BusinessMirror May 18, 2023

THE National Grid Corp. of the Philippines (NGCP) said on Wednesday it has been compliant with its mandate to ensure that the country’s transmission assets are in optimal condition to convey safe, quality, and reliable electricity.

e grid operator has once again caught the ire of the lawmakers who called for the revocation of its franchise if proven that NGCP is ineffective of its mandate.

“NGCP is fully cognizant that its franchise is a privilege granted to it by government. We remain ready to answer any and all questions raised concerning how we do business,” the grid operator said late Wednesday when sought for

235M TRAVELED ACROSS GLOBE IN 1Q 2023–UNWTO

Hemisphere expected to post a strong peak season from May to August.

MACTAN, Cebu—Bangko Sentral ng Pilipinas Governor Felipe M. Medalla said the use of cryptocurrency, mainly by younger people, is akin to gambling due to the huge losses they incur when trading their digital assets.

He said that while it may be argued that this is their personal problem because this is their own money, regulation becomes stricter when crypto currency meets the banking.

“The point where the crypto gets changed into pesos or bank accounts—that’s the time where all regulations come in. As you know, whether it’s crypto or regular banking, the entire world is afraid that cross-

border movements of money could be financing things that are quite destructive,” Medalla said in a news conference after the meeting of the Financial Stability Board (FSB) regional consultative group for Asia.

“Indeed, our big problem is the Philippines is in the gray list, which has possible consequences. We have had a moratorium of issuances of what we call VASP, Virtual Assets Service Provider—these are the things we want to address,” Medalla said. The BSP recognizes that virtual asset systems have the potential to revolutionize the delivery of financial services by providing faster and more economical means of moving funds, both domestic and international, and may further support financial inclusion.

In its circular passed in 2021, BSP said it believes these benefi ts, however, should be considered along with the risks in virtual assets, considering the higher degree of anonymity involved, the velocity of transactions, volatility of prices and global accessibility.

Medalla said he personally does not think protecting the investor is the main concern of regulation of the virtual assets by the central bank.

“If you’re willing to gamble your own money, it’s your loss. Although I have heard of anecdotes of young people almost committing suicide because they lost a lot. From my point of view, that’s the state of play that those things are not,” he said.

“Crypto for the Philippines is not a financial stability issue because it

doesn’t involve too many people in that aspect, but it is an issue that may call the attention of the government one way or another,” he said.

Klaas Knot, chairman of the FSB, said the board is working to deliver a set of high-level recommendations on the regulation of stable coins and other crypto assets during its July G-20 meeting. “They are moving as fast as they can as well because the industry is very rapidly moving, so the quicker we can get it done, the better it is,” Knot said.

“But we try to make that lag [of one year] as short as possible given the rapid developments and as early as 2024, and in some jurisdictions, for instance, there is already a regu-

THE recovery of global tourism remains on track, with an estimated 235 million traveling intentionally in the fi rst three months of the year, or about 80 percent of prepandemic levels in the same reference period.

e fi rst quarter 2023 results, said the United Nations World Tourism Organization (UNWTO) in a news statement, are in line with its projections for international arrivals to recover 80 percent to 90 percent of prepandemic levels, with the Northern

Per the UNWTO’s second World Tourism Barometer, the Middle East was the only region that surpassed its prepandemic international tourist arrivals, growing by 15 percent in the fi rst quarter of the year versus the same period in 2019. is was followed by Europe, which recovered 90 percent of prepandemic levels, Africa (88 percent), and the Americas (85 percent).

“Asia and the Pacific accelerated its recovery with 54 percent

B R L. A Contributor THOUSANDS of jobs that Filipinos are doing today are at risk of becoming obsolete in the near future, according to global management consultancy company Kearney.

Marco de la Rosa, country head for the Philippines at Kearney, said their latest study on the most attractive jobs reveals that about 50,000 to 100,000 occupations are being netted off in the next three or four years.

A lot of them, he cited, are going to be in retail, back office, fi nance, and telecommunications industries.

“So the important thing here is how to get to that next level of skills so that the value add is incrementally higher,” he told reporters in a briefi ng in Taguig City on Tuesday.

On the other side of the coin, however, he reiterated that “there’s a similar number of new jobs that are being created coming up as well.” ese include designers, sustainability specialists, and any position that touches on Artificial Intelligence (AI) and Machine Learning (ML).

“Apart from the new roles is the evolution of the current roles that

‘100K jobs could be obsolete in 3 years’

lation in European markets in crypto assets,” he added.

The group also took into consideration countries that are not willing to implement the standards, which may cause all the crypto asset activity to migrate to more favorable jurisdictions. “We have to think about regulatory treatment which would be additionally punishing to those jurisdictions that try to play this holdout game where [there is] exposure, for instance, of the traditional financial institutions to crypto asset activities,” he said. Medalla said the good-use example of crypto assets is its utilization by many overseas Filipino workers as a cheaper means of sending money to their home towns.

“Now, if any, the minimum duty of the regulator is to find out if they can really deliver a stable exchange rate and clearly we have to look at the financial position, that the firm promises stability,” he said.

The process, however, will have to be done in an efficient way, he added.

Discussions of the FSB meeting in Cebu have centered around recent financial market developments and their impact on the region, the role of non-bank financial intermediation in Asia and the development of an effective global regulatory framework for crypto-assets.

The G20 has charged the FSB with the development of an effective and comprehensive regulatory framework for crypto-assets. Members shared experiences and developments in regulating crypto-assets, intermediaries and markets in their jurisdictions and recognized the need to mitigate the risks that may arise from them.

Meeting sugar players, PBBM says imports market open to all

petitive in the world market in the future and will prioritize local production.

of prepandemic levels, but this upward trend is set to accelerate now that most destinations, particularly China, have reopened,” said the UNWTO.

In a statement, Marcos said he sat down with all stakeholders in the sugar industry.

“We agreed on an importation schedule and how we will open up the importation to all of the traders. It is up to them to bid or give their proposals, and that's the big change we made. we will still import up to 150,000 metric tons,” he said.

“But kapag maganda ’yung production natin baka hindi kailangan

lahat iyon. In the end, we will still continue to favor in terms of buying local production over importation. So iyon ’yung kailangan balanse diyan. Kailangan naman kumpleto ’yung ating supply ng asukal ngunit dapat lahat naman ng production na galing dito sa Pilipinas, iyan ’yung unang binibili.

So that is what we also agreed upon,” added the President.

Marcos stressed the need to make the country’s sugar industry com-

During the meeting, he said an opportunity was given to the stakeholders to raise their concerns and provide suggestions to improve the sugar industry. Most of them cited the identification of idle lands for planting of sugar, giving of fertilizers to small sugar farmers, reviving the Philippine Sugar Corporation, and transparency in sugar importation. “One of the suggestions that came up during the meeting was to revitalize PhilSuCor. PhilSuCor is Philippine Sugar Corporation. It provides fi nancing for farmers, especially for cooperatives and farmers’ associations,” he said.

Marcos was referring to the PhilSucor created under Presidential Decree No. 1890 in 1983 to fi nance the acquisition, rehabilitation, and/or expansion of sugar mills, refi neries, and other related facilities. An order to abolish PhilSuCor was released on October 25, 2018, citing its overlap-

ping functions with the Sugar Regulatory Administration (SRA). ere were also discussions on plans to strengthen the local industry, as well as identification of sugar lands to increase acreage aimed at boosting production, Marcos said.

e President, sought stakeholders’ cooperation as the administration implements its long-term plan to improve production, particularly moving the milling season from August to September that will result in a 10 percent increase in production.

To help boost local production, the government has reset the start of the milling season for sugar cane from August to September.

In a presentation, SRA Acting Administrator Pablo Luis Azcona presented the benefits of moving the milling and harvesting to September—minimize milling of young canes; better sugar recovery; longer milling period; higher production volume; better factory preparation; and fair opportunity to both the millers and farmers.

NGCP ‘READY’ TO FACE GRID OPERATION CRITICS

comment.

“We are confident that the im-

provements we have introduced and the P300 billion we have invested to strengthening the transmission system will be recognized,”

it added.

Reports had it that the government may take back control of NGCP after Senator Raff y Tulfo, who chairs the Senate Committee on Energy, met with President Ferdinand Marcos Jr. to express his intent to probe NGCP.

“We have faith in the legal process and we will continue to comply with all lawful directives, and pursue our mandate faithfully,” added NGCP.

Energy Secretary Raphael Lotilla said his office awaits the results of an audit being conducted by the Energy Regulatory Commission (ERC). On Wednesday, Sen. Grace Poe, at a hearing by the Senate Energy panel on long, frequent outages in Panay island and Occidental Mindoro, wondered aloud why the ERC audit of NGCP, begun in 2019, is taking too long.

“We still have to see the reports that have been accepted so far by ERC. e audit fi ndings would not necessarily translate into cents and pesos but then, what is important is the fi ndings about what needs to improve in the transmission system that we should be able to address,” said Lotilla.

NGCP is SGP’s sole operating asset. It holds the sole and exclusive concession and franchise for operating the Philippines’ transmission network, linking power generators and distribution utilities to deliver electricity to power distributors and cooperatives nationwide.

In the next 13 years, the grid operator is committed to invest approximately P440 billion across 211 projects which are aimed to support the growing electricity demand in the country and to make the country’s power backbone continuously reliable.

Besides the complaints over outages and the possible role of NGCP’s supposed lapses in some of these, critics of the transmission company have also focused on the national security risk that its ownership structure could pose to the country.

NGCP is 60-percent owned by Filipinos and 40 percent by the State Grid Corporation of China (SGCC), sparking apprehension that through its state-owned fi rm, Beijing could hit back at the Philippines whenever their geopolitical confl icts over the West Philippine Sea take a turn for the worse.

Weak Chinese arrivals

UNWTO Secretary-General Zurab Pololikashvili said: “ e start of the year has shown again tourism’s unique ability to bounce back. In many places, we are close to or even above prepandemic levels of arrivals. However, we must remain alert to challenges ranging from geopolitical insecurity, staffi ng shortages, and the potential impact of the costof-living crisis on tourism, and we must ensure tourism’s return delivers on its responsibilities as a solution to the climate emergency and as a driver of inclusive development.”

If arrivals from China strengthen, the Philippines could be looking at inbound arrivals of 5.8 million this year, in a medium scenario under the just-approved National Tourism Development Plan (NTDP) for 2023-2028. Without the strength of the Chinese market, the Department of Tourism (DOT) has conservatively stuck to its baseline scenario projection of 4.8 million inbound arrivals this year.

e DOT has been with working with the Department of Foreign Affairs for an electronic visa system for Chinese tourists to accelerate their visits. “[If approved] we hope Chinese tourists pour in by the second half of the year,” said a tourism official, who spoke to the BusinessMirror on condition of anonymity. International visitor arrivals have reached 2 million visitors from January 1 to May 12, representing 42 percent of the 2023 target. (See, “Visitors spent P168.58 billion in January-April,” in the BM, May 15, 2023.) Under the NTDP, total inbound arrivals in 2028—the last year of the Marcos Jr. administration—are projected to reach 11.5 million under the baseline scenario, 12.6 million (medium scenario), and 13.5 million (upside scenario).

we have,” he added, referring to various existing professions like in the ever-booming business process outsourcing industry that will continue to stay. “But it’s going to be quite different and requires a certain set of skills.”

While there is an expectation that 100,000 jobs that are at risk of wipeout soon may be made up for by new roles of a similar number, Dela Rosa warned, that it’s not “going to work so smoothly.”

“ ere’s going to be some frictions, and we’ve seen that in other markets as well. So, we, as a nation, have to be prepared for that period of transition as we go from one type of jobs to another,” the executive said.

As a catch-up, the country needs to “fi x the leaky bucket” in terms of these types of attractive professions, according to him.

Based on their research on the top sought-after jobs, particularly in the digital space, Philippine wages are about a 10th of the developed countries and about a third of its neighboring countries like Vietnam and Malaysia.

“So if you can imagine, if you’ve got highly-skilled individuals here with the right set of skills, where

do you go? You go outside the Philippines. We need to fi x that. We’ve got the talent here to retain. We need to make sure people can come back here,” he pointed out, pointing to the salary increase as a fi rst move.

De la Rosa added the re-skilling of the labor sector that corporations ought to invest in. When it comes to education, he suggested the urgency is to now set up a “world for the future” by developing the digital skills of students— as young as primary schoolers— that are really going to matter in a cognitive AI, digital world.

What’s more, critical thinking, complex problem-solving, intellectual curiosity, basic reading comprehension, and customer centricity are also the skills that still matter in the coming years, he noted. “How [we are embedding] that as part of the curriculum for kids or engage and continue to develop the people that are already in the workforce are going to be important,” he said.

Equally significant, for him, is the government’s role of creating an ecosystem that enables such propositions to happen.

“Because these things cost money, so how do we actually encourage, incentivize enterprises to do this because this is what’s right, and what’s best for the country,” he stressed.

Int’l receipts hit $1 trillion THE medium and upside scenarios, “reflect assessments of how successfully the world is able to exit the pandemic, manage the impact of the Ukraine confl ict on global markets and shifting supply chains, and the degree of reopening of China and other major markets. It is also shaped to some extent by how major economies are able to manage recessionary pressures and, crucially, how the Philippines itself is able to gain and maintain momentum for its own economic growth while managing infl ation,” according to the NTDP, a copy of which was obtained by this paper. It further said: “ e Baseline Scenario reflects the projections from the Reformulated National Tourism Development Plan of 2016-2022, taking into consideration the impact of the pandemic.”

Meanwhile, the overall rebound in international travel likewise lifted international tourism receipts, reaching the US$1-trillion mark in 2022, or percent of prepandemic levels. “By regions, Europe enjoyed the best results in 2022 with nearly $550 billion in tourism receipts, or 87 percent of prepandemic levels. Africa recovered 75 percent of its prepandemic receipts, the Middle East 70 percent and the Americas 68 percent. Due to prolonged border shutdowns, Asian destinations earned about 28 percent.”

Revising its data last year, the UNWTO said over 960 million tourists traveled internationally last year, equivalent to 66 percent of prepandemic numbers.

PRESIDENT Ferdinand R. Marcos Jr. on Wednesday said the government will open the sugar importation market to all traders as the country is set to import between 100,000 and 150,000 metric tons (MT).

Radar system maintenance ‘successful’

THE corrective maintenance of the country’s radar system on Wednesday was “successful” with no flight disruptions during the activity scheduled from 2 a.m. to 4 a.m., the Civil Aviation Authority of the Philippines (CAAP) reported.

T he corrective maintenance at the Philippine Air Traffic Management Center (ATMC), which seeks to replace the uninterruptible power supply and upgrade the air traffic management system (ATMS), was finished in an hour and 13 minutes, CAAP added.

No disruptions were reported but it can be recalled that Clark International Airport earlier said four regional flights were affected by the scheduled maintenance, while AirAsia Philippines announced the cancellation of six domestic flights and the retiming of two flights set on May 17.

T he activity had no impact on flight operations at the Ninoy Aquino International Airport (Naia) and normal operations resumed at 3:20 a.m.

M anila’s Runway 13/31, which enables other means of communication between pilots and the Control Tower, was utilized during the maintenance activity.

T he Philippine Airlines reported that all its scheduled flights via Manila were able to land and depart during the system maintenance.

M eanwhile, CAAP said continuous monitoring and fine tuning of the Communications Navigation Surveillance Systems and Air Navigation Service are being undertaken to ensure the unimpeded operations of airports throughout the country.

CAAP extends its appreciation for the understanding and cooperation of various aviation stakeholders, highlighting the importance of seamless air traffic management in compliance to the highest standards of safety and efficiency,” it said. PNA

NBI files murder charges against suspended Rep. Teves over Gov. Degamo’s assassination

By Joel R. San Juan @jrsanjuan1573

T he filing of charges came more than two months after the brutal attack at Degamo’s residence in Pamplona town that also killed nine others.

It has also been more than two months since Teves left the country to undergo stem cell treatment but refused to return, citing threats to his life.

His bid to seek political asylum in Timor-Leste was earlier rejected and he was given five days to leave the country.

Ju stice Secretary Jesus Crispin Remulla disclosed Tuesday that Teves might return to the country

on Wednesday, according to Remulla’s “reliable source” but this did not happen.

A side from the Degamo murder case, Teves is also facing preliminary investigation before the Department of Justice (DOJ) for multiple murder charges for the 2019 killing of former Negros Oriental Board Member Miguel Dungog and two others, as well as complaints of illegal possession of firearms.

Teves denied all the said accusations and pleaded to authorities to look for other possible angles in the killing.

Teves’ lawyer Ferdinand Topa-

cio welcomed the filing of charges against his client before the DOJ but countered Remulla’s statement that the case against the suspended lawmaker would be airtight.

Topacio pointed to various reports of possible recantation of several suspects who were supposed to turn witnesses against Teves.

It’s ongoing right now. The NBI is here already. I was told by NBI Director Medardo de Lemos that they were coming over to file the complaint,” Justice Secretary Jesus Crispin Remulla told reporters.

Remulla said it was only Teves who was named in the complaint since the investigation is still ongoing as for other suspects.

T he DOJ has yet to release a copy of the complaint.

Earlier, Remulla said Teves acted as the “executive producer” in the Degamo killing.

T he DOJ has already indicted 11 suspects for Degamo’s murder.

They are now facing trial for multiple murder, 13 counts of frustrated murder for the victims who sustained serious injuries and three (four counts) of attempted murder for the victims who sustained nonfatal injuries.

Meanwhile, the DOJ defended his claim on Teves’ possible return to the country, saying that the lawmaker already secured an airplane ticket for his return flight.

We have sources who tell us his movements. We will not release it if we do not have reasonable ground to believe that something is going to happen,” he said.

R emulla added that Teves’ continued refusal to return is an indication of guilt.

“ Well, flight is an indication of guilt. By any language, by any jurisdiction, legal system. It is an indication of guilt,” he said.

Teves ‘hitman’ nabbed in Camp Crame

A POLICEMAN tagged by the Philippine National Police-Criminal Investigation and Detection Group (PNP-CIDG) as an alleged “hitman” for the Teves family had been arrested inside Camp Crame on Tuesday, the CIDG said in a statement issued on Wednesday.

A member of the Teves family, suspended Rep. Teves Jr., has been named as the alleged mastermind behind the gruesome killing of Governor Degamo.

T he CIDG said Staff Sgt. Noel Santa Ana Alabata Jr. was arrested by its operatives in front of the PNP Drug Enforcement Group Building (PDEG) inside Camp Crame in Quezon City.

C IDG chief Brig. Gen. Romeo Caramat Jr. said the policeman was not arrested in relation to the killing of Degamo, but by virtue of

two arrest warrants for attempted murder and attempted homicide that were issued by two courts in Dumaguete City.

A labata was taken to the CIDG office where he now awaits commitment orders from the two local courts.

T he CIDG said in its statement the policeman was formerly assigned in the Visayas where he had also allegedly been used by the Teves family to kill business rivals.

The accused was formerly assigned to PDEG [Philippine National Police-Drug Enforcement Group] R6 [Region 6] and allegedly used by the Teves as a hitman for a certain ‘Ong,’ a rival of the Teveses in their business,” Caramat said.

Our verification is ongoing on the accused who was tagged as gunman of the Teveses to know if he is involved in other cases. We will be fair on all the information that we would obtain to ensure that justice will prevail,” Caramat added in the statement.

T he DOJ tagged Rep. Teves in the killing of Degamo, who was murdered by former military personnel-turned gunmen inside his compound in Pamplona, Negros Oriental on March 4 this year. Teves however denied any involvement in the killing. Nine others also died during the attack, while 17 others were wounded. With Rene Acosta

Rep. Villafuerte urges DOH and DBM to settle Covid pay for 20,304 HCWs

By Jovee Marie N. Dela Cruz  @joveemarie

ASENIOR

lawmaker on Wednesday called out the Department of Health (DOH) and the Department of Budget and Management (DBM) for the delayed release of Covid-19 allowances for 20,304 health-care workers (HCWs).

C amarines Sur Rep. LRay Villafuerte, in a news statement, said the DOH and DBM should manage to scour the national budget for funds and tweak budgetary procedures to finally release almost P2 billion in delayed allowances of medical frontliners.

Villafuerte was one of the authors of Republic Act (RA) 11712 that granted such extra pay to HCWs.

C iting a United Private Hospital Unions of the Philippines (UPHUP) report, Villafuerte revealed 20,304 HCWs have yet to receive their mandated Covid-19 allowances and other benefits totaling P1.94 billion dating back from October 2021 onwards.

T he UPHUP was reported recently in the media that the arrears totaled P1.84 billion—comprising One Covid-19 allowance (OCA) worth P985.6 million; P737.5 million worth of health emergency allowance (HEA); special risk al -

lowance (SRA) totaling 16.8 million; and meals, accommodation and transportation (MAT) benefits reaching P6.7 million.

T he intended HCW-beneficiaries are working in 23 private hospitals in Metro Manila and in Batangas, Cavite, Cebu and Davao del Sur, according to the UPHUP report.

Villafuerte said one of the options being eyed by the DOH to speed up the release of the Covid-19 allowances and other benefits for HCWs is to amend its joint administrative order with the DBM by tapping authorized government depository banks to clear the way to the direct payment of the OCA and other ben-

efits to the medical frontliners.

C iting DOH data, the UPHUP claimed that P26.9 billion or 64 percent of the P41.9 billion set aside under the 2023 General Appropriations Act (GAA) had been released thus far by the government.

Under RA 11712, HCWs are entitled to a monthly HEA equivalent to P3,000 for health workers in low-risk areas; P6,000 for those in moderaterisk areas; and P9,000 for medical frontliners in high-risk places.

HCWs are supposed to receive the benefits for the duration of the state of the calamity attributed to the pandemic.

T hen President Rodrigo Duterte

signed Proclamation No. 929 on March 16, 2020 declaring a sixmonth state of calamity across the country because of Covid-19.

T he state of calamity was then extended by Mr. Duterte for a year up to September 12, 2021 under Proclamation No. 1021, and again for one more year up to September 12, 2022 under Proclamation No. 1218.

President Ferdinand R. Marcos Jr. extended the state of calamity till end-December 2022 when it lapsed in September last year, and announced that HCWs would continue to receive their Covid-19 allowances even if the state of calamity was no longer extended in 2023.

SC: Previous ruling on violence vs women applies to lesbian ties

THE Supreme Court (SC) has stressed that its previous ruling that Republic Act 9262, or the Anti-Violence against Women and their Children (VAWC) Act, applies to lesbian relationships is not a mere obiter dictum or opinion.

Thus, the Court’s Third Division junked the petition filed by Sandra Jane Gagui Jacinto assailing the orders is-

sued by the Regional Trial Court (RTC) of Antipolo City Branch 73, which denied her motion to quash the information for violation of Section 5 (a) of the Anti-VAWC Act filed by her live-partner, Maria Eloisa Sarmiento Fouts.

Fouts accused Jacinto, her live-in partner of 16 years, of causing her physical injuries by crushing her hands with the door of the car during

an altercation, which required medical attention for at least 30 days.

Jacinto then moved to quash the information on the ground that the charges do not constitute an offense because the Anti-VAWC Act does not apply to lesbian relationships.

However, this was denied by the lower court, prompting Jacinto to seek redress before the Supreme Court

a petition for review on certiorari under Rule 45 of the Rules of Court.

The Court, in denying Jacinto’s motion, reiterated its previous ruling in Garcia v. Drilon, where the Court held: “VAWC may likewise be committed against a woman with whom the use of the gender-neutral word ‘person’ who has or had a sexual or dating relationship with the woman encompasses

Construction goods’ prices hit 17-mo low

“ The main contributor to the lower annual growth rate of CMWPI was the reinforcing and structural steel, which recorded a lower annual growth rate of 6.5 percent in April 2023 from 7.1 percent in March 2023. Moreover, the annual growth rates in the indices of (other) commodity groups exhib -

ited downward trend during the month,” the PSA said.

T he data showed wholesale prices of sand and gravel slowed to 4.7 percent from 4.8 percent in March 2023; concrete products and cement, 9 percent from 9.3 percent in March 2023; hardware, 6.8 percent from 7.7 percent in March 2023; and

plywood, 4.8 percent from 5 percent in March 2023.

P SA also said wholesale prices of doors, jambs, and steel casement slowed to 5.4 percent from 6.1 percent in March 2023; electrical works, 6.2 percent from 6.6 percent in March 2023; plumbing fixtures and accessories/wa -

First Gen pouring in $20B to grow RE portfolio by ’30

“ We will focus on pursuing the activities we committed to under our agreed work program with the DOE,” added Puno.

To support these RE projects, FGen is developing three battery energy storage systems (BESS) adjacent to its geothermal sites in Bacman, Southern Negros, and Tongonan. A fourth BESS in Northern Negros will follow

shortly after. Once completed, these BESS projects will optimize the existing geothermal resources and provide ancillary services to the grid.

First Gen has programmed a capital expenditure (capex) of $1.1 billion this year. The amount, according to First Gen Chief Financial Officer Emmanuel Singson, will be financed via a combination of internally generated

funds and debt.

Of the amount, $526 million was already spent for its bid to acquire the 165MW Casecnan hydroelectric power plant in Pantabangan, Nueva Ecija.

Casecnan, fundamentally, is a very important asset for us because we obviously have Pantabangan-Masiway there. We have the plans for project Aya, which is there. So, we really needed

continued from a4

terworks, 3.9 percent from 4.1 percent in March 2023; and PVC pipes, 1.3 percent from 1.8 percent in March 2023.

In addition, the fuels and lubricants index (contracted) 11.9 percent during the month from an annual decline of 8 percent in March 2023,” PSA said.

continued from a14

to make sure that the reservoir is controlled by First Gen. “Casecnan is upstream and to the extent that we could supplement even more supply coming from the upstream side of Casecnan, then that will help Pantabangan-Masiway and project Aya,” explained Puno.

Singson said $403 million of the capex will be utilized by FGen subsid-

even lesbian relationships.”

“Contrary to petitioner’s submission that the foregoing disquisition in Garcia was a mere obiter dictum, the Court notes that one of the issues raised in Garcia is the supposed discriminatory and unjust provisions of RA 9262, which are likewise violative of the equal protection clause,” the SC said in a ruling penned by Associate

M eanwhile, higher annual growth rates were reported in the indices of lumber at 7 percent from 6.8 percent in March 2023; tileworks, 1.3 percent from 1 percent in March 2023; and painting works, 13.1 percent from 12.9 percent in March 2023.

T he indices of the rest of the

iary, Energy Development Corp. (EDC), to grow its geothermal portfolio and finance the planned BESS.

The 2023 capex total for everybody is about $585 million; $403 million of that, to be exact, is for EDC. So, that’s the geothermal, BESS and everything. Also, $90 million of that is for LNG (liquefied natural gas) project to complete it by September this year. We also have

Justice Henri Jean Paul Inting. “

The foregoing discussion of the Court as to the applicability of the law to lesbian relationships is clearly a resolution of the particular issue raised in Garcia and not a mere obiter dictum or an opinion of the Court,” it added.  T hus, the SC said the ruling in Garcia v. Drilon could be applied to Jacinto’s case.    Joel R. San Juan

commodity groups either retained their respective March 2023 annual growth rate or had zero percent annual rates during the month.

PSA said prices of selected construction materials are monitored on a monthly basis, that is, from the first week to third week of the reference month. Cai U. Ordinario

$50 million of that is with our Aya pump storage project. The rest is for small capex in our gas plants,” said Singson. First Gen and Tokyo Gas partnered in 2018 to develop the Interim Offshore LNG Terminal to be built at the First Gen Clean Energy Complex in Batangas City, Philippines. The LNG terminal is scheduled for commissioning in the third quarter of this year.

THE National Bureau of Investigation (NBI) on Wednesday formally filed multiple murder, multiple frustrated murder and multiple attempted murder charges against suspended Negros Oriental Third District Rep. Arnolfo “Arnie” Teves Jr. who is accused of masterminding the killing of Negros Oriental Governor Roel Degamo last March 4.

• Editor: Vittorio V. Vitug

‘No exam, no permit’ bill portends financial struggle for private schools and universities

By Rizal Raoul S. Reyes @brownindio

THE Coordinating Council of Private Educational Associations (Cocopea) on Wednesday warned that many private colleges and universities may run out of operating cash in less than two months if the “no permit, no exam” policy is prohibited.

C ocopea Chairperson Bernard Villamor explained that a recent study conducted by the Philippine Association of Colleges and Universities (PACU) and participated in by 27 private colleges and universities showed that as of now, tuition and other fees collections are not enough as these can only cover 7.7 months of operation expenses on the average.However, if the no permit, no exam policy is

prohibited, the research showed that the financial capacity of these schools would significantly weaken, and tuition and other fees collections would now be able to cover only two months’ worth of operating expenses.

After which, colleges and universities would run out of operating cash and would need to find external or other sources of financing [such as loans or savings] to cover their costs. This is a significant drop from the 7.7-month average colleges and universities have under the status quo,” Villamor said.

In the absence or lack of effective means to collect, or any compulsion to ensure prompt payment, we fear that the viability of private educational institutions will be endangered, which in turn

will disrupt access to education.

It is clear that for private schools, colleges and universities, any payment received goes towards paying all capital expenditures or costs associated with school operations. Thus, making prompt payment or collection critical. In turn, moral compulsion is necessary to ensure that there is prompt payment,” he explained.

C iting an April 2023 study by the Catholic Educational Association of the Philippines (CEAP), Villamor noted that about 49 percent of the 224 basic education school respondents said they are currently already at a loss financially or are only breaking even in terms of monthly expenses compared to monthly collections. The rest reported that they only have a small surplus, at best.

Similarly, the study showed that 64.2 percent of the 53 colleges and universities respondents also reported that they are currently already at a loss or at a breakeven point.

These schools will be most financially at risk with the no permit, no exam bill. Breaking even in the school set-up means that any income generated from tuition is just enough to cover the operating costs and expenses, such as salaries of teachers and school employees, energy, water and other utilities, and other operating expenses. CEAP and nonCEAP schools, colleges and universities covering an enrollment of 532,000 students participated in the study,” Villamor explained.

In as much as taxes are the lifeblood of the government, tuition and other school fees are the lifeblood of private educational institutions. As such, its prompt payment and certain availability is an imperious need for private educational institutions that heavily rely on a steady operating cash flow for its continued day-to-day operations,” he added.

Without operating cash, Villamor said, many private colleges and universities will go bankrupt and may be forced to close down.

Impairing the private schools’ means of effectively collecting fees may, in the long run, have adverse effects to its viability, such that it will not be able to effectively sustain its operations and services and eventually result in its closure. Closure is even more the likely reality for most small schools, mission schools, parochial schools and other similar schools who rely heavily on the prompt payment of fees. Displaced students will likely transfer to public schools, which are already overwhelmed by the number of students who transferred due to the pandemic,” he added.   W hile there are proposed safeguards on the bill to ensure that parents will still pay the tuition and other fees, Villamor argued that these safeguards or interventions such as the non-readmission in the next school year or semester, withholding of grades, certificates, diplomas or other credentials and clearances, and resort to court action, may not be adequate.

These do not directly address the issue of operational costs and are actually being done together already at present with any NPNE [no permit, no exam] requirements. These are reactionary measures that could be resorted to only after operational expenses have been incurred. Respectfully, there must be proactive or preventive measures that will ensure that the operational costs of private schools do not accumulate to the point that they are unable to sustain operations,” Villamor said.

These measures are already being done by schools, colleges and universities, and are thus incorporated into the survey results cited in the survey,” Villamor added.

Earlier, Cocopea issued a statement strongly opposing the passage of Senate Bill 1359 and House Bill 7584, which prohibit educational institutions from imposing a policy that will prevent students with unsettled financial obligations from taking examinations.

Cocopea, the largest group of private schools, colleges, universities, and technical and vocational education and training institutions in the country, is the unifying voice of the private education sector in the Philippines with more than 2,500 member institutions. It is made up of five educational associations: Association of Christian Schools, Colleges, and Universities; CEAP; PACU; Philippine Association of Private Schools, Colleges, and Universities PA; and the Unified TVET of the Philippines.

By Lorenz S. Marasigan @lorenzmarasigan

THE Department of Transportation (DOTr) announced on

Wednesday it will use the concepts of green maritime economy and sustainable consumption in the development of the maritime industry.

In a news statement, Transportation Undersecretary Elmer Sarmiento said the agency would be “implementing approaches that contribute to the Philippine economy” that are hinged on the concept of sustainability in the maritime sector.

He underscored the Philippines’ commitment to implement the International Maritime Organization’s (IMO) Strategy on greenhouse gas (GHG) reduction from ships and implement decarbonization “on a large scale,” while leveraging the full potential of the Paris Agreement.

The Philippines is geared to implement its national contributions to reduce greenhouse gas emissions as it strives for sustainability and clean growth by leveraging the full potential of the Paris Agreement and responding to post-pandemic needs,” he said.  Sa rmiento added that the Philippines is open to entering into partnerships with other countries and collaborating on key environmental issues.

“We look forward to it with great optimism and that this will serve as a foundation for an inclusive, green, and resilient economic recovery from the Covid-19 pandemic, including establishing climate priorities, such as energy transition and nature-based solutions,” he said.

DOTr unveils ‘green’ devt for maritime industry

SEA GAMES

TEAM PILIPINAS PERFORMANCE

Surprises, redemption in Cambodia

By Josef Ramos

PHNOM PENH—It was a story of surprises and redemption as Team Philippines fought, beat and survived the challenges wrought by the Southeast Asian nations—and did exactly what host Cambodia did in the 32nd edition of the SEA Games that started May 3 and ended on Wednesday.

Team Philippines satisfyingly finished fifth and broke the 52-gold medal mark in the Vietnam SEA Games last year by grabbing 58 gold, 85 silver and 117 bronze medals.

Sports like taekwondo, wrestling, swimming, karate, arnis, weightlifting and boxing, among others, contributed huge to the haul while the men’s basketball team regained the title of being king of hoops in the region.

The Philippines placed fourth in Hanoi last year with 52 gold, 70 and 104 bronze medals. espite falling to fifth place behind overall champion Vietnam (136-105-112), Thailand (107-96-106), Indonesia (86-81-111) and Cambodia (81-74-120), the Philippines has achieved its goal this year.

The important thing is we surpassed the medal haul last SEA Games, and we have reclaimed basketball supremacy in the region. The medal haul will speak for itself,” Philippine Olympic Committee (POC) President Abraham “Bambol” Tolentino said.

Tolentino added that Filipino athletes have learned so much from the old phrase “When in Rome, do as the Romans do” as they adapted themselves to the rules and environment in the games venues.

Our athletes, with all heart and spirit, fought well and hard, and this is all that matters,” he added. “Clearly, the 32nd SEA Games theme of Peace through sports has been achieved.”

Surprise package

TAEKWONDO was a surprise package as it bounced back from the two gold medals, five silvers and three bronzes won in Hanoi by capturing six gold, a silver and eight bronze medals led by kyorugi Olympians Kurt Barbosa and Kirstie Elaine Alora.

The Tokyo 2021 Olympian Barbosa spearheaded Filipino taekwondo’s campaign by winning the 54 kg finweight class gold while the 2016 Rio Olympian Alora ended a 10-year SEA Games gold medal drought by winning the -73 kg women’s crown.

The other gold winners were the poomsae’s Patrick King Perez (men’s individual recognized) and the women’s team recognized squad of Jocel Lyn Ninobla, Nicole Labayne and Aidaine Laxa, while the

other kyorugi gold winners were men’s Arven Alcantara (68 kg) and Samuel Morrison (87 kg).

Filipino wrestlers played a crucial role in the country’s last push in the medal tally at the later part of the games, surprisingly taking in four gold medals, seven silvers and five bronzes at the Chroy Changvar Center Hall last Tuesday.

After Jason Balabal took home the 82 kg Greco Roman gold, then 44-year-old Cristina Vergara won the gold in the women’s 65 kg freestyle event while Ronil Tubogand Alvin Lobreguito followed by snaring the 61 kg and 57kg men’s freestyle gold, respectively.

It was a big comeback by the Wrestling Association of the Philippines headed by Alvin Aguilar in the biennial meet after coming home gold-less with just seven silvers and five bronze

medals in Vietnam last year.

Filipino swimmers had slight improvement doubling their production last time from 1-3-3 gold-silver-bronze to 2-6-8 medal tally courtesy of gold medalist Teia Salvino (women’s 100-meter backstroke) and Xiandi Chua (women’s 200-m backstroke) at the Morodok Techno National Aquatics Center.

Filipino karatekas, led by Jamie Lim’s beautiful inspiring story, rose from the ashes of defeat in Hanoi to provide Team Pilipinas with two gold medals, six silvers and a bronze. It also rebounded from zero gold medals in last year’s SEA Games—where Filipino karatekas had only secured eight bronzes.

Lim, the 2019 SEA Games gold medalist, was left with a black eye during the 2022 SEA

Games but got back against the same Vietnamese rival Vann Chakriya in the finale for a sweet revenge. The other karate gold winner was Sakura Alforte in women’s individual kata.

Filipino traditional sports arnis under Philippine Eskrima Kali Arnis Federation (PEKAF)

President Senate President Sen. Juan Miguel “Migz” Zubiri made a rousing return in the Cambodia games, winning six gold medals, two silvers and bronze medals after the sport was not played in Vietnam.

Weightlifting—without two-time SEA Games gold medalist and Tokyo Olympic gold winner Hidilyn Diaz-Naranjo—also provided Team Philippines with two gold medals courtesy of Olympian Erleen Ann Ando (59 kg) and reigning 71 kg gold winner Vanessa Sarno plus four silvers and a bronze.

The Filipino weightlifters matched their gold output from the last Hanoi games with two courtesy of Sarnoand Diaz-Naranjo.

Redemption time

A day before the competition held its closing ceremony at the 60,000-seat Morodok Techo

National Stadium, the men’s basketball team and national coach Chot Reyes got back against newly-improved host Cambodia with an 80-69 win in the gold medal match.

After dethroning Indonesia, 84-76, in the semifinals, the Philippines banked on Justin Brownlee’s 23 points to neutralize Cambodia’s five American naturalized players.

At the same time, it was a big triumph in the championship round after the stinging upset in Hanoi—where Reyes was dubbed as the most hated man in Philippine basketball after Indonesia beat them in last year’s championship.

Jiu-jitsu’s Kaila Napolis (52 kg women’s

ne-waza), Annie Ramirez (57 kg women’s newaza nogi) and Marc Lim (men’s ne-waza 68 kg) also delivered gold each in the early campaign of Team Pilipinas.

Elite athletes

Tokyo Olympic silver medalists Carlo Paalam (men's bantamweight) swept his foes to win the gold medal in the men's bantamweight while Nesthy Petecio also had a redemption of her own after regaining the women's featherweight gold medal. Other gold medalists were Ian Clark Bautista (men's featherweight) -- now a three-time gold winner in the biennial meet -- and SEA Games newcomer Paul Julyfer Bascon (men’s light welterweight).

Aside from the four gold medals, the Philippine boxing team also contributed five silvers and a bronze medal.

Expected gold medalist world champion Carlos Yulo of gymnastics had two gold medals, while pole vaulter Ernest John Obiena proved to everyone why he’s the World’s No. 3 by jumping to his third consecutive gold in SEA Games despite the heavy rains.

Veteran Eric Cray accomplished his sixth straight 400-m hurdle gold medal while Janry Ubas also made a name for himself in athletics by winning the men’s long jump gold and the men’s 4x400-meter relay of Clinton Bautista, Michael del Prado, Umajesty Williams and Joyme Sequita also won gold.

With these feats, Tolentino believes it was a successful biennial meet after all.

The respect and admiration we have gained from our ASEAN counterparts all the more makes this 32nd SEA Games a sweeter success,” Tolentino said, adding that he would continue supporting all athletes, sports officials and Philippine sports development in general.

“More importantly, we have done our part in strengthening the ties that bind Southeast Asian nations into a shared vision of regional inclusive growth. The 32nd SEA Games has once again proven the Filipino brand of sportsmanship and athletic talent. Indeed, the Philippine Team to the 2023 Cambodia SEA Games has made the nation proud.”

Samuel Morrison (right) won the gold in the -87KG against Indonesia. ROY DOMINGO

Carlos Yulo in his gold medal winning performance on the rings. ROY DOMINGO

Agriculture/Commodities

www.businessmirror.com.ph

DA aims to hike farm output via new projects

By Raadee S. Sausa @raadeeboy

T

I n partnership with international funding institutions such as the World Bank and the Food and Agriculture Organization, the recently approved projects includes: Adapting Philippine

T

D uring a press briefing on Wednesday, BPI Spokesperson Jose Diego Roxas said historical data point to the possibility that the Philippines would experience a shortage of white onions starting July.

“For red onions, historical data indicate that the country will see a shortfall in onion supply by December,” Roxas said in a mix of English and Filipino.

A s the lean months for onion will start in June, the attached agency of the Department of Agriculture (DA) said imposing the SRP again will help the government monitor price movements.

“During our meeting [last Tuesday], one of the measures that we’re looking at is the imposition of the SRP, which would serve as our benchmark. It will also serve as basis to determine if the country needs to import and the other interventions that must be implemented [by the government],” Roxas said.

Based on the BPI’s monitoring, the prevailing price of red onions ranges from P160 to P200 per kilo while white onions are sold for P150 to P200 per kilo.

He said the DA and the BPI plan to coordinate with local price coordinating councils in implementing the SRP scheme. He said agriculture

HE Department of Agriculture (DA) plans to roll out 4 new projects worth P65.3 billion which seek to increase the productivity of the sector, according to agriculture officials.Agriculture to Climate Change (APA), Philippine Fisheries and Coastal Resiliency Project (FishCoRe), Scaled-up Philippine Rural Development Project (PRDP), and Mindanao Inclusive Agriculture Development Project (MIADP).

DA Assistant Secretary for Operations Arnel de Mesa said the APA has a projected cost of P2.3 billion.

It aims to increase the resilience of agri stakeholders in areas vulnerable to climate change particularly in the Cordillera, Cagayan Valley, Bicol, Northern Mindanao and Socc-

sksargen regions.

The FishCoRe targets to improve management of fishery resources and enhance the value of fisheries production in select Fisheries Management Areas [FMAs] covering 24 provinces with P11.422-billion project cost,” de Mesa said in a statement.

M eanwhile, the Scale-up PRDP will expand its coverage in 82 provinces nationwide with a total project cost of P45.012 billion to improve the farmers’ and fisherfolk’s access to markets and in -

crease their incomes from agrifishery value chains, the official said.

M IADP will focus on 26 ancestral domains in Regions 9, 10, 11, 12, 13 and BARMM to sustainably increase their agricultural productivity, resiliency, and access to markets and services with a project cost of P6.625 billion.

A griculture Senior Undersecretary Domingo Panganiban said “we will press on with our collaboration with members of the House and Senate as we support new legislation

for the expansion of opportunities in our rural areas.”

H e added that the DA will continue to help ease the burden of rising inflation and encourage growth in the countryside through its various programs for agriculture and fisheries.

The Marcos Administration will continue to push for stronger support for the sector, because expanding investments in food production will create jobs and promote progress.”

T he value of farm output in Janu-

ary to March went up by 2.1 percent year-on-year to P428.69 billion, according to the Philippine Statistics Authority (PSA).

This was because of the annual increases in the value of production of crops, livestock, poultry and fisheries,” the PSA said, by way of explaining its data.

T he PSA also said that crops, which grew by 1.7 percent, accounted for P247.77 billion or 57.8 percent of the total value of production in agriculture and fisheries in the first quarter.

By Butch Fernandez @butchfBM

SEN. Risa Hontiveros is keen on imposing tougher penalties against government officials and employees in cahoots with smugglers of agricultural products.

T he lawmaker is pressing for the timely passage of amendments in Republic Act (RA) 10845, also known as the Anti-Agriculture Smuggling Act.

I n filing the enabling legislation embodied in Senate Bill (SB) 2205, the senator sought to prosecute and impose stiffer sanctions against government officials and employees found in conspiracy with agri smugglers.

Hontiveros introduced SB 2205 to amend certain provisions of RA 10845 to criminalize government and employees officials who are found conniving with large-scale agricultural smugglers.

PHOTO BY

officials are also keen on tapping the assistance of the Philippine Competition Commission to prevent collusion among traders or price manipulation.

A s for the volume required to plug the gap in output, Roxas said the government wants to calibrate importation to ensure that the ar-

Fruitas income triples in Jan-March Jokowi

By VG Cabuag @Villygc

FRUITAS Holdings Inc., a food and beverage kiosks operator,

on Tuesday said its income in the first quarter tripled to P19.2 million from P6.4 million recorded a year ago.

Revenues rose by half to P515 million from P330 million last year, the company said.

We expect to keep putting in strong performances in the upcoming quarters through a combination of organic growth and contribution from recent acquisitions. To promote sustainable growth and profitability, we will continue to invest in our brands, channels, customers, and employees. The company is also in various stages of discussion with additional prospective targets which fit our portfolio,” Lester Yu, Fruitas president and CEO, said.

A s of end-March, the company had a network of more than 800 stores, and has added about 10 additional locations since then. The group identified a number of areas for the expansion of its network both inside and outside of Metro Manila, one of which is the recently announced Ling Nam restaurant in Zamboanga, which is anticipated to open in the third quarter of 2023.

T he company’s purchase of Ling

rival of imports would not affect local prices.

B PI said imports are not needed for now as the Philippines still has enough supply of red and white onions.

The government first implemented the SRP scheme for red onions in De-

cember, when prices soared to as much as P700 per kilo. The DA issued Administrative Circular (AC) No. 12 dated December 29, 2022 which mandated wet markets in the National Capital Region to observe the SRP for red onions. The scheme was in place until the first week of January. Raadee S. Sausa

Since the law’s passage in 2016, even if there have been many reports of the seizure of smuggled products, there has been no prosecution of individuals, groups, or corporations under the law,” the senator said.

In a statement, Hontiveros deplored that “there has been no prosecution of government officials for facilitating and abetting acts of agricultural smuggling that amount to large-scale economic sabotage.”

She added: “As a result, smuggling activities continue with impunity.”

Under the proposed measure, “any act by a public employee or officer that allows the importation into the country without the needed import permit shall be declared as economic sabotage.”

In the sugar fiasco that is still unfolding, for example,” the senator noted that “documented accounts show that tens of thousands of metric tons of sugar—a regulated commodity—were allowed into the country without a sugar order.”

Hontiveros also said the “approval or issuance by a public employee or officer of any license, declaration, clearance, or permit, knowing that it is manifestly unlawful, inequitable, or irregular, will also be considered economic sabotage.”

She also warned that “any person who violates the measure will face life imprisonment and a fine of twice the fair value of the smuggled agricultural product, including the taxes, duties, and other charges avoided plus interest at the legal rate.”

T he senator noted that the prescription period or the time within which charges can be filed is 20 years.

She said “agricultural smuggling is costing the government billions of pesos a year in lost revenues,” adding that smuggling of regulated agricultural commodities “also led to high prices for consumers, the violation of our competition laws, and most importantly, the further decline of our domestic agricultural sector.”

rallies Global South to follow commodities refining path

INDONESIA is rallying developing countries to follow its footsteps in deriving more wealth from their natural resources by climbing up the supply chain.

T hat may start with a July meeting between Indonesian President Joko Widodo, Brazilian leader Luiz Inacio Lula da Silva and Democratic Republic of Congo President Felix Tshisekedi to sign a deal to protect forests and make use of the resulting carbon credit. That could then be expanded to other African and Latin American countries that hold up to 70 percent of the world’s tropical forests.

“I see how in developed countries there are those who believe that if this is where we are, this is where we should stay—I say, no, it won’t be that way,” Indonesia’s Coordinating Maritime and Investment Minister Luhut Panjaitan said in an interview.

“We want developing countries to not only export raw materials. There has to be added value for your country and for your people.”

Nickel is showing Indonesia a way to catapult itself into the ranks of higher-income economies, with the metal’s exports value surging tenfold in five years after the government forced companies to refine it onshore. Now Southeast Asia’s biggest economy plans to use that blueprint by processing everything from copper to fish, while urging other countries to follow.

Neighboring Philippines, the second-largest nickel supplier after Indonesia, is taking note by considering imposing fees on exports, while Zim-

babwe introduced a ban on lithium exports to encourage local processing. Panjaitan took delegates from DR Congo, the top cobalt supplier, to the Weda Bay Industrial Park in eastern Indonesia to show what the country has done to get more value out of nickel.

Economic model

IT’S the latest move by Jokowi to position himself as a voice for the Global South, a group of developing countries across Asia, Latin America and Africa—most of which were colonized for their natural resources. He pledged to uphold the plight of emerging economies when he hosted the Group of 20 summit last year, while shunning the economic models set out by the US and European nations. “ We don’t want another country telling us what to do,” Panjaitan spoke at his office in Jakarta on Tuesday.

I ndonesia is also stepping up the labor and environmental standards at its smelters to broaden the market appeal of its nickel. The government only allows facilities to use tailing dams or dry-stacking, while issuing no permits for deep-sea tailing. It is sending teams to visit each facility across the archipelago to ensure they comply with the rules, giving them only one warning for any infractions found.

We won’t hesitate to shut them down if they fail to comply after the first warning,” Panjaitan said.

Blue bonds

INDONESIA is turning to the yen

market for a rare sale of blue bonds to raise funds for ocean-related projects.

T he Southeast Asian country is marketing a Samurai deal which includes several blue bond tranches. It would be the first such issuance of yen-denominated debt from a foreign borrower, according to the underwriters. Japanese seafood company Maruha Nichiro Corp. also sold the country’s inaugural

blue note last year.

O nly a handful of issuers globally have sold blue bonds, which were pioneered by the island nation of Seychelles in 2018. The variant of green debt typically channels funds into areas such as marine conservation and improving water resources, underscoring some of the issues posed by climate change. E ven so, issuance has been

scarce, especially with increasing scrutiny on the use of funds raised from environmental, social and governance debt.

P roceeds from the Republic of Indonesia’s sale will fund investments in ocean conservation and climate change mitigation programs, according to a filing from the issuer. It’s the world’s largest archipelagic country, consisting of thousands of islands.

NONOY

Former British PM Liz Truss warns of China threats during Taiwan visit

Taiwan—Former British Prime Minister Liz

Truss is the first former British prime minister since Margaret Thatcher in the 1990s to visit the self-governing island republic that China claims as its own territory, to be conquered by force if necessary.

Still a sitting member of the House of Commons, Truss follows a growing list of elected representatives and former officials from the US, EU nations and elsewhere who have visited Taiwan to show their defiance of China’s threats and attempts to cut off the island and its high-tech economy from the international community.

“There are those who say they don’t want another Cold War. But this is not a choice we are in a position to make. Because China has already embarked on a selfreliance drive, whether we want to decouple from their economy or not,” Truss said in an address to the Prospect Foundation at a

Taiwan.

hotel in the Taiwanese capital, Taipei.

“China is growing its navy at an alarming rate and is undertaking the biggest military build-up in peacetime history,” she said.

“They have already formed alliances with other nations that want to see the free world in decline. They have already made a choice about their strategy. The only choice we have is whether we appease and accommodate—or we take action to prevent conflict,” Truss said.

Elsewhere, Truss praised her successor, Rishi Sunak, for describing China as “the biggest long-term threat to Britain” in comments last summer and for urging the closure of Chinese government-run cultural centers known as Confucius Institutes, which have been criticized as outlets for Communist Party propaganda. Such services could in -

stead be provided by people from Taiwan and Hong Kong who come to the United Kingdom without government backing.

China’s relations with Britain and most other Western democracies have been in steep decline in recent years, largely as a result of disputes over human rights, trade technology and China’s aggressive moves toward Taiwan and in the South China Sea.

Beijing’s relations with London have been especially bitter over China’s sweeping crackdown on free speech, democracy and other civil liberties in Hong Kong, a former British colony that was promised it would retain its freedoms after the handover to Chinese rule in 1997.

China has said a key previous bilateral agreement on Hong Kong no longer applies and has rejected British expressions of concern as interference in China’s domestic political affairs.

China has also been angered by a joint Australian-US-British agreement known as AUKUS that would provide Australia with nuclear-powered submarines in part to counter the perceived rising threat from China.

Truss, who served an ill-fated seven weeks as prime minister last year, also said China could not be trusted to follow through on its commitments in areas from trade

Ukraine says Russian hypersonic missiles downed during Kyiv attack

By Samya Kullab

The Associated Press

to protection of the environment.

And she praised Taiwan as “an enduring rebuke to totalitarianism” whose fate was a “core interest” to Europe.

“A blockade or invasion of Taiwan would undermine freedom and democracy in Europe. Just as a Russian victory in Ukraine would undermine freedom and democracy in the Pacific,” Truss said.

“We in the United Kingdom and the free world must do all we can to back you,” she said.

Truss’ remarks also stood in stark contrast to published comments from French President Emmanuel Macron last month that elicited doubts about whether Macron’s views were in line with other European countries on Taiwan’s status.

“The question we need to answer, as Europeans, is the following: Is it in our interest to accelerate (a crisis) on Taiwan? No,” Macron was quoted as saying in the interview. “The worst thing would be to think that we Europeans must become followers on this topic and take our cue from the US agenda and a Chinese overreaction.”

Shortly afterward, Macron denied any change on France’s views toward Taiwan, saying, “We are for the status quo, and this policy is constant.”

Myanmar and Bangladesh begin cleaning up, counting casualties after devastating cyclone

By Grant Peck

The Associated Press

BANGKOK—Recovery ef -

forts were underway Tuesday in Myanmar and Bangladesh after a powerful cyclone smashed into their coastlines, causing widespread destruction and at least 21 deaths, with hundreds of others believed missing.

Myanmar took the brunt of Cyclone Mocha on Sunday, while Bangladesh was spared a feared catastrophe.

Residents of Myanmar’s Rakhine state worked to repair the damage and mourn the dead. Areas further inland also suffered damage, including the central city of Bagan, a UNESCO World Heritage Site that was Myanmar’s capital 10 centuries ago.

Mocha made landfall near Sittwe township in Rakhine state with winds of up to 209 kilometers (130 miles) per hour on Sunday afternoon, weakening to a tropical depression by midday Monday. The storm, the nation’s most destructive in a decade, brought widespread flash floods and power outages, while high winds tore roofs off buildings and crumpled cellphone towers.

Myanmar state-run television MRTV said Tuesday that 21 people were killed and 11,532 houses, 73 religious buildings, 47 monasteries, 163 schools, 29 hospitals and clinics and 112 government buildings were damaged. Independent media said hundreds more people were believed missing. Many of those reported dead or unaccounted for had been living in ramshackle displacement camps that were re -

portedly heavily damaged by the storm surge.

The camps house members of the Muslim Rohingya minority who lost their homes in a brutal 2017 counterinsurgency campaign led by Myanmar security forces. Aid agency presence is spotty, and help from the country’s military government negligible.

It is difficult to confirm the extent of casualties and damage because telecommunication facilities in the area were damaged by the storm’s high winds. Information is hard to obtain even in normal times because the military restricts the media.

Sahat Khasin, a Rohingya who does relief work at one of the camps, said by phone he helped bury 11 bodies at a Muslim cemetery near Sittwe, Rakhine’s state capital on the Bay of Bengal.

He said the authorities warned people in the camps to evacuate to safer places in advance of the cyclone’s arrival, but some waited until seawater began pouring in.

Video from Sittwe on Tuesday showed extensive damage to buildings as well as uprooted

trees and fallen power lines.

Heavy rain in Bagan, the ancient city that is one of Myanmar’s major tourist attractions, caused flooding that weakened the foundations of at least four temples. MRTV reported that the head of Myanmar’s military government, Senior Gen. Min Aung Hlaing, visited Tuesday to inspect the damage.

UN spokesman Stephane Dujarric said Tuesday that investment in humanitarian aid was needed. Health, relief items, shelter, water and sanitation were the top priorities, and he noted that humanitarian agencies would need authorization to travel to deliver those supplies and would need access to people impacted by the cyclone.

Myanmar’s government issued disaster declarations for 17 townships in Rakhine and four in Chin state, north of Rahkine, where hundreds of buildings were reported damaged.

Rohingya are not recognized as an official minority in Buddhist-majority Myanmar, where they face widespread discrimination and are denied citizenship and other basic rights.

People living in the camps cannot move freely, according to human rights groups.

More than 700,000 other Rohingya fled the 2017 violence to live in refugee camps in neighboring Bangladesh, which also suffered damage from the cyclone but reported no deaths.

At the world’s largest refugee camp in Bangladesh’s Cox’s Bazar district, thousands of Rohingya from Myanmar were moved to safer areas until Cyclone Mocha passed. The low-lying area is especially vulnerable to flooding, with relatively few secure shelters available.

Bangladesh Prime Minister Sheikh Hasina said more than 700,000 people were moved to cyclone shelters or makeshift facilities including schools and mosques.

“While the storm didn’t directly hit refugee settlements, as feared, it caused major damage,” Alexia Riviere, emergency coordinator in Bangladesh for Catholic Relief Services, a major aid agency, said in a statement. “The needs will likely be great as we assess the destruction. Our concerns in the wake of the storm include landslides and flash flooding.”

Riviere described Cyclone Mocha as one of the largest storms to strike Bangladesh in decades, noting that Cyclone Sidr in 2007 killed more than 3,000 people and caused billions of dollars in damage.

“As an aid community, we have to face the fact that marginalized communities are becoming more vulnerable each year,” Riviere said. “The more we can do to prepare for the inevitable, the better.”

KYIV, Ukraine—Ukrainian air defenses, bolstered by sophisticated Western-supplied systems, thwarted an intense Russian air attack on Kyiv early Tuesday, shooting down all missiles aimed at the capital, officials said.

The bombardment, which targeted locations across Ukraine, included six Russian Kinzhal aero-ballistic hypersonic missiles, the most fired in a single attack in the war so far, according to Ukrainian air force spokesman Yurii Ihnat.

Russian President Vladimir Putin has repeatedly touted the Kinzhals as providing a key strategic competitive advantage and among the most advanced weapons in his country’s arsenal. The missiles are difficult to detect and intercept because of their hypersonic speed and maneuverability.

If Ukraine’s claim of having shot down six fired Tuesday is confirmed, it would mark another blow to Putin’s war efforts and show the increasing effectiveness of the country’s air defenses.

Air force spokesman Ihnat, who said in March that Ukraine lacked the equipment to intercept the Kinzhals, didn’t explain Tuesday what systems were used to knock them down. Since March, Western countries have supplied Ukraine with various air defense systems.

Russia fired the Kinzhals from MiG-31K warplanes, along with nine cruise missiles from ships in the Black Sea and three S-400 cruise missiles launched from the ground, Ihnat said. In all, Ukraine’s military said later, Russia had targeted Ukraine with 27 missiles in a day and launched 37 airstrikes.

Russian Defense Minister Sergei Shoigu late Tuesday contested the Ukrainian claims, telling the state-run RIA-Novosti news agency: “We have not launched as many Kinzhals as they allegedly shoot down every time with their statements.”

Loud explosions boomed over Kyiv in the major nighttime attack apparently aimed at overwhelming Ukraine’s air defenses. Kyiv’s mayor reported three people were wounded.

The barrage came as European leaders sought new ways to punish Russia for the war and a Chinese envoy sought traction for Beijing’s peace proposal, which appears to have made little impression on the warring sides. It also came as Ukrainian President Volodymyr Zelenskyy returned home from a whirlwind European tour to seek more military aid.

The overnight attack on Kyiv was “exceptional in its density—the maximum number of attacking missiles in the shortest period of time,” said Serhii Popko, the head of the Kyiv military administration. Kyiv resident Valentyna Myronets, 64, said she felt “pain, fear, nervousness, restlessness” amid the assaults. “God, we are waiting for victory and when all this is over,” she said.

UK Ambassador Melinda Simmons tweeted that the barrage was “pretty intense.”

“Bangs and shaking walls are not an easy night,” she wrote.

It was the eighth time this month that Russian air raids had targeted the capital, a clear escalation after weeks of lull and ahead of a muchanticipated Ukrainian counteroffensive using newly supplied advanced Western weapons.

After the first onslaught, Russia also launched Iranian-made Shahed attack drones and conducted aerial reconnaissance, Ihnat said.

Debris fell across several districts in the capital, starting fires, Kyiv Mayor Vitali Klitschko said.

Sophisticated Western air defense systems, including American-made Patriot missiles, have helped spare Kyiv from the kind of destruction witnessed along the main front line in the country’s east and south. While most of the ground fighting is stalemated along that front line, both sides are targeting other territory with long-range weapons.

Associated Press reporters saw a metal fragment that landed inside the Kyiv zoo labeled Lockheed Martin and Boeing, two of the companies involved in manufacturing the Patriot missile system.

Russian Defense Ministry spokesman Igor Konashenkov said a Kinzhal destroyed a Patriot missile battery in Kyiv but he didn’t provide evidence, and the statement couldn’t be independently verified. Ihnat, the Ukrainian air force spokesman, refused to comment on the claim.

Russia began using the Kinzhal to strike targets in Ukraine early in the invasion but has used the expensive weapon sparingly and against priority targets, apparently reflecting limited availability.

The Russian military says the missile’s range is up to 2,000 kilometers (about 1,250 miles) and it can fly at 10 times the speed of sound. Its speed and heavy warhead allow the Kinzhal to destroy heavily fortified targets, such as underground bunkers or mountain tunnels.

Ukraine’s bolstered air defenses have deterred Russia’s aircraft from going deep into the neighbor country and helped shape the course of the war, military experts say.

In Iceland, European leaders are taking part in a rare summit of the 46-nation Council of Europe, the continent’s main human rights body, to discuss how to manage claims for compensation from Russia’s damage to Ukraine.

Meanwhile, a Chinese envoy is preparing to visit Ukraine and Russia as Beijing advocates a peace plan it released in February. Li Hui, a former ambassador to Moscow, also will visit Poland, France and Germany, according to the Chinese foreign ministry.

Ukraine has cautiously welcomed China’s proposal while saying it would wait to see what specific actions China takes. Chinese leader Xi Jinping’s government says it is neutral and wants to mediate in the war, but has given Moscow political support, and a breakthrough appears unlikely.

In Russian-occupied southern Ukraine, about 500 kilometers (300 miles) from Kyiv, Russian officials began training to evacuate 3,100 staff members of the shut-down Zaporizhzhia Nuclear Power Plant and their families, a representative of Energoatom, Ukraine’s state nuclear company, said Tuesday.

The plant, Europe’s largest nuclear power station, employed around 11,000 people before the war, some 6,000 of whom remain at the site and in the surrounding town of Enerhodar.

More Russian military units have arrived at the plant and are mining it, the representative told The Associated Press on condition of anonymity because he was not authorized to speak publicly on the matter. Russian troops have barred remaining workers from communicating with each other or leaving, Energoatom said on Telegram.

Vasilisa Stepanenko in Kyiv, and Yuras Karmanau in Tallinn, Estonia, contributed to this report.

TAIPEI,

Truss warned of the economic and political threats to the West posed by China during a visit Wednesday to Beijing’s democratic rival

LOCAL residents walk past damaged buildings after Cyclone Mocha in Sittwe township, Rakhine State, Myanmar, Tuesday, May 16, 2023. Myanmar’s military information office said the storm had damaged houses and electrical transformers in Sittwe, Kyaukpyu, and Gwa townships. AP

Putin and Zelenskyy agree to meet with ‘African leaders peace mission’–South Africa president

By Gerald Imray The Associated Press

CAPE TOWN, South Africa— Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy have agreed to separate meetings with a delegation of leaders from six African countries to discuss a possible plan to end the war in Ukraine, South Africa’s president said Tuesday.

South African President Cyril Ramaphosa said he spoke with Putin and Zelenskyy by phone over the weekend and they each agreed to host “an African leaders peace mission” in Moscow and Kyiv, respectively.

“Principal to our discussions are efforts to find a peaceful resolution to the devastating conflict in the Ukraine,” Ramaphosa said.

The leaders of Zambia, Senegal, Republic of Congo, Uganda and Egypt would make up the delegation along with Ramaphosa, he said in a statement. Putin and Zelenskyy gave him the go-ahead to “commence the preparations,” the South African leader said.

Four of those six African countries—South Africa, Republic of Congo, Senegal and Uganda—abstained from a UN vote last year on condemning Russia’s invasion.

Zambia and Egypt voted in favor of the motion.

Ramaphosa did not give a time frame or outline any parameters for the possible peace talks. Zelenskyy has said he would not consider a peace deal to end the 15-month war until Russian forces withdraw completely from Ukrainian territory.

UN Secretary-General António Guterres also was briefed on the African delegation’s planned meetings and “welcomed the initiative,” Ramaphosa said.

UN spokesman Stephane Dujarric confirmed Monday that Ramaphosa spoke to Gutteres Monday afternoon during his visit to Jamaica.

“As we’ve said before, we are in favor of any initiative that could lead us to a peace in line with the (UN) Charter, in line with international law and in line with

General Assembly resolutions,” Dujarric said.

The announcement of the African-led peace effort came as Russia launched a heavy air attack on Kyiv.

There was no immediate reaction Tuesday from either the Kremlin or Kyiv. A readout from a phone conversation Putin and Ramaphosa had Friday said the Russian leader supported “Cyril Ramaphosa’s idea about a group of African leaders participating in the discussion of the prospects of resolving the Ukrainian conflict.”

It wasn’t clear if that was the phone call Ramaphosa was referring to when he said he spoke with

Putin over the weekend.

South Africa’s leading position in the African delegation is bound to draw scrutiny. Ramaphosa’s announcement came days after the US ambassador accused South Africa of siding with Russia in the war in Ukraine and even providing weapons to help Moscow.

US Ambassador to South Africa Reuben Brigety alleged last week that weapons and ammunition were loaded onto a Russianflagged cargo ship at a South African naval base in December and taken to Russia. The South African government has denied it sent any weapons to Russia.

Ramaphosa has said the matter

is under investigation.

South Africa has claimed its position on the war is neutral. The country has strong historical ties with Russia due to the former Soviet Union’s support of South Africa’s ruling African National Congress party when it was a liberation movement fighting to end the racist apartheid regime.

South Africa also hosted Russian and Chinese warships for joint naval exercises off its coast in February and which coincided with the one-year anniversary of Russia’s invasion of Ukraine.

South Africa’s top army general traveled to Moscow and met with the commander of the Russian ground forces on Monday.

South Africa maintains it also retains a strong relationship with the United States and other Western supporters of Ukraine. Ramaphosa met with US President Joe Biden at the White House late last year.

Zambia also has historical ties with Russia. Uganda is a US ally on regional security in East Africa, but Ugandan President Yoweri Museveni has spoken of his country’s friendship with Russia and its neutral position in the war in Ukraine.

Sipho Mantula, an analyst at South Africa’s Thabo Mbeki African School of Public and International Affairs, said the neutrality of some of those African countries would help any talks.

“You don’t need people who will take sides and become proxy mediators,” Mantula said.

Russia and Ukraine are far apart in terms of an agreement to end

the war.

The Kremlin wants Kyiv to acknowledge Russia’s annexation of the Crimean Peninsula and the Ukrainian provinces of Donetsk, Kherson, Luhansk and Zaporizhzhia, which most nations have denounced as illegal. Ukraine has rejected the demands and ruled out any talks with Russia until its troops pull back from all occupied territories.

Ukraine is determined to recover all Russian-occupied areas.

Zelenskyy’s 10-point peace plan also includes a tribunal to prosecute crimes of aggression, which would enable Russia to be held accountable for its invasion.

Zelenskyy had private talks with Pope Francis at the Vatican on Saturday, later saying he sought support for Ukraine’s peace plan from the pontiff.

China has been the only other country so far offering to mediate possible peace talks, an offer clouded by its show of political support for Moscow.

Beijing released a proposed peace plan in February, and a Chinese envoy is preparing to visit Russia and Ukraine.

But there appeared to be little chance of an imminent breakthrough to end the war since Ukraine and its Western allies largely dismissed Beijing’s proposal.

A P correspondent Hanna Arhirova contributed to this story from Kyiv, Ukraine. AP writers Dasha Litvinova in Talinn, Estonia, Rodney Muhumuza in Kampala, Uganda, and Mogomotsi Magome in Johannesburg also contributed.

Pence calls for end to Fed’s jobs role as he weighs 2024 bid

By Mark Niquette

FORMER Vice President Mike

Pence is calling for an end to the Federal Reserve’s dual mandate, saying the central bank should focus solely on fighting inflation and leave creating jobs to Congress and the president.

The Fed’s dual mandate for price stability and maximum sustainable employment doesn’t serve the US well, Pence said in an exclusive interview with Bloomberg News before a speech Tuesday in New Hampshire, an early Republican primary state.

Pence is considering challenging Donald Trump for the Republican nomination in 2024, but so far hasn’t risen above the low single digits in polling.

“We would do well as a nation to return the Federal Reserve to its historic mission of ensuring sound monetary policy and look after the strength of our currency and let elected officials worry about full employment,” Pence said in the interview.

Narrowing the bank’s scope has long been a key issue for Pence. As a member of Congress in 2010, he introduced legislation to remove its full-employment mandate and have the Fed focus on inflation alone, but it went nowhere. Congress has to approve any changes to the Fed’s mandate.

With no agreement as yet between President Joe Biden and House Speaker Kevin McCarthy on raising the debt ceiling, Trump has suggested that Republicans let the US default if they don’t get “massive” spending cuts. Pence said while McCarthy should insist on the initial budget cuts approved by

the House, “defaulting on the debt of the United States of America is not an option.”

Asked about Trump’s contention during a CNN town hall last week that default would have more of a psychological effect, Pence said, “I have to believe it would not be good, particularly at a time that other foreign powers, notably China, are making efforts to replace the American dollar as the reserve currency on global markets.”

Pence’s remarks regarding the central bank are the latest sign that it will be a target on the 2024 campaign trail, as Fed officials continue to grapple with decadeshigh inflation and a string of recent bank failures.

Democrats have also criticized Fed Chair Jerome Powell for his aggressive efforts to tame prices, which they warn could cost millions of jobs and tip the economy

into a recession. The Fed has raised rates rapidly to a range of 5% to 5.25% since March 2022, the fastest tightening campaign since the 1980s.

Pence and others largely abandoned the push to narrow the Fed’s mandate when he was vice president to Trump, who pressed Powell to keep rates low to stimulate the economy.

Changing entitlements

AT the event hosted by the Josiah Bartlett Center for Public Policy in Concord, Pence talked about the need for slashing government spending and reforming Social Security and Medicare, a contrast to Republicans such as Trump and McCarthy who say the popular entitlement programs shouldn’t be touched.

“Joe Biden’s policy is insolvency,” Pence said in his speech.

“Some of the leading candidates that will be coming through New Hampshire’s policy are the same. They’re saying we’re just not even going to talk about common sense and compassion reforms.”

The former vice president said in the interview that he’d announce before the end of June whether he’s running, and he’s sanctioned the formation of a super political action committee by his allies. He’s trying to differentiate himself as a champion of fiscal responsibility and business and as a limited-government, constitutional conservative.

In his speech, Pence also called for making the 2017 tax cuts permanent and overhauling the federal permit process for energy, infrastructure and other development projects. He wants to ban the required use of environmental, social and governance principles and permanently end taxpayer bailouts for failing companies.

Finally, Pence said “it’s time to get back to pursuing more free trade with free nations around the world” and that “let’s get connected more in our economies to countries that share our values and use the power of this economy to bring about change in authoritarian nations.”

Pence told reporters after the speech “I disagree with President Trump” who told the Messenger that many people within the antiabortion movement feel the sixweek abortion ban that Florida Governor Ron DeSantis recently signed into law “was too harsh.”

Pence has also broken from Trump on whether abortion should be a states-only issue. Bloomberg News

RUSSIAN President Vladimir Putin, left, speaks to South African President Cyril Ramaphosa during a plenary session at the Russia-Africa summit in the Black Sea resort of Sochi, Russia on October 24, 2019. Ramaphosa said Tuesday, May 16, 2023, that his Russian and Ukrainian counterparts have agreed to separate meetings with a delegation of African heads of state to discuss a possible plan to end the war in Ukraine. SERGEI CHIRIKOV/POOL PHOTO VIA AP

MIKE PENCE BLOOMBERG

editorial

The power of digital financial inclusion

GCash is a micropayment service that transforms the mobile phone into a virtual wallet. Currently the leading digital payment app in the Philippines, GCash has more than 79 million registered users. On May 9, some customers complained on social media that they are not doing any transaction but they are seeing deductions from their GCash balance.

GCash was quick to respond. In a statement on the same day, GCash assured its customers that funds are “safe and secure” following a temporary downtime. It said any deduction from accounts will be adjusted before 3 p.m. “We extended our scheduled maintenance to investigate and determined that no hacking occurred,” the statement read. “We wish to further assure customers that their funds remain safe and secure. We would also like to remind customers never to share their OTP [one-time password) and MPIN (mobile personal identification number].”

OTP is automatically generated and sent to the account holder’s registered mobile number, while MPIN is the numeric password to access the account from the app.

Bangko Sentral ng Pilipinas Governor Felipe M. Medalla said the recent incident involving GCash account holders has prompted the BSP to coordinate with bank and non-bank institutions to resolve issues immediately. “An important e-money company reported its depositors are complaining that they’re seeing their balance is falling although they’re not doing anything. Now, luckily, they were able to respond quickly,” Medalla said in a press briefing. (Read, “After GCash, BSP eyes quick way to settle financial rows,” in the BusinessMirror , May 16, 2023).

“By the way, they are not due to hacking, they’re due to phishing,” Medalla said, as there were some people hastily turning over their one-time password to the scammer. “So, meaning it’s not hacking, it was fooling.”

GCash earlier assured its customers and the public that its application remains safe to use since its management maintains a cyber security program and policy that could deal with any Internet challenges and anomalies.

Gilda Maquilan, GCash vice president for public affairs and corporate communications, earlier reported that after receiving reports of irregular funds’ movement from the subscribers’ accounts, the mobile wallet management immediately conducted a probe and detected phishing as the cause of the problem.

The BSP earlier said that if more Filipinos go cashless, the national government could save a lot of money by way of lower cash printing and coin minting costs. Medalla said the BSP spends quite a significant amount on cash. This is considered a subsidy that makes cash seem cheap for the average Filipino. However, in reality, Medalla said cash is not cheap, especially where the government is concerned. This is the reason for the government’s push for financial inclusion by way of financial technologies. (Read, “Give up cash habit, so central bank can save on costs,” in the BusinessMirror , May 4, 2023).

“Let me first say that cash looks cheap because the central bank absorbs the cost. It costs P10 to make a P20 coin so quite a bit of subsidy of the central bank on the physical cash system. So in a sense, if you literally reduce the demand for cash, the central bank cost for minting will go down,” he said.

Speaking at De La Salle University in October 2017, Jack Ma, founder of the e-commerce giant Alibaba, said: “Philippines, I think you have the opportunity to make the best fintech in the world, because you have so many mobile phones, more than 7,000 islands. We should make Philippines a cashless society. When you have a cashless society, [there is] no corruption. Life is easier.”

The World Bank says financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs—transactions, payments, savings, credit and insurance— delivered in a responsible and sustainable way. The lender considers financial inclusion a key enabler to reduce extreme poverty and boost shared prosperity.

In the Philippines, the lockdowns during the pandemic reinforced the need for increased digital financial inclusion. It would do well for the government to invest in essential infrastructure to improve nationwide digital connectivity. Only then can fintech providers deploy cost-saving digital platforms to reach financially excluded and underserved populations.

Researchers have found that higher levels of broadband adoption lead to economic growth, higher incomes, and lower unemployment. In other words, nationwide broadband availability would spur economic prosperity.

First rule is ‘People are Stupid’

John Mangun

OUTSIDE THE BOX

DurinG the past 25 years that i have been given the opportunity to express my observations and opinions in public, i have been “accused” of being overly optimistic. never mind that i wrote in mid-2015 that the following year would be a time of political upheaval. ignore that i said in september 2019 that 2020 would be economic chaos. Discount that i called 2023 the “Year from hell.”

I am hard-wired to be positive about the future.

I have always operated on the “worst-case” scenario principle. I figured that “best-case” would always take care of itself and I needed to be ready for the storms that the world would throw at me. If you are prepared for the super-typhoon, then when it decides to ravage Taiwan instead of Luzon, all is good.

Yet for months, and increasing lately, I find my thinking has gone gloomy, which is making me irritable and not much fun to be around according to my family.

I am a genuine fan of conspiracy theories much in the same way some people enjoy jokes with puns. These theories fall into three different categories. “The world is flat” and “Governments are run by Lizardpeople” are the “Ludicrous” classi-

fication although at times I find the lizard-people thing plausible. “The moon landing was fake” calls for a “So What?” response because I cannot prove or disprove it and either way, my life will not be affected.

“Global warming causes earthquakes” is the third “Stupid” grouping and I consider that this is spouted by people that take their “science” (and social/economic/political views) from Whoopie Goldberg, Leonardo DiCaprio, and George Clooney. I guess some need a celebrity mentor thought-leader.

However, I do firmly believe that A). Governments do not always have the best interests of We the People in mind, and B). No one tells the truth to the sheep being led to the slaughter. Revolutions and revolts ride on economics. The American war for independence essentially began with

We know that governments bend and break the truth as necessary to hold power and keep control and that far too often “corporate media” acts as the government’s propaganda mouthpiece. Fact, not conspiracy theory.

the Pine Tree Riot in 1772, not with the Battles of Lexington and Concord in 1775. All pine trees in New Hampshire were declared property of the Crown for use only by the Royal Navy. The “Pine Tree Flag” was originally used by a squadron of six frigates commissioned by George Washington as Commander-in-chief of the Continental Army in October 1775.

The short-term cause of the French Revolution was a poor harvest and high bread prices. The “Arab Spring” revolts started with increasingly high food prices and shortages. The Philippines “restored democracy” but only after 10 consecutive quarters of negative economic growth.

“The first rule of warfare is ‘People are Stupid.’ The best plans take that into consideration.”—General Howard “War Dog” Brand.

We know that governments bend and break the truth as necessary to hold power and keep control and that far too often “corporate media” acts as the government’s propaganda mouthpiece. Fact, not conspiracy theory. But there are sources for economic truth that can be depended on to relay facts, or at least there has

been in the past. Unfortunately, I am seeing too many instances when I recall this line from the 1976 film

“The Outlaw Josey Wales”: “There’s another old saying, Senator: Don’t piss down my back and tell me it’s raining.”

An economic research company that I had high regard for is suddenly singing the central bankers’ “Don’t Worry. Be Happy” song. “The global economy is holding up reasonably well.” Fair enough. Good news.

But then I read that part of the reason is because “This [recent world GDP expansion] comprises a boom in China,” a country where economic numbers have a great tendency to be greatly exaggerated. Next, “We have learned that inflation is proving to be worryingly sticky.” Wait. Forbes, May 10, 2023: “Investors got some good inflation news after one popular measure of US consumer prices increased less than expected in April.”

Finally, the clouds clear. “We still expect most major advanced economies to fall into recession this year.” That “holding up reasonably well” is which one, rain or piss?

On a personal note, I invite you to watch my new videos on my YouTube channel “John Mangun—No Nonsense” at youtube.com/@JohnMangunNN. Thank you.

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.

Debt limit progress as Biden, McCarthy name top negotiators to avert national default

By Lisa Mascaro & Seung Min Kim | The Associated Press

WashinGTOn Debt-limit talks shifted into an encouraging new phase Tuesday as President Joe Biden and house speaker Kevin McCarthy named top emissaries to negotiate a deal to avert an unprecedented national default. Biden cut short an upcoming overseas trip in hopes of closing an agreement before a June 1 deadline.

The fresh set of negotiators means discussions are now largely narrowed to what the White House and McCarthy will accept in order to allow lawmakers to raise the debt limit in the coming days. The speaker said after a meeting with Biden and congressional leaders that a deal was “possible” by week’s end, even as— in McCarthy’s view—the two sides remained far apart for the moment.

Biden was publicly upbeat after a roughly hour-long meeting in the Oval Office, despite having to cancel the Australia and Papua New Guinea

portions of his overseas trip that begins Wednesday. Biden will participate in a Group of Seven summit in Hiroshima, Japan, but then return to Washington on Sunday.

“There’s still work to do,” Biden said. “But I made it clear to the speaker and others that we’ll speak regularly over the next several days and staff’s going to continue meeting daily to make sure we do not default.”

Senior White House officials, as well as top aides to the four congressional leaders—McCarthy, RCalif., Senate Majority Leader Chuck

Schumer, D-N.Y., Senate Minority Leader Mitch McConnell, R-Ky., and House Minority Leader Hakeem Jeffries, D-N.Y.—have been meeting daily.

But now, Steve Ricchetti, counselor to the president, Office of Management and Budget Director Shalanda Young and legislative affairs director Louisa Terrell will take the lead in negotiations for the Democratic side, while Rep. Garret Graves, R-La., a key McCarthy ally who has been a point person for the speaker on debt and budget issues, will represent Republicans.

“Now we have a format, a structure,” McCarthy said as he returned to the Capitol.

Negotiators are racing to beat a deadline of June 1, which is when the Treasury Department has said the US could begin defaulting on its debts for the first time in history and risk a financial catastrophe. The re-

vised itinerary of Biden’s upcoming trip showed the urgency of the talks. White House officials sought to soften the impact of the trip cancellations. National Security Council spokesman John Kirby noted that Biden will already have met with some of the leaders of the “Quad”— the purpose of the Australia leg of the visit—while in Japan, and the president is inviting Australian Prime Minister Anthony Albanese for an official state visit in Washington.

Still, Kirby added, “We wouldn’t even be having this discussion about the effect of the debt ceiling debate on the trip if Congress would do its job, raise the debt ceiling the way they’ve always done.”

Even as the Democratic president and the Republican speaker box around the politics of the issue—with Biden insisting he’s not negotiating over the debt ceiling

See “Debt,” A13

The bitter taste of high sugar prices

stop its spread

By Edith M. Lederer | The Associated Press

UNITeD NATIONS—Africa’s Sahel region has become a hot spot for violent extremism, but the joint force set up in 2014 to combat groups linked to the Islamic State, al-Qaida and others has failed to stop their inroads, and a senior UN official warned Tuesday that without greater international support and regional cooperation the instability will expand toward West African coastal countries.

“Resolute advances in the fight against terrorism, violent extremism and organized crime in the Sahel desperately need to be made,” UN Assistant Secretary-General for Africa

Martha Pobee told a UN Security Council meeting.

The counterterrorism force, now comprised of Burkina Faso, Chad, Mauritania and Niger, lost Mali a year ago when its ruling junta decided to pull out. Pobee said the force hasn’t conducted any major military operations since January.

She said the force is adjusting to new realities: France moving its counterterrorism force from Mali to Niger due to tensions with the junta and Mali’s decision to allow Russian mercenaries from Wagner to deploy on its territory.

She said Burkina Faso and Niger have recently strengthened military cooperation with Mali to counter an upsurge in extremist attacks, but “despite these efforts, insecurity in the tri-border area continues to grow.”

Pobee criticized the international community, saying a lack of consensus among donors and partners left the joint force without sufficient funding and other needed support to become fully operational and autonomous so it could have “the capacity to help stabilize the Sahel region.”

An agreement between the UN, EU and the force under which the UN peacekeeping force in Mali supplied fuel, rations, medical evacuation and engineering support to the joint force is expected to end in June, she said, expressing hope that the Security Council will consider the issue of UN financing for African peace operations.

Eric Tiaré, executive secretary of the force known as the G5 Sahel, said experts have finalized a new concept of operations, which will be submitted to its defense council and then to the African Union to be endorsed.

“Given that the Sahel is at a crossroads, as it is seeing many threats to international peace and security, it’s absolutely vital that we provide support to the force,” he said. “The force needs what it has always lacked and what it has always sought. That is sustainable funding and equipment as we seek to counter terrorism.”

UN experts have reported in recent years that Africa has been the region hardest hit by terrorism, and UN counterterrorism chief Vladimir Voronkov told the Security Council in January that the Islamic State group’s expansion in Africa’s center, south and Sahel regions is “particularly worrying.”

Last August, African security expert Martin Ewi said at least 20 African countries were directly experiencing activity by the Islamic

Debt

continued from A12

and McCarthy working to extract spending cuts with the backdrop of a potential default—various areas of possible agreement appeared to be emerging.

Among the items on the table: clawing back some $30 billion in untapped Covid-19 money, imposing future budget caps, changing permit regulations to ease energy development and putting bolstered work requirements on recipients of government aid, according to those familiar with the talks.

But congressional Democrats are growing concerned about the

Pobee criticized the international community, saying a lack of consensus among donors and partners left the joint force without sufficient funding and other needed support to become fully operational and autonomous so it could have “the capacity to help stabilize the Sahel region.”

State group, and more than 20 others were “being used for logistics and to mobilize funds and other resources.”

Ewi, who coordinates a transnational organized crime project at the Institute for Security Studies in South Africa’s capital, Pretoria, told the Security Council that the Islamic State threat was growing by the day in Africa and the continent could be “the future of the caliphate,” which is what the Islamic State called the large swath of Syria and Iraq it seized in 2014 but lost in 2017.

Ewi said the Lake Chad Basin— which borders Chad, Nigeria, Niger and Cameroon—was the extremist group’s biggest area of operation and areas in the Sahel were now “ungovernable.”

Pobee warned that without significant gains in fighting terrorism, “it will become increasingly difficult to reverse the security trajectory in the Sahel, and the further expansion of insecurity towards coastal West African countries.”

She said the recent instability in Sudan was an additional cause for concern. “The devastating effects of the continuing destabilization of the Sahel would be felt far beyond the region and the African continent,” Pobee said.

The US deputy ambassador, Jeffrey DeLaurentis, said the United States “is especially concerned by the security, humanitarian and political crises unfolding in the Sahel, which stem primarily from governance failures.”

He criticized state-led military operations in Burkina Faso and Mali, and Mali’s operations with the Wagner mercenaries, which he said have led to “large-scale civilian casualties and reports of human rights violations.”

DeLaurentis urged Mali to rejoin the G5 Sahel, saying regional efforts are needed to fight terrorism, criminal networks and climate change. And he extended US support to Burkina Faso, Chad and Mali to complete their transitions to democratically elected civilian governments.

“We and other partners are keen to consider restarting currently restricted support,” he said. “The election of democratic governments would help us resume such assistance.”

idea of putting new work requirements for government aid recipients after Biden suggested over the weekend he may be open to such changes. The White House remains opposed to changes in requirements for recipients of Medicaid and food stamp programs, although it is more open to revisions for beneficiaries of the Temporary Assistance for Needy Families cash assistance program. The idea of imposing more work requirements was “resoundingly” rejected by House Democrats at a morning caucus meeting, according to one Democrat at the private meeting and granted anonymity to discuss it.

Progressive lawmakers in par-

CONSISTeNTLY increasing sugar prices is a ticking bomb that should not be ignored.

The Sugar Regulatory Administration (SRA) website showed that the cost of sugar in the market has been consistently rising. In February 2023, the average price of refined sugar was P104.45 per kilogram, which increased to P136 per kilogram in just two months. A shocking 30% surge.

Compared to the price two years ago, a kilogram of refined sugar was priced at P53, making the current increase an alarming 156% in just a little over two years.

The Department of Agriculture (DA) approved the allocation of 440,000 metric tons (MT) of refined sugar to three handpicked companies last February. They were given the condition to reduce the prices of sugar and cover the costs of warehousing to lower the selling price of sugar in the domestic market. However, according to Acting

SRA Administrator Pablo Azcona, only 179,000 MT of sugar arrived before April 1, with only 86,000 MT released for domestic distribution. This figure accounts for only 43 percent of the sugar supply intended for consumers, which apparently is not enough to arrest the skyrocketing prices in public markets.

Indeed, the current prices of sugar in the local market are far from what Senator Risa Hontiveros believes they should cost Filipino consumers. Her office estimates that imported

sugar from Thailand should only cost P65 per kilogram. The impact of the escalating sugar prices is far-reaching. Consumers will be greatly affected, with refined sugar being a key ingredient in many everyday products, including bread, pastries, and beverages. If the price of sugar continues to increase, it could trigger a rise in the cost of many of these products and bring suffering to the already struggling average Filipino.Businesses that rely on sugar, such as bakeries, confectioneries, and beverage manufacturers, will also be affected. They may have to cut costs elsewhere, leading to layoffs, disruptions of operations, or in worst-case scenarios, face closure. The ripple effect caused by spiraling sugar prices will be felt across the national economy.

To make matters worse, the El Niño phenomenon now being experienced by the country will surely exacerbate the situation. This makes government action on the matter even more urgent. Promoting transparency and accountability in the sugar industry is one way that the government can address this issue. The alleged existence of a sugar cartel—after the government only allowed three companies to import sugar—as raised by Senator Risa Hontiveros, further underscores the need for more transparency.

The government should ensure

that there is healthy competition in the sugar market by allowing more sugar importers to enter and compete. Healthy competition from additional importers will deter the formation of an unwanted cartel. More sugar importers will also ensure a steady flow of the product into the country, both for industrial and household users.   There is also a clamor to allow industrial users to import the important commodity directly for their use. Manila Representative Benny Abante and Senator Koko Pimentel support this call.

Allowing industrial users to import sugar directly for their needs will also reap benefits not just for the manufacturing sector. Firstly, it would stabilize the price of sugar in the market, as household consumers would no longer have to compete with industrial users.Secondly, with improved supply and stable sugar prices, sugar-related businesses such as bakeries and food manufacturers can enjoy more stability, preventing the need to lay off employees or close shop.

There is still time to avert this looming crisis that threatens the lives and stability of millions of Filipinos. Now is the right time for the Marcos administration to protect and preserve the interests of all stakeholders.

Comments@andalbilly@yahoo.com

ChatGPT chief says artificial intelligence should be regulated by a US or global agency

By Matt O’brien | AP Technology Writer

The head of the artificial intelligence company that makes ChatGPT told Congress on Tuesday that government intervention will be critical to mitigating the risks of increasingly powerful AI systems.

“As this technology advances, we understand that people are anxious about how it could change the way we live. We are too,” OpenAI CEO Sam Altman said at a Senate hearing. Altman proposed the formation of a US or global agency that would license the most powerful AI systems and have the authority to “take that license away and ensure compliance with safety standards.”

His San Francisco-based startup rocketed to public attention after it released ChatGPT late last year. The free chatbot tool answers questions with convincingly human-like responses.

What started out as a panic among educators about ChatGPT’s use to cheat on homework assignments has expanded to broader concerns about the ability of the latest crop of “generative AI” tools to mislead people, spread falsehoods, violate copyright protections and upend some jobs.

And while there’s no immediate sign Congress will craft sweeping new AI rules, as European lawmakers are doing, the societal concerns brought Altman and other tech CEOs to the White House earlier this month and have led US agencies to promise to crack down on harmful AI products that break existing civil rights and consumer protection laws.

Sen. Richard Blumenthal, the

ticular have raised the issue. Rep. Pramila Jayapal, the chair of the Congressional Progressive Caucus, said, “We want to make sure that these negotiations do not include spending cuts, do not include work requirements, things that would harm people, people in rural areas, black, brown, indigenous folks.”

Democratic leader Jeffries’ staff sought to assuage the concerns late Monday, while a separate group of more centrist Democrats signaled to their moderate Republican colleagues they are prepared to work something out to reach a debt ceiling deal, aides said Tuesday.

While McCarthy has complained the talks are slow-going, saying he first met with Biden more than 100

Connecticut Democrat who chairs the Senate Judiciary Committee’s subcommittee on privacy, technology and the law, opened the hearing with a recorded speech that sounded like the senator, but was actually a voice clone trained on Blumenthal’s floor speeches and reciting ChatGPTwritten opening remarks.

The result was impressive, said Blumenthal, but he added, “What if I had asked it, and what if it had provided, an endorsement of Ukraine surrendering or [Russian President] Vladimir Putin’s leadership?”

The overall tone of senators’ questioning was polite Tuesday, a contrast to past congressional hearings in which tech and social media executives faced tough grillings over the industry’s failures to manage data privacy or counter harmful misinformation. In part, that was because both Democrats and Republicans said they were interested in seeking Altman’s expertise on averting problems that haven’t yet occurred.

Blumenthal said AI companies ought to be required to test their systems and disclose known risks before releasing them, and expressed particular concern about how future AI systems could destabilize the job market. Altman was largely in agreement, though had a more optimistic

days ago, Biden has said it took McCarthy all this time to put forward his own proposal after Republicans failed to produce their own budget this year.

Compounding pressure on Washington to strike a deal, Treasury Secretary Janet Yellen said Monday that estimates are unchanged on the possible “X-date” when the US could run out of cash.

But Yellen, in a letter to the House and Senate, left some opening for a possible time extension on a national default, stating that “the actual date Treasury exhausts extraordinary measures could be a number of days or weeks later than these estimates.”

“It is essential that Congress act as

take on the future of work.

Pressed on his own worst fear about AI, Altman mostly avoided specifics, except to say that the industry could cause “significant harm to the world” and that “if this technology goes wrong, it can go quite wrong.”

But he later proposed that a new regulatory agency should impose safeguards that would block AI models that could “self-replicate and selfexfiltrate into the wild”—hinting at futuristic concerns about advanced AI systems that could manipulate humans into ceding control.

That focus on a far-off “science fiction trope” of super-powerful AI could make it harder to take action against already existing harms that require regulators to dig deep on data transparency, discriminatory behavior and potential for trickery and disinformation, said a former Biden administration official who co-authored its plan for an AI bill of rights.

“It’s the fear of these [super-powerful] systems and our lack of understanding of them that is making everyone have a collective freak-out,” said Suresh Venkatasubramanian, a Brown University computer scientist who was assistant director for science and justice at the White House Office of Science and Technology Policy. “This fear, which is very unfounded, is a distraction from all the concerns we’re dealing with right now.”

OpenAI has expressed those existential concerns since its inception.

Co-founded by Altman in 2015 with backing from tech billionaire Elon Musk, the startup has evolved from a nonprofit research lab with a safety-

soon as possible,” Yellen said Tuesday in remarks before the Independent Community Bankers of America. “In my assessment—and that of economists across the board—a US default would generate an economic and financial catastrophe.”

Time is dwindling. Congress has just a few days when both the House and Senate are in session to pass legislation, although scheduled recesses could be canceled if more time is needed to clear whatever deal the White House reaches with McCarthy.

Congressional leaders will also need time to take the temperature of rank-and-file lawmakers on any agreement, and it’s not at all clear that the emerging contours go far

focused mission into a business. Its other popular AI products include the image-maker DALL-E. Microsoft has invested billions of dollars into the startup and has integrated its technology into its own products, including its search engine Bing.

Altman is also planning to embark on a worldwide tour this month to national capitals and major cities across six continents to talk about the technology with policymakers and the public. On the eve of his Senate testimony, he dined with dozens of US lawmakers, several of whom told CNBC they were impressed by his comments.

Also testifying were IBM’s chief privacy and trust officer, Christina Montgomery, and Gary Marcus, a professor emeritus at New York University who was among a group of AI experts who called on OpenAI and other tech firms to pause their development of more powerful AI models for six months to give society more time to consider the risks. The letter was a response to the March release of OpenAI’s latest model, GPT-4, described as more powerful than ChatGPT.

The panel’s ranking Republican, Sen. Josh Hawley of Missouri, said the technology has big implications for elections, jobs and national security. He said Tuesday’s hearing marked “a critical first step towards understanding what Congress should do.”

A number of tech industry leaders have said they welcome some form of AI oversight but have cautioned against what they see as overly heavyhanded rules.

enough to satisfy McCarthy’s hardright faction in the House or would be acceptable to a sizable number of Democrats whose votes would almost certainly be needed to secure any final deal.

Republicans led by McCarthy want Biden to accept their proposal to roll back spending, cap future outlays and make other policy changes in the package passed last month by House Republicans. McCarthy says the House is the only chamber that has taken action to raise the debt ceiling. But the House bill is almost certain to fail in the Senate, controlled by Democrats, and Biden has said he would veto it. Associated Press writers Fatima Hussein and Kevin Freking contributed to this report.

UN: Africa’s Sahel desperately needs help to fight violent extremism and

CONSTRUCTION GOODS’ PRICES HIT 17-MO LOW

THE price increase in retail construction materials in Metro Manila slowed to a 17-month low in April, according to latest data from the Philippine Statistics Authority (PSA).

T he Construction Materials

Retail Price Index in the National Capital Region (NCR) slowed to 2.6 percent in April, the lowest since the 2.3 percent growth posted in November 2021.

The April 2023 annual growth of CMRPI marked its ninth consecutive month of deceleration. In April 2022, its annual increment was recorded at 6.1 percent,” PSA added.

Compared with the March 2023 annual growth rates, all commodity groups posted slower annual growths during the month.

A mong the commodity groups, miscellaneous construction materials primarily influenced the lower annual growth rate of CMRPI during the month, growing a mere 0.2 percent in April 2023 from 6.2 percent in March 2023.

A lso a factor in the downtrend was the slowdown in plumbing materials, which grew by 0.7 percent in April

2023 from 2.2 percent in the previous month.

T he PSA said commodity groups recorded lower annual growth rates during the month.

Carpentry materials grew 2.8 percent, slower than the 3.3 percent recorded in March 2023; while electrical material prices grew 2.2 percent but were also slower than the 2.4 percent posted in March 2023.

Masonry material prices grew

2.5 percent from 3.6 percent in March 2023; painting materials and related compounds, 4.6 percent from 5.6 percent in March 2023; and tinsmithry materials, 4.4 percent from 4.7 percent in March 2023.

Meanwhile, in terms of wholesale construction material prices, PSA said the increase in prices of these materials slowed to 7.4 percent, an eight-month low.

Data showed this was the slowest since August 2022 when wholesale construction material prices grew by 7 percent.

P SA added that a higher annual growth rate was posted in March 2023 at 7.7 percent, while its annual growth rate in April 2022 was recorded at 6.9 percent.

Continued on A3

Chinese fishing boat sinks; 5 Pinoys among 39 people missing

BEIJING—Reports Wednesday said 39 people are missing more than 24 hours after a Chinese fishing boat operating in the Indian Ocean capsized.

C hinese state broadcaster CCTV said the accident happened around 3 a.m. Tuesday. The report said the crew includes 17 from China, 17 from Indonesia and five from the Philippines.

Chinese leader Xi Jinping and Prime Minister Li Qiang have ordered Chinese diplomats abroad, as well as the agriculture and transportation ministries, to assist in the search for survivors.

“All-out efforts” must be made in the rescue operation, Xi was quoted as saying by the official Xinhua News Agency. Li ordered unspecified measures to “reduce casualties and strengthen safety management of fishing vessels at sea to ensure safe maritime transport and production,” Xinhua said. No word was given on the cause of the capsizing.

A ustralia, Indonesia and the Philippines have also expressed their willingness to join in the search. Indonesia’s National Search and Rescue Agency said the capsizing occurred about 4,600 kilometers (2,900 miles) northwest of Australia.

Several ships and an Australian Defense Force P-8A Poseidon aircraft have been searching the area. The Indian Ocean stretches from South Asia and the Arabian Peninsula to east Africa and western Australia. No survivors or life rafts have been spotted.

T he Philippine Coast Guard Command Center said Wednesday it was monitoring the situation and coordinating with the Chinese Embassy in Manila, as well as search and rescue teams operating near the vessel’s last known location.

T he Australian Maritime Safety Authority said it was coordinating the search in what it called a remote location in the Indian Ocean, about 5,000 kilometers (3,100 miles) northwest of the coastal city of Perth. It said the agency received a distress beacon signal from the fishing vessel at about 5:30 a.m. Tuesday, Australian time, and that weather conditions in the area Tuesday were “extreme,” but had improved by Wednesday.

Merchant and fishing vessels in the area were also searching for survivors Wednesday.

A Perth-based Challenger rescue aircraft will drop a buoy to help with

First Gen pouring in $20B to grow RE portfolio by ’30

By Lenie Lectura @llectura

First Gen President Francis Giles

Puno said in a media briefing after the company held its annual meetingWednesday that the 13,000MW target capacity is in line with the Department of Energy’s  (DOE) anticipated growth in electricity. The agency has also set a target of 35-percent share of renewable energy (RE) in the power generation mix by 2030 and 50 percent share by 2040.

“As a response to this need, we are diligently working towards significantly growing our portfolio to 13GW by 2030, aiming for a majority of this capacity to be powered by renewables,” said Puno.

F Gen currently has around 3,500 MW of installed capacity in its portfolio, which account for 19 percent of the country’s gross generation.

T he company plans to grow its gas capacity by 2,000MW from 2,017MW, solar by 1,500MW from 12MW, wind by 5,100MW from 150MW, geothermal by 700MW from 1,182MW; hydro by 300MW from 134MW; and BESS to 40MW by 2030.

He explained they were putting it as a 2030 target “because we’re aligning it with the DOE’s forecasted demand. If the government is saying this is the demand growth,

then we’ll have to keep up with that demand growth. It is aligned with that.  But more importantly for us, we’ll have to have an organization and an initiative on all our platforms to be able to address that expected demand of energy in the country by 2030.”

FGen, which has ditched coal power plants since 2016, has lined up a number of RE projects to support its 13,000MW target.

D uring the company’s annual stockholders’ meeting, Puno announced the planned construction of 1GW wind power plants on existing onshore wind concessions as soon as the National Grid Corporation of the Philippines (NGCP) completes the necessary grid developments.

A lso, the company will put up 3GW off-shore wind concessions in the Guimaras-Iloilo Negros Occidental area by 2030. Moreover, the potential for a 100-MW solar farm in the Leyte geothermal sites and a 30-MW wind farm in the Burgos site is being studied.

F or hydro, First Gen said the  100-MW Aya pumped-storage hydro power project is scheduled

to start construction in the third quarter of  this year. The project will supply ancillary services to the grid and is designed to pump water from its reservoir to its upper reservoir for storage when there is excess electricity at low cost. The stored water is then released back to the lower reservoir to generate electricity when demand increases.

First Gen is also undertaking predevelopment activities for runof-river projects, including the 32MW Bubunawan, 33-MW Tagoloan, 30-MW Puyo, and 39-MW San Isidro projects.

It also inaugurated the 3.6-MW Mindanao 3 Binary power plant project in Kidapawan last April 27 as part of its RE portfolio expansion. Meanwhile, the construction of the 28.9-MW Palayan Binary project is ongoing, with plans to start commercial operations in September.

T he company has secured two RE service contracts for solar and wind from the DOE at  end-2022. This year, it was awarded with 14 more service contracts.

drift modelling to further assist in the search, the agency said.

T he Lu Peng Yuan Yu 028 was based in the eastern coastal province of Shandong, operated by the Penglai Jinglu Fishery Co. Ltd., according to the reports. Another Chinese vessel, Lu Peng Yuan Yu 018, is operating near to the upturned hull and has been asked to conduct a grid search for survivors, according to the Indonesian agency.

C hina is believed to operate the world’s largest fishing fleet. Many of them stay at sea for months or even years at a time, supported by Chinese state maritime security agencies and a sprawling network of support vessels.

A long the Bay of Bengal at the Indian Ocean’s northern end, Myanmar and Bangladesh were undergoing recovery from a powerful cyclone that smashed into their coastlines, causing widespread destruction and at least 21 deaths, with hundreds of others believed missing.

Chinese squid fishing ships have been documented using wide nets to illegally catch already overfished tuna as part of a surge in unregulated activity in the Indian Ocean, according to a report released in 2021 by a Norwaybased watchdog group that highlighted growing concerns about the lack of international cooperation to protect marine species on the high seas.

T he group, called Trygg Mat Tracking, found that the number of squid vessels in the high seas of the Indian Ocean—where fishing of the species is not regulated—has increased sixfold since 2016.

T he US Coast Guard was also involved in a dangerous confrontation with Chinese vessels not far from Ecuador’s Galapagos Islands in 2022 during a mission to inspect the vessels for any signs of illegal, unreported or unregulated fishing.

C hinese fishing vessels operating illegally are known to sail “dark,” with their mandatory tracking device that gives a ship’s position either switched off, transmitting intermittently, or providing false identifiers.

In 2014, Malaysia Airlines Flight 370 was believed to have gone down somewhere in the Indian Ocean with 239 people aboard. That Boeing 777, which remains missing, became invisible to civilian radar when its transponder locating device stopped transmitting

a flight from Kuala Lumpur.

‘Power firms must provide reliable electricity’

SEN. Grace Poe reminded power firms Wednesday they were granted with franchises and permits by the government to carry out the vital task of providing reliable electricity at all times.

A t a hearing on long, frequent power outages in certain key regions of the country, notably in Panay and in Occidental Mindoro, Poe, who chairs the Senate Committee on Public Services, stressed that, “reliability is a big commitment in the provision of public service.”

Kailangan ay maaasahan ka ng mga tao sa lahat ng oras  [People should be able to depend on you at all times], whatever the circumstances are,” said Poe said at Wednesday’s hearing of the Senate

Energy committee that convened to tackle, among others, her Resolution on the Panay Island power situation.

Thus, it should be the responsibility of our public service providers to ensure that proper measures are in place and upgrades are implemented to continuously improve the reliability of the system,” the senator stressed.

She reminded everyone that Republic Act No. 9511 granted the National Grid Corporation of the Philippines (NGCP) a franchise “with the commitment to support safe and reliable operation of the transmission system in the Philippines.”

“The weight of its responsibility

is heaviest being the sole operator,” the senator stressed.

A franchise is a privilege especially if it involves a natural monopoly given to a sole company, she stressed, noting, in mixed English and Filipino that: “This goes with the big responsibility to serve the public, and the moment it fails to do this, this can be taken back.”

S he then wondered aloud why, for several years now, the supposed audit on NGCP’s performance, started in 2019 by the Energy Regulatory Commission (ERC), has not been finished.

S he said authorities should have acted quickly to remedy the situation to spare the people in

Occidental Mindoro of the blackouts, lamenting that “it turns out there was a solution to provide power; all that was needed was a provisional  authority.  The Department of Energy should he predicted the shortfall early on, and solutions could have been done.” I f “permits were the only problem,” she added, “a way should have been found to solve the problem.”

A t the same time, Poe cited the “need to determine the cause of the grid disturbances in Panay Island and who should be held responsible—NGCP or local distribution utility Central Negros Electric Cooperative [Ceneco].”

FIRST Gen Corp. of the Lopez group is pouring in as much as $20 billion to grow its portfolio to 13 gigawatts (GW), or 13,000 megawatts (MW), by 2030.

PORT PROTEST Members of the Alliance of Concerned Truck Organizations gathered in front of the Philippine Port Authority on Wednesday, May 17, 2023, to protest against Administrative Order No. 04-2021. The order suggests implementing an extra container monitoring system aimed at curbing smuggling activities in ports. However, the alliance believes that this proposed policy would adversely affect ordinary Filipino consumers already reeling from high inflation. The Department of Transportation (DOTr) has suspended enforcement of the order. NONIE REYES

Editor: Jennifer A. Ng

Companies

Thursday, May 18, 2023

DMCI: Muted growth likely due to inflation, geopolitics

By VG Cabuag @villygc

dMCI Chairman Isidro A. Consunji said the factors that will mute growth are the moderate global economic recovery, “persisting geopolitics of vengeance,” elevated domestic inflation, price volatility, high interest rates and the lingering effects of the Covid-19 pandemic.

“As we look ahead to 2023 we expect a blend of challenges for our business portfolio. dMCI and dMCI homes will continue to face headwinds as high interest rates and hybrid work models temper demand. Inflated raw material costs but also erode their margin,” Consunji said. to navigate these challenges we

will explore new product formats, such as leisure and premium offerings. We will also employ value engineering techniques to identify cost efficient options while exploring alternative business models, such as joint ventures to further optimize our operations.”

t he conglomerate reported in March that its net income in 2022 surged to an all-time high of P31.1 billion, a 69 percent increase from the previous year’s P18.4 billion, mainly on the spike in the prices of commodities.

Consolidated revenues climbed 32 percent to P142.6 billion from

P108.3 billion as a result of higher coal and electricity prices.

Consolidated core net income rose 80 percent to P31.2 billion from P17.4 billion.

dMCI Power, meanwhile, is set to expand with the commissioning of additional plants in Palawan and Masbate this year. t hese developments will contribute to the company’s power generation capacity.

Consunji said Maynilad Water Services Inc., the West Zone concessionaire, is already benefiting from a 5-year rate rebasing adjustment since January, which should drive revenue growth and capital expenditure

“All this considered, our company’s growth in 2023 will likely be muted. But I remain optimistic about our ability to adapt and persevere.

Our diverse portfolio, sound financial position and commitment to operational excellence, give us a strong foundation to navigate the volatile business environment and continue delivering value,” Consunji said.

dMCI is in continuous discussions with the department of en-

ergy for a possible amendment of its coal operating contract in Semirara island.

For dMCI Mining, it was able to secure the needed environmental compliance certificates to more than double its nickel ore production in Zambales.

dMCI Mining is in the process of securing the needed auxillary permits to ramp up production and upgrade the new mines by early next year, according to Consunji.

“With these developments, we can start shipping more and higher grade nickel ore in 2024,” Consunji said.

“We [also] plan to construct wind and solar facilities in Semirara island for our renewable energy arm dMC I Power. Our goal is to secure a long term power supply agreement with the local electric cooperative, which will lead to reduced generation costs and more competitive tariff for the island residents. No firm timeline has been set for these R e [renewable energy] projects, but we hope to move forward on them by early next year.”

AirAsia posts surge in bookings

By Lorenz S. Marasigan @lorenzmarasigan

Budget carrier AirAsia Philippines said on Wednesday it achieved 75 percent of its pre-pandemic summer booking levels.

AirAsia Philippines Communications and Public Affairs Country Head Steve da ilisan said the top 5 most booked local destinations for Filipinos this summer include Cebu, Boracay, ta cloban, Iloilo, and Bohol.

“ t h e surge in bookings this summer reflects a strong rebound

PERC Q1 profit hits ₧340M

Pu BLICLY-LISt ed Petroenergy Resources Corp. (PeRC) reported a net income of P340 million in the first quarter, 35 percent higher than the P252 million recorded in the same period a year ago.

t he Yuchengco-led firm attributed the increase to the improved electricity sales of its renewable energy (R e) operating units and a significant increase in interest income from shortterm investments.

“ t hese increases cushioned the impact of the decline in PeRC’s revenues from its gabon oil operations due to lower crude oil prices,” PeRC said in a statement.

Revenues stood at P607.58 million at end-March this year from P592.15 million posted in the same period a year ago. t he bulk of PeRC’s revenues came from its investments in R e projects through its subsidiary and R e holding company, Petro green energy Corp. (P ge C ). P ge C through its PetroSolar Corp. subsidiary currently operates the 50MW ta rlac-1 and the 20MW ta rlac-2 solar power facilities in Central te chnopark, ta rlac City. P ge C is also developing the 27MW da gohoy solar project in Bohol and the 25MW Bugallon solar project in Pangasinan. Lenie Lectura

B1

Jollibee will expand China store network

in travel demand. We are thrilled to witness such enthusiasm from travelers, with reservations reaching unprecedented levels,” da ilisan said in a statement.

ta ipei, Incheon, Bangkok, Narita, and Osaka meanwhile were the top-booked summer destinations for international travel.

“We attribute this overwhelming development to the continuous opening of international destinations, added flight frequencies, and the Filipino’s strong appetite for travel. AirAsia Philippines is committed to providing exceptional service and ensuring a safe

and enjoyable journey for all our guests,” he said.

Aside from the high volume of seats booked online, AirAsia also noticed that group bookings have also started to pick up as it rose by more than 140 percent in March to May.

t h is only manifests that aside from solo travels, Filipino travelers are now keen on revisiting their sidelined travel buckets and excited to experience each destination’s cuisine, culture, and traditions along with their family, friends, and colleagues.”

AirAsia Philippines is capitaliz-

ing on Cebu as one of the alternatives to the Manila International Airport, especially with the mounting of more international flights to Narita, Osaka, Narita, Seoul, Kaohsiung, Kuala Lumpur, and Shenzhen.

“We would like our guests, solo and group travelers alike, especially those coming from Central Visayas to familiarize themselves with our flights from MactanCebu International Airport as this will not only save more travel time but will also foster inclusive growth within the region,” d a ilisan said.

FAS t F OO d giant Jollibee Foods Corp. on Wednesday said it is planning to beef up its expansion in China using a capital-light strategy.

In a briefing, the company said it is focusing more on franchising its Yonghe King stores while further developing the market for its more premium t i m Ho Wan brand.

“China is one of our strategic markets along with the u n ited States and the Philippines. So it is all about growth. What we’re seeing right now is a decent base of 505 stores with three Chinese cuisine brands…and our growth strategy is to continue in that segment,” Jollibee’s CFO Richard Shin said.

He said quickservice restaurants (QSR) are a significantly important segment in China, and Jollibee be-

lieves that its three brands there have upside mobility, and gain.

“Yonghe King, which is our biggest of the three brands, we’ve now more or less covered all the tier-one cities and it’s a combination of company owned stores with a sprinkle of franchised stores,” Shin said.

“Our strategy starting from this year is to really elevate that base through a significant store openings and…and that will come through a very capital-light option of franchising.

So, with those tier-one cities, we’re now able to satellite into neighboring tier-two cities. And that’s where we’ll be opening Yonghe Kings through the franchise model.”

He said they are planning to open about 100 to 150 stores in China this year. VG Cabuag

LOPEZ-LED FIRST GEN RE-ELECTS BOARD Members of the board of First Gen Corp., led by its Chairman and CEO Federico R. Lopez (fifth from left), pose for a group photo after they were re-elected for another term during the company’s annual stockholders’ meeting and elections on May 17, 2023. Also in photo are (from left) Atty. Rachel Hernandez, corporate secretary; Manuel L. Lopez Jr., director; Alicia Rita L. Morales, independent director; Francis Giles B. Puno, director, president and COO; Richard B. Tantoco, director and executive vice president; Edgar O. Chua, independent director; Manolo Michael De Guzman, director; and Cielito F. Habito, independent director. Also re-elected as directors are Elvira

Consunji-led dMCi Holdings inc. said lingering challenges to the economy would weigh on the financial performance of the company this year.

A sERvICE assistant prepares a customer’s take-out order at the Jollibee Foods Corp. restaurant in Taguig City, Manila, the Philippines, on March 13, 2021. bloomberg news

Solons OK tax, revenue rules for nuclear power

By Jovee Marie N. dela Cruz @joveemarie

THE House Committee on Ways and Means has approved the tax and revenue provisions of the unnumbered substitute bill that would create a body that will regulate the nuclear energy sector in the country.

The House Ways and Means Committee, chaired by Rep. Jose Ma. Clemente “Joey” S. Salceda, approved the substitute bill, which seeks the establishment of the Philippine Atomic Energy Regulatory Authority, or “PhilATOM,” and provides for a comprehensive legal framework for radiation protection, nuclear security safety and safeguards and physical safety in the peaceful utilization of nuclear energy in the Philippines.

The panel specifically approved PhilATOM’s exemption from donor’s tax.

The bill also mandates that, in accordance with the Customs Modernization and Tariff Act (Republic Act 10863), the review and approval of export authorizations of nuclear materials would be coordinated with the Department of Trade and Industry-Strategic Trade Management Office, the Bureau of Customs and other border authorities.

Aside from establishing the PhilATOM, the bill also sets up a comprehensive legal framework for radiation safety and standards for the peaceful utilization of nuclear energy. The bill also sets the requirements for authorization and regulation of nuclear energy applications. The House tax panel revised tax provisions which the nuclear energy panel accepted.

“It is high time to finally provide

for a guiding framework to harness nuclear energy in the country,” Salceda said. “Let’s stop scaring ourselves and let the science and history guide our decisions on nuclear energy.”

Dependence on coal, oil

THE lawmaker noted that the country’s dependence on coal and oil imports, “the long-term effects of fossil fuel consumption on health and climate, the instability of other energy sources, as well as the land area needed by most renewable sources all point to nuclear as a necessary, if not inevitable, option for a country with our population size.” According to Salceda, nuclear can produce energy for as low as P1.50 per kilowatt-hour in generating costs.

“Of course, I understand the valid criticisms of nuclear energy. But, nuclear energy cannot be a yes-orno question, where we simply choose to completely ignore it forever. If the question is safety, what we must ask ourselves is how to make nuclear energy safe, not to abandon it altogether,” he said.

Salceda said that due to fossil fuel use, estimates range from 11,000 to 27,000 premature deaths per year.

“Nuclear pollution will only cause 1 death every 33 years. Just below solar energy, it is the safest form of energy and it is baseload, unlike solar,” he added.

Salceda said he and fellow authors of the yet-to-be named bill are “open to arguments centered on the science.” The bill is principally authored by Representatives Marcos Juan Bruno “Mark” O. Cojuangco, Gloria Macapagal Arroyo and Salceda.

“But without a guiding framework to begin with, no meaningful debate can take place,” he added.

LandBank OKs ₧272-M loan for N. Ecija schools

SAN JOSE CITY, Nueva Ecija—The Land Bank of the Philippines Inc. (LandBank) announced granting the City Government of San Jose a P272million loan for the construction of new public school buildings.

In a statement, the state-run lender said the San Jose local government unit will use the loan to build 18 new public school buildings, 15 of which are allotted for elementary schools, two for secondary schools and one for an integrated school.

The lender said the project is expected to be implemented in 15 different barangays, including areas with high incidence of drop-outs due to the lack of nearby educational facilities and high education cost incurred by mostly farmer-parents.

Once completed and operational, the new school buildings is expected to provide 115 additional classrooms to around 4,025 students at an ideal classroom to student ratio of 1:33. This will help accommodate more students, from 33,357 to 37,382, who mostly come from families of farmers, regular fixed income

earners, and micro and small entrepreneurs. The project will also benefit the local economy by generating new employment to 72 additional teachers, the Landbank statement read. San Jose City Mayor Mario O. Salvador and LandBank Nueva Ecija Lending Center Head, Vice President Eduardo N. Reyes, Jr. led the ceremonial signing of the loan agreement on 25 April 2023. They were joined by City Treasurer Arnold A. Escuadro, Landbank San Jose Branch Head Imelda G. Eusebio, and Account Officer Ruben A. Laureta.

The mayor expressed gratitude for the lender’s support in the project. LandBank said it has been a partner of the San Jose LGU since 2002 in delivering responsive and meaningful public services. The bank said it has previously supported local development projects that include the acquisition of heavy equipment and the construction of a public market, farm-to-market roads, school buildings, overflow bridge and other facilities.

Medalla: GCash app snafu not hacking but phishing

By VG Cabuag @villygc

Mactan, cebu—Bangko

“It turns out in this particular case, it is phishing. For some reason, they (scammers) were able to convince the person to give their OTP (one time password), despite all the warnings na never share the OTP,” Medalla said at the sidelines of a news conference on the “Financial Stability Board-Regional Consulta-

tive Group for Asia” workshop and meeting.

The BSP Governor said a large part of the money were still lodged at the two bank accounts when the scammers were caught by G-Xchange executives.

Officials of the wholly-owned subsidiary of Globe Fintech Inno-

vations Inc. announced the firm was able to restore 80 percent of the about P37 million carted away by the scammers last week.

“Fortunately, [the firm] is fast; they traced the two bank accounts where most of the stolen money were lodged. In fact the two banks told me that they have restored the money to [the] GCash [accounts],” Medalla said. If the authorities were able to trace the owners of the two accounts, they may be held criminally liable even if they just “lend” those accounts to the scammers.

“Of course it is better if it did not happen at all. But our source of comfort is that it is not hacking. The scammers will use your own greed,” the BSP chief said.

Medalla said even if the country’s digital banking is secure, it wouldn’t matter if the account holder is sharing his OTP.

“The last level of protection is the OTP. So, in other words, the only way that (access to one’s personal account) will happen if there’s somebody talking to you on the other side

(for you to share your OTP) and that’s very convincing,” he said.

Phishing is an online scam where hackers inveigle individuals into giving them sensitive data. Scammers also create fake websites that closely resemble the real site that many users fail to recognize.

With the latest GCash incident, one issue that investigators are looking into is the proliferation of gambling applications not endorsed by the Philippine Amusement and Gaming Corp.

These apps are usually endorsed by social media influencers.

Medalla said things like the GCash incident will happen as bank deposits are now closer to money than ever before.

“Clearly, private money will be more and more closer substitutes for sovereign money. In that sense, it’s bad because then the edge of the centralized central bank will be reduced, especially at the time when we think that reserve requirements are too high should be reduced,” the central bank governor said.

‘Banking not about scale, size but agility, relevance’

By Cai U. Ordinario @caiordinario & VG Cabuag @villygc

THE pandemic has transformed the Philippine banking industry to one that is about agility and relevance rather than size and scale, according to the Asia United Bank (AUB).

In his speech at the 10th listing anniversary of the bank last Wednesday, AUB President Manuel A. Gomez said size mattered in the banking industry in the past; making it difficult for smaller players to survive. Gomez said a decade ago, AUB had to compete with “bigger and older competitors” with abundant resources to put up branches nationwide and abroad.

“The pandemic was really a game changer. Suddenly, customers started moving to online and mobile platforms when they bank. Technology has shifted the game from size and scale to agility and relevance. And for AUB, this is the level playing field,” the executive said.

Gomez said technology allowed banks like AUB to adjust to the demands of “modern” consumers who have 24/7 service needs and have different preference in terms of accessing these services.

By investing in technology and making it a competitive advantage in the past decade (from 2013 to 2022), AUB tripled its total assets to P340 billion from P105 billion and its net income to over P6 bil-

lion from P1.5 billion.

Less cost

FROM a Return on Eqiuty (ROE) of 9.96 percent in 2013, AUB posted a 16.12-percent ROE in 2022, higher than prior to the pandemic.

“Thanks in part to the proceeds from our IPO [initial public offering], we were already embarking on several digital banking innovations years prior to the pandemic. These innovations include [our] mobile app, our e-wallet, pioneering payments via QR [quick response] and the early adoption of the national QR PH code, and our all-in-one digital payment acceptance product,” Gomez said. He added that AUB’s dividend

SSS names ex-Laoag RTC judge into governing board

THE Social Security System (SSS) announced the appointment of Commissioner Manuel L. Argel Jr. as acting member of the Social Security Commission (SSC), the highest governing board of the SSS, representing the Employers’ Group.

The SSS said that Argel, who was first appointed as a member of the SSC in September 2019, is a member of its Audit Committee and Risk Management and Investments Committee as well as the SSS Nominee-Director in the Boards of Philippine Long Distance Telephone Co. and Philam Life Tower Management Corp.

Argel is a retired Regional Trial Court (RTC) Judge for Laoag City, Ilocos Norte and a member of the Judiciary for 20 years. He served as the Executive Judge of RTC Laoag from 2005 to 2007 and was a Presidential Assistant for Region I in the Philippine Judges Association.

Prior to his service in the judicial branch, Argel was a private law prac-

titioner for 20 years. In 1995, he was accredited as a Voluntary Labor Arbitrator of the Department of Labor and Employment National Conciliation and Mediation Board. He also held various positions in the Integrated Bar of the Philippines-Ilocos Sur Chapter, National Citizen’s Movement for Free Elections, Ilocos Sur Local Amnesty Board and the People’s Assistance Development Action

Center Inc.

In addition, Argel served in the legislative branch when he was elected in 1980 as a member of the Sangguniang Bayan of Vigan City. He was given the Legislator’s Award by the City Government of Vigan in 2008 in recognition of his accomplishments and contributions as a former legislator of the city.

Argel is a distinguished alumnus of San Beda University, where he obtained both his Bachelor of Arts in Philosophy and Bachelor of Laws Degrees. He is also a Charter Grand Knight and LecturerMember of the Knights of Columbus.

Other members of the SSC are Secretary of Finance Benjamin E. Diokno (ex officio chairman); SSS President and CEO Rolando L. Macasaet (vice-chairman); Secretary of Labor and Employment Bienvenido E. Laguesma (ex officio member); and Commissioners Diana Pardo Aguilar, Anita Bumpus-Quitain, Jose C. Julio, Robert Joseph M. De Claro and Eva B. Arcos.

yield has more than doubled to 4.82 percent in 2022 from 2.09 percent in 2016. The bank’s cost-to-income ratio steadily declined to 41.7 percent in 2022 from 56.66 percent in 2013.

In the first three months of 2023, AUB and its four subsidiaries booked a P2-billion net income, 54-percent higher than the same period in 2022. This resulted in ROE of 19.9 percent and a return on assets of 2.5 percent.

“As of the first quarter of this year, cost comprised just a third of our income—among the best, if not the best, in the industry,” Gomez said.

“This efficiency is solid proof that our sustained investments in automation enhancements and process optimization to deliver quality

services to our customers efficiently at less cost is paying off.”

Young player GOMEZ said that earning a reputation as one of the fastest-growing publicly listed universal banks today is no small feat given the series of crises it had to overcome, starting from the 1997 Asian financial crisis when the bank started.

AUB first opened in a single room at the Parc Royale Condominium on Doña Julia Vargas Avenue in Ortigas Center, Pasig City on October 31, 1997, just a few months after the Asian financial contagion.

On the same year, the Bangko Sentral ng Pilipinas (BSP) implemented several rounds of capital increases among banks, tightened the rules on classifying loans and loan loss provisioning, and imposed stricter policies for the issuance of new banking licenses. It also obligated banks to disclose more information to the public.

“All these were meant for only the fittest to survive. But they also made the operating environment more hostile for a young player like AUB,” he said.

To compete, Gomez said, AUB acquired Asiatrust Bank, the Rural Bank of Angeles, and Cavite United Rural Bank to grow its network. They also offered shares to the public to fund their growth and play catch up with the more established players in the industry.

BIR allows mo’ly VAT filing, payment

THE Bureau of Internal Revenue (BIR) announced recently that Commissioner Romeo D. Lumagui Jr. Issued Revenue Memorandum Circular (RMC) 52-2023 last May 10, 2023, giving VAT-registered taxpayers the option file and pay Value-Added Tax (VAT) on a monthly basis using “BIR Form 2550M.”

“Taxpayers have the option to file and pay their VAT on a monthly basis with no penalties. This would improve our goal of excellent taxpayer’s service. My aim is not only a goal-oriented BIR, but also a service-oriented one. Again, I welcome all comments, suggestions and feedback from our dear taxpayers. I want to create a conducive avenue for our compliant VAT taxpayers, and of course reduce their financial burden,” Lumagui was

quoted in a statement as saying.

Republic Act 10963 or the Train (Tax Reform for Acceleration and Inclusion) law, removed the monthly filing of VAT returns.

“Beginning January 1, 2023, the filing and payment required under this subsection shall be done within twenty-five (25) days following the close of each taxable quarter,” the Train law’s provision read.

However, the BIR said there were numerous requests coming from taxpayers that they be allowed to file their VAT returns and pay the corresponding tax dues on a monthly basis.

Hence, it said Lumagui issued RMC 52-2023.

“It was emphasized in the said Circular that there will be no penalties imposed when a VAT-registered person opts to

switch from monthly filing of VAT returns to quarterly filing, or vice versa,” the BIR statement read. “Despite this leniency imposed by the Commissioner, the filing of ‘BIR Form 2550Q’ and payment of VAT must still be made within 25 days following the close of each taxable quarter.”

But for “BIR Form 2550M,” there shall be no prescribed deadline, the agency said.

“The BIR is a fair agency. Taxpayers now have the option of monthly VAT filing and payment. But do not take advantage of our leniency by using fake transactions in your VAT returns. Our ‘National Task Force-Run After Fake Transactions’ will audit your business,” Lumagui warned tax dodgers through the statement. “I will make sure that criminal charges will be pressed against you.”

Sentral ng Pilipinas Governor Felipe M. Medalla said he is “glad” that the incident involving the Gcash payment system by G-Xchange Inc. was not due to hacking but phishing, or fooling a person to reveal his password or any sensitive details about the account.

This May 17, 2023 photo, shows executives of the Asia United Bank Corp. (from left) Chief Risk Officer Maria Teresa C. Ogbinar, head of Operations and information Technology Wilfredo E. Rodriguez Jr., Corporate secretary Jason C. Nalupta, Director and head of Branch Banking Group Jacob C. Ng and President Manuel A. Gomez during the bell ringing ceremony at the Philippine stock Exchange (PsE) as AUB commemorated its 10th listing anniversary as a publicly listed company.

Photo courtesy oF AsiA united BAnk corP

sss Commissioner Argel

Health& Fitness

Editor: Anne Ruth Dela Cruz

Increase in maternal deaths recorded due to high cost of health care in provinces

By Rizal Raoul S. Reyes Contributor

In an ironic twist, the 2021 National Health Expenditure Survey revealed that Filipinos in rural areas have to shell out more money for health-care services and medicines compared to those living in urban areas and those with better income.

The result of the high cost in health care in the provinces has also resulted in an increase in maternal deaths during the past two years in the Philippines, according to the United Nations Population Fund (UNFPA) Philippines.

“In 2019, 1,458 women died of maternal causes. According to the Philippine Statistics Authority, the number increased to 2,478 in 2021, that is around six to seven Filipino women dying daily due to childbirth. During emergencies, when access to maternal health services is disrupted, more women die during pregnancy and childbirth,” said Dr. Leila Saiji Joudane, Country r e presentative of the UNFPA Philippines.

Causes of maternal deaths

ACC or DI NG t o the UNFPA Philippines, the top five causes of maternal deaths included complications in pregnancy, child -

birth and puerperium, eclampsia, pre-eclampsia, and hemorrhage. Moreover, UNFPA Philippines said many of these deaths are preventable if only there was accessible proper medical interventions and adequate heatlhcare systems that are also resilient to emergencies.

Joudane said the causes of the women’s death are the absence of sexual and reproductive health services, inaccessible, unaffordable or of poor quality. Aside from the shortage of qualified personnel, she said there is also a lack of trained health-care workers that provide quality sexual and reproductive health information and services.

In the Philippines, 14 percent of pregnant women do not get regular check-ups and the other necessary medical care that they need during their pregnancy. o n e in 10 women do not give birth in health facilities or receive assistance from skilled healthcare personnel during childbirth.

Increase in maternal deaths

G L oB ALLy, e very two minutes, a woman dies giving birth. In the Philippines, the UNFPA noticed an increase of maternal deaths during

By Claudeth Mocon-Ciriaco

IT ’ S n ot only excessive sun exposure that can lead to damaged skin; smoking can also do t he same.

Also, expect wrinkles sooner or other skin diseases. If worse comes to worst, you could develop skin cancer. Dr. Jaime Galvez Tan, former Health Secretary and currently a trustee of HealthJustice Philippines, said smoking speeds up the a ging process of the skin.

“Smoking is linked to premature aging of the skin. Imagine a 4 0-year-old smoker with a skin of a 70-year-old?” Dr. Galvez Tan said noting that tobacco smoke contains thousands of harmful substances.

Dry skin

Dr. Galvez Tan said smoking may cause dry skin, uneven skin pigmentation, baggy eyes, a saggy jawline, and d eeper facial wrinkles and furrows.

“If you want to delay the appearance of wrinkles quit smoking,” he said.

“ Give your body more nutrients, increase the amount of oxygen that your body brings in, then you’ll feel and look better,” Dr. Galvez Tan added.

“Take care of your body and improve your general well-being. r e sist the urge to smoke by keeping yourself busy. Exercise and eat h ealthy. Travel, get some fresh air,” he encouraged.

THE S ection of Neurosurgery at Makati Medical Center (MakatiMed) is proud to offer cerebral bypass surgery, a unique service that aims to restore or reconstitute blood flow to the brain vasculature. A group of professionals with extensive knowledge and skills performs this procedure. Among them is Dr. Guillermo Victorino T. Liabres, a pioneering cerebrovascular Neurosurgeon with extensive experience in performing extracranialintracranial bypass surgery.

Cerebral bypass surgery redirects blood around blocked, stenosed, or pathologic arteries by utilizing a donor vessel coming from the extracranial or intracranial vasculature and anastomosing it to the recipient blood vessel inside the brain. It is commonly used to treat vascular pathologies such as intracranial stenosis, thrombosis, complex intracranial aneurysms, and moyamoya disease. This complex procedure is sometimes required for cranial or head and neck tumors.

Dr. Liabres, who completed his cerebrovascular clinical and research fellowship at Seoul National University Bundang Hospital with honors, has already performed 21 successful cerebral bypass surgeries at MakatiMed since he started practice in 2021. The bypass patency rate for all procedures he has done is 100 percent, as confirmed by intraoperative doppler, intraoperative ICG injection, CT angiogram, and

the past two years: For every 1,300 women and girls in reproductive age, there is only one public health midwife.

With adequate support from health providers, family and society, Joudane said giving birth should be a very fulfilling and positive experience for mothers.

“Unfortunately, we see on a daily basis a significant number of women who do not get the support that they need. Worse, some do not receive crucial medical assistance, resulting in maternal mortality or death of women while giving birth or during pregnancy,” Joudane explained.

A UNFPA study conducted with Burnet Institute showed that globally, every dollar invested on family planning services gains $8.

Nevertheless, in the Philippines, the gains are even higher at $18. This is on top of the hundreds of thousands of mothers’ and children’s lives saved.

Preventable maternal mortality, the denial of rights or demographic change can all be addressed by making the world a

more gender-equal place, according to Boudane.

Formidable task

HoWEVE r Boudane said the task is formidable. She pointed out that gender inequality is at the root of so many other issues, including those mentioned above, must be recognized.

“Gender inequality is what keeps women out of the work force and schools, vulnerable to conflict and violence, and denies them the right to make decisions about their own bodies and health. And it’s what makes pregnancy a dangerous endeavor, one which hundreds of thousands of women do not survive,” she explained.

“As the sexual and reproductive health agency of the United Nations, we at UNFPA support the 2030 Agenda for Sustainable Development and the Philippines’ commitment to achieving universal health coverage and universal access to sexual and reproductive health and reducing to zero preventable maternal death,” she added.

By Rory Visco Contributor

For thousands of years, music has become the fiber, the lifeblood of humanity. For many times in the past, music was even utilized to provide therapeutic benefits, as well as help provide health and well-being to those who need it.

And as technology continued to advance and humans experienced a lot more stress and anxious moments than ever before, especially during the Covid-19 pandemic that swept the world, music therapy slowly emerged for its potential to bring stability and balance to those who may have experienced or are experiencing mental health issues.

Diverging from its usual topics, the recent “Stop C.o V.I.D. Deaths” webinar titled “Musika, Musika, Pang-therapy at Iba Pa” that was organized by the University of the Philippines, the UP Manila NIH National Telehealth Center, together with the UP Philippine General Hospital (UP-PGH) introduced how music can help boost the body’s immune system and be tapped to help improve health and wellbeing, especially during stressful times.

How music can make a difference in people’s lives MUSIC for Health practitioner and Faculty member of the College of Music and Performing Arts at St. Paul University–Manila, Ma. Solinda Garcia-Bautista, asked five questions: Does music boost the body’s immune system? Can music help soothe, vent out emotions? Can it bring back memories? Can music bring you into the moment? Does it help validate how we feel?

Music therapy can be such a flexible and innovative form of therapy, Garcia-Bautista said. “It is non-invasive, non-threatening and low risk and even economically viable most of the time. It’ll give us a sense of whether you pulled out an instrument to play or sing a song again, watch an online play or TikTok videos, things you probably didn’t do before.”

To distinguish music therapy from music education, as it implies, the desired outcome is therapeutic and not educational, those who seek therapy are not students but partners. The term “music medicine,” she said, also emerged recently, but clarified that music therapists do not necessarily do music medicine.

Although she is a member of the International Association for Music and Medicine, GarciaBautista stressed that it is really the healthcare professionals that carry out music medicine, whose goals may also be therapeutic but use certain songs or prescribed music that patients can listen to or play.

past associations make understanding the role of personal preference crucial. It’s about finding what song is the client’s favorite and why, and their past association with the song.”

o n e study, she said, showed that preferred music can be an effective aid for reducing anxiety for patients in hospital contexts. Garcia-Bautista also cited a Greek study on patients undergoing kidney dialysis, which reported a significant reduction in pain perceptions among patients who listen to self-selected music.

Music, Garcia-Bautista said, can be regarded as a phenomenon in several levels like physiological level, where it has direct influence on the brain and body, syntactical because it’s like a comprehensible language where people can communicate through music, semantic where people tend to make non-musical meanings to music, or at the pragmatic or interpersonal level, a special human and social interaction that can open gates to old and new connections.

Music making a difference

M or E o ften than not, music can make people happy, sad, bitter, it can influence people’s emotions like listening to happy music when feeling down, or a sad song to remember a sad memory.

“Many musical elements, including sweeping melodic lines, rhythmic accents and discordant harmonies draw out feelings of ominousness and fear. Musical experiences may not necessarily have to bring you always to peak experiences. They may bring about important changes such as increased positive emotions or reduced negative emotions.”

Scientific research, she said, has shown that music releases a range of neurochemicals in the brain such as dopamine serotonin and oxytocin that can play an important role in changing people’s moods. These days, music therapy can be utilized in psychiatric facilities, schools, long-term care facilities and hospitals.

It can also be used, she said, for positive coping skills to grief, loss, or death, depression and emotional disturbances, behavioral and developmental challenges, plus pediatric and adult medical care.

Why does musical therapy work? “Music therapy is a bridge,” Garcia-Bautista said.

“It is perceived as a positive and non-threatening form of therapy because people can relate to music, helps open lines of communications between patients and therapists, and also helps regulate emotions, especially among teens who go through a developmental period that can be characterized by heightened emotions.”

digital subtraction angiography. MakatiMed’s expert medical practitioners, state-of-the-science facility, along with the latest technology and equipment, ensures the best possible outcome for patients.

The team continuously monitors the patient during surgery to ensure that the bypass is successful and that the patient is not at risk for any complications.

For more information about Makati Medical Center’s cerebral bypass surgery, you may contact the Section of Neurosurgery, Department of Neurosciences through MakatiMed o n -Call at +632.88888 999, email mmc@makatimed.net.ph, or visit  www.makatimed.net.ph. Follow @IamMakatiMed on Facebook and Twitter.

There is also “Community Music,” she said, like in choirs where individuals are given access so they can make music together. The goal of community music is not to necessarily teach them but to make music together as a form of creative expression with secondary positive psychological benefits.

The best music to use

GA rC IA-BAUTISTA said individuals of various age levels may have different musical preferences so music therapists must know what music would be best to use for clients. “When investigating the effects of music, the importance of familiarity and

For those with autism and attention-deficit hyperactivity disorder (ADHD), music therapy, she said, provides structural reality, order and predictability, while encouraging attention, focus and cooperation, which is what they need so that they can “learn more, absorb more, connect more and progress more.”

Garcia-Bautista also noted that individuals with cancer can also benefit from music therapy because it enhances client-centered care, while those with dementia can benefit from music therapy since it integrates emotions, associations and memories, and also provides ways for those who suffer from Parkinson’s Disease the ability to interact socially with others.

Aside from carrying the burden of the country’s huge economic divide, the high cost of healthcare is also depriving the marginalized Filipinos of quality health services.

Music as therapy can make a difference in people’s lives

Smoking causes premature aging of the skin—expert

MakatiMed’s Section of Neurosurgery offers Cerebral bypass surgery with 100% success rate

Let’s celebrate moms supporting moms

MakatiMed launches Outpatient Surgical Suite

THE country’s leading medical institution Makati Medical Center (MakatiMed, www.makatimed.net.ph) launched its newest facility, the Outpatient Surgical Suite (OSS), inaugurated last month. The OSS is set to handle minor surgeries that do not require general anesthesia and is equipped with three Operating Rooms, offering more affordable procedures. The introduction of the OSS is aimed at decongesting the hospital’s Emergency Room (ER) and surgical suites.

“At the ER, medical teams can now focus on providing care for critical patients. Our surgery suites can now focus on major surgeries. This OSS will help de-clog both areas and enable us to provide affordable but quality health care and procedures for our patients,” said MakatiMed president and CEO Atty. Pilar Nenuca P. Almira during the facility’s inauguration. MakatiMed chairman of the Department of Surgery Jaime S.D. Songco, MD, expressed, “I am confident that with our collaborative efforts, we can continue to strengthen our health system to be at par with global standards and will translate into better health outcomes for all patients that we serve.”

The OSS will play a major role in MakatiMed’s capability to respond to patient needs, making it an essential facility for the hospital.

LAST May 14, I was invited to be part of the Let’s Talk Momly event, organized by Moms Support Moms PH. This is a “sisterhood of women that support, love and encourage each other because no one understands a mom better than a fellow mom.” They believe that motherhood has many faces, and each mom has their own inspiring story to tell. Whether one is a working mom, stay-at-home mom, work-at-home mom, or mompreneur, everyone has their own wonderful story that makes their motherhood journey unique yet relatable to many.

The event was filled with inspiring conversations with what they called “Mom-Believable Passionate Moms,” as well as fun games. This was held at the Eastwood Mall.

Let me share some of the questions and my responses during the event:

1. What kept you busy prior to becoming the COO of Richwell?

I started my career as a working law student, working as a brand assistant in the morning and studying at Ateneo law school at night.

Even if we owned the business, my father taught me to fully assume an employee hat so I could understand our employees better. I got married at 26 and was pregnant at 27. Since I was taking on more roles like operations, licensing and sales, I decided to take my MBA at AIM during my pregnancy. I remember finishing an HR finals paper right after I came out from the recovery room.

2. What does a typical day look like for a mom who is running a business?

When my children were babies, I was usually up by 6 am to pump or feed. Then after bathing, I would read and we would do sensory play exercises. At night when I got home, it was usually free play time; then I would prepare my baby for bed by reading and then feeding. As my kids got to school age, I would make it a point to bring them to school. On the way, we would play games in the car. Then I would go to work. What I found most helpful was planning my play tools at the start of the month then guiding the person who takes care of my baby at home every Sunday what the activities were for the coming week. I called this my Ogalala monthly PLAY-list. I would divide the activities in crates by day.

3. What does work-life balance mean to you, and why is it important?

WHEN SWEET MEETS SPICY AT THE TABLE

SWEET or spicy? You don’t need to make that hard choice as global food brand Kenny Rogers Roasters gives us the best of both worlds with its newest offering: the Mango Habanero.

Customers can enjoy Kenny Rogers’ signature dishes complemented by the flavors of the sweet-spicy Mango Habanero Sauce and salsa made with fresh mangoes, tomatoes, onions and parsley.

Customers can choose from Kenny Rogers Roasters’ classic offerings, such as the sweet and spicy Mango Habanero Roasted Chicken, the tender Mango Habanero Baby Back Ribs, and the Mango Habanero Burgers made with quarter pound of juicy grilled beef patty.

The Mango Habanero Roasted Chicken is seasoned with special herbs and spices and topped with the mango habanero sauce.

Each Mango Habanero Roast Solo (P330) comes with sweet and spicy, quarter roasted chicken, a choice of two side dishes, rice and muffin. If you want to share your swicy cravings with family or friends, there’s the Mango Habanero Roast Group Meal (P1,170), which comes with a whole roast, four side dishes, four cups of rice, four muffins, and 1.5L soda.

For meat lovers, try the Mango Habanero Baby Back Ribs (P520), where the classic roasted Baby Back Pork Ribs is served with sweet and spicy mango habanero sauce and fresh salsa.

They can also go for the Mango Habanero Burger (P300) made of freshly baked sesame seed bun with grilled quarter pound burger, then topped with the mango habanero sauce and salsa with lettuce. It is served with potato chips and soda on the side.

This tasty sweet and spicy awesomeness with the mango habanero sauce is available in all Kenny Rogers Roasters branches nationwide for dine-in, takeout, or delivery through www.kennyrogersdelivery.com.ph, hotline 8-555-9000, or via Grab Food and FoodPanda.

What I have always stood by is convergence and consistency in my role as a mother and an employee. I believe that motherhood is a gift to our workplace. And our work is a gift to motherhood. I don’t like

the word “balance” because more often than not, physically when you balance things, there is a higher chance of falling. I prefer to choose a side, be fully present when I am in it, so I prefer time-blocking. This means I assign a time to do that one thing and I do that one thing with my full focus, energy and heart.

My most favorite example of this is when I did Ogalala nurture play with my child after work with her Melissa and Doug toys. I would enter my daughter’s room tired from work. No phones, no interruptions. We would have a ritual where she would say, “What’s your order, Mom?” Then I would say maybe a slice of cake and coffee, then later on I would add like a scoop of ice cream. I believe this formed her sense of accountability early on, that even if she was just a toddler, she was able to contribute to the family. This is part of the latest introduction of Ogalala called SEL or socio-emotional learning. Nurture play, games and other SEL toys like the Learning Resources Pineapple My Feelings toy are able to allow your child to express their emotions in a guided way, while developing other skills like fine motor skills or logic when they follow instructions.

4. Is managing your time properly equivalent to success?

I would like to go deeper and say it is more about managing more what you value and the time part will follow. If you are able to identify what your top value is for that day or hour, then follow through with focus for that period of time, you will feel more fulfilled

than trying to do many things at one time.

Motherhood teaches us a lot of great values to be patient, fair and nurturing. At Richwell Phils. Group of Companies, I bring these values in being an effective leader to my people. On the flipside, our everyday activities—whether we are working or managing a household—throws us a tasks and experiences that hone our ability to efficiently manage situations.

5. What are your tips for moms who are struggling to manage their time for their family and career?

My first and most important tip is: simplify parenting. I follow the rule of three’s. We all want many benefits but always pick the top three.

For example, in choosing a product for my child, my top three are: first, “Trusted Globally as a Sustainable and Researched-Based Company” for many years; second, “Expert-recommended;” and third, “Mom-attested by local moms.” My other tip is to remember this term: “I-Parent.” I always tell moms to remember you are an “I” first before you became a parent. Don’t forget to value yourself because the fuller you are as a person, the more love you are also able to give to the people around you. That’s why I am happy that there are companies like Lansinoh that care about reducing pain after childbirth to help moms for a more comfortable breastfeeding experience, as well as prevent too much discomfort that might lead to post-partum depression.

Belated Happy Mother’s Day, everyone. n

A skin patch to treat peanut allergies? Study in toddlers shows promise

WASHINGTON—An experimental skin patch is showing promise to treat toddlers who are highly allergic to peanuts—training their bodies to handle an accidental bite.

Peanut allergy is one of the most common and dangerous food allergies. Parents of allergic tots are constantly on guard against exposures that can turn birthday parties and play dates into emergency room visits.

There is no cure. The only treatment is for children 4 and older who can consume a special peanut powder to protect against a severe reaction.

The patch, named Viaskin, aims to deliver that kind of treatment through the skin instead. In a major test with youngsters ages 1 to 3, it helped those who couldn’t tolerate even a small fraction of a peanut to eventually safely eat a few, researchers reported on Wednesday.

If additional testing pans out, “this would fill a huge unmet need,” said Dr. Matthew Greenhawt, an allergist at Children’s Hospital Colorado who helped lead the study.

About 2 percent of US children are allergic to peanuts, some so severely than even a tiny amount can cause a life-threatening reaction. Their immune system overreacts to peanut-containing foods, triggering an inflammatory cascade that causes hives, wheezing or worse.

Some youngsters outgrow the allergy but most

must avoid peanuts for life and carry rescue medicine to stave off a severe reaction if they accidentally ingest some.

In 2020, the Food and Drug Administration approved the first treatment to induce tolerance to peanuts—an “oral immunotherapy” named Palforzia that children ages 4 to 17 consume daily to keep up the protection. Aimmune Therapeutics’ Palforzia also is being tested in toddlers.

France’s DBV Technologies is pursuing skin-based immunotherapy as an alternative way to desensitize the body to allergens.

The Viaskin patch is coated with a small amount of peanut protein that is absorbed into the skin. A daily patch is worn between the shoulder blades, where toddlers can’t pull it off.

In the new study, 362 toddlers with peanut allergy first were tested to see how high a dose of peanut protein they could tolerate. Then they were randomly assigned to use the Viaskin patch or a lookalike dummy patch every day.

After a year of treatment, they were tested again and about two-thirds of the toddlers who used the real patch could safely ingest more peanuts, the equivalent of three to four, researchers concluded. That compares to about a third of youngsters given the dummy patches. Greenhawt said they likely include children who are outgrowing the allergy.

As for safety, four Viaskin recipients experienced

an allergic reaction called anaphylaxis that was deemed related to the patch. Three were treated with epinephrine to calm the reaction, and one dropped out of the study.

Some youngsters also accidentally ate peanutcontaining foods during the study, and researchers said allergic reactions were less frequent among the Viaskin users than those wearing the dummy patches. The most common side effect was skin irritation at the patch site.

The findings were published in the New England Journal of Medicine

The results “are very good news for toddlers and their families as the next step toward a future with more treatments for food allergies,” Dr. Alkis Togias of the National Institutes of Health, which wasn’t involved with the study, wrote in an accompanying editorial.

Togias cautioned that it’s too early to compare oral and skin treatments, but pointed to data suggesting each might have different pros and cons—raising the possibility that oral therapy might be stronger but also cause more side effects.

DBV Technologies has struggled for several years to bring the peanut patch to market. Last month the company announced the FDA wants some additional safety data for toddlers, and a separate study already is tracking longer treatment. A study of four- to sevenyear-olds also is underway. AP

PHOTO BY JOHN SCHNOBRICH ON UNSPLASH

THE ribbon-cutting ceremony was led by (from left) MakatiMed medical services director John Vincent G. Pastores, MD; medical director Saturnino P. Javier, MD; president and CEO Atty. Pilar Nenuca P. Almira; chief nursing officer Eda Bernadette P. Bodegon, RN, MAN; and head of the surgery department Jaime S.D. Songco, MD.

KENNY Rogers Roasters’ new Mango Habanero

Dermclinic, Yellow Boat Foundation work together to hone the minds of the youth through education

IMO commends PHL for positive results of IE, ESMA inspection

THE International Maritime Organization (IMO) SecretaryGeneral Kitack Lim congratulated the Philippines for the positive results of the Independent Evaluation (IE) conducted last December 2022 and the recently concluded European Maritime Safety Agency (EMSA) Inspection during the 44th ASEAN Maritime Transport Working Group meeting held from May 9 to 11, 2023 in Da Nang City, Vietnam.

During the IE, the Philippines was able to address its obligations under the Regulation I/8 and Section A-I/8 of the Standards of Training, Certification and Watchkeeping (STCW) Convention. On the other hand, the European Commission will continue the recognition of Philippine-issued STCW (Standards of Training, Certification and Watchkeeping) Certificates, ensuring the employment of almost 50,000 Filipino

marine officers onboard European-flagged vessels.

In his statement, the SecretaryGeneral expressed his appreciation for the hard work and efforts of the Philippines towards the undertakings.

“I believe that this experience will work very positively for the future development, adaptation to the new challenges, including decarbonization,” Lim added.

These kind words from the SecretaryGeneral were received after the Head of the Philippine delegation, MARINA Deputy Administrator for Operations, Engr. Nannette Z. Villamor – Dinopol, delivered the Philippines’ interventions during the discussion on the IMO-ASEAN Partnership.

Engr. Dinopol conveyed the country’s gratitude to the IMO for supporting

the Philippines during the Independent Evaluation, EMSA Inspection, Ferry Safety Assessment Project, and the GloFouling Partnerships Project.

“These are only a few of the initiatives granted to us by the IMO and we could not express enough our appreciation to the organization for continuously supporting us with cooperation programs, projects, and trainings that significantly benefit and strengthen the Philippine maritime industry,” Engr. Dinopol said.

Meanwhile, the Philippines, in partnership with the IMO and Danish Maritime Authority (DMA) will be co-hosting a Regional Conference on Decarbonization entitled “Seizing Opportunities for Green Shipping in Asia and the Pacific” on May 16 to 17, 2023 in Manila with the IMO Secretary-General as one of the keynote speakers.

DERMCLINIC Inc. has been actively involved in nation -building projects and advocacies since the time of its founder, Dr. Vinson B. Pineda whose focus is mainly on education and building literacy among the youth. As proof to this, Dr. Pineda established the Light of the World Christian Academy of Makati (CAM) to help deliver quality education which he believes is the key to better life.

Under its current management headed by Dr. Angela Vina Pineda, President of Dermclinic Inc., the company’s involvement in lending support to socially worthwhile projects is still being continued, making them an active participant in various projects aimed to provide relevant, timely and practical support to the ongoing needs of the children,

the poor and disabled individuals among others. It is for this reason that she willingly partnered with Yellow Boat Foundation because of its valuable emphasis on honing the minds of the young people through education.

Recently, Dermclinic Inc., and Yellow Boat Foundation officially sealed its partnership through contract signing . Present during the said event were Dynes Regner, PR Consultant for Dermclinic and YBF Hope Paddler; Dermclinic President, Dr. Angela Vina Pineda, and Dr. Anton Lim, Founder and CEO of Yellow Boat Foundation. Driven by mutual passion in creating a better world, the partnership is expected to break cycle of poverty by continuously doing community -based solutions.

Philippines Finest Business Awards: Celebrating excellence and success in different industries

GET ready to witness the most prestigious event of the year as the Philippines Finest Business Awards recognizes outstanding achievers and leaders from different industries. In five months’ time, La Visual Corporation and Sirbisu Channel are set to take the business world by storm with their mission to honor and reward exceptional individuals, companies, products, and services that promote best business practices, consumer welfare and protection, product quality, and customer service.

MARINA; Kitack Lim,

International

One-stop shop

MR.DIY

Philippines team getting bigger as it launches Team Kramer as new brand ambassadors

TEAM MR.DIY is getting bigger! The country’s favorite onestop-shop for family and home improvement introduced its new brand ambassadors, Team Kramer, for its ongoing MR.DIY “The Family Store for Everyday Needs - Meron DIYan” campaign during a media launch in Novotel Quezon City recently. “MR. DIY is not just a store; it is an embodiment of values and aspirations. When we say MR.DIY, we talk about improving family life by enhancing homes. About nurturing our familial bonds and fostering a loving environment within our households,” said MR.DIY Philippines CEO Roselle Andaya.

The campaign underscores MR.DIY’s goal of providing families

with their everyday home and lifestyle needs. The brand remains committed to its “Always Low Prices” motto, offering a variety of products and essentials that aim to meet the daily needs and demands of its consumers.

Andaya also added that affordability and quality of products are not opposites, and that everyone should expect to get value for money without compromise on the products that will be part of their homes. She also added that MR.DIY is also about creating nurturing spaces for families.

According to Mark Charles Salecina, Senior Marketing Manager of MR.DIY Philippines, the campaign puts the focus of the company on families. “We always put families at the core of our services, and we strive to grow closer to more families by opening more stores, to make them feel that there’s always a MR.DIY store near them, ready to meet their everyday needs with quality products, at always low prices, that every family member can enjoy - Meron DIYan! ” Salecina said.

Team Kramer is the brand’s first-ever celebrity ambassador. During the launch, Team Kramer — composed of Doug and Cheska and their kids Kendra, Scarlett, and Gavin — all took part and interacted with the guests. The celebrity couple played a game called Meron DIYan where they had to guess and recreate MR.DIY products with the press.

Recently, the family broke ground for their new three-story house project. The family announced last year their plan to build another house as “a build and sell passion project.”

“We are fortunate and excited to welcome a family that embodies what MR.DIY stands for. Positivity, shared experiences, growth, hard work, respect and love. These are the values that we share with the Kramer family,” Andaya said.

MR.DIY is the nation’s favorite family and home improvement one-stop-shop retailer. The largest home improvement retailer with over 370 stores nationwide and is dedicated to making a positive difference in the lives of its customers by offering convenience at all its stores.

See all the amazing deals and featured promos when you visit MR.DIY’s official website or follow /mrdiyPH on Facebook, and @ mrdiy.philippines on Instagram and Tiktok. Have a fast, safe, and happy budol shopping!

With event media partners such as Malaya Business Insight, Business Mirror, Philippine Graphic, Pilipino Mirror, Pasyal Tayo (Pinoy Xtreme Channel), Light TV, The Hexagon Events Place and Philippine Chamber of Commerce and Industry Rizal, this year’s awards ceremony is guaranteed to be one of the most prestigious and highly-anticipated events of the year.

The excitement, however, doesn’t stop there! The Philippines Finest Business Awards also recognizes outstanding individuals, CEOs, entrepreneurs, public servants, artists, and celebrities who have made significant contributions to their respective fields.

This year’s awardees include Salvacion Paparon, who will receive the Most Outstanding Individual Achievement in Business & Entrepreneurship award; Anthony Dacones, who will be recognized as one of our Outstanding Public Servant; Gerald Santos, who will be honored as the Outstanding International Filipino

Performer; Shirley B. Belanagel  CPA, MBA who is recognized as  Most Trusted Rookie Financial Advisor; Elipidio Ortiz-Capito Jr.  as the Most Oustanding Individual Achievement in Business & Entrepreneurship; Judge Tarcelo A. Sabarre Jr. as the Multi-Awarded & Innovative Presiding Judge of the Year; Gabriel John Rimando as Asia’s Empowering Male Entrepreneur; Lae Manego as the Most Exceptional Pop Rock Singer Artist of the Year; Garrett Bolden as the  Outstanding Achiever in Music Industry; CJ Alonzo as the Outstanding Youth Leader; Peanut- Edward Vallespin as the Multi-Talented Comedian and Advocate . Carla Gamer Vlog as the Most Outstanding OFW Social Media Gamer Vlog Influencer of the Year; Raymard Gutierez as the Most Outstanding Host and Producer of Pasyal Tayo; Miller Daniolco  who is recognized in Excellence in Photography & Innovative Event Organizer of the Year; Martin Ocampo Tan as the Most Outstanding Public Servant of the Year and Chef Jennifer M. Moiares as the Outstanding  Individual Achievement In Business & Entrepreneurship.

“We are proud to celebrate the achievements of these exceptional individuals and companies who have raised the bar for excellence in their respective fields,” said the event organizers. “We hope that their stories will inspire others to strive for excellence and help build a stronger and more vibrant business community.”

The confirmed awardees are from different business industries and have been recognized as the best in their respective fields. These include Chef Chateau, Hiroshi Wellness Healthcare Solutions, RIO’S Catering Services, Robin’s RTW Boutique, Fotomagika Photography & Photobooth, JP Food Service, Petals of Love MNL, Lagniappe PrintShop, Sheanne Roll Up Door Construction Services, Lyx Beautyline, Bagwiser Lux, VIP Dancers, Cave Beach Resort, Babes Confections, Illustratio Social Media Consultancy, Infinity Skincare, Gowns & Events Management by Touting, Studio45K Photography, Eye Leen Hair & Make Up Artistry.  Organizers of the Philippines Finest Business Awards for Outstanding Achievers are still accepting nominations. If you know of an exceptional individual or company, visit the official website at www. philippinefinestbusinessaward. com to submit a nomination. For media inquiries, please contact La Visual Corporation at contact@lavisualcorporation. com or Sirbisu Channel at  info@ sirbisuchannel.com. Let’s celebrate excellence and success together!

FROM left to right, Engr. Alexander B. Felix, Supervising Transportation Development Officer/ Water Transport Planning Division; Precila C. Jara, OIC, Overseas Shipping Service,

Secretary General,

Maritime Organization; Engr. Nannette Z. Villamor-Dinopol, Deputy Administrator for Operations,MARINA; CG Capt. Jomark U. Angue, Deputy Chief of CS Staff, Maritime Safety Service, PCG; John Patrick A. Dayao, Senior Communications Development Officer, International Cooperation Division

FROM left are Dynes Regner, PR Consultant for Dermclinic and YBF Hope Paddler; Dermclinic President, Dr. Angela Vina Pineda, and Dr. Anton Lim, Founder and CEO of Yellow Boat Foundation

Envoys&Expats

COURTESY CALL Ambassador Dr. Titanilla Toth and Senate President Juan Miguel F. Zubiri highlighted the 50th-anniversary commemoration of bilateral relations with Hungary this year. The senator cited the European country as a friend of the Philippines in the European Union that “continues to respect the Filipino people’s decisions.” Zubiri appreciated Hungary’s utmost support for the extension of the Generalized Scheme of Preferences-Plus incentive or GSP+ to the Philippines, while admiring its willingness to work in a constructive and cooperative manner in deepening and strengthening relations, as well as further exploring potential areas for cooperation. SENATE OIRP/RED SANTOS, OSP

PLATFORM FOR POSSIBILITIES

The Embassy of New Zealand hosted an event focused on empowering women in sports, and sports being a platform for tremendous possibilities. It featured news presenter and former volleyball player Gretchen Ho as moderator (from left), sports journalist Rizza Diaz, Ambassador Peter Kell, professor and sports mentor Dr. Eloisa Hernandez, as well as former softball player and courtside reporter Paula Erika Reyes. The panel discussion highlighted not only the importance of gender equality in sports, but also the immense array of opportunities that sports can offer to women and men of all ages and backgrounds. NEW ZEALAND EMBASSY

PHL-Israel bilateral trade reaches record 70% YoY growth milestone

fibers, measuring instruments, plus medical instruments and appliances.

E.U. DAY Ambassador Luc Véron (center) offered a toast to Foreign Affairs acting secretary Jesus Domingo (left) and dean of Diplomatic Corps Rev. Charles Brown (right) for this year’s European Union Day. The envoy said that relations between the bloc and the Philippines are “based on shared values and interests, and we deeply appreciate the commitment of…President Ferdinand Marcos Jr. who visited our capital, Brussels.” For his part, Domingo cited the warm and friendly relations between and among Europeans and Filipinos: “When [they visit the Philippines, they

An evidence of their tightening relations is the increasing volume of bilateral trade, which according to the Embassy of Israel reached notable numbers, driven by the rebounding of both countries’ postpandemic economies last year.

“2022 was indeed a track record year of [our] bilateral trade relations with a remarkable 70 percent year-over-year growth rate, but the potential is much higher and yet to be fulfilled,” Economic Counselor and Israeli Economic Mission to the Philippines head Tomer Heyvi mentioned.

“[Recently we saw] a growing demand in the Philippines for Israeli products and technologies in various sectors such as agriculture, water, homeland security, cyber security, [information and communications technology] and connectivity, medical devices and health care, among others,” Tomer added. “As a consequence, the Foreign Trade Administration within the Ministry of Economy and Industry of Israel decided to establish an Economic Mission in the Philippines to further boost the commercial ties between Israeli and Filipino companies.”

The economic counselor furthered that “at the same time there is also a growing demand in Israel for products and services from the

Philippines such as electronics, agriculture produce, among other products, as well as [business process outsourcing (BPO)] services. This is represented in the consecutive growth of our imports from the Philippines in both 2021 and 2022.”

According to Israel’s Central Bureau of Statistics, export of goods to the Philippines in 2022 grew by 94 percent the previous year, and reached $340-million worth of goods.

Machinery and electronic items were the top-exported category with a 54-percent share valued at $183 million. These included semiconductors, telephone sets, electronic integrated circuits, automatic vending machines, valves and data-processing equipment.

The next category was transportation equipment with a 30-percent share, mainly including aerospace and maritime units for the Philippine defense industry.

Base metals accounted for 9 percent of the total Israeli exports, while optical equipment, mainly referring to optical fiber, medical appliances and various industrial tools, made up 5.6 percent.

Chemical products, mostly referring to fertilizers, organic chemicals, cosmetics and pharmaceutical products, accounted for 2.6 percent; while

rubber and plastics, at 2.2 percent, mainly refers to industrial agriculture products.

Finally, agriculture products and foodstuff as fruit juice, sauces, sugar and edible vegetables accounted for only about 1.6 percent.

Imports up

MEANWHILE, Israeli imports from the Philippines in 2022 grew by 39 percent compared to last year, which reached $193 million worth of goods. Top category was machinery and electronic equipment, which comprised 83 percent of the total imports, including electronic integrated circuits, printing machinery, engine and motors, telephone sets, vacuum cleaners and water heaters.

Next were agriculture products and foodstuff with a 6.1-percent share, mainly including edible fruits and nuts (primarily coconut), fruit juice, baked goods, tapioca and fish products.

Textile and footwear accounted for 5.3 percent, mainly footwear, bags, clothing and clothing accessories; while optical and medical accounted for 3.7 percent mainly referring to gas and water meters, optical

The trade statistics above are limited to trade in goods, and do not include trade in business services such as cyber security services and enterprise solutions exported from Israel versus BPO services imported from the Philippines. Therefore, estimated bilateral trade of the latter and Israel in both goods and services is expected to be north of $534 million.

Growing bilateral-trade ties of the two countries are also reflected in their closer economic dialogue, according to the embassy. In June 2022 a number of key agreements and memoranda of understanding (MOU) were signed during the visit of former trade secretary Ramon Lopez to Israel. Among them was the Investment Promotion and Protection Agreement, expected to enter into force this year.

Another is the MOU of the Department of Trade and Industry with the Israel Ministry of Economy and Industry on Economic Cooperation, as well as the establishment of a Joint Economic Commission. The first is expected to take place this year, and further promote their bilateral trade relations.

2023 will mark the 65th anniversary of the bilateral diplomatic relations of the State of Israel and the Republic of the Philippines, which was established back in 1958. Since then both countries have managed to develop and maintain strong and friendly relations, relying on extensive cooperation in the areas of agriculture, defense, labor, tourism, technology, innovation, as well as in trade and investments.

Koica partners with Global Care, Phil. agencies for teens’ health

ON May 3 the Korea International Cooperation Agency (Koica), led by Country Director Kim Eun-sub, participated in the memorandum of understanding signing ceremony with Global Care, the departments of Health and Education (DOH and DepEd) as well as the Commission on Population and Development (POPCOM) for the “Adolescents Sexual Reproductive Health (ASRH) Project in Leyte, Philippines” project from 2023 to 2025. The project is in partnership with Global Care, a Korean medical nongovernment organization specializing in international aid and development. It aims to promote ASRH in the province of Leyte. This will be achieved through activation of comprehensive sexuality and reproductive health education, along with the establishment of adolescent-friendly

health services.

In his message, Kim said that the implementation of this project through Koica’s public-private partnership program reflects South Korea’s commitment to contribute in promoting better living standards, especially to all Filipino teenagers.

The DOH, DepEd and POPCOM expressed their gratitude to Koica and Global Care for this project

and the long-standing partnership. They emphasized the alarming figures on teenage pregnancy in the Philippines, and the fact that it has been occurring with an increasing rate, especially at the younger ages of 10 to 14 years old. While the reality clearly shows that there is an urgent need to act, the agencies noted that the government cannot do it alone.

In addition, three recipient-municipalities of Jaro, Carigara and Barugo expressed their message of acceptance and strong support for the project. They were grateful for being selected among the municipalities in the province. The local government units assured all parties that they will perform well in order to reduce the number of teenage pregnancies in their areas.

Present in the event were Regional Director Exuperia Sabalberino of Eastern Visayas Center for Health Development, Regional Director Evelyn Fetalvero of DepEd, Regional Director Elnora Pulma of POPCOM, Mayor Jassie Tanala of Jaro, Mayor Eduardo Ong Jr. of Carigara, Sweet Mercy Pacolor of Philippine Koica Fellows Association, and Dr. Baek Eun-sung who is the general secretary of Global Care.

WITH the growing interest of foreign companies to invest in the Philippines’s wind-energy sector, Ambassador Franz-Michael Mellbin of Denmark has urged the Department of Energy (DOE) to develop a policy that will ensure the availability of Filipino talents in this front.

In a statement of the Danish Embassy in Manila, Mellbin underscored the opportunity for the Philippines to be a regional training hub because of the Filipinos’ English proficiency and being a highly globalized labor force.

The envoy said the DOE should craft a policy on developing a pool of skilled workers for the wind industry.

On April 24 to 28 Energy Secretary Raphael Lotilla led a Philippine delegation to Denmark that focused on wind-energy cooperation. This was after the DOE awarded three service contracts to Danish firm Copenhagen Infrastructure New Markets Fund (CINMF) to develop offshore wind-power projects in the country worth $5 billion.

“The visit also showed [global interest in supporting Filipino technicians’ education for renewable energy jobs in the country and overseas], where they could play a key role in

making the global energy transition possible,” Mellbin added.

Lotilla also met with the Danish permanent secretary of State for Climate, Energy and Utilities during his visit in Denmark. The two officials agreed to work on a possible memorandum of understanding on the energy sector.

The Scandinavian country is one of the global leaders in renewable energy, and among lead providers of technologies assisting in climatechange mitigation.

In less than a year of the Marcos administration, two Danish firms have invested in the Philippines for offshore wind projects: CINMF, which is the first fully foreign-owned company that invested in the country’s renewable energy sector, and Copenhagen Energy. Their combined offshore wind capacity is at 6 gigawatts. Kris Crismundo/PNA

UNDP, Albay LGU link up for disaster, climate resilience

THE provincial government of Albay and the United Nations Development Programme (UNDP) in the Philippines launched a partnership for an initiative that will strengthen the disaster and climate resilience in the province.

Provincial governor Edcel “Grex” Lagman and UNDP Phils.’ deputy resident representative Edwine Carrie signed a memorandum of understanding (MOU) for the “Strengthening Institutions and Empowering Localities against Disasters and Climate Change (SHIELD)” program, which will accelerate resilience-building efforts at the local level through multistakeholder collaboration to unlock financing and implement risk-informed and inclusive resilience actions.

Development First Counsellor

Paul Harrington of the Australian Embassy and Albay Public Safety and Emergency Management Office Head Cedric Daep witnessed the signing, along with the province’s other key officials.

Through SHIELD, the Australian government has invested AU$18 million to support the government of the Philippines in building institutional and community resilience to climate change and natural hazards by enabling local governments in

pursuing and investing in resilient development.

One of the most disaster-prone regions in the Philippines, Albay— which hosts an active volcano in Mt. Mayon—is found along the country’s eastern seaboard. The region is constantly faced with multiple, compounded hazards yearly because of its geographic properties and location. Chief among these hazardous risks are typhoons, which cause storm surges and extreme flooding. In addition, the province has mountainous areas prone to landslides and surface run-off.

With the strategic partnership, the provincial government of Albay targets to speed-up economic recovery by enhancing local governance, boost health-care delivery, strengthening disaster resilience, and rationalizing land use allocation.

Carrie reaffirmed UNDP’s commitment to strengthen Albay’s resilience against natural disasters and climate change through the program: “What SHIELD is trying to accomplish is to build more resilient communities, local and provincial governments. UNDP is pleased to continue its long-standing partnership with Albay on disaster-risk reduction, climate change and sustainable development.”

do not go to some exotic, faraway place; they come] home.” E. U. EMBASSY

TWO-WAY commerce between the Philippines and Israel reached its peak in 2022, with a total of $534 million worth of goods.

ECONOMIC Counselor Tomer Heyvi

Denmark prods PHL to develop talents for wind-power sector

AMBASSADOR Franz-Michael Mellbin PNA/KRIS CRISMUNDO

Coach Chot wants developmental squad for SEA Games basketball

PHNOM PENH—Gilas Pilipinas

head coach Chot Reyes wants

a developmental team to represent the country in future Southeast Asian Games.

R eyes said putting together a pool of young players who will prepare exclusively for the SEA Games will be beneficial to the overall Gilas program while also enhancing the country’s chances of winning another gold medal in the biennial meet.

“ I think this is for the good of Philippine basketball. I think we should bring younger players to the Southeast Asian Games,” Reyes said.

The past two SEA Games had Philippine Basketball Association players reinforcing the SEA Games squad—in past games, either amateur or collegiate squads could do the job.

Gilas settled for silver in Hanoi last year, but redeemed itself with

an 80-69 win over Cambodia behind naturalized player Justin Brownlee, who had 23 points, seven rebounds and four assists.

R eyes also suggested a longer preparation time for the developmental team.

Hopefully, we can get together earlier, put a team to compete in the next one in Thailand [in 2025],” said Reyes.

R eyes, however, said the final decision rests with the Samahang Basketbol ng Pilipinas.

“

It’s the SBP that’s going to make that determination. That’s just my opinion,” Reyes said.

R eyes also reiterated he stepping away from coaching Gilas Pilipinas in the SEA Games.

I promise I’ll never coach here in the SEA Games. At least, I was able to go out with a gold medal,” he said.

Josef Ramos

Quality over quantity marks athletics Cambodia campaign

By Josef Ramos

PHNOM PENH—It was quality over quantity that played a major role in the Filipinos’ campaign in athletics at the 32nd Southeast Asian Games.

It was still is a successful campaign in terms of quality—we had two games records broken,” national team coach Jojo Posadas said.

The Philippines missed by one its target of five gold medals to tie its performance in Hanoi last year.

But no regrets, according to Posadas, because pole vaulter Ernest John “EJ” Obiena and long jumper Janry Ubas were there to put class in the campaign.

Obiena smashed his own record of 5.46 meters thrice with his final jump in stormy conditions at the Morodok Tech National Stadium of 5.65 meters looking unbreakable by SEA Games standard—he owns the Asian record of 5.94 meters.

U bas, on the other hand, won his first long jump gold, his firstever in the games since donning the national colors in the 2015 Singapore edition with 7.85 meters.

A nd don’t miss out on Eric Cray who cemented his status as the games’ greatest male track athlete with a sixth straight gold in the 200 meters hurdles with a 50.03 clocking.

The 4x400 team of Michael del Prado, Frederick Ramirez, Joyme Sequita and Umajesty Williams which won gold with a clocking of 3:07.22 also couldn’t be ignored.

You have also to look at the SEA Games in terms of the future. I think we have one in javelin,” said Posadas, referring to silver medalist Gennah Malapit. “She’s the future.”

The 16-year-old Palarong Pambansa standout bettered her own Palaro mark of 45.5 with a 49.55 effort.

The other silver medalists in athletics were Arlan Arbois (Marathon), Sarah Dequinan (Heptathlon), Sonny Wagdos (5000m), Joida Gagnao (3000m SC), Williams (400m), Ronne Malipay (Triple Jump), Robyn Brown (400m Hurdles) and 4x400m Women of Maureen Schrijvers, Jessel Lumapas, Bernalyn Bejoy and Brown.

The bronze medalists were Christine Hallasgo (Marathon), Aries Toledo (Decathlon), Evalyn Palabrica (Javelin Throw), Ramirez (400m), Natalie Uy (PV), Harry Diones (Triple Jump), John Tolentino (110m Hurdles) and the 4x400m Mixed of del Prado, Lamapas, Williams and Bejoy.

MEDAL HAUL SPEAKS FOR ITSELF–BAMBOL

By Jun Lomibao

PHNOM PENH—A fourth place finish or better wasn’t achieved but for Philippine Olympic Committee (POC)

President Rep. Abraham “Bambol” Tolentino, the number of medals won at the just-concluded 32nd edition of the Southeast Asian Games Cambodia hosted for the first time were a marked improvement.

“ The medal haul will speak for itself,” said Tolentino, referring to the 58 gold, 85 silver and 117 bronze medals won in Cambodia— numbers that surpassed the harvest in Vietnam of 52 gold, 70

ERNEST JOHN “EJ” OBIENA is a cut above the

in Phnom Penh. ROY DOMINGO

ICTSI Philippine Masters back at spruced up Villamor course

THE International Container Terminal Services Inc. (ICTSI)

Philippine Masters returns to its home course next week with fresh challenges awaiting Philippine Golf Tour (PGT) campaigners.

Th at’s five years after the Masters’ back-to-back staging following its revival in 2017 with the Villamor Golf Club undergoing a major makeover into a top championship course.

The men of the tour had actually played the relatively flat but tricky layout noted for its length, tight treelined fairways and thick roughs in last year’s inaugurals of the Villamor Match Play with multi-titled Tony Lascu ñ a emerging on top of the headto-head duels.

But the May 24 to 27 event will be played back in stroke play format, ensuring another spirited battle of precision and decision-making in pursuit of the crown in the P2 million championship the way it was when Clyde Mondilla reigned when the Philippine Masters made its big comeback after 17 years in 2017.

The Del Monte ace edged Jhonnel Ababa, American Nicolas Paez and Lascu ñ a by one before Jerson Balasabas nipped Guido van der Valk in sudden death for his breakthrough triumph the following year.

The Masters, which used to be one of local versions four major championships, was not staged in 2019 but the organizing Pilipinas Golf Tournaments Inc. put the

Villamor Golf Club back into its calendar after the pandemic as host of the first Match Play Invitational. N o less than the country’s top pros have marveled at the transformation of the VGC into one true test of golf following its facelift.

Balasabas and van der Valk, along with Iloilo leg runaway champion Rupert Zaragosa and former Masters champions Frankie Miñoza and Robert Pactolerisn headline the PH Masters field, which also drew Ababa, Reymon Jaraula, Michael Bibat, Joenard Rates, Jay Bayron, Marvin Dumandan, Keanu Jahns, Albin Engino, Enrico Gallardo, Fidel Concepcion and 2018 OOM winner Jobim Carlos.

W hile Caliraya Springs leg champion Tony Lascu ñ a , last week’s ICTSI Luisita Championship winner Miguel Tabuena, Bacolod leg titlist Ira Alido and Mondilla won’t be around next week, the PH Masters cast remains as formidable as ever with young guns Gabriel Manotoc, Josh Jorge, Jonas Magcalayo, Elee Bisera and Korean PGT Q-School topnotcher Rho Hyun Ho eager and ready to slug it out with the best and the brightest on a course which puts premium on accuracy off the tee.

silver and 105 bronze medals.

There’s no comparing the Cambodian and Vietnamese sorties for the main reason that last year’s host embraced the norms of sporting competitions while the Cambodians didn’t.

They limited the participation of the 10 other SEA Games nations in certain sports while fielding a full contingent to benefit their goal of finishing high in the medals race.

C ambodia, which never figured strongly in the medals race in the past, had an 81-74-127 gold-silverbronze tally to finish fourth behind repeat overall champion Vietnam (136-105-114), Thailand (108-96-108) and Indonesia (87-80-109).

Tolentino stood undaunted by the result with the victory in men’s basketball on Tuesday evening capping the fighting campaign.

The important thing is we surpassed the medal haul last SEA Games and we have reclaimed basketball supremacy in the region,” he said.

A pre-games favorite with a lineup

heavily reinforced by American players, Cambodia fell short of expectations in the men’s basketball final with Gilas Pilipinas booking a methodical 80-69 victory over the hosts to bring the gold back home after getting humiliated by Indonesia in Hanoi also in May last year.

Tolentino said he and the POC have all the reasons to continue profusely supporting Filipino athletes.

“ I will continue to be steadfast in supporting our our athletes, sports officials and Philippine sports development in general,” he said.

Tolentino added: “The 32nd SEA Games has once again proven the Filipino brand of sportsmanship and athletic talent. Team Philippines made the nation proud, and our athletes, with all heart and spirit, fought well and hard, and this is all what matters?”

Despite disappointments not only from Team Philippines officials but also from the other delegations, Tolentino praised Cambodia for its debut in SEA Games hosting.

The respect and admiration

Zubiri: Arnis makes strides in Cambodia

CEREMONIAL BALL

Cordillera Golfers Foundation Inc. president Arnel Piel hits one of the ceremonial balls to officially start the Cordillera Cup Invitational set at the Camp John Hay and Pinewoods courses in Baguio City starting Thursday up to Saturday.

ARNIS contributed six gold medals to the Philippine campaign in the recent 32nd Southeast Asian Games in Cambodia and no less that Senate President Juan Miguel Zubiri is all praises for the accomplishment of the arnisadors.

We are so proud of our arnis team,” said Zubiri, who heads the Philippine Eskrima Kali Arnis Federation or PEKAF, the national sports association for arnis.

“ I saw how much heart and hard work our arnisadors poured into their training, and it is so rewarding to see how all of that has paid off in another stellar SEA Games showing,” said Zubiri who witness first-hand the athletes’ campaign in Phnom Penh that also yielded two silver and four bronze medals.

C harllote Ann Tolentino and Jedah Mae Soriano each won gold in the women’s full-contact padded point matches under 50 kgs and 5055 kgs divisions, respectively.

T he full-contact livestick events also saw with Ma. Ella Alcoseba and Dexler Bolambao taking gold medals in the women’s under 50 kgs and men’s 55 to 60

kgs classes, respectively.

O n the last day of the arnis competitions, Anyo/Forms competitors took center stage, with Trixie Mary Lofranco and Sam Delfin topped the men’s and women’s individual event of the Anyo/Forms category, with Jeanette Agapito, Mary Allin Aldeguer and Ma. Crystal Jane Sapio winning the silver in the women’s team event.

Jude Oliver Marie Rodriguez landed a silver in women’s 50-55 kgs and Niño Mark Talledo a bronze in men’s 60-65 kgs of livestisk events.

Ezekyl Habig and Noah Gonzales each bagged bronze medals in the bantamweight and lightweight divisions, respectively.

Jeric Arce, Mackjohn Niel Pineda and Mark David Puzon also took bronze in the men’s team event.

“

This has been a fantastic comeback for arnis at the SEA Games,” said Zubiri, who authored Republic Act No. 9850 which declared arnis as the National Martial Art and Sport of the Philippines. “This is the first time that a foreign host has included arnis as a competitive sport.”

we have gained from our ASEAN counterparts all the more made this games a sweeter success,” he said. “More importantly, we have done our part in strengthening the ties that bind Southeast Asian nations into a shared vision of regional inclusive growth.”

Clearly, the 32nd SEA Games theme of ‘Peace Through Sports’ has been achieved.”

Th ailand will host the 33rd SEA Games back to the traditional odd number year schedule in 2025 in Bangkok and Chonburi.

100 days to go before FIBA World Cup

THE countdown reached 100 days mark for the International Basketball Federation (FIBA) Basketball World Cup 2023 where the world’s best and brightest players converge primarily in Manila and in co-hosts Japan and Indonesia.

The Philippines—with its worldrenowned most passionate fans—play host to USA and Serbia, as well as Lithuania and Greece, as four of the world’s top 10 teams play in the Group Phase from August 25 to September 10.

A ngola, Dominican Republic, Italy, South Sudan, China, Puerto Rico, Jordan, New Zealand, Egypt, Mexico and Montenegro are the other teams which will play at the SM Mall of Asia Arena in Pasay City and Smart Araneta Coliseum in Quezon City. Gilas Pilipinas will also showcase its talent in the tournament’s first game at the Philippine Arena on August 25.

To mark the countdown and engage the local market in the Philippines, a 100 Days-to-Go TVC will be aired on key channels and social media platforms while LED billboards along key sites in the Metro will also feature materials on display. Features on key news programs and video callouts from local ambassadors of the FIBA Basketball World Cup will also be shown on tv and social media.

Th is is the first time in 45 years that the Philippines is hosting the FIBA Basketball World Cup, alongside Japan and Indonesia. The event will be tremendous— the fan experience will be unprecedented, unmatched in its impact and truly memorable for all,” Samahang Basketbol ng Pilipinas president Al Panlilio said.

PHILIPPINE Olympic Committee President Rep. Abraham “Bambol” Tolentino celebrate the basketball gold and silver medals with members of the Gilas Pilipinas men and women teams.

SENATE President Juan Miguel Zubiri poses with Filipino arnisadors.