BusinessMirror May 21, 2024

By Reine Juvierre S. Alberto

BAGUIO CITY—With the challenging target of raising P4.3 trillion in revenues this year without new tax measures, the Department of Finance (DOF) and its attached tax-collecting agencies will bank on non-tax revenues but only as a short-term solution.

Office of the Chief Economist Undersecretary Domini SD. Velasquez said the government will “strategically maximize” potential revenues from non-traditional sources, focusing on non-tax revenues.

“[The] non-tax [revenues] for sure is not until forever. It’s buying us time to ensure that everything is in place to make sure that BIR [Bureau of Internal Revenue] and BOC [Bureau of Customs] collections will improve,” Velasquez said at the SMC-EJAP Business Jour -

nalism Seminar over the weekend.

On top of that, Velasquez said the DOF will improve its tax collections in e-commerce instead to plug the tax leakages in online marketplaces, specifically, those brick-and-mortar shops that transitioned to e-marketplaces.

Starting July 15, 2024, the BIR will implement a tax withholding system on gross remittances made by electronic marketplace operators and digital financial services providers to sellers.

With the majority of consumers shifting to the e-commerce market, Finance Secretary Ralph G. Recto stressed the need to ramp up the government’s digitalization efforts and align practices with countries with advanced tax collection systems, such as South Korea, Singapore, and Japan.  Recto met with the commissioners of BIR and BOC on May

15, to assess the agencies’ revenue collection performance and strategize on areas where the DOF can offer support.

“We’re keeping with the targets [and] will make [a] review by endJune,” Recto told reporters in a Viber message.

The BIR and BOC will stick with the target of raising P3.05 trillion and P1 trillion, respectively. The remaining money will come from non-tax revenues such as dividends collected from governmentowned and -controlled corporations (GOCCs), privatization of government assets, and fees and charges.

“That’s also the secretary’s matching order: that we improve our BIR and BOC collections. But as I said, we do recognize that it’s challenging. That’s why we have [non-tax revenues] in place,” Velasquez said.

The government collected P88.3 billion in dividends from state-run corporations as of May 6, 2024, higher by elevenfold than the P8 billion recorded from

HIGHER LOAN INTEREST HIKES PHL DEBT SERVICE

By Cai U. Ordinario @caiordinario

ABy Ma. Stella F. Arnaldo

@akosistellaBM

Special to the BusinessMirror

BIRTHDAY leaves, menstrual leaves, family insurance, internet allowance, retirement plans—these are among the enhancements in benefits packages companies are recommended to adopt to be able to retain talented and motivated employees. According to JobStreet’s Hiring, Compensation & Benefits Report 2024, companies should conduct more frequent

and comprehensive reviews to enhance their compensation and benefits strategy. “Many companies only focus on factors like salary benchmarking and evaluating pay guidelines but there is room for more proactive measures. Use benefits benchmarks to conduct simple internal surveys to gauge employee sentiments and needs. These cost-effective and efficient methods can significantly contribute to improving your compensation and benefits structure.”

THE steep price of condominiums has made the construction of residential buildings more expensive per square meter (sqm) than non-residential buildings in March 2024, according to the Philippine Statistics Authority (PSA).

Based on the latest Construction statistics, PSA said it costs P11,812.95 per sqm to construct a residential building in March 2024.

This is 11.42 percent higher than the P10,602.23 per sqm needed to construct a non-residential building which includes commercial, industrial, agricultural, and institutional buildings.

“[A] residential building is a build -

ing for which its major parts or more than half of its gross floor area is built for dwelling purposes. This type of building can be of the single type, duplex, apartment and/or accessoria, and residential condominium,” PSA explained.

The higher cost was largely due to the cost per sqm of condominiums which has already reached P28,915.49 per sqm in March 2024. This represented a 21.8-percent increase from the P23,743.73 per sqm cost recorded in March 2023. Compared to February when the cost averaged P22,194.61 per sqm, the cost in March was higher by 30.28 percent.

LandBank loans to OFWs on reintegration hit ₧2.68B

By Reine Juvierre Alberto

LOANS availed by overseas Filipino workers (OFWs) to pursue business opportunities in the Philippines under the Overseas Filipino Workers Reintegration Program (OFW-RP) reached P2.68 billion.

In a statement on Monday, staterun Land Bank of the Philippines (Landbank) said it has approved a total of P2.68 billion in loans to 1,504 borrowers as of March 2024.

“We recognize the significant contributions of our OFWs to the economy, and through this Pro -

from A18

Both leaders said separately on Monday the upcoming hearings on the Senate’s RBH on Charter change have been called off, since Angara had also declared himself resigned as chairman of the subcommittee on constitutional amendments in charge of holding the public consultations. As the Senate comes under pressure to rush the House-led initiative to amend the Constitution, and to

gram, we are providing them access to affordable financing and essential support services,” Landbank President and CEO Lynette V. Ortiz said.

The loan program is jointly implemented with the Overseas Workers Welfare Administration

finish certain legislative inquiries, Zubiri dropped further hints.

“I fought the good fight. If I ruffled some feathers in doing so, so be it... Today I offer my resignation as Senate President of the Republic of the Philippines...I leave with my head held high, knowing that I did what is right for the nation…for the Senate.”

He underscored how “we have been a staunchly independent Senate. Let me say that again, We have been a staunchly independent senate, holding strong against all threats—against our institution, and against very threats to the

(OWWA ) to enable OFWs who seek to permanently return to the country and achieve financial security through the establishment of a business.

OFWs eligible for the loan program may avail of working capital or acquisition of fixed assets at a minimum amount of P100,000 and up to P2 million for a single proprietor borrower, and P5 million for a group of OFW borrowers.

The interest rate is fixed at 7.5 percent per annum for both shortterm and term loans, according to Landbank.

The short-term loans under the OFW-RP are payable up to one year, while the tenor for term loans shall be based on cash flow but not to exceed seven years, inclusive of a maximum of two years grace period

very foundation of the democracy in which our nation is built.

“Indeed, these two years, I have come to realize that being Senate President is not only about leading the troops but also putting oneself on the line—if that’s what it takes to protect our institution.

“And so, I have put myself on the line, to shield the Senate from all attacks—particularly from efforts to diminish the powers of this institution as the country’s last bastion of democracy.”

He recalled how, in January, “we fought against the dreaded People’s

on the principal.

The loan program offers funding for a wide range of viable business ventures, including franchises, agricultural and non-agricultural production and marketing endeavors, construction projects, rental services, trading businesses, and transportation services, among others, the LandBank said.

OFWs who seek to borrow from the loan program should be an active or inactive certified member of OWWA and currently employed overseas or who applied under the program not later than three years after their return to the Philippines.

“We hope to turn their hardearned savings abroad into thriving businesses here in the Philippines for their families and beneficiaries,” Ortiz added.

Initiative, which would have destroyed this very institution I’m standing here right now. God knows what  I had to do to defend the Senate. Throughout all this, I could count on each and every one of our colleagues—both from the Majority and Minority—whose wisdom and cooperation helped shape the identity of the Senate in this postpandemic age.”

Senate President Pro Tempore Loren Legarda, who was presiding, led her peers in thanking Zubiri.

After the nominations for the new Senate chief was closed with no other nominees, Legarda announced: “With no objections, the election of Sen. Chiz Escudero as Senate President is hereby recognized.”

Voted as the new majority leader and Rules committee chairman is Sen. Francis Tolentino.

Besides Zubiri, Legarda, along with Majority Leader Joel Villanueva also resigned; as did Senators  JV Ejercito as deputy majority leader; Angara, as chairman of the finance and youth commitees and the subcommitee on constitutional amendments; Nancy Binay as chair of the Tourism committee.

Angara also dropped hints of the reason behind the shakeup: “When all is said and done, and history is written, wala silang ikakahiya. They stood on the right side of history... when this institution was under threat, pinaglaban ni [Senate President Zubiri] ang ating institusyon, ipinaglaban niya ang ating taongbayan dun sa mga gustong solohin ang kapangyarihan [he fought for our institution, he fought for our people against those who want to corner power].”

Chiz vows one team FOR his part, newly minted Senate President Escudero vowed he would not polarize the chamber, because he would treat members equally, not as blocs, adding that “we are all members of one team.”

He thanked colleagues, citing Joel Villanueva “for giving up a leadership post.” Minority Leader Koko Pimentel and Deputy Minority Leader Risa Hontiveros, who stayed with Zubiri when the headcount was being done before the shakeup, are keeping their posts.

PSA noted that across nonresidential constructions, institutional-type buildings reported the highest average cost of P11,690.39 per sqm in March 2024.

This was a 4.8-percent growth from the P11,153.54 per sqm posted in March 2023. However, this was 8.8 percent lower than the P12,818.57 per sqm posted in February 2024.

The data also showed that agricultural-type buildings registered the lowest average cost of P4,503.11 per sqm. This represented an 18.9- percent decline from the P5,550 per sqm posted in March 2023 and 11.85-percent contraction from the P5,108.29

In terms of interest, BSP data showed, this increased 15.27 percent to $1.21 billion in the January to February period in 2024 from the $1.05 billion in the first two months of 2023.

Meanwhile, the data showed the debt service burden to export shipments ratio slowed to 26.1 percent in the January to February 2024 period from 28.7 percent in the same period in 2023.

This marked the lowest debt service burden to export shipments ratio since 2022 at 14.7 percent.

Export shipments grew 17.48 percent to $9.13 billion in the first two months of the year versus the $7.77 billion posted in the same period last year.

The data also showed the debt service burden to exports of goods and receipts from services and primary income ratio was lower at 9.7 percent in the January to February 2024 period.

The BSP data showed this was lower than the 10.5 percent posted in the January to February 2024 period. It was the lowest since the 6.3 percent ratio posted in 2022. The exports of goods, and receipts from services and primary income, grew 15.46 percent to $24.46 billion in the January-February 2024 period from the $21.18 billion in the same period last year. BSP said debt service burden represents principal and interest payments after rescheduling. It includes principal and interest payments on fixed medium- and longterm credits including IMF credits, loans covered by the Paris Club and commercial banks’ rescheduling, and New Money Facilities. The BSP also said this includes interest payments on fixed and revolving short-term liabilities of banks and non-banks. However, this excludes prepayments on future years’ maturities of foreign loans and principal payments on fixed and revolving ST liabilities of banks and non-banks.

To make “impactful changes” in the lives of their employees, companies may consider the following benefits to attract or retain their workforce: (Special leaves) birthday leave, menstrual, family care leave; (Financial benefits) medical health treatment coverage/insurance, pension funds/ retirement plan; (Career development) apprenticeship/mentoring program, education allowance/ sponsorship; (Family Friendly) medical protection/insurance for family members, medical checkups, activities extended to family members; and other benefits such as internet allowance and travel allowance.

With the workforce getting younger, would-be employees are getting more picky about the companies in which they choose to work. According to JobStreet, “deal breakers” include financial compensation such as salaries and bonuses (35 percent), work-life balance (28 percent), job security (25 percent), flexible work location and/or work schedule (25 percent), among others, with learning and career development possibilities ranking lowest at just 17 percent.

Mental-health support

COMPANIES also need to enhance their efforts to boost employee morale and support those experiencing stress within their offices. “It’s crucial to provide ample support for employees navigating stressful situations. Consider prioritizing work-life balance benefits to address this need. Top recommendations include offering mental health or wellness counseling/talks and implementing an employee assistance program. These initiatives can significantly contribute to creating a supportive and healthier work environment.”

Most hirers in JobStreet’s survey indicated the top causes of moderate stress in their companies include: heavy workload (36

per sqm in February 2024.

Meanwhile, construction jobs from approved building permits in March 2024 reached 13,320.

This indicates an annual drop of 15.5 percent from 15,764 total number of constructions in the same month of the previous year.

The number of constructions in February 2024 declined at an annual rate of 2.2 percent.

By type of construction, residential buildings reported the highest number with 8,964 constructions or 67.3 percent of the total number of constructions during the month.

percent) and high pressure from the management or the fast work pace (28 percent). “Issues such as lack of appreciation/recognition (42 percent), low pay (34 percent), long working hours (35 percent), high turnover/resignations (37 percent), and too much hierarchy (29 percent) are more prevalent in companies in the high stress zone.”

Less hiring in 2024

THE survey indicated the jobs market in the country, while overall positive, is projected to soften by the second half of the year, due to local economic and global developments.

JobStreet’s report said: “61 percent of the hirers surveyed displayed confidence that the job market will be more active during [the first half] of the year 2024—reflecting an optimistic overall outlook of more hiring by businesses and active jobhunting by candidates. However, there is a noticeable decline in confidence for the second half of 2024, dropping to 41 percent. This decline is attributed to a higher degree of uncertainty, with 16 percent of hirers mentioning their uncertainty about the job market’s outlook during that period—which could be influenced by various factors, including economic conditions and global events.”

Jobstreet surveyed 685 hiring executives across the country in September 2023 in industries such as computer/infomation technology (12 percent); manufacturing (10 percent); retail and trade (10 percent); consumer services (9 percent); business services (8 percent); education, social services, healthcare (8 percent); construction/industrial equipment and machinery (7 percent); banking, finance, insurance (7 percent); industrial goods/raw materials (6 percent); electrical, electronics and telecommunications (4 percent), media and advertising (2 percent), and others (14 percent).

It recorded an annual decrease of 18.1 percent from the same month of the previous year’s level of 10,949 constructions.

Majority of the total residential constructions were single-type houses with 7,743 or 86.4 percent of the total. Meanwhile, non-residential types of construction was the second highest in terms of number of constructions at 3,105 or 23.3 percent of the total number of constructions during the month. This type of construction declined during the period at an annual rate of 6.1 percent. Most of the non-residential constructions were commercial buildings with 2,210 constructions or 71.2 percent of the total.  Cai U. Ordinario

DOJ echoes opposition of DOLE in ‘bond provision’ of stalled seafarer bill

TLatest Chinese threat contrary to international law–Malaya

By Rex Anthony Naval

RANKING National Secu -

Arity Council (NSC) official on Monday said that China’s latest announcement, authorizing its Coast Guard to arrest foreigners found intruding on what it claims as its maritime borders, is contrary to international law.

“These regulations are contrary to international law, Unclos [United Nations Convention on the Law of the Sea] and the UN Charter. China has no sovereignty in the high seas and therefore has no right to arrest, detain or expel any person in the South China Sea [or] high seas without trial,” NSC

Assistant Director General Jonathan Malaya said in a media briefing China earlier announced that any foreigner caught without authorization inside its claimed maritime borders can be detained up to 60 days without trial.

“These regulations cannot apply to the exclusive economic zone of coastal states like Vietnam, Malaysia, Brunei, Indonesia or the Philippines or any

country for that matter. The 2016 Arbitral Ruling has nullified China’s claim to the entirety of the [South China Sea],” Malaya added.

He also noted that this new China Coast Guard regulation, which is expected to be implemented by June 15, is nothing more than part of China’s “scare tactics to intimidate and coerce its Southeast Asian neighbors.”

“It is provocative, escalatory and increases the tensions in the South China Sea. The Philippines will not be intimidated or coerced by the Chinese Coast Guard. We will never succumb to these scare tactics. the Philippines will continue to sail and fish in these waters and we call on all maritime states particularly our neighbors like Vietnam, Malaysia, Brunei, Indonesia to ignore these illegal regulations and sail in these waters to the extent that international law allows,” Malaya said.

And by doing so, the NSC official said we are showing to China our strong objections to the illegal regulations which clearly infringe on the rights of other states.

Duterte, Chinese Embassy execs called to testify in House probe

By Jovee Marie dela Cruz @joveemarie

FORMER President Rodrigo Duterte and Chinese Embassy officials are being called upon to participate in the congressional inquiry regarding the alleged gentleman’s agreement aimed at maintaining the status quo over Ayungin Shoal.

Rep. France Castro, the nominee of the party-list group ACT Teachers to the House of Representatives, made the call during the joint committee hearing of the chambers’ Committee on National Defense and Security and on the West Philippine Sea, as current government officials claim to have no knowledge of such an arrangement.

“What we need is for former President Duterte to show up and the Chinese Embassy... a representative of the Chinese Embassy who knows about the agreement,” Castro said.

“This is a resolution directing the House of Representatives to investigate, in aid of legislation, the veracity of the alleged promise to remove BRP Sierra Madre from the Ayungin Shoal as claimed by China,” Castro said.

Past administration officials, including former Executive Secretary Salvador Medialdea, former Defense Secretary Delfin Lorenzana, and former National Security Adviser Hermogenes Esperon Jr., were also summoned to the hearing on Monday, but only Medialdea sent a representative along with an explanation for his absence.

The special committee on the West Philippine Sea, chaired by Mandaluyong City Rep. Neptali Gonzales II, proposed allowing all resource persons to state their positions before summoning specific individuals to the probe.

House Committee on National Defense and Security Vice Chairman Raul Tupas instructed the secretariat of the committees to resend invitations to the past administration officials who did not attend the hearing on Monday.

Earlier, Speaker Ferdinand Martin G. Romualdez said the so-called “gentleman’s agreement” on the non-supply of the BRP Sierra Madre grounded in Ayungin Shoal was “tantamount to the surrender of our country’s sovereign rights over [EEZ].”

In a related development, House leaders strongly condemned China’s recent threats to arrest foreign nationals trespassing in the West China Sea, asserting that it is China itself that is encroaching on Philippine waters, particularly areas falling under the Philippines’ exclusive economic zone (EEZ).

Majority Leader Jay Khonghun expressed concern over the escalating tensions caused by China’s actions in the WPS, which adversely affected the livelihoods of Filipino fishermen.

Deputy Speaker David Suarez highlighted the daily dangers faced by fishermen in Zambales and Bataan provinces.

Suarez questioned the presence of Chinese vessels in the WPS, emphasizing that they have no legitimate claim to the area, which falls within the Philippines’ EEZ.

Assistant Majority Leader Francisco Paolo Ortega V ridiculed China’s threats and likened them to implementing the Lina Law, which pertains to squatting on someone’s property.

Ortega emphasized that it is China that is encroaching on Philippine territory, not the other way around, citing favorable rulings and outcomes in cases brought before international bodies.

Assistant Majority Leader Amparo Maria Zamora suggested that China’s threats may be mere intimidation tactics, emphasizing that they would violate numerous international laws if carried out.

Zamora underscored the importance of freedom of navigation, affirming Filipino fishermen’s right to navigate these waters, and warned that China’s actions would face opposition not only from the Philippines but also from the global community.

By Joel R. San Juan @jrsanjuan1573

HE Department of Justice (DOJ) has backed the Department of Labor and Employment (DOLE) in opposing the “bond provision” in the proposed Magna Carta For Seafarers bill.

In a statement, the Philippine Trade and General Workers Organization (PTGWO-TUCP), the country’s biggest labor group, commended both the DOJ and the DOLE “for standing firm on the provisions of law and the rights of worker-seafarers.”

The PTGWO-TUCP was referring to the letter-opinion of DOJ Undersecretary Raul Vazquez addressed to Undersecretary Bernardito Sayo, Presidential Assistant for the Senate of the Presidential Legislative Liaison Office (PLLO) about the Bicameral Conference Committee Report on the Magna Carta of Seafarers.

In the said opinion, the PTGWOTUCP said Vasquez told Sayo that the

justice department shared the legal position of DOLE headed by Secretary Bienvenido E. Laguesma in connection with Section 58 of proposed Magna Carta For Seafarers bill.

The opinion stated: “With regard to Section 58, we defer to the position of DOLE that it is inconsistent with the protection to labor clause should there be a need to post bond for the execution of awards under items [d] and [e], as this would place undue burden on the worker who has no means to put up such bond. In case the seafarer cannot afford the execution bond, then he will wait for such number of years in order to receive the award.”

The enrolled bill of the Magna Carta of Seafarers, a bill certified as urgent, has been withdrawn by both Houses of Congress after President Marcos refused to sign it into law.

The group said that based on latest report the questioned provision has been retained in the revised bicameral conference committee bill.

The Magna Carta for Seafarers bill

aims to ensure the protection and welfare of the Filipino Seafarers by recognizing their rights and instituting mechanisms for enforcement, consistent with the standards of the Maritime Labor Convention of 2006, the Seafarers’ Bill of Rights and the Fourth Pillar of International Maritime Law.

But the contentious issue on the bill is its Section 58, which disallows the immediate execution or payment to the complainant seafarer of any disputed amount determined to be legally due, including damages and attorney’s fees.

The group said if this is passed into law, it will only be the seafarers which will not have their awards received by them immediately.

This would put them at a disadvantage as compared with all other workers, whether local or overseas, who have won their cases in the National Labor Relation Commission (NLRC) and voluntary arbitrators under the National Conciliation and Mediation Board (NCMB).

The group pointed out that seamen

DOH reports slight drop in dengue cases

By Claudeth Mocon-Ciriaco @claudethmc3

THE Department of Health (DOH) on Monday reported a slight decrease of 3 percent in Dengue cases recorded nationwide. Data from DOH showed that the case count dipped from 5,380 last March 24 to April 6 to 5,211 last April 7 to April 20.

There is a larger drop, by around 30 percent, if the period April 21 to May 4 is to be considered, when only 3,634 cases were recorded.

The department however is cautious with this interpretation as case counts may change with late reports coming in. From the start of the year

up to May 4, 59,267 Dengue cases have already been recorded, with 164 deaths.

“Kill mosquitoes so that the dengue they bring will not kill you. This early, before the full swing of the rainy season, families and communities should search and destroy mosquito breeding sites—anywhere or anything where water can accumulate and stay still,” said Health Secretary Teodoro J. Herbosa.

Dengue is caused by a virus that mosquitoes spread to people.

It is common in tropical climates like what the Philippines has. Most of those who get dengue will not experience symptoms, but should there be, the most common are high fever

(40°C), severe headache, muscle and joint pains, nausea, and rashes.

There may also be pain behind the eyes, vomiting, and swollen glands. Symptoms start four-10 days after exposure from a mosquito bite, and can last for two to seven days. Most will get better in one to two weeks.

Some people get severe dengue which can be fatal, and will have to be treated in a hospital. Symptoms of severe dengue often come after the high fever has gone. These symptoms include: severe abdominal pain, persistent vomiting, rapid breathing, bleeding gums and nose, fatigue, restlessness, blood in vomit or stool, intense thirst, pale and cold skin, and feeling weak.

Go helps displaced workers in Biñan

SEN . Christopher Go joined the inauguration of the Super Health Center in Biñan City, Laguna, on Saturday and provided aid to displaced workers in the city.

In his speech, Go proudly mentioned that one of his key advocacies is the establishment of more Super Health Centers nationwide, highlighting their critical role in advancing the early detection of diseases through accessible basic health services at the community level.

AngSuper Health Center po is a medium type of polyclinic. Puwede po diyan ang birthing,panganganak, dental, laboratory, x-ray atmakakatulongpoitosaearly detection ng diseases atmagbibigayng primary care. NanditonarinangKonsulta program po ng gobyerno. It will help decongest the hospitals dahil pwede ba dito magpa-check up,” Go explained.

The senator further emphasized his commitment to pursuing accessible, high-quality healthcare for all Filipinos, stressing the need to invest in more healthcare facilities. He pointed out that such investments are crucial to meeting the increasing demand for medical services and ensuring timely interventions for improved health outcomes.

Super Health Centers are designed to focus on primary care, consultation, and early detection, further strengthening the healthcare sector in the country, especially in grassroots communities. Free consultations would be handled by municipal health offices, local government units, and the Philippine Health Insurance Corporation through its Konsulta program.

Through the concerted efforts of Go, fellow lawmakers, the Department of Health (DOH) led by Secretary Teodoro “Ted” Herbosa, and local government units, adequate funding was allocated for establishing more than 700 Super Health Centers nationwide, including 13 in Laguna.

Outside the Super Health Center, Go encountered two young vendors selling bananacue. He was deeply moved by the

perseverance of the children, deciding to purchase all their bananacue to support their efforts. However, he quickly noticed an unusual redness on the skin of one of the boys named Sky. Wasting no time, Go ensured that Sky receives immediate medical attention from the doctors at the Super Health Center. This timely intervention highlights the importance of accessible healthcare facilities.

Meanwhile, in support of community health frontliners, Go gave tokens such as food packs to 112 barangay health workers present during his visit.

Apart from the inauguration of the Super Health Center, Go also partnered with the local government to assist displaced workers in the city. He and his Malasakit Team distributed snacks, food packs, vitamins, masks, shirts, and balls for basketball and volleyball to 464 beneficiaries. Select residents received a bicycle, watch, shoes, and a mobile phone.

The Department of Labor and Employment (DOLE) also conducted an orientation for qualified beneficiaries introduced to DOLE’s Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD) program. The program aims to provide temporary employment assistance for those in need.

Through the efforts of Go, DOLE and the local government, another batch of displaced workers will also be provided similar support in the coming days.

“Sa pamamagitan ng programa na ito, ang gobyerno ay tumutulong sa mga manggagawang naapektuhan ng krisis at nakakapagbigayngpansamantalangtrabaho sa kanila,” Go said.

Meanwhile, he thanked officials, including Congresswoman Len Alonte, Governor Ramil Hernandez, Vice Governor Karen Agapay, Board Member Bong Behasa, Mayor Arman Dimaguila, and Vice Mayor Gel Alonte, among others, for their service to their constituents.

During the event, Mayor Dimaguila

would have to put up a bond in a sum equivalent to his award to be able to get their hard earned disability benefit. Meanwhile, the PTGWO-TUCP said it has unanimously passed a resolution commending Justice Secretary Jesus Crispin “Boying” Remulla and Laguesma for their stance against the assailed provision.

PTGWO is presently the biggest labor federation, in terms of individual membership, with more than 100 labor unions in various industries, as per the records of the Bureau of Labor Relations (BLR).

“This is for a legal opinion, which the DOLE issued, and the DOJ adhered to, against the imposition of execution bond in awards of disability claims, before worker-seafarers will get the award which they have favorably won from final judgments of the National Labor Relation Commission [NLRC] and the Voluntary Arbitrator under the National Conciliation and Mediation Board [NCMB-DOLE],” the group said.

Dengue is treated for its symptoms, often with pain medicine, as there is no specific treatment at present. The best way to prevent dengue is to avoid mosquito bites, especially during the day.

The DOH also advises the use of self-protection measures like long sleeves and pants that cover the skin, or mosquito repellent lotions and sprays. Seek early consultation for any symptoms like fever, headache, muscle and joint pains, nausea, and rashes. Say yes to fogging where needed, and start and sustain proper for patients.

“As the season turns from dry to wet, Dengue is something we must not forget. We brought cases down because of intense public awareness and close community action. Let us keep it that way,” reminded Herbosa.

expressed his gratitude to Go for his persistent and timely support of the city, especially during calamities and emergencies. He emphasized the senator’s deep connection with the community, saying, “Hindi naman bisita si Senator Bong Go ng Biñan eh… taga-ritonahalos ‘yan. Every time na may problema— bagyo, sunog, kalamidad—nandidito si Senator Bong Go.”

Meanwhile, Go also mentioned that Malasakit Centers in the province are located at Laguna Medical Center in Santa Cruz and the San Pablo City General Hospital in San Pablo City if residents need medical-related assistance.

Go is the principal author and sponsor of Republic Act No. 11463, or the Malasakit Centers Act of 2019, which institutionalized the Malasakit Centers program. To date, 165 operational centers have helped more or less 10 million Filipinos nationwide, according to the DOH.

To further support the development of Laguna, Go, vice chairperson of the Senate Committee on Finance, supported the construction of multipurpose buildings in Cavinti, Liliw, Lumban, Majayjay, Pagsanjan, Pila, and Sta. Cruz and Sta. Maria; concreting of roads in Luisiana; construction of slaughterhouses in Mabitac, Nagcarlan, and Pagsanjan; acquisition of a multi-purpose vehicle for Luisiana; and public markets in Liliw, Nagcarlan, Pagsanjan, and Rizal. Other projects he supported are the construction of a farm-to-market road and covered court in Paete, the construction of a drainage canal in Cabuyao City, and the repair of the primary highway inside Fort Sto. Domingo in Sta. Rosa City, and installation of street lights in Lumban and Magdalena.

“Hinding-hindi ko po sasayangin yung pagkakataong ibinigay nyo po sa akin. Magtatrabaho po ako para sa Pilipino. At iyanpoangpwedekongi-alaysainyo,dahil bisyokopoangmagserbisyo,” said Go who is known as Mr. Malasakit for his compassionate service to Filipinos in need.

By Nonie Reyes

ATOTAL of 48 flights with some 9,240 passengers were affected because of a technical glitch in the navigational air traffic management system (NATMS) of the Ninoy Aquino International Airport (NAIA) on Monday. Manila International Airport Authority (MIAA) records indicate that as of 3:00 p.m., 48 flights—31 domestic and 17 international—were affected. MIAA Acting General Manager Eric Jose Ines said Naia’s NATMS experienced the glitch starting 11:27 a.m. The problem prompted the Civil Aviation Authority of the Philippines (Caap) to provide “longer separation of departing flights” to ensure safety and management operations,

Tuesday, May 21, 2024

Addicted to Busyness?

By Henry J. Schumacher

EVER since humans have learned to write, we have documented how special we are and how we differ from other animals. Imagination, morality, and culture are traits thought to only be found in humans. Another aspect that seems to be uniquely human is the need to keep busy. Most animals would be happy if their basic needs are met: food, shelter, rest. In contrast, we humans don’t like to stay idle. Even if it means falling prey to the illusion of productivity.

The Need to Keep Busy

IN a research study about busyness and idleness, scientists asked participants to go deliver a survey in one of two locations which they could choose from.

The first option was nearby, allowing people to complete the task quicker, come back to the research center, and wait, doing nothing (the idle option); the second option was far away, with very little time to wait once they’d come back (the busy option).

Which option did people choose? Turns out, it depended on one small element: whether or not they had a justification— even if only specious—to choose the “busy” option.

The participants were told they were going to get a piece of chocolate as a reward. If they were told the chocolate would be the same regardless of the option they picked, only 32 percent of participants chose the faraway location. But if they were told they would get milk chocolate at one location and dark chocolate at the other, 59 percent picked the “busy” option.

It doesn’t seem that groundbreaking at first, but the implications are profound: as humans, we tend to do whatever it takes and to use any justification to keep busy, even if the task is meaningless. In the words of the scientists behind the study: “Our research suggests that many purported goals that people pursue may be merely justifications to keep themselves busy.”

Busyness and the Illusion of Being Productive

BEING busy does not equal being productive. When I get distracted by email notifications or when I check social media in the middle

Yes or no?

of writing an article, the interruption may give me the illusion of being busy. It will take longer to write the article because I keep breaking my state of flow. I will feel like I have worked all afternoon on something, when in reality I just didn’t manage to focus enough to get it done quicker. By feeling constantly busy, I also don’t leave room for pure creative thinking— instead, I’m filling my brain with external stimuli to give it something to do. As the study I mentioned earlier shows, it feels good. We like being busy. It’s reassuring. But it doesn’t mean it’s good for us.

Getting Off the Hamster Wheel BREAKING our addiction to busyness doesn’t have to be hard, but it does require a conscious mindset shift. Having more free time is something we say we want, but it’s going against our deeply rooted fear of being alone with our thoughts and facing the reality of our lives. That’s why it can be liberating, but also pretty scary. Here are some simple changes you can implement:

1 Change your perspective. First, stop saying “I don’t have time”. Instead, say “It’s not a priority.” Remind yourself that there is enough time in a day to do the things you care about.

2 Less doing, more achieving. Don’t measure productivity in terms of how many tasks you get done, but rather in terms of doing the ones that matter. Clean up your to-do list. Shift your focus from tasks to outcomes.

3 Start saying no. Don’t take stuff on just because someone asked you. Question whether this new task will translate into meaningful outcomes. It may be strange at first (you could say “not right now” instead of “no” if that’s easier) but it will help you better manage your time.

4 Make peace with inaction. To help you get comfortable with doing nothing, schedule time with yourself for dedicated downtime. Reflect or take a short walk.

Reclaiming your time to focus on what really matters can have a big impact on where you will be one year from now. All these moments we spend on irrelevant and meaningless tasks to avoid being alone with ourselves can be used for thinking, exciting work, or time spent with loved ones. It all adds up pretty quickly, so getting rid of the illusion of productivity is worth the initial discomfort of confronting our own thoughts.

In conclusion, we must make the important decision whether we really want to be addicted to Busyness. I would love to hear from you where you see your future. Being busy and productive is certainly attractive; but Imagination, morality, and culture are traits also found in humans. Email me at hjschumacher59@gmail.com

Arta rushes guidelines on permitting process for infra flagship projects

By Andrea San Juan @andreasanjuan

HE Anti-Red Tape Authority

T(Arta) wants to finalize by next month the implementing guidelines for Executive Order 59, which aims to fast-track the permitting process for infrastructure flagship projects (IFPs).

“Next month, we should be able to finalize already implementing guidelines for approval by the heads of agencies concerned and for submission to the President so they can meet the deadline,” Arta Secretary Ernesto V. Perez told reporters at a briefing held in Quezon City on Monday.

Perez said the agencies tasked to implement EO 59 are targeting to finalize the guidelines by June 10 or the last of the 30 working days required by the measure before its implementation.

“What we’re doing is we’re meeting with concerned government agencies regularly at least once a week, if not,

twice a week, to be able to meet the deadline,” Perez said.

Arta is one of the agencies, along with the Department of the Interior and Local Government (DILG), mandated by EO 59 to issue the guidelines to ensure “effective and efficient implementation” of the order.

Section 10 of EO 59 mandated the National Economic and Development Authority (Neda) Board’s Committee on Infrastructure to serve as the Steering Committee tasked to provide policy direction for effective implementation of the order.

“Within 30 working days from the effectivity of this Order, the Steering Committee shall, in coordination with the Anti-Red Tape Authority, Department of the Interior and Local Government, and other relevant agencies, promulgate the necessary guidelines to ensure effective and efficient implementation of this Order,” a portion of EO 59 reads.

Among the tasks of the implementing agencies are to: track and report

Onions’ ample supply prompts DA to eye extension to importation ban

THE ample supply of onion has prompted

the Department of Agriculture (DA) to mull over an extension to the importation ban on the commodity up to July.

“I-e-extend natin ang ban sa onion importation. Puno ang mga cold storage [facilities] sa onion producing areas. Mababa namanangpresyosamerkado, so there’s no reason to import [We’ll extend the onion importation ban since cold storages in onion producing areas are full. The prices in the market are low, so there’s no reason to import],” Agriculture Secretary Francisco Tiu Laurel Jr. said on Monday.

“Maybe until July,” Tiu Laurel added. He also said that stable onion prices in the market prompted the extension of the importation ban.

“Maayos naman ang presyo ng onion ngayon. Sa Balintawak ang latest figures ko, P60, P70 ang pula [per kilo], ang puti P60 [per kilo]. Noong pumasok ako sa DA

AKAP

Tthat time mga P140, P120 so stable naman [The price of onion in the market is stable now. In Balintawak, the latest figures are P60, P70 per kilo for red onion and P60 per kilo for white onions. When I got in the DA that time, the prices were at P140, P120, so it’s stable now.],” he said. Defense Secretary Gilberto Teodoro Jr. earlier noted the need to boost price and supply monitoring in markets to shield consumers against hoarders and price manipulators who rig commodities’ prices amid calamities, particularly from the anticipated onslaught of the La Niña phenomenon. According to Laurel, he has been monitoring the prices of commodities in the market since becoming the DA chief.

“Personally ako mismo naka-monitor, kungsakalimaymag-spike napresyoatibig sabihin malamang kulang ang supply, may unscrupulous trader, then we will activate importationkungkinakailangan, only kapag

gets ₧26.7 billion in 2024

HE government has allotted P26.7 billion this year for the implementation of the Ayuda sa Kapos ang Kita Program (AKAP), which seeks to protect minimum wage earners from the effects of inflation.

The vice chairman of the House of Representatives’Committee on Appropriations, Iloilo Rep. Janette Garin said that the program will extend financial assistance to minimum wage earners in the category of low income.

the compliance of national government agencies (NGAs) and local governments involved in the issuance of licenses, clearances, permits, certifications and/or authorizations for IFPs and encourage NGAs and LGUs to prioritize and facilitate the review and approval of licenses, clearances, permits, certifications or authorizations for the Neda Board-approved IFPs.

Perez said the goal of this measure is to “reduce or streamline the requirements, to fast-track the permitting process including the use of digital platform.”

Socioeconomic Planning Secretary Arsenio M. Balisacan earlier said in a statement that EO 59 will make it easier for implementing agencies to “execute transformative infrastructure projects that would spur job creation for our people and enable us to sustain our economy’s rapid expansion.”

EO 59 was signed by the President on April 30. Neda said in a statement that the

kinakailangan. [I personally monitor if there would be a spike in prices, which would mean there’s short supply, unscrupulous trader. If there is, we will activate our importation but only if it’s necessary],” Laurel said.

The DA earlier ordered the suspension of onion importation until May, which could be extended to July, to prevent further depressing onion prices due to the surge in domestic supply.

“In principle, I agree with no onion importation until July. But that is on condition that if there is a sudden supply shortfall, we will have to import earlier,” he said.

“Hindi po natin alam ang mangyayari dahil may El Niño. [We don’t know what would happen because of El Nino].”

The DA projected that onions’ production output for 2024 would hit over 300,000 metric tons (MT).

Based on the DA’s latest price watch report, the average weekly price of onion in the capital region is P102.58 per kilo for red onion and P90.39 per kg for white onion. Only the imported white onion is priced at P100 per kilo. Ada Pelonia

AKAP, an assistance program of the Department of Social Welfare and Development (DSWD), was launched at Tigbauan Sports Arena in Iloilo on Saturday.

“In spite of continuously working hard, if your salary is not enough, your income will still fall short. Our leadership’s mantra should be ‘help us, help you’. You must help yourself; work hard! Laziness won’t get you anywhere. But as you work and strive, the government will also support you,” she added.

The DSWD said the AKAP shall be implemented as targeted social assistance for individuals who may not have access to regular assistance because they do not belong to the poorest population.

It also intends to provide assistance for goods and services that are affected by high inflation.

Speaker Martin Romualdez assured that food, medical, funeral, and cash relief assistance will be provided under the program, ensuring that no Filipino will be left behind.

“Through AKAP, we can ensure that even in times of crisis, no Filipino will be left behind, ensuring that every Filipino has a reliable ally ready to help in times of need,” Romualdez said in his video message.

measure introduces “several critical changes” such as simplifying the requirements for the NEDA Boardapproved list of IFPs. In addition, the agency said the EO directs national government agencies (NGAs) and local governments to review their Citizen’s Charters, aiming to eliminate “redundant and cumbersome” procedures.

Balisacan also stressed the need for the country to catch up with its neighbors in the region in terms of implementing infrastructure flagship projects.

“So the government must enable— not hinder—the timely completion of these projects,” said Balisacan.

The EO also facilitates electronic application submissions to concerned agencies and local governments, including streamlined payment processes and issuance of receipts. (Full story here: https://businessmirror. com.ph/2024/05/07/fmjr-orderseen-to-speed-up-implementation-of-ifps/)

Gasoline price down; diesel, kerosene up

OIL companies announced on Monday a mixed price adjustments in pump prices to take effect this week. Gasoline prices will go down by P0.10 per liter. This will be the fourth consecutive week of rollback for gasoline. For diesel, the price will go up by P0.45 per liter. Kerosene prices will also increase by P0.90 per liter. Local pump prices are adjusted every week to reflect movements in the world oil market.

Department of Energy-Oil Industry Management Bureau (DOEOIMB) Director Rodela Romero said oil prices rallied as the Organization of Oil Exporting Countries remains optimistic on oil demand growth despite economic and geopolitical uncertainties. This is further complemented by the China’s clarification on its stimulus program to bolster growth in its struggling economy and US inventory draw.

On May 14, oil companies implemented a per liter decrease in gasoline by P2.00, diesel by P0.50 and kerosene by P0.85. This brought the year-to-date adjustment of gasoline and diesel at a per liter net increase of P7.25 and P4.20, respectively. Kerosene, on the other hand, has a net decrease of P1.65 per liter.

The local oil industry uses Mean of Platts Singapore (MOPS) which is the daily average of all trading transactions between buyer and seller of petroleum products as assessed and summarized by Standard and Poor’s Platts, a Singaporebased market wire service. Lenie Lectura

DOE mandates raising biodiesel blend to 3% starting this October

By Lenie Lectura @llectura

THE Department of Energy (DOE) has issued a circular on higher biodiesel blend to three percent starting October this year.

DOE Circular 2024-05-14, signed by Secretary Raphael Lotilla on May 7, 2024 and released 13 days after, states that the mandatory implementation of higher coco methyl ester (CME) content of biodiesel shall increase to four percent (B3)

BI warns vs online scam trafficking of workers

By Joel R. San Juan @jrsanjuan1573

THE Bureau of Immigration (BI) on Monday said nine Filipinos have been repatriated after being trafficked to Laos and Myanmar to work as love scammers targeting homosexuals online.

First to be repatriated was a 42-year-old male Filipino worker who arrived at the Ninoy Aquino International Airport (NAIA) Terminal 3 from Laos last May 16.

The victim claimed that he was recruited via Facebook, an online social media platform, to work as a customer service representative (CSR) to Laos.

He said he was promised a salary of P50,000 a month but ended up receiving no compensation.

Records revealed that he departed as a tourist, claiming he is a manager of a shop in the Philippines going on a holiday.

Two days after, the BI repatriated another batch of eight Filipinos from Thailand, where they had sought refuge after leaving their employers in Myanmar.

The victims were recruited via Telegram, an instant messaging app, also to work as CSRs with a promised salary of P 55,000. However, they were forced to transfer to Myanmar to work as love scammers targeting homosexuals online.

The BI said the victims were instructed to lure their targets to invest in pseudo cryptocurrency accounts using dating websites.

The victims claimed that they did not receive the promised salary, and were later dismissed for not reaching their quota.

They recounted that they were made to clean toilets or jog in the middle of the day if they did not reach their target numbers.

The victims were finally allowed to leave by their employers after the latter sensed that the Filipinos were up in arms against them.

They were escorted out of the complex where they took a boat ride to Thailand and sought help from the Philippine consulate.

BI Commissioner Norman Tansingco advised Filipinos seeking to work abroad to confirm job offers through official government agency channels in order to avoid falling victim to similar scams.

“Do not agree to illegal job offers. Do not put yourselves in danger by saying yes to this syndicate,” Tansingco said.

The latest batch of repatriates are in addition to the over 900 Filipinos victimized by human-trafficking syndicates in recent years, all lured through similar modus operandi. Some of the cases are being heard in a Senate committee investigation.

effective October 1, 2024; four percent (B4) effective October 1, 2025, and five percent (B5) effective October 1, 2026. At present, all diesel fuel sold in the country contain a biodiesel blend at two percent. A higher biodiesel blend

was supposed to take place in 2020 but was delayed due to the absence of assurances on the sufficiency of biodiesel supply and logistical limitations brought about by the pandemic.

The Biofuels Act of 2006 mandates that all liquid fuels for motors and engines contain locally sourced biofuel components. When Republic Act 9367 was signed into law, the blending of one percent (B1) coco-biodiesel or CME in local diesel started. It was last increased to two percent (B2) in 2007.

The same circular states that the ethanol blend for gasoline will increase to 20 percent from 10 percent as additional fuel option to consumers.

“The DOl (Downstream Oil Industry) participants may offer consumers gasoline fuel containing twenty percent bioethanol blend on a voluntary basis,” stated the circular.

There has been a clamor from the biofuels industry players to increase the blend ethanol blend for gasoline to 20 percent. However, the lack of local feedstock to increase production remains a challenge.

“Following the drastic increase in the cost of fuel over the past years as a consequence of the Ukraine-Russia conflict, production cuts by the OPEC +, and global inflation, the National Biofuels Board (NBB) has determined that an increase

in the bioethanol blend will reduce the pump price of diesel and gasoline fuel and help alleviate the burden of riding prices on consumers,” the circular stated.

In October last year, Lotilla, who also chairs the Biofuels Board, said increasing ethanol blend to 20 percent may result in more than one-peso reduction in line pump price.

The circular also states that the NBB shall review industry conditions following the full implementation of increasing biodiesel blend to B3 in 2024, B4 in 2025, and B5 in 2026.

The DOE circular would be applied to all participants in the downstream oil and the local biofuel producer industries.

1st batch of Miru-led JV ACMs pass screening

By Samuel P. Medenilla @sam_medenilla

THE first 20 Automated Counting Machines (ACM) delivered by the Joint Venture (JV) led by the South Korean firm Miru Systems Co. Ltd. have passed the screening of the Commission on Elections. The poll body said the units went through the required Hardware Acceptance Test (HAT)

last Monday in its warehouse in Sta. Rosa, Laguna.

“The diagnostic test results show that all of the ACM parts such as the sensor, touchscreen, scanner, printer, camera, USB (universal serial bus) ports, LED (light emitting diode), external keypad, etc. passed the appropriate criteria for each component during the HAT,” Comelec said in statement.

During the HAT, each

ACM is turned on, and run through different diagnostics to ensure all of its components are working based on the specifications of Comelec.

Three of the tested ACM units will be on the end-to-end demonstration before members of the Kapisanan ng mga Brodkaster ng Pilipinas (KBP) on Tuesday.

The Miru-led JV won the P18-billion contract for the Full Automation System with

Transparency Audit/Count (FASTrAC), which will be used by Comelec during the 2025 National and Local Elections (NLE).

Under that agreement, Comelec will lease 110,000 ACMs from Miru.

Comelec is pushing through with the screening of the ACMs from Miru despite the pending case before the Supreme Court seeking to declare null and void its service agreement with the JV.

‘Normalize’ HIV testing to curb HIV-AIDS

spread,

alarmed

Davao city council appeals to public

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

DAVAO CITY—The city council on the Human Immunodeficiency Virus has appealed to the public to “normalize” the HIV testing as those of the other baseline medical tests conducted periodically on individuals.

The appeal was issued as the city and the Davao Region saw as alarming the number of infections of the HIV, which causes the dreaded Acquired Immune Deficiency Syndrome (AIDS).

The City AIDS Council said that normalizing the HIV testing would likely prevent the spread of HIV-AIDS.

Dr. Jordana Ramiterre, head of the Reproductive Health and

Wellness Center (RHWC) said “treatment begins in testing.”

“We are trying to promote the test, in fact, we have differentiated service delivery in terms of testing. There is the facility-based testing, community-based screening, and the option of self-testing,” said Also, she added, there is also the never-ending battle against the stigma on HIV and AIDS “as there are still a lot of people scared of getting tested.”

“Cultural factors also affect people’s acceptance of testing and treatment,” she said.

“Get tested and always use protection during intercourse. Proper reproductive health education and early detection are also advised. HIV tests are free in government testing centers along with pre-testing and post-testing counseling,” the council said.

Dr. Kris Trangia of the Department of Health Region XI said “it is important to know one’s status, regardless of whether it is negative or positive. She said that HIV tests should not be associated with risky behaviors, rather they should be treated similarly to baseline tests that the public takes.”

“We want to inform everyone that HIV testing is the same as those baseline tests that you can take for you to know your status because we are campaigning for the U=U. If your viral root is already undetectable, then it is already non-transmittable. By knowing your status, you will be able to know how to protect yourself and how to protect others,” Trangia said.

Trangia said that as of December last year, the Davao Region has a total of 7,066 recorded HIV cases,

and out of this number, Davao City has 4,855 recorded HIV cases.

Currently, there are three treatment centers in the city, including the RHWC, the Southern Philippines Medical Center and the Davao Doctors Hospital.

There are also multiple testing centers that the public may access by asking their nearest Reproductive Health Worker.

The support organization for persons with HIVAIDS, the Dawaw Mindanao Advocates Association, Inc., said that although external discrimination plays a big role, “self-stigma is also a huge factor.”

“Dealing with self-stigma or internal discrimination, peer support groups for people living with HIV are tapped to help encourage them to undergo treatments or to get tested,” said Dawaw-MAAAI chairman, Manuel Velasco.

DTI works on more effective oversight ahead of La Niña

Continued from A18

“Access to affordable basic commodities such as rice is exceptionally crucial to millions of Filipino consumers. Any sudden fluctuation in the price of rice resonates on the daily lives of Filipinos,” Teodoro said. During the task force meeting at Camp Aguinaldo, Quezon City, early this month, Teodoro said the DND is ready to provide support to agencies involved in the price monitoring of basic necessities and prime commodities.

“Whatever support is needed by the Department of Trade and Industry and the Department of Agriculture… rest assured we are here ready to assist them,” he added.

Teodoro said there is a need to intensify price and supply

DAR close to hitting target in ‘24–PBBM

monitoring efforts in markets to protect consumers from profiteering amid the weather phenomenon. (Full story here: https://businessmirror com.ph/2024/05/20/teodorowarns-hoarders-pricemanipulators/)

Continued from A18

In Eastern Visayas, P10.28 million of equipment were distributed to 1,694 beneficiaries.

Marcos noted that aside from the CLOAs and equipment, the government also allocated P3 billion to build farm-to-

“This is proof of our continuous efforts to realize our promise to complete the agrarian reform in our beloved Philippines,” Marcos said in Filipino. Also distributed were P17.5 million worth of farm machinery and equipment, including tractors, tricycles, and floating tillers, to 3,268 farmers in Central Visayas.

market roads to help farmers in Bohol, Cebu, Siquijor, and Negros Oriental.

He said the government will also spend P78 million for the construction of bridges in Southern Leyte, Samar and Eastern Samar.

“With these bridges, we can

ensure farmers will be able to quickly and safely transport their goods,” Marcos said The President pointed out all of the said initiatives are part of his administration’s efforts to improve the productivity and quality of life of farmers.

Samuel P. Medenilla

May 21, 2024

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

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

NO. ESTABLISHMENT

1 ARTNATURE PHILIPPINES INC.

Warehouse No. 3, Km. 32 National Highway, Nueva, City of San Pedro, Laguna

2 GLARION TECHNOLOGIES CORPORATION

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

3 GLARION TECHNOLOGIES CORPORATION

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

4 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

5 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

6 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

7 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

NAME OF FOREIGN NATIONAL, POSITION AND BRIEF DESCRIPTION QUALIFICATION AND SALARY RANGE

ONO, KEIJI

Director, Treasurer, and Senior Manager for Quality Control

Brief Job Description:

Oversee the financial affairs of the company and operations of the company

SEIN SEIN KYI

Myanmari Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

VO THI KIEU OANH

Vietnamese Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

KONG, LINGFEI

Chinese Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

WANG, DINGYI

Chinese Customer Service Representative

Brief Job Description: Manage incoming calls and customer service inquiries

WANG, YI

Chinese Customer Service Representative

Brief Job Description: Manage incoming calls and customer service inquiries

Basic Qualification: Must be elected officer with Japanese nationality

Salary Range:

Php 90,000 - Php 149,999

Basic Qualification:

Able to speak, read and write Chinese and Myanmari language

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

Basic Qualification:

Able to speak, read and write Chinese and Vietnamese language

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

Basic Qualification:

Able to speak, read and write Chinese language

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

Basic Qualification:

Able to speak, read and write Chinese language

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

Basic Qualification:

to speak, read and write Chinese language Salary Range:

30,000 - Php 59,999

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite NGUYEN, THI THUY HANG

Vietnamese Customer Service Representative

Covelandia Road,

Tanauan, Batangas

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE Regional Office IV-A located at 3rd and 4th Floors, Andenson Building II, Parian, Calamba City, Laguna, within 30 days after this publication.

Please inform DOLE Regional Office IV-A if you have any information on criminal offense committed by the foreign nationals.

Binakayan, Pulvorista, Kawit, Cavite

15.

Senior Manager

Brief

Oversee

campaign is

and

and

Brief Job Description: Introduces new C&B processes, collects feedback about compensation processes and develops or implements improvements. Basic Qualification: Bachelor’s degree in

Management or

Must be

Taiwanese, Vietnamese, Indonesian, Singaporean and fluent in English and Mandarin languages. With at least 3 years of experience in managing C&B programs.

Salary Range: Php 150,000 - Php 499,999

BLUE-CHIP CENTRAL INC. Units 1-4 11/f Tower 6789, 6789 Ayala Ave., Bel-air, City Of Makati

16. PHUNG VAN DAO Marketing Specialist

Brief Job Description: Conducting market research to establish customer trends and habits. Basic Qualification: Fluent in Mandarin language, both verbal and written.

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

BULGARI (PHILIPPINES) INC. 7/f Ascott Makati, Glorietta 4, Ayala Center, San Lorenzo, City Of Makati

17. MUNOZ, JOSEPH JOMEL Commercial Director

Brief Job Description: Responsible for full P&L of Bulgari stores through achievement of the sales objectives and effective cost management. Build, coach and maintain a highly motivated team as well as deliver exceptional service to customers. Basic Qualification: College graduate. With at least 5 years of Retail/ Store

56.

BusinessMirror

Brief

57. ZHENG,

Brief

58. ZHU, CONGYANG Chinese Speaking Graphic Designer

Brief Job Description: Keeping

59. LI, RANHUI Chinese Speaking Program Designer

Brief Job Description: Documents all aspects of software, for ongoing maintenance and revisions. Basic

60. LIANG, JIANLIANG Chinese Speaking Program Designer

Brief Job Description: Documents all aspects of software, for ongoing maintenance and revisions.

61. MUHAMMAD FIRDAUS BIN ABDULLAH Chinese Speaking Program Designer

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.

62. YANG, WEN Chinese Speaking Program Designer

Basic

Basic

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions. Basic

63. ZHANG, SHUAIQI Chinese Speaking Program Designer

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.

DRAGONFLY TECHNOLOGIES INC.

Unit 602 6/f Itc Bldg., 337 Sen. Gil Puyat Ave., Bel-air, City Of Makati

64. NGUYEN GIANG HA Mandarin Support Specialist

Brief Job Description: Prioritizing your workload to ensure the most critical issues are resolve first.

EASTERN GOLD CORPORATION

503, Nueva St., Barangay 289, Binondo, City Of Manila

65. DAI, SHUPING

Marketing And Sales Agent

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas.

66. LIU, GUOSHENG Marketing And Sales Agent

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas.

67. XU, HAIQUN Marketing And Sales Agent

Basic Qualification: Proficient in speaking, reading and writing in Mandarin language. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Can contribute information, ideas, and research to help develop marketing strategies. Can help to detail, design, and implement marketing plans

Basic Qualification: Can contribute information, ideas, and research to help develop marketing strategies. Can help to detail, design, and implement marketing plans for each product or service being offered.

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

Brief

96.

BusinessMirror

107.

108.

Brief

109. HUANG, QIAO Chinese Speaking Program Designer

Brief

110. LI, JINJING

Chinese Speaking Program Designer

Brief Job Description: Communicate overall design and approach to a team of programmers. Create flowcharts, diagrams, other models, and programming instructions to guide programming team. Basic

111. QI, QINGXIN Chinese Speaking Program Designer

Brief Job Description: Communicate overall design and approach to a team of programmers. Create flowcharts, diagrams, other models, and programming instructions to guide programming team.

112. QIN, DENGPENG Chinese Speaking Program Designer

Brief Job Description: Communicate overall design and approach to a team of programmers. Create flowcharts, diagrams, other models, and programming instructions to guide programming team.

113. REN, KAIKAI Chinese Speaking Program Designer

Brief Job Description: Communicate overall design and approach to a team of programmers. Create flowcharts, diagrams, other models, and programming instructions to guide programming team.

114. SHEN, JIE Chinese Speaking Program Designer

Brief Job Description: Documents all aspects of software, for ongoing maintenance and revisions. Basic

115. SUN, GELIANG Chinese Speaking Program Designer

Brief Job Description: Communicate overall design and approach to a team of programmers. Create flowcharts, diagrams, other models, and programming instructions to guide programming team.

116. WANG, SIYUAN Chinese Speaking Program Designer

Brief Job Description: Documents all aspects of software, for ongoing maintenance and revisions.

117. WEI, YIHUI Chinese Speaking Program Designer

Brief Job Description: Communicate overall design and approach to a team of programmers. Create flowcharts, diagrams, other models, and programming instructions to guide programming team.

118. WU, WEIJUN Chinese Speaking Program Designer

Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.

119. XU, MIN Chinese Speaking Program Designer

Brief Job Description: Communicate overall design and approach to a team of programmers. Create flowcharts, diagrams, other models, and programming instructions to guide programming team.

120. YE, SHENGHONG Chinese Speaking Program Designer

Brief Job Description: Documents all aspects of software,

Basic

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

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

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

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

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

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

166.

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167. SEPTIANA

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168. WANG, JIN Chinese Speaking Business Development Associate

Brief Job Description: Identify

169. WANG, YANXIANG Chinese Speaking Business Development Associate

Brief Job Description: Identify and maintain new business opportunities and existing partners.

170. WU, YANLIN Chinese Speaking Business Development Associate

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171. XU, KANGKANG Chinese Speaking Business Development Associate

Brief Job Description: Identify and maintain new business opportunities and existing partners.

172. XU, MIAOFENG Chinese Speaking Business Development Associate

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173. ZHANG, FANGYU Chinese Speaking Business Development Associate

Brief Job Description: Identify and maintain new business opportunities and existing partners. Basic

174. ZHOU, BIN Chinese Speaking Business Development Associate

Brief Job Description: Identify and maintain new business opportunities and existing partners. Basic

175. BI, HONGXI Chinese Speaking Data Entry Clerk

Brief Job Description: Scanning through information to identify pertinent information. Basic

176. CHEN, WEIWEI Chinese Speaking Data Entry Clerk

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177. GE, HAILIANG Chinese Speaking Data Entry Clerk

Brief Job Description: Scanning through information to identify pertinent information.

178. LI, YANQING Chinese Speaking Data Entry Clerk

Basic

Brief Job Description: Scanning through information to identify pertinent information. Basic

179. NGUYEN QUANG HANH Chinese Speaking Data Entry Clerk

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180. TEH BOON NONG Chinese

222.

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227.

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229. TANG,

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230. TIAN, LIANBIN Chinese Customer Service

Brief Job Description: Customer support and data base services.

231. WAN, XIYUE Chinese Customer Service

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232. WANG, WUQIN Chinese Customer Service

Brief Job Description: Customer support

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

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BusinessMirror

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277. NGUYEN THI HONG Vietnamese

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278. NGUYEN TRUNG HIEU Vietnamese Customer Service

279. NGUYEN TUYET MAI Vietnamese Customer Service

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280. NGUYEN, THI MY HOA Vietnamese Customer Service

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284. PHAN THI HONG THU Vietnamese Customer Service

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285. PHAN THI THANH HUYEN Vietnamese Customer Service

286. SIN HY KHUONG

Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills.

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

Basic Qualification: Knowledgeable in computer application with good verbal and written communication skills.

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

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355. THOMAS CHONG WEE YANG Bilingual Sales And Marketing Officer

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356. PENG, CHIN-YU Foreign UI Designer

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357. MIMA, KOUKI Multilingual Customer Service Specialist

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tasks simultaneously.

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• Editor: Angel R. Calso

Deadly helicopter crash claims lives of Iranian president, foreign minister, and other officials

By Jon Gambrell

The Associated Press

UBAI, United Arab Emir -

Dates—Iranian President Ebrahim Raisi, the country’s foreign minister and others were found dead Monday hours after their helicopter crashed in a foggy, mountainous region of the country’s northwest, state media reported. Raisi was 63. The crash comes as the Middle East remains unsettled by the Israel-Hamas war, during which Raisi under Supreme Leader Ayatollah Ali Khamenei launched an unprecedented drone-and-missile attack on Israel just last month. Under Raisi, Iran enriched uranium closer than ever to weapons-grade levels, further escalating tensions with the West as Tehran also supplied bombcarrying drones to Russia for its war in Ukraine and armed militia groups across the region.

Meanwhile, Iran has faced years of mass protests against its Shiite theocracy over its ailing economy and women’s rights—making the moment that much more sensitive for Tehran and the future of the country.

State TV gave no immediate cause for the crash that occurred in Iran’s East Azerbaijan province.

Among the dead was Iranian Foreign Minister Hossein Amirabdollahian, 60. The helicopter also carried the governor of Iran’s East Azerbaijan province, other officials and bodyguards, the state-run IRNA news agency reported.

Early Monday morning, Turkish

authorities released what they described as drone footage showing what appeared to be a fire in the wilderness that they “suspected to be wreckage of helicopter.” The coordinates listed in the footage put the fire some 20 kilometers (12 miles) south of the Azerbaijan-Iranian border on the side of a steep mountain.

Footage released by the IRNA early Monday showed what the agency described as the crash site, across a steep valley in a green mountain range. Soldiers speaking in the local Azeri language said: “There it is, we found it.”

Khamenei himself had urged the public to pray Sunday night.

“We hope that God the Almighty returns the dear president and his colleagues in full health to the arms of the nation,” Khamenei said, drawing an “amen” from the worshipers he was addressing. However, the supreme leader also stressed the business of Iran’s government would continue no matter what. Under the Iranian constitution, Iran’s vice first president takes over if the president dies, with Khamenei’s assent, and a new presidential election would be called within 50 days.

First Vice President Mohammad Mokhber already had begun receiving calls from officials and foreign governments in Raisi’s absence, state media reported. An emergency meeting of Iran’s Cabinet was held as state media made the announcement Monday morning. The Cabinet issued a statement afterward pledging it would follow Raisi’s path and

IN this photo released by the Iranian Presidency Office, President Ebrahim Raisi attends a meeting with his Azeri counterpart Ilham Aliyev during the inauguration ceremony of dam of Qiz Qalasi, or Castel of Girl in Azeri, at the border of Iran and Azerbaijan on Sunday, May 19, 2024. Raisi, a hardline protégé of the country’s supreme leader who helped oversee the mass executions of thousands in 1988 and later led the country as it enriched uranium near weapons-grade levels and launched a major drone-andmissile attack on Israel, has died in a helicopter crash, according to state media on Monday, May 20. IRANIAN PRESIDENCY OFFICE VIA AP

that “with the help of God and the people, there will be no problem with management of the country.”

Raisi, a hardliner who formerly led the country’s judiciary, was viewed as a protégé of Khamenei and some analysts had suggested he could replace the 85-year-old leader after Khamenei’s death or resignation.

With Raisi’s death, the only other person so far suggested has been Mojtaba Khameini, the 55-year-old son to the supreme leader. However, some have raised concerns over the position being taken only for the third time since 1979 to a family member, particularly after the Islamic Revolution overthrew the hereditary Pahlavi monarchy of the shah.

New Taiwanese President Lai Ching-te urges China to halt military intimidation in

inauguration speech

TBy Christopher Bodeen & Simina Mistreanu

The Associated Press

AIPEI, Taiwan—Taiwan’s new President Lai Ching-te in his inauguration speech has urged China to stop its military intimidation against the self-governed island Beijing claims as its own territory.

“Fellow compatriots, we have the ideal of pursuing peace, but we must not have illusions,” Lai said after being sworn into office. “As China has not yet given up its use of force to invade Taiwan, we should understand that even if we fully accept China’s proposition and give up our sovereignty, China’s attempt to annex Taiwan will not disappear.”

He takes over from Tsai Ing-wen, who led Taiwan through eight years of economic and social development despite the Covid-19 pandemic and China’s escalating military threats.

Raisi won Iran’s 2021 presidential election, a vote that saw the lowest turnout in the Islamic Republic’s history. Raisi is sanctioned by the US in part over his involvement in the mass execution of thousands of political prisoners in 1988 at the end of the bloody Iran-Iraq war.

Under Raisi, Iran now enriches uranium at nearly weapons-grade levels and hampers international inspections. Iran has armed Russia in its war on Ukraine, as well as launched a massive drone-andmissile attack on Israel amid its war against Hamas in the Gaza Strip. It also has continued arming proxy groups in the Mideast, like Yemen’s Houthi rebels and Lebanon’s Hezbollah.

Meanwhile, mass protests in the country have raged for years. The most recent involved the 2022 death of Mahsa Amini, a woman who had been earlier detained over allegedly not wearing a hijab, or headscarf, to the liking of authorities. The monthslong security crackdown that followed the demonstrations killed more than 500 people and saw over 22,000 detained.

In March, a United Nations investigative panel found that Iran was responsible for the “physical violence” that led to Amini’s death.

Raisi is the second Iranian president to die in office. In 1981, a bomb blast killed President Mohammad Ali Rajai in the chaotic days after the revolution.

The Associated Press writers Nasser Karimi in Tehran, Iran, contributed to this report.

rebuke. He has since softened his stance and now supports maintaining the status quo across the Taiwan Strait and the possibility of talks with Beijing.

President Marcos offers condolences after deadly helicopter crash kills Iranian president and officials

RESIDENT Ferdinand R. Marcos, Jr.

Pexpressed his condolences to the people of Iran following the death of Iranian President Ebrahim Raisi and other officials of the Middle East country on Monday.

Raisi together with Foreign Minister Hossein Amir Abdollahian and other Iranian official were found dead after their helicopter crashed in mountainous region in Iran on Monday.

“We offer our deepest condolences to the people and the government of the Islamic Republic of Iran, especially to the families and loved ones of the late President Ebrahim Raisi, Foreign Minister Hossein Amir Abdollahian, and their companions in this tragic incident,” Marcos said.

“The Filipino people mourn with you and will keep you in our prayers during this difficult time,” he added. Iranian Vice President Mohammed

Mokhber is now serving as the acting president of Iran.

Raisi’s death comes after Iran launched drone-and-missile attack against Israel last month in response to the airstrike against the Iranian Consulate in the Syrian Capital of Damascus on April 1, 2024. The ongoing conflict has led Iran to seize MSC Aries while is was crossing the Strait of Hormuz in April, due to its supposed links with Israel. Among the 25 crew members of the said ship are Filipinos.

One of the Filipino sailors was released by Iranian authorities earlier this month.

Under Raisi’s leadership, Iran’s diplomatic relations with Western countries became strained as it engaged in enriching uranium and provided drones to Russia, which was used in its war in Ukraine. Samuel P. Medenilla

Dominican Republic President Abinader sees 2nd term as competitors concede

By Martín Adames Alcántara & Megan Janetsky The Associated Press

ANTO DOMINGO, Dominican Republic—

SDominican Republic President Luis Abinader is headed to a second term following Sunday’s general elections, declaring victory after his top competitors conceded early in the night as he held a strong leader in early vote tallies.

terrorized Haitians, the Dominican government has built a Trump-like border wall along the 250-mile (400-kilometer) border. He has also repeatedly urged the United Nations to send an international force to Haiti, saying such action “cannot wait any longer.”

Soto also voiced approval for the migrant crackdown. While saying he knows “the policies against (Haitians) are very strict” and many migrants worried Abinader would win, he said the steps the president has taken are important in guaranteeing the security of Dominicans like him.

Continued from B3

As in the case of my client, their budget allocation does not even meet this criterion. Considering their current financial goals, the proportions they have to establish were as follows: less than 50 percent for their “Needs,” significantly less than 30 percent for their “Wants” and more than 20 percent for their “Savings.” How could this be possible?

It was because they are high-income earners and reside in a rural area. Does it mean my client should heighten up their “Needs” expense by 50 percent and their “Wants” expense by 30 percent and reduce their Savings by 20 percent heedlessly to achieve the 50-30-20 ratio

Lai accepted congratulations from fellow politicians and delegations from the 12 nations that maintain official diplomatic relations with Taiwan, as well as politicians from the US, Japan and various European states.

Lai, also known by his English name William, has vowed to continue his predecessor’s push to maintain stability with China while beefing up Taiwan’s security through imports of advanced fighters and other technology from close partner the US, the expansion of the defense industry with the manufacture of submarines and aircraft, and the reinforcing of regional partnerships with Taiwan’s unofficial allies such as the

Thousands of people gathered in front of the Presidential Office Building in Taipei for the inauguration ceremony. Donning white bucket hats, the attendees watched on large screens the ceremony’s emcees narrating Lai’s swearing-in ceremony, followed by a military march and colorful artistic performances featuring folk dancers, opera performers and rappers. Military helicopters flew in formation, carrying Taiwan’s flag.

without proper planning?

How about the “70-30 Budget Strategy”?

A financial expert preached this 70-30 when I began my financial literacy journey in 2009. Simply put, 70 percent goes toward living expenditures, 20 percent to savings and 10 percent to your church. Honestly, I didn’t follow this religiously. There were months when I did 60-40, and other times when I did 50-50. My goals at that time were to save and invest my income as much as possible.

How about saving at least three months’ to six months’ worth of your monthly expenses for an emergency fund?

After going through several lockdowns at the height of Covid-19 in 2020, you realize that three months to six months is already insufficient. In fact, we now recommend you to boost your emergency fund by up to one

US, Japan, South Korea and the Philippines.

US Secretary of State Antony J. Blinken congratulated Lai on his inauguration. “We look forward to working with President Lai and across Taiwan’s political spectrum to advance our shared interests and values, deepen our longstanding unofficial relationship, and maintain peace and stability across the Taiwan Strait,” Blinken said in a statement from his office.

Lai, 64, takes over from Tsai Ing-wen, who led Taiwan through eight years of economic and social development despite the Covid-19 pandemic and China’s escalating military threats. He is seen as inheriting her progressive policies, including universal health care, backing for higher education and support for minority groups, including making Taiwan the first place in Asia to recognize same-sex marriages.

Lai, who was vice president during Tsai’s second term, came across as more of a firebrand earlier in his career. In 2017, he described himself as a “pragmatic worker for Taiwan’s independence,” drawing Beijing’s

year’s worth of living expenses. Some financial formulas are still sensible, such as keeping debt obligations to no more than 30 percent of one’s salary to ensure that the person or family has enough financial resources to cover the periodic loan payments.

This is why personal finance should be tailored-fit to each individual’s needs, priorities, aspirations and values. The financial product or formula should be suited to their specific needs and not the other way around.

Remember that every financial decision you make affects all components of your household finances, much like a domino effect, to accommodate those changes in your life.

These broad rules of thumb should not be followed indefinitely until they

Beijing claims Taiwan as its own territory and has been upping its threats to annex it by force if necessary.

Lai will build on Tsai’s efforts to strengthen ties with the US, which doesn’t formally recognize Taiwan as a country but is bound by its own laws to provide the island with the means to defend itself.

During Tsai’s tenure, Taiwan became the first society in Asia to legalize same-sex marriage, though critics say she skirted political responsibility by leaving the decision up to the Supreme Court and a series of referendums.

She oversaw a controversial pension and labor reform and extended the military conscription length to one year. She also kickstarted a military modernization drive, including a program for building indigenous submarines at more than $16 billion each.

Tsai’s leadership during the pandemic split public opinion, with most admiring Taiwan’s initial ability to keep the virus largely outside its borders but criticizing the lack of investment in rapid testing as the pandemic progressed.

have been proven true in light of evolving circumstances. As they say, there are plenty of unknowns in life.

Even from us financial planners, we always err on the side of caution when taking free recommendations online.

Ask questions. Verify the data. Lastly, confirm that the person you are dealing with has sufficient credibility, expertise, and experience to offer you such advice.

Rosemarie Gases is a registered financial planner of RFP Philippines. The views she expressed in this column do not necessarily reflect those of the BusinessMirror. To learn more about personal-financial planning, attend the 107th RFP program this May 2024. To inquire, e-mail info@ rfp.ph or text <name><e-mail> <RFP> at 0917-6248110.

The outcome reinforced both Abinader’s anti-corruption agenda, the government’s crackdown along its shared border with Haiti and the expulsion of hundreds of thousands of migrants fleeing the Dominican Republic’s violence-stricken neighbor. Such policies are only likely to continue in his next term.

Abinader, one of the most popular leaders in the Americas, and the early results showed him with nearly 60 percent of the votes. His competitors, former President Leonel Fernández and Mayor Abel Martínez, conceded early in the night.

Abinader supporters in his campaign headquarters started celebrating early on, blowing horns and cheering. In his victory speech, Abinader delivered a nationalistic message promising change and anti-corruption measures. He notably spoke little about of the government’s harsh measures on Haitian migrants and the crisis in its island neighbor.

“The message from the results is clear, the changes that we’ve made are going to be irreversible,” Abinader said. “In the Dominican Republic, the best is yet to come.”

While opposition parties reported a number of small irregularities, voting largely ran smoothly. Many of the 8 million eligible voters are still traumatized by an electoral authority decision to suspend the 2020 municipal elections due to a technical glitch, prompting what appears to be high voter turnout.

The president’s Modern Revolutionary Movement was also expected to win a majority in the Dominican Republic’s congress, which would allow him to push through changes to the constitution. It also would allow him to further his anti-corruption and economic agendas, which have earned him the approval of many in the Caribbean nation.

Willy Soto, a 21-year old economics student, was among those in the crowd. He said Abinader’s anti-corruption measures and economic and educational reforms gave him hope for the future of the country long plagued by political corruption.

“We young people, we see a different kind of government,” Soto said.

Much of the president’s popularity, however, has been fueled by the crackdown on Haitian migrants.

The Dominican Republic has long taken a hard line with Haitian migrants, but such policies have ramped up since Haiti entered a free fall following the 2021 assassination of President Jovenel Moïse. As gangs have

“This isn’t a problem that gets resolved one day to the next,” Soto said. “The policies he’s implemented, how he’s cracked down, closed the border and built a wall, feel like it’s a good initiative to control the problem of Haitian migration.”

While the policy is popular among Dominicans, it has drawn sharp criticisms from human rights groups that call it racist and a violation of international law. The government has rejected calls to build refugee camps for those fleeing Haiti’s violence, and it conducted mass deportations of 175,000 Haitians last year, according to government figures.

“These collective expulsions are a clear violation of the Dominican Republic’s international obligations and put the lives and rights of these people at risk. Forced returns to Haiti must end,” Ana Piquer, Americas director at Amnesty International, wrote in an April report. Now, as Abinader enters his second term, the president has promised to finish the wall dividing the two countries. He is also likely to continue deporting people back into Haiti at a time that violence has spiked.

The thought of continued crackdowns has stirred fear in many Haitians, both those who have recently fled the crisis and those who have long called the Dominican Republic home. Dominicans like Juan Rene said they, too, have been left suffering the consequences. Rene and his cousin sat at the gates of a detention center on the outskirts of the country’s capital this past week, pleading for authorities to help his partner, Deborah Dimanche.

Dimanche, a Haitian who has been living in the Dominican Republic for two years, was detained by immigration officers while on her way to work. She was taken to the detention center and has not been allowed to communicate with her loved ones as she faces deportation.

Trying unsuccessfully to talk with camp officials, Rene spoke with an increasing sense of helplessness.

“They said they won’t hand her over, that they’re going to get rid of her and send her to Haiti,” Rene said. “There’s no one to even talk to.”

Janetsky reported from Mexico

to this report.

Probing the murky identity of Bamban Mayor Alice Guo

The revelations surrounding the identity and citizenship of Bamban, Tarlac Mayor Alice Guo are deeply concerning and raise serious questions that demand a thorough investigation. President Ferdinand Marcos Jr.’s acknowledgment that Guo is “not known among local leaders” and that her origins are a mystery is a troubling indicator that all may not be as it seems with this elected official.

The implications of Mayor Guo potentially being a Chinese asset or even a non-Filipino citizen holding public office are grave. If true, it would represent a subversion of the democratic process and a violation of the constitutional requirements for running for and holding elective office in the country. The Senate investigation, as well as the involvement of the Office of the Solicitor General and the Department of the Interior and Local Government, underscores the gravity of this situation.

Beyond the legal issues at hand, the Guo case also speaks to the broader challenge of ensuring the integrity of the Philippine electoral system. As Comelec Chairman George M. Garcia rightly pointed out, the responsibility to vet candidates does not lie solely with the poll body—it is a duty that all citizens must embrace. The 2025 elections present an opportunity to strengthen this vigilance and close any loopholes that may allow foreign actors or ineligible individuals to infiltrate the ranks of elected officials. (Read the BusinessMirror story: “Comelec appeals to public to help in vetting poll bets,” May 14, 2024).

Garcia’s call for increased public involvement in vetting candidates is commendable. By actively participating in the vetting process and filing disqualification cases against candidates who may be ineligible or have dubious backgrounds, concerned citizens can contribute to maintaining the credibility and respectability of our political system.

The Comelec’s hands are somewhat tied due to the Supreme Court’s ruling against additional verification requirements. However, this should not deter them from exploring alternative avenues to ensure the authenticity of candidates’ declarations. Public awareness campaigns, inter-agency collaboration, and robust investigative mechanisms are crucial in addressing this challenge.

The potential perjury charges against Mayor Guo, if proven true, serve as a stark reminder of the gravity of misrepresenting one’s identity and qualifications. This case should set a precedent for stricter enforcement of laws governing foreign nationals seeking public office.

The alleged misdeclaration of Mayor Guo’s citizenship raises concerns about the potential infiltration of foreign interests into Philippine politics. The influx of Chinese nationals into the country has already raised eyebrows, and this case further highlights the need for stricter immigration controls to protect national security and the welfare of Filipinos. It is crucial for immigration authorities to tighten their guard and prevent any further compromise of the nation’s sovereignty.

The implications of Mayor Guo’s case extend beyond her individual standing. Her unknown origins, coupled with her alleged involvement in illegal POGO operations, warrant a comprehensive investigation. The potential consequences of a foreign national holding public office are far-reaching, impacting national security, economic interests, and the overall well-being of our citizens.

The case of Mayor Alice Guo is a wake-up call for the nation. It highlights the need for heightened scrutiny of candidates, as well as the importance of an engaged and informed electorate. Only by working together to safeguard the sanctity of Philippine democracy can we ensure that those who hold public office are truly acting in the best interests of the nation and the Filipino people.

BusinessMirror

T. Anthony C. Cabangon

Lourdes

The AMRO 2024 outlook

e(Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com www.news.businessmirror@gmail.com

John Mangun

OUTSIDE THE BOX

sTABlished “to promote objective monitoring of the region’s economies,” the AseAN+3 Macroeconomic Research Office (AMRO) was established in 2011. The AseAN+3 include the 10 AseAN members plus China, Japan, and the Republic of Korea.

Monitoring economic data from every nation is somewhere between a guessing game and detective work as all governments massage their economic numbers. China is a special case when it comes to meeting and beating government forecasts. It is just a rumor, but some say a part of China’s GDP comes from the economic contribution of “Unicorn Farts.”

The Indonesian government tends to turn a blind eye towards unfavorable data. Capital Economics writes: “We don’t have much faith in the official data. We have compiled our own Indonesia Activity Tracker [IAT] that suggests that growth is still below what official figures suggest.”

Nonetheless, the “ASEAN+3 Regional Economic Outlook 2024” is about as good as we are going to get for economic analysis. Released in April 2024, the full report begins with “Positive economic outlook presents opportunity for ASEAN+3 to rebuild policy space [interest rates and spending] and address long-term challenges.”

AMRO staff forecast growth for ASEAN at 4.8 percent this year and 4.9 percent in 2025. “The stronger growth momentum this year will

be mainly driven by robust domestic demand, with the anticipated turnaround in exports and the continued recovery of tourism providing additional tailwinds. Inflation in ASEAN+3 is expected to moderate from 2.8 percent last year to 2.5 percent in 2024, before easing further to 2.3 percent in 2025.”

Jump to the most recent report on the Philippines—first quarter GDP—and we read, “GDP growth in the Philippines slowed in Q1 and we expect further weakness over the rest of the year as tight monetary policy, slower growth in remittances and weaker export demand weigh on activity. We expect domestic demand is set to remain subdued in 2024 and are sticking with our below-consensus GDP forecast for 5.5 percent this year.”

The Philippines and Vietnam are expected to be number one and two, respectively, in regional economic growth for this year. The Philippines is forecast at 6.3 percent with Vietnam coming in at 6 percent for 2024. For 2025, both economies should reach 6.5 percent growth. Other estimates (guesses) are different, but in general the Philippines and Vietnam are the ASEAN economic lead-

The Philippines has the highest positive Output Gap in ASEAN+3 by a wide margin. Despite all the whining and complaining from the “Chattering Classes,” Filipinos actually outperform their peers.

“The positive output gaps in the Philippines and Singapore narrowed while those in Korea, Malaysia, and Vietnam turned negative, mainly as weak external demand weighed on exports and growth.”

ers. Interestingly, AMRO sees both PHL and VN inflation this year at 3 percent and 6 percent, and at 2.9 percent and 2.7 percent in 2025.

Other numbers. Again, PHL and VN have the best post-Covid growth numbers but are lagging regional peer Indonesia in reaching pre-Covid GDP growth. Thailand is struggling badly on both fronts.

Regarding monetary and fiscal policy stances, the Philippines is considered as borderline “Contractionary” or tight. “Contractionary policy is a tool used to reduce government spending or the rate of monetary expansion by a central bank to combat rising inflation.”

However, I see this as depressing. There are three factors AMRO singled out—GDP, private consumption, and domestic investment— measuring percentage changes from the “Pre-pandemic trend level.” The deviation of GDP growth and consumption was worse than our peers but mostly in line. But the terrible data is that, unlike regional peers, Philippine domestic investment collapsed and is still nearly 30 percent below the pre-pandemic trend. By comparison, both Indonesia and

Thailand are less than 10 percent below the pre-Covid trend. In addition, “In the Philippines, the share of occupations with low and irregular pay have risen to above pre-pandemic levels.”

AMRO measured the “Output Gap,” an economic measure of the difference between the actual output of an economy and its potential output. A negative output gap is like your child receiving a “line of seven” when you know he or she can do better. When there is a positive output gap, an economy is producing beyond its long-run potential. The Philippines has the highest positive Output Gap in ASEAN+3 by a wide margin. Despite all the whining and complaining from the “Chattering Classes,” Filipinos actually outperform their peers. “The positive output gaps in the Philippines and Singapore narrowed while those in Korea, Malaysia, and Vietnam turned negative, mainly as weak external demand weighed on exports and growth.”

We have one major risk: inflation fueled by high food and energy prices. Food inflation in the ASEAN+3 region outpaces inflation in other major categories. Further, the “Contractionary” policies of the Philippine government combined with equally cautionary domestic investment needs to loosen up. However, there is valid reason for optimism. The external position is sound. The fiscal position continues to improve. Resilient bank lending provides support for economic activities.

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.

Investors still flocking to Vietnam despite political upheaval

By John Boudreau and Nguyen Kieu Giang

OveR the past few years, vietnam’s anti-graft drive has taken down a slew of top Communist Party leaders, including presidents, deputy prime ministers and Politburo members. But that hasn’t stopped foreign investors from pouring in cash.

Between January and April, disbursed foreign direct investment rose 7.4 percent from a year earlier to $6.3 billion, after 2023 saw the figure reach a new record of $23.18 billion. The nation’s external account has stayed healthy, with current account—the broadest measure of trade—in surplus.

“You’ve never seen more foreign investment in Vietnam—and a great majority of that is going into the super productive manufacturing sector, which underpins Vietnam’s growth,” said Peter Ryder, Hanoibased chairman of Indochina Capital, a real estate advisory, invest-

ment and development company.

“Vietnam’s pretty solid right now.”

The resilience of foreign investment into Vietnam shows that the party has mostly been able to contain the fallout of a period of prolonged political infighting spurred by questions over who will succeed Communist Party General-Secretary Nguyen Phu Trong, the 80-year-old leader who has held the nation’s top job since 2011. Truong Thi Mai, once believed to be a rising star, became the latest Politburo member to fall after her removal from the party on Thursday.

The International Monetary Fund projects Vietnam’s economy to be

among Asia’s fastest growing this year and lead the region along with India in 2025. Samsung Electronics Co., which has invested more than $22 billion in Vietnam, reiterated in March that it plans to funnel an additional $1 billion a year into the country, without specifying a time frame.

Chipmaker Nvidia Corp.’s Chief Executive Office Jensen Huang said in December he viewed the country as a potential second home for his Silicon Valley company. Apple Inc.’s Tim Cook pledged to buy more parts from Vietnam and boost quality investment during a visit to the country in April. The nation has seen about a fourfold increase in companies assembling products for the Cupertino, California-based gadget maker over the past decade.

If anything, the “blazing furnace” anti-graft drive is viewed by many domestic and foreign investors as reducing corruption, said Adam Sit-

koff, executive director of the American Chamber of Commerce in Hanoi. Vietnam’s ranking in Transparency International’s corruption perceptions index has risen to 83 as of last year from 113th in 2016.

The country’s expanding economy and middle class, and growing role in the global electronics supply chain, underscores its continuing allure to investors, Sitkoff said, adding: “Vietnam is still an attractive investment destination.”  One reason for Vietnam’s success is that it has successfully balanced ties between the US and China, the world’s biggest economies. US President Joe Biden and Chinese leader Xi Jinping both visited Vietnam last year within months of each other.  The jockeying for power among individuals isn’t expected to change Vietnam’s economic or foreign policies, which are set by the Politburo and

Regulatory Asset Base and the WACC in setting electric distribution rates

By Alfredo J. Non

the significant and long-term investment in utility companies are perceived as important risk factors that contribute to their vulnerability to changes in regulatory rules and practices after their investment has been made. the integrity of and confidence in the regulation and rules plays an important factor in providing the assurance needed to attract investments in utilities and consumer acceptance in the resulting approved rates.

Investors expect to be remunerated for the capital employed in providing for the service. This remuneration is borne by consumers in the form of two separate charges —the opportunity cost of the capital employed (represented by the allowed rate of return applied to the investment, or what is referred to as cost of debt and cost of equity); and the utilization or consumption of the assets to provide the efficient service (represented by the depreciation charge).

In the pursuit of the regulatory processes, the Regulatory Asset Base (RAB) plays a very important role in the Performance Based Rate (PBR) methodology because it determines two of the cost factors that determine the rate—Return On Capital Investment and Return Of Capital Invested. The third factor is the Operating Expenses. In all the three cost factors, relevance, reasonableness and efficiency are key determinants in the regulatory approval.

RAB is therefore very crucial in the calculation of the allowed annual revenue. The value of the assets included in the RAB could be based on historical cost or re-evaluated values. The historical cost approach values the RAB using the costs actually incurred by the entity in building the utility network. On the other hand, the re-evaluated values (appraised or indexed historical costs) represent the costs expected to be incurred to replace the assets. The main difference between historical and re-evaluated cost is that the decrease in the real value of assets due to inflation is considered in the re-evaluated values. The resulting re-evaluated cost is further subjected to an optimization exercise to ensure that only the needed and efficient assets are included. The resulting value is called ODRC or Optimized Depreciated Replacement Cost. This is almost similar to the financial accounting exercise of determining the lower of cost or market values.

Adopting a replacement cost valuation provides assurance that funds generated by accumulated depreciation will be adequate for future replacements. This process is supported by Commonwealth Act No. 146 (CA-146), which requires that funds provided by depreciation be maintained in a bank account separate from other operating funds and will be used solely for asset replacements or additions.

The reasonable return on capital investment is determined using a Weighted Average Cost of Capital or WACC, which is arrived at by using the cost of debt, the cost of equity and averaged utilizing an accepted gearing ratio. A Nominal Vanilla WACC is normally determined although other variations may apply (after tax or pre-tax; Nominal or Real).

The adoption of ODRC as valuation methodology assures protection to investors that they would fully recover the cost of their investments by compensating them for the loss in value of their investment due to

Investors. . .

Continued from A16

Central Committee, according to Alexander Vuving, a Southeast Asia expert at the Daniel K. Inouye Asia-Pacific Center for Security Studies in Hawaii.  Still, he warned that the uncertainty at the top “will also further paralyze the government bureaucracy and delay permits and government approvals needed for business.”

Delayed business expansion tied to bureaucratic foot-dragging threatens to weigh on an economy grappling

reliable basis of the total investment entitled to a return.

Invoicing of services

inflation. However, there should be an awareness that the compensation is only done ONCE—either through the RAB (using ODRC valuation that includes inflation) or through the WACC (using a Nominal WACC that includes inflation) BUT NOT IN BOTH AT THE SAME TIME.

Therefore, in the determination of a reasonable Annual Revenue and resulting rate, the inter-relationship between the RAB and the WACC should be observed. An entity that prefers to value the RAB using historical cost (inflation excluded) is allowed to use a Nominal WACC (inflation included), while an entity that prefers to value the RAB using ODRC (inflation included) is allowed to use a Real WACC (inflation excluded).

Any entity that opts to compute return on capital by applying a Nominal WACC against an ODRC valued RAB would be committing an error and a great disservice to the consumers, because this would result in double compensation for inflation. Another way of looking at this situation is that the utility entity is given compensation or return on an imaginary investment (representing the appraisal increase). Remember that the re-evaluated cost does not involve any actual additional investment on the part of the utility entity. Some people ask—why is this not an issue prior to the adoption of PBR rate methodology? Good question. Prior to PBR, the rate methodology was called RORB or Return on Rate Base methodology. The main difference between the two is that RORB is ex-post (uses historical values to forecast the probability events) while PBR is ex-ante (where future events are based on forecasts or predictions). PBR also incorporates rewards or penalties related to expected operational efficiencies or results. Prior to PBR, re-evaluation or appraisal was a common asset valuation methodology. However, the concept of WACC and Nominal or Real Interest was not observed. Thus, for many years that re-evaluated or appraisal values were used, there was always an argument on what represents a reasonable rate of return to apply against the re-evaluated values. To provide a solution to the arguments the Supreme Court decided to appoint the Central Bank to determine a legal rate of return, which for several years prior to the adoption of PBR was accepted to be 12 percent. It must be also considered that while there is a fixed formula to determine WACC and ARR, regulation should be flexible enough to recognize that there are other alternatives or options that may be considered. The definition of RAB is one such example. Accounting-wise, the net book value of the RAB may equate to the total of debt net of repayment plus equity. The latter viewed as the opposite of the other in the accounting equation ASSETS = DEBT plus EQUITY. Because the debt and equity values are based on audited financial statements, it would appear that these would provide a more

with uneven growth in exports and tepid consumer activity, which has led some companies to reduce or even cease operations. A death sentence given to a real estate tycoon in a $12 billion fraud case in April, along with the resignations of senior Communist Party leaders, have rattled some foreign companies and investors who are unsure of what to make of it.

One energy company executive said the investigations and abrupt departures of top leaders is making it harder for his and other foreign companies to proceed with business plans. That’s because government workers,

Then, there is the concept of regulatory capital value (RCV) or regulatory asset value (RAV) equivalents. RCV starts with a direct measure of the value placed on each company’s capital and debt by the financial markets following privatization. The initial values are rolled forward in about the same basis as the RAB. The RCV is remunerated through price limits at a cost of capital (on a real basis) that is set at each price review. The impact of inflation on the value of the RCV to investors and lenders is recognized by adjusting the value each year.

Then, there are reconciling items that must be considered to arrive at the reasonable WACC and RAB base like:

The elimination from the RAB of contributions from third parties. This is based on the argument that to the extent the identified asset was not financed by the regulated entity, it should not be included in the RAB remunerated.

Care should also be observed in cases where the debts being remunerated have significantly varying terms or where interest rates vary significantly.

Based on debt and equity components, would a simple weighted average interest be sufficient?

While the formula for the calculation of WACC considers the inclusion of a debt premium, this is generally true only where the debt is yet to be negotiated or currently does not exist. For an existing long-term debt that carry fixed interest rates, the inclusion of a debt premium in computing for the WACC would overstate the ARR and the rate.

Inclusion of customer deposit and other consumer funds as source of capital.

The use of Modern Equivalent Value (MEV) vs. simple appraisal in determining the replacement cost of an asset.

While PBR literature has been very clear in terms of the interrelationship between the RAB and the WACC, this was not actually observed in the rate application by all the private utility entities with the Energy Regulatory Commission (ERC) and in the approval by the ERC of the same. Thus, the Annual Revenue Requirement (ARR), which included the return on capital, was arrived at by applying a Nominal WACC on a re-evaluated or ODRC RAB resulting in a calculation error due to the double compensation of inflation in the formula used. Consequently, a refund should be made of the resulting over-recovery resulting from the double compensation for loss in value due to inflation.

Moving forward, it is not enough that regulation and PBR applications consider the RAB-WACC inter-relationship and other considerations mentioned above. The Final Determination and the subsequent Validation and True-Up process should include an exercise that reconciles the regulatory RAB with the Utility Assets and the total Debt plus Equity in the balance sheets to ensure the reasonableness of values used in the rate determination exercise and ultimately, the reasonableness of the rate for both utility entities and their consumers.

Alfredo J. Non is a former ERC Commissioner

wary of probes, won’t approve legal documents or process anticipated new regulations, said the executive, who asked not to be identified so as not to offend the government.

Ryder from Indochina Capital said that while some investors are pausing Vietnam bets or even backing out of projects, foreign business leaders who have operated in the Southeast Asian country for years aren’t panicking. He views the leadership reshuffling as political infighting, not government or party instability.  With assistance from Nguyen Dieu Tu Uyen /Bloomberg

Batty. irwin C. nidea Jr.

Tax law for business

aSed on the 2022 data from the Philippine Statistics authority (PSa), a total of 1,109,684 business enterprises are operating in the country. about 99.59 percent of these are micro, small and medium enterprises (MSMes) and only 0.41 percent are large enterprises.

The top five industry sectors, according to the Department of Trade and Industry (DTI), based on the number of MSMEs in 2022 were: (1) Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles (546,863); (2) Accommodation and Food Service Activities (158,113); (3) Manufacturing (133,504); (4) Other Service Activities (71,145); and (5) Financial and Insurance Activities (50,782). These industries accounted for about 86.90 percent of the total number of MSME establishments. (MSME Statistics | Department of Trade and Industry Philippines (dti.gov.ph) Collectively, these MSMEs generated 65.10 percent of the country’s total employment. It is also worth noting that three of the five major enterprises enumerated above are in the service sector.

Based on this data, more than 50 percent of the country’s workers will be affected by the new invoicing rule introduced in the Ease of Paying Taxes Law (EOPT). Why? Cash flow of these MSMEs will be hit.

These MSME service providers usually rely on what they earn in a day to pay for the salary of their workers and other expenses to keep their operations afloat. They bill their clients after completing a job by issuing a statement of account. Prior to the EOPT Law, they are required to pay VAT only when they have collected the billings that they issued to their clients. It is only at this time, that they are required to remit the VAT to the BIR. But with the advent of the EOPT Law, every service provider, may it be a small or large enterprise, is now required to pay VAT at the time of billing and not at the time of collection.

In other words, even if a motorcycle repair business has not yet collected its billing from its customer, e.g. P100,000 plus the P12,000 VAT, it is mandated by the new law to advance the P12,000 VAT and pay the same to the government. What happens if the customer does not pay?

The MSME enterprise has a remedy. It may deduct the output VAT derived from its uncollected receivables from the output VAT in the subsequent

South

Korea

SI hope our policymakers are aware of the impact of this change on small businesses. After all, they are the main drivers of the economy. The government will benefit from an increased upfront collection of VAT in the short term because of the advance payments of VAT. But it should consider the impact of this policy on the livelihoods of the small Filipino entrepreneurs whose cash flow might dwindle and later die.

quarter, following the lapse of the agreed-upon payment period. To be eligible for output VAT credit, the motorcycle repair business must prove that the sale has taken place after the effectivity of the Regulations, the sale is on credit, VAT has been fully paid to the BIR, and that the VAT component of uncollected receivables has not been claimed as an allowable deduction (bad debts) for income tax purposes.

These are strict requirements for a service provider that has a very tight cash flow. To adopt, many MSMEs will be forced to streamline their operations, apply for a loan to augment their cash, or totally close operations because they cannot sustain their operations under the new tax rule.

Big business will initially feel a dent. But they can easily recover by simply asking for an increased credit line from their banks. It is expected that small enterprises will feel big waves after big waves as their advance VAT payments balloon.

Because of the impact of these advance VAT payments in a service provider’s operations, many are asking if they can issue the invoice only when payment is made by their customers. This stems from the statement in the regulations that an Invoice may also serve as a written admission or acknowledgment of the fact that money has been paid and received for the payment of goods or services.

The statement that an invoice may serve as proof of payment may

confuse taxpayers as regards the period when output tax liability of the seller of service accrues; especially that supplementary documents including delivery receipt or statement of account are allowed to be issued. As clarified in the regulations, these supplementary documents cannot be used to claim input VAT. But this can be interpreted that a service provider can issue a statement of account to its customers before issuing an invoice. In other words, a taxpayer can issue a statement of account showing the amount of fees due and issue the invoice only when payment is received. In effect, service providers can still choose not to pay VAT on their uncollected billings. This interpretation may be inconsistent with the definition of gross sales as the basis for VAT, under the EOPT Law. The said law provides that VAT shall be imposed on the gross sales derived from the sale or exchange of services, including the use or lease of properties. The term gross sales means the total amount of money or its equivalent representing the contract price, compensation, service fee, rental…which the purchaser pays or obligated to pay to the seller in consideration of the sale…of services that has already been rendered by the seller. So, VAT on service is due when the purchaser pays or is obligated to pay for services that have already been rendered. When an invoice is issued, it means that there is already obligation to pay because service has already been rendered. When a motorcycle business enterprise, for example, issues a statement of account, it means that it has already fixed the motorcycle and has completed its service. Thus, an invoice should have been issued instead, and VAT must already be paid.

I hope our policymakers are aware of the impact of this change on small businesses. After all, they are the main drivers of the economy. The government will benefit from an increased upfront collection of VAT in the short term because of the advance payments of VAT. But it should consider the impact of this policy on the livelihoods of the small Filipino entrepreneurs whose cash flow might dwindle and later die.

The author is a senior partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

touts corporate reform plan to Wall Street

By Youkyung Lee

outh Korea’s top financial watchdog attempted to revive optimism over the nation’s corporate reform initiatives to investors in New York while soothing concerns over the short-selling ban.

Governor Lee Bokhyun of the Financial Supervisory Service reiterated the government’s commitment to boosting corporate value and shareholder returns in a speech last week to more than 200 investors and analysts including those from Morgan Stanley and JPMorgan Chase & Co.

His remarks come at a crucial time for South Korean markets as the ruling party’s parliamentary defeat in April risks derailing the momentum for the “Corporate Value-up” plan. South Korea also faces the challenging task of resuming short-selling in an orderly manner to not disrupt the stock market while appeasing global investors who have bemoaned the ban on a key trading strategy.    “Before the end of June, we plan to share the schedule and whether or not short-selling will be resumed,” Lee said at the Invest K-Finance: New York IR 2024 event at Conrad New York Downtown on Thursday.

Lee said he “strongly agrees” that short-selling should be resumed given the government’s commitment to resolving the local stock market’s discount over peers. In comments to reporters, the governor added that it’s his “personal desire and plan” to see the ban partially lifted in June.

The government will inform the market on “how it will be resumed, and if it cannot be resumed when it can be normalized in the fastest way,” Lee added.  Lee said he “strongly agrees” that short-selling should be resumed given the government’s commitment to resolving the local stock market’s discount over peers. In comments to reporters, the governor added that it’s his “personal desire and plan” to see the ban partially lifted in June.  South Korea has banned short-

selling since November with the goal of rooting out naked short sales, which is illegal in the country. While the government initially said the restrictions will remain in place until the end of June, it has since been mum on the time frame. The ban, while welcomed by retail investors, has been controversial among the global investor community, as the practice remains legitimate in many markets.

Global investors have added more than $15 billion worth of local equities on a net basis so far this year, set for the biggest annual inflow since 2010 if the trend continues.

Part of the inflows have been triggered by the Value-up plan, with investors hoping for a rally akin to the one in Japan where corporate reforms helped engineer a bull market. Yet others remain skeptical on the South Korean proposal, which was seen as lacking both initiatives and penalties.

The event in New York was joined by Korea Exchange CEO

and

from

Eun-

Senate shakeup: Migs quits post, replaced by Escudero

By Butch Fernandez @butchfBM

SENATE President Juan Miguel Zubiri resigned his position on Monday, in a move followed by key Senate leaders leaving their posts, hinting it was a price he has to pay for “upholding the independence” of the institution.

All his colleagues thanked him profusely for his service, and applauded him roundly as he presided over the session for the last time, explaining later it was the only request he made when informed he had apparently been the subject of a coup, with 14 senators moving for a leadership change.

Sen. Francis “Chiz” Escudero,

DTI works on more effective oversight ahead of La Niña

Thimself a veteran lawmaker whose career ran parallel to Zubiri’s, was nominated by Sen. Alan Peter Cayetano to serve as the new Senate chief, and subsequently took his oath as Zubiri’s successor.

In a speech that brought tears to his colleagues’ eyes, Zubiri said his defense of the Senate’s independence “is probably why I face

By Reine Juvierre Alberto

my demise today.”

He said that on hindsight, his problems began when some political blocs moved for a people’s initiative to amend the Constitution, a strategy later redrawn amid the massive outcry against it.

The House has since approved its version of a Resolution of Both Houses (RBH) No. 6, calling for amend-

ments to the 1987 Charter, but the Senate is still holding its consultative hearings on the same. In Baguio City last week, key Senate leaders, including Zubiri and Sen. Sonny Angara, said the chamber won’t be stampeded into passing something that had not been the subject of consultations and deliberations.

See “Senate,” A2

By Joel R. San Juan @jrsanjuan1573

HE Department of Trade and Industry (DTI) said it is intensifying its efforts to ensure an “even more effective oversight” as the country braces for the impacts of the rainy season.

“We are intensifying our efforts to ensure even more effective oversight, particularly as we brace for the impacts of La Niña,” Trade and Industry Secretary Alfredo E. Pascual said in a statement on Monday.

In addition, the Trade chief said the agency is working closely with the Department of the Interior and Local Government (DILG) to “reactivate” the Local Price Coordinating Councils (LPCCs), which are crucial partners in its price monitoring initiatives.

DTI told reporters in a viber message on Monday that according to the Department of the Interior and Local Government (DILG), 1,335 or 78 percent of 1,716 local govern -

ment units (LGUs) have already reactivated their LPCCs.  With this, the Trade department is reminding the public that in areas declared under a state of calamity due to La Niña, automatic price control comes into effect.

“The DTI is steadfast in enforcing these regulations, and any individuals caught engaging in illegal price manipulation will be prosecuted to the fullest extent of the law,” said Pascual.

The Trade chief said this coordinated effort among agencies such as the DTI, Department of National Defense (DND), Department of Agriculture (DA), and the DILG is “aimed at ensuring fair prices and protecting the welfare of consumers across the nation.”

DTI told reporters in a Viber message that the mandates of the LPCCs, based on Section 4 of the implementing rules and regulations of Republic Act 7581, are to: coordinate and rationalize programs to stabilize prices and

supply of member agencies in the respective provinces, municipalities, and cities; and recommend to the National Price Coordinating Council or to the Implementing Agencies suggested retail prices (SRP) and/or the price ceilings for certain basic necessities and/ or prime commodities in their respective areas.

More mandates of the local price coordinating councils are to conduct “in-depth” analysis on causes for price fluctuations and to recommend “action steps” to correct unwarranted price increases and supply shortages.

The DTI underscored the abovementioned reminders to the public following the recent presidential task force meeting on El Niño response where the DND, headed by Defense Secretary Gilbert C. Teodoro, underscored that curbing price manipulation and holding hoarders accountable will be among the priorities in the government’s response.

Hperiod a year ago. The IC attributed the increase in revenues to the rise in the collection of membership fees, which amounted to P17.78 billion in the first quarter. Health insurers posted a total net income of P6.8 billion in the threemonth period, based on the IC’s data.

Meanwhile, the total assets of the HMO industry in the first quarter expanded by 10.07 percent to P71.313 billion from the P64.787 billion recorded in the same period last year.

Liabilities of health insurers also climbed by 16.11 percent to P61.492

WITH over 15,000 hectares of land already distributed to 9,000 agrarian reform beneficiaries (ARB) nationwide, President Ferdinand R. Marcos Jr. said the Department of Agrarian Reform (DAR) is now close to completing its target this year.

“This is already over 65 percent of the annual target of 23,000 hectares of agrarian land to be given a title [by DAR],” Marcos said in his speech during the distribution of Certificate of Land Ownership Award (CLOA) and support services in Dumaguete, Negros Oriental.  More than 3,800 Certificates of Land Ownership Award (CLOA) were distributed by DAR in Central Visaya last Monday under its Support to Parcelization of Lands for Individual Titling Project (Project SPLIT). The beneficiaries came from the provinces of Bohol, Cebu and Negros Oriental.

WHAT A MONDAY! This series of photos on Monday’s shocking events at the Senate, show the drama unfolding. From top left, clockwise: Sen. Chiz Escudero takes his oath as new Senate President before Sen. Mark Villar; outgoing Senate President Juan Miguel Zubiri makes a final salute as he steps down; Sen. Ronald “Bato” dela Rosa (in background) tears up as Zubiri cites him for his principled stand; Zubiri turns around to acknowledge Sen. Sonny Angara, later standing up to listen when it was Angara’s turn to speak and announce he was resigning his post as well. PHOTOS FROM SENATE PRIB/SCREENSHOTS FROM LIVESTREAM

Editor: Jennifer A. Ng

B1 Tuesday, May 21, 2024

MPDF secures fiscal perks

By Andrea E. San Juan @andreasanjuan

The Board of Investments (BOI) said it recently approved the application for registration of Metro Pacific Dairy Farms Inc. (MPDF) as a new local producer of dairy products and plant-based beverages in the country.

on Monday. BOI Managing Head and Trade Undersecretary Ceferino Rodolfo said the introduction of advanced dairy farming technology “promises to deliver superior quality and production efficiency while significantly boosting local dairy and plant-based beverage production.”

Rodolfo also said the project is a “crucial stride” towards enhancing the country’s food security and reducing the country’s dependency on imported milk.

capacity while also catering to the rising interest in plant-based dairy alternatives.”

Citing data from the National Dairy Authority, BOI said the country imports 99 percent of its dairy requirements as local output could meet only about 1 percent of the total demand of 2.93 billion liters.

“The Philippines’s dairy supply in 2023 was characterized by decreasing local milk production and a reliance on imports,” the BOI noted.

‘Meralco rate reset process is still a priority of ERC’

By Lenie Lectura @llectura

TAccording to the investment promotion agency attached to the Department of Trade and Industry (DTI), the “landmark” project is set to start operations in March 2025. BOI said MDPF will be developing a “state-of-the-art” integrated dairy farm and processing facility in Laguna, focusing on providing high-quality dairy and plant-based products to the domestic market.

“Achieving greater self-sufficiency in our dairy supply likewise ensures that Filipino consumers have access to fresh, high-quality local products.”

“The project will utilize advanced dairy farming principles, techniques, and technology based on the ‘Israeli’ model, incorporating artificial intelligence and modern equipment to optimize production efficiency and quality,” BOI said in a statement

With an initial cost of more than P2 billion, MPDF’s facility will house a thousand cows to produce 6.5 million liters of raw milk yearly, according to the BOI.

“The project aims to address the gap in our local dairy production

Based on the Rapid Industry Appraisal (RIA) of the Philippine PlantBased Foods Industry commissioned by the BOI, local production capacity for plant-based milk is estimated at 24.4 million liters.

MPDF’s project is expected to boost this capacity by 12 percent, reaching 27.4 million liters per year and enabling the local supply to meet 95 percent of the forecasted demand of 28.8 million liters by 2025.

RHI: Trading halted to avoid speculation

SUgAR firm Roxas Holdings Inc. (RHI) said it has asked the Philippine Stock Exchange (PSE) to suspend its shares for trading starting May 20. The company said in its disclosure that it decided to apply for a voluntary

trading suspension to prevent speculation.

Roxas Holdings shares gained 49.48 percent to close at P1.45 apiece from its previous close of P0.97 on May 17.

“RHI management believes that any further news articles or press re -

leases that will come out hereinafter will greatly fuel the speculation that such ‘proposed investment by CHCI or Leviste’ is a done deal, which is misleading and far from the truth,” the company said.

Roxas Holdings confirmed that a

non-binding term sheet has been signed between Manuel V. Pangilinan’s First Pacific Natural Resources Holdings BV, First Agri Holdings Corp. and Leandro Antonio L. Leviste’s Countryside Investments Holdings Corp. to acquire a chunk of shares in RHI. VG Cabuag

HE Energy Regulatory Commission (ERC) vowed to finish the reset process of the power distribution rate for the Manila Electric Co. (Meralco) within the year.

The reset involves an audit of Meralco’s assets, revenues, expenses and performance, according to ERC Chairman Monalisa Dimalanta.

“We were initially targeting to complete the reset within the year, but Meralco and its intervenors filed motions we need to resolve before proceeding,” she said, adding that the reset process remains a priority as this would have an impact on consumers.

“Meralco’s rates have not undergone a reset or rebasing since 2011 when its rates for the 3rd regulatory period (2011-2015) were set by the ERC. We are undertaking the reset exercise now, which includes an assessment of its performance.”

The United Filipino Consumers

and Commuters (UFCC), which has filed several cases before the ERC against Meralco for alleged overcharging, said lawmakers pushing for an early renewal of Meralco’s franchise should first evaluate the utility’s performance against records available at the ERC.

“On the part of the ERC, did it conduct a so-called ‘thorough audit’ for Meralco’s performance? When we say thorough audit, this will determine whether Meralco made excessive charge for its services,” said UFCC President Rodolfo Javellana Jr. If there is proof of overcharging, Javellana said calls to renew the Meralco franchise ahead of time should be junked.

Albay Rep. Joey Salceda Salceda, who authored House Bill 9793, is seeking a 25-year extension of Meralco’s franchise which would expire in 2028.

“For the UFCC, it is important for consumers to have a say in the matter,” he said. “All I know is that it is the wrong tune to sing for the early renewal of the Meralco franchise.”

Banking&Finance

Editor: Dennis D. Estopace

The dangers of following blindly the so-called personal finance rules

THROUGHOUT the years that I have been studying personal finance management, I have come across a number of rules of thumb that one must adhere to maintain a stable financial well-being. However, based on my experience and observations of others, while these rules are not applicable to everyone, they can serve as a decent starting point.

Nonetheless, one has recently stuck in my head for days. Some “fin-fluencers,” or financial influencers, have shared on social media platforms about this specific “budgeting rule” and how it helped them with their financial affairs: the “50-30-20 Budgeting Rule.”

The “50-30-20 Budgeting Rule” suggests you will need to apportion 50 percent of your income to your “Needs,” 30 percent to your “Wants” and the remaining 20 percent to your “Savings and Debt.”

How is this “rule” arguable?

To provide a practical example, during one of my recent financial planning sessions, my client sent me this illustrated graphic of the “5030-20 Budgeting Rule” and asked if they needed to abide to it to achieve the perfect balance for their household finances.

My candid response was a “No,” and outlined why this could pose a concern in the future for people who

passionately and blindly follow such “rules” from fin-influencers.

The “50-30-20 Budgeting Rule” started from a book co-authored by a mother and daughter. They called this 50-30-20 Budgeting Rule as “The Balanced Money Formula.”

Subsequently, the authors acknowledge that a person’s financial condition can shift over time. They could get a mortgage, have a new child, or go through a layoff. They pointed out that the “50-3020 Budgeting Rule” is flexible and encourages people to refer it as a guide after experiencing such lifealtering events.

This is where the confusion arises.

What if the individual or family grosses less than the minimum wage and the majority of their earnings, 80 percent to 100 percent, is spent on necessities? As much as they wanted to have fun or save money, it will take some tedious time to balance their duties before they could manage to generate an extra income.

See “RFP,” A15

BTr raises ₧15B from auction

By Reine Juvierre Alberto

The Bureau of the Treasury (BTr) raised P15 billion from the tender of Treasury bills (T-bills) on Monday as rates across all tenors eased on signals of a rate cut in the coming months.

The auction committee made a full award of its P15 billion T-bills, raising P5 billion each for the 91-day tenor, 182-day T-bills and 364-day government securities.

According to the Treasury, the Tbills fetched average rates all lower than the previous auction and secondary benchmark rates.

For the 91-day T-bills, investors’ average yield inched down to 5.712 percent, versus the previous tender’s 5.727 percent. Bids for the 91-day Tbills declined, ranging from 5.670 percent to 5.725 percent.

The 182-day T-bills saw its yield averaging down to 5.843 percent compared to last auction’s 5.863 percent. The government security rates were between 5.843 percent and 5.875 percent.

Investors’ average rate for the 364-day T-bills, meanwhile, was at 6.007 percent with a yield range of 6.000 percent to 6.013 percent. Tbills’ yields averaged 6.037 percent in the Treasury’s previous tender last May 13.

The Treasury said the auction

was nearly 4 times oversubscribed, attracting P59.3 billion in total tenders across the board.

The total amount tendered per tenor was P19.105 billion for the 91day, P19.360 billion for the 182-day, and P20.880 billion for the 364-day T-bills.

“With its decision, the Committee raised the full program of P15 billion for the auction,” the BTr said in statement on Monday.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the T-bills auction yields were again slightly lower for the fourth straight week, which is similar to the continued slight weekon-week declines in the comparable short-term PHP BVAL yields.

Ricafort pinned the easing auction yields to the “less hawkish” signals from Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona who said raised the possibility of a rate cut of 25 basis points (bps) in early August and another 25 bps in the fourth quarter.

The Monetary Board maintained

the BSP’s Target Reverse Repurchase (RRP) rate at 6.5 percent. This is the fifth consecutive meeting that the Monetary Board decided to maintain the RRP (See: https://businessmirror.com.ph/2024/05/17/ bsp-keeps-rates-but-eyes-2-cutsin-2nd-half/).

“Possible RRR cut could only be included in the agenda if the BSP starts cutting rates (target of 5 percent RRR, from the current 9.5 percent for large banks),” Ricafort added. For the month of May, the Treasury aims to raise as much as P60 billion from the sale of T-bills. It is also targeting to raise P150 billion from the sale of Treasury bonds, with the combined sale totaling P210 billion.

personal finance

rosemarie Gases

Art

Dafen Painting Village: A morning in the world’s art factory

SHENZHEN, China—If an entire community dedicates itself to the life and trade of art, where every resident yields a paintbrush and in every corner a painting is sold, would it be an artistic nirvana or dystopia? One could argue that Dafen Painting Village qualifies as both.

While modestly identified as a “village,” this fourhectare art hub in China’s southern city of Shenzhen was once considered “the world’s art factory.” At its heyday in the mid-2000s, reports claim that Dafen Painting Village had produced 60 percent of all new oil paintings available around the globe—primarily of cheap, yet well-executed copies of famous Western paintings. In 2015, revenues in the village hit an estimated ¥4.29 billion, or $630 million.

However, much has been made about the village’s art-making process akin to factory production lines. It’s not unusual for a painting to be worked on by one artist who specializes in backgrounds, then passed to another who focuses on facial details, then to another who takes care of the limbs. All this for galleries to meet great demand and tight deadlines from hotels, conference centers, major retail chains, and private collectors worldwide.

“We paint, eat, and sleep—all in this studio,” says Dafen resident Zhao Xiaoyong in the 2016 full-length documentary from Perspective, titled China’s Van Goghs: The Village That Paints Thousands of Fakes A Year (If you haven’t already, give it a watch. It’s available on YouTube.)

IT

TAKES A VILLAGE

THE overcast Shenzhen skies presented a poetic contrast against the vibrancy of Dafen Painting Village, which came to life in full color even on this slow April morning.

The village was one of the stops in the city tour of a media trip to China, hosted by tech giant Huawei. After flexing its R&D muscle in its impressive Dongguan and Shenzhen campuses—along with giving the media a hands-on experience of the Huawei Pura 70 series, the company’s new flagship camera-centric smartphone—Huawei decided to give its media guests a better feel of the young city of Shenzhen.

In 1980, the coastal fishing village was designated as China’s first special economic zone. The move kicked off the city’s phenomenal growth rate that came to be known as “Shenzhen speed,” as the city embraced its identity as an experimental zone for Chinese economic reform and liberalization. Shenzhen drew foreign investment like catnip, particularly businessmen from nearby Hong Kong. Among those who heeded the call was entrepreneurial trade painter Huang Jiang, whose decision to set up shop in Shenzhen in 1989 reshaped the modern art world.

In Dafen, situated just outside Shenzhen proper’s burgeoning Special Economic Zone, labor and land were both cheaper, which Huang capitalized on. He

Collaborative exhibition at Silverlens, Manila

SILVERLENS puts the spotlight on Piña, Why is the Sky Blue?, a collaborative exhibition by Stephanie Comilang and Simon Speiser, which opened last April 26. Previously exhibited in major institutions including the Tate Modern in London, UK, and Mackenzie Art Gallery in Regina, Canada, Piña, Why is the Sky Blue? is an affirming techno-feminist vision of a future in which ancestral knowledge and new technologies converge.

The centerpiece of the exhibition is a video/virtual-reality installation of the same title, a speculative documentary that narrates the story of a spiritual medium known as Piña.

As a form of artificial intelligence, Piña is able to receive and collect inherited knowledge, messages and dreams from people around the world in order to secure their survival.

Piña, Why is the Sky Blue? features

then brought with him painters and art students who were tasked not to create but to replicate for the global market. Their clone targets: famous Western artists such as Vincent van Gogh, Leonardo da Vinci and Rembrandt.

Soon enough, the mimic became the subject as more people flocked Dafen to set up their respective art production lines. Galleries sprouted, along with other auxiliary businesses like shops that sell paints, canvasses and, eventually, coffee. The Dafen Painting Village was in full swing.

While the area became a one-stop village for all things art for both local and foreign buyers for decades, Dafen wasn’t impervious to the shifts that sway the art market.

When the 2008 global financial crisis hit, for instance, Western demand declined. This prompted many Dafen artists to change their styles, shifting their focus to cater to the wealthy Chinese collectors who sought pieces that reflected their own culture.

A popular subject was the founder of the People’s Republic of China, Mao Zedong. More recently, many Dafen galleries migrated to the online space when the pandemic-induced lockdown forced many to close shop.

Regardless of the changing times, Dafen Painting Village seems to remain how it always used to be.

Every nook and cranny presents the many facets of art as a way of life. During our morning visit, residents were already deep into their daily routines.

Two people cross the street to load up a sizeable painting on a truck, while on the other end of the road a man is on the ground rolling out canvasses.

It is easy to be reminded that in the face of its moniker as the “world’s art factory,” this place, to its core, is still a village. ■

footage shot in the Philippines and Ecuador, where the artists have family histories. Its video component includes interviews with activists and healers from local organizations such as the indigenous feminist collective Cyber Amazonas in Puyo, and Las Martinas de Piedras Negras in Quito, both in Ecuador; as well as with a shaman or babaylan in Palawan, the Philippines.

In addition to the installation, the

exhibition features textile collages made of woven pineapple-cloth swatches sewn together by hand.

One of the first commodities from the so-called New World, pineapple (piña) was introduced to the Philippines by Spanish colonialists, where it was grown for the European luxury market as well as used locally as food and fiber.

Piña, Why is the Sky Blue? runs through May 25, 2024 at Silverlens Manila.

By Eugenia Last

HAPPY

ARIES (March 21-April 19): Protect your personal and professional relationships. Mixing business with pleasure or joining a joint venture will require compromise. Keep an open mind and do your best to strive for equality and fair play. A direct and honest assessment and contribution will ward off a misunderstanding. ★★★

TAURUS (April 20-May 20): Your power of persuasion will come in handy. Size up situations and implement the changes necessary to get what you want. Call in favors, use your resources and stick with it until you are satisfied with the results. Turn your aspiration into reality. ★★★

GEMINI (May 21-June 20): Use your imagination when interacting with others. How you present your intentions will change how others respond to you and the contributions they make. Offer information and enthusiasm. If you are too revealing, someone will take advantage of you. Protect your health and possessions. ★★★

CANCER (June 21-July 22): Refuse to let emotional baggage weigh you Press forward with confidence. Take advantage of an offer that allows you to use your skills uniquely. Speak passionately about your feelings, desires and long-term plans, and you’ll gain insight into what’s possible. Be open to suggestions, and you’ll learn something new. ★★★★★

LEO (July 23-Aug. 22): Distance yourself from drama, trouble and pushy people. Focus on what you can achieve that will help you gain confidence and encourage you to learn and update your skills. Keep up with what’s trending, and it will keep you from being left behind. ★★

VIRGO (Aug. 23-Sept. 22): Devise a plan and follow through. How you proceed will determine how well you do. Don’t wait for someone to outmaneuver you. Trust and believe in yourself, and you will outshine anyone who tries to get in your way.

LIBRA (Sept. 23-Oct. 22): Test your skills, knowledge and physical ability. Strive for perfection, and you will impress someone who can help you get ahead personally or professionally. Do whatever it takes to exude confidence and a positive attitude.

SCORPIO (Oct. 23-Nov. 21): Talks, interaction and using your resources will get you where you want to go. Talk from the heart and make a passionate plea that captures attention and helps you get the desired outcome. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Have a clear picture of what you want before you discuss your options with someone who can alter what you do for a living or how or where you reside. Gather the information you receive and factcheck everything before committing to change. ★★★

CAPRICORN (Dec. 22-Jan. 19): Participation will lead to interesting connections. Don’t be reclusive when you should be experiencing new possibilities and personal growth. Conversations will offer a unique perspective regarding options that can help you improve your life. ★★★★

AQUARIUS (Jan. 20-Feb. 18): Stay in the background and observe, and you’ll get a better view of the intentions behind how others act. Keeping your thoughts to yourself will prevent anyone from gaining insight into your intentions. ★★

PISCES (Feb. 19-March 20): Share with people you know well and trust to contribute something worthwhile. Express your gratitude and intentions, and the feedback you get will enhance your plans and influence how you move forward. ★★★

BIRTHDAY BABY: You are heroic, willful and persistent. You are innovative and charming.

Gundlach/Adrian Johnson/Jared Goudsmit

‘low fashion’ BY PRIYANKA SETHY AND RAJIV SETHY The Universal Crossword • Edited by David Steinberg/Anna

Show

Marx Topacio turns the heat up in a�ternoon TV viewership

LET THE GAMES BEGIN: PELICULA SPANISH FILM FESTIVAL GOES SPORTY AT SHANGRI-LA PLAZA

FROM classics, like the Rocky series to recent hits like Zendaya’s Challengers, film enthusiasts know that sports cinema is a potent way to tell a powerful story and explore familiar themes of triumph and camaraderie, offering not just action and drama, but also some lighthearted fun. Shangri-La Plaza continues to support quality world cinema as it teams up with Instituto Cervantes de Manila to host this year’s “Pelicula Spanish Film Festival” happening at the Red Carpet Cinema from May 23 to 26. With the Paris Olympics firing up this July, the 2024 edition of the longrunning filmfest features four movies that showcase how sports transform lives and celebrate the human spirit. Kick off the festival with a football frenzy courtesy of 2003’s Días de fútbol (Football Days), the debut film of David Serrano. The fast-paced comedy revolves around a gang of disillusioned 30-somethings who revive their childhood football team in a last-ditch effort to know what it feels like to win, even just one more time. A smash hit in the Spanish box office charts, the film is a poignant look at life in suburban Spain that addresses the fears of getting older.

Football fans will also want to check out La gran familia española (Family United ) by acclaimed director Daniel Sánchez Arévalo. The 2013 comedy is a look at the chaos that ensues when five brothers reunite for a wedding at the family estate on the day that Spain wins the 2010 World Cup Final. It combines two things that rule in Spanish homes—family and football.

Get ready to hit the track with Campeonex (Championext), the movie that defeated Barbenheimer in the Spanish box office in 2023. It’s the sequel to the 2018 flick Campeones, Spain’s entry for Best Foreign Language Film for that year’s Oscars that also spawned an American remake starring Woody Harrelson.

Pelicula Spanish Film Festival completes its lineup with Futbolin (Underdogs) by award-winning Argentine director Juan José Campanella. Released in 2013, this animated feature follows Amadeo, a shy and unassuming foosball genius who’s unable to confess his love to his childhood friend Lara.

Whether you’re a die-hard football fan, a lover of family comedies, or someone who likes tales that celebrate humanity’s relentlessness, get inspired by Shang as it hosts the sportiest edition of Pelicula Spanish Film Festival from May 23 to 26. More information is available at www.facebook.com/ shangrilaplazaofficial.

Man charged with actorpunching Steve

Buscemi is held on $50,000 bond

NEW YORK—The man charged with assaulting actor Steve Buscemi on a Midtown street has been held in jail on bond in New York, prosecutors said. Police have said the 66-year-old actor—known for his roles in Boardwalk Empire, and Fargo, among other performances—was walking in Manhattan on May 8 when a stranger punched him in the face. Police arrested a man on Friday in connection with the assault, three days after having released a photo of the suspect.

Buscemi’s publisher has confirmed the attack, and said the actor was treated at a hospital with injuries to his eye but was otherwise okay.

The accused man, who is 50 years old, was arraigned on Saturday and the judge set bail at $50,000, prosecutors said. It was unclear if the defendant had a lawyer who could speak for him. A phone message has been left with the local public defender’s office. The suspect is due back in court on Thursday.

The criminal complaint alleges the man punched two people at the time, but authorities did not name them. It also says the attack on Buscemi was captured by surveillance video.

In March, Buscemi’s Boardwalk Empire co-star Michael Stuhlbarg was attacked, by a different stranger. The person allegedly hit him in the back of the neck with a rock in Manhattan’s Central Park. AP

THERE is no contention that GMA’s Abot Kamay na Pangarap continues to be the most watched TV program on the afternoon block, and Topacio’s entry into the intricate web of the interesting lives of the show’s characters certainly adds to the many reasons why more people follow the unravelling of the plots and subplots.

Before he was bitten by the acting bug, Topacio was one of the prized model discoveries of the fashion world, walking the runway for many A-list local designers and international labels. He continues to be a sought-after model and brand ambassador too.

“Modelling opened many big doors for me, that is why every time there is a request for me and there is no conflict with my work as an actor, I always make time to walk the runway for my designer friends and fashion show directors because that is where I started and where I learned about many things like discipline, people relations, respecting everyone involved in production, and being a team player,“ he intoned.

Many of Topacio’s friends have also been lured by show business, but not everyone stayed after being thrown into the jungle that local showbiz is known for where it is usually a dog-eat-dog world.

“I am lucky I enjoy my work as an actor. There may be many compromises and the way things are done is different from staging a fashion show, doing a photoshoot, or attending a live event for a brand. One, there are more people to please when you are an actor, and each one in production is brought up differently so you have to adjust and find your way in to be able to get settled. Then there is the wider audience because every viewer can be a critic so you just have to be always on your feet and deliver good work. I am glad that Abo’t Kamay na Pangarap saw in me the potential of giving my character a lot of possibilities, and for that I am grateful,’ Topacio shared.

The tall and very fit Topacio was originally cast as a guest artist for the series and for his first few outings, the network production and creative decision-makers got excited with what Topacio gave and what he could offer. The reason why the creative team decided to further develop his character for the series, which to many is a very smart decision, was in no small part

NCAA Season 99 Volleyball Finals airs on GTV

THE volleyball action further heats up as GMA Network aired on Sunday Game 1 of the exciting National Collegiate Athletic Association (NCAA) Season 99 Women’s and Men’s Volleyball Finals live from the FilOil EcoOil Centre, San Juan City. The games were simulcast on GTV and had a livestream on the social media pages of GMA Sports and NCAA Philippines.

The best-of-three  Women’s Volleyball title series witnessed the showdown between the defending champion Benilde Lady Blazers and the Letran Lady Knights.

“We are very much excited for another actionpacked championship duel in the NCAA Season 99 where we will see the battle between the Letran Lady

Knights and the Benilde Lady Blazers for the Women’s Volleyball Tournament, and the Perpetual Altas and the EAC Generals for the Men’s Volleyball Tournament. Through GMA Network, NCAA fans and volleyball enthusiasts will have a chance to witness the fun and action as we air the games live on GTV,” says senior vice president and head of GMA Integrated News, Regional TV, and Synergy Oliver Victor Amoroso.

Catch the NCAA Season 99 Women’s Volleyball Finals, airing live on GTV on May 26, 2:30 pm, and June 1, 2:30

NCAA Season 99 Men’s Volleyball

on GTV on

12

are also

and June 1, 2:30 pm.  Catch the livestream on the NCAA Philippines website (www.gmanetwork. com/ncaa), NCAA Philippines Facebook page and YouTube channel, and GMA Sports’ social media accounts. GMA viewers abroad can catch all the action via

LOS ANGELES—Sean “Diddy” Combs admitted that he beat his ex-girlfriend Cassie in a hotel hallway in 2016 after CNN released video of the attack, saying in a video apology he was “truly sorry” and his actions were “inexcusable.”

“I take full responsibility for my actions in that video. I was disgusted then when I did it. I’m disgusted now,” the music mogul said in a video statement posted Sunday to Instagram and Facebook.

The security video aired on Friday shows Combs, wearing only a white towel, punching and kicking Cassie, an R&B singer who was his protege and longtime girlfriend at the time. The footage also shows Combs shoving and dragging Cassie, and throwing a vase in her direction.

Cassie, whose legal name is Cassandra Ventura, sued Combs in November over what she said was years of sexual, physical and emotional abuse.

information about GMA is available at www.gmanetwork.com.

DIDDY ADMITS BEATING EX-GIRLFRIEND CASSIE, SAYS HE’S SORRY, CALLS HIS ACTIONS ‘INEXCUSABLE’

The suit was settled the next day, but spurred intense scrutiny of Combs, with several more lawsuits filed in the following months, along with a federal criminal sex-trafficking investigation that led authorities to raid Combs’ mansions in Los Angeles and Miami.

He had denied the allegations in the lawsuits, but neither he nor his representatives had responded to the newly emerged video until Sunday.

“It’s so difficult to reflect on the darkest times in your life, but sometimes you got to do that,” Diddy says on the video. He adds, “I went and I sought out professional help. I got into going to therapy, going to rehab. I had to ask God for his mercy and grace. I’m so sorry. But I’m committed to be a better man each and every day. I’m not asking for forgiveness. I’m truly sorry.” Combs is looking somber and wearing a T-shirt in

the selfie-style apology video, and appears to be on a patio. It is the hip-hop mogul’s most direct response and first apology after six months of allegations that have threatened his reputation and career.

Meredith Firetog, who represents Ventura and other women who have sued Combs, said the apology was “more about himself than the many people he has hurt.

“When Cassie and multiple other women came forward, he denied everything and suggested that his victims were looking for a payday,” the lawyer said in a statement. “That he was only compelled to ‘apologize’ once his repeated denials were proven false shows his pathetic desperation, and no one will be swayed by his disingenuous words.”

The Associated Press does not typically name people who say they have been sexually abused unless they come forward publicly as Ventura has done. AP

MERALCO, JCCIPI TEAM UP TO ADVANCE PHL ENERGY INDUSTRY

MANUEL V. PANGILINAN —Led Manila Electric Co. (Meralco) has collaborated with the Japanese Chamber of Commerce & Industry of the Philippines, Inc. (JCCIPI) to promote sustainable, innovative and energy efficient solutions in the Philippine energy industry.

In a recent joint webinar on sustainability and environmental, social and governance (ESG) trends in the Philippines, Meralco shared its commitments and initiatives to JCCIPI members to drum up possible collaborations that would propel ESG leadership and drive transformative results.

As the country’s largest electricity distributor, Meralco proactively works with government organizations and private sector players to achieve their sustainability goals making the company a good choice for like-minded companies that are part of JCCIPI.

JCCIPI is a private and non-profit organization consisting of Japanese or Japaneserelated companies and organizations in the Philippines.

“Meralco can provide expertise in the energy sector while JCCPI can contribute technological advancement and investment. This collaboration can result in sustainable energy solutions,” said Bernice Gretchel P. Garcia–Rama, Meralco Head of EnterpriseCommercial and Conglomerates.

Meralco Head of Energy Services Danilo

B. Aquillo, for his part, emphasized the power distributor’s sustainability programs that aim to create positive and lasting impact in the communities within its franchise area.

These include the company’s commitment to a just, orderly and affordable transition to clean energy through sourcing 1,500 megawatts (MW) of the company’s supply requirements from renewable energy and the development of 1,500 MW of renewable energy projects.

In addition, Meralco is also speeding up its drive to greenify its transportation fleet by shifting 25 percent of its vehicles to electric by 2030.

On the power distribution side, Meralco Head of Enterprise-Industrial Victor L. Risma IV said Meralco is scaling up its smart grid program to achieve higher efficiency, have better demand response and accommodate more renewable energy in its expansive distribution network.

Part of this program is the adoption IEC 61850—the latest international standard for communication protocols covering intelligent electronic devices at its substations, the rollout of smart meters, the deployment of its advanced metering infrastructure, the implementation of supervisory control and data acquisition system, and in the future, the installation of distributed energy resources management system.

These efforts are a testament to Meralco’s

unwavering commitment to power economic progress and empower partners and communities by equipping them with green, innovative and energy efficient solutions.

For its part, JCCIPI committed to continue working with Meralco in creating an environment that would support these sustainability efforts.

“We at JCCIPI are excited to deepen our collaboration with Meralco in driving sustainable solutions within the Philippine energy landscape. Through this partnership, we aim to harness the power of innovative technology from Japanese companies, coupled with Meralco’s expertise in the energy sector, to drive forward sustainable solutions in the Philippines,” said Nobuo Fujii, JCCIPI Vice President.

“Through our joint efforts, we aim not only to benefit Japanese companies operating in the Philippines, but also to promote social responsibility by promoting energy efficiency and waste reduction. Together, we will continue to explore new avenues for sustainable development and make a positive impact on our environment and society,” he added.

Meralco and JCCIPI pledged to continue working together in developing ESG training programs, conducting workshops and seminars, and implementing more initiatives that will drive energy efficiency, waste reduction and social responsibility of Japanese businesses in the country.

Protect Every

Journey with a Pacific Cross Travelsafe Insurance Plan T

Pplatform, to ensure that comprehensive protection is within easy reach of travelers.

Whether you are traveling abroad to beat the heat, or looking for a quick beach get-away, Pacific Cross offers a variety of packages designed for worry-free travel.

Whether you’re solo backpacking across Europe, enjoying a family trip at an Asian destination, or having a blast with friends on a weekend excursion, you can trust a Pacific Cross plan to protect you on every journey. Pacific Cross Travelsafe Plans offer a variety of benefits and options: local and international protection, Peso, Dollar and Euro Plans, benefits for single and multi-trips, as well as individual and family coverage, among others.

The new Pacific Cross MyTravelsafe portal allows travelers to access Pacific Cross offerings online, anytime, anywhere. With the process made more accessible and convenient, clients can be assured they have high-value travel protection at affordable

rates right at their fingertips. This increased accessibility also makes it possible for travelers to access the other key features of their travel insurance like medical treatment benefits, coverage for usual travel inconveniences such as flight and baggage delays, travel insurance for Seniors aged 76 and above, more extensive coverage for loss of gadgets, loss or damage of sporting equipment, mobile phone charges, and trip cancellation, among others.

Pacific Cross announces these improvements as they are awarded the 2024 Gold Award for the Travel Insurance Category in the Reader’s Digest Trusted Brands.

“We are pleased and honored to be in this league of trusted brands. This award is a testament to our commitment to provide value-for-money travel protection to our clients. Our customers can be assured that we will keep working hard to be worthy of their trust, and that we will use this recognition as motivation to bring continuously improving travel products and services to the market.”, says Pacific Cross President and CEO Victor Tanjuakio. Enjoy travel coverage and peace of mind from Pacific Cross by visiting the MyTravelsafe portal here https://mytravelsafe. pacificcross.com.ph

BDO bags award for Green Bond Framework

BDO Unibank Inc. (BDO) received the Global Good Governance Award for 3G Green Innovation and Solution category for Green Bond Framework, reaffirming the Bank’s commitment to sustainability and responsible financing.

Since the establishment of its Sustainable Finance Program in 2010, BDO has pioneered various bonds, loans, and financing instruments supporting projects aimed at reducing the Philippines’ environmental impact, fostering socio-economic development, and facilitating the country’s transition to a low-carbon economy.

BDO’s Green Bond and Blue Bond issuances were the first among financial institutions and have set benchmarks in corporate sustainable financing within the country and the broader Southeast Asian region. The Bank’s ASEAN Sustainability Bond issuances have both set records as the largest issuance for any Philippine financial institution or company at P52.7 billion in 2022, and at P63.3 billion in 2024. Proceeds from BDO’s sustainable financing instruments funded projects spanning renewable energy, green infrastructure, clean transportation, resource efficiency and pollution control, sustainable management of natural resources, sustainable water and waste water management, employment generation, women entrepreneurship, and food

security, among other critical areas. These are all projects eligible under the BDO Sustainable Finance Framework for Green, Blue, Sustainable, Social, and Gender financing.

“This recognition embodies BDO’s excellence in corporate governance, with sustainability leadership emanating from the top. We consistently enhance our policies and programs to achieve sustainable business success while reducing carbon footprint and promoting social inclusion,” said Atty. Federico Tancongco, Senior Vice President and Chief Compliance Officer of BDO Unibank.

The Bank continues to expand its Sustainable Finance initiatives towards funding new and existing renewable energy projects to increase their capacity, and support the country’s Nationally Determined Contributions to the 2015 Paris Agreement that aims to reduce 75% of the country’s greenhouse gas (GHG) emissions by 2030.

The Global Good Governance Awards (3G Awards) is organized by Cambridge IFA, a financial services intelligence house which provides strategic advice to governments, financial institutions, and multilateral organizations in the development of financial markets. It recognizes companies and individuals who demonstrate excellence and innovation in good governance, transparency, and social responsibility.

Innovations galore at Asia’s largest franchise showcase

HE Philippines Franchise Association (PFA) organized Asia’s biggest franchise showcase, “Franchise Asia Philippines 2024 Expo” which drew participation from a diverse array of leading consumer lifestyle and industrial firms last April 12 to 14, 2024 at the SMX Convention Center.

With the theme “Explore. Expand. Excel,” the event attracted entrepreneurs eager to explore diverse franchise opportunities, glean insights into industry trends, and forge valuable connections with franchisors and industry experts.

With more than 700 franchise brands and additional business prospects available, attendees had the chance to explore a diverse range of franchise investment options and business solutions, spanning from well-known names to up-and-coming concepts, all under one roof.

One of its featured participants was Concepcion Industrial Corporation (CIC), a Philippine-based company that specializes in air conditioning and refrigeration solutions.

They offer various products and services related to cooling systems, including air conditioners, refrigerators, and freezers, catering to both residential and commercial markets.

Over three action-packed days, top firms showed their newest and advanced products,

one of which, Carrier, renowned for its gold standard in home and commercial cooling solutions, remains the trusted choice, delivering unparalleled performance and reliability.

Echoing the essence of Filipino pride, Condura stood tall, offering products finely crafted to suit local conditions, and blending quality craftsmanship with innovation seamlessly.

Midea, with its array of meticulously designed home appliances, emerged as a beacon of practicality and style that enhanced the essence of everyday living for discerning consumers.

Toshiba, synonymous with quality Japanese technology, showcased its premium products, forged through an unwavering

commitment to perfection, and promised cutting-edge solutions for modern challenges. In the realm of vertical transport solutions, Otis stood firm as a beacon of trust and innovation, placing utmost priority on safety while ensuring seamless mobility experiences for all.

Rounding off the stellar lineup, SharkNinja emerged as the quintessential brand catering to everyday needs, offering pragmatic solutions tailored to meet the diverse demands of contemporary consumers. With each firm showcasing its flagship products, the Franchise Asia Expo proved to be a melting pot of ingenuity and entrepreneurial spirit, setting the stage for a future brimming with possibilities and prosperity.

IN the photo are Atty. Federico Tancongco (right), Senior Vice President and Chief Compliance Officer of BDO Unibank Inc., accepted the 3G Green Innovation and Solution Award 2024 from Professor Humayon Dar (left), Chairman of Global Good Governance Program.

OMBUDSMAN RECOGNITION Last May 8, 2024, The Office of the Ombudsman of the Republic of the Philippines conferred a recognition to Ferdinand Sia, President of DoubleDragon Corporation.

photo are, from left, Hon. Jose Balmeo, Deputy Ombudsman for MOLEO; Hon. Cornelio Somido, Deputy Ombudsman for Luzon; Hon. Edilberto Sandoval, Special Prosecutor; DoubleDragon Corporation President Ferdinand Sia and Ombudsman of

Speedier Wall Street trades are putting global finance on edge

By Greg Ritchie

WHEN US markets reopen next Tuesday after the long weekend, everything will likely seem normal. It’s only after the close and in the following days that any cracks are expected to appear.

A spike in the number of failed trades, operational glitches and additional costs are among industry fears as the trading process for American securities accelerates, with the time allowed to complete every transaction halved to a single day.

Spurred on by the original meme-stock frenzy, the Securities and Exchange Commission is pushing the shift to reduce the chance of something going wrong between when a trade is executed and when it’s settled. But the switch to what’s known as T+1 comes with risks of its own. International investors—who hold about $27 trillion in American markets—face a system in which the usual method of funding a US trade takes longer than they actually have to execute the deal. Unheralded parts of the trading process like affirmation (confirming details), fixing errors, and recalling securities out on loan must happen at least twice as fast. Global funds face a mismatch where cash flowing in and out moves at a different speed to the assets they have to buy and sell.

And it all faces an immediate stress test as some of the world’s major indexes rebalance or reveal planned reconstitutions before the end of this month.

“All hands will be on deck,” said Michele Pitts, Citigroup Inc.’s global head of custody data for securities services, noting the likelihood of increased trade fails across the industry. “There will be a significant uptick in settlement risks for the first several weeks.”

‘Lot of anxiety’

UNDER current rules, anyone purchasing a US stock has two days between hitting the “buy” button and actually having to deliver money for the trade, while the seller has the same time to supply the share. This lengthy settlement period in such a large and sophisticated market is what remains from the days when transactions were manual, and investors had up to a week to complete.

That’s been whittled away over the years, and new SEC rules will slash the settlement time again on May 28 to one day. Across Wall Street and beyond, major banks, asset managers and an assortment of specialized service firms are bracing for the fallout.

At JPMorgan Chase & Co., internal modeling shows about a quarter of the currency trades it processes for clients are set to be impacted. Brown Brothers Harriman & Co. is putting clients through a “T+1 simulator” to identify those with potential issues.

Institutions including Societe Generale SA, Citi, HSBC Holdings Plc, UBS Asset Management, Baillie Gifford and more say they’re either moving staff, reorganizing shifts or building new systems— and in some cases all three—in preparation for the switch.

“There’s a lot of anxiety even just around the technology and the actual way by which settlement will take place,” Amy Hong, head of market structure and strategic partnerships for global banking and markets at Goldman Sachs Group, told the Bloomberg SellSide Leaders Forum this month. “There are going to be some mismatches around funding, there are going to be some FX-related issues that we’re going to need to work out.”

The world of finance and investment can be famously averse to change, with doomsayers dependably appearing whenever new rules are proposed. Yet in the case of T+1, the concerns go beyond one or two market Cassandras.

Just 9 percent of sell-side firms polled by Coalition Greenwich in April and May said they expect the T+1 switch to go smoothly, with 38 percent warning that buy-side managers are unprepared, and 28 percent believing trading platforms aren’t fully ready. Almost a fifth anticipate a large disruption with “many or severe issues.”

The consensus view is that trade failures—when either a seller doesn’t deliver securities or a buyer fails to produce payment—

are about to rise. The question is how large and persistent that uptick will be.

Settlement failures are generally a tiny feature of the modern market, usually stemming from technical issues or human error. They can result in regulatory punishment, loss of capital tied up in the trade, and even—in very rare instances when the transaction is large enough—the collapse of parties in the deal.

The T+1 regime increases the chance of failures because the compressed timeframe risks making errors more likely, while at the same time reducing the opportunity to correct them. Most crucially, it makes it harder for buyers and sellers to ensure their funds and securities are ready.

The $7.5 trillion-a-day foreignexchange market is a flashpoint of the shift, because currency trades typically settle on a T+2 basis.

An overseas investor buying a US stock will soon need to either have dollars ready or find them within a day in an arena where it can take two.

Friday fears FROM its Edinburgh headquarters over 3,200 miles from Wall Street, the £225 billion ($285 billion) investment house Baillie Gifford has relocated two traders to New York and beefed up its settlement desk to help the firm stay active after the 4 p.m. US stock close.

Thanks to the T+1 shift and a 6 p.m. deadline at CLS Group (a platform at the center of the market that settles over $6 trillion of currency transactions every day), that will become a crucial period

for asset managers seeking dollars to fund their US trades. But it also falls around the start of what are known as the witching hours in foreign-exchange circles because of the famous lack of liquidity.

“If you look at the bid-offer spreads, they’re generally tight throughout the day and when you get to the 5 p.m. to about 8 p.m. Eastern, they just widen out,” said Brendan Burke, a managing director at BBH. “It’s as simple as there’s less liquidity in the market because the banks aren’t staffed.”

Baillie Gifford has lobbied US regulators to get banks to extend their foreign-exchange trading hours and to continue providing liquidity until at least 6 p.m. in New York, five days a week. Since moving its staff in January, the firm has been trading as if T+1 was already in force to ensure everything goes smoothly, according to Adam Conn, head of trading.

“It’s about trying to mitigate the additional operating risk which is falling on asset managers,” said Conn. There will only be a “very short window” after the US market close to resolve problems, he said.

Friday afternoon is emerging as a particular area of concern, because currency markets close on weekends, meaning liquidity is typically at its lowest just before the US joins Europe and Asia in clocking off. JPMorgan’s Brijen Puri, head of global FX services, said “neither the buyside or sellside really knows what will happen” in those periods following the switch.

“Once there is more data about what’s happening in that time zone, that’s when banks as well as asset managers may decide on providing more coverage,” Puri said.

“Like you have a night desk, you may have a Friday evening desk.”

The Foreign Exchange Professionals Association reckons the problem will also be acute at month- and quarter-ends and around national holidays, risking “significantly increased volatility and wider spreads.” Overseas investors acquiring US securities before a local holiday will effectively be faced with T+0 settlement.

“There’s 25 to 30 days a year where there’s potentially specific challenges,” said Vincent Bonamy, head of global intermediary services at HSBC. He has organized staffing for “specific holidays on a global basis” to help clients with liquidity provision.

For all the preparation, the European Fund and Asset Management Association estimates as much as $70 billion of its members’ daily currency trades may miss the CLS deadline for nextday settlement. Firms without a US presence can use workarounds including purchasing dollars in advance or outsourcing their currency trades, but all approaches come with their own additional costs and challenges.

“Liquidity will be a big issue,” said Natsumi Matsuba, head of FX trading and portfolio management at Russell Investments in Seattle. “It’s going to be a learning experience for everyone.”

Double jeopardy

THE move to T+1 is intended to cut risks at the broker-dealer level of the US equity market, after the 2021 meme-stock frenzy forced retail-investor platforms like Robinhood to restrict trading in certain securities. That was because the collateral they needed to post—the cash to cover trades over the two-day settlement process—threatened to exceed what they could pay amid the surge in volume.

The T+1 switch should alleviate such concerns because less collateral will be needed across a single day of risk. It may also improve domestic liquidity, as cash in the market will be recycled faster. But it heaps pressure on the processes required to complete each transaction.

The new rules require that affirmations are finalized by 9 p.m. in New York on the date of a trade.

Data from the Depository Trust & Clearing Corp., which oversees post-trade functions for the bulk of American securities transactions, show that affirmation rate rose to 83.5 percent in April from 74.95 percent a month earlier.

The firm says that represents “significant progress” as T+1 implementation approaches. But with only weeks to go it’s short of the DTCC’s own target for a 90 percent same-day affirmation rate.

“It’s not actually a compression to 24 hours, but rather five hours, if you think that the market closes at 4 p.m. and you need to affirm by 9 p.m.,” said Pitts at Citi.

In preparation for the switch, the DTCC has been conducting regular tests for nine months that will continue to the end of May. This has included gauging

the industry’s ability to handle a “double-settlement day” like the one that will occur next Wednesday, when transaction volumes will surge as trades from Friday (still using T+2) and next Tuesday (T+1) will need to complete at the same time. The DTCC has added staff ahead of the transition and its plan for this weekend includes “watch events,” where members of the technical and product teams closely follow transaction flow, according to Val Wotton, general manager of institutional trade processing. “We are confident in our ability to support volumes on day one,” he said.

Kinks in the chain

THE US switch to T+1 means it’s leaving other jurisdictions behind, which is a headache for many investment vehicles operating across borders. While Mexican and Canadian markets are also moving to one-day settlement next week, others including Europe remain on slower cycles.

In the new system, a US investor selling an ETF should get cash for their shares within one day, but the proceeds from the sale of a fund’s underlying international stocks will likely take at least two days to arrive. And when most overseas investors buy a fund containing US stocks, the new underlying assets should be paid for in one day, even though the payment for the ETF shares may take two or more. It’s the kind of mismatch that has previously existed across various geographies, but never on this scale, and it risks adding friction and operational costs to many investment vehicles.

Adding to the pressure, the T+1 switch comes just days before MSCI Inc. indexes rebalance, with corresponding funds all over the world due to reshuffle holdings at the end of next week. For UBS Asset Management that’s the “largest trading date of the year,” according to Lynn Challenger, head of trading at the $1.7 trillion manager.

“We anticipate a lot more funding requirements” on rebalance day, said Challenger. He said any issues may be compounded by the fact that much of the order flow could be in the same direction. “We’re speaking to brokers to make sure the funding will be there,” he said.

To prepare for T+1 more generally, Challenger said UBS Asset has trained up additional US staff so they can generate FX orders and has built a new trading process to facilitate more same-day settlement.

Many financial firms have these kinds of robust transition plans in place. The Coalition Greenwich research showed most sell-side respondents were not concerned about the readiness of their own desks. Yet each is connected to others through a string of trade processes, meaning any kinks in the chain could create problems for otherwise well-prepared institutions.

“The sellside thinks there will be issues, but it will be someone else’s fault,” said Jesse Forster, a senior analyst of market structure and technology at Coalition Greenwich. “We could be in for a lot of finger-pointing over the coming months.” With assistance from Katherine Doherty, Isabelle Lee, Carter Johnson and Alice Gledhill/Bloomberg

THE New York Stock Exchange on May 14. The move to T+1 is intended to cut risks to the US equity market, after the 2021 meme-stock frenzy forced retail - investor platforms to restrict trading. SPENCER PLATT/GETTY IMAGES)

Yulo in Tashkent: Picking apples

CBy Josef Ramos

ARLOS YULO picked up two more titles in Tashkent—vault and parallel bars—to book his most remarkable performance in the Asian Gymnastics Men’s Artistic Championships.

After winning the men’s all-around— his first in the continental level—the 24-year-old two-time former world champion annexed his pet event floor exercise on Saturday and on Sunday snatched two more gold medals to emerge the most successful athlete in the competition staged in Uzbekistan’s capital.

His younger brother Karl Eldrew, 15, refused to be outdone and topped the junior men’s vault gold medal.

“It’s a great weekend for our Filipino gymnasts especially Carlos Yulo for taking charge,” Gymnastic Association of the Philippines (GAP) president Cynthia Carrion told BusinessMirror on Monday as they boarded a flight back to Manila.

“We are all praying that he continues his great showing up to the Paris Olympics,” Carrion said.

Yulo took the vault gold medal with 14.883 points, sending Uzbekistan’s Mirvaliev Abdulaziz (14.783) to the silver medak and Malaysia’s Muhammad Sharul (14.466) to the bronze. He scored 15.133 points in ruling the bars with China’s Dehang Yin (15.033) finishing second and another hometown bet Rasuljon Abdurakhimov (14.866) settling for third place.

Only two apparatus escaped Yulo— he was fourth in the horizontal bars and sixth in the rings.

Karl Eldrew Yulo shared the spotlight with his brother by winning the junior men’s vault gold medal with 14.433. Kazakhstan’s Altynkhan Temirbek bagged silver with 14.183 and Uzbek Sarvar Abulfaizov clinched bronze with 13.766.

The Philippines finished second in the overall medals race with five golds behind champion China which had six gold, six silver and three bronze medals. Kazakhstan settled for third with three golds, four silvers and two bronzes, Japan was fourth with 2-1-2 gold-silver-bronze tally and Iran fifth with one gold and two bronze medals.

Que tries to break winless

PGT

streak, targets top finish at Villamor Masters

ANGELO QUE tries to ride his recent strong performances on the Asian Development Tour as he goes all out to break a winless streak on the Philippine Golf Tour (PGT) International Container Terminal Services Inc. (ICTSI) Villamor Philippine Masters.

The P2 million championship tees off Wednesday at the Villamor Golf Club with Que in high spirits after posting a solo 12th place finish in the All Thailand Partnership Trophy and a tied for ninth effort in the Phuket Open over the past three weeks.

The three-time Asian Tour winner narrowly missed victory by three strokes to Clyde Mondilla in the recent PGT leg at Caliraya Springs.

However, his runner-up finish, coupled with impressive results in Thailand, underscores Que’s potential to contend for the crown in the 72-hole championship sponsored by ICTSI.

“Momentum-wise, I’ve been playing solid since the start of the season. I’ve been making cuts but haven’t been finishing that strong yet on the weekends,” said Que during Monday’s pro-am tournament.

“However, the momentum is there, and as long as I keep it up, maybe, finally, I can do something great.”

However, Que, who last won in the 2019 PGT Asia event at Manila Southwoods, will face a tough lineup, including defending champion Jhonnel Ababa, who

won the season opener in Davao, and Lloyd Go, who has honed his skills in Japan following a breakthrough win at Palos Verdes.

Other top contenders are Mondilla, Guido van der Valk, Tony Lascuña, Rupert Zaragosa, Reymon Jaraula, Michael Bibat, Zanieboy Gialon, former Masters tilist Jerson Balasabas, Jay Bayron, Marvin Dumandan, Keanu Jahns and Jobim Carlos.

A wave of young talents is also eager to upstage their seasoned rivals in the event organized by Pilipinas Golf Tournaments Inc. Rising stars such as Aidric Chan, Kristoffer Arevalo, Sean Ramos, Elee Bisera, and Hyun Ho Rho are expected to bring four days of intense competition marked by exceptional shotmaking, putting and strategic decision-making. The narrow fairways of the flat, but tricky military layout will demand precision off the tee, punishing even minor errors. Players will also need to excel in approach shots and navigate the unpredictable greens, testing their putting skills to the limit. Others in the fold are Russell Bautista, Kuresh Samanodi, Edmar Salvador Jr. and Ryan Monsalve, along with former PGT leg winner Toru Nakajima, Ozeki Kakery, Gwon Minwook, Daiya Suzuki, Kang Chonkoo, Collin Wheeler and Tae Won Kim, who all seek to make their mark.

B8 Tuesday, May 21, 2024

mirror_sports@yahoo.com.ph

Coach Jorge: Alas Women a full house

By Aldrin Quinto

COACH Jorge de Brito admits he doesn’t hold all the aces but is confident after being dealt a full house. The women’s national team’s Brazilian coach is determined to play his cards right, his trump card the charismatic Jia Morado de Guzman, as Alas Pilipinas vies for honors in the Asian Volleyball Confederation Challenge Cup for Women starting on Wednesday at the Rizal Memorial Coliseum.

“They’re really good,” De Brito told the BusinessMirror during the pre-tournament press conference on Monday at the Makati

the team featuring outside hitters Sisi Rondina, Eya Laure, Angel Canino and Vannie Gandler, middle blockers Cherry Nunag, Dell Palomata, Fifi Sharma and Thea Gagate, as they start pool play against Australia, Indonesia, Iran and Chinese Taipei.

“Individually we have what it takes,” said Rondina, seeing action with the national indoor squad after winning for the Philippines a world beach volleybal gold medal with then partner Jovelyn Gonzaga.

“I am also confident with our teammates, especially the younger ones,” the 27-year-old Rondina said.

University Athletic Association of the Philippines Season 85 RookieMVP Canino accepts the challenge from her veteran teammates.

“It’s a new challenge for us and we’re very happy,” the 20-year-old Canino said. “We’ve been together only for several days but we feel we’re there, we can give something to the team.”

Volley fever grips PHL PHILIPPINE Olympic Committee president Abraham “Bambol” Tolentino lauded the Philippine National Volleyball Federation for continuing to present toplevel competition in the country.

PNVF president Ramon “Tats” Suzara is eager to deliver a show and fuel the volleyball fever that has gripped basketball-crazy Philippines.

SENATOR Christopher Lawrence “Bong” Go thanks his colleagues.

Senate approves bill on PNG Act

SENATOR Christopher Lawrence

Shangri-La. “You call up great outside hitters, you pick the best four middle blockers, two good setters, and in fact we have the best one here.”

Like other national teams in various sports that fielded teams after less-thanideal preparation time, the Philippine volleyball squad faces scrutiny after assembling a squad barely a week before competition.

This at a time when volleyball is being touted as the new No. 1 spectator sport in the country, putting immense pressure on the national squad.

But De Brito is keeping the faith on

QC backs Catantan’s Olympics bid

AFilipino to qualify for Olympic fencing in 32 years—she’s the 13th Filipino athlete to officially qualify for Paris.

“Fencing is one of the many sports that young Filipino athletes can excel in and we are working with Councilor Joseph Juico so that we can help QCSEP better develop Filipino fencers who can compete not only in local tournaments, but also in international competitions,” said Atayde, a member of the Youth Sports Development Committee in the House of Representatives.

The QCSEP, established by Juico 18 years ago, has been maintaining a fencing program in the city.

Atayde had a meeting with Juico and QCSEP’s young fencers and their parents at the congressman’s offices along West Avenue.

“It’s great to know that there’s a grassroots sports program for

fencing in Quezon City,” said Atayde, who extended financial support to the team’s programs.

“With enough helping hands, QCSEP can produce fencers who one day could win medals for the country in the Olympics.”

“QCSEP deserves credit for developing world-class fencers like our very own Samantha Catantan,” Atayde said. “Her Olympics stint is proof that we should invest time and resources in fencing, which is why we plan to provide support for this sport in our district, and later on the entire Quezon City.”

“We have many good players, but sometimes they play in the finals in other countries, in other tournaments, it takes time before they can join the national team,” De Brito said. “You have to pick up the best of the best but all national teams have to deal with this…We picked up those who are committed.”

De Brito is also counting on opposite hitters Faith Nisperos and Arah Ellah Panique, setter Julia Coronel, and liberos Dawn Macandili and Jen Nierva in the tournament that has Singapore, Kazazkhstan, Vietnam, India and Hong Kong in Group B.

Alas Pilipinas unfazed THE Philippines opens its campaign against Australia on Thursday before a match against India on Friday.

Alas Pilipinas battles Iran on Saturday before it closes pool play against Chinese Taipei on Sunday.

All the Philippines’ group play matches are set at 7 p.m.

Rondina firmly believes the team has the material to contend in the prestigious event that gives the top team a shot at making it to the Volleyball Nations League.

Last week, the UAAP finals at the MOA Arena and the Premier Volleyball League championship at the Araneta Coliseum drew a combined crowd of nearly 37,000, with the Philippine Basketball Association held its Sunday doubleheader at the 6,000-seat Ninoy Aquino Stadium.

“This is the new No. 1, we are the new No. 1 in terms of fan participation because volleyball is a sport for the family, everyone from the parents to the youngest child can enjoy the sport,” said Suzara during the launch as he expressed his appreciation to the sport’s stakeholders and sponsors for the continued support.

Also present during the launch were Premier Volleyball League president Ricky Palou, PNVF secretary general Don Caringal, Rebisco vice president Rolando Delfino, PNVF national team commission head Tonyboy Liao and Philippine Sports Commission Executive Director Paulo Tatad.

Ituriaga, Bautista make presence felt in Tamagos Cup

ANN IAN ITURIAGA booked

Ja twin victory and Sandra Bautista secured a win and a runner-up finish in the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) Tamagos Cup National Tennis Championships at the Kalibo 1 courts in Aklan over the weekend.

The top-seeded Ituriaga, playing out of Iloilo City, dominated the boys’ division—he defeated No. 4 Rizzjun Labindao, 6-1, 6-2, in the 16-and-under finals, and beat Andrew dela Cruz, 7-6(4), 6-2, to clinch the 18-and-under championship. Although Bautista couldn’t match

Ituriaga’s double triumph, the rising star from Bacoor still earned Most Valuable Player honors—she won the girls’ 16-and-under crown with a 6-0, 7-6(2) victory over doubles partner Andrea Malbas, but yielded to Czarina Miraflor, who won a hardfought 7-5, 3-6, 10-8 decision in the 18-and-under final.

The other winners in the Group 2 event, presented by Dunlop and held as part of the PPS-PEPP circuit organized by Palawan Pawnshop under the leadership of president and CEO Bobby Castro, included John Rafael Santiago and Tiffany Jannah (14-and-under), Ciaran Alipo-on

and Theriz Zapatos (12-and-under) and Mikaela Chavez (10-and-under unisex). Santiago survived a semis scare against Labindao, hacking out a 6-7(4), 6-2, 10-8 victory, before dispatching Francisco De Juan III, 6-2, 6-0, in the final.

Jannah trampled Besper Zapatos, 6-2, 6-0, while Alipo-on upset top seed De Juan, 5-7, 6-2, 10-8, and Theriz Zapatos stamped her class over Michaela Suarez, 6-2, 6-1.

Chavez, on the other hand, stunned No. 1 Abby Joy Castigador, 4-2, 4-0, in the youngest category of the tournament sanctioned by the

gals to grace PSA forum

“Bong” Go thanked his colleagues for the passage on third and final reading of Senate Bill No. 2514 or the Philippine National Games (PNG) Act. The passage of the bill will expand and institutionalize various national games.

Go told Monday’s plenary session said the passage of the bill is not merely a legislative milestone but a testament of collective commitment to nurture athletic talents in the Philippines.

“The Philippine National Games are not just competition, they are platforms for discovering and nurturing the next generation of Filipino sports heroes,” Go said.

“This game will help elevate our national pride.”

“This bill also highlights our dedication to inclusivity by ensuring that our para-athletes receive the same support and opportunities, recognizing their exceptional talents and contributions to our national pride,” he said. “We are now one step closer to achieving a dynamic future for Philippine sports.”

Philippine Tennis Association and Universal Tennis Ranking. Ituriaga rounded out his impressive performance by teaming up with Gian dela Cruz to blast Joseph Ramos and Jan Cabanilla, 8-2, in the 18-and-under doubles final, with Miraflor and Princess Tana topping the girls’ premier side with an 8-0 rout of Bautista and Malbas. John Rafael Santiago and Labindao took the 14-and-under trophy with an 8-0 victory over De Juan and James Perlas, while siblings Theriz and Besper Zapatos outlasted Joy Tejada and Jannah, 8-7(4), in the 14-and-under final.

Association (SEABA) U-18 Women’s Championship in Thailand from May 24 to 26. The winner in Thailand will represent the SEABA in the FIBA Asia U-18 Championship for Women next year.

SBP’s Anton Gonzales and Hazel Yambot are also gracing the forum. The women’s team is composed of Naomi

Panganiban, Gabby Ramos, Alyssa Rodriguez, Jolzyne Impresso, Margaret Villanueva, Ava Fajardo, Aubrey Lapasaran, Sophia Canindo, Ashley Abong, Tiffany Reyes, Venice Quinte and Margarette Duenas.

CONGRESSMAN

THE Alab Pilipinas women’s team members with Philippine Olympic Committee president Abraham “Bambol” Tolentino, Philippine National Volleyball Federation (PNVF) president Ramon “Tats” Suzara, secretary general Don Caringal, vice president Ricky Palou, national team commission head Tonyboy Liao, Philippine Sports Commission Executive Director Paulo Tatad, Rebisco vice president Rolando Delfino and team sponsors and supporters. NONIE REYES