28, 2018, enjoining the year’s influx of OFWs is expected to DOF and the BIR from enforcing the be heavier since many of them were said issuance. unable The to come home for the DOF issued RR holidays 4-2011 on in December 2020. March 15, 2011 prescribing the “My recommendation is to protect rules on “proper allocation of costs the borders. Do not allow people with and expenses amongst income earna history of banks travel to countries with ings of and other financial positive cases tofor enter,” Oplas institutions income taxsaid. report “Wepurposes.” should be more restrictive. [We RR, contested have toThe be] more protectiveby in over termstwo dozen of the nation’s leading banks of our measures.” in a lawsuit, that a be bank Oplas said thatprovides while this will may deduct only those costs a setback to some industries, thisand attributable to thethat operais a expenses fair measure considering tions of its Regular Banking Units this could help prevent placing the (RBU) to arrive at the taxable incountry in another strict lockdown,

come of the RBU subject to regular

income which, shetax. said, the economy can no further states that any cost or longerItafford. expense related or incurred for “It is better thatwith we do protective the operations of its Foreign Currenpreventive measures than get excy Deposit Units (FCDU)/ Expanded posed again. We have a lot to lose,” Foreign Currency (EFCDU) or OffOplas said. “We should do it now shore Banking Unit (OBU) are so not that we can open just before Christallowed as deduction from the RBU’s mas. If it gets contained, we can open taxable income. it again.” The RR prescribed that to comAteneo Economic Repute the Center amountfor allowable as deducsearch and Development (ACERD) tion from RBU operations, all costs Associate Director SerbePercival and expenses should allocated the RBU and closing FCDU/EFCDU K. between Peña-Reyes said the or OBU by way of specific identificacountry’s borders would be effection allocation. tive butand should still adhere to the Among banks that quesstandards setthe by the World Health tioned the legality Organization (WHO).of RR 4-2011 were A si a Un ited B a n k , told BDO What is needed, Peña-Reyes Unibank Inc., Bank of America, this newspaper, is for travel restricBank of Commerce, BDO Private tions to be put in place swiftly and

Bank Inc., Citibank, N.A., Philip-

pine Branch, China Banking Corpofor government to be proactive in ration, Chinatrust imposing them. (Phils.) Commercial Bank Corporation, Deutsche Previous instances when the Bank AG, Manila Branch, East West country had the opportunity imBanking Corporation, ING to Bank pose restrictions not preN.V.,travel Philippine Bank ofdid Communivent the spread of Covid-19. That was cations, Philippine National Bank, mainly because the decision wasSavnot Philippine Veterans Bank, PNB ings Bank, Rizal Commercial made immediately, he said. Banking Corporation, Security Bank “Kung papatay patay [If we’re Corporation, Standard slow] and we get caught Chartered flat-footBank, Philippine Branch, United ed, [that’s risky] We were too reCoconut, Bank of the Philippine active instead of proactive Islands, Development Bankbefore. of the We should learn from that,” Philippines, United OverseasPeñaBank Reyes said. “It’s a delicate Philippines, Land Bank ofbalancing the Philact. We need to push Bank testing and ippines, Metropolitan & Trust Company, of the Philiptracing to UnionBank be properly informed and BDO Capital and Investofpines, our decisions. Blanket/shotgun ment Corporation. approaches could have dire consequences on the economy.” See “SC,” A2 See “Omicron,” A2

MARCH REMITTANCES NATL GOVT BORROWINGS GROW 3.2%DIP TOTO $2.594B FOR 10 MOS P2.75T w w

n Tuesday, May 17, 221 Monday, November 29,2022 2021Vol.Vol.1717No.No.52

By Bernadette D. Nicolas

P25.00 P25.00 nationwide nationwide || 22 sections sections 18 20 pages pages ||

risk ₧33 daily wage Omicron hike won’t spurs revival stoke inflation–Neda chief of quarantine

@BNicolasBM

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

By Cai U. Ordinario @caiordinario

HE decision of the Regional Tripartite Wage Board to raise the minimum wage by P33 per day would not be inflationary, according to the National Economic and Development Authority (Neda). Socioeconomic Planning Secretary Karl Kendrick T. Chua told the BusinessMirror that the increase in wages would only lead to a 0.15-percentage point impact on inflation. Chua said this only represented a 6.1-percent increase in wages, which have not increased in the past three years. “It was a balancing act between [the] concerns of employers and employees and [addressing the absence of a wage] increase in three years,” Chua told the BusinessMirror. However, Ateneo Eagle Watch Senior Fellow Leonardo A. Lanzona Jr. told the BusinessMirror that the country would again see inflation reach double digits because of the combination of higher wages and the Department of Trade and Industry (DTI) decision to allow price increases for 82 basic commodities. programs as President Duterte T he DTI approved a miniis expected to sign the industry mum increase for 82 basic nedevelopment plan in early 2022. cessities and prime commodities Rosales said the PCA will not (BNPCs) in its latest suggested 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.

rules in PHL By Samuel P. Medenilla @sam_medenilla

NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory facility-based quarantine for all “Probably the issue is not the inflationary arriving passengers in the country. impact of [minimum wage] but the limited Acting Presidential spokespercoverage and limited impact on purchasing son Karlo B. Nograles announced power of the workers.”—Former Labor on Sunday that the Inter-Agency Undersecretary Rene Ofreneo Task Force for the Management of Emerging Infectious Diseases retail price (SRP) list. (Story (IATF) suspended the implemenhere: https://businessmirtation of its Resolution No. 150ror.com.ph/2022/05/13/dtiA (s.2021), effectively imposing okays-srp-increase-for-82-bastricter protocols for all inbound sic-commodities-and-primetravelers. necessities/) To note, IATF Resolution 150These products include bread, A had allowed fully vaccinated canned fish, potable water in non-visa travelers from Green List bottles and containers, processed areas to enter the country withmilk, locally manufactured instant out the need for facility-based noodles, coffee, salt, laundry soap, quarantine as long as they secure detergent, candles, flour, processed negative Reverse Transcriptionand canned pork, processed and Polymerase Chain Reaction (RTcanned beef, vinegar, fish sauce PCR) test within 72 hours prior (patis), soy sauce, toilet soap, and to their departure. batteries. The guide includes addi“Except for countries classified tional stock keeping units (SKUs) as ‘Red,’ the testing and quarantine such as Bareta Bar White (360g) protocols for all inbound internaand Bareta Bar FabCon (360g). tional travelers in all ports of entry See “Wage hike,” A2 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.

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 PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. sourced from Fixed Rate Treasury The country will celebrate the 158th birth anniversary of Filipino revolutionary CARLOS EDRIEL YULO could very Bonds (P1.19 trillion), followed by hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO well be the best male athlete of short-term borrowings from Bangthe 31st Southeast Asian Games in ko Sentral ng Pilipinas or BSP (P540 Vietnam. Retail NONIE REYES/CANON EOS R6 Bonds/Prebillion), Treasury myo Bonds (P463.3 billion), Retail Onshore Dollar Bonds (P80.84 bilBy Bianca Cuaresma @BcuaresmaBM lion). In the same period, there was By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see also a net redemption of Treasury @jearcalas enactment of the Coconut Farmwho are listed in the registry and if Bills amounting to P43.94 billion. ers and Industry Trust Fund law. farmer doesn’t see his name then he Net debt redemption means By Jun Lomibao gold, five silver and one bronze ORE than 3 million Rosales explained that about shall coordinate with the PCA imthere were more debts repaid comSports Editor medals. coconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent pared to the amount borrowed dur“I would have wanted to win workers are now regisworkers were added to the PCA’s dialogue with coconut farmers. ing the period. A NOI— Carlos Edriall the medals in all the event,” tered with the government’s reg2018 list that had about 2.5 million “On the other hand, if people Meanwhile, gross foreign borel Yulo was a world-class said the 22-year-old Yulo, who istry, which serves as the basis coconut farmers and farm workers. would see names on the list and rowings in the same period also act at the 31st Southwon world championships gold for the number of people to be The PCA’s next step is to conthey think they are not coconut contracted by 9.7 percent to P518.7 east Asian Games as he won medals in floor exercise in 2019 covered by the utilization of the duct an exclusion-inclusion profarmers or their details are incorbillion from last year’s P574.4 billion. two more gold medand vault last year. P75-billion coconut levy fund. cedure by making the updated rect, they can report it to the PCA This was raised through global als to emerge with After sending the Philippine Coconut Authority farmers’ registry public, providfor immediate action,” he added. bonds (P146.17 billion), program a total of five titles crowd into a fren(PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that loans (P139.98 billion), euro-dein men’s gymnastics zy w ith a remarkM. Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial list nominated bonds (P121.97 billion), competitions. able victory in the coconut farmers and farm worksales added. of coconut farmers registry would a project loan (P86.41 billion), and With three in the vault where he scored ers have been registered with the “The list will be posted in public be just in time for the expected yen-denominated samurai bonds bag that were enough 14.700 points, Yulo, government since it started upspaces where people can easily see rollout of coconut levy-funded See “3-M farmers,” A2 (P24.19 billion). to cement his name as returned hours later See “Borrowings,” A2 Continued on A2 one of the best to see and tied for first in action in the regional the horizontal bars dominated the vault with Din Phuong Thanh Vietn US 50.4600 n JAPAN 0.4374 n UK 67.2329games, n HKYulo 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n ofAUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021) Cash remittances sent by Filiwas faster in March compared to and added the horizontal bars to nam on similar scores of 13.867 pino migrant employees coursed the 1.3 Tpercent in the previous his collection to prime himself points. through banks grew 3.2 percent to month. It is, however, slower than up as a potential best male athThe horizontal bars gold was $2.594 billion in March this year the 4.9-percent growth in March lete awardee of the games. the fifth gold medal by Yulo, from $2.514 billion registered in last year. Yulo clinched a medal in all who also triumphed in men’s the same month in 2021. Governor Benjamin Dionko three events he took part in on all-around, floor exercise and The total cash remittances reearlier said that they expect remitthe last day of gymnastics at rings. He also had silver medal ceived by the country in the first tance growth to “stabilize” at 4 perthe Quan Ngua Sports Palace finishes in the men’s team event quarter now stands at a total of cent for this year after an annual to propel the Philippines to its and parallel bars. $7.77 billion. growth rate of 5.1 percent in 2021. best finish in years -- seven Continued on A7 The growth in remittances See “Remittances,” A2

OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND

EMITTANCES to the Philippines grew below the annual projected expansion rate for the third consecutive month in March, data from the Bangko Sentral ng Pilipinas (BSP) showed.

YULO’S GOLD HAUL: GIMME 5!

PESO EXCHANGE RATES

PESO EXCHANGE RATES n US 52.4340

n JAPAN 0.4053 n UK 65.2526 n HK 6.6797 n CHINA 7.7222 n SINGAPORE 37.6087 n AUSTRALIA 36.3368 n EU 54.5314 n SAUDI ARABIA 13.9794

Source: BSP (May 16, 2022)

News

BusinessMirror

A2 Tuesday, May 17, 2022

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SSS clarifies net loss in unaudited Oil price 2021 FS; pension fund gains P28B rollback, this time

OCIAL Security System (SSS) President and CEO Michael G. Regino clarified on Monday that the net loss of P843.9 billion shown in its unaudited financial statements for 2021 is a result of a change in accounting standard brought by Philippine Financial Reporting Standards (PFRS) 4. Regino, however, assured SSS members and pensioners that the reported losses do not affect the SSS’s current cash flow and funding situation and it remains financially viable of providing benefits to its stakeholders. In fact, he noted, SSS cash inflows composed of contribution collections and investment and other income for 2021 reached

P262 billion, exceeding its cash outflows of P234 billion composed of benefit payments and operating expenses for the same year by P28 billion. “This increase in net loss from the previous year is due to the recognition of the Margin for Adverse Deviation [MfAD] in our policy reserves. MfAD serves as a buffer for conservatism, which we have considered in our financial statements beginning 2021,” Regino explained. Policy reserves are forwardlooking estimates of net future liabilities. These include benefit payments that will be disbursed to SSS members and their beneficiaries in the future. “ T hese f ut u re l i abi l it ies

need to be recognized now as these provide us an accurate view of our long-term financial standing, which serves as our guide, as well as for the government in ensuring that we will be able to continuously serve our current and future members and their beneficiaries,” Regino added. The SSS is a state-run social insurance institution that extends social security protection to Filipino workers in the private and informal sectors. Under the Social Security Act of 2018, it provides seven benefit programs, namely, Sickness, Maternity, Unemployment, Retirement, Disability, Death, and Funeral, as well as loan privileges.

IL companies will bring down fuel prices this week. They announced Monday afternoon that gasoline prices will go down by P0.40 per liter, diesel by P3.10 per liter, and kerosene by P2.10 per liter. Seaoil Phoenix, Petron, Shell, Total, Caltex, PTT said in separate announcements that they will implement the price rollback at 6am of Tuesday, May 17. Cleanfuel, meanwhile, will adjust its prices starting 8:01 a.m. Other oil firms are expected to implement the same price adjustment. They adjust pump prices every week to reflect movements in the world oil market. Last week, gasoline prices went up by P4.20 per liter, diesel by P4.20 per liter, and kerosene by P5.85 per liter. Lenie Lectura

PHL AVOIDS TAGGING BY USTR AS COUNTRY WITH ‘IP’ CONCERN The enforcement of Anti-Camcording in the Philippines was also mentioned as the Report pointed out that countries “need to update legal frameworks to effectively deter unauthorized camcording and keep up with changing practices.” “The improvements in our battle against counterfeiting and piracy have always been attributed to our whole-of-nation approach. Best IP practices can start in each company, institution, barangay and down to our own homes,” Barba said.

Fake meds

MEANWHILE, in relation to medicines, the USTR Special 301 Report alleged once again that the Philippines, along with China, India, Vietnam, Indonesia and Pakistan, is among the top countries that are sources of counterfeit medicines globally. The USTR cited data from the Organization for Economic Co-operation and Development (OECD) and the European Union IP Office (EUIPO). “The data from the OECD and EUIPO presented in the ‘Trade i n Cou nter feit Ph a r m aceut i-

cal Products’ publication dates back to 2014-2016. Thus, it fails to consider subsequent efforts taken and more recent data. Regardless, we are strengthening our efforts to ensure that our pharmaceutical industry remains trusted and capacitated to combat the effects of counterfeiting,” Deputy Director General Teodoro C. Pascua said. Pascua noted that IPOPHL recently partnered with the Pharmaceutical Security Institute (PSI) to form a framework for capacity building, awareness and vital in-

Continued from A10

formation exchange relevant to curb the circulation of counterfeit medicines. Intellectual Property Rights Enforcement Office (IEO) data show pharmaceutical and medical products making up 4.4 percent of the total counterfeiting complaints and reports received by IPOPHL in 2021. As for the opposition and cancellation proceedings, the USTR Report said “many countries, including India, Malaysia and the Philippines, reportedly have slow opposition or cancellation proceedings.” However, no details were provided to support this allegation. Nevertheless, Barba said the Bureau of Legal Affairs (BLA) has already introduced “game-changing” rules to reduce the timelines of the decision and disposal of these cases. “The IPOPHL is right on track to make the opposition and cancellation proceedings one of the fastest in the Asean region, as our BLA targets to resolve this year the remaining opposition and cancellation cases filed in 2019 to 2021, including appeals to the Director from the decisions of the adjudication officers,” Barba said. The Special 301 Report is the USTR’s annual review of concerns and developments in IP protection and enforcement in the markets of US trading partners.

Remittances... Continued from A1

For the first quarter of the year, however, remittances cumulatively grew at 2.4 percent, falling short of the governor’s projection for the year. January remittance growth hit 2.5 percent, then dipped at 1.3 percent in February after rising to 3.2 percent in March as per latest data. Broken down, the BSP said the expansion in cash remittances in March was due to the growth in receipts from both land-based and sea-based workers. Land-based remittances increased by 3.7 percent to $2.021 billion from $1.948 billion while sea-based remittances grew 1.3 percent to $573 million from $566 million. The BSP said the growth in cash remittances from the United States (US), Japan, Singapore, Taiwan, and Saudi Arabia contributed largely to t he i ncrease in rem it t a nces in the first quarter of 2022.

Wage hike...

Continued from A1

“A double-digit inflation May be felt but not directly from the minimum wage increase but . . . other factors such as supply constraints,” Lanzona said. “Inflation will creep in the coming two to three months.” Former Labor Undersecretary Rene Ofreneo said at this point, comparing the impact of high oil prices in the international market would have a far greater impact on domestic prices than the wage hike. Ofreneo said the elections would also play a significant role in increasing commodity prices, particularly in the second quarter. He said during and after elections, it was observed that fast food restaurants saw long queues with “consumers [paying in] crispy P500 bills.” He said this may be attributed to vote buying with some families anecdotally able to “collect P10,000 to P15,000 or more from various paying politicians, national and local.” “So kung tapos na ang upward swings ng oil—at the moment— and revenge spending courtesy of the politicians, e-epekto ng konti ang minimum wage [MW]. Pero konti lang ‘coz bihira naman ang covered ng MW, konti ang mga regulars these days and probably—I have not read the Wage Order—may transition pa ang implementation ng MW. Probably the issue is not the inflationary impact of MW but the limited coverage and limited impact on purchasing power of the workers,” Ofreneo explained. This means, Ofreneo said, it is not enough that the incoming government take the advice of the outgoing and previous administrations. He advised the next administration to consult various stakeholders and consider different opinions. That being said, Ofreneo said the increase in MW may not lead to layoffs as this only has a 6.1-percent increase in wages. However, he said companies may decide to increase wages internally to avoid wage distortions. “Of course, good companies will try to adjust the pay scale in order to avoid wage distortions and retain the skilled and the professionals,” Ofreneo told this newspaper in an e-mail.

Job losses

LANZONA told the BusinessMirror the wage adjustment could lead to layoffs, particularly among Micro, Small, and Medium Enterprises (MSMEs).

Lanzona said MSMEs may not have enough financial capacity, especially in the wake of a pandemic, to provide their employees the increase in wages and trigger layoffs. To help MSMEs to cope with the new labor regulations, Lanzona said the government should provide assistance to them, because providing other forms of relief such as tax exemptions will not be sufficient. “The wage may not increase inflation but more importantly cause an even higher unemployment. Firms may lay off workers rather than raise prices of their products,” Lanzona said. Given the wage increase, he expected the country’s unemployment to rise to the same magnitude as 2020. This is because many MSMEs may already be on their last legs and could see a wipeout of their savings because of the new policy. Apart from laying off workers, another possibility in terms of adjustment on the part of MSMEs is to reduce their production. This, however, will have a negative impact on inflation as production cuts will lead to higher commodity prices. To cope, Lanzona said ayuda can help and remain an option for the government, especially if it is properly targeted. More than this temporary assistance, efforts must be exerted to develop new firms and industries to absorb the jobless Filipinos as a result of the increase in minimum wage. “The problem is that the minimum wage places a burden on the firms. Raising the welfare of workers should be the responsibility of the government,” Lanzona said. On Saturday, the BusinessMirror reported that around 1.4 million workers are expected to benefit from the new round of wage hikes approved by the regional wage boards in the National Capital Region (NCR) and Western Visayas. (Story here: https://businessmirror.com.ph/2022/05/14/ ncr-wage-board-orders-p33pay-hike/) In a statement on Saturday, the Department of Labor and Employment (DOLE) said the Regional Tripartite Wages and Productivity Board-NCR (RTWPB-NCR) issued Wage Order No. NCR-23 granting a P33 minimum wage hike in Metro Manila. Once it takes effect after its publication, the wage order will bring the daily minimum wage rate for non-agriculture workers to P570 and for agriculture workers to P533.

SC...

Continued from A1

They argued that RR 4-2011 was issued without any basis in the Tax Code, thus, can be considered as encroachment upon the power of the legislature. They said the RR expands the allocation of costs and expenses under Section of the Tax Code, which is limited only to allocating expense deductions between two or more organizations, trades of business; it contravenes Section 43 of the Tax Code that entitles taxpayers to use their choses accounting method; and unduly limits their rights to claim deductions granted by the Tax Code. Furthermore, the banking and financial institutions described the issuance as oppressive and unreasonable, as it deprives respondents of their rights to claim ordinary and necessary expenses as deductions, which effectively amounts to deprivation of property without due process of law; it was issued without prior consultation with persons affected; and violates their constitutional rights to equal protection since no valid classification exists between banks and other financial institutions and other kinds of taxpayers. In affirming the ruling of the trial court, the SC agreed with the respondents that the BIR “expanded or modified the law when it curtailed the income tax deductions of respondents and when it sanctioned the method of accounting the respondents should use, without any basis found in the Tax Code.” The Court said RR 4-2011 contravenes Section 43 of the Tax Code which provides the general rule for taxpayer’s accounting periods and methods of accounting. The Code states that taxpayers are

allowed to self-determine the most applicable accounting method. The Court noted that the BIR may only prescribe an accounting method if any of the following conditions exist: (a) no accounting method has been employed by the taxpayer; or (b) while an accounting method has been employed, it does not clearly reflect the income of the taxpayer. “In this case, the conditions under Section 43 of the Tax Code are not present. There is no showing that banks and financial institutions have not employed an accounting method, or that the accounting method employed does not reflect said banks and financial institutions’ true income,” the SC pointed out. “Clearly, therefore, the allocation rules under RR 4-2011 are arbitrary and indiscriminate imposition of a uniform accounting method as it dictates the amount that banks may reflect as deductions and taxable income. We thus agree with respondents [banks] that by imposing the allocation method under the RR, petitioners [DOF, BIR] negated respondents’ right to adopt its own accounting method,” it added. Furthermore, the SC said RR 4-2011 unduly expands Section 50 of the Tax Code which authorized the BIR to distribute, apportion, or allocate gross income or deductions if they determine that such distribution is necessary in order to prevent evasion of taxes or clearly to reflect the income of organizations, trades, or businesses. “The records are bereft of any indication that the allocation under RR 4-2011 is necessary to prevent evasion of taxes, or to reflect their true income,” the SC explained.

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BBM cites sacrifice of teachers, cops soldiers, workers during elections

RESUMPTIVE President Ferdinand “Bongbong” Marcos Jr. has expressed his gratitude to hundreds of thousands of teachers, poll workers and volunteers who took to the frontlines in ensuring the peaceful, honest, orderly and credible conduct of the historic May 9, 2022 elections. Marcos Jr. described as awe-inspiring the heroism and sacrifice shown by the teachers, poll watchers and volunteers throughout the country in ensuring that the last election would be held smoothly and successfully. “You have all indeed impressed us with your commitment and sacrifice. What you’ve all accomplished during the elections will serve as an inspiration for me and presumptive Vice President Sara Duterte to serve the mandates you have vested upon us the best way we can,” he said in Filipino. “We are witnesses to your hardships, sacrifice and patience despite the hot and humid weather, lack of sleep, tiredness, sweat and danger that go with it. I, along with Inday Sara, express our heartfelt gratitude and appreciation for all your heroic efforts,” Marcos Jr. added. Aside from them, Marcos Jr. also saluted the entire Philippine National Police, Armed Forces of the Philippines and all force multipliers who stood their ground against lawless elements, and displayed utmost

patience and bravery in maintaining peace and order throughout the entire campaign period until the actual election day. “You [soldiers and police officers] have shown remarkable professionalism and dedication in performing your sworn duties. Your courage and heroism have helped the entire nation in hurdling the many challenges brought by the past elections,” he said.

P3K additional allowance

AT the same time, Marcos Jr. said he was in favor of the Department of Education’s(DepEd)requesttogiveanadditional P3,000 allowance to all teachers andnon-teachingpersonnelwhoserved as members of the Electoral Boards. DepEd Secretary Leonor Magtolis Briones, in a letter submitted to Commission on Elections Chairman Saidamen Pangarungan, sought for an additional P3,000 to all the teachers who provided election services. Marcos Jr. stressed the amount is justifiable, pointing out that the services and sacrifices they provided were actually “unquantifiable.” He also expressed hope that the compensations, honoraria and other allowances of all teachers will be given before May 24 as stipulated in Comelec Resolution No. 10727. It was gathered that around 647,812 DepEd personnel performed services and duties in the last elections.

Pulong Duterte’s political rival launches own ‘operation baklas’ with PWDs as beneficiaries By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CITY—Only in Davao City. In what probably was the only instance in the Philippines after an election, a political newbie thrusting a serious political threat to one of the Duterte children went on another serious campaign to clean up the post-election garbage that litter city. Although Mayor Sara DuterteCarpio had issued an executive order urging all political candidates to clean their own mess, not one in the country could see a Ma. Victoria Z. Maglana did it with herself initiating her own “operation baklas.” This time, it would not only be about cleanliness. Nor about ready materials for roofing and walls of thatched-roofed houses. It would also be about livelihood for persons with disabilities (PWD). In her Facebook account, Maglana said her own team of supporters from friends and colleagues from civil society organizations retrieved 2,000 “good condition posters/tarps last week. There are about 500 that, unfortunately, are considered damaged.” “We are already in touch with two community-based livelihood initiatives, one run by a PWD organization. But both are in District 3. A women’s NGO in the city has requested for as-is tarps that they can distribute to their community partners. Tarps are sought out as rudimentary covers for houses and informal economic activities,” she explained. Maglana said she was “a bit saddened by the loss of big tarps that were set up for supporters in their private property along Ma-a. These tarps were ripped off by unknown people [and likely dumped] before we could take them down properly. Imagine how many repurposed school bags and eco-bags we could have made out of them.” “I hope that all those involved in post-election clean up drives will have more coordinated approaches in place for the upcoming December 2022 barangay and SK elections,” she said. “We need to ensure that: candidates take responsibility for the campaign materials they post instead of just riding on the government’s clean

up drive; government offices should also have repurposing/upcycling in mind rather than just plain collection of what they already regard as trash; there are viable options for repurposing/upcycling materials and candidates are incentivized to do so instead of just throwing away what they are able to collect; there’s an educational component; and communities benefit from the repurposed/upcycled results,” she said. In the comment tread, some have appealed for available sewing machines or volunteers to cut and sew the tarpaulins for repurposed materials such as bags and mats. On the week of the election, Maglana and her volunteers were immediately seen pulling down their campaign materials, including those other materials from other candidates which could add to the volume of materials needed for the repurposed designs of the campaign paraphernalia. “Tuloy-tuloy sa pagliligpit ng mga campaign materials para hindi tayo makadagdag sa basura na kasalukuyang nakakakalat sa palibot, bumabara sa mga kanal at waterways, at nakakarating sa dagat. Sayang di na namin inabot ’yung mga nasa ilang major streets,” she said in her earlier post. She said there were some volunteers of other politicians who were seen also pulling down their campaign materials and she said she hoped these materials would not be dumped in the garbage areas. “We will try to work with existing livelihood-oriented organizations para makadagdag sa kanilang kita. Kung may mga makita kayo na Mags and other tarps sa palibot ninyo, pwedeng makisuyo na pakiligpit na rin po? And then let us know how we can take them off your hands. Daghang Salamat,” Maglana added. In a still separate post, she said her loss to a powerful rival, Paolo Duterte for a congressional seat in the first district brought her these lessons: an expanded community of friends who live by and act on the bases of their principles; on the receiving end of countless gestures of kindness, warmth and openness from total strangers; and grand renewal of belief that people working together for a common good can accomplish anything, though it might mean doing it again and trying it differently.

Editor: Vittorio V. Vitug • Tuesday, May 17, 2022 A3

Anakpawis calls for revision of party-list law By Jovee Marie N. Dela Cruz @joveemarie

HE Anakpawis Party-list on Monday called for the amendment of Republic Act 794, or the Party-list System Act, to guarantee the representation of marginalized sectors, particularly workers, peasants and other underprivileged sectors in the country. Anakpawis, in a news statement, lamented that party-list groups with connections to well-entrenched political clans or traditional politicians are topping election results. The group particularly pushed for the enactment of House Bill 242 Genuine Party-list Group and Nominee Act filed by lawmakers aligned with the Makabayan bloc. President Duterte recently called for the abolition of the party-list system and claimed it was

being used by “leftists.” Ariel Casilao, Anakpawis national president, said the country is now reaping the impact of the “erroneous 2013 Supreme Court decision allowing party-list groups not belonging to the marginalized sectors to run for the allotted House seats.” Casilao said the 1987 Constitution clearly stated under the Legislative department “the party-list representatives shall constitute twenty per centum of the total number of representatives including those under the party-list. For three consecutive terms after the ratification of this Constitution, one-half of the seats allocated to party-list representatives shall be filled, as provided by law, by selection or election from the labor, peasant, urban poor, indigenous cultural communities, women, youth, and such other sectors as may be provided by law,

except the religious sector.” The Party-list System Act, Casilao added, should “enable Filipino citizens belonging to marginalized and under-represented sectors, organizations and parties, and who lack well-defined political constituencies....” He admitted that urging Congress to push for this fundamental reform is “near to impossible,” even as he claimed that such a push could only be fulfilled with a broad people’s movement demanding such. The election watchdog Kontra Daya earlier bared that at least 44 party-list groups who ran for the elections were controlled by political clans, 21 have connections with big businesses, while 34 were found to have unknown or unclear advocacies and representations. It said at least 32 have connections with the government or military,

while 26 have incumbent local officials running as party-list nominees and 19 have pending court cases or criminal cases. For the recently concluded May 9 elections, the Comelec has listed a record 177 party-list groups. Meanwhile, the top 6 winning party-list groups are ACT-CIS (5.8 percent of the votes), 1-Rider (2.78 percent), Tingog (2.45 percent), 4Ps (2.33 percent), Ako Bicol (2.29) and Sagip (2.1 percent). The groups garnering at least 2 percent of the total votes cast are guaranteed one seat each. Those garnering a sufficient number of votes, according to the ranking, shall be entitled to additional seats in proportion to their total number of votes—a three-seat cap is imposed such that a party-list cannot hold more than three seats regardless of the votes garnered.

Army-BCDA pact secures New Clark City for future residents, businesses

ARLAC—Ensuring that New Clark City (NCC) will remain a safe space for business and people alike in the years to come, the Bases Conversion and Development Authority (BCDA) and the Philippine Army’s 7th Infantry Division (7ID) renewed their sustained cooperation agreement to maintain peace and order in the rising metropolis. The move paves the way for the unhampered development of the government’s big-ticket projects and private investments in NCC, facilitating the inclusive growth of its communities and a business climate primed for continuous commercial activities. BCDA Officer in Charge President and CEO Atty. Aristotle B. Batuhan and Major Gen. Andrew D. Costelo, commanding general of the 7th Infantry (Kaugnay) Division, enabled this through the signing of the memorandum of agreement (MOA) on May 4, Wednesday, at the New Clark City Aquatics Center for the deployment of paramilitary troops to augment the security force at NCC. The MOA will take effect upon the approval of the Secretary of National Defense, and shall remain in force for a period of three years. It will supersede the original agreement the two parties signed in September 2018. Recognizing the need to ensure the timely delivery of government projects, the BCDA requested the Philippine Army to deploy the Citizens Armed Forces Geographical Unit Active Auxiliary Co. II at the 9,450-hectare development located within the Clark Special Economic Zone. “The New Clark City development requires a devoted, dedicated and exclusive group of personnel to be present in the property during the entire duration of the construction and development...BCDA believes that the presence of the Armed Forces of the Philippines in the entire area of NCC will assure the deterrence of any potential and possible threats to its development,” the MOA read. During the MOA signing, Maj. Gen. Costelo emphasized, “The security and protection of these vital infrastructures are our responsibility as the protector of peaceinthecommunity.Withourcollective commitment to serving the Filipino people, together we can do more.” He recognized 7ID’s personnel and troops under the SCAA Company, and the 3rd Mechanized Battalion as dedicated groups for this task. Also present at the event was 3rd Mechanized Battalion commanding officer Lt. Col. Jeszer M. Bautista. Batuhan acknowledged that 7ID’s efforts have brought peace and stability to Central Luzon, ensuring the security and protection of communities in the region. He noted that the 7th ID’s moniker, Kaugnay, is linked to their mission of fulfilling people’s aspirations and partnership in nation building—similar to the very purpose of the “Build, Build, Build” infrastructure program of the Duterte administration, which envisions solutions that will enable a comfortable life for all.

“Withyourdedicatedmenjoiningour team,Iamconfidentthatwecanproceed with planned developments smoothly and faster. Let me congratulate your command for successfully weakening insurgency in Northern Luzon through the years. We believe that you have been instrumental in sustaining peace and stabilityintheregionwhichcontributed greatly to the rise of this metropolis, allowing us to host both national and international events since we opened in 2019,” Batuhan said in his speech.

ARMY Maj. Gen. Andrew D. Costelo (second from left), commanding general of the 7th Infantry (Kaugnay) Division, and Atty. Aristotle B. Batuhan (second from right), BCDA Officer in Charge President and CEO, lead the signing of the memorandum of agreement for the continued deployment of the Citizens Armed Forces Geographical Unit Active Auxiliary Company II (CAA-II) at New Clark City. Army Brig. Gen. Joseph D. Pasamonte (leftmost), commander of the 703rd Brigade, 7ID, and Mr. Arrey A. Perez (rightmost), BCDA Senior Vice President for Corporate Services, serve as witnesses in the ceremonial signing activity held at the New Clark City Aquatics Center on May 4, 2022. PHOTO COURTESY OF BCDA

Economy BusinessMirror

A4 Tuesday, May 17, 2022 • Editor: Vittorio V. Vitug

Duterte okays EO for creation of MSME franchise registry

By Samuel P. Medenilla

@sam_medenilla

RESIDENT Duterte has signed Executive Order (EO) No. 169 that aims to create a Franchise Registry for the protection of micro, small and medium enterprises (MSMEs).

Signed on Thursday, May 12, but released by the Palace to the media on Monday, the EO also seeks to implement a nationwide standardized provisions of franchise agreements. Under the EO, franchisors must be responsible for registering their franchise agreements with the Department of Trade and Industry (DTI), provided that franchisors that are members of duly registered franchise associations must register with the trade department their standard franchise agreement and execute an undertaking that all future franchise agreements with MSME franchisees must incorporate the minimum terms and conditions prescribed under the order. “There is a need to intensify government efforts to strengthen the franchising industry to help businesses, especially MSMEs, by developing a transparent and business-friendly environment, and promoting fair and equitable practices,” the EO read. “Franchisors that are not members of duly registered franchise as-

sociations must register all franchise agreements entered into with MSME franchisees within 30 days from execution,” the EO added. EO 169 also prescribes the minimum terms and conditions of franchise agreements. Non-MSME franchisees and franchisors may consider the minimum terms and conditions provided as best practice and incorporate the same in their respective franchise agreements. The EO also directs the DTI to create an MSME Registry of Franchise Agreements entered into by and between a franchisor and an MSME franchisee. “Only franchise agreements that incorporate the minimum terms and conditions may be registered,” the EO read. Meanwhile, franchisors with existing franchise agreements with MSMEs must comply with the requirements prescribed in the order upon renewal of their respective franchise agreement with MSME franchisees. Also to be included in the franchise agreement are the duration of

the franchise and terms and conditions of the renewal; effects of and grounds for pre-termination, termination or expiration of the franchise agreement; provision of the “cooling off” period when the MSME is given the option to terminate the agreement; mechanism for dispute resolution; and remedies of the parties in case of any violation of the terms and conditions of the franchise agreement. The said agreements with the prescribed minimum standards shall be in writing and duly notarized by the franchisor or by their franchise association, if applicable, before they submit such requirements to the DTI. Franchisors are also encouraged to become members of duly registered franchise associations. The DTI will also be mandated to collect the said agreements and create the MSME Registry of Franchise Agreement. It will then formulate and enact incentives for franchisors, which will comply with the said requirement. Franchisors, which are not members of duly registered franchise associations, shall register franchise agreements entered into with MSMEs franchisees within 30 days from execution. EO 169 is expected to benefit 68 percent or over 600,000 of the 952,969 MSMEs, according to the 2020 data from DTI. DTI is expected to craft the implementing rules and regulations (IRR) for the issuance 90 days after it takes effect once it is published in the Official Gazette or a newspaper of general circulation.

www.businessmirror.com.ph

How does corruption hurt us? Does it make sense to fight corruption?

By Henry J. Schumacher

OR years the Integrity Initiative has tried to create Integrity Nation, a nation where transparency and integrity rule, and where corruption is no longer part of everybody’s life. Have we succeeded? Not yet. With every new administration taking over the extensive government executive functions after an election, we have expressed hope that anti-corruption will be addressed as a joint undertaking between business and the new government. Knowing both will have to do this “jointly,” we are again hopeful that the new administration that is about to take over, will invite the private sector to be an active partner in this undertaking. Given the fact that business allegedly does not like corruption, it may be useful to highlight once again how corruption hurts and convince society at large or better—every

individual—to fight corruption and make a choice to only deal with companies that evidently are involved in anti-corruption and have been verified or even certified that they adhere to transparency in business and implemented anti-bribery and anti-corruption policies. Let’s be very clear that corruption impacts all of us in many ways. The pain corruption creates can be divided into four categories: political, economic, social and environmental. Politically, corruption is a major obstacle to democracy and the rule of law. In a democratic system, offices and institutions should lose their legitimacy when they are misusing their inf luence for persona l advantage. As we see daily, it is extremely challenging to develop accountable behavior in a corrupt environment. E conom ic a l ly, cor r upt ion depletes national wealth (that belongs to the people). Corrupt officials invest scarce public resources in projects that will line their pockets rather than benefit communities. In 60 LGUs, the Integrity for Jobs project created integrity circles which see to it that infrastructure projects are benefiting less spectacular sectors like schools, hospital and farmto-market roads also. Corruption also hinders the development of fair market structures and distorts competition. In this context we are happy to see that the Philippine Competition Commission is doing its best in achieving their mandate in creating fair market conditions that will provide Juan

de la Cruz with better products and services at better prices. Socially, corruption is exploitive. Inequality breeds corruption by: Leading ordinary citizens to see a system as stacked against them, Creating a sense of dependency among ordinary citizens and a sense of pessimism for the future, which in turn undermines the moral dictates of treating everybody honestly, Distorting the key institutions of fairness in society, the courts, which ordinary citizens see as their protectors against evil-doers, especially those with more influence than they have. Corruption aggravates inequality: the well-off can afford bribes, but the poor often do without basic services. Inequality and corruption form a vicious circle that is very difficult to break. There is one institutional factor that has a big impact on corruption: the fairness of the legal system. This is an institutional measure of inequality: whether courts and the police treat people of different backgrounds and incomes as equals before the law. Let me conclude by saying, that working against corruption is everybody’s mandate. Integrity starts with I. Every person must make the decision: I am part of the solution! I will contribute to positive change! Because, if I don’t do it, I am part of the problem! If you agree with this, you must join the Integrity Initiative. Contact me at hjschumacher59@gmail.com and I will provide you the details for joining.

PSA allots ₧500M for conduct of CBMS By Cai U. Ordinario @caiordinario

HE Philippine Statistics Authority (PSA) has allocated half a billion pesos to conduct the 2022 Community-Based Monitoring System (CBMS). PSA said the P574-million budget will be used to interview a total of 1.087 million households belonging to the sixth and fifth income class cities and municipalities. This is composed of 856,000 households belonging to fifth and 231,000 households belonging to sixth class cities and municipalities. “[The] CBMS as defined by the law refers to an organized technologybased system of collecting, processing and validating necessary disaggregated data that may be used for planning, program implementation and impact monitoring at the local level, while empowering communities to participate

in the process,” PSA explained. “It involves the generation of data at the local level which serves as a basis in targeting households in the planning, budgeting and implementation of government programs geared towards poverty alleviation and economic development,” it added. The bulk of the households will be composed of those living in 283 fifth income class cities and municipalities on September 17 and 18, 2022. The PSA said the remainder of the households to be interviewed would be from 27 sixth income class cities and municipalities. The agency added that households from 21 cities and municipalities that have not yet been classified by the Department of Finance (DOF) would be included in the interviews for the CBMS. The results of the CBMS will be released in April 2023. The data to be collected will include the demo-

Night differential pay for state workers OKed

TATE workers are now entitled to night shift differential pay. On Friday, President Duterte signed Republic Act No. (RA) 11701, which provides qualified public employees with night shift differential to be determines by heads the agency for each hour of work done between 6 p.m. and 6 a.m. the following day. The rate, however, should not exceed 20 percent of the worker’s hourly basic pay. RA 11701 will apply to government employees occupying positions from Division Chiefs and below, or their equivalent, including those in government-owned or -controlled corporations (GOCC), whether the nature of their employment is permanent, contractual, temporary, or casual. The new law will not cover government workers, whose schedule of of-

fice hours fall between 6 a.m. and 6 p.m. since the services they will render beyond the regular eight-hour work schedule will be considered overtime pay instead. Also exempted from RA 11701 are public employees, whose services are required on call or 24 hours a day such as uniformed personnel of the Armed Forces of the Philippines, Philippine National Police, Bureau of Jail Management and Penology and Bureau of Fire Protection. The Civil Service Commission and Department of Budget and Management will issue the Implementing Rules and Regulations for RA 11701. National government entities and local government units (LGU) will be allowed to use their existing funds for the initial implementation of the new law. Samuel P. Medenilla

graphic and socioeconomic characteristics of the population as well as selected household-level and housing characteristics. The PSA will also collect data on general information about the barangay local government unit (LGU), physical characteristics of the barangay, service institutions, and infrastructures. The CBMS will also collect data on geo location and general information about service facilities, government projects and natural resources. “In line with this, the PSA enjoins the public in the selected fifth- and sixth-income class cities and municipalities, and in the cities/municipalities that do not have income classifications yet to support the 2022 CBMS by providing the required information to authorized PSA interviewers who will visit the households to conduct a personal interview,” PSA said. The CBMS measure, which was

passed into law in 2019, will cater to the data support for the multi-dimensional poverty index; Sustainable Development Goal indicators; Community development plans; and local registries. National Statistician Claire Dennis S. Mapa earlier told the BusinessMirror that the CBMS would capture more non-income indicators of poverty such as health, nutrition, water, sanitation, shelter, education, security and participation, among others. A team from De La Salle University led by former Philippine Institute for Development Studies President Celia M. Reyes in the early 1990s developed the CBMS. In 1995, the CBMS was used for the Micro Impacts of Macroeconomic Adjustment Policies (MIMAP) Project-Philippines. The system seeks to provide policymakers and program implementers with a good information base for tracking the impacts of macroeconomic reforms and various policy shocks.

DPWH completes ₧28.9-M Iloilo road widening project

HE Department of Public Works and Highways (DPWH) on Monday said it has completed the widening of a bypass road in Iloilo, improving the transport of goods and services between neighboring towns in Central Iloilo. In a news statement, DPWH Secretary Roger G. Mercado said the newlywidened section of Metro Iloilo Radial Road or R-4 Bypass Road serves as an alternate route from Iloilo City and southern Iloilo to the northern part of Iloilo and the provinces of Aklan and Capiz, and vice versa. The road connects the towns of Santa Barbara, New Lucena and Zarraga. The scopes of work at R-4 Bypass Road in the municipality of Leganes covered the widening of a 505-linear meter road from two lanes to four lanes with a bike lane, construc-

tion of curb and gutter, sidewalk, and slope protection on both sides with provision of guardrails and reflectorized thermoplastic pavement markings to safeguard motorists. The widened road section is seen to decongest R-4 and other major thoroughfares in central Iloilo, “providing motorists and commuters with a more conducive road access, shorter travel time by about 30 minutes, and reduced vehicle operation cost.” The project has a price tag of P28.9 million and was bankrolled using the 2021 regular infrastructure program fund. In a related development, the DPWH reported that it has constructed a 1.5-kilometer access road leading to the Hinulugan Falls hidden in the deep mountains of Barangay Tabun-acan in the town of Pilar.

Lorenz S. Marasigan

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

BEHOLD TRADING INTERNATIONAL INC. Unit G-h Legaspi Tower 300, Vito Cruz St. Cor Roxas Blvd, 078, Barangay 719, Malate, City Of Manila

LI, KE Bi-lingual Business Administrator Brief Job Description: Ability to support the business Admin. Strategy

Basic Qualification: Fluent Chinese & Bachelor in English Salary Range: Php 30,000 - Php 59,999

BOSKALIS PHILIPPINES INC. Unit 3701, 3801 The Orient Square, F. Ortigas Jr. Road, Ortigas Center, San Antonio, City Of Pasig TRIEMSTRA, BAUKE HENDRIK Operations Superintendent 2.

Brief Job Description: Acts the Company’s Representative to Support Management and Operations

BOOMGAARDT, JOSJA MARTIJN Project Coordinator Brief Job Description: Manages and supervise

Basic Qualification: Benchmarking Vessels Performances Against Industry Standard Salary Range: Php 150,000 - Php 499,999

No.

KIREEVA, ANNA Marketing Executive 14.

15.

Brief Job Description: Responsible for the financial strategy and effective risk management.

Basic Qualification: Strong-interpersonal, analytical and critical thinking skills. Salary Range: Php 500,000 and above

CJ LOGISTICS PH CORPORATION Unit No. U-3 Flr. No. 8/f, Imet Bpo Tower Bldg., Roxas Blvd. St., Barangay 76, Pasay City CHOI, YONGSIK Managing Director 5.

Brief Job Description: Binds himself such duties and responsibilities in such assigned to him from time to time

Basic Qualification: Graduate of Business Administration, fluent in English Salary Range: Php 90,000 - Php 149,999

LIU, KEHONG Marketing Manager 16.

Brief Job Description: Addressing customer concerns and issues thru phone call and email.

17.

18.

Brief Job Description: Prepare airline and custom documentations.

19.

HAN, LINYAN Mandarin Customer Support Representative 8.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints. HAN, YU Mandarin Customer Support Representative

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

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

CHUNG THUY LINH Vietnamese Customer Service Representative 20.

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

DINH THI MAI TRANG Vietnamese Customer Service Representative 21.

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

HA CONG ANH Vietnamese Customer Service Representative 22.

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

10.

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

LI, JINXIN Chinese Speaking Data Entry Clerk 11.

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

NGUYEN HUU VINH Vietnamese Customer Service Representative 23.

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

12.

Brief Job Description: Maintaining expert knowledge about the company services to best help the customers

24.

13.

Brief Job Description: Responsible for the overall administration and operation of the f&b division.

25.

EXPOLABLE BRAND CLOTHING INC. Unit No. 8-b, Flr. No. 3rd, Bagong Milenyo Plaza Bldg., Lot. No. 1 Zone 10, District 1, Barangay 76, Pasay City

Basic Qualification: Fluent in Mandarin and English Language Both Verbal and Written

MOU, YUNPENG Chinese Speaking Customer Financial Officer 28.

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

Basic Qualification: Proficient in speaking, reading and writing in English and their respective Native Language for the position applied for; Fluent in Chinese Mandarin is an advantage

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

Basic Qualification: Proficient in speaking, reading and writing in English and their respective Native Language for the position applied for; Fluent in Chinese Mandarin is an advantage

QUACH AI TRAN Vietnamese Customer Service Representative 26.

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

Basic Qualification: Proficient in speaking, reading and writing in English and their respective Native Language for the position applied for; Fluent in Chinese Mandarin is an advantage Salary Range: Php 30,000 - Php 59,999

Basic Qualification: With At least 6 Months Customer Service Experience/Good in Oral Communication and Written Salary Range: Php 30,000 - Php 59,999

JIU ZHOU TECHNOLOGIES INTERNATIONAL, INC. 31/f Tower 6789, 6789 Ayala Avenue, San Lorenzo, City Of Makati

CHEN, SHIH-WEI Chinese Customer Service Representative 29.

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

Basic Qualification: Proficient in speaking, reading and writing in English and their respective Native Language for the position applied for; Fluent in Chinese Mandarin is an advantage

GRAND PREMIUM CREST HOLDING INC. 16/f Tower 6789, 6789 Ayala Ave., Bel-air, City Of Makati

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

QUALIFICATION AND SALARY RANGE

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

Basic Qualification: Minimum 2 years’ experience in a similar capacity in an international hotel. Salary Range: Php 150,000 - Php 499,999

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

PHAM VAN THUAN Vietnamese Customer Service Representative

EDSA SHANGRI-LA HOTEL & RESORT, INC. Edsa Shangri-la Hotel, Ortigas Avenue, Wack-wack Greenhills, City Of Mandaluyong

PAULETTO, EMANUELE Director Of Food & Beverage

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

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

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

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for. Fluent in Chinese Mandarin is an advantage. Salary Range: Php 30,000 - Php 59,999

HSU, YIN-FEI a.k.a. HSU, YU-CHIN Chinese Customer Service Representative 30.

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

WU, HOU-CHUN Chinese Customer Service Representative 31.

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

LI, HSIN-I Chinese Finance Support Specialist 32.

Brief Job Description: Collaborating with management together & analyze financial information.

LU, SHENG-AN Chinese Finance Support Specialist 33.

Brief Job Description: Collaborating with management together & analyze financial information.

TENG, AI-LIN a.k.a. TENG, WEI-HSIN Chinese Finance Support Specialist 34.

Brief Job Description: Collaborating with management together & analyze financial information.

NGO THI MINH CHAU Vietnamese Customer Service Representative 35.

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

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for. Fluent to Chinese Mandarin is an advantage Salary Range: Php 30,000 - Php 59,999

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

Basic Qualification: Ability to Multi-task and Must Know How to Speak Mandarin Salary Range: Php 30,000 - Php 59,999

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

NGUYEN THANH DAT Vietnamese Customer Service Representative

EASY GO TRAVEL AND TOURS INC. G/f King’s Court 2 Bldg., 2129 Chino Roces Ave., Pio Del Pilar, City Of Makati GUO, YINGYING Customer Service Representative

27.

Basic Qualification: Fluent in English / college graduate

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

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

TRAN TRUC MY Vietnamese Customer Service Representative

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

DYNAMIC STUDIO TECHNOLOGY INC. 5th To 10th/f Platinum Tower Building, Aseana Ave. Cor. Fuentes Street, Baclaran, City Of Parañaque ZHANG, MINGFENG Chinese Speaking Business Development Associate

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

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

Basic Qualification: College graduate and fluent in English

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

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

Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Able to speak and write in MANDARIN and at least college level with related BPO experience.

No.

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

Basic Qualification: Able to speak and write in MANDARIN and at least college level with related BPO experience.

Brief Job Description: Responsible for managing technical issues on materials, equipment being used

BUI DOAN THIEN Vietnamese Customer Service Representative

Basic Qualification: Have skills in documentations.

DIGITAL DECODER TECH. INC. Ub 111 Paseo De Roxas Bldg., Paseo De Roxas, San Lorenzo, City Of Makati

QUALIFICATION AND SALARY RANGE

GAO SHOU TECHNOLOGY MANAGEMENT, INC. 52/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati

DEXIN INTERNATIONAL IMPORT AND EXPORT CORP. Lot 3 E&e Cmpd., F. Santiago St., Parada, City Of Valenzuela SHI, JINXIANG Chinese Cargo Office Agent

Brief Job Description: Create and review proposal request and established budget for projects SHI, JIN Project Manager

Basic Qualification: Mandarin speaking customer service representative. Salary Range: Php 30,000 - Php 59,999

Brief Job Description: Responsible for managing and growing key customers of Fiberhome in the Phils. TANG, WEI Outsourcing Manager

DAXIFA CORPORATION Mpire Center 93 West Avenue, Project 7, 1, Bungad, Quezon City DOU, JIAYU Mandarin Speaking Customer Service Representative

Brief Job Description: Handles all concerns or matters regarding with the Marketing Department

ESTABLISHMENT / ADDRESS

FIBERHOME PHILS., INC. U-19d 19/f Rufino Pacific Tower, 6784 Ayala Ave. Cor. V.a. Rufino St., San Lorenzo, City Of Makati

BRIGHTLEISURE MANAGEMENT INC. 10/f Newport Entertainment & C Newport City, Manlunas, Barangay 183, Pasay City BERNARD THAN BOON TEONG Chief Financial Officer/treasurer

Brief Job Description: Develop and oversees marketing campaigns to promote products SHARMA, GAURAV Purchasing Manager

Basic Qualification: Leasing and managing onsite local operations Salary Range: Php 150,000 - Php 499,999

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Tuesday, May 17, 2022

VONG MENH PHUNG Vietnamese Customer Service Representative 36.

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

KAIRIKI PHILIPPINES INC. 37/f Lkg Tower,, 6801 Ayala Ave.,, Bel-air, City Of Makati IIJIMA, KAREN Technical Support Manager 37.

Brief Job Description: Provide appropriate solutions to the technical issues by the customers

Basic Qualification: Excellent time management and problem-solving skills Salary Range: Php 90,000 - Php 149,999

MAJOREL PHILIPPINES CORP. 5th Floor E-commerce Plaza Bldg., 1 Garden Rd., Eastwood City, Bagumbayan, Quezon City

BusinessMirror

Tuesday, May 17, 2022

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

AOKI, KAZUHIRO Customer Service Representative

38.

Brief Job Description: Responsible for providing industry-leading customer service while meeting the quality and schedule expectations of the company’s customers; Provides advice and supports to business owners regarding advertising on the internet

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Minimum high school diploma or equivalent required; 1 to 3 years prior contact center or customer service experience preferred; Experience in Windows and internet-based environment required; Previous SEO/SEM experience will be considered a plus; Knowledge in AdWords, Google Analytics or Binge Certified is a plus Salary Range: Php 90,000 - Php 149,999

NISHIOKA, KOSEI Customer Service Representative

39.

Basic Qualification: Minimum high school diploma or equivalent required; 1 to 3 years prior contact center or customer service experience preferred; Experience in Windows and internet-based environment required; Previous SEO/SEM experience will be considered a plus; Knowledge in AdWords, Google Analytics or Binge Certified is a plus Salary Range: Php 90,000 - Php 149,999

YAMADA, TATSUYA Customer Service Representative

40.

No.

54.

41.

Brief Job Description: Take charge of custody of, and be responsible for all funds/securities, evidences of indebtedness and other valuable docs. Of the corporation.

Basic Qualification: Any 4 yr. Course graduate with at least 10 yrs. Experience in administration (managerial experience included). Salary Range: Php 90,000 - Php 149,999

MICRON CLEANROOM (PHILIPPINES), INC. Unit 906 Page I Bldg., Acacia Ave. Mbp, Ayala, Alabang, City Of Muntinlupa OGAWA, TETSUNOSUKE Project Director

42.

Brief Job Description: Reporting to the President , Reviews and approves designs and construction schedules and schedules of values for compliance program schedules and contract documents, overseeing all operation of the project, budget and project quality, manage and support each project team in technical and contract execution and multiple projects, Meeting with client, stakeholder and project managers to report project progress.

56.

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower, C4 Rd. Edsa Ext., Barangay 76, Pasay City THIHA HTUT Burmese Customer Service Representative 43.

Brief Job Description: Managing incoming calls and customer service inquiries. ZIN YIN WIN Burmese Customer Service Representative

44.

Brief Job Description: Managing incoming calls and customer service inquiries CHANCHEAY, NATTHAWIKORN Chinese Customer Service Representative

45.

Brief Job Description: Managing incoming calls and customer service inquiries CHEN, QINWEN Chinese Customer Service Representative

46.

Brief Job Description: Managing incoming calls and customer service inquiries HUO, YINGYING Chinese Customer Service Representative

47.

Brief Job Description: Managing incoming calls and customer service inquiries JIANG, CHENG Chinese Customer Service Representative

48.

Brief Job Description: Managing incoming calls and customer service inquiries LI, RUTAO Chinese Customer Service Representative

49.

Brief Job Description: Managing incoming calls and customer service inquiries QIAO, JUNBO Chinese Customer Service Representative

50.

Brief Job Description: Managing incoming calls and customer service inquiries WEI, BING Chinese Customer Service Representative

51.

Brief Job Description: Managing incoming calls and customer service inquiries YANG, DAHAI Chinese Customer Service Representative

52.

Brief Job Description: Managing incoming calls and customer service inquiries YANG, GEN Chinese Customer Service Representative

53.

Brief Job Description: Managing incoming calls and customer service inquiries.

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

57.

58.

59.

60.

61.

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

62.

63.

GUO, JING Chinese Speaking Business Development Associate 64.

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

ZHANG, MENGMENG Chinese Speaking Business Development Associate 65.

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

CLOWES, FRANK ALLEN Consultant - Electrical Construction 66.

Brief Job Description: The primary responsibility is to supervise the electrical construction of the Santa Cruz transmission and substation facilities

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

72.

SINGH, SHUBHAM Customer Success Partner Senior Advisor Successfactors

67.

Brief Job Description: The role of the CSP is to drive successful customer onboarding and solution adoption, increase customer satisfaction and retention safeguard renewals, secure references, and foster account expansion. This is achieved by building strong relationships with customer stakeholders and helping them maximize the value of their SAP partnership by achieving their desired business outcomes.

68.

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

ZHAO, SHAN Chinese Speaking Trade Marketing Specialist 69.

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

Salary Range: Php 30,000 - Php 59,999 73.

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

70.

Brief Job Description: Handles administrative request and queries from senior managers/officer.

HUANG, RUEI-SIAN Chinese Admin Support Specialist 71.

Brief Job Description: Handles administrative request and queries from senior managers/officer.

Brief Job Description: Provide assistance and expertise in the coordination of LCV multilateral engagements with the INDOPACOM AOR to include conferences, seminars, and engagement program in accordance with LCV, applicable guidance, and directives; Assist and provide expertise on political military, economic, military to military cooperation

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

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

CHEN, SI-TING Chinese Admin Support Specialist 74.

Salary Range: Php 30,000 - Php 59,999 75.

Basic Qualification: Able to speak, read and write Chinese language. 76.

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

77.

78.

79.

Salary Range: Php 90,000 - Php 149,999

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

Basic Qualification: - At least 19y/old - Ability to speak write and communicate in Vietnamese Salary Range: Php 30,000 - Php 59,999 Basic Qualification: - At least 19y/old - Ability to speak write and communicate in Vietnamese Salary Range: Php 30,000 - Php 59,999

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

Brief Job Description: Provide daily support to users of various computer systems including answering questions, analyzing problems, and quickly forming solutions to return systems to proper operation.

VY VAN QUANG Vietnamese Customer Service Representative

Basic Qualification: More than 20 years’ experience in Electrical design and construction work of electrical facilities particularly in managing the construction of medium voltage and high voltage Electrical Infrastructure

Brief Job Description: Handles administrative request and queries from senior managers/officers.

CHUONG HUYEN LINH Vietnamese Technical Support Representative 80.

TA THI HONG VAN Vietnamese Technical Support Representative 81.

Basic Qualification: Proficient in speaking, reading and writing in Chinese Mandarin, English and their respective native language Salary Range: Php 30,000 - Php 59,999

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

HSING, LI-PENG Chinese Technical Support Representative

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

Basic Qualification: Experience in human resources, recruitment, learning, compensation or talent management. Experience working with account management plans. Strong knowledge of SaaS models and cloud mindset.

Brief Job Description: Proficient in speaking, reading and writing in Chinese Mandarin, English and their respective native language

CHANG, PING-JANG Chinese Technical Support Representative

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

Basic Qualification: with MBA; With at least 5 years work of experience in the INDOPACOM and at least 16 years project management experience ; Expertise in political military factors, intelligence developments and current operational coordination’s Must have at least s US Security Clearance with ability to obtain

Basic Qualification: Proficient in speaking, reading and writing in Chinese Mandarin, English and their respective native language

PAN, SHIH-MING Chinese Customer Service Representative

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

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

Brief Job Description: Handles administrative request and queries from senior managers/officers.

WU, CHIEN-YING Chinese Admin Support Specialist

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

WANFANG TECHNOLOGY MANAGEMENT, INC. 6-9/f Double Dragon Plaza, Edsa Cor. Macapagal Ave., Barangay 76, Pasay City

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

Basic Qualification: - At least 19y/old - Ability to speak write and communicate in Vietnamese

Salary Range: Php 500,000 and above

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

TIAN XIA TECHNOLOGIES INTERNATIONAL, INC. Bldg. B Filinvest Cyberzone 6, Bay City, Barangay 76, Pasay City HO, CHIA-JUNG Chinese Admin Support Specialist

Brief Job Description: Handles administrative request and queries from senior managers/officer.

HOLMGREN, GREGORY DARRELL Regional Project Director

Brief Job Description: maintains financial account; recommend potential products and services; attracts potential customers

Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in Chinese Mandarin, English and their respective native language Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Proficient in speaking, reading and writing in English and their respective native language for the position applied for. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: - at least 19y/old - ability to speak, write and communicate in Chinese mandarin Salary Range: Php 30,000 - Php 59,999

WELLBE MEDIC AND INSURANCE AGENCY (PHILIPPINES) INC. Unit 2b & 2c, Blue Sapphire Residences, 30th Street, 2nd Avenue, Bonifacio Global City, Fort Bonifacio, City Of Taguig

SPRITZER TRADING CORP. 37/f Lkg Tower, 6801 Ayala Ave., Bel-air, City Of Makati ANGELRINA Chinese Speaking Digital Marketing Specialist

QUALIFICATION AND SALARY RANGE

VECTRUS SERVICES PHILIPPINES, INC. Ub 111, Paseo De Roxas Bldg., San Lorenzo, City Of Makati

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION SYU, WEN-YI Chinese Admin Support Specialist

SAP PHILIPPINES, INC. 27/f Nac Tower, 32nd St., Fort Bonifacio, City Of Taguig

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

Salary Range: Php 500,000 and above

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

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

No.

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

SANTA CRUZ SOLAR ENERGY INC. 4/f 6750 Bldg., Ayala Ave., San Lorenzo, City Of Makati

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

Basic Qualification: Able to speak, Read, and Write Chinese language

Brief Job Description: Managing incoming calls and customer service inquiries.

QUALIFICATION AND SALARY RANGE

NEO INCORPORATED North Tower Centrum Bldg., Aseana Avenue, Entertainment City, Baclaran, City Of Parañaque

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

Basic Qualification: Able to speak, Read, and Write Chinese language

Brief Job Description: Managing incoming calls and customer service inquiries. YVONNE LEE YNG TORNG Malaysian Customer Service Representative

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

Brief Job Description: Managing incoming calls and customer service inquiries. YONG YEE GEN Malaysian Customer Service Representative

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

Basic Qualification: Able to speak, Read, and Write Chinese language

Brief Job Description: Managing incoming calls and customer service inquiries. YANTI Indonesian Customer Service Representative

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

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

Brief Job Description: Managing incoming calls and customer service inquiries OKI SETIAWAN SJIN Indonesian Customer Service Representative

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

Brief Job Description: Managing incoming calls and customer service inquiries HALEK GUNAWAN Indonesian Customer Service Representative

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

Brief Job Description: Managing incoming calls and customer service inquiries ZHOU, XIAOYAN Chinese Customer Service Representative

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

Brief Job Description: Managing incoming calls and customer service inquiries ZHANG, WEI Chinese Customer Service Representative

Basic Qualification: Expatriate, Degree Holder of Engineering Courses/ Architecture, Min. 15 years of experience as Project Manager , Proficiency in Japanese and English Language Salary Range: Php 150,000 - Php 499,999

Brief Job Description: Managing incoming calls and customer service inquiries ZHANG, HAIYANG Chinese Customer Service Representative

MHI POWER TECHNICAL SERVICES CORPORATION 27/f Robinsons Cybergate Center, Tower 3, Pioneer St., City Of Mandaluyong FUKAYA, KENTARO Treasurer/administrative Director

Brief Job Description: Managing incoming calls and customer service inquiries. YUAN, MING Chinese Customer Service Representative

55.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION YE, MAO Chinese Customer Service Representative

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KAWASHIMA, YURIKA Japanese Sales & Marketing Specialist 82.

Brief Job Description: Create, develop and recommend sales objectives and strategies of the company for Management’s approval

Basic Qualification: JLPT N1 passer; Fluent in Japanese and English (Speak, read and write). At least 5 years working experience in the same field Salary Range: Php 60,000 - Php 89,999

*Date Generated: May 16, 2022 In the ad material of Notice of Filing of Application for Alien Employment Permits published on May 11, 2022, the position of NAY MIN KO, should have been read as BURMESE CUSTOMER SERVICE REPRESENTATIVE and not as published. In the ad material of Notice of Filing of Application for Alien Employment Permits published on May 11, 2022, the position of NYEIN NYEIN THAWE, should have been read as BURMESE CUSTOMER SERVICE REPRESENTATIVE and not as published. Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

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NWPC clarifies rule on wage hike exemption By Samuel P. Medenilla @sam_medenilla

HE regional wage boards are not vested with the power to grant mass exemption to micro, small, and medium enterprises (MSMEs) from the minimum wage limit, according to the National Wages and Productivity Commission (NWPC). However, it noted that Regional Tripartite Wages and Productivity Boards (RTWPB) could grant such exemption on a case-to-case basis. In an online news conference on Monday, NWPC Executive Director Maria Criselda R. Sy explained there are stringent requirements before a company will be granted an exemption. She said they may avail of the provision of Republic Act 9178 or the Barangay Micro Business Enterprise (BMBE) Act, which exempts qualified establishments from minimum wage payment. “These [BMBE] are the establishments, which applied for a certificate of authority from DTI [Department of Trade and Industry] and have a capitalization of not more than P3 million,” Sy said. The RTWPBs, she said, could also grant exemption for minimum wage payments to MSMEs in the retail or service sector employing not more than 10 workers and are affected by natural calamities, including the Covid-19 pandemic. “So the exemption will not be automatic. On the basis of the documents they will submit, the regional wage boards will decide whether to grant the exemption or not,” Sy said. “It [application] should be filed not later than 75 days from the date of publication of the wage order,” she added.

Mechanisms in place

NWPC issued the clarification amid the call from Presidential Adviser for Entrepreneurship Secretary Jose “Joey” A. Concepcion to exempt MSMEs from the daily minimum wage increase of P33 in the National Capital Region (NCR) and by P55 and P110 in Region 6. Concepcion said the new round of wage hike could translate to the closure of more establishments. Sy allayed the concern, reiterating there are existing mechanisms for distressed companies could avail to be exempted from minimum wage hike. She noted that in the National Capital Region and Region 6, there are already 4,650 and 1,075 registered BMBEs, respectively. The NWPC also noted that of the 79 applications before the RTWPBs for wage order exemption as of April 2022, the Boards approved 77, and two were dismissed. Furthermore, Sy said, RTWPBs consider the business impact of their wage orders, which minimizes the risk it may lead to mass closure of establishments. “We think the impact [of wage increases] at the macro level, if there is any, is not that big and will negatively affect our macro economic goals,” Sy said.

PHL may need to generate ₧326B to pay for pandemic debts–Salceda By Jovee Marie N. Dela Cruz @joveemarie

HE chairman of the House Committee on Ways and Means on Monday said the incoming administration will need around P326 billion in new revenues every year to cover both principal and interest payments due to debts incurred during the Covid-19 pandemic. House Committee on Ways and Means Chairman and Albay Rep. Joey Sarte Salceda said presumptive President-elect Ferdinand “Bongbong” Marcos Jr. can use his “supermajority in both mandate and Congressional alliances to enact smart, efficient tax and economic policies to address this debt overhang.” “Unless we can raise that kind of revenue, we will have to downscale our public spending or borrow again to pay the debt,” he said. “If you annuitize the debt service

Go: Duterte assures orderly transfer of power to BBM By Butch Fernandez

@butchfBM

XECUTIVE departments and agencies will be left in order by the outgoing Duterte administration and ready to take new directions from incoming presumptive President Ferdinand “Bongbong” Marcos Jr.’s administration to ensure a hassle-free transition, said Senator Christopher Lawrence “Bong” Go. As directed by President Rodrigo Roa Duterte, Go said preparations are ongoing by Malacañang for the upcoming formal transfer of power to President-elect Marcos Jr. on June 30. According to Go, a regular companion of the outgoing Chief Executive, Duterte gave early instructions for continued preparation by all agencies under the Executive for Marcos’ assumption to the Palace top post by end of June. The administration senator said the outgoing Chief Executive also gave direct orders to his Cabinet and transition team to make sure it would be an “orderly and systematic” transfer of power to newly installed President Marcos Jr. Go added this was why the new President and his Cabinet are expected to be met by an Executive department ready to serve the new administration. He recalled that outgoing President Duterte earlier signed last May 10 Executive Order 47 creating a presidential transition committee led by Executive Secretary Salvador Medialdea. The committee is intended to guarantee there would be no gap in government services, more so in the sector needing government assistance when Marcos Jr. officially assumes the Office of the President at noon of June 30.

DOH logs 160 Covid-19 cases from May 9 to 15

HE Department of Health (DOH) on Monday said that they were able to log 1,118 Covid-19 cases from May 9 to May 15, an average of 160 cases per day. This number, the DOH said, is lower by 0.3 percent as compared to the period covering May 2 to May 8. Of the new cases recorded, 24 are severe or critical. There were 16 deaths recorded. Twelve occurred in May 2022

Tuesday, May 17, 2022 A7

(75.0 percent), and 4 in April 2022 (25.0 percent). On May 15, there were 588 severe and critical Covid-19 patients admitted in the hospitals. Of the 2,812 ICU beds for Covid patients, 438 (15.6 percent) are occupied. Meanwhile, the DOH said that 68 million individuals or 76.29 percent of the target population had already been vaccinated against Covid-19. Claudeth Mocon-Ciriaco

due to deficit spending from January 2020 to March 2022, you will have around P144 billion in principal payments over the next 20 years, and around P181 billion in interest payments. That will of course vary per year, and some years will need lower debt than others. But if you want to stretch out the payment schedule, that’s the kind of fiscal space you need to cover the Covid-19 debts without incurring budget cuts,” Salceda pointed out. Expanding the country’s fiscal space and tax-policy reform, he added, are best options for the next administration. “Obviously, budget cuts in aren’t a very good option if you want to sustain Covid-19 growth, and of course, borrowing more to cover past borrowings is a downward spiral to fiscal hell. So, you really need to expand fiscal space,” Salceda said. “And of course, the P326 billion figure relies on current interest rates.

To keep them at this level, we need to show our creditors we are in good fiscal standing. So tax-policy reform is really our best option,” he added. Meanwhile, Salceda said the next administration should implement “quick and effective” fiscal measures in the first hundred days. “The Marcos administration [should] start with a fiscal expansion program, the better it will be for investor confidence, our credit ratings, our debt overhang, and our future growth prospects,” he said. “You need money for the most important campaign promises: cheaper rice, more efficient government services, and improved agriculture,” Salceda added. Salceda suggested to look into the proposed digital economy taxation to grow tax revenues from digital transactions. “The digital economy has grown by at least 16 percent during the pandemic, while tax revenues from

digital sources have remained practically unchanged, based on BIR [Bureau of Internal Revenue] numbers. We can do that on both the policy side and the tax administration side,” he said. For the BIR, Salceda said, he would ask the new President to establish three new internal reforms, including the creation of a digital taxation service, the creation of a transfer pricing service, and ease of paying taxes reforms in the BIR processes. “I would particularly want to see VAT refund processes shortened, TIN registration fully digitalized, and the electronic invoicing mandate under the TRAIN law fully implemented,” Salceda suggested. “We have to enact new packages of tax policy reforms of course, but the measures I mentioned are the easiest to do, and the President can take steps towards them by sheer executive action,” Salceda added. For the Bureau of Customs, the

lawmaker said the next government also need to strengthen the hallmarks of former President Gloria Macapagal-Arroyo’s tax enforcement strategy—the Run After Tax Evaders, the Revenue Integrity Protection Service and Run After the Smugglers. “We especially need stronger enforcement agreements with Coast Guard on the conventional smuggling side, and with the Department of Agriculture on the technical smuggling side,” he said. “The Bureau of Customs gets a bad rap during campaigns, but they have been highly improving under Commissioner Rey Guerrero due to digitalization reforms, enforcement missions, and a general commitment to making Customs compliance easier. So, I would either him keep where he is, or I would strengthen and institutionalize the improvements he has made in Customs,” the lawmaker added.

Comelec proclaims three Villafuertes after their runaway victories in CamSur

HE Villafuertes won by a landslide in Camarines Sur in this year’s elections and have all been proclaimed by the Commission on Elections (Comelec) as the winners in their respective electoral races on May 9. LRay Villafuerte was reelected to his third term as the premier province’s second district representative in the Congress, while his sons— Miguel Luis or “Migz” and Vincenzo Renato or “Luigi”—won as 5th district representative and governor, respectively, of the province. The two young Villafuertes triumphed over powerful political clans in the province. Migz Villafuerte toppled the Alfelors, represented by Iriga City Mayor Madelaine Alfelor-Gazmen; and Luigi, the young entrepreneur who is running for the first time for an elective post, knocked out from the gubernatorial contest Rolando Andaya Jr. who used to represent CamSur’s first district and had served as House Majority Floor Leader and Budget Secretary. Andaya’s sister—Maribel Andaya Eusebio—ran in his stead as representative of the first district, but lost to Hori Horibata of PDP-Laban. Both Migz and Luigi ran as candidates of PDP-Laban, President Duterte’s political party, while LRay ran under the banner of the National Unity Party (NUP), one of the administration’s political allies. The latest unofficial voting results as of Wednesday showed that LRay garnered 111,743 votes as against the 30,324 votes of his rival Aba Abasola. Migz racked up

153,852 votes as against AlfelorGazmen’s 101,944 votes, and Luigi got 492,415 votes vs. Andaya’s 416,434 votes. The sweeping victories of the three Villafuertes reflected earlier survey results of the prominent Pulse Asia placing them as the runaway winners in their respective races in the recently concluded elections. In Pulse Asia’s approval ratings for selected incumbent officials in CamSur, LRay Villafuerte scored 83 percent and Migz Villafuerte, 72 percent. As for trust ratings, LRay had a score of 80 percent; and Migz Villafuerte, 75 percent. As pointed out by political watchers, the Villafuertes have wiped out the Andayas and Alfelors of CamSur. The Andayas have long dominated the 1st district of CamSur, starting with Rolando Andaya Sr. who became assemblyman of the Batasang Pambansa in 1984, and later as undersecretary of budget. The senior Andaya also served as chairman of the House committee on appropriations for 11 consecutive years, the longest on record, when he was congressman. His son, Rolando Jr., had served as a three-term congressman and also chairman of the House appropriations panel and Budget Secretary. Rolando Jr.’s sister, Maribel Eusebio, was former mayor of Pasig and had attempted twice—but failed—to run as congressperson, in the second district in 2019 and in the first district in 2022. Rolando Jr. lost to neophyte Luigi, who had a sizable lead of

LRAY VILLAFUERTE, and his sons, Vincenzo Renato “Luigi” Villafuerte and Miguel Luis “Migz” Villafuerte, raise their hands after being proclaimed by the Commission on Elections (Comelec) as the winners in their respective 2022 electoral races in Camarines Sur. LRay was reelected to his third term as the province’s Second District representative, while Migz and Luigi, won as 5th district representative and governor, respectively, of the province. Their landslide wins toppled powerful political clans in the province. Migz unseated the Alfelors, represented by Iriga City Mayor Madelaine Alfelor-Gazmen; and Luigi, knocked out from the gubernatorial contest Rolando Andaya Jr. who used to represent Camarines Sur’s first district and had served as House Majority Floor Leader and Budget Secretary.

76,000 votes over the former. Maribel Eusebio lost to neophyte Horibata, thereby ending the political reign of the Andayas in the first district. Iriga City Mayor AlfelorGazmen run against incumbent Gov. Migz in the Fifth District and lost heavily by a margin of some 50,000 votes.

Nonokoy Alfelor also lost to Vice Mayor Rex Oliva in the contest for mayor of Iriga City, which was under the Alfelors’ rule for over 30 years. The Alfelors also ruled the Fifth Distric for over 20 years. Incumbent board member Rupert Alfelor also failed to make it as board member in the Fifth District.

Yulo’s gold haul: Gimme 5! He matched the five-gold medal haul recorded by Rolando Albuera, who achieved the feat in the Jakarta 1979 SEA Games where the Philippines collected a total of 24 gold medals and finished fourth overall. Filipino-American Aleah Finnegan was responsible for two gold medals in women’s team and vault—as well as a silver medal in the balance beam, losing to Malaysia’s Rachel Yeoh Li Wen (12.567-12.467). Also contributing to the country’s coffers was dancesport

with four gold medals after being limited to one last Sunday, as well as bowler Merwin Tan who ruled the men’s singles and ended an 11-year golden drought by the keglers. In athletics, 110-meter hurdler Clinton Kingston Bautista added a gold to the country’s campaign. Tan, a 22-year-old left-hander, came from behind to rule the men’s singles event at the Royal City Hanoi Bowling Lanes, rolling a six-bagger in the sixth and last frame to beat Yannaphon Larpapharat of Thailand and Ryan

Leonard Lalisang of Indonesia. Tan finished with a total score of 1292, his bid immensely helped by a 294 in the sixth frame after scoring 234 in the fifth frame that bumped him up to No. 3 overall. Larpapharat and Lalisang were relegated to silver and bronze, respectively, with scores of 1286 and 1221. Elsewhere in the games, Gilas Pilipinas escaped with a thrilling 76-73 win over perennial rival Thailand at the start of regular men’s basketball at the Thanh Tri Gymnasium.

continued from a1

The Thais made a game of it throughout, trailing by just six at the 36-42. Nakorn Jaisanuk missed what could have been a game-tying three-pointer in the Thais’ last possession. The Gilas women had an easier time, handily beating Indonesia 93-77. Billiards great Efren “Bata” Reyes, still a big hit with Vietnamese fans, advanced to the semifinals of the men’s one-cushion carom singles, beating Suriya Suwannasingh of Thailand 65-58.

A8 Tuesday, May 17, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Kudos, Comelec

lection integrity is at the heart of democracy. Our governing system only works when we elect leaders in clean, honest and peaceful elections. As the guardian of the ballot, the Commission on Elections (Comelec) must see to it that transparency is integrated into every aspect of its operations relative to the conduct of the May 9 presidential polls. We are happy that the poll body came out of it with flying colors.

It pays to learn from past issues that could undermine the electoral process. The Comelec said better preparations for the May 9 presidential polls prevented a repeat of the controversial “seven-hour glitch” in the May 2019 polls, which left the vote tally for media partners empty on the night after polls closed. The incident caused significant concerns from election observers. In the name of transparency, Comelec, for the first time, disclosed the locations of the servers it will use in the May 9, 2022 polls as early as two months before the elections so the public could monitor for any irregularities in its operations. Comelec said its main server is located at the Bonifacio Global City in Taguig; the back-up server in Libis in Eastwood, Quezon City; the transparency server in Sucat, Parañaque; and the media server at the University of Santo Tomas. Comelec Commissioner Marlon Casquejo said they opted to divulge the locations of the servers to dispel concerns from lawmakers and the public about possible tampering of the said servers. “Although the disclosure will lead to small security risks, we are confident the Philippine National Police are capable of securing their locations,” Casquejo said. Comelec Information and Technology Officer Roderick Ilagan said the 2022 polls also marked the first time when all the main, back-up, and transparency servers were located in data centers certified by the International Organization for Standardization. When the poll body delivered the fastest election results ever, detractors said it is a result of cheating. Although 107,000 of the vote counting machines performed flawlessly, partial observers focused on the 200 VCMs that reported issues during the early hours of voting. Blame your congressman for the defective VCMs. Congress slashed the Comelec budget in an election year. Allegations of election cheating emerged after the quick count of partial and unofficial tally of votes showed that front-runner Ferdinand Marcos Jr. had a wide lead over his closest rival, Vice President Leni Robredo. Statistics experts from the University of the Philippines, however, found no irregularities in the consistent voting pattern in the partial and unofficial results of the 2022 presidential race. Poll watchdog Parish Pastoral Council for Responsible Voting found no discrepancies in the unofficial count of election returns, according to PPCRV Chairperson Myla Villanueva. She said as of Wednesday night, the transparency server posted that 98.31 percent of the 107,785 total number clustered precincts were counted without any discrepancies reported, disputing allegations of a “fixed gap” between the votes of Marcos Jr. and his closest rival, Vice President Robredo. Villanueva said this year’s presidential election is the “most modern” automated election in the world that Filipinos should be proud of. “Imagine that, 106,000 precincts, one person, one vote. When you feed that ballot into the machine, it is right away sent to canvassing systems that add up your votes and show up on the boards,” she said in a forum at the PPCRV Command Center at the UST campus. Despite the challenge presented by Covid-19, almost 90 percent of the country’s 65.7 million registered voters cast their votes on May 9 to choose the next president. We congratulate the Comelec for a job well done. We salute the 647,812 teaching and non-teaching staff from the Department of Education that served as poll workers, the uniformed personnel from the law enforcement agencies that helped ensure peaceful elections, and the members of socio-civic organizations such as the PPCRV who volunteered to help make the exercise truly reflective of the people’s will. Since 2005

BusinessMirror A broader look at today’s business

An auspicious beginning Manny B. Villar

THE Entrepreneur

he robust 8.3 percent economic growth in the first quarter of 2022 is giving presumptive President Ferdinand Marcos Jr. a solid head start. He is not inheriting a weak economy. Rather, he is receiving a strong one—in fact the fastest-growing economy in East Asia—from outgoing President Rodrigo Duterte. There were clear signs that the Philippine economy was growing at a faster pace in the first three months of the year. Laxer mobility restrictions enabled more people to shop in the malls, travel to their favorite destinations, and work and earn in the case of our ordinary workers. The granular lockdowns enforced by the government to contain the spread of the Omicron variant of Covid-19 partially reopened the economy in January and February. President Duterte and his Cabinet opted against general lockdowns, which in the past did not successfully curb the infection rate and which, instead, stunted economic activities. The granular lockdowns and phased alert level system that further

It’s a horse race

✝ Ambassador Antonio L. Cabangon Chua

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reopened the economy for the most part of the first quarter succeeded in quelling the pandemic. Tourism rebounded as airlines increased their flight frequencies, sales of malls and restaurants markedly rose and more commuters were riding public transportation to go to work. Economic and business activities expanded, while Covid-19 cases petered out. As the economic team of President Duterte summed it up, the government managed to restore jobs in the first three months of the year with the shift to an endemic mindset, increased vaccination rate and the granular lockdowns that allowed the majority of our people to work and earn a living. The first quarter gross domestic

umans are a strange species. Soon after we stopped dragging our knuckles and started walking upright, we have found pleasure jumping on the back of some other animal and racing to victory. From elephants to ostriches, if the beast was large enough to carry a human, we used it for sport racing and gambling. Native to Africa, ostriches were raced in sub-Saharan countries. The earliest known tradition of elephant racing is from Vietnam. Camel racing has been practiced as a traditional sport at festivals and family events since the 7th century in the Arabian Peninsula. The “Sports of Kings” existed in England at least as early as 1174. Today, Thoroughbred horseracing is big business. Each year legal betting on horse races well exceeds $100 billion in over 50 countries. Australia accounts for 0.33 percent of total global population and almost 1.5 percent to total global horse racing wagers. All modern Thoroughbreds trace their lineage back to three stallions imported into England from the Middle East in the late 17th century.

“Tapit,” foaled in 2001, is an American Thoroughbred racehorse that won three of his six races, earning $557,300 in prize money. The horse was retired to stud in 2005 for a stud fee of $15,000. But his foals have been incredibly talented, earning over $148 million in prize money since 2008. “He’s got very strong libido and fertility, and everyone knows who’s the boss down in the breeding shed,” says the director of sales at the Lexington, Ky. farm where the horse resides. Tapit has consistently earned over $35 million a year in stud fees and probably will do so for another 15 years. While most seven-year-old boys were keeping track of their favorite NBA player’s stats, I was interested in “following the ponies.” That is probably a significant part of who

I don’t want to second-guess the economic team of presumptive President Ferdinand Marcos Jr. I am confident, however, that his team will keep the strong macroeconomic fundamentals built by the outgoing administration and the reform laws enacted by both houses of Congress. product figures validated the response of the government to reopen the economy. The manufacturing sector grew 10.1 percent year-onyear, while wholesale and retail trade and repair of motor vehicles and motorcycles rose 7.3 percent. Transportation and storage activities surged 26.5 percent. Industry and services also expanded 10.4 percent and 8.6 percent, respectively. An equally telling data released by the Philippine Statistics Authority is on the demand side. Household final consumption expenditure, which reflects consumer confidence, grew by 10.1 percent in the first quarter of 2022. Gross capital formation, which indicates investments in equipment, jumped 20 percent. Increased capital goods that include investments in buildings, machinery, equipment, vehicles and tools, means more companies are spending for the long-term.

At the racetrack you have two choices. You can listen to the hot tips or do your own research. It’s the same for the stock market. Research works better in the long run. Obviously, it is not how many winners you pick but how much you make on the good ones and how little you lose on the bad selections. I am today since I switched to the stock market at age 13. Many of the strategies for betting on the horses and buying stocks are the same. At the racetrack you have two choices. You can listen to the hot tips or do your own research. Same for the stock market. Research works better in the long run. Obviously, it is not how many winners you pick but how much you make on the good ones and how little you lose on the bad selections. You have undoubtedly heard those suggestions before. Here is a couple you may not have thought of. The person on top of the horse is almost as important as the horse itself. Stocks have “official” or “unofficial” jockeys too. Every seasoned trader and investor knows to watch for which firm is buying or selling. Some brokers cater to many smaller retail investors; some to the big boys and girls. Some brokers trade primar-

The positive gross capital formation augurs well for the economy in the succeeding quarters—it is an assurance that domestic production will rise further with the replacement of older capital goods. The first quarter GDP has already topped the nation’s pre-pandemic economic output. But it does not mean smooth sailing for the incoming administration. The pandemic still persists while rising inflation amid the backdrop of the Russian invasion of Ukraine remains a concern. I don’t want to second-guess the economic team of presumptive President Ferdinand Marcos Jr. I am confident, however, that his team will keep the strong macro-economic fundamentals built by the outgoing administration and the reform laws enacted by both houses of Congress. Foreign and domestic investors alike want to see continuity in the economic policies of the outgoing administration, which, I believe, are pro-business. The Rice Tariffication Law, for instance, stabilized the price of the basic staple after addressing the supply situation. I also expect the new economic team to further expand the Build, Build, Build infrastructure program to create more jobs and speed up the delivery of goods and services. See “Villar,” A9

ily for their—and special clients’— own accounts. Further, if you know that broker XZY bought a lot of shares at P10, you should watch if that same broker is selling out for profit at P12/P14. All this matters. At the racetrack, you must “Check the Horse’s History.” You may think that technical analysis is all nonsense. No problem. But you damn well better know if a stock is coming down from a high, up from a low, and what the current trend is. There is one horrible aspect of horse race betting. Once the race starts, there is nothing you can do. You and your money are locked in and committed to the end of the race. Wouldn’t it be a Divine Gift if somewhere along the track when your horse is losing that you could call “time out” and get at least part of your wager back? That is what makes the stock market the best short-term investment in the world. It is called Instant Liquidity. The number one rule for betting on horses and buying stocks is simple. If you do not know what you are doing and are too lazy to learn, go buy Lotto tickets. 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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Taxpayer’s power to The Senate presidency suspend collection of tax

Manny F. Dooc

TELLTALES

Atty. Irwin C. Nidea Jr.

Tax law for business

ur country is at a crossroads, for better or for worse. Taxpayer’s rights are in the middle of it. I hope the incoming administration recognizes how these rights are being threatened.

I have previously written in this space about the unbridled efforts of the Bureau of Internal Revenue to collect taxes even if these are not yet considered final and executory. The BIR has, in many cases, forced its way by garnishing bank accounts of taxpayers even if the disputed assessments are still pending in court. This has left taxpayers helpless and penniless to continue their business operations. The Court of Tax Appeals, which is the only court that has the power to suspend the collection of tax, is usually upended by the BIR. The BIR orders the banks to deposit the garnished bank accounts to the coffers of the government without regard to the fact that a case is still pending in court and that the CTA has yet to resolve the same. As I previously mentioned, this bold act is anchored on the belief that the BIR’s power is absolute since the Tax Code itself says that no court can stop the BIR from pursuing collection. But of course, the law creating the CTA has tempered this when it gives the CTA sole power to suspend collection of tax under certain conditions. When can a taxpayer file a motion for suspension of collection of tax at the CTA? This is critical since there is a prevailing view that it is only when the BIR manifests its intention to collect, by issuing a warrant of distraint and levy or by issuing a warrant of garnishment, that the motion becomes ripe for the CTA to act. But if the CTA will only act when these warrants are issued, it may already be too late. While the CTA is hearing the motion to suspend collection of tax, the BIR may initiate collection proceedings, because to its mind, there is no order from the court preventing it to do so. In the case of Shell (GR 210501), the Supreme Court (SC) ruled that the provisional remedy of a Suspension Order contemplates the existence of—and thus, has for its object—a “tax liability;” as such, for the said order to issue, it is required that a tax assessment or an adverse decision, ruling, or inaction effectively mandating the payment of taxes had already been issued against the taxpayer. This means that a suspension order may be issued by the CTA if there is already an assessment, adverse decision, ruling or inaction which effectively demands payment of taxes. Thus, it is not necessary that a warrant of distraint and levy or a warrant of garnishment is issued before the CTA can release a Suspension Order. It is sufficient that a Final Assessment Notice (FAN), or a Final Decision on Disputed Assessment (FDDA) is issued by the BIR before the CTA can act on the motion to suspend collection of tax. This gives the CTA more time to decide on the merits of the motion without being preempted by any collection efforts of the BIR while the motion is being heard. I discussed previously that the

Villar. . .

Continued from A8

The Duterte administration did well despite the pandemic that impacted heavily on the economy. The unemployment rate is down to 5.8 percent in March, which is the lowest since the start of Covid-19 years. Kudos also to the economic team headed by Finance Secretary Carlos Dominguez III and Bangko Sentral ng Pilipinas Governor Benjamin Diokno for keeping the Philippines’

BIR cannot even initiate enforcement proceedings if a deficiency tax assessment is not “delinquent” as defined by its own rules. It means that if the taxpayer was able to timely file a protest letter or elevate the case in court, the disputed assessment is not considered “delinquent” and the BIR must not collect. There is an interesting case where the SC ruled that the taxpayer’s own act of elevating the disputed assessment to the CTA effectively prevents the BIR from pursuing collection. In the case of Ker (GR L21609), the SC interpreted Section 223 of the Tax Code (previously Section 333). The said section states that the running of the prescriptive period on the making of assessment and the beginning of distraint or levy or a proceeding in court for collection shall be suspended for the period during which the Commissioner of Internal Revenue (CIR) is prohibited from making the assessment or beginning distraint or levy or a proceeding in court. When is the BIR prohibited from making an assessment or beginning distraint or levy or a proceeding in court? The SC ruled that by filing a case in court, the taxpayer in effect temporarily stays the hands of the CIR to collect. Based on this case, there is not even a need for a taxpayer to file a motion to suspend collection of tax. By merely filing an appeal to the CTA, the taxpayer prohibits the BIR from initiating any collection proceedings. In return, the running of the prescriptive period for the BIR to collect is tolled until a final and executory judgment is promulgated by the court. Thus, the power to suspend collection of tax rests with the taxpayer. He exercises this right when he chooses to appeal the disputed assessment in court. I think this is a more equitable interpretation of the power of the BIR to collect because if the BIR will be allowed to collect even if a case is already under the jurisdiction of the CTA, taxpayers will be left with no other recourse. I am sure this is not what the law contemplates. We are at a crossroads as a country, and we are still in the middle of a pandemic. The BIR cannot be allowed to wander without a leash. The government must be sensitive to taxpayer’s rights because without it, businesses will die, and chaos will unfold. The author is a senior partner of Du-Baladad and Associates Law Offices, a member-firm 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 irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

‘BBB’ credit rating. The new president will face economic challenges for sure—and they are enormous given the large number of Filipinos who are still below the poverty line. But I remain optimistic he will find the solutions to the task of nation building. The strong economic performance in the first quarter has given him the inside track. For comments, send e-mail to mbv_secretariat@vistaland.com.ph or visit www.mannyvillar. com.ph

here’s no question about it. If Senator Imee Marcos wants it, she’ll definitely get the Senate presidency. It’s hers for the asking. And her colleagues, in deference to the President, will make no issue out of it. On the other hand, Senator Imee may pass it up to avoid public censure. The Marcoses may be taken to task if she goes for the position since another close relative, Martin Romualdez, has earlier indicated interest to become the next Speaker of the House where he is currently serving as Majority Leader. And his aspiration is fast gaining the support of many sectors, including that of former President and Speaker of the House, Gloria Macapagal-Arroyo. If they get the positions, the top three posts in our government—the Presidency, Senate Presidency and the Speakership—will be controlled by one family. By any measure, that is the greatest concentration of power in any so-called democratic state. As in the past administrations, the senator closest to the president who is likely a partymate or a major supporter of the elected president gets the post. It does not matter whether the anointed one belongs to the majority party. Senator Koko Pimentel was the lone PDP-Laban member in the Senate but he was voted by 20 of his colleagues who belonged to major political parties. In selecting the Senate leadership, what really matters is the support of the president. Despite the muchvaunted claim that the Senate is a fiercely independent body comprising 24 republics, such bravado does not exist when it comes to choosing the Senate president. In recent years, the president chooses his/her man (no woman has served as Senate president throughout its 106 years of existence) and the Senate merely formalizes it. In my recollection, the most interesting contest for the Senate presidency occurred in 1963 when the Minority Floor Leader Ferdinand E. Marcos deposed long-

serving Senate President Eulogio “Amang” Rodriguez in a hotly contested election for leadership in the upper chamber. The Nacionalista Party, whose president was Amang Rodriguez, had 12 seats out of the 24-member Senate. The Liberal Party led by Minority Leader Marcos had 10 senators but two members of the Grand Alliance, Raul S. Manglapus and Manuel Manahan, were caucusing with the LP. Thus, the two camps were evenly split. This was the set up when Marcos challenged Amang Ropdriguez for the Senate leadership. Marcos needed a majority vote to dislodge the incumbent, which meant that at least one Nacionalista senator should support him. Amang was confident of his partymates’ solid support that had kept him in power for 11 years, the second longest term as Senate president. During the showdown vote for the Senate presidency, Senator Alejandro Almendras of Davao shifted his support in favor of Marcos. Almendras was a diehard Nacionalista card-bearing member who was elected the youngest governor of united Davao in 1951 while a third year law student in Mindanao Colleges (now known as the University of Mindanao). He served for two terms as governor and successfully ran for the Senate in 1959 where he took the last winning slot. He was succeeded as governor by Vicente Duterte, President Rodrigo Roa Duterte’s father. The Senate race that year was topped by Ferdinand Marcos of the LP. Almendras was responsible for the partition of Davao province to promote its socio-economic development. On account of this, he is considered as the “Father of Davao.” In

Tuesday, May 17, 2022 A9

1963, a Davaoeño helped Marcos, Sr. to become the Senate president, which eventually catapulted him to the presidency; in 2022, another Davaoeño, Sara Duterte, came to Marcos, Jr.’s aid to help elect him as the 17th president of the Philippines. Davao has played a significant role in shaping the political destiny of the Marcos family. The Senate presidency is a powerful position that many ambitious politicians used as a springboard to the presidency. Since its members are voted at-large and have a national constituency, the Senate is the best training ground for national leadership. Three of our presidents—Manuel L. Quezon, Manuel Roxas and Ferdinand Marcos—served as Senate presidents before getting elected as president of the Philippines. After the Edsa Revolution, former Senate Presidents Jovito Salonga and Manuel Villar ran for president but they did not succeed. And both had retired from politics when their presidential bids failed, although Villar is still young to throw his hat in the ring and has the logistics to make another run. If he succeeds next time, he will share the distinction with the late President Manuel A. Roxas as the only Filipino to hold the offices of the presidency, Senate presidency and the speakership during their lifetime. In the case of Juan Ponce Enrile, he became Senate president after his failed presidential run. At 98, he is the oldest living former Senate president. Many former Senate presidents settled for the vice presidential slot like Eulogio Rodriguez, Sr., Arturo Tolentino, Edgardo Angara, Marcelo Fernan, Aquilino Pimentel and Vicente Soto III. All of them had their eyes on the presidency and they had the qualifications but they had all given way to others that they regarded as more suited to serve as their standard bearer. Ferdinand E. Marcos was the last Senate president to become president although the Senate president is always a force to reckon with in the election for presidency. Senate Presidents Gil J. Puyat, Ernesto Maceda, Neptali Gonzales, Edgardo Angara, Marcelo Fernan, Blas Ople and Franklin Drilon’s support greatly mattered in the presidential elec-

tion year that coincided with their Senate presidency. The first Senate president was Manuel L. Quezon who assumed the position in 1916 as the inaugural president of the Senate after the Jones Law creating the Philippine Senate was implemented to replace the Philippine Commission as the Upper Chamber of the Philippine legislature. He effectively used his position to upstage Speaker Sergio Osmeña Sr. and became the foremost leader of Filipinos in government during the later part of the American rule. In the forthcoming Senate organization of the 19th Congress, being bruited prominently as potential Senate president, aside from Senator Imee Marcos, are Senators Cynthia Villar and Migz Zubiri, the current Majority Leader. Both are veteran legislators who have established their leadership credentials in and outside the halls of the Senate. They are both part of the coalition forces, the UniTeam, which supported the victorious MarcosDuterte tandem. Villar and Zubiri are not political neophytes and are thoroughly familiar with the back room operations where most transactions and political horse-trading are done with less transparency. If Villar gets the position, she will have the unique honor of becoming the first woman Senate president of our land. If elected, she is expected to run a tight ship of the Senate, which may augur well for efficiency. Senator Migs has better PR and consensus-leadership qualities that may work best in an institution with bloated egos. Outside of the two, there are other senators worthy of consideration and who are acceptable to the presumptive president. Senators Sonny Angara and Loren Legarda easily come to mind. Their long experience as legislators provides them mastery of the parliamentary rules and procedures and the inner workings of the Senate. But any member may spring a surprise. With its peculiar composition consisting of several family members serving simultaneously, your guess is as good as anyone’s when it comes to choosing our next Senate president. After making Robin Padilla No. 1, anything can happen.

Finland, Sweden inch closer to seeking Nato membership

By Frank Jordans & Jari Tanner | The Associated Press

ERLIN—Finland’s government declared a “new era” is underway as it inches closer to seeking Nato membership, hours before Sweden’s governing party on Sunday backed a plan to join the trans-Atlantic alliance amid Russia’s war in Ukraine. Russia has long bristled about Nato moving closer to its borders, so the developments will be sure to further anger Moscow. President Vladimir Putin has already warned his Finnish counterpart on Saturday that relations would be “negatively affected.” Nato Secretary-General Jens Stoltenberg said Sunday the process for Finland and Sweden to join could be very quick. He also didn’t expect Turkey to hold up the process. Speaking after top diplomats from the alliance’s 30 member states met in Berlin, Stoltenberg also expressed his hope that Ukraine could win the war as Russian military advances appear to be faltering. In Finland, President Sauli Niinisto and Prime Minister Sanna Marin confirmed earlier statements that their country would seek membership in Nato during a joint news conference at the Presidential Palace in Helsinki. The Nordic country, which was nonaligned before changing its stance on Nato, shares a long border with Russia. “This is a historic day. A new era begins,” Niinisto said. The Finnish Parliament is expected to endorse the decision in the coming days. A formal membership application will then be submitted to Nato headquarters in Brussels, most likely at some point next week. Sweden, also nonaligned, moved a step closer to applying for Nato membership after the governing Social

Democratic party met Sunday and backed joining the trans-Atlantic alliance. The plan to join the alliance will be discussed in Sweden’s parliament on Monday, and Prime Minister Magdalena Andersson’s Cabinet will make an announcement later that day. The decision by the Social Democrats breaks with the party’s longstanding position that Sweden must remain nonaligned and means there’s a clear majority for Nato membership in Parliament. Sweden has not been a member of a military alliance since the Napoleonic Wars. Finland adopted neutrality after being defeated by the Red Army in World War II and losing about 10% of its territory. “Our 200-year-long standing policy of military nonalignment has served Sweden well,” Andersson said during a news conference in Stockholm late Sunday. “But the issue at hand is whether military nonalignment will keep serving us well?” “We’re now facing a fundamentally changed security environment in Europe.” Finland and Sweden abandoned traditional neutrality by joining the European Union in 1995. Public opinion in both countries was firmly against joining Nato until the Russian invasion on Ukraine on February 24, when support for membership surged almost overnight, first in Finland and later in Sweden. Nato’s secretary-general, mean-

while, sought to highlight Russian military setbacks. “Russia’s war in Ukraine is not going as Moscow had planned,” Stoltenberg said by video link to the Nato meeting in Berlin as he recovers from a Covid-19 infection.” “They failed to take Kyiv. They are pulling back from around Kharkiv. Their major offensive in Donbas has stalled. Russia is not achieving its strategic objectives.” “Ukraine can win this war,” he said, adding that Nato must continue to step up its military support to the country. The ex-Soviet republic of Georgia’s bid to join Nato is again being discussed despite dire warnings from Moscow about the consequences. Both countries fought a brief war in 2008 over Georgia’s breakaway region of South Ossetia. Nordic Nato member Norway said it strongly welcomed Finland’s decision to seek membership. Norwegian Foreign Minister Anniken Huitfeldt described Helsinki’s move as “a turning point” for the Nordic region’s defense and security policies. Stoltenberg said he was confident the accession process for Finland and Sweden could be expedited. In the meantime, the alliance would increase its presence in the Baltic region to deter Russian threats, he said. “All allies realize the historic magnitude of the moment,” Stoltenberg added. That sentiment was echoed by German Foreign Minister Annalena Baerbock. “Sweden and Finland, if you’re ready, we’re ready,” she said. But Nato member Turkey has raised concerns about the two countries joining, alleging they support Kurdish militants that Ankara considers terrorists.

The Kurdistan Workers’ Party, or PKK, has waged an insurgency against Turkey since 1984 and the conflict has killed tens of thousands of people. Turkey has also been infuriated by US support for PKK-linked Syrian Kurdish militants to fight the Islamic State group. Turkish Foreign Minister Mevlüt Çavuşoğlu told reporters in Berlin that Finland and Sweden had also imposed restrictions on defense sales to Turkey that he called “unacceptable.” “It’s not because we are against the expansion of Nato, but because we believe countries who support terror and follow such policies against us should not be Nato allies,” Çavuşoğlu said. Stoltenberg said his understanding is that Turkey wants to have its concerns over Finland and Sweden addressed first. “Turkey has made it clear that their intention is not to block membership,” he said. Nonetheless, Turkey’s raising of its grievances has led to concerns in Washington and Brussels that other Nato members might also use the admission process as a way to wring concessions from allies, possibly complicating and delaying accession. US Secretary of State Antony Blinken, who spoke with Çavuşoğlu and will see him again on the margins of a special U.N. Security Council meeting later this week in New York, declined to comment on those concerns. But he was optimistic that all Nato members would support bids from Finland and Sweden. “I’m very confident that we will reach consensus,” he said after the meeting in Berlin. Jari Tanner reported

from Helsinki. Matthew Lee in Berlin, and Zeynep Bilginsoy in Istanbul, contributed to this report.

A10 Tuesday, May 17, 2022

PHL AVOIDS TAGGING BY USTR AS COUNTRY WITH ‘IP’ CONCERN By Andrea E. San Juan

HE United States Trade Representative (USTR) kept the Philippines out of its watch list of countries with intellectual property (IP) concerns and even recognized the country’s efforts to combat counterfeiting and piracy. “We welcome the overall positive assessment of the USTR on the Philippine IP environment. This is yet another testament that the IP Office of the Philippines (IPOPHL) and the National Committee on IP Rights (NCIPR) remain steadfast in fostering innovation, creativity and entrepreneurship and preserving the country’s attractiveness as a destination for foreign IP assets to thrive,” IPOPHL Director General Rowel S. Barba said. As evidenced by the USTR 2022 Special 301 Report that was released last month, IPOPHL collaborated with the World IP Organization (WIPO) for a nationwide survey to measure IP level awareness and identify gaps and priority areas. “The Philippines also continues to conduct workshops for law enforcement officers and public prosecutors with the objective to strengthen coordination and capacity on enforcement,” the report read. Barba also gave credit to partnerships and capacity building as these factors contributed to IPOPHL’s continuing growth as an IP rights-conscious country. “Our continuing growth as an IP rights-conscious country is evident in these best practic-

es. But our commitment in the past years toward a more secure IP system goes beyond these examples. We have undertaken a wide array of partnerships, capacity building and promotions and this has helped us stay out of the USTR’s watch list for good,” Barba noted. Barba also lauded the National Committee on IP Rights’ (NCIPR) thrust toward clearing the markets of pirated content and counterfeit goods, including the one in Greenhills Shopping Center in San Juan City, which is the lone Philippine market in the USTR’s Notorious Markets List for Counterfeiting and Piracy. In early April, the 15-member NCIPR under the IPOPHL spearheaded the seizure of P63 million worth of suspected counterfeit goods at the Greenhills Shopping Center. NCIPR, a member of the National Bureau of Investigation (NBI), was able to seize 755 pieces of fake Louis Vuitton products at the popular shopping center. Barba also earlier stressed that the famous shopping center’s reputation as go-to for fake goods would taint the country’s reputation, eventually affecting its economic interests in the United States and other trading partners that highly value IP protection. Other recent efforts include the promotion of Anti-Counterfeit and Anti-Piracy (ACAP) policies, which has since been taken on by private partners and government agencies.

COA disallows again TCCs of textile firms worth ₧424M

By Bernadette D. Nicolas

@BNicolasBM

HE Commission on Audit (COA) disallowed another set of tax credit certificates (TCCs) previously granted to textile firms worth P424.26 million, bringing the current total to P3.83 billion. In a statement on Monday, the Department of Finance said the latest set of TCCs that were disallowed by the audit body covered those that were illegally issued between 2012 and 2014 to two textile companies, according to the March 28 letter sent by COA-SAO Officer-inCharge Gloria Silverio to Finance

Secretary Carlos G. Dominguez III. The newly disallowed TCCs include those that were granted to Tai-Cheng Integrated Resources Inc. (TICIRI) and Uni-Glory’s Knitting Corp. (UKC), amounting to P366.63 million and P57.63 million, respectively. These were on top of the pre-

@sam_medenilla

O ensure better professionalism in the Armed Forces of the Philippines (A FP), President Duterte has signed a new law imposing a threeyear tour of duty as well as extension on the retirement age for key military officials. Last Friday, Duterte signed Republic Act (RA) No. 11709 or the Act Strengthening Professionalism and Promoting Continuity of Policies and Modernization Initiatives in AFP. The new law aims to provide a longer term to AFP officials to allow them to implement reforms.

Fixed terms

AMONG its salient provisions: it capped the tour of duty of the following officials to three years: Chief of Staff; Vice Chief of Staff; Deputy Chief of Staff; Commanding General of the Philippine Army; Commanding General of the Philippine Air Force; Flag Officer in Command of the Philippine Navy; Unified Commanders; and Inspector General. The President may prematurely end the term of the said officials. They will be retired after the end of their tour of duty unless promoted to Chief of Staff. Specifically, for the Chief of Staff, his or her term may be extended beyond three years in times of war or other national emergency declared by Congress. The said officials will be eligible for other positions in the Armed Forces of the Philippines (AFP) only after being promoted to the position of Chief of Staff. RA 11709 also fixed the term

ments, Bureau of Customs, and OSS who were responsible for processing and approving the illegal TCCs issued over the 2008-2014 period, as well as the recipients and claimants from the six companies, were held liable by COA. Approved applications referred to tax credits on the duties and taxes that exporters supposedly paid, and which they could then use to pay other tax liabilities due to the government. The practice of these alleged exporters who illegally obtained TCCs was to sell the OSS-issued certificates or tax credits to other companies at a discount. The latter would then use the TCCs to settle their own tax liabilities. The COA found out that the OSS had issued TCCs to either ghost exporters or to real companies that were not in the export trade or who were nonetheless not qualified for the tax credits issued to them, such as these six textile companies.

Continued on A2

Law fixes at 3 years tour of duty of AFP top brass By Samuel P. Medenilla

vious batches of TCCs received by these textile firms and others worth P3.41 billion that the COA had invalidated. The illegal TCCs were secured from the One-Stop Shop InterAgency Tax Credit and Duty Drawback Center (OSS) in the past. The total number of invalidated TCCs issued to TICIRI and UKC have now reached P741.1 million and P299.31 million, respectively. The previously disallowed TCCs of the other textile firms were worth P906.8 million for Silvertex Weaving Corp. (SWC), P114.2 million for Knitech Manufacturing Inc. (KMI), P452 million for Miskhu Industrial Corp.(MIC); P127.81 million for Universal Pacific Knitting Mills Inc. (UPKM); P664.9 million for Capital-Roll Knit Corp. (CRC); and P526.5 million for Primeknit Manufacturing Corp. (PMC). Several past officials and employees of the DOF, Board of Invest-

A McDONALD’S restaurant is seen in the center of Dmitrov, a Russian town 75 km north from Moscow, Russia, in this December 6, 2014, file photo. McDonald’s says it has started the process of selling its Russian business, which includes 850 restaurants that employ 62,000 people. The fast-food giant pointed to the humanitarian crisis caused by the war, saying holding on to its business in Russia “is no longer tenable, nor is it consistent with McDonald’s values.” The Chicago-based company had temporarily closed its stores in Russia but was still paying employees. AP

of the Superintendent of the Philippine Military Academy to four years unless terminated sooner by a higher authority.

Adjusted retirement requirements

LIKEWISE, the legislation also adjusted the compulsory retirement of the following military personnel: Second Lieutenant/Ensign (0-1) to Colonel/Captain upon reaching 56 years old or after accumulating 30 years of satisfactory active duty, whichever is later; Brigadier General/Commodore (0-7) to Lieutenant General/Vice Admiral (0-9), upon reaching 59 years old or the maximum tenure-in-grade; enlisted personnel upon reaching the age of 56 years old or after accumulating at least 30 years of satisfactory active duty. An active office or enlisted personnel may request to be retired from military service after 20 years of satisfactory active duty, subject to the approval of either of the following officials: President, Secretary of National Defense, AFP Chief of Staff, or Major Service Commander. The Department of National Defense (DND) will come out with the implementing rules and regulations (IRR) of RA 11709 within 90 days from its effectiveness. The legislation will take effect on July 1, 2022 and after its publication in the Official Gazette and at least two newspapers of general circulation. Upon the effectiveness of RA 11,709, officers and personnel shall be retired one rank higher from the last rank they held provided that the retirement benefits shall be based on the permanent grade last held.

Ex-beauty queens touted as next DOT chief By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

HE names of former beauty queens swirled over the weekend as possible candidates to head the Department of Tourism (DOT) under presumptive president Ferdinand Marcos Jr. Among the names floated as possible Tourism Secretaries were Cultural Center of the Philippines chair Margie Moran-Floirendo, socialite Carol Masibay-Garcia, and TV personality and local beauty pageant director Cory Quirino. Moran-Floirendo and MasibayGarcia were seen in a viral video partying with Marcos Jr. at the latter’s campaign headquarters in Mandaluyong on the evening of May 9. Both have been long-time friends of the Marcos couple. Reached for comment, Quirino told the BusinessMirror, “This is news to me. However, if given the chance, I am ready to serve the President BBM administration. It would make me proud to serve my country in any capacity.” Another beauty queen, Gemma Cruz-Araneta, had also served as Tourism Secretary from 1998-2001 under President Estrada, who was later ousted in a popular uprising.

The DOT is currently headed by Bernadette Romulo-Puyat, an economist, who was a UP professor, then undersecretary at the Department of Agriculture. As this developed, a newlyformed group of stakeholders who expressed support for Marcos Jr.’s candidacy urged him to “appoint a [DOT] Secretary who is really from the Tourism industry.”

Wish list from stakeholders

TOURISM Movers Philippines (TMP), founded by veteran travel professional Bob Zozobrado, met with Marcos Jr. and his team, on May 6, where they submitted a “wish list,” as they aimed for tourism to become “the top revenuegenerating industry in the country, while it secures its position among the top in the Asia-Pacific region.” In its wish list, TMP wanted Marcos Jr. to “regulate media reports on crime, to avoid negative branding of our country, the continuation of good relations between China and the Philippines because the former was the top feeder market for resorts,” and the construction of hospitals in major destinations like Bohol, Boracay, Siargao, and Palawan, and convention centers in Cebu and other destinations to be managed by government; as well as

the improvement of seaport terminals in Cebu, Bohol, among others. So far, Marcos Jr.’s camp has announced Benhur Abalos as Interior Secretary and presumptive vice president Sara Duterte as Education Secretary. The business community and foreign investors are keenly watching who will make up the economic management team of Marcos Jr., which will have to revive a pandemic-affected economy and face nearly P13 trillion in debt. Revenues could easily come from the tourism sector, which contributed 13 percent to the country’s gross domestic product in 2019, prior to the pandemic. It attracted close to P570 billion in investments that year, with income from foreign tourists rising to P5.49 billion, while local residents spent P3.14 trillion. Foreign tourist arrivals were at their highest in 2019 at 8.26 million.

Hike DOT, TPB budgets

TO boost their industry’s prospects however, TMP sought tax incentives especially to foreign carriers to encourage them to fly directly to the Philippines; professionalization of travel agents, tour operators and tour guides along with standardization of tour guide fees; as well as “an increased budget for ad-

vertising in the international market” for the DOT, and “an increased budget for our tourism stakeholders’ participation in foreign trade shows” for the DOT and its marketing arm, the Tourism Promotions Board (TPB). Zozobrado (Budget Travel and Tours) said they met first with Abalos, “who was very impressed with the specifics in our Wish List and who mentioned that our push for Sustainable Tourism, MICE infrastructure, complete medical facilities in top-rated destinations and upgraded diving facilities match what the new government will prioritize.” He said there was no discussion on possible candidates to the DOT. He emphasized that their group is “composed of approximately 300 owners, presidents, chairpersons, directors and other high-ranking officers of various tourism establishments all over the country.” Other signatories to the TMP Manifesto of Support were: Michelle Taylan (Klik and Fly Travel), Richard Lim (Macatransco), Gina Amador (La Montaña Tours), Gary Cases (Malapascua Aquasports), Agnes Macapia (Le Soleil Group), Alfred Reyes (Bai Hotel), and Charlie Yu. Published reports show Yu as a public relations consultant for Philippine Airlines.

Companies

Editor: Jennifer A. Ng

Tuesday, May 17, 2022

Converge Q1 core income surges as revenues leap

By Lorenz S. Marasigan

@lorenzmarasigan

onverge ICT Solutions Inc. saw its core net income growing by almost a third during the first quarter, thanks to the “solid growth” of its residential and enterprise businesses.

During a media briefing, Converge officers reported that the company reported a core net income of “almost P2 billion” in the first three months of the year, a 27-percent increase from P1.55 billion the year prior.

This, as the listed fiber broadband provider recorded a 40-percent surge in revenues to P7.75 billion from P5.55 billion, driven by the strong performance of its residential and enterprise businesses. Revenues from its residential

vertical rose by 42 percent to P6.81 billion from P4.80 billion, as it registered gross subscriber adds of 188,000 during the quarter. This is 15 percent higher versus the same period in 2021, leading to a cumulative subscriber count of 1.8 million, higher by 53 percent compared to its year-ago level. Its enterprise business grew by 25 percent to P935 million from P750 million, as businesses of varying scale turned to Converge for their connectivity needs. “We are seeing a solid growth of our financials in the first quarter of 2022 and we expect to hit our full-year targets as we remain aggressive in our network rollout and marketing activities both in

the residential and enterprise segments,” Converge CEO and Co-Founder Dennis Anthony H. Uy said. Converge continues to be optimistic this year, as while the economy reopens and people start to become more mobile, Converge believes that home broadband will continue to be a “necessity, and not a luxury.” “The revival of the economy and the return of businesses - especially SMEs [small and medium enteprises] - has given our enterprise business a push in the first quarter of the year. Moving forward, we hope to offer more value to SMEs as they continue to recover,” said Converge President Maria Grace Y. Uy.

Isuzu Philippines banks on CVs to boost sales

Isuzu Philippines Corp. (IPC) on Monday marked the turnover of the company’s helm from Outgoing President Hajime Koso (second from right) to Incoming President Noboru Murakami (center) in rites at Okada Hotel in Parañaque City. Joining them in a ceremonial toast are, from left: Yasuhiko Kato, IPC VP for Sales; Shojiro Sakoda, IPC Executive Vice President; Mr. Murakami, Mr. Koso and Robert Carlos, IPC Assistant Division Head of Marketing. ROY DOMINGO By Andrea E. San Juan

FLI profit falls on weak office rentals L By VG Cabuag @villygc

ilinvest Land Inc. (FLI), the property development arm of the Gotianun Group, said its attributable income in the first quarter fell 8 percent to P677.76 million from last year’s P736.31 million due to weaker office rentals. Gross revenues from residential sales and rentals came in at P4.14 billion for the period, flat compared to last year’s P4.16 billion. Real estate sales rose to P2.69 billion, 9 percent higher than last year’s P2.46 billion, due to continued construction progress and high reservation sales. Reservation sales in the first

quarter reached P4.39 billion, an increase of 28 percent compared to the same period last year. The increase in reservation sales was due to high sales from overseas Filipino workers (OFWs) and strong demand for housing products in Laguna, Cavite, Rizal, Bulacan and Pampanga. “We are pleased with the continued growth of our residential revenues, and we expect to sustain this momentum as the economy, both here and abroad, continues to open. Our OFWs are starting to gain traction once again. We plan to boost our international sales network further and improve our digital and online platforms to reach out to more OFW markets abroad,” Tristan Las Marias, the company’s president, said.

“FLI will continue accelerating construction completions and rolling out projects in emerging markets with large unserved housing demand. We anticipate an improvement in rental revenues going forward now that the traffic has improved in malls and rental concessions will be reduced.” Rental and related services fell by 14 percent to P1.45 billion from last year’s P1.69 billion mainly due to the decline in office leasing revenues as a result of lower occupancy caused by the pre-termination of leases from Philippine offshore gaming operator (POGO) tenants, mainly composed of Chinese clients. The company is also set to issue its debt paper worth P11.9 billion.

Josephine Gotianun Yap, the company’s CEO, said the funds generated from the proposed bond issue would be used to support the company’s capital expenditures and service debt repayments within 2022. FLI aims to expand its leasing business to reach 2.1 million square meters of gross leasable area in 2026 and is ready to launch P30 billion worth of residential projects. “We are grateful for this development as we reach our growth targets for our leasing and residential businesses,” Yap said. The said bond issuance will be the third and last tranche of the P30 billion bond program of FLI as registered with the Securities and Exchange Commission last October 2020.

PSE gives First Gen profit dips in Jan-March nod to IPO of VREIT By Lenie Lectura @llectura

he Philippine Stock Exchange Inc. (PSE) has approved the initial public offering of VistaREIT Inc. (VREIT), the real estate investment trust (REIT) led by the Villar Group. The company, which will be listed under the stock symbol VREIT, will be offering up to 3.33 billion firm shares and up to 333.75 million over-allotment option shares at a price of up to P2.50 per share. The final offer price will be determined on May 25, after the company conducts its book building process. “We are pleased with the steady increase in the number of REIT listings in the PSE. The entry of VistaREIT will further boost the size of the REIT market and broaden the portfolio of mall and office building assets in the local REIT space,” PSE President and CEO Ramon S. Monzon said. The company is expected to conduct its IPO from May 30 to June 3 and will list its shares on the PSE on June 15. VistaREIT is a real estate investment trust sponsored by Villar-led companies Masterpiece Asia Properties Inc., Manuela Corp., Vista Residences Inc., Crown Asia Properties Inc. and Communities Pampanga Inc. Assuming the overallotment option is fully exercised, VistaREIT will net P8.79 billion from the offer. The sponsors will receive the entire proceeds of the offer, which shall be reinvested in the Philippines, pursuant to the revised implementing rules and regulations of Republic Act 9856, or the Real Estate Investment Trust Act of 2009. VG Cabuag

irst Gen Corp. posted a lower recurring net income of P3 billion in the first quarter from P3.8 billion a year ago, mainly due to the lower contribution of its gas and geothermal units. The Lopez-led firm said in a statement that the natural gas platform incurred a 27-percent decrease in recurring earnings for the first three months of 2022 to P2 billion from P2.5 billion in 2021. It said that the 97 megawatt (MW) Avion power plant’s (Avion) Unit 1 was discovered to have incurred damage in December 2021, but was quickly brought back to operations by February after purchasing a new turbine. Moreover, the 420 MW San Gabriel power plant recognized lower capacity fees due to its de-ration from gas supply restrictions. While all four natural gas fired plants benefited from greater electr icit y sa les, higher f uel prices and operating expenses contributed to its lower earnings. Inc lud ing non-recur r ing items, the gas platform’s attributable net income to parent fell to P2.2 billion for 2022 from P2.8 billion in 2021. The gas platform incurred a higher income tax for this quarter as taxes in the first quarter included the effect of the Corporate Recovery and Tax Incentives for Enterprises Act’s retroactive adjustments, though this was off-

set by insurance proceeds booked in 2022. The geothermal, wind, and solar platform, under Energy Development Corp. (EDC), likewise suffered from outages, mostly attributable to Typhoon Odette that led to transmission constraints, as well as lower wind generation from Burgos for the first quarter this year in comparison to the same period last year. Moreover, the income tax holiday of the Burgos project expired in November last year, which likewise led to lower earnings. EDC contributed both recurring and attributable earnings at P900 million, lower than its recurring and attributable income last year of P1.3 billion. The hydro platform’s contribution to recurring and nonrecurring earnings both grew to P500 million for the first 90 days of 2022 from P200 million last year. The 132.8 MW Pantabangan-Masiway power plants generated a higher operating income from its contract with Meralco and merchant sales. Consolidated revenues from

the sale of electricity stood higher at P29.1 billion, up 18 percent from P23.2 billion in 2021. The higher revenues came from higher electricity sales that was supplemented by elevated fuel prices and Wholesale Electricity Spot Market (WESM) prices. The natural gas portfolio accounted for 62 percent of First Gen’s total consolidated revenues. EDC’s geothermal, wind, and solar revenues accounted for 33 percent of First Gen’s total consolidated revenues. The hydro plants accounted for 4 percent of First Gen’s total consolidated revenues. “First Gen generated more power in 1Q22 versus 1Q21. We reached another milestone this first quarter as EDC’s 3.6 MW Mindanao 3 plant started operating last March. However, both Avion and EDC were affected by unplanned outages,” First Gen said. It added that in EDC’s case, it led to high replacement power costs as Ty phoon Odette debilitated transmission capacity despite the plants’ ability to produce power. EDC was able to wheel out its power by midJanuary. “As for the rest of the natural gas fleet, it was plagued by gas interruptions at the Malampaya field. This resulted in the importation of expensive liquid fuel. To address this recurring issue, the importation of LNG can happen by fourth quarter this year when the LNG terminal operates,” First Gen President and COO Francis Giles B. Puno stated.

@andreasanjuan

eading truck brand Isuzu Philippines Corp. (IPC) is targeting to increase sales by more than 30 percent to 19,000 units this year, from 14,424 units in 2021. IPC Assistant Division Head for Sales Robert D. Carlos also said the company wants to focus on commercial vehicles (CVs). He noted that despite the pandemic, Isuzu pulled through as its sales went up instead of going down. “Last year, from 11,000 (units), we hit 14,000 (units). This year, our target is 19,000 (units), mostly commercial vehicles,” said Carlos on the sidelines of the IPC presidential turnover ceremony held at Okada Hotel in Parañaque City. “We want to focus on our commercial vehicles. This pandemic, sales went up because our trucks are very popular for online shopping.” On Monday, the 7-year tenure of IPC’s former president, Hajime Koso, came to an end as he formally turned over the company’s helm to incoming president, Noboru Murakami. Murakami said that apart from maintaining the company’s status as the top truck maker in the country, he said IPC under his watch would also focus on sustainability and in establishing “good relationships with customers.” “Sustainability is not a choice, but rather our main goal,” he said. Carlos said sustainability is the “way forward” for the company. “(Sustainability) is not an option for the company but it’s the way forward so that means that our products, the way we conduct business, our values, and our actions are geared towards (achieving) sustainability.”

EV law

Carlos disclosed that IPC is keenly monitoring the crafting of the implementing rules and regulations (IRR) of Republic Act (RA) 11697 or the Electric Vehicle Industry Development Act (Evida).

“Definitely, as you heard, the EV [e-vehicles] law was just signed so we are supporting the plan, but we need to carefully monitor as they craft the IRR because we know what’s important is the infrastructure so we want to make sure that we are aligned so whatever products that we can bring in, it can sustain.” Evida provides for a national policy framework to develop the electric vehicle industry in the Philippines. The law aims to promote innovation in the field of clean energy and sustainable transportation while developing a sunrise industry in the country and generating more employment. Trade Secretary Ramon Lopez said the enactment of Evida will help the Philippines attract more high-tech investments. “With Evida, the Philippines is now in a stronger position to further attract hi-tech investments and create high-value jobs in the country by taking advantage of the ongoing global shift to EVs through strong national policy support,” said Lopez. He said the EV law is a move towards reducing direct use of oil products in transport. In effect, this signifies mitigating air and noise pollution in urban areas. Lopez said this will also reduce the transportation sector’s direct dependence on oil, especially amid rising fuel prices affecting both businesses and consumers. In December 2021, IPC’s Isuzu Gencars Inc., one of the leading franchised dealers in the country, received a Plaque of Appreciation from J&T Express for being the leading express delivery company’s Best Partner for 2021. Gencars has consistently been providing trucks for J&T’s various delivery requirements since 2019. Aside from supplying quality Isuzu trucks to the company, Gencars also provides J&T Express with reliable maintenance service for their vehicles to ensure that they stay in the best condition.

Companies BusinessMirror

Tuesday, May 17, 2022

Meralco to start talks on RE power supply agreement By Lenie Lectura

@llectura

he Manila Electric Co. (Meralco) will proceed to negotiate its 850 megawatt (MW) renewable energy power supply requirement following the failure of the second round of the competitive selection process (CSP) for Terra Solar Philippines Inc.’s unsolicited proposal. “We have already started direct negotiations with the original proponent and intend to conclude it and sign the corresponding PSA [power supply agreement] for the 850-MW mid-merit requirement soonest,” said Jose Ronald V. Valles, head of Meralco’s Regulatory Management Office. “The PSA will also form part of Meralco’s compliance with the DOE’s [Department of Energy] policy, the Renewable Portfolio Standards.” The Third-Party Bids and Awards

Committee (TPBAC) said in its report that it did not receive any Expression of Interest from any prospective bidder by the May 2 deadline for Meralco’s mid-merit requirement. The TPBAC further said that since there are no outstanding disputes on the first and second rounds of competitive challenge for the contract, the distribution utility may enter into direct negotiation for its 850MW contract capacity requirement, as provided by the Revised CSP Rules. Terra Solar offered P6.0800 per

kilowatt-hour (kWh) for headline rate and levelized cost of electricity. It proposed to supply Meralco 600 MW to be made available by February 26, 2026; while the additional 250 MW is expected to be delivered starting February 26, 2027. It will source power from its planned solar power plants with Energy Storage System in BatangasCavite, Bulacan, Nueva Ecija, Tarlac, and Zambales. These plants are under development. During the first round of CSP, there were no comparative bids received even if two interested bidders initially expressed interest to participate in the bidding. The interested bidders are SMC Global Light and Power (SGLP) and SunAsia Energy Inc. SGLP wrote and notified the TPBAC that it would no longer participate in the 850MW CSP. SunAsia, meanwhile, did not submit a bid but instead submitted and read a “Notice of Non-Submission of Bid”. Meanwhile, Solar Philippines Nueva Ecija Corp. (SPNEC) would soon own shares in Terra Solar once the asset-for-share swap is completed.

Earlier, SPNEC shareholders approved the increase in the company’s authorized capital stock to 50 billion shares from 10 billion shares, as well as the related share swap. SPNEC’s share swap involves the issuance of 24.37 billion shares at P2.50 per share in exchange for shares of Solar Philippines in over 20 companies. Once the asset-for-share swap is completed, SPNEC would own shares in Solar Philippines Calatagan Corp., Solar Philippines Tarlac Corp., Solar Philippines Tanauan Terra Solar Philippines, SP Holdings, Solar Philippines Batangas Baseload, Solar Philippines Central Luzon, Solar Philippines South Luzon, Solar Philippines Visayas, Solar Philippines Retail Electricity, Solar Philippines Rooftop and Solar Philippines Commercial Rooftop Projects Inc. These hold 33 solar energy service contracts with the DOE, with an operational capacity of 169.36 MW and capacity under development of 14,395.03 MW or over two thirds of the total 21,302.32 MW across all DOE’s service contracts in the Philippines.

Megaworld income jumps in Jan-March By VG Cabuag @villygc

egaworld Corp., the property development ar m of businessman Andrew Tan, said its income for the first quarter leaped by 41 percent to P3.5 billion from last year’s P2.49 billion on the recovery of economic activity. Consolidated revenues reached P13.1 billion, some 29 percent higher from last year’s P10.2 billion, as all of the company’s business segments posted double-digit growths. “This is definitely a strong start for us, and affirms that our improved performance can be sustained. While there was some concern last January due to the Omicron variant, consumer confidence remained on the uptrend and our quick recovery showed that we are now in a better position to manage the pandemic and move forward,” Kevin Andrew L. Tan, the company’s executive vice president and chief strategy officer, said. Real estate sales for the quarter grew 36 percent year-on-year to P8.1 billion as construction activities normalized. Reservation sales also rose 12 percent to P23.2 billion from the previous P20.7 billion. The company’s office leasing,

which achieved a record-high rental income in 2021, registered P3 billion in rental income for the period, up by 16 percent from P2.6 billion last year. The company’s occupancy rate also improved to 91 percent, higher than the industry average of 82 percent to 83 percent. Its shopping malls division, which operates 20 branches, posted a rental income growth of 40 percent year-on-year to P717.1 million on the back of improving foot traffic and the increase in retail locators that have restarted their operations. T he compa ny ’s hotels a nd resorts, which operate 11 hotel properties across the country, grew its revenues by half to P502.9 million, as it benefitted from the uptick in leisure-related activities and expansion in domestic travel. The company also noted that meetings, incentives, conferences, exhibitions or MICE activities, have also started to pick up in the middle of the quarter. “We are now focused on returning to our pre-pandemic performance and to grow beyond that. In fact, we are now looking at opportunities to further expand our geographical footprint in the country this year with the launch of several new townships,” Tan said.

mutual funds

May 16, 2022

NAV

One Year Three Year

Five Year

per share Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

205.58

1.85%

-6.88%

-5.35%

ATRAM Alpha Opportunity Fund, Inc. -a

1.4063

13.18%

-3.66%

-1.67%

-15.5%

2.6%

-10.52%

-7.82%

-12.42%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8357

-11.8%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7134 0.13%

-7.74% n.a.

-5.7%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6745 0.43%

-7.05% n.a.

-12.5%

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

4.64%

-4.07%

-2.66%

0.688

8.67%

-6.5%

-6.19%

-12.91% n.a.

-14.82%

4.6617

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

-10.05%

80.44

-14.33%

PAMI Equity Index Fund, Inc. -a

42.1051

2.42%

-5.61%

-3.98%

Philam Strategic Growth Fund, Inc. -a

440.84

1.54%

-5.58%

-4.03%

Philequity Dividend Yield Fund, Inc. -a

1.2718

19.13%

-0.16%

-0.25%

-6.23%

Philequity Fund, Inc. -a

32.3894

4.34%

-4.72%

-2.75%

-11.49%

0.8313

3.9%

4.36

3.47%

Philippine Stock Index Fund Corp. -a

725.58

Soldivo Strategic Growth Fund, Inc. -a

0.6549

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

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2863

-5.94% n.a.

-12.51% -11.95%

-11.7%

-4.91%

-3.35%

-12.11%

2.99%

-5.01%

-3.43%

-12.42%

1.95%

-10.27%

-6.12%

-12.98%

2.2%

-7.8%

-4.7%

-12.96%

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

0.8263

2.71%

-5.32%

-3.67%

United Fund, Inc. -a

2.65%

-5.38%

-2.45%

-11.15%

3.0541

-12.17%

-12.51%

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

1.0595

Philippine Stock Index Fund Corp. -a

6.2% n.a. n.a.

-8.88%

885.2 n.a. n.a. n.a. n.a.

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

97.9511

3.63%

-4.75%

-2.99%

-12.13%

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

$0.9024

Sun Life Prosperity World Voyager Fund, Inc. -a $1.4781

-27.33%

-2.36%

-1.36%

-19.89%

-13.91%

5.63%

5.32%

-19.95%

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

1.5366

ATRAM Philippine Balanced Fund, Inc. -a

2.1148

First Metro Save and Learn Balanced Fund Inc. -a 2.5168

-4.4%

-2.79%

-9.18%

-2.15%

-2.03%

-7.31%

-0.81%

-0.45%

-6.47%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1954 NCM Mutual Fund of the Phils., Inc. -a

-2.8%

0.2% 2.27%

6.02% n.a. n.a.

1.8787

0.77%

-0.24%

-0.14%

PAMI Horizon Fund, Inc. -a

3.4477

-1.04%

-1.54%

-1.43%

-8.43%

Philam Fund, Inc. -a

15.4568

-1%

-1.76%

-1.5%

-8.24%

Solidaritas Fund, Inc. -a

1.9683

0.81%

-2.1%

-1.61%

-7.22%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3157 0.27%

-4.27%

-2.43%

-9.09%

Sun Life Prosperity Dynamic Fund, Inc. -a

-3.76%

-2.03%

-9.35%

0.865

6.76%

-6.51%

-6.84%

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

0.9036

-4.37%

-2.57% n.a.

-8.71%

Sun Life Prosperity Achiever Fund 2038, Inc. -a

0.8331

-0.92%

-4.91% n.a.

-11.79%

Sun Life Prosperity Achiever Fund 2048, Inc. -a

0.8198

-0.29%

-5.32% n.a.

-12.22%

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

$0.03331

-12.37%

-2.86%

-1.27%

-12.2%

PAMI Asia Balanced Fund, Inc. -b

$0.9151

-19.39%

-1.52%

-0.81%

-14.24%

3.21%

3.55%

-16.48%

-0.23%

0.68%

-13.75%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0108 -12.66% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.0338 -12.23%

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

372.81

0.44%

2.27%

2.34%

-0.4%

ATRAM Corporate Bond Fund, Inc. -a

1.8892

-1.24%

0.01%

0.16%

0.24%

Cocolife Fixed Income Fund, Inc. -a

3.2344

0.33%

2.21%

3.45%

-0.3%

Ekklesia Mutual Fund Inc. -a

2.1975

-2.8%

0.47%

0.99%

-2.4%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4131 -0.84%

2.05%

1.74%

-0.53%

Philam Bond Fund, Inc. -a

4.2426

-5.34%

1.44%

0.97%

-3.48%

Philam Managed Income Fund, Inc. -a

1.316

-0.52%

3.09%

2.77%

-0.24%

Philequity Peso Bond Fund, Inc. -a

3.8946

-1.92%

2.44%

2.27%

-1.8%

Soldivo Bond Fund, Inc. -a

1.0097

-1.8%

3.07%

1.8%

-1.8%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1417

-1.58%

2.71%

2.82%

-1.43%

-2.3%

1.9%

2.1%

-1.69%

Sun Life Prosperity GS Fund, Inc. -a

1.7013

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

$481.48

-0.51%

1.88%

1.91%

-1.65%

ALFM Euro Bond Fund, Inc. -a

Є213.35

-2.94%

-0.42%

0.23%

-3.03%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0603

-9.78%

-3.22%

-1.07%

-11.93%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0245 -5.41%

-1.07%

-0.32%

-5.77%

PAMI Global Bond Fund, Inc -b

-5.66%

-3.47%

-12.31% -11.16%

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

$0.8969

-14.71%

$2.226

-10.47%

-0.7%

0.18%

$0.0608732

-3%

1.37%

1.3%

-2.28%

-2.75%

-1.48%

-13.96%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7499 -12.36%

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

131.71

1.28%

2.34%

2.52%

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

1.0621

1.04%

1.65% n.a.

0.4%

Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3231

1.53%

2.24%

2.48%

0.42%

0.57%

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

0.59%

1.21% n.a.

0.22%

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

43.3939 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.1802

-2.86% n.a. n.a.

-14.66%

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

$0.8528

-14.72% n.a. n.a.

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

c - Listed in the PSE.

-12.08%

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

1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.). 2 - Adjusted due to stock dividend issuance last November 25, 2021.

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

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

May 16, 2022

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FILIPINO FUND MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

218,725 239,703,990 2,789,274 186,939,330.50 10,975,400 1,931,511 75,716,980 10,790 2,048,074 19,160 44,440 180,593,089 29,984,189 1,313,550 7,320 2,600 5,800 98,050 244,430 556,000

21,850 -15,939,787 1,958,800 -45,318,326.50 2,000,820 -1,134,564 -23,618,905 37,290 550 -59,139,437.50 1,028,200 -2,600 460,000

INDUSTRIAL AC ENERGY 6.61 6.65 6.31 6.81 6.31 6.61 26,796,900 178,540,951 ALSONS CONS 0.9 0.99 0.87 0.99 0.87 0.99 556,000 510,350 29.15 29.2 28.5 29.45 28.5 29.2 3,718,300 108,911,360 ABOITIZ POWER BASIC ENERGY 0.37 0.375 0.37 0.375 0.37 0.37 2,740,000 1,018,000 20.1 20.5 20.9 21.8 20.1 20.1 1,847,800 37,939,990 FIRST GEN 65.4 68.5 65.2 68.5 65.1 65.4 7,280 475,310 FIRST PHIL HLDG JOLLIVILLE HLDG 4.04 5.13 3.91 3.91 3.91 3.91 100 391 330.4 333 335 335 330 330.4 242,730 80,335,578 MERALCO MANILA WATER 17.54 17.6 17.8 18 17.1 17.6 2,117,300 37,293,124 3.26 3.27 3.2 3.28 3.2 3.27 411,000 1,345,180 PETRON PETROENERGY 4.99 5 4.99 5 4.99 5 127,100 635,479 PHX PETROLEUM 10.02 10.18 10.14 10.18 10 10.18 9,900 100,346 12.28 12.36 12 12.42 11.88 12.36 5,521,900 67,499,644 SYNERGY GRID PILIPINAS SHELL 17.4 17.42 17 17.44 17 17.4 81,500 1,417,242 13.22 13.44 13.2 13.5 13.2 13.44 180,300 2,401,294 SPC POWER SOLAR PH 1.6 1.61 1.6 1.62 1.57 1.61 6,590,000 10,561,250 VIVANT 14.06 15.96 14.06 14.06 14.04 14.04 1,700 23,888 4.62 4.63 4.72 4.72 4.54 4.7 1,078,000 5,083,480 AGRINURTURE AXELUM 2.42 2.49 2.44 2.49 2.42 2.49 492,000 1,214,900 20.75 20.8 20.4 21.45 20.4 20.8 243,200 5,072,560 CENTURY FOOD 13.08 13.36 13.38 13.5 13.38 13.38 9,200 123,396 DEL MONTE DNL INDUS 7.1 7.11 7.11 7.22 7.1 7.11 421,600 3,016,490 19.62 19.64 19.52 19.66 19.3 19.64 2,538,100 49,405,324 EMPERADOR SMC FOODANDBEV 61.4 63 63 63 61.05 63 32,280 2,014,071.50 FIGARO COFFEE 0.49 0.495 0.5 0.5 0.49 0.49 1,140,000 560,400 0.6 0.61 0.59 0.61 0.53 0.61 222,000 128,580 ALLIANCE SELECT FRUITAS HLDG 1.01 1.03 1.02 1.03 1.01 1.03 172,000 174,870 107.6 108.1 107.6 107.6 107.6 107.6 210 22,596 GINEBRA JOLLIBEE 209.8 210 210.2 215 210 210 336,680 71,389,252 KEEPERS HLDG 1.15 1.17 1.16 1.19 1.14 1.15 3,638,000 4,228,910 18.86 20.5 20.5 20.5 20.5 20.5 200 4,100 LIBERTY FLOUR MACAY HLDG 4.33 6.24 6.24 6.24 6.24 6.24 100 624 5.5 5.79 5.67 5.89 5.46 5.5 127,300 706,338 MAXS GROUP MG HLDG 0.12 0.129 0.117 0.12 0.116 0.12 430,000 50,480 MONDE NISSIN 14.24 14.32 13.9 14.34 13.9 14.32 21,767,400 310,265,518 7.3 7.5 7.6 7.6 7.4 7.4 56,700 421,306 SHAKEYS PIZZA ROXAS AND CO 0.48 0.495 0.59 0.59 0.48 0.495 422,000 204,675 4.28 4.29 4.3 4.3 4.26 4.28 10,000 42,880 RFM CORP SWIFT FOODS 0.099 0.101 0.099 0.099 0.099 0.099 50,000 4,950 UNIV ROBINA 104.6 105 105 107 102.6 105 775,380 81,202,553 0.62 0.64 0.64 0.64 0.61 0.64 120,000 73,670 VITARICH VICTORIAS 2.54 2.79 2.52 2.55 2.52 2.54 11,000 27,930 0.72 0.74 0.77 0.79 0.71 0.74 4,042,000 2,986,400 CEMEX HLDG 12.36 12.8 12.78 12.94 12.78 12.8 1,000 12,896 EAGLE CEMENT EEI CORP 3.62 3.66 3.75 3.8 3.61 3.67 691,000 2,537,650 5.15 5.2 5.1 5.15 5.1 5.15 22,800 116,633 HOLCIM MEGAWIDE 4.38 4.4 4.58 4.58 4.4 4.4 323,000 1,430,350 19.74 19.9 19.9 19.9 19.9 19.9 4,400 87,560 PHINMA TKC METALS 0.72 0.76 0.72 0.73 0.72 0.73 101,000 73,720 VULCAN INDL 0.8 0.81 0.83 0.83 0.81 0.81 2,942,000 2,397,080 1.79 1.83 1.83 1.83 1.83 1.83 291,000 532,530 CROWN ASIA EUROMED 1.03 1.09 1.08 1.08 1.08 1.08 21,000 22,680 4.22 4.41 4.21 4.41 4.21 4.41 11,000 46,890 MABUHAY VINYL CONCEPCION 18 19.1 18.5 19.1 18 19.1 111,400 2,048,282 GREENERGY 1.49 1.5 1.46 1.5 1.46 1.49 9,613,000 14,321,500 7 7.06 7.13 7.13 7 7.06 30,400 215,900 INTEGRATED MICR IONICS 0.63 0.65 0.62 0.63 0.62 0.63 70,000 43,600 6.2 6.34 6.35 6.35 6.34 6.34 4,200 26,656 PANASONIC CIRTEK HLDG 2.77 2.78 2.73 2.84 2.73 2.77 394,000 1,092,380

-1,207,005 -4,750 -18,753,905 610,500 14,624,955.00 -183,161 -20,940,662 -10,221,842 29,447,056 85,226 337,710 -4,887,730 -4,980 -566,360 -16,056 -801,354 -10,475,586 760,972 29,650 -18,448,498 -580,000 59,717,208 -247,000 -99,710 -17,200 -18,327,040 -253,100 -586,350 -47,940 -445,650 50,840 20,130 5,985,190 -85,560 31,000 10,870

HOLDING & FRIMS

ABACORE CAPITAL IlAYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT KEPPEL HLDG A LOPEZ HLDG LT GROUP METRO PAC INV PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER WELLEX INDUS

43.75 126 11.74 90.6 28.1 7.25 49.9 8.3 18.4 56 20.2 92.5 71.5 2.21 3.5 6.5 0.29 0.61 200.2 2,300

1.2 6 47.3 11.34 9.13 0.85 0.435 4.7 8.26 6.8 0.207 491 3.36 52.2 6.75 2.97 8.26 3.77 1.81 0.85 808 101 110 0.275

44 126.4 11.8 91 28.15 7.29 50 8.75 18.62 57 20.3 92.7 71.6 2.22 3.66 7 0.305 0.69 207.6 2,400

1.21 53 6 47.4 11.44 9.2 0.9 0.44 4.75 8.28 7.1 0.27 496.4 3.76 52.6 9.9 3.15 8.3 3.78 1.88 0.87 810 102.5 114.9 0.3

43.7 125.6 11.64 89.2 28.05 7.39 50 8.3 18.58 55 20.2 92.65 70 2.2 3.66 6.5 0.29 0.61 205 2,300

1.2 6 47.2 11.54 9.2 0.89 0.44 4.64 8.1 6.78 0.207 487 3.33 51 6.75 3.1 8.13 3.75 1.75 0.87 801 101 112.3 0.275

43.75 127.1 11.8 91.8 28.1 7.4 50.7 8.3 18.68 57 20.2 93 72 2.29 3.66 6.5 0.29 0.61 209 2,400

1.21 69 48 11.54 9.21 0.9 0.44 4.79 8.3 7.1 0.207 507 3.33 52.7 6.75 3.18 8.39 3.8 1.95 0.87 816.5 102.5 115 0.275

43.7 125.6 11.64 89.05 28 7.25 49.5 8.3 18.5 55 20.2 90.2 68 2.07 3.66 6.5 0.29 0.6 200 2,300

1.2 2 6 44.85 11.32 9.13 0.89 0.435 4.6 8.1 6.78 0.207 486 3.33 51 6.75 2.96 8.13 3.73 1.75 0.87 791.5 100.9 110 0.275

43.75 126 11.8 90.6 28.1 7.25 50 8.3 18.5 56 20.2 92.7 71.5 2.22 3.66 6.5 0.29 0.6 200 2,300

1.21 53 6 47.3 11.44 9.2 0.9 0.44 4.75 8.28 7.1 0.207 491 3.33 52.6 6.75 3.17 8.3 3.77 1.88 0.87 808 102.5 114.9 0.275

5,000 1,898,090 236,900 2,066,300 391,100 265,400 1,507,700 1,300 110,500 340 2,200 1,955,030 425,850 599,000 2,000 400 20,000 163,000 1,220 240

4,765,000 642,3 7,478,100 728,400 63,100 20,000 650,000 243,000 24,233,100 9,900 50,000 163,500 10,000 1,526,450 300 248,000 2,155,300 15,605,000 1,856,000 26,000 412,870 170,000 10,280 10,000

5,734,900 3,258,960 00 433,427,1 80 (109,931,355) 353,306,855 -144,375,870 8,333,394 1,941,524 580,136 17,950 284,900 1,125,540 155,700 200,182,534 5,062,737 68,110 10,350 81,667,428 -9,297,348 33,300 79,910,204.50 3,218,584.50 2,025 775,990 -9,300 17,900,419 -3,263,835 58,870,760 -31,978,510 3,484,950 22,620 332,887,350 -105,053,465 17,330,883 1,624,120 1,159,070 2,750 -

PROPERTY ARTHALAND CORP 0.55 0.56 0.55 0.56 0.55 0.56 39,000 21,600 AYALA LAND 28.4 28.5 28.3 29.4 28 28.4 23,981,000 690,326,875 3.86 3.95 3.84 4.02 3.8 3.95 2,239,000 8,584,730 AYALA LAND LOG ALTUS PROP 16.14 16.9 16.28 16.28 16.14 16.14 36,900 596,158 1.76 1.77 1.65 1.78 1.65 1.77 2,935,000 5,089,370 ARANETA PROP 38 38.3 38.2 38.5 37.2 38 498,600 18,908,465 AREIT RT A BROWN 0.8 0.82 0.82 0.82 0.8 0.8 240,000 194,490 0.68 0.7 0.7 0.7 0.7 0.7 75,000 52,500 CITYLAND DEVT CROWN EQUITIES 0.091 0.093 0.093 0.096 0.091 0.093 160,000 14,650 2.62 2.64 2.56 2.71 2.54 2.62 319,000 825,790 CEB LANDMASTERS 0.405 0.41 0.405 0.405 0.405 0.405 630,000 255,150 CENTURY PROP CITICORE RT 2.44 2.45 2.48 2.49 2.4 2.45 16,458,000 39,934,800 7.6 7.68 7.51 7.73 7.51 7.6 58,100 440,625 DOUBLEDRAGON DDMP RT 1.51 1.52 1.53 1.54 1.5 1.51 2,989,000 4,504,570 0.225 0.229 0.225 0.229 0.225 0.229 200,000 45,600 EMPIRE EAST EVER GOTESCO 0.247 0.248 0.247 0.247 0.241 0.247 5,070,000 1,247,890 FILINVEST RT 7.23 7.24 7.29 7.29 7.13 7.24 247,600 1,779,945 1 1.02 1 1.02 1 1 927,000 929,400 FILINVEST LAND GLOBAL ESTATE 0.89 0.9 0.88 0.88 0.88 0.88 66,000 58,080 10.6 11.2 10.76 11.5 10.18 11.2 136,700 1,473,716 8990 HLDG 0.86 0.9 0.86 0.9 0.86 0.9 95,000 82,820 PHIL INFRADEV CITY AND LAND 0.77 0.8 0.82 0.82 0.8 0.8 6,000 4,870 2.72 2.74 2.7 2.75 2.7 2.72 4,432,000 12,116,170 MEGAWORLD MRC ALLIED 0.203 0.204 0.203 0.204 0.202 0.203 7,670,000 1,557,430 MREIT RT 17 17.16 17.32 17.34 16.7 17.16 2,918,400 49,813,576 0.39 0.405 0.39 0.395 0.38 0.395 240,000 93,100 PHIL ESTATES PRIMEX CORP 2.45 2.47 2.42 2.51 2.41 2.47 1,457,000 3,615,480 7.29 7.3 7.24 7.4 7.06 7.3 7,953,000 58,132,257 RL COMM RT ROBINSONS LAND 18 18.1 18 18.3 17.94 18.1 724,900 13,130,098 PHIL REALTY 0.225 0.242 0.225 0.225 0.225 0.225 150,000 33,750 1.33 1.37 1.33 1.33 1.32 1.33 237,000 313,040 ROCKWELL SHANG PROP 2.55 2.57 2.55 2.55 2.55 2.55 61,000 155,550 2.76 2.89 2.87 2.89 2.87 2.89 15,000 43,130 STA LUCIA LAND SM PRIME HLDG 36.2 36.5 36 36.7 35.5 36.5 19,203,500 695,659,655 VISTAMALLS 3.17 3.45 3.46 3.46 3.36 3.36 6,000 20,360 0.95 1.02 1.02 1.02 0.95 1.02 4,000 3,940 SUNTRUST HOME VISTA LAND 2.43 2.49 2.5 2.51 2.42 2.43 1,227,000 3,011,140 SERVICES ABS CBN 10 10.08 10.22 10.22 9.54 10 252,300 2,525,597 GMA NETWORK 9.76 9.78 10.28 10.6 9.6 9.76 4,060,200 40,961,452 0.355 0.37 0.355 0.355 0.355 0.355 20,000 7,100 MANILA BULLETIN GLOBE TELECOM 2,274 2,280 2,234 2,280 2,230 2,280 62,830 142,008,330 1,949 1,950 1,930 1,950 1,916 1,950 165,635 321,668,255 PLDT 0.045 0.046 0.045 0.046 0.044 0.046 103,800,000 4,691,700 APOLLO GLOBAL CONVERGE 27.8 28 28.45 29.1 27.8 27.8 29,365,200 838,891,795 2.99 3 2.78 3.04 2.78 3 266,000 784,260 DFNN INC DITO CME HLDG 5 5.02 4.92 5.02 4.92 5 8,789,000 43,815,290 1.33 1.35 1.27 1.35 1.27 1.35 1,316,000 1,758,250 NOW CORP 0.285 0.3 0.295 0.3 0.285 0.285 1,390,000 407,100 TRANSPACIFIC BR 2GO GROUP 6.82 6.89 6.81 7.42 6.81 6.89 30,900 217,316 13.9 14 14 14 13.9 13.9 14,100 197,200 ASIAN TERMINALS CHELSEA 1.56 1.6 1.53 1.6 1.53 1.6 279,000 440,220 45 45.75 44.8 46 44.05 45 162,000 7,301,585 CEBU AIR 207.6 210 209 210.2 206 207.6 1,096,030 227,837,352 INTL CONTAINER LORENZO SHIPPNG 0.67 0.85 0.61 0.8 0.61 0.8 16,000 11,280 4.91 4.93 4.82 5.07 4.82 4.93 710,000 3,537,720 MACROASIA METROALLIANCE A 0.93 0.95 0.93 0.93 0.92 0.93 19,000 17,620 0.93 1.42 0.95 0.95 0.95 0.95 5,000 4,750 METROALLIANCE B PAL HLDG 6 6.1 6.1 6.1 5.9 6.1 44,700 268,127 HARBOR STAR 0.69 0.72 0.68 0.72 0.68 0.7 180,000 126,190 0.075 0.076 0.072 0.076 0.072 0.076 110,580,000 8,244,050 BOULEVARD HLDG DISCOVERY WORLD 1.74 1.84 1.72 1.73 1.72 1.73 15,000 25,810 WATERFRONT 0.42 0.43 0.43 0.43 0.43 0.43 50,000 21,500 530 531 531 531 531 531 3,410 1,810,710 FAR EASTERN U STI HLDG 0.335 0.34 0.33 0.35 0.33 0.34 150,000 49,900 1.25 1.26 1.27 1.27 1.25 1.26 630,000 787,660 BELLE CORP BLOOMBERRY 6.38 6.54 6.3 6.65 6.25 6.38 6,179,400 39,693,540 PACIFIC ONLINE 1.3 1.32 1.39 1.39 1.03 1.32 31,000 40,200 1.33 1.35 1.3 1.4 1.3 1.35 3,945,000 5,339,000 LEISURE AND RES MANILA JOCKEY 1.63 1.65 1.76 1.76 1.65 1.65 38,000 64,360 1.35 1.36 1.44 1.49 1.35 1.36 7,817,000 10,992,760 PH RESORTS GRP PREMIUM LEISURE 0.4 0.405 0.395 0.42 0.395 0.405 5,550,000 2,285,250 PHILWEB 3.65 3.67 3.59 3.8 3.59 3.65 3,742,000 13,858,130 0.405 0.415 0.405 0.415 0.4 0.415 12,980,000 5,270,500 ALLDAY BERJAYA 5.46 5.89 5.5 5.5 5.46 5.46 5,700 31,214 7.35 7.4 7.5 7.5 7.25 7.4 116,300 866,037 ALLHOME METRO RETAIL 1.35 1.36 1.33 1.36 1.33 1.35 160,000 215,960 PUREGOLD 32.45 32.5 32.3 32.75 32.3 32.5 825,500 26,802,430 54.45 54.7 53.5 54.9 53.5 54.45 150,300 8,159,020 ROBINSONS RTL PHIL SEVEN CORP 57 57.1 58 58 57 57.1 234,430 13,431,524.50 1.17 1.18 1.19 1.19 1.17 1.17 1,102,000 1,302,220 SSI GROUP 27.2 27.9 26.45 27.9 26.45 27.9 1,250,500 34,142,295 WILCON DEPOT APC GROUP 0.219 0.232 0.219 0.219 0.219 0.219 220,000 48,180 3.51 3.99 3.52 3.52 3.52 3.52 10,000 35,200 EASYCALL IPM HLDG 6.8 7 6.8 6.8 6.8 6.8 5,000 34,000 0.71 0.72 0.72 0.73 0.71 0.72 969,000 700,810 MEDILINES 0.415 0.43 0.41 0.435 0.4 0.43 3,050,000 1,281,650 PRMIERE HORIZON SBS PHIL CORP 3.7 3.93 3.75 3.93 3.75 3.93 10,000 39,120 MINING & OIL ATOK 7 7.12 7.19 7.78 6.6 7.05 2,379,700 16,260,251 1.59 1.61 1.53 1.61 1.51 1.59 4,773,000 7,583,780 APEX MINING ATLAS MINING 5.77 5.81 5.89 6 5.75 5.81 83,300 487,525 7.33 7.4 7.21 7.46 7.2 7.33 145,500 1,071,725 BENGUET A BENGUET B 7.35 7.4 7.19 7.48 7 7.4 64,100 472,214 CENTURY PEAK 2.58 2.65 2.58 2.65 2.58 2.65 25,000 65,240 2.4 2.41 2.42 2.47 2.39 2.41 3,106,000 7,528,820 FERRONICKEL GEOGRACE 0.177 0.19 0.198 0.198 0.198 0.198 30,000 5,940 0.138 0.14 0.138 0.14 0.138 0.14 380,000 52,760 LEPANTO A MANILA MINING A 0.0097 0.0099 0.0097 0.0097 0.0097 0.0097 2,000,000 19,400 MARCVENTURES 1.59 1.6 1.68 1.69 1.58 1.59 3,752,000 6,151,690 0.94 0.97 0.94 0.95 0.94 0.95 18,000 17,020 NIHAO NICKEL ASIA 6.45 6.5 6.48 6.61 6.4 6.5 4,702,000 30,549,586 0.72 0.73 0.75 0.79 0.7 0.73 6,516,000 4,657,760 ORNTL PENINSULA PX MINING 4.25 4.29 4.46 4.54 4.25 4.25 715,000 3,085,870 SEMIRARA MINING 28.8 28.85 28.5 29.25 28.5 28.85 7,314,400 211,824,240 0.0061 0.0063 0.0061 0.0061 0.0061 0.0061 1,000,000 6,100 UNITED PARAGON ACE ENEXOR 13 13.3 13.38 13.7 12.6 13.3 333,000 4,375,060 0.011 0.012 0.011 0.012 0.011 0.012 3,100,000 35,400 ORNTL PETROL A PXP ENERGY 4.38 4.39 4.4 4.55 4.38 4.39 136,000 599,490 PREFFERED HOUSE PREF B 98.5 101 98.5 98.5 98.5 98.5 500 49,250 HOUSE PREF A 95.6 100.5 95.05 95.05 95.05 95.05 5,000 475,250 500.5 514 500 500 500 500 2,860 1,430,000 AC PREF B1 ALCO PREF C 100.8 108.4 108.6 108.6 108.6 108.6 300 32,580 502 510 500 500 500 500 400 200,000 ALCO PREF D CEB PREF 43.4 45 45 45 43.4 43.4 23,600 1,053,460 DD PREF 99.6 99.95 99.6 100 99.3 100 100 9,968 105.3 108.8 108.8 108.8 108.8 108.8 550 59,840 EEI PREF B FGEN PREF G 105.5 105.8 105.5 105.5 105.5 105.5 1,010 106,555 970 990 970 988 970 988 1,220 1,205,000 JFC PREF A JFC PREF B 966 998 998 998 998 998 2,800 2,794,400 MWIDE PREF 2A 93.05 98.95 93.05 93.05 93.05 93.05 100 9,305 95.65 99.5 99.5 99.5 99.5 99.5 20,000 1,990,000 MWIDE PREF 2B MWIDE PREF 4 98 99.8 99.8 99.8 99.8 99.8 150 14,970 99.6 100.1 100.1 100.1 99.5 100.1 7,090 707,084 PNX PREF 3B PNX PREF 4 984 988 998 998 984 984 3,520 3,466,650 PCOR PREF 3A 1,065 1,070 1,061 1,065 1,061 1,065 640 679,940 1,087 1,100 1,100 1,100 1,087 1,087 125 136,200 PCOR PREF 3B SMC PREF 2F 76.9 77 77 77 77 77 39,030 3,005,310 78.2 78.9 76.45 78.2 76.45 78.2 5,760 440,369.50 SMC PREF 2I SMC PREF 2J 74.1 74.95 75 75 74 74 1,920 142,133.50 SMC PREF 2K 74.5 74.85 74.9 74.9 74.9 74.9 210 15,729 PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 10.06 10.1 10.48 10.48 10.06 10.06 439,800 4,457,052 WARRANTS TECH WARRANT 0.49 0.51 0.51 0.52 0.48 0.52 380,000 189,800

-92,152,685 -10,720 -50,700 -4,316,530 92,540 -12,150 2,347,660 -171,450 -1,701,390 984,000 123,042 -340,930 -80,444 8,600 -4,487,650 -610,530.00 20,946,766 -2,130,520 23,823,935 -4,486,152 -22,500 -9,240 191,913,775 1,900 -325,680 -34,222,000 144,844,200 -94,500 77,075,110 25,650 -14,039,360 -166,060 -6,280 1,231,030 -47,098,120 6,400 -119,930 3,500 -16,856,296 -1,390 269,700 8,200 -35,690 521,450 219 -10,421,165 -730,109.50 -19,910 982,440 1,480,835 -207,840 -37,000 -9,561,420 -192,670 -155,654 59,300 65,240 3,386,090 26,580 9,500 -3,972,931 47,640 -13,575,165 -240,798 151,340 -217,000 -9,305 -142,133.50 3,111,634

SMALL & MEDIUM ENTERPRISES

CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

0.86 0.98 0.8 1.5 0.28

0.87 1 0.81 1.51 0.295

EXHANGE TRADE FUNDS FIRST METRO ETF

99.75

99.8

0.86 1.05 0.82 1.5 0.285

0.91 1.05 0.82 1.56 0.3

0.86 0.98 0.8 1.48 0.28

0.87 1.05 0.8 1.51 0.28

6,467,000 97,000 411,000 1,917,000 480,000

5,722,730 98,440 331,290 2,914,130 135,850

106,970 76,370 -

99.7 101.5 99.3 99.8 45,670 4,574,090 229,524

Banking&Finance BusinessMirror

www.businessmirror.com.ph

Editor: Dennis D. Estopace • Tuesday, May 17, 2022

Govt institutionalizes use of digital payment

By Samuel P. Medenilla

@sam_medenilla

OVERNMENT departments, agencies and instrumentalities are now required to offer digital modes to collect and disburse funds. This after President Rodrigo R. Duterte signed last Thursday Executive Order (EO) 170 to insitutionalize the use of digital payments for government transactions.

“The digitalization of payments is in line with the government’s thrust to develop an inclusive digital finance ecosystem, in accordance with the ‘Digital Payments Transfor-

Investing strategies in a bear market

bear market is a period of negative returns in the stock market where stock prices fall 20 percent or more. Because of this scenario, investors may apply different strategies that can be beneficial for them. It can be a combination of investor’s risk tolerance, investment horizon and overall goals. 1. Defensive move. For investors looking to maintain positions in the stock market, a defensive strategy can be a good move. This type of investing strategy involves investing in large companies with a strong and long operational history in the country or globally. It projects stability because of large market capitalization which can be less affected by an overall downturn in the economy or stock market. These stocks are also called defensive stocks because they serve the basic needs of consumers or businesses such as food, utilities or basic goods. Since the demand will remain for the said companies, downturns can be managed giving investors’ confidence to hold or buy these stocks. 2. Selling out. Since we have different risks tolerance, we can also set a parameter when to sell our stocks. Selling your investments and holding cash can be a conservative move this season. You may also move it to a lesser risk type of investment for a short period of time and transfer back once you see the growth in the economy and momentum for bull market. 3. Shopping for bargains. Have you tried going shopping during sale in a mall or online platforms? Probably yes, most of us have thought of shopping spree every time we see a sale sign isn’t it? Aside from the perspective of saving a portion of our money, we love to buy things for our love ones with the idea of gaining benefits from it. It could be a useful product or maybe a service that can be helpful for us. This can be also applied in the stock market. During a bear market, you can buy more stocks at cheaper prices. Applying peso-cost averaging by investing P1,000 per month regardless of the trend can be an advantage. Invest in stocks that have value and dividend paying ones. Dividends can help us weather and make it less painful during a bear market. 4. Learn the basics. If you are a first-time investor who’s planning to enter the stock market at a bear season, this is also a good time for you to learn the basic strategies. Attending train-

Karlo Biglang-Awa

personal finance ings, listening to podcasts or watching Youtube contents about the market can be a good start. Consider reading books also which can be a source of insights and proven strategies to become a good investor. 5. Re-evaluate your financial portfolio. Investing needs, timeline and strategies may change over time. If you transitioned from being a single professional to married person or maybe you are now a parent, it is a good time to re-evaluate your financial needs. For example, if you are a parent, you might be thinking of starting to prepare for educational funds of your first born, this way, your allocation of investments can be a mixture of high risk-high return and low risk-low return type of funds. This can address both your short term and long term needs. As of writing, the Philippine stock market is at the 6,984 level. Over the past two years since pandemic, we have seen a combination of uptrend and downtrend movements but then, if you apply the said strategies, we can still take advantage of our current level. For example, if you bought a stock during the first few months of lockdown at around P137 per share, you would have a gain of around 58 percent to 60 percent as that particular stock is now at P220 per share. This is just an example of how we can strategize on a bear market. Always looking for opportunities to grow and invest in the midst of uncertainty will be a combination of fundamental and technical analysis. We can’t project everything 100-percent accurate; but if we can maximize the data that we have and match it with our principles, goals and ideas of other people, we can achieve greater things together. Always remember that we are all part of nation building; and being a businessman or investor, you are playing a huge role for our progress. Karlo Biglang-Awa is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 95th RFP program this May. To inquire, e-mail info@rfp.ph or text at 0917-6248110.

mation Roadmap 2020-2023’ and the ‘National Strategy for Financial Inclussion 2022-2028’ and will complement existing efforts to make formal financial services accessible to vulnerable and underserved sectors,” Duterte said. Under the 6-page issuance, the government department, agencies, instrumentalities, including state universities and colleges, government-owned or controlled corporations under the executive department shall use “safe and efficient digital dibursement” for financial aid and payment of salaries and allowances to their employees and other activities involving

releasing funds. “For this purpose, covered agencies may use facilities of ‘Government Servicing Banks’ (GSB) such as ‘Advice to Debit Account’ or interoperable ‘Electronic Fund Transfers’ (EFT),” Duterte said. The GSB will be allowed to collect fees for EFT services. EO 170, however, emphasized that government offices under the executive department may still use non-digital payout channels in “exigency of service.” Likewise, government offices are required to use digital modes for accepting payment. “For this purpose, covered agen-

cies may enage the services of established payment service providers, provided that only interoperable digital payment solutions which are compliant with the National Retail Payment System Framework shall be availed,” Duterte said. A technical working group (TWG) composed by representatives from the Department of Finance (DOF), Department of Budget and Management (DBM), Bureau of Treasury (BTr), Bureau of Internal Revenue (BIR) and the Government Procurement Policy Board (GPPB) Technical Support Office was tasked in setting the policies for government’s digital payments.

The DOF, in coordination with other TWG members, will issue the implementing rules and regulations (IRR) for EO 170 within 90 days from the effectivity of the order. The IRR will include the 6-month transition period for government offices to implement their digital disbursement and collection scheme. The transition period may be extended to a longer period but should not exceed a period of three years from the issuance of the IRR. EO 170 will take effect immediately after its publication in the Official Gazette or in a newspaper of general circulation.

Bids for T-bills rejected as MB seen to tweak policy By Bernadette D. Nicolas @BNicolasBM

HE Bureau of the Treasury fully rejected bids for its P15billion offering of Treasury bills (T-bills) as investors demanded higher rates ahead of the possible rate hike decision from the Bangko Sentral ng Pilipinas (BSP) this week. If the Treasury decided to fully award bids, the average rates across all tenors would have shot past the comparable secondary market benchmark rates as several analysts are expecting that the Monetary Board (MB) will finally raise the key policy rate in its meeting this Thursday given the stronger first-quarter economic growth at 8.3 percent. “Full rejection for all tenors,” National Treasurer Rosalia V. De Leon

informed reporters. De Leon further said the “market remains defensive and [is] bracing for [a] possible rate hike by the MB with stronger than expected first-quarter GDP [gross domestic product] growth.” BSP Governor Benjamin E. Diokno said last month monetary authorities may discuss a rate hike in their June meeting on the steady inflation spikes. Diokno also said early May that inflation is expected to remain elevated in the coming months due to the continued volatility in global oil and non-oil prices and the commodities market, reflecting the largely continued impact of Russia’s invasion of Ukraine and constricted supply chain. Inflation in April hit 4.9 percent, the highest since the 5.2 percent recorded in December 2018. The BSP has kept the key interest

Asian Re net premium income jumps 24.8%

EGIONAL reinsurer Asian Reinsurance Corp. (Asian Re) posted double-digit growth in its net earned premiums (NEP) last year. The Insurance Commission said in a statement issued last Monday that Asian Re’s NEP last year hit $19.19 million in 2021, jumping by 24.8 percent from the previous year’s $15.38 million. NEP refers to the portion of premiums that apply to the expired portion of reinsurance policies after deducting further reinsurance, ceding commissions, cancellations and return premiums, if any, considered as “earnings” of the company. Likewise, Asian Re’s net retained premiums, or its total reinsurance premiums written after deductions, also climbed by 21.7 percent to $20.66 million in 2021 from $16.97 million in 2020. Its total gross accounted premiums (GAPs) also rose by 14.5 percent year-on-year to $23.47 million from $20.49 million in 2020. Total GAPs refer to the total reinsurance premiums written by Asian Re before deductions for further reinsurance and ceding commissions.

“The growth in these indicators shows that the Asia-Pacific Region is recovering from the adverse economic effects of the Covid-19 pandemic,” said Insurance Commissioner and Asian Re Chairman Dennis B. Funa. Based in Bangkok, Asian Re is the Asia-Pacific region’s leading professional reinsurer. It is an intergovernmental organization established in May 1979 under the auspices of the United Nations Economic and Social Commission for Asia and the Pacific (Unescap). It is owned by 10 governments comprising the Council of Members, namely: Afghanistan; Bangladesh; Bhutan; China; India; Iran; South Korea; Sri Lanka; Thailand; and, the Philippines. Funa is serving his second 2-year term as Asian Re chairman after being re-elected last year. He was previously Asian Re’s vice chairman before being elected to the top post. In May last year, AM Best, a US-based credit rating agency that focuses on the insurance industry, affirmed Asian Re’s financial strength rating of “B+” (good). Bernadette D. Nicolas

rate at a record-low of 2 percent since November 2020 to keep the cost of borrowing manageable, especially for businesses adversely affected by intermittent lockdown measures. Had the Treasury fully awarded the 91-day T-bills, the security would have fetched an average rate of 1.759 percent, higher by 38.5 basis points than the Bloomberg Valuation Service (BVAL) reference rate of 1.374 percent. The 182-day T-bills would have capped at an average rate of 2.215 percent, surging by 53.8 basis points compared with the BVAL rate of 1.677 percent. The 364-day Tbills’ average rate would have reached 2.828 percent, exceeding the comparable BVAL rate of 1.962 percent by 86.6 basis points. Nonetheless, the auction was oversubscribed as total bids amount-

ed to P23.53 billion. For this month, the Treasury is targeting to raise P200 billion from the domestic debt market. Since the start of this month, the Treasury has so far sold P77.7 billion in government securities. As of end-March, the national government’s outstanding debt has hit a new record-high of P12.68 trillion as borrowings continued to pile up amid the Covid-19 pandemic. The national government’s debtto-GDP ratio has also risen to a 17-year-high at 63.5 percent, above the internationally-recommended 60-percent threshold by multilateral lenders for emerging markets like the Philippines. This is also the highest since the debt-to-GDP ratio hit 65.7 percent in 2005 under the Arroyo administration.

Security Bank income grows 66% to ₧2.72B By VG Cabuag

@villygc

ID-sized lender Security Bank Corp. said its income grew 66 percent during the first quarter of the year to P2.72 billion from last year’s P1.64 billion, driven by growth in core businesses, lower credit provisions and normalized income tax provisions. The company said the 2021 tax provisions were impacted by a onetime charge triggered by the passage of Republic Act (RA) 11534 (Corporate Recovery and Tax Incentives for Enterprises, or Create, law). Net interest income increased 5 percent to P7 billion. Net interest margin was 4.19 percent, slightly down by 2 basis points year-on-year. Total non-interest income rose 8 percent to P2.3 billion. Service charges, fees and commissions grew 22 percent to P1.3 billion, led by increase in fees from deposits, capital market and credit cards. Other non-interest income excluding securities trading gains and fee income rose 168 percent to P1 billion, driven mainly by recovery on chargedoff assets and foreign exchange income. Operating expense was 8 percent higher, driven by investments in technology and manpower to improve customer experience. The cost-to-income ratio was 58.96

percent compared to 57.6 percent a year ago. Pre-provision operating profit was P3.8 billion, up 2 percent year-on-year. The bank said it set aside P80 million as provisions for credit losses for the quarter, lower than last year’s P402 million. Gross non-performing loan ratio decreased to 3.65 percent from 3.94 percent in previous quarter. NPL reserve cover was at 90 percent. The shares of Security Bank closed at P92.70, up by P3.70 from the previous close. “Despite the Omicron impact in January, we are pleased with the improvement in client activity levels for the first quarter, particularly for our corporate and home loans teams,” Security Bank president and CEO Sanjiv Vohra said. “Various macro factors are unfolding in the coming months including: new government policy, the war in Ukraine, and central bank action on inflation, we are constructively engaged with our clients to help them navigate the current environment.” Security Bank continues to be among the country’s best capitalized private domestic universal banks. Common Equity Tier 1 Ratio was 18.1 percent and total capital adequacy ratio was 18.6 percent. Total assets stood at P707 billion, while shareholders’ capital was at P122.5 billion, up 1 percent.

UnionBank raises ₧40B from SRO, to use proceeds in Citigroup acquisition

NION Bank of the Philippines (UBP) listed its stock rights offer (SRO) shares at the Philippine Stock Exchange (PSE) last Monday. The P40 billion raised from the SRO will be used by the bank to pay for its acquisition of the Philippine consumer banking business of Citigroup Inc. In his welcome remarks, PSE President and CEO Ramon S. Monzon cited the bank’s acquisition of Citigroup’s local business. He said, this “will turbocharge UBP’s expansion in the retail banking space.” Monzon, likewise, mentioned UBP’s receipt of a digital banking license.

“This is not surprising considering UBP’s proven track record as a forward-thinking bank that is constantly pushing the tech envelope forward,” he added. Union Bank of the Philippines’ acquisition of the consumer banking arm of Citi Philippines will bode well for the local lender’s short and long term prospects, an international research firm said last January. CreditSights, which was acquired by the Fitch Group, said the move is a “meaningful acquisition for a bank the size of Unionbank” and would not have been made possible if not for the strong cor-

porate backing of the bank via the Aboitiz Group. The think tank also said their internal calculations showed that Unionbank’s acquisition of Citi will take the bank’s common equity tier (CET) 1 ratio down to approximately 13.5 percent. “While capital levels almost certainly will not fall below regulatory minimums as that would mean not getting the blessing of regulators, the acquisition looks set to leave the bank with a relatively thin capital buffer post-transaction, even with the large support from its shareholder group,” the think tank said. Bianca Cuaresma

This Monday, May 16, 2022, photo shows (from left, by row): Union Bank of the Philippines President and CEO Edwin R. Bautista and Philippine Stock Exchange COO Roel A. Refran; UBP Director Nina D. Aguas, UBP Director Sabin M. Aboitiz, PSE President and CEO Ramon S. Monzon and PSE Issuer Regulation Division Head Marigel B. Garcia; UBP Directors Michael G. Regino and Ana Maria A. Delgado, UBP Treasurer and Global Markets Head Jose Emmanuel U. Hilado and Securities Clearing Corp. of the Philippines COO Renee D. Rubio. Photo courtesy OF Union Bank of the Philippines

Tuesday, May 17, 2022 • Editor: Gerard S. Ramos

Art

BusinessMirror

www.businessmirror.com.ph

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Nikki Reed, 34; Derek Hough, 37; Trent Reznor, 57; Craig Ferguson, 60. HAPPY BIRTHDAY: Put greater emphasis on health and emotional well-being—schedule time for relaxation, creative endeavors, personal growth and fitness. Surround yourself with people who put a smile on your face. Call the shots, set the stage for a year filled with self-improvements that make you feel and look your best, and achieve a healthy lifestyle. Romance is on the rise. Your numbers are 9, 12, 21, 26, 33, 38, 42.

ARIES (March 21-April 19): Invest in your future. Supplement your qualifications, update your look and prepare to promote what you want to do next. Don’t limit what you can do; follow through with your plans. A healthy attitude will prompt others to join your quest. HHHHH

TAURUS (April 20-May 20): Consider what others expect of you, and address your responsibilities head-on. Leave nothing to chance or up to others to complete. Keep your money and important papers and passwords tucked away someplace safe. Change what isn’t working for you, then move forward. HHH

❶ ❶ ONE of

Kristine Lim’s 18 cradle nests, made of wood and branches, featured in her ongoing 3rd art installation in Intramuros, titled Ugoy.

GEMINI (May 21-June 20): Participate in something that concerns you. You can make a difference if you speak up and offer concrete solutions. Don’t trust anyone promising the impossible or delivering vague responses. Show your willingness to work hard, and you’ll get the backing you need. HHH

❷

A mother’s cradle

❷ Visual artist

Kristine Lim with composer Jonathan Manalo join hands once more for Ugoy, on view at Fort Santiago until May 31.

HE uncertainties wrought by the ongoing global health crisis, the divisions cracked by the election season. Amid the various events and consequences hounding us, a visual artist and a mother of two shines the light of maternal love this May. Ongoing for this entire month is an exhibition featuring 18 cradle nests by Kristine Lim installed at Fort Santiago in Intramuros, Manila. The show, titled Ugoy, is presented by the Department of Tourism, It’s More Fun in The Philippines, Intramuros Administration, Art Lounge Manila, Philippine Franchise Association, Philippine Chamber of

Commerce and Industry, and I Love Mom Movement. “The past years have been challenging, and through God, who comforts us as a mother comforts a child, we are granted an endless source of strength that we may endure our dark days,” said Lim, whose current show serves as her 3rd art installation in Intramuros. “18 cradle nests representing our 18 regions are scattered in Intramuros to honor the mothers in our country and our motherland.” Like her most recent presentation in the area for this year’s Holy Week, Ugoy channels the spirit of another special celebration, Mother’s Day, and showcases an exclusive musical composition by Jonathan Manalo, creative director of ABS-CBN Music. Lim described Manalo’s song for her art installation as “a beautifully combined and ethereal melody of voice and rhythm we can rest on as we ponder what it means to be cradled by our motherland that we must uphold, honor, and care for. A call for realization that every Filipino, young, old, regardless of gender and status, are the real mothers of our nation.” Manalo invites the audience to be cradled by the presentations’ hums and melodies, to let go, to find

CANCER (June 21-July 22): Put on a happy face, even if you find someone irritating. It’s amazing what a positive attitude can do when you’re faced with cranky people. Pitch in, keep busy and show compassion, and you’ll make a difference and set an example. HHH

peace amid the pandemonium. “Let Ugoy sway you through the fearful illusions of life’s shakings and tremblings, toward the comfort that it intends to give,” he writes in the composer’s statement. “The best way to go through the greatest highs and lows is to rest in and surrender to the One who is greater.” Lim’s cradles are made of wood and branches, creating arches from which swings hang. According to the exhibition’s curator Ian Belleza, Lim’s art installations, combined with Manalo’s musical score, are meant for audience participation, where they can gently swing back and forth and take in a moment. “As we are left with our musings, we are encouraged to remember that God, like our mothers, always have our best interests in His heart—that He will always be there to nudge us in the right direction, no matter how challenging life can get,” Belleza pens in the curator’s note. “Additionally, we need to realize that we, the Filipino people, are just as responsible for our motherland as our elected leaders. The country’s future does not just rely on those with authority or power. We, as a nation, should use our Godgiven talents and skills to improve our country’s predicament.” n

CCP, PinoyLUG celebrate National Artist Fernando C. Amorsolo THE Cultural Center of the Philippines, in partnership with PinoyLUG, and with support from the Fernando C. Amorsolo Art Foundation Inc., presents Project AMORsolo, an exhibition of LEGO Bricks Mosaic artworks in commemoration of the 50th anniversary of the proclamation of Fernando C. Amorsolo as the first National Artist of the Philippines in Visual Arts. The exhibition runs until May 29 at the CCP’s Bulwagang Carlos V. Francisco (Little Theater Lobby). The project, which commenced back in 2021, was set in motion under Code Name: AMOR with three teams of LEGO enthusiasts each working separately on plates for three iconic paintings by Amorsolo. Using certified genuine LEGO bricks, each team created artworks that bridge the past with the present, while bonding with co-builders to strengthen

them as a team, just like LEGO. Project AMORsolo is a story of love and resilience in a family of LEGO fans looking toward future generations who would create something new from the pieces of their past. It is a celebration of achievement through dedication, persistence, sharing, and building together which are the guiding principles of PinoyLUG. PinoyLUG’s Project AMORsolo exhibit may be viewed from Tuesday to Sunday, 10 am to 6 pm. Hours are extended until 9 pm on nights with performances inside the CCP Main Theater. To ensure everyone’s safety, read and download the Level 1 health protocols for exhibit viewing at bit. ly/StaySafeAtCCP prior to your visit. More information is available via vamd@ culturalcenter.gov.ph or www.twitter.com/ccpvamd.

LEO (July 23-Aug. 22): Choose your associates wisely. Listen carefully and be resourceful. Follow through and get the facts. Take responsibility for your actions and words, and live up to your promises. Self-improvement projects will earn compliments. HHHHH

VIRGO (Aug. 23-Sept. 22): Open your mind and learn. A change of attitude will give you a new take on an old situation or relationship. Pick up the pace and say what’s on your mind. Clearing sensitive issues tactfully will ward off an untimely vendetta. HH

LIBRA (Sept. 23-Oct. 22): Open topics of conversation that need addressing. Show compassion, but don’t let anyone take advantage of you. Keep your money and possessions tucked away someplace safe. Change things around at home to better suit your needs. HHHH

SCORPIO (Oct. 23-Nov. 21): Call the shots and do things your way. Don’t waste time trying to convince others to follow your lead. If someone doesn’t like your decisions, give them the freedom to take a different path. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Distance yourself from people who take you for granted. Put more time and effort into domestic responsibilities and personal growth. Make improvements to your surroundings or clear a space to relax or take on a creative pursuit. HHH

CAPRICORN (Dec. 22-Jan. 19): Be secretive regarding finances, contracts or medical issues. Focus on changes that improve your lifestyle or drum up worthy connections at networking events. Take better care of your health, and avoid a run-in with a friend or lover. HHH

AQUARIUS (Jan. 20-Feb. 18): You’ll attract unique people and opportunities, but before deciding to change your life, do your research. If you act on hype alone, disappointment will follow. Know what you are up against, and use your intelligence to outmaneuver anyone who opposes you. HHHH

PISCES (Feb. 19-March 20): Be careful not to offend someone. Choose your words wisely and concentrate on doing what’s right. Unique action will have greater validity than empty promises. Control your emotions, work on yourself and don’t try to change others. HH BIRTHDAY BABY: You are charming, playful and friendly. You are demonstrative and generous.

‘rockout!’ BY EMILY CARROLL The Universal Crossword/Edited by David Steinberg

ACROSS 1 Unexpected win 6 This instant 9 Tijuana’s peninsula, informally 13 Authorized substitute 14 The “A” in UAE 16 Bad day for Caesar 17 Uvula’s location (In this answer, note the first letter + the last 4) 19 Beds that aren’t luxurious 20 Reason for couples therapy (...first 3 letters + last 3) 22 Digital communication, for short? 23 Martial arts masters 24 Guess ___? (board game) 27 Diplomatic delicacy 30 What’s left at the end of a meal? 31 Sioux City’s state 33 Clog or wedge 35 Lubricate 39 Certain American employee (...first 3 letters + last 2) 42 “Old MacDonald” refrain 43 Work, like a bar 44 Word after “baking” or before

“bread” Young ‘un Hurt badly Maritime distress call Cure-all Madre’s brother Death on the Nile author (...first 4 letters + last 1) 61 Hunter’s attire, briefly 62 Impossible to change, or like 17-, 20-, 39- and 56-Across? 64 At least once 65 Orange-nosed muppet 66 Repairs 67 Some wines 68 Key by the space bar 69 Wipe away DOWN 1 FedEx rival 2 Event with teen royalty? 3 Den fixture with cushions 4 Actor in a crowd 5 Keyboard whiz 6 Simba’s mate 7 Taken by mouth 45 47 49 50 54 56

8 9 10 11 12 15 18 21 24 25 26 28 29 32 34 36 37 38 40 41 46 48 50 51

Lightbulb units Teeth bordering canines Photoshop maker Martial artist in 2020’s Mulan Beasts of burden Hat worn in Paris “Finally!” Gibson garnish One of six for Henry VIII Colorful Hindu festival Injury, to a 45-Across Have a conversation Spiritual emblem They stir things up Volcano known as Vulcan’s chimney Neighbor of Vietnam Ctrl+Z Grps. involved with Scholastic Book Fairs Illegal liquor Add to a photo, perhaps Provoke playfully Long-distance lover’s query Indiana baller Source of mescal and tequila

52 53 55 57 58 59 60 63

Appointed Train along the Northeast Corridor Furry, aquatic frolicker Web page code Hilarious person Gaels’ Division I college Partner of “odds” Language suffix

Solution to today’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Tuesday, May 17, 2022

‘Doctor Strange 2’ keeps hold on top spot in 2nd weekend BRITNEY SPEARS SAYS SHE’S LOST BABY DUE TO MISCARRIAGE LOS ANGELES—Britney Spears says she has lost a baby early in her pregnancy. Spears announced the loss on Instagram on Saturday in a joint post with her partner, Sam Asghari. The pop superstar, who gained her freedom from a court conservatorship that controlled her life for more than a decade, said in April that she was expecting a child with Asghari. “It is with deepest sadness we have to announce that we have lost our miracle baby early in the pregnancy. This is a devastating time for any parent,” the post said. “Perhaps we should have waited to announce until we were further along however we were overly excited to share the good news.” “Our love for each other is our strength,” the post said. “We will continue trying to expand our beautiful family.” The 40-year-old Spears has said she longed for a baby with the 28-year-old Asghari, a personal trainer, but also said the nearly 14-year-long conservatorship that ended last year forced her to remain on birth control. The two met on the set of her Slumber Party video in 2016. Spears has two sons with exhusband Kevin Federline. AP

NCAA SEASON 97 FINALS BROADCAST ON WEEKENDS COLLEGIATE sports fans are in for a treat as media giant GMA Network broacasts the National Collegiate Athletic Association of the Philippines (NCAA) Season 97 Basketball Finals on Sundays live on GMA and GTV at 3 pm. Dubbed the “Battle of Intramuros,” the finals will see defending champion Colegio de San Juan de Letran (CSJL) go up against Mapua University (MU). Game 1 of the best-ofthree series played out on May 15 at the Filoil Flying V Centre in San Juan City. Undefeated entering the finals, the Letran Knights looks to extend its dominant run this season and again take home the men’s basketball championship. Expected to lead the Knights is high-flying forward Rhenz Abando, together with Fran Yu, Jeo Ambohot, and Mark Sangalang. The Mapua Cardinals, on the other hand, are returning to the finals for the first time after 31 years. The Cardinals are looking to Warren Bonifacio, Arvin Gamboa, Joaquin Garcia, Jasper Salenga and Paolo Hernandez as it tries to end the team’s three-decade championship drought. “GMA Network, through Synergy, is proud of our studentathletes who soldiered on and sacrificed being away from their families and love ones so that they could train and represent their schools this season. Every game they played was a testament to their hard work and dedication, and we are just happy to be part of their journey. We are thankful to the NCAA Policy Board and Management Committee for this amazing partnership,” said GMA Regional TV and Synergy first VP and head Oliver Victor Amoroso. Game 1 of the NCAA Finals was anchored by Synergy Sports host Martin Javier, with game analysis provided by coach Martin Antonio and Philippine basketball legend Jerry Codiñera. Livening up the halftime excitement were the The Clash alumni Vilmark Viray, Nef Medina and Garrett Bolden. The NCAA Season 97 Men’s Basketball Finals continues on May 22 and May 29 (as needed) airing live on GMA and GTV at 3 pm. Tickets to the finals are available at www. ticketmax.ph. Meanwhile, the games will also be livestreamed on www.gmanetwork.com/ncaa, plus NCAA Philippines YouTube channel. Viewers abroad can catch all the action via GMA News TV International. More information is available at www.ncaa.com.ph.

By Lindsey Bahr The Associated Press

OCTOR Strange in the Multiverse of Madness stayed on top of the box-office charts during its second weekend in theaters, earning an additional $61 million from North American theaters, according to studio estimates Sunday. With $688 million in global grosses, it’s already one of the highest grossing films of the pandemic and the second biggest of 2022. But a 67 percent fall is also a steep drop—even for reliably frontloaded superhero films. Still, Spider-Man: No Way Home slid 68 percent in weekend two. Released by the Walt Disney Co., Doctor Strange 2 benefitted from being the first Marvel movie to follow Spider-Man: No Way Home, in which Benedict Cumberbatch’s sorcerer played a pivotal role. Directed by Sam Raimi, Doctor Strange 2 also builds upon the popular Disney+ series Wandavision and contains a number of cameos that fans didn’t want to be spoiled. The elements all came together to give Doctor Strange the 11th-biggest domestic debut of all time. But reviews also weren’t quite as strong as those for the latest Spider-Man installment, which could impact the film in the long run. The movie has already exceeded the global earnings of the first Doctor Strange movie, as well as 11 other Marvel Cinematic Universe titles—and it’s not even playing in China. “Audiences crave these big blockbusters on the big screen,” said Paul Dergarabedian, the senior media analyst for comScore. “This marketplace has given Doctor Strange a pretty long runway to be successful until Top Gun.” There was little in the way of new competition. The only major new movie was Universal Pictures and Blumhouse’s adaptation of Stephen King’s Firestarter, which was released in both theaters and on the company’s streaming service, Peacock+. Starring Zac Efron and Ryan Kiera Armstrong, Firestarter earned just $3.8 million from 3,412 North

American theaters. Reviews for the film didn’t drop until the day of release, but critics have been less than impressed with this iteration of King’s story about a preteen with pyrokinetic powers. Audiences weren’t on board either, giving it a “C-” CinemaScore. As Dergarabedian noted, however, no film that opens “day and date” in theaters and on streaming is expecting to break any records. “The notion that a theatrical exclusive debut gives movies their best shot at success is right,” Dergarabedian said. Firestarter debuted in fourth place, behind holdover family films The Bad Guys and Sonic the Hedgehog 2, which took the second and third spots. Meanwhile, Everything Everywhere All At Once is still going strong even after eight weeks in release. The A24 film picked up an additional $3.3 million, down only 6 percent from the previous weekend, bringing its total grosses to $47 million. The faith-based comedy Family Camp also opened this weekend from Roadside Attractions. Playing on 854 screens, the PG-rated pic earned $1.4 million. And Bleecker Street released the well-reviewed indie

Montana Story, starring Haley Lu Richardson as a woman who returns home with her estranged brother to care for their ailing father. Montana Story grossed $20,104 from four theaters. Things will pick up considerably in the coming weeks: Next weekend, Focus Features debuts Downton Abbey: A New Era and A24 has the Alex Garland thriller Men, before everyone clears the way for Tom Cruise in Top Gun: Maverick. That flies into theaters Memorial Day weekend. Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore. 1. Doctor Strange in the Multiverse of Madness, $61 million 2. The Bad Guys, $6.9 million 3. Sonic the Hedgehog 2, $4.6 million 4. Firestarter, $3.8 million 5. Everything Everywhere All At Once, $3.3 million 6. Fantastic Beasts: The Secrets of Dumbledore, $2.4 million 7. The Lost City, $1.7 million 8. The Northman, $1.7 million 9. Family Camp, $1.4 million 10. The Unbearable Weight of Massive Talent, $1 million.

ZAC EFRON (right) and Ryan Kiera Armstrong in a scene from Firestarter, the new adaptation of the Stephen King best seller.

Alisah Bonaobra sings a Martin Nievera classic

THE idea of letting international singer Alisah Bonaobra do a cover of the timeless Cecile Azarconpenned song “Ikaw ang Lahat sa Akin” came from Rosabella Jao-Arribas, a US-based album producer and manager to a handful of promising Filipino talents. The amiable and kind-hearted Arribas called Azarcon, who is also based in the West Coast, and asked for permission, which the songwriter granted right away. Work started immediately after the conversation, and calls were made to the Philippines. When Bonaobra received the good news, she was overwhelmed with joy. “It felt really good when I got the call from Tita Rosabella. Then I thought of Martin Nievera, the original singer who popularized the song and turned it into a classic. I also thought of Regine Velasquez, who also did a wonderful cover of the song. After I put the phone down, I started to feel a bit nervous because it sank in that I was being blessed with a very tall order, and I feel I should interpret the song really well since I will be put alongside the ranks of these singers I so adore and respect.” So when the musical arrangements were done by Homer Flores, and the recording studios were booked, Bonaobra was ready. “I channeled Martin and Regine to be my inspiration, rather than pressure myself too much, and I think it worked. Since I started singing, and after my stint in The X Factor UK, I have

continuously affirmed my strengths as a singer and embraced all parts of myself and my life, including my shadows. My personal goal was to make the final output of this cover version as pleasing to the ears as possible, so the listeners will be able to truly feel the song through my rendition.” Bonaobra’s course in Music at the University of Santo Tomas has certainly helped her in her many performances. “I almost always draw my power from my head tone, but I have learned to incorporate my chest tone and my natural vocals to strike a good balance. I have also learned to take good care of my voice through the years especially since I have always been known as a biritera from the time I started joining singing contests.” Prior to her amazing exposure in the international music circuit, Bonaobra was a runner-up in the local The Voice Philippines search. “The lessons I learned from all those years of competing are still etched in my mind and heart. I have learned so much about destiny and acceptance, knowing how to be magnanimous in victory and how to be humble when one wholeheartedly concedes in defeat.” She added, “I have also learned so much about gratitude. The people who come into our lives and help shape our dreams, and give so much of themselves so we can be better, happier and more successful human beings. And those who continue to stay, no matter how insurmountable the challenges may seem. These are the people we should always be thankful for.” MARTIN NIEVERA TO GO LIVE IN SOLAIRE IRREPRESSIBLE Concert King Martin Nievera will headline the very first face-to-face concert at The Theatre in Solaire on June 25. This milestone event of the popular resort casino hotel is happening after more than two years of wait-and-see because of the worldwide pandemic. Nievera is as excited as his fans. “I am looking

forward to this show. You know, it has been a while, a long while in fact, and performers everywhere like myself are all itching to go back onstage and do what we love doing and what we do best, and that is to perform and sing and entertain a live audience,” he enthused. Preconcert work has already commenced, according to Nievera’s well-loved manager Joy Alonzo. “We are all very excited. We have booked all our musicians and arrangers for the new songs Martin will include in his carefully-planned repertoire. The country is on the heels of a new beginning, and this live concert will also signal the rebirth of musical concerts after the halt we all experienced in the last two years.” Billed as Martin Nievera Live Again, this one-nightonly show is also a fundraising event to support the Rotary Club of Makati West for its Gift of Life Project, aimed to fund heart surgeries of children who need it the most.

ALISAH BONAOBRA

B6 Tuesday, May 17, 2022

Unstoppable women: Juggling between work, personal life, and being the best mom there is

Suzuki Burgman Street riders undertake meaningful cleanup ride in Pasig City

VER 200 Suzuki Burgman Street riders joined a oneday clean-up ride at the Rave Forest Adventure Park in Pasig City to raise awareness about the pressing problem of rising levels of pollution that hurt the environment directly or indirectly. The Suzuki Clean Up Ride is part of the Suzuki Helps, Aids & REbuilds (SHARE) program and was participated by Suzuki Burgman Street Elite Riders Club PH’s different chapters from Pasig, South Caloocan, Malabon, Quezon City, Laguna, Rizal, and Cavite as well as members of the press and the motovlogging community. “By showcasing the Burgman Street in this manner, it solidifies the fact that the Burgman is a very important product to Suzuki Philippines," according to Nenuka Guba, Motorcycle Marketing Manager at Suzuki Philippines Inc. Ricky Delgado, a member of the AKKAPP (Abot-Kamay ng mga may Kapansanan ang Pagunlad ng Pasigueno) PWD Federation, said the “clean-up ride aims to show the public that the riding community and Suzuki are part of the holistic approach in caring for our environment.” Suzuki Burgman Street Elite Riders: Laguna Chapter, Co-Founder and Team Leader Jaz Tan added that they utilized social media channels, including Facebook, to invite as many participants to this worthy initiative.

The Burgman experience

“I have a knee problem that makes mobility challenging for me,” said motovlogger Telly Buhay of

MORE THAN 200 SUZUKI BURGMAN STREET RIDERS JOINED THE ONE-DAY SUZUKI CLEAN UP RIDE AT THE RAVE FOREST ADVENTURE PARK IN PASIG CITY. The Clean Up Ride aims to show the public that the riding community and Suzuki are part of the holistic approach to raise awareness about the pressing problem of rising levels of pollution that hurt the environment directly or indirectly. Turbanrider. “Burgman is perfect because of its spacious floorboard and step-through features. I am very satisfied with this scooter's performance that I use it every day!” Arius Franco, Co-Admin -for the Manila Chapter and Cocz Marcelo, Admin Officer of Malabon Chapter, cited the Burgman's fuel efficiency that offers value for money and better mileage per liter. The large floorboard allows for more cargo space for Franco’s deliveries. The Suzuki Burgman Street comes with a 125cc, 4-stroke, single-cylinder, SOHC, 2-valve engine that boasts of up to 53.50 km/L consumption. It has sufficient power for daily city rides, and its smooth CVT automatic makes riding effortless that it requires only a simple twist of the wrist to operate.

For Gilbert Chao, a veteran writer and rider himself of Motoph.com, The Monitor Mindanao Today, and the Pilipino Star Ngayon, Burgman provides users with one of the best acceleration in its category, in addition to a comfort ride. Most importantly, the size of the scooter makes it safe for the rider. “Promoting environmental awareness is an integral part of Suzuki Philippines' corporate social responsibility. We can start fixing the problems that threaten our ecosystem by teaching the community, our riders, and friends that the physical environment is fragile and indispensable. As stewards of the environment, we encourage everyone to participate in the change and teach our community what is needed to create a sustainable future,” Guba stressed.

Italy By Design: The ultimate event for Filipino Designers

HE Italian Chamber of Commerce in the Philippines is spearheading a unique event called "Italy By Design" which will be held online on the 19th of May 2022 from 2pm to 5pm PHT. This exclusive event is organized in partnership with the United Architects in the Philippines, the Infrastructure Construction Focus Group, the Philippine Institute of Interior Design and the Design Center of the Philippines. The media partners are The Manila Times, Business Mirror and Focus Philippines. Italy By Design immerses you in the beauty and finesse of modern and sustainable architecture, interior and furniture design as well as industrial

design through a series of presentations and discussions by Italian and Filipino design professionals and industry leaders. It aims to connect the two worlds and create a permanent collaborative setting. Some leading Italian designers, brands & companies are going to present their collections, design ideas and professional experiences to their Filipino peers, planners and designers who, on their end, will introduce the Filipino design movement and latest trends to their Italian counterpart. Keynote speakers are ICCPI President Sergio Boero; UAP National President Armando Eugene De Guzman III; Executive Director of Design Center

Philippines Rhea Matute; Philippine Institute of Interior Design (PIID) President/Chairman Ivy Almario; Ecotecture Creative Director, Architect Liza Morales; Italpinas Development Corporation (IDC) Chairman /CEO Architect Romolo Nati; Politecnico di Milano Design Department Associate Professor, Anna Barbara; Formitalia Luxury Group CEO, David Overi; HABITS Design Studio President, Innocenzo Rifino. Register for FREE through bit.ly/ ItalyByDesign2022_Registration. For more information, interested parties can check the event’s FB page of Italian Chamber: https://www.facebook. com/ItalianChamberPH

MUFG joins Security Bank’s 70th anniversary festivities

GOOD THINGS COME TO THOSE WHO SWEAT. A group of Security Bankers run together to develop and embrace an active lifestyle amid the pandemic.

S part of Security Bank’s 70th anniversary festivities, Security Bankers — along with partners from MUFG Manila, the Bank of Ayudhya, Bank Danamon, and VietinBank — challenged themselves to run 70+ kilometers to support Security Bank’s mission to provide educational opportunities for Filipinos. The event also celebrated the five-year partnership anniversary of Security Bank and MUFG. To observe social distancing, those

who participated in the “virtual races” had the flexibility to run anytime, anywhere. Every running opportunity needed to have the “3 Ds” of Distance, Date, and Duration – to qualify as part of the 70K needed. Beyond building camaraderie among partners, the SBC Virtual Run also pushed participants to embrace an active lifestyle despite the pandemic. Further, proceeds from the Virtual Run contributed to the Transform and Family Academy Programs of the International Care Ministries’ (ICM)

that uplift the lives of poor families in Iloilo City, Philippines. “Transform” is a four-month community-based adult education program built on the foundation of values, health, and livelihood. The beneficiaries were underserved families in Balud, Liloan-Zaraga. The “Family Academy” is a parent-child community coaching initiative in CalahunanMandurriao and Botongan, Estancia that empowers parents to become their children’s first teachers. ICM will conduct regular home visits to the program participants to monitor their progress from the weekly trainings. They will also provide weekly fortified meal packs and address logistical concerns pertaining to the training sessions of the program participants. This year, Security Bank and MUFG celebrate six years of strategic partnership that bridges global expertise with local talent. To find out more about Security Bank’s services and the world-class banking services of the MUFG network, you may visit www.securitybank. com or https://www.mufg.jp/english respectively. You may also visit Security Bank’s facebook page at www.facebook. com/SecurityBank.

ND is an industry-leading advocate for the role of nail care in personal beauty and fashion. This month, CND commends three moms who captured the CND SHELLAC® Brand’s winning proposition, helping women (especially mothers) live unstoppable lives while juggling between work (business), personal life, and being the best mom there is – and keeping their nails beautiful and strong at the same time. First on the list is Wedding Essentials Publisher Kitten Zapata. CND asked her about her journey and how it shaped her to become the best version of herself, “My journey has treated me well. Time and trials had shaped me to be a better person. The fight for equality is no longer my fight song. I have learned to seek balance in life, my work, and my relationships by making sure I am aligned spiritually and mentally. I make sure to take a break whenever I need one. The version of me now makes me feel good about my being a mother, a friend, a daughter, a career person, and a child of God. I am a woman, and I am unstoppable”. Next is Ailene Chua-Co, Publisher for Trend Hotspot and Business Owner for A-List & Partners Consulting Group Inc. and ALC & Partners Real Estate. CND asked her how her typical day starts and what fuels her to keep moving. “I wake up every day at 7 am. Have a 15 minutes meditation before starting my day. Being a publisher and running two more companies is quite a lot to handle. But whenever I think of my Twin Daughters and how their future would be, I cannot stop. My passion to make this world a better place for them is what keeps me alive, to help contribute to the world”. Ailene’s

capacity to effectively juggle her businesses and take care of her daughters makes her a Mover & Shaker of this generation; her strength and stamina well reflect the perspective of this beautiful shade from The Colors of You collection. Finally, we have Charlene Panutat-Carlos (Mama Botanika). We asked her how she’s able to take good care of herself alongside taking good care of her kids and plant babies, I am a mom to 4 kids and hundreds of plants. Being in the garden most of the day, I work with my hands and abuse them very much. I indulge in self-care by using the super yummy smelling CND Almond Hydrating Lotion and the CND Solar Oil for my cuticles! Truly, Mama Botanika’s brief answer made us realize that there's still time to take care of yourself even if your hands are tied to work and kids. CND’s Colors of You Collection is available in all Nail Addik branches, Cait & Ping Nail Salon, and The Nail Lounge Laoag City.

Ailene Chua-Co with her daughters.

KITTEN Zapata

CHARLENE Panutat-Carlos

‘Inclusive growth possible under BBM administration’

RESIDENTIAL Adviser for Entrepreneurship Joey Concepcion believes that the overwhelming mandate given to Ferdinand “Bongbong” Marcos Jr. during the last elections presents a greater chance for inclusive growth for the Philippines. “The record 31 million votes, malaking bagay ‘yan. We have not seen that in an extremely long time,” said the Go Negosyo founder during the Laging Handa Public Briefing last May 13. “It was definitely a clean and honest election. Walang gulo, and the results matched the various surveys,” he said. “From my point of view, the underprivileged have been heard. Ang daming bumoto; maybe because they see na malaki ang pagasa under him,” he said. Concepcion shared that he had advised the incoming president that growth must be inclusive. “Kailangang ibuhos ang suporta sa MSMEs para maging mas inclusive ang economy natin,” Concepcion said. “Most businesses here are MSMEs – 99.5%, – and they provide more than half of the jobs in this country,” he said. Helping these small enterprises, he said, will be important considering several challenges that await the new administration. Necessary capital expenditures and pandemic spending pushed national debt to Php12.68-trillion. The debt-to-GDP ratio now stands at 63.5 percent, nearing the highest levels since 2005. A looming stagflation, brought about by rising commodity prices due to the Russia-Ukraine crisis can also dampen growth. “Kapag masyadong mahal na ang mga bilihin, hihina ang pagbili, at hihina din ang benta. That’s when stagflation happens,” he said. Concepcion said that the incoming administration must assure foreign

investors of a competent and transparent government. “Kung makita ang gobyerno ay maganda, mahusay at transparent, mas maraming papasok na foreign investors,” he said. Duterte’s economic team, he said, has already laid the groundwork for the ease of entry for foreign investors. He also said that the incoming administration must take care not to lose the momentum that has been built up in the country’s fight against Covid-19. “We cannot afford to have heightened alert levels, “ he said. “We already saw how our GDP grew by 8.3 percent this first quarter when we opened the economy,” he said. Concepcion emphasized, however, that the country must now come together after a particularly divisive election. “Unity is important. Lahat tayo dapat tumulong sa administration ni President Marcos,” he said. “Greater prosperity can happen if we are all working together,” he said. “Hopefully we will have less friction between the opposition and the administration and more working toward a common goal.” Concepcion also expressed confidence that Marcos will continue President Rodrigo Duterte’s programs, particularly Build Build Build. “That would be a big help to the agriculture sector,” he said. And while he assured the incoming president that he has the support of the private sector, both local and international investors are awaiting when Marcos announces his choice of cabinet members as this will provide more visibility of what can be expected from a Marcos administration. “Kung makita nila na itong programa ni Pres. Marcos ay mas klaro at mas transparent, mas maraming investors ang papasok, at tuloy-tuloy ang growth natin, at ginhawa ng citizens natin,” he said.

MBC congratulates election front runners Marcos, Jr. and Duterte

S the country awaits the official proclamation of the presidential and vice-presidential elections, the Makati Business Club congratulates Ferdinand Marcos Jr. and Sara Duterte for their victory in the 2022 elections. The Filipino people have spoken and we, as well as other members of the business community, look forward to working with the incoming Administration, Congress, and local governments to build our economy and to create jobs and opportunity.

We commend the efforts of the other candidates, who helped produce the largest voter turnout in history. We thank the teachers and other election officials, the election monitoring groups, volunteers, and the voters who cast ballots in record numbers. We urge everyone to channel the energy mustered during the campaign to work together to drive the changes expected by people to bring about greater inclusiveness, an improvement in peoples’ lives, and prosperity for all.

BusinessMirror

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

Tuesday, May 17, 2022

Most of Shanghai has ended virus spread, 1 million left in lockdown Ukrainian serviceman walks past a blown Russian APC near Kutuzivka, north of Kharkiv, east Ukraine on Sunday, May 15, 2022. AP/Mstyslav Chernov

Russian war effort runs into diplomatic, military hurdles By Oleksandr Stashevskyi & Ciaran Mcquillan The Associated Press

YIV, Ukraine—Its military bogged down in a grinding conflict in eastern Ukraine, Russia lost diplomatic ground over the weekend as two more European nations moved closer to joining Nato. Finland announced Sunday that it was seeking to join the alliance, saying Russia’s invasion of Ukraine nearly three months ago had changed Europe’s security landscape. Finland shares a 1,340-kilometer (830-mile) land border and the Gulf of Finland with Russia. Several hours later, Sweden’s governing party endorsed a bid for membership, which could lead to an application in days. Those moves would be a serious blow to Russian President Vladimir Putin, who has called Nato’s post-Cold War expansion in Eastern Europe a threat and cited it as a reason for attacking Ukraine. Nato says it is a purely defensive alliance. Nato Secretary-General Jens Stoltenberg, meeting with top diplomats from the alliance in Berlin, said the war “is not going as Moscow had planned.” “Ukraine can win this war,” he said, adding that Nato must continue to offer military support to Kyiv. Britain’s Defense Ministry said Monday that Belarus was deploying special operations forces along its border with Ukraine and air defense, artillery and missile units to training ranges in the west of the country. Belarusia’s forces have not been directly involved in the conflict, though its territory was used as a staging post for Russia’s initial advance on Kyiv and Chernihiv. Russia has also launched air sorties and missile strikes from Belarus. The presence of Belarusian troops near the border may keep Ukrainian troops pinned down there, preventing them from moving to support the counteroffensive in the Donbas, Ukraine’s eastern industrial heartland. Russian and Ukrainian fighters have been battling village-by-village for the Donbas, where Ukraine’s military has fought Moscow-backed separatists for eight years. On Sunday, a Ukrainian battalion in the Kharkiv region, where Russian troops have been pushed back by a counteroffensive, reached the Russian border and made a victorious video there addressed to President Volodymyr Zelenskyy. The video posted on Facebook by Ukraine’s Ministry of Defense shows a dozen fighters around a post covered with blue and yellow, Ukraine’s colors. One said the unit went “to the dividing line with the Russian Federation, the occupying country. Mr. President, we have reached it. We are here.” Other fighters made victory signs and raised their fists. Ukraine’s military reported Monday that Russian forces were concentrating on “maintaining positions and preventing the advance of our troops toward the border.” Determining a full picture of the fighting, especially the unfolding battle in the east, is difficult. Airstrikes and artillery barrages make it extremely dangerous for reporters to move around, and both Ukraine and the Moscow-backed separatists fighting in the east restrict reporting from combat zones. The Ukrainian military said that Russian forces were focusing their latest attacks on the Donetsk region in the east, targeting civilian and military sites in multiple towns. Russia troops also continued air and artillery strikes around the Azovstal steel plant in Mariupol, the last holdout of several hundred Ukrainian forces in the strategically important city, the Ukrainian General Staff said. In an online news conference, many wives of the besieged soldiers urged the international community to help gain the release of “the entire garrison,” which is suffering from a dire lack of food, water and medicine. Turkey’s presidential spokesman, Ibrahim Kalin, said his country had offered to evacuate wounded Ukrainian soldiers and civilians by ship from Azovstal, the official state broadcaster TRT said. Over the weekend, Russian forces hit a chemical plant and 11 high-rise buildings in Siverodonetsk, in the Donbas, regional Gov. Serhii Haidaii said. Russian missiles also destroyed “military infrastructure facilities” in the Yavoriv district of western Ukraine, near the Polish border, the Lviv region’s governor said. Lviv is a gateway for Western-supplied weapons to Ukraine. And Ukrainian forces stopped an attempted Russian advance near the eastern city of Izyum, the governor of Ukraine’s Kharkiv region, Oleh Sinegubov, reported. The Ukrainian claims could not be independently verified, but Western officials also painted a somber picture for Russia. Britain’s Defense Ministry estimated that the Russian army had lost up to one-third of the combat strength it committed to Ukraine in late February and was failing to gain any substantial territory. “Under the current conditions, Russia is unlikely to dramatically accelerate its rate of advance over the next 30 days,” the ministry said. Despite the fighting in the wider Kharkiv region and the threat of Russian missile attacks, many people were returning home to Kharkiv and other cities around Ukraine, Anna Malyar, deputy head of the Ministry of Defense, said. Refugees were returning not just because of optimism that the war might ebb. “Living somewhere just like that, not working, paying for housing, eating...they are forced to return for financial reasons,” Malyar said in remarks carried by the RBK-Ukraine news agency. Countries neighboring Russia and Ukraine worry they could be next after Russia invaded Ukraine. Sweden’s parliament on Monday was to discuss joining Nato after the ruling Social Democratic Party endorsed a plan to do so. An announcement by the Cabinet was expected to follow. During a visit to Sweden, US Senate Republican leader Mitch McConnell said Sunday that Finland and Sweden would be “important additions” to Nato and that the US should swiftly ratify their membership. A delegation of GOP seNators led by McConnell made a surprise visit to Kyiv on Saturday. Nato operates by consensus, however, and Turkey has cast doubts over adding Finland and Sweden as members. Ukraine celebrated a morale-boosting victory on Saturday night in the Eurovision Song Contest. The folk-rap ensemble Kalush Orchestra won the glitzy pan-European competition with its song “Stefania,” which has become a Ukrainian wartime anthem. Zelenskyy vowed his nation would claim the customary winner’s honor of hosting the next annual competition. “Step by step, we are forcing the occupiers to leave the Ukrainian land,” Zelenskyy said. The band’s frontman, Oleh Psiuk, said at a news conference Sunday that the musicians were “ready to fight” when they return home. Ukraine’s government prohibits men between 18 and 60 from leaving the country, but the all-male band’s six members got special permission to go to Italy to represent Ukraine in the contest. McQuillan reported from Lviv, Ukraine. Yuras Karmanau in Lviv, Mstyslav Chernov and Andrea Rosa in Kharkiv, Elena Becatoros in Odesa and other AP staffers around the world contributed to this report.

EIJING—Most of Shanghai has stopped the spread of the coronavirus in the community and fewer than 1 million people remain under strict lockdown, authorities said Monday, as the city moves toward reopening and economic data showed the gloomy impact of China’s “zeroCovid” policy.

Vice Mayor Zong Ming said 15 out of Shanghai’s 16 districts had eliminated virus transmission among those not already in quarantine. “The epidemic in our city is under effective control. Prevention measures have achieved incremental success,” Zong said at a news briefing. Supermarkets, malls and restaurants were allowed to reopen Monday with limits on the numbers of people and mandated “no contact” transactions. But restrictions on movement remain in place and the subway train system remains closed for now. Even as case numbers fall, city and national authorities have

sent mixed messages about the state of Shanghai’s outbreak and when life can return to normal in the city of 25 million, where many residents have been confined to their homes, compounds and neighborhoods for more than 50 days. A prospective date of June 1 has been given for a full re-opening. Zong said that authorities “remain sober” about the possibility of the outbreak rebounding, particularly as reports of new infections continue to come in from centralized isolation centers and older, rundown neighborhoods. “Citywide, our prevention efforts are still not firmly enough established and it requires all of

our continuing hard work and the cooperation of the broad masses of citizens and friends...to restore the normal running of the city in an orderly fashion,” Zong said. Shanghai’s ruthless and frequently chaotic implementation of virus restrictions has sparked protests over the lack of food, medical care, freedom of movement and already highly limited privacy rights. Despite that, China has rejected all criticisms against “zero-Covid,” including from the World Health Organization. The ruling Communist Party says it is committed to “resolutely fighting any attempts to distort, question or dismiss China’s antiCovid policy.” China reported 1,159 cases of infection Monday, the vast majority in Shanghai. Almost all were infections without symptoms. I n B eiji ng , where a muc h smaller outbreak has led to mass testing and a lockdown imposed building by building, 54 cases were reported. Authorities have ordered people to work from home, moved schools online and limited restaurants to take-out only in the capital. China’s strict lockdowns have played havoc with employment, supply chains and the economy in

Kim blasts pandemic response as N. Korean outbreak surges

EOUL, South Korea—North Korean leader Kim Jong Un blasted officials over slow medicine deliveries and ordered his military to respond to the surging but largely undiagnosed Covid-19 crisis that has left 1.2 million people ill with fever and 50 dead in a matter of days, state media said Monday. More than 564,860 people are in quarantine due to the fever that has rapidly spread among people in and around the capital, Pyongyang, since late April. Eight more deaths and 392,920 newly detected fevers were reported Monday, the North’s emergency anti-virus headquarters said. State media didn’t specify how many were confirmed as Covid-19, but North Korea is believed to lack sufficient testing supplies to confirm coronavirus infections in large numbers and is mostly relying on isolating people with symptoms at shelters. Fa i l i ng to s low t he v i r u s could have dire consequences for North Korea, considering its broken health care system and that its 26 million people are believed to be unvaccinated, with malnourishment and other conditions of poverty. K im during a ruling party Politburo meeting on Sunday criticized government and health officials over what he portrayed as a botched pandemic response, saying medicine supplies aren’t being distributed to pharmacies in time because of their “irresponsible work attitude” and lack of organization, the North’s official Korean Central News Agency said. The Politburo had issued an emergency order to immediately release and quickly distribute state medicine reserves and for pharmacies to open for 24-hour shifts, but Kim said such steps weren’t being properly implemented. Kim ordered the medical units of his military to get involved in stabilizing the supply of medicine in Pyongyang, KCNA said. Kim and Politburo members

general, and data released Monday showed factory and consumer activity was even weaker than expected in April. Retail sales plunged 11.1 percent, while manufacturing output sank 2.9 percent after factories closed and those that kept operating with employees living at their workplace were forced to reduce output due to disruption in supplies of components. About half of the 9,000 biggest industrial enterprises in Shanghai are back at work after controls that shut down most of the city starting in late March eased, said Fu Linghui, director of statistics for the National Bureau of Statistics. Private sector economists have China’s economic growth forecasts for this year to as low as 2 percent, well below the ruling party target of 5.5 percent and last year’s 8.1 percent expansion. Despite such news, politics continues to drive the ruling party’s response to the pandemic. Looking ahead to a key conclave later this year, party leaders said after a May 5 meeting that containing outbreaks would take priority over the economy. The Associated Press writer Joe McDonald contributed to this report.

Pope rallies from knee pain to proclaim 10 new saints

In this photo provided by the North Korean government, North Korean leader Kim Jong Un, center, visits a pharmacy in Pyongyang, North Korea, on Sunday, May 15, 2022. Independent journalists were not given access to cover the event depicted in this image distributed by the North Korean government. The content of this image is as provided and cannot be independently verified. Korean language watermark on image as provided by source reads: “KCNA” which is the abbreviation for Korean Central News Agency. Korean Central News Agency/Korea News Service via AP

after the meeting made on-site inspections of pharmacies in a district in Pyongyang, where Kim lamented that most of the shops were in poor condition and lacked storage spaces and criticized some pharmacists for not wearing proper white gowns. North Korea acknowledged a Covid-19 outbreak for the first time last Thursday, saying an unspecified number of people had tested positive for the Omicron variant. It instituted a lockdown and Kim ordered public health officials, teachers and others to identify people with fevers so they could be quarantined. North Korea’s claim of a perfect record in keeping out the virus for 2 1/2 years was widely doubted. But its extremely strict border closure, large-scale quarantines and propaganda that stressed antivirus controls as a matter of “national existence” may have staved off a huge outbreak until now. It’s not clear if North Korea’s urgent messaging about its outbreak indicates a willingness to receive outside help. The country shunned millions of vaccine doses offered by the UN-backed COVA X distribution program, likely because they carried international monitoring requirements. S o u t h K o r e a ’s P r e s i d e n t Yo on Su k Ye ol s a id i n Pa r l i a ment on Mond ay t hat t he

Sout h was w i l l ing to send vacc i ne s , me d i c i ne , e q u i p me nt a nd hea lt h personnel to t he Nor t h if it ’s w i l l ing to accept. Sout h Korean of f icia ls say P yong ya ng so fa r has made no request for Seou l ’s help. Inter-Korean relations have deteriorated since 2019 after the larger negotiations between the US and North Korea collapsed over disagreements involving the North’s nuclear arsenal and US-led sanctions. Kim has previously praised China’s pandemic response and urged his officials to learn from it, which may indicate North Korea is more willing to accept help from its major ally. Chinese officials said last week that Beijing was ready to offer help but they had no information about any such request being made. Even as he called for a lockdown of cities and counties to slow the spread of Covid-19, Kim also stressed the country’s economic goals should be met, which likely means huge groups will continue to gather at agricultural, industrial and construction sites. While accelerating his missile tests in brinkmanship aimed at pressuring Washington for economic and security concessions, Kim has been grappling with domestic challenges and a pandemicshocked economy, pushing him to perhaps the toughest moment of his decade in power. AP

OME—Pope Francis created 10 new saints on Sunday, rallying from knee pain that has forced him to use a wheelchair to preside over the first canonization ceremony at the Vatican in over two years. Francis stood for a long period at the start to greet priests concelebrating the Mass, presided over the nearly two-hour ceremony and then stood and walked for a good 15 minutes after it ended to greet dozens of cardinals and bishops. Vatican cameras lingered on the scene as if to showcase the pope’s mobility and refute speculation about his health and the future of his pontificate. Francis, 85, then took a lengthy, seated popemobile ride around St. Peter’s Square and the boulevard leading to it to greet some of the tens of thousands of people who came out to celebrate the Catholic Church’s newest saints. They include a Dutch priest-journalist who was killed by the Nazis, a lay Indian convert who was killed for his faith and a half-dozen French and Italian priests and nuns who founded religious orders. Francis told the crowd of more than 45,000 that the 10 embodied holiness in everyday life, and said the church needs to embrace this idea rather than an unattainable ideal of personal achievement. “Holiness does not consist of a few heroic gestures, but of many small acts of daily love,” he said from his chair on the altar. Francis has been complaining of strained ligaments in his right knee for months, and has recently been seen using a wheelchair at public audiences. Sunday’s ceremony was evidence that Francis is still able to still walk, but appears to be taking it as easy as possible to let the ligaments heal before an intense period of travel starting in July: The Vatican has confirmed two trips that month, one to Congo and South Sudan and one to Canada. It was the first canonization Mass at the Vatican since before the coronavirus pandemic and, aside from Easter celebrations last month, drew one of the biggest crowds in recent times. The Italian president, Dutch foreign minister, French interior minister and the minister for minorities of India, as well as tens of thousands of faithful packed the sunny piazza, which was adorned with Dutch flowers in honor of the Rev. Titus Brandsma, a martyr saint who was killed at the Dachau concentration camp in 1942. AP

Sports

PHL cagebelles hurdle Indonesians

BusinessMirror

| Tuesday, May 17, 2022

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

BOWLERS, FINALLY, STRIKE GOLD IN SEAG By Jun Lomibao

ANOI—Merwin Tan struck gold in men’s singles to end an 11-year winless spell in Southeast Asian Games bowling on Monday. Tan came from behind to capture the gold medal at the Royal City Hanoi Bowling Lanes and fuel the Philippine drive after the half-way mark of the Philippine campaign. The left-handed Tan, 22, rolled a six-bagger in the sixth and last frame to erase a 52-pin deficit and beat Yannaphon Larpapharat of Thailand and Ryan Leonard Lalisang of Indonesia, drawing praise from Filipino sports officials particularly those from the Philippine Bowling Federation. Tan finished with a total score of 1292, his bid immensely helped by six straight strikes in the sixth frame where he scored 249, after a 234 in the fifth frame that bumped him up to No. 3 overall. Larpapharat and Lalisang were relegated to silver and bronze, respectively, with scores of 1286 and 1221. “Sobrang saya and shocking din po, na nanalo po ng gold ang Pilipinas,” Tan said. “For the whole game, I tried to maintain my focus and execution and make good shots and maximize every frame.” The other Filipino bowler in the field, Ivan Malig, finished 11th with 1087. “I am so overwhelmed, after 11 years... I cannot thank the Lord enough. Talagang coming from behind si Merwin. We prayed he could recover, and he did,” said PBF Secretary General Bong Coo, who anxiously watched from the sidelines. Tan won the country’s first bowling gold since Frederick Ong triumphed

entering the final quarter. Afril Bernardino led the Philippines with 16 points with nine rebounds and four steals. Janine Pontejos added 15 points on 7-of-18 shooting from the field and Camille Clarin scored 11 points. Gabi Bade, one of the team’s two new recruits from the United States, had 11 points in her SEA Games debut. The daughter of former Philippine Basketball Association player Cris Bade is a mainstay of Sacramento State. The other new player on the squad, Stefanie Berberade, a former Player of the Year in the National Association of Intercollegiate Athletics school Westmont, scored four points. The Philippines takes a break on Tuesday before facing Thailand, the team it beat for the breakthrough gold medal in the 2019 Games, on Wednesday in the women’s tournament that drew six teams. The top squad after the roundrobin play wins the gold. Jun Lomibao

POC president Tolentino stresses to athletes: Keep up strong fight

MERWIN TAN ends an 11-year gold medal drought in bowling as June Mar Fajardo, shown here muscling his way past his opponent, leads the Philippines to a close 76-73 victory over traditional rival Thailand. NONIE REYES/CANON EOS R6 in the Indonesia 2011 Games. It was also the 21st gold medal on Monday for Team Philippines which was in a battle for second place with Thailand in the medals race that Vietnam looked poise to dominate. It helped that Tan is a left-hander, according to coach Biboy Rivera. “Being a southpaw, Merwin had an advantage going into the last few games because the lanes were more difficult for right-handers,” Rivera said. Jericho Rivera, meanwhile, contributed a bronze medal from mountain bike’s crosscountry of cycling, while the women’s basketball team and female golfers stayed on course to the medal rounds. Rivera finished behind two Indonesians for the third bronze medal from cycling, a feat he pulled off in his first international stint. John Derick Farr and Naomi Gardoce clinched cycling first two bronzes in the downhill on Sunday in Hoa Binh City.

The quick and agile women’s basketball team foiled Indonesia, 9377, to kick off its gold medal-retention bid at the Thanh Tri Gymnasium. The Filipinas, however, needed to warm up to set the tone for the one-sided match that was virtually decided in the third quarter. “They played so hard. What can I ask for,” head coach Patrick Aquino said. “That’s what we’ve been working on for the last couple of months. Hopefully, we can sustain that.” Played so hard the Filipinas did that their 18 steals impressed their coach. Unable to win a medal in team play, Lois Kaye Go and Rianne Mikhaela Malixi rallied in the closing holes Monday to power the Philippines to a 2-0 win over Indonesia and into the semifinals of the women’s golf team event in Vinh Phuc.

finished 1-2 in the event. “I stuck with them [Indonesians] for more than three laps, but they didn’t break,” said Rivera, who clocked one hour and 20.40 seconds in securing the country’s third bronze medal after John Derick Farr and Naomi Gardoce in men’s and women’s downhill on Sunday. Indonesians Zainal Fanani and Ihza Muhammad showed legs of steel to occupy the top of the podium. Fanani clocked 1:16.41 and finished some two and a half minutes ahead of his compatriot. “It’s a satisfying bronze for Jerico,” said Oscar “Boying” Rodriguez, PhilCycling’s vice president and head of the MTB commission. “Tomorrow, we’ll have another shot at the gold.” The mixed relay event is set on Tuesday, the first time that the MTB race is being included in the SEA Games. Each team will have two men and two women riders who’ll alternate in riding the course. Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino expressed satisfaction over

JERICHO RIVERA clinches a medal in his international debut.

OA BINH City—Jericho Rivera clinched a bronze medal in mountain bike’s crosscountry for men on Monday for the Philippines’ third cycling medal in the 31st Southeast Asian Games. Rivera clinched a medal in his international debut. He held his ground against more experienced opponents in the four-lap 20.80-km race particularly against two grizzled Indonesians who

ANOI—Philippine Olympic Committee (POC) President Abraham “Bambol” Tolentino on Monday asked the entire nation to rally behind the Filipino athletes competing in the 31st Southeast Asian Games. “We are hoping and praying to maintain our momentum although we lost in some sports like tennis, golf and basketball 3X3, among others, which we had a good chance of winning gold,” Tolentino, also the PhilCycling head, said. Team Philippines, Tolentino said, missed retaining the gold in certain sports but stressed that the athletes were expected to dominate in the next few days. The country stood fighting at third place halfway through the Games. “We need to recover

[lost golds] and capture more golds from the other sports,” added Tolentino,

Rivera prevents shutout in cycling’s crosscountry

Go, Malixi save day for golfers in individual play INH Phuc, Vietnam—Determined to make up for their failure to win medals in individual play, Lois Kaye Go and Rianne Mikhaela Malixi rallied in the closing holes Monday to power the Philippines, the defending champion, to a 2-0 win over Indonesia and into the semifinals of the women’s golf team event in the 31st Southeast Asian Games. Malixi, the 15-year-old prodigy backed by International Container Terminal Services Inc., trailed Holly Hallim Victoria by one hole through most of the match until she caught fire, knocking in three straight birdies to post a 2 and 1 victory at the Heron Lake course. Go, 23, a member of the team that won the gold in 2019, also pulled off a come-from-behind 1-up win over Ida Ayu Indira Melati Putri after trailing by as many as two holes. She began holding the lead in the first four holes until Putri won 14, 16 and 17 to take a two-hole lead. Go took the 18th hole to reduce the deficit to one. After both played halved the hole from first to sixth, Go turned the game around by winning 7 and 9 to prevail 1-up. The Filipinas take on top seed Thailand, which took a bye, on Tuesday. While the women’s team advanced, the men’s bowed out after suffering a 3-0 defeat at the hands of Indonesia. Jet Hernandez led early after taking the second hole, but lost grip of the match and trailed by as many as two holes until he drew level on 12. But Randy Arbenata won 13, 14 and 17 to complete a 3 and 1 victory. Gab Manotoc was beaten 3 and 2 by Naraajie Emerald, who led all the way after winning the third hole, while Jed Dy lost to Amadeus Christian 3 and 2.

ANOI—Quick, agile and obviously superior in skill set, the Philippine women’s team foiled Indonesia, 93-77, to kick off its gold medal-retention bid in Southeast Asian Games women’s basketball action on Monday at the Thanh Tri Gymnasium. But despite being the favorites, the Filipinas needed to warm up to set the tone for the one-sided match that was virtually decided in the third quarter. “They played so hard. What can I ask for,” head coach Patrick Aquino said. “That’s what we’ve been working on for the last couple of months. Hopefully, we can sustain that.” Played so hard the Filipinas did that their 18 steals impressed their coach. “I’m just happy that they were doing their best,” Aquino said. “Talagang sobrang saya ko sa kanila.” After a close first half, the Gilas Women went on a 32-19 run in the third period to all but settle the issue with a commanding 72-57 lead

the cyclists’ performance so far and hoped for more medals in the mixed relay and road events. “Congratulations to the cyclists, they did a good race,” said Tolentino, who also heads the PhilCycling. The women’s team didn’t fare well but got precious experience that they’ll nurture for their budding careers, particularly national team first timers Nicole Quinones and Shagne Yao. Quinones finished sixth (1:28.48) and Yaoyao 11th (1:33.14) in the threelap 15.60-km race Vietnam’s Dinh Thi Nhu Quynh (1:18.06) easily ruled. The country’s top crosscountry female rider, Ariana Thea Patrice Dormitorio, completed the race at 10 out of 14 participants in 1:32.38. Malaysia’s Nur Assyira Zainal Abidin (1:22.14) and Natashya Soon (1:23.00) completed the podium. Racing for the Philippine in the crosscountry mixed relay set at 9 a.m. (Hanoi time) are Rivera, Yaoyao, Quinones and Flores in that order. Jun Lomibao

PHILIPPINE Olympic Committee President Abraham “Bambol” Tolentino awards Carlos Yulo his third gold— men’s vault—on Sunday night.

Wrestlers plunge into action

HE national wrestling team goes into action Tuesday at the Gia Lam District Sporting Hall, determined to stamp its class in the 31st Vietnam Southeast Asian Games despite lack of training due to the pandemic. Noel Norada, 38, and Jason Baucas, 24, will try to keep the titles they won in 2019 in Manila where the country posted a 2-10-1 gold-silver-bronze production, second to Vietnam. Norada will defend his crown in the 63 kg class of the Greco-Roman event while Baucas will compete in the heavier 77kg division, the 72kg class where he won in the Philippines that was scrapped by the hosts. “Nahirapan kami sa training dahil

Filipino boxers begin SEA Games campaign MEDAL TABLE R

COUNTRY

GOLD

SILVER

BRONZE

TOTAL

Vietnam

187

Thailand

119

Philippines

106

Indonesia

Singapore

Malaysia

Myanmar (Burma)

Cambodia

Brunei

Laos

Timor-Leste

Source: seagames2021.com

By Josef Ramos

AC NINH City, Vietnam— Tokyo Olympics women’s boxing silver medalist Nesthy Petecio stakes her mettle against Myanmar’s Kay Thwe in the 31st Southeast Asian Games on Wednesday at the Bac Ninh Stadium. A victory by Petecio will assure her of a bronze medal that could turn into gold and cement her stature as the best female featherweight in the region. Her fellow Olympian Eumir Felix Marcial, who owns a bronze from Tokyo last year, drew a bye on Wednesday and will only fight in Thursday’s quarterfinals against

the winner between Peerapat Yeasungnoen of Thailand and Bui Phuoc Tung of Vietnam. The other Tokyo Olympian, Irish Magno, will collide against Indonesia’s Novita Sinadia on Friday in a women’s flyweight semifinals fight, while Marjon Piañar, who also drew a bye, will fight in Friday’s semifinals in men’s welterweight against either Sarohatua Lumbantobing of Indonesia or Cambodia’s Vy Sophors. “We are going to do our very best to match our last SEA Games performance three years ago, that’s what we prepared for,” Association of Boxing Alliances in the Philippines training

who’s energy continued to surge as he tried his best to make the rounds in venues situated distant from each other to rally behind Filipino athletes. “We still have boxing, gymnastics, karate, athletics, basketball, weightlifting, taekwondo, wrestling and other combat sports where we could win medals.” The Philippines was a fighting third in the medals race on Sunday with 20 golds, 27 silvers and 38 bronzes. Host Vietnam was in a hurry to emerge overall champion with a front-running 67 golds, 46 silvers and 44 bronze followed by Thailand with 27 golds, 24 silvers and 38 bronzes. Indonesia continued to threaten the Philippines with 20 golds at fourth place. Tokyo Olympian and two-time world champion Carlos Yulo led the gold medal rush for the country with three gold medals as of Monday. Kim Mangrobang also made it a double with her victories in triathlon and duathlon that were staged within 24 hours apart. Tolentino told the Filipino athletes who have yet to compete to never lose hope, saying “the whole nation is with them in this fight.” “Never give up and continue to fight for our country,” he said. Josef Ramos

director Don Abnett said. Filipino boxers won seven gold, three silver and two bronze medals in the Philippines 2019 Games. Marcial, meanwhile, has gotten his skill set back to Olympic boxing following his successful fight as a pro in the US earlier this year. “I’m focusing on my fights for now,” said the 26-year-old Marcial, who has dominated the middleweight class in the Games since 2015 in Singapore. Abnett, however, warned Marcial on Yeasungnoen, the 2018 International Boxing Association Youth World Championship bronze medalist, saying the 19-year-old Thai can pull off an upset. “Anything can happen here,”

sa pandemic,” Philippine Wrestling Federation President Alvin Aguilar said of the national team made up of nine men and women. “Maraming bagay ang gumambala sa amin. Pero nandiyan lang sila (mga wrestler), laban pa rin.” Other Filipino bets competing in Greco-Roman of the three-day competition are Jason Balabal, Margarito Angana and Jefferson Manatad. Seeking medals in the women’s freestyle class are Noemi Tener, Minalyn Foy-os, Grace Loberanes and Jiah Pingot while Alvin Lobreguito, Jhonny Morte, Joseph Angana and Elvis Julius will fight in the men’s side. Josef Ramos

Abnett said. “That Thai boy is very dangerous, but Eumir is training very nicely and he’s fit.” Ian Clark Bautista battled Mohammad Hanurdeen Bin in men’s featherweight quarterfinals and James Palicte faced Vietnamese Vu Thanh Dat in men’s lightweight preliminaries late Monday. On Tuesday, Thai Open champion Rogen Ladon faces Malaysia’s Muhammad Abdul Qaiyum in a men’s flyweight quarterfinals clash. Josie Gabuco will defend her title in the semifinal phase of women’s flyweight when she clashes with Thai Chuthamat Raksat on Thursday and Riza Pasuit meets Vietnamese Vuong Thi Vy also in a semifinal lightweight bout.